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Utility Communication Market is projected to be worth USD 25.04 Billion by 2027, registering a CAGR of 4.95% during the forecast period (2021 - 2027), The market was valued at USD 11.95 Billion in 2020.The utility communications market is exploring and achieving greater heights in the global economy.
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. The Utility Communication Market is the groundwork for two-way communication between the utility and the end-users through all the data points deployed across the network. Utility communication helps monitor and control grid equipment, measures electric network performance, and delivers information in real-time to control centers. The attention to utility communications due to an increase in investments by utilities in modernizing their network in order to meet the demand for reliable power are projected to drive the utility communication market in the coming years.
However, the growth of utility communication market can be hindered during the forecast period as it has high initial investments.
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Competitive Analysis
- ABB (Switzerland)
- Ericsson (Sweden)
- Landis+Gyr (Switzerland)
- RAD (Israel)
- Trilliant Incorporated (US)
- Schneider Electric (France)
- Siemens (Germany)
- Motorola SolutionsInc (US)
- Itron Inc. (US)
- Digi InternationalInc. (US)
- Black & Veatch Holding Company (US)
- General Electric (US).
ABB is focused on product development in order to integrate its digital Global Utility Communication Market products with global techniques in its power grid division. For instance, in April 2018, the company introduced more than 210 solutions and services of the ABB Ability, under its power grid division to energize and automate the industry digital solution. This development would help the company, explore the untapped opportunities in Africa in order to fulfil the electricity demand of the region. Other key strategies adopted by the company are that of mergers & acquisitions.
General Electric aims to concentrate on research and development activities across all its product lines and services for digital communication within utilities to improve its market share, globally. For instance, the company designed the product Lentronics JunglePAX, a packet switched networking solutions, which was especially developed for electric utility operations for easy integration and efficient service. Additionally, the company is also focused on contracts and agreements, a part of its inorganic strategy, in order to gain the interest in utilities communication network for efficient and reliable operation, across the globe.
Segmental Analysis
Extensive research of the utility communication market segments the market by component, application, and end-use.
On the basis of technology, the utility communication market can be segmented into wired and wireless technologies. The wired technology segment is dominating the market with a value of USD 7,010.5 million in 2018 and can go up to USD 15,023.4 million by 2023. Meanwhile, the wireless segment is also expected to have a CAGR of 14.09% during the forecast period.
On the basis of utility type, the utility communication market comprises of public utility, and private utility. The public utility segment is in the leading position and is valued at USD 8,572.9 million in 2018, which can go up to USD 17,654.0 million by 2023. The segment is expected to beat the market at 15.44% CAGR during the forecast period.
Regional Analysis
Geographic analysis of the utility communication market size spans across Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
Asia-Pacific is leading the market with its market value at USD 3,953.4 million in 2018. The regional market value can go up to USD 8501.1 million by 2023 with an impressive 16.44% CAGR during the forecast period. Due to increasing investments in (transmission & distribution) T&D infrastructure for growing power demand, many communication products in utilities are deployed to enhance the electrical system. In addition, increasing investment and expansion of the major competitors in utilities communication market drives the market in Asia-Pacific. For instance, March 2018, Schneider Electric (France) opened its new East Asia & Japan headquarters in Singapore. This unit would help in the production and distribution of utility communication products in Asia-Pacific for developing solutions for utilities, which would provide solutions and products, such as electrical systems & equipment, energy management, metering & industrial automation solutions for utilities. Such strategic developments in the region would increase the demand for utility communication products in Asia-Pacific, which is expected to drive the utility communication market.
China is leading in Asia-Pacific with a value of USD 1,012.6 million in 2018, and expected to increase to USD 2,649.2 million by 2023 at a CAGR of 17.39% during the forecast period. As per World Energy Outlook 2017 report, increasing investment for power plants and T&D network worth of USD 15.3 billion and USD 35.7 billion, respectively would drive the demand for utility communication in China. Hence, an increase in the use of industrial automation in utilities and increasing smart grid investments, drive the demand for utilities communication products.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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Market Overview
Distributed Control System Market size is projected to be worth USD 29.48 Billion by 2027, registering a CAGR of 5.30% during the forecast period (2021 - 2027), The market was valued at USD 19.22 billion in 2020.
Top Boosters and Key Deterrents
The impact analysis on COVID-19 has been carried out by MRFR, which reveals that the energy and power industry can be profoundly affected by the plummeting demand and the crashing prices of power across regions. Keeping in mind the long-term impact of COVID-19, most of the leading companies are presently working on bringing down the costs of protecting their assets, and are also putting in efforts to ensure uninterrupted operations to control the revenue loss. While various countries are striving to find a COVID-19 breakthrough, the lockdown situation has managed to restrain the movement of materials across energy and power plants. The short term impact has resulted in a considerable downfall in the investment capacity along with a drop in power prices in the face of political turbulence, confirms the COVID-19 analysis by MRFR.
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Despite the profound impact of the SARS-CoV-2 outbreak, the market for distributed control system can expect to remain fortified as a result of the booming worldwide power sector and the high power generation capacity of plants across the globe. The expanding industrial infrastructure, especially in developing regions and the rising focus on the use of nuclear and renewable energy sources for power generation can also lead the DCS market to better heights in the preceding years.
The introduction of open source DCS solutions along with the rising preference for private or public cloud can be attractive opportunities for the leading market vendors in the near future. Moreover, nuclear and renewable power plant systems that are integrated with synchronous machines, battery-based energy storage system and wind turbine generators can boost the demand for DCS, as it helps manage and control the whole power plant system.
Market Segmentation
Component, application and end-user are the top segments as per which the DCS market has been broadly covered in the report.
The primary components covered in the market research include software, services as well as hardware.
The applications of distributed control system are continuous process as well as batch-oriented process.
The end-users in the industry include oil & gas, chemical, metals & mining, pharmaceutical, food & beverage, paper & pulp, power, and others. The oil and gas segment can be the leading end-use industry in the DCS market, on account of the mounting need for supervising the oil & gas production as well as centralized control system, which is possible with the use of DCS.
Regional Insight
The DCS market has been regionally distributed into APAC or Asia Pacific, Europe, MEA or the Middle East & Africa, South America as well as North America. The impact of the novel coronavirus on these regions has also been covered in the market study.
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APAC is expected to remain at the top of its game, accumulating a share of 31.40% in the global market. In 2017, the Chinese market was valued at USD 1,523.5 million, and the country clinched the leading position in the region. Other significant markets for DCS in the region include Japan, and India, given the expansive manufacturing industry and the rising production level in the energy and power sector. The rapidly growing urbanization along with the intensifying competition between leading manufacturers could also mean excellent prospects for the regional market in the coming years. Also, the thriving industrial sector, which includes power generation, chemicals, pharmaceutical and oil & gas, benefits the market for distributed control system in the region.
North America comes second in the global market, as a result of the high traction of smart applications as well as IOT technologies in the region. The increasing uptake of smart devices has led to a higher demand for multifunctional microelectronics with minimum time delays and better performance. The fast expanding shale gas industry in the region has also led to parallel development of the DCS market in recent years and can do so in the following years as well. However, the COVID-19 pandemic has hit the manufacturing industry in the region, which could slow down the market growth to some extent.
Leading Competitors
- Rockwell Automation (US)
- Toshiba (Japan)
- Metso Corporation (Finland)
- General Electric (USA)
- ABB (Switzerland)
- Schneider Electric (France)
- Yokogawa (Japan)
- Honeywell International Inc. (US)
- Azbil Corporation (Japan)
- Hitachi (Japan)
- Emerson (USA)
- Siemens (Germany)
Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Distributed Control System Market, By Reactor Type
5 Global Distributed Control System Market, By Strategy
6 Global Distributed Control System Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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Market Scenario
In its recently published research study, Market Research Future (MRFR) observes that the global pressure vessel market 2020 is expected to rise exponentially over the forecast period, reporting a significant market valuation and a healthy 6% CAGR in the forecast period.
Drivers and Restraints
The main factor of the global market for pressure vessels market is the increasing need for energy around the world. Boilers, the primary type of pressure vessel in the current global market, are being used in various energy generation processes which are expected to maintain their demand in the years to come. Growing access to the renewable energy industry also greatly encouraged the pressure vessel market. Due to the growing scarcity of natural fuels, more attention is given to renewable energy resources which support the growth of the market for pressure vessels. The customizability of the pressure vessels is another crucial consideration for the global pressure vessel industry. At the other hand, it is expected that the decline in mining activities would somehow restrict the demand for pressure vessels. Pressure vessels need large quantities of concrete, so even highly reactive and potentially damaging materials with a membrane strong enough to withstand need to be shielded. As a result, the decline in metal mining is expected to restrict the pressure vessel industry.
Existing power plants are expected to curb volumes of the sector in the immediate future in developing regions. Moreover, it is also said that the rising number of oil and gas ventures resulting from the decline in crude oil prices would have a negative effect on market revenues in the years ahead. Therefore, sluggish growth in the mining sector is expected to affect overall demand over the forecast period adversely.
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Segmental Overview
The global pressure vessel market is analyzed based on product, material, and application. The global market, on the basis of the material, has been segmented into other alloys, composites and steel alloys. The pressure vessel market based on product is divided into boilers, and separators, nuclear reactors, and others. The application segment of the market comprises power generation, oil and gas, chemicals, and others.
Regional Highlights
The global market geographic overview was conducted in four major regions, including Asia Pacific, Latin America, North America, Europe, the Middle East and Africa.
Growing power generation capacity in the Asia Pacific region and a rising number of chemical projects in the Middle East region are expected to be responsible factors for market growth. Pressure vessels are containers that hold high-pressure gases or liquids and have wide-ranging uses in industries such as distillation towers, oil & gas, chemicals, petrochemicals, nuclear reactor reservoirs, natural gas storage facilities, and hot water tanks. Developed economies, like Europe and North America, are using renewable energy to meet stringent environmental requirements and increased greenhouse gas emissions. Therefore, these changing energy trends across the world are expected to drive market growth over the review period.
Competitive Dashboard
The prominent market players operating in the global market as identified by MRFR are
- Doosan Heavy Industries & Construction Co. Ltd. (South Korea)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Bharat Heavy Electricals Limited. (India)
- Samuel Pressure Vessel Group. (U.S.A)
- Dongfang Electric Machinery Co. Ltd. (China)
- General Electric Co (U.S.A)
- IHI Corporation (Japan)
- Babcock and Wilcox Enterprises Inc. (U.S.A)
- Larsen & Toubro Limited. (India)
- Halvorsen (Norway)
- Pressure Vessels (India)
- Westinghouse Electric Company LLC. (U.S.A)
Due to the growing number of entrants and investment in research and development activities, the market is likely to be experiencing a competitive landscape.
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Table Of Contents
1... Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3... Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
Continued…
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact:
Market Research Future
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
Market Synopsis
As per the analysis by the Market Research Future Reports (MRFR), the global power-to-gas market is estimated to expand with a CAGR of 9.46% and attaining a value of approximately USD 43.3 billion by 2025.
The most important factors influencing the market are the increasing usage of hydrogen gas and the rising demand for renewable energy in the industrial and transportation segment. The increasing concern towards the environment has aided the market to expand at a global level. The large firms are focusing on being in partnership with end-users and the establishment of Power-to-Gas Market projects to reduce dependency on fossil fuels, and to lessen the carbon emission. Several initiatives have been taken to use hydrogen as a fuel and which makes a considerable contribution towards decarbonization of electricity. The power-to-gas market is likely to thrive at a high CAGR during the review period. However, low energy efficiency and enormous capital investment are likely to cause hindrance in the growth of the market during the review period.
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Market Segmentation
The worldwide power-to-gas market is segregated on the grounds of the region, technology, end-user, and capacity.
- On the basis of region, the global power-to-gas market can be classified into North America, the Middle East, and Africa, South America, Europe, and the Asia Pacific.
- On the basis of technology, the global power-to-gas market can be classified into methanation and electrolysis. The electrolysis vertical is estimated to lead the market at a global level and is projected to thrive with the maximum CAGR.
- On the basis of end-user, the global power-to-gas market can be classified into commercial, industrial, and utilities. The utility vertical is likely to acquire the maximum share of the market during the review period.
- On the basis of capacity, the global power-to-gas market can be classified into lesser than 100 KW, 100 KW – 1000 KW, and more than 1000 KW.
Regional Analysis
The regional analysis of the Middle East & Africa, North America, Europe, Asia-Pacific, and South America has been performed. As per the analysis, the European market is the most lucrative market for the Power-to-Gas Market Growth. It acquires the largest market share owing to the increasing consumption in power and increasing renewable sources share in Europe’s total energy generation mix in the region. The European market is dominated by Germany. In North America, the United States is likely to be the swiftest developing country in the power-to-gas market due to the new projects rising in the country. In the MEA, Saudi Arabia is expected to the fastest developing country in the power-to-gas market due to the increasing share of renewable energy in the nation. Moreover, the Saudi Arabian government has set a target of reducing 130 million tons of CO2 emission by the year 2030. These initiatives taken by the government creates demand for the power-to-gas market. These are the most critical factors driving the demand for power-to-gas in MEA during the review period.
Key Players
- Siemens (Germany)
- Uniper SE (Germany)
- Hydrogenics (Canada)
- Ineratec GmbH (Germany)
- MicroPyros GmbH (Germany)
- McPhy Energy S.A. (France)
- Hitachi (Japan)
- MAN Energy Solutions (Germany)
- Omron (Japan)
- Toshiba (Japan)
- Rockwell (U.S.)
- Power-to-Gas Hungary Kft. (Hungary)
- Avalon (Germany)
- Electrochaea GmbH (Germany)
- GreenHydrogen (Denmark)
- NEL (Norway)
- Engie (France)
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact:
Market Research Future
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
Market Research Future published a Half Cooked research report on global Onshore Wind Energy Market. The onshore wind energy market is expected to witness ~ 27% CAGR during the period 2017 to 2023.
Market Highlights
The demand for clean energy resources is increasing owing to the increased demand for electricity, and upcoming regulations unfavourable to conventional sources of energy. The continuous exploitation of renewable energy source has resulted in a higher number of wind energy projects around the globe. Innovation in the technology of wind turbines and wind parks has also added value to the onshore wind energy market. The large scale projects of power generation through wind farms and wind parks is expected to boost the onshore wind energy market.
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Asia-Pacific onshore wind energy market dominates the global market due to the rising demand for energy and the highest focus on renewable sources. The factors for the growth of onshore wind energy market are enormous in the emerging economies of the region. Furthermore, the region is experiencing rapid industrialization and urbanization, which accounts for higher demand for electricity. The countries such as China, India, and Japan and Singapore are the most populated countries and are planning clean energy generation. Besides, there is a high potential of wind energy source from the Southeast Asian countries including Thailand and Malaysia. Thus, the region contributes the most in the onshore wind energy market share.
Global oil and gas waste heat recovery market is expected to expand at ~ 27% CAGR during the forecast period.
Drivers
Market Research Analysis
Utilities by end-use, on-grid by connectivity, Peak power management by application and high wind speed by wind capacity are expected to hold the largest shares and expand the highest CAGR over the forecast period.
Global onshore wind energy market has been segmented on the basis of end-use, application, grid connectivity, power capacity, wind capacity and region. Based on end-use, the market is further segmented into utilities, commercial & industrial, hybrid power and others. Among these, the utilities segmented are expected to hold major market share. Since utilities are responsible to provide the electricity supply from the demanding sectors.
There has been sharp increase in demand for electricity from last decade from the growing economies, thus utilities require more and more power to match the demand. Peak power management segment commands the largest market share by application type, the main reason being shortage of electricity during peak hours. Industries and factories need electricity during fixed working hours, which creates demand for energy during those hours. Onshore wind energy helps manage the power distribution at those hours making it the most dominating segment. Onshore wind energy generated is both off grid and on grid. Between these, on-grid segment is more dominating due to the fact that most electricity connections are connected to grid as power infrastructure is increasing at an exponential growth. The market is segmented as high wind speed, medium wind speed and low wind speed on the basis of wind capacity. The high wind speed project accounts for the largest number of projects as they are capable of generating power of high capacity.
Scope of the Report
This study provides an overview of the global Oil and Gas Waste Heat Recovery market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the oil and gas waste heat recovery market by its sector, by application, by equipment, by end-user and by region.
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By End-Use
- Utilities
- Commercial & Industrial
- Hybrid power
- Others
- Peak power management
- System stability
- Demand responsibility
- Frequency responsibility
- Power storage
- Less than 500 KW
- 500 KW to 2 MW
- More than 2 MW
- Off-grid
- On-grid
- High wind speed
- Medium speed wind
- Low wind speed
- North America
- Asia Pacific
- Europe
- Rest of the World
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Key Players
- Siemens AG (Germany)
- Envision energy (China)
- General Electric Wind Energy (U.S.)
- Suzlon (India)
- Vestas Wind System A/S (Denmark)
- Enercon GmbH (Germany) Mitsubishi Power Systems (Japan)
- Nordex S.E. (Germany)
- Repower (Switzerland)
- Gazelle Wind Turbines (U.K.)
- Clipper Wind Power (UK)
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
Continued…
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Industry Insight
Nearly many months since the world declared a national lockdown over the novel coronavirus pandemic, Market Research Future found in its new study on the global outage management system market that it would regain its footing with new scores. The market would be achieving higher valuations by the year 2023 and stagger at 16.5% CAGR. The years of growth could be observed from the year 2018 to 2023.
Top Impacting Factors
The Outage Management System Market supports in recuperating operational efficiencies and communications and vastly mounting speed of trouble analysis, allowing managers to make better and faster decisions, thus reducing dispatching bottlenecks that occur during high-volume outage conditions. The global outage management system and its demand are driven by the urge to surge customer satisfaction are likely to boost the growth of the outage management system market in the future timeframe.
The escalating adoption of energy management systems is one of the latest trends that will gain traction in the outage management systems market in the coming years. To assist transition utilities, energy companies are altering the functioning of grids. They are recuperating each part of the value chain by implementing IT technology solutions to progress the functionality. These systems help out in collaborating and transforming grids to accommodate low carbon polluting technologies such as distributed generation, renewable, and energy storage for power generation, making power generation more multi-dimensional than before. These factors have been accumulated to become favored in the matter of the rise of the global outage management system market.
Currently, North America and Europe grabbed the highest demand in the OMS. The demand in these regions is mainly driven by reduced overtime pay, escalating information expectation, faster restoration of power, and growing flexibility of performance-based rate-making.
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Segmentation of Market
The analysis of the global outage management system market is studied for segments of material, type, and application.
In terms of type segment, the market has included integrated OMS and standalone OMS.
In terms of the application segment, the market has included public utilities and private utilities.
Regional Front
North America leads the global Outage Management System (OMS) Market in support of reducing the costs linked with outages and crew management with easy-to-generate historical statistics and faster restoration of power are some factors motivating the growth of the market in the North America region.
Asia-pacific region is expected to inflate at a high pace, mainly owing to the mounting investment in smart grid developments. APAC will be the foremost revenue contributor to the market by 2021. The Asian countries such as India, China, Japan, as well as Pakistan, strong emphasis is being placed on smart grid technologies to advance asset utilization and the reliability of the grid systems as these countries are likely to be the leading smart grid markets during the assessment period.
Industry Players
- General Electric Company (U.S.)
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Oracle Corporation (U.S.)
- Intergraph Corporation (U.S.)
- Siemens AG (Germany)
- CGI Group (Canada)
- Advanced Control Systems Inc. (U.S.)
- S &C Electric Company (U.S).
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
Continued…
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact:
Market Research Future
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
Market Highlights
Paralleling switchgear market is expected to expand at ~ 5.5% CAGR during the forecast period.
The paralleling switchgear market is projected to have enormous developments over the forecast period owing to incessant technological advancements in energy sector tied with rising power demand. The market is also likely to have huge expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated to be seen during the forecast period with several contracts and agreements among the top EPC contractors and Governments across the globe.
Paralleling switchgear is a combination of metering, control & switching and protection elements acting as an integrated system to control the distribution of power for emergency systems, standby systems, critical operation power systems (COPS), and optional standby systems. Increasing stake of distributed generation, maturing and overloading of power grids, and investment in commercial and industrial sectors such as construction, oil & gas, mining and telecommunication are the key factors driving the Paralleling Switchgear Industry over the forecast period. However, cost constraint and complexity in control system are predicted to hinder the market growth over the forecast period.
Global Paralleling Switchgear Market is expected to expand at ~ 5.5% CAGR during the forecast period.
Drivers
Market Research Analysis
Low voltage by voltage, standby by application and industrial by end-user are expected to expand at the highest CAGR.
Global paralleling switchgear market has been segmented based on voltage, application, end-user and region. Based on voltage, the market is segmented into low voltage, and medium voltage. Among these, the low voltage, is projected to dominate the paralleling switchgear market through 2023.
The rising demand from the construction and telecommunications sectors, is propelling the low voltage segment, particularly in countries such as China, India, Germany, and U.S. Low voltage paralleling switchgear is favored for industrial operations owing to safer operations and in housing capability of numerous equipment at an identical place. An upsurge in demand from the industrial sector is anticipated to boost the evolution of the low voltage global Paralleling Switchgear Industry over the forecast period. Based on application, the market is segmented into prime, standby and peak shave. Standby segment dominated the market in 2016 and is projected to be the fastest-growing application segment. Standby generators are key to maintain stability of power in many industries such as healthcare, data centers, and process industry. Based on the end-user, the market is segmented into commercial, industrial, utilities and others.
Industrial dominated the market in 2016 and is projected to be the fastest-growing end-user over the next five years. Industrial segment is propelled by factors, such as the growing demand for critical power in industries in developing regions of Asia Pacific and Middle East & Africa. Augmented focus on data center services directed by increasing demand from finance and e-commerce sectors and huge investments in public infrastructure schemes by governments worldwide are the significant drivers of the industrial segment of paralleling switchgear market.
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Scope of the Report
This study provides an overview of the global paralleling switchgear market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Paralleling Switchgear market by its type, by design, by end-user and by region.
By Voltage- Low Voltage
- Medium Voltage
- Prime
- Standby
- Peak Shave
- Commercial
- Industrial
- Utilities
- Others
- North America
- Asia Pacific
- Europe
- Rest of the World
Key Players
The key players of global paralleling switchgear market are General Electric Company (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce (MTU Onsite Energy) (U.K.), Kohler Co. (U.S.), and Pioneer Power Solutions. (U.S.). Regal Beloit Corporation (U.S.), Schneider Electric SE. (France), Advanced Power Technologies. (U.S.), Enercon Engineering, Inc. (U.S.), Industrial Electric Mfg (U.S.), and Russelectric Inc. (U.S.) are among others.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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Market Analysis
Oilfield Services Market is projected to be worth USD 359.57 Billion by 2028, registering a CAGR of 6.45% during the forecast period (2021 - 2028), The market was valued at USD 273.41 billion in 2020.
Various factors are propelling the global Oilfield Services Market. According to the recent MRFR report, such factors include the global rise in oil & gas production, increasing extraction of shale gas, discovery of new oil and gas fields, growing crude oil production, use of EOR in maturing oilfields, and demand for advanced equipment, tools, and technology to boost the efficiency of production and exploration activities in offshore & onshore areas. Additional factors adding market growth include growing demand for energy, technological advances in the oilfield, rising productivity from new and mature reserves, growing investments in ultra-deep and deep-water exploration projects, rising consumption of oil & gas resources, the launch of laser drilling techniques and its increasing use due to the different benefits like single diameter borehole, precision drilling, accuracy, and high ROP, and growing investments in R&D activities to produce innovative products.
On the contrary, high initial investment cost and the ongoing COVID-19 impact may limit the global oilfield services market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global oilfield services market based on service and application.
- By service, the global oilfield services market is segmented into well intervention, production, completion, characterization, drilling, seismic, and others. Of these, the completion segment will lead the market over the forecast period. Advancements in completion technology are adding to the growth of the segment. Surface logging, stimulation, and permanent monitoring system are the latest completion technology.
- By application, the oilfield services market has been segmented into offshore and onshore. Of these, the onshore segment will dominate the market over the forecast period. The increase in maturing wells is adding to the growth of the segment.
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Regional Analysis
Based on the region, the global oilfield services market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Rising production levels of oil and gas, the US is the largest consumer and producer of oil and gas, the use of multi-stage hydraulic fracturing technologies, and the shale gas boom are adding to the global oilfield services market growth in the region.
The global oilfield services market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising investment by the government in the oil and gas industry, increasing urbanization in different countries, and the growing need for oil & gas are adding to the global oilfield services market growth in the region. Indonesia, India, and China have the maximum share in the market.
The global Oilfield Services Market Analysis in Europe is predicted to have sound growth over the forecast period, and in the RoW is predicted to have a steady growth.
Key Players
- Liberty Oilfield Service (US)
- Bronco Oilfield Services Inc (US)
- TechnipFMC plc (UK)
- Asian Oilfield Services Limited (India)
- National Oilwell Varco (US)
- Weatherford (France)
- Halliburton (US)
- General Electric (US)
- Schlumberger Limited (US).
Industry players have encompassed several strategies to stay at the forefront, such as acquisitions and mergers, partnerships and collaborations, joint ventures, new product launches, geographic expansions, strategic alliances, among others.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
Continued…
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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Market Highlights
Oil & gas storage market is a part of the midstream within the oil & gas industry. In this process, the oil extracted from the upstream companies is stored in various forms and then transported wherever required. Downstream companies also use storage tanks for their operations.
The increasing demand for natural gas storage systems is likely to drive market growth during the forecast period. The production of natural gas is growing rapidly, and the increase in demand is mainly driven by its growing applications in the power generation and transport industries, among others. Natural gas can be easily stored for indefinite periods. Natural gas is not always needed right away, so it is stored in underground storage facilities. Moreover, the US Department of Energy and its industry partners have checked the feasibility of storing chilled natural gas in a mined, hard-rock facility. The concept of chilling gas before storage, if applied to planned or existing bedded salt storage caverns, could significantly increase the storage capacity for the existing volume of natural gas. However, due to the lack of demand in the last few months, many countries are facing gas storage problems. For instance, China wants to procure more natural gas to meet the surging demand post-COVID-19. The limited storage capacity is making it difficult for the country to cope with the supply crunches in the winter months when demand surges to heat homes. China’s lack of storage capacity is restricting the gas supply, while its total underground storage capacity available is significantly lower. Hence, more storage space needs to be discovered to cope with the surplus challenge. Thus, the increasing demand for natural gas storage systems is expected to drive the growth of the global oil & gas storage market during the forecast period.
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The global market for oil & gas storage has been segmented based on product type, storage type, and region. By product type, the global market is segmented as oil and natural gas. By storage type, the global market is segmented as aboveground and underground.
Drivers: Oil & Gas Storage Market
Market Research Analysis
In terms of region, the market has been segmented as Europe, Asia-Pacific, North America, the Middle East & Africa, and Central & South America. North America dominates the global oil & gas storage market. The increasing per capita energy consumption, the reduction in crude oil prices, and the increasing exploration and production of oil & gas are likely to drive the growth of the oil & gas storage market in the region.
Oil & gas storage is a significant challenge in the regions where oil & gas is available in huge volumes. For instance, in May 2018, Saudi Aramco (Saudi Arabia) signed a contract with Halliburton (US) to handle its hydraulic fracking needs in its unconventional gas fields. China has also been investing substantially in unconventional reservoirs to reduce its dependence on imported oil & gas. For instance, in August 2019, the China National Petroleum Corporation (China) started drilling its first shale oil well in the South-Western province of Sichuan in China. Similarly, several countries across the world, such as Canada, Australia, and Saudi Arabia, are expected to gradually increase their exploration activities in unconventional reserves, which involve shale, deep-water, and other reservoirs. Conventional oil & gas reservoirs getting depleted at a steady rate, which is prompting stakeholders in the oil & gas industries from various countries to explore unconventional reservoirs, which is expected to create growth opportunities for the players in the reservoir analysis market. Increasing exploration activities would require storage facilities for oil & gas. Additionally, it is anticipated that after the first quarter of 2021, the demand for oil & gas will increase, and storage spaces will be required to accommodate the increasing oil & gas production. Thus, the exploration of unconventional reservoirs is expected to create growth opportunities for the players operating in the global oil & gas storage market during the study period.
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Scope of the Report
This study provides an overview of the global oil & gas storage market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and shares for North America, Europe, Asia-Pacific, Middle East, and Central & South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oil & gas storage market by type, application, and region.
By Product Type
- Oil
- Natural Gas
By Storage Type
- Aboveground
- Underground
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- Central & South America
Key Players
The key industry participants of the global market for oil & gas storage include Royal Vopak N.V., TechnipFMC Plc, Magellan Midstream Partners, L.P., John Wood Group Plc, The Vitol Group, WorleyParsons Limited, Brookfield Infrastructure Partners, Centrica Plc, Buckeye Partners, and Oiltanking.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact:
Market Research Future
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+1 628 258 0071(US)
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Marine Engines Market Research Report
Marine engine market is expected to expand at ~ 4.5% CAGR during the forecast period.
Marine Engine Market are machines used to provide power to marine vessels such as commercial vessels, offshore support vessels, and other vessels. These engines are made up of crankshaft, liner, pistons, bedplate, and head. These components are made of corrosion-inhibiting materials, and their seals and bearings are specially designed for the sea operating environment. Developing new technologies and manufacturing processes in the marine engine industry have addressed the environmental regulations on the emission of harmful gases. Characteristics such as fuel efficiency, easy maintenance, high performance, reliability, quiet operation, and low harmful emissions make marine engines suitable for marine applications.
Market Dynamics
Rapid growth in shipbuilding activities worldwide has recently been one of the main factors driving demand in the marine engine industry. Growing demand for luxury vessels, such as cruises and yachts, as a result of increasing disposable income among individuals, has been a significant sponsor of increasing demand in the marine engine industry. The global increase in demand for commercial vessels, like bulk carriers and gas carriers, has contributed significantly to the rapid growth of the marine engine industry.
The marine engine market is expected to have substantial developments over the forecast period due to continuous technological advancements in the marine sector linked to growing sea-borne activities. The market is also likely to have a significant number of expansion activities by multinationals and well-established firms. Mergers and acquisition activities are likely to be seen during the forecast period, with many contracts and agreements between leading manufacturers and shipbuilding companies around the globe.
The global market for marine engines is expected to have incredible growth over the projected period. This is attributed to the massive increase in the number of leisure marine travelers, the rapid expansion of the global seaborne transport industry, the introduction of technologically advanced and highly reliable engines, economic stability, and rising individual disposable incomes.
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Market Segmentation
The global market for marine engine has been segmented based on power, application, and fuel.
- Based on power, the global marine engine market has been segmented into Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP and Above 20,000 HP. Among these, the 1,001 HP to 5,000 HP is projected to lead the marine engine market through 2023. The increase in the manufacturing of small and medium-sized vessels is driving the 1,001 HP to 5,000 HP segment, as 1,001 HP to 5,000 HP range engines provide ideal power output and are highly fuel-efficient.
- Based on the application, the global marine engine market has been segmented into commercial vessels, offshore support vessels, and other vessels. The commercial vessels segment led the market in 2016 and is projected to be the fastest-growing application segment. Commercial vessels like bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, chemical carriers. The rise in the commercial shipbuilding industry and commercial sea-borne activities has augmented for growth.
- Based on the fuel, the global marine engine market has been divided into heavy fuel oil, intermediate fuel oil, marine gas oil, marine diesel oil, and other fuels. Heavy fuel oil led the market in 2016 and is projected to be the fastest-growing fuel over the next five years. Heavy fuel oil is inexpensive as well as they are extensively available. Nevertheless, with stringent emission norms coming into effect, there will be an increase in the demand for cleaner-fuels such as Intermediate Fuel Oil, Marine Diesel Oil, and Marine Gas Oil.
Read More @
https://icrowdnewswire.com/2020/12/29/global-marine-engine-market-is-set-to-attain-4-5-cagr-by-2023/
Regional Analysis
Regionally, the global marine engine market size has been segmented into Europe, Asia Pacific, North America, and the Middle East & Africa.
The Asia Pacific region is expected to dominate the market for marine engines and is also likely to be the fastest-growing market in the forecast period. The high growth rate is related to increased shipbuilding activities, especially in South Korea, Japan, China, and South-East Asian countries such as Singapore, Indonesia, and Malaysia. These countries have a booming market for marine engine manufacturers in the continent to explore, grow their operations, and gain more significant market share. In 2016, Europe was the second largest region. Countries such as Croatia, Denmark, Finland, Germany, France, Greece, and Italy are the leading shipbuilding nations in Europe. Increasing maritime activities and tourism in the European region has developed a productive market for the shipping industry and subsequently for marine engines' manufacture. North America saw stagnant growth in 2016 and is projected to sustain growth over the forecast period. The U.S. held the largest market share in North America, with more than 80% of its market share in 2016, and is predicted to remain dominant over the projected period.
Key Players
- GE Transportation (U.S.)
- Caterpillar Inc. (U.S.)
- Cummins Inc. (U.S.)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Rolls-Royce Power Systems AG (Germany)
- Man Diesel & Turbo Se (Germany)
- and Wärtsilä Corp (Finland)
- Brunswick Corporation (U.S.)
- John Deere (U.S.)
- Scania AB (Sweden)
- Daihatsu Diesel MFG. Co. Ltd. (Japan)
- AB Volvo (Sweden)
- Dresser-Rand Group Inc. (U.S.)
- Yanmar Co. Ltd. (Japan)
- Deutz AG (Germany)
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact:
Market Research Future
Phone:
+1 628 258 0071(US)
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