Aug 2, 2019 | Business
The global surge arrester market is projected to grow from an estimated USD 1.56 Billion in 2018 to USD 2.01 Billion by 2023, at a CAGR of 5.11% from 2018 to 2023. The positive growth rate of this market can be attributed to investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure.
The surge arrester market in Asia Pacific is projected to grow at the highest rate followed by North America and Europe. China accounted for the maximum share of the market in Asia Pacific in 2017. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. The transmission and distribution infrastructure in the region is in the initial stage of grid restructuring and this continued investment will boost the demand for surge arresters in the region.
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The distribution class segment is estimated to grow at the highest CAGR from 2018 to 2023. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability. The expansion of electrical distribution networks along with the efforts by distribution utilities to reduce power outages is driving the segment.
The demand for surge arresters in the extra-high voltage segment is expected to grow at the highest CAGR, from 2018 to 2023. These surge arresters have a rated voltage of above 220 kV and find application in utilities to protect switchgear, transformers, circuit breakers, and overhead lines, among others. Upcoming extra-high voltage projects in Asia Pacific, Europe, and North America are expected to drive the segment during the forecast period.
Europe is expected to hold the largest share of this market during the forecast period. European utilities are in the process of revaluating their assets and are shifting their focus to long-term sustainable business. The power generation, transmission, and distribution systems in the region are comparatively mature. The EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading.
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The surge arrester market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the surge arrester industry include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hubbell (US), Schneider (France), CG Power (India), GE (US), and Mitsubishi Electric (Japan).
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Aug 1, 2019 | Business
The artificial lift market is expected to grow from an estimated USD 7.62 Billion in 2016 to USD 9.69 Billion by 2021, at a CAGR of 4.91%. The global market is set to witness significant growth, due to the increasing production of heavy oil and shale gas. Increasing shale gas production is due to huge shale gas reserves in the Americas and the Asia-Pacific.
The report segments the artificial lift market based on application into onshore and offshore. The onshore segment is expected to grow at the fastest rate during the forecast period, owing to rising oil & gas production from unconventional resources. In offshore applications, the artificial lift methods are used for subsea production and deepwater gas lift wells in order to enhance the productivity of well. This segment is expected to create new revenue pockets for the artificial lifts market during the forecast period.
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North America: The leading market for artificial lift
The artificial lift market has been analysed with respect to five regions, namely, North America, Europe, Asia-Pacific, South & Central America, and the Middle East & Africa. North America is expected to dominate the global artificial lifts market during the forecast period, owing to the increasing use of artificial lift systems for shale gas production. In the North America region, increasing shale gas production in U.S. and large number of mature oil fields. The Middle East & Africa market is projected to grow at the highest CAGR from 2016 to 2021 due to the presence of natural gas reserves and mature fields. Nigeria, Angola, Oman, and Kuwait are expected to drive the artificial lifts market in the Middle East & Africa region.
Leading players in the artificial lift market include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.).
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Jul 31, 2019 | Business
The arc flash protection market is projected to grow from an estimated USD 1.85 Billion in 2017 to USD 2.41 Billion by 2022, at a CAGR of 5.38% from 2017 to 2022. The market in North America is estimated to be the largest markets for arc flash protection system and equipment, followed by the market in Europe. This trend is expected to continue till 2022. The growth of the arc flash protection market is driven by increasing investments in electrical networks and growth of the manufacturing sector in South-East Asia.
North America: The leading market for arc flash protection
The market in North America is expected to dominate the global arc flash protection market, given the increasing awareness to reduce the electrical risk hazards at workplace in order to create a safer environment for personnel as well as the equipment. Growth in industries such as food & beverage, infrastructure and transportation, utility, and mining, is also expected to increase capital spending on safety equipment by major manufacturers. All these factors are expected to drive the North American arc flash protection market.
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The arc flash protection market in the Middle East is projected to grow at the fastest rate from 2017 to 2022. Increasing investment in the electrical infrastructure and key focus on electrical safety issues will be driving the growth of the arc flash protection market in the region during the forecast period. The region also witnessed investment in the transportation and infrastructure segment, which are also driving the arc flash protection market.
The utilities segment in the arc flash protection market is expected to be the largest market. Growing demand for electricity has resulted in significant capital spending on electrical networks to boost power generation and improve transmission and distribution quality. Increase in expenditure on electrical networks from China, India, and countries in the Middle East would drive the utilities segment.
The upgradation of existing safety equipment installed across applications in switchgears, distribution boards, motor control centers, and panel boards is expected to create new opportunities for arc flash protection equipment companies. Moreover, governments in most of the countries are investing in renewable energy-based power generation to match up with the growing energy demand. The companies are focusing on deploying High Voltage Direct Current (HVDC) systems as they are efficient for long-distance power transmission. All these factors will drive the arc flash protection market during the forecast period.
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The arc flash protection market is dominated by a few global players. Key players operating in the market include ABB, Ltd. (Switzerland), General Electric (U.S.), Schneider Electric (France), Eaton Corporation (Ireland), Siemens AG (Germany), and Littelfuse, Inc. (U.S.) among others.
Jul 31, 2019 | Business
The transformer monitoring system market is projected to grow from an estimated USD 1.47 Billion in 2016 to USD 2.68 Billion by 2021, at a CAGR of 12.77% from 2016 to 2021. Asia-Pacific is estimated to be the largest market for transformer monitoring system, followed by North America. This trend is expected to continue till 2021. The global market is witnessing significant growth due to digitalization of utilities, renewable investments, and smart grid initiatives. Digitalization of utilities is the major factor driving the demand for transformer monitoring solutions.
The transformer monitoring systems market has been categorized into distribution transformers, power transformers, and others. Others include generator transformer and specialty transformer. The power transformer segment accounted for the largest market share in 2015, which is attributed to government regulations targeting the monitoring and control of the transmission networks. These transformers operate on high voltages, and therefore, it becomes extremely vital to monitor them regularly as against time-based monitoring and maintenance.
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Asia-Pacific is expected to be the largest market for transformer monitoring system
In this report, the transformer monitoring system market has been analysed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to be the largest market for transformer monitoring solutions; the region has the most number of developing economies with high capacity addition planned during the forecast period. Utilities are expected to adopt monitoring solutions as part of their plans for installing new transformers. Moreover, countries such as India and China have invested heavily in smart grids, in turn boosting the demand for transformer monitoring solutions.
The transformer monitoring system market is dominated by global players. Some of the key players operating in the market are ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).
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Jul 31, 2019 | Uncategorized
The advanced energy storage systems market is expected to grow from an estimated USD 12.73 Billion in 2017 to USD 19.04 Billion by 2022, registering a CAGR of 8.38% from 2017 to 2022. The market in Asia Pacific is estimated to be the largest for advanced energy storage systems, followed by the market in North America in 2017. This trend is expected to continue till 2022. The growth of the advanced energy storage systems market is driven by the increasing investments in renewables and regulations demanding energy efficiency and growing market for electric vehicles around the world.
The key roles played by energy storage systems in power grids include time shifting to manage peak loads, providing power quality by aiding in frequency regulation, mitigating power congestion on grids, and supplying power uniformly in distributed generation. They are also used as a primary power source in electric vehicles.
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The advanced energy storage systems market has been segmented based on application, into transportation and grid storage. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for the growth.
The report segments the advanced energy storage systems market, on the basis of technology, into electro chemical, thermal storage, mechanical, and others. The lithium-ion sub-segment, within the electro chemical segment led the market in 2016, and is projected to dominate the market during the forecast period. Moreover, technological advancements and growing deployment of lithium-ion batteries is expected to result in economies of scale, which would lower the cost for this technology, further driving the growth in the market.
Asia Pacific: The leading market for advanced energy storage systems
In this report, the advanced energy storage systems market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and the rest of the world. The energy storage systems market is expanding in developing countries owing to the progress in renewable energy installations and growth in the electric vehicles market. The Asia Pacific energy storage systems market is expected to dominate the global AESS market, with the highest share. The region is expected to maintain its dominance in the energy storage systems market during the forecast period.
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The advanced energy storage systems market is dominated by a few global players. The key players operating in this market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd. (South Korea), General Electric Company (US), and Tesla, Inc. (US).
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