Electrical Bushings Market: Focus Towards Combined Insulation Bushings

The global electrical bushings market is projected to grow at a CAGR of 3.86%, from 2018 to 2023. In 2017, Asia Pacific was the largest market for electrical bushings, followed by Europe and North America. The growth of the electrical bushings market is mainly driven by rising electrical network expenditure and the increasing demand for electrical equipment from end-users such as railways and renewable.

The electrical bushing application has been segmented into transformer, switchgear, and others. The others segment includes circuit breakers, generators, reactors, and wall applications. The transformer segment held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. Increasing investments in T&D networks and rising installation of electrical equipment such as transformers, switchgears, and circuit breakers are the major factors driving the transformer segment during the forecast period.

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The electrical bushing end-user has been segmented into utilities, industries, and others. The others segment includes railways and metro, renewable, and the commercial sector. The utilities segment held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. Bushings are the most important component of transformers and switchgears as they control the electric field and reduce electrical stresses. Many utilities are upgrading or adding T&D capacity, thereby, boosting the demand for electrical bushings.

Asia Pacific is expected to be the fastest-growing market

Asia Pacific held the largest market share in 2017 and is expected to be the fastest-growing market from 2018 to 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Increasing grid investments especially in developing economies such as China and India and plans for electrification in countries such as Vietnam, Indonesia, and the Philippines are expected to drive the electrical bushings market in Asia Pacific. China accounted for the largest share of the electrical bushings market in Asia Pacific in 2017. The National Energy Administration of China estimates a cumulative investment of USD 280 billion is required to increase the length of the transmission lines in the ultra-high voltage (more than 800 kV) network, under its 2015–2020 Power Grid Construction and Reform Plan. This eventually increases the demand for power equipment such as transformers, generators, and circuit breakers, thereby creating business opportunities for the electrical bushings market in Asia Pacific.

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The electrical bushings market is dominated by a few global players. The key players operating in this market include ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Nexans (France). The other players in the market include BHEL (India), CG Power (India), Elliot Industries (US), Gamma (Colombia), GIPRO GmbH (Austria), Hubbell (US), Polycast International (Canada), RHM International (US), Toshiba (Japan), and Webster-Wilkinson (UK).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Offshore ROV Market Size worth $943.1 Million by 2023

The offshore ROV market is estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, at a CAGR of 3.27% from 2018 to 2023. The market is set to grow due to increasing offshore oil & gas discoveries in prominent countries and rise in demand for oil & gas.

The Observation class segment is expected to hold the largest share of the Offshore ROV market

The offshore ROV market has been segmented, by type, into Observation class, Work Class, and Intervention Class. The observation class segment is expected to be the largest market because it can be used in all kinds of offshore applications for observing the process during drilling and completion work.

The Drilling and Well Completion Support is expected to dominate the offshore ROV market

The offshore ROV market has been segmented, by application, into Drilling and Well Completion Support, Construction Support, Inspection Repair & Maintenance Services, Remote Subsea Intervention Tooling Design and Build, and Subsea Engineering Services. The Drilling and Well Completion Support segment is estimated to hold the largest market share by 2023. The market growth in the segment is driven by the increasing deep water offshore activities in Angola and ultradeep water in Brazil.

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Middle East & Africa expected to be the largest market for offshore ROV

The Middle East & Africa is expected to dominate the offshore ROV market during the forecast period. The rise in offshore deep and ultradeep water activities is driving the offshore ROV market in the Middle East & Africa region. The increasing activities of offshore exploration and production in countries such as Angola, UAE, Nigeria, etc. will drive the offshore ROV market in the Middle East & Africa region.

Some of the leading players in the offshore ROV market are Oceaneering (US), Subsea 7 (UK), Fugro (Netherlands), TechnipFMC (UK), Saipem (Italy), Forum (US), DOF (Norway), ECA (France), Deep Ocean Group (Norway), ISE (Canada), Deep Ocean Engineering (US), and AC-CESS (Scotland).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Laminated Busbar Market Worth $1,183 Million by 2025

According to the new market research report"Laminated Busbar Market by Material (Copper, Aluminum), End-User (Utilities, Industrial, Commercial, Residential), Insulation Material (Epoxy Powder Coating, Polyester Film, PVF Film, Polyester Resin, and Others), and Region - Global Forecast to 2025"the Laminated Busbar Market is expected to grow from an estimated market size of USD 861 million in 2020 to USD 1,183 million by 2025, at a CAGR of 6.6% during the forecast period. The market is set to witness growth, due to the demand for safe and secure electrical distribution systems, cost-efficiency and operational benefits of laminated busbars, and focus on renewable energy.

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The epoxy powder coating segment is expected to hold the largest share of the Laminated Busbar Market, by insulation material, during the forecast period

The epoxy powder coating segment is expected to be the largest market for laminated busbars in 2020. Epoxy powder-coated laminated busbars have better mechanical strength, such as resistance against scratches, chipping, and fading as compared to other insulation material-coated laminated busbars. These properties are likely to drive the growth of this segment.

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Utilities is expected to be the largest segment in the Laminated Busbar Market, by end-user, in 2020

The utilities segment dominated the Laminated Busbar Market during the forecast period. A laminated busbar is a vital component in power generation plants and transmission & distribution substations, where it finds applications in distribution boards, switchgears, motor controls, and transformers. Utilities are investing in upgrading transmission & distribution networks to meet new-age demands and improve the efficiency of grid networks, thereby helping the Laminated Busbar Market to grow during the forecast period.

Europe: Expected to be the leading market for laminated busbars during the forecast period

Europe is expected to dominate the global Laminated Busbar Market from 2020 to 2025. Rising power demand, increasing investments in the energy sector, and growing construction activities in the region are likely to drive the demand for laminated busbars in Europe.

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To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the Laminated Busbar Market. Mersen, Rogers, Amphenol, Sun.King Power Electronics, and Methode Electronics are some of the leading players in the Laminated Busbar Market. They are trying to understand the markets in developing economies and are adopting various strategies to increase their market share. Other dominant players in this market include Ryoden Kasei, Shanghai Eagtop Electronic Technology, Shenzhen Busbar Sci-Tech Development, Storm Power Components, Suzhou West Deane Machinery, Zhuzhou CRRC Times Electric, Jans Copper, Raychem, Molex, Electronic Systems Packaging, Shenzhen Woer New Energy Electrical Technology, Zhejiang Rhi Electric, Kinto Electric, EMS Industrial & Service, Segue Electronics, Foshan Zoete Electric Appliance, American Power Connection Systems, Atlee, Custom Electronics, and Power & Grounding Solutions.

Air Insulated Switchgear Market to reach $8.41 Billion by 2022

The global air insulated switchgear market is projected to grow at a CAGR of 4.68% from 2017 to 2022. In 2016, Asia-Pacific is estimated to be the largest market for air insulated switchgear, followed by the Europe, and North America. This trend is expected to continue till 2022. The growth of the air insulated switchgear market is driven by increasing expenditure by the utilities in the transmission & distribution network and low capital investment of the air insulated switchgear.

The report segments the market on the basis of application into transmission & distribution, manufacturing and processing, infrastructure and transportation, and others. Others include oil & gas, mining, and marine. The transmission & distribution sub-segment accounted for the largest market share in 2016. Air insulated switchgear are used for power generation, transmission, and distribution applications. This sub-segment is expected to grow at the highest CAGR during the forecast period, owing to increasing focus on renewable power generation and investments in T&D infrastructure.

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Transmission & distribution to be the fastest growing application segment in the air insulated switchgear market

With regard to the application segment, transmission & distribution segment is expected to be the fastest growing market from 2017 to 2022. The growth in demand for the reliable delivery of electric power has led to an increase in investment in the transmission & distribution infrastructure, thereby resulting in demand for AIS. Moreover, the rise in energy consumption and electric network expansion projects can further boost the market in transmission & distribution segment.

Asia-Pacific: The leading market for air insulated switchgear

Asia-Pacific is expected to dominate the global air insulated switchgear market, owing to increasing expenditure in T&D networks and presence of manufacturing facilities in the region. This growth is attributed to increasing power generation capacity. China is expected to dominate the air insulated switchgear market in the Asia-Pacific region. China, India, and Southeast Asian countries are driving the market in the Asia-Pacific region.

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Leading players in the global air insulated switchgear market include ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), and Eaton Corporation PLC (Ireland).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Digital Fault Recorder Market to reach $458.2 Million USD by 2023

According to the new market research report “Digital Fault Recorder Market by Type (Dedicated and Multifunctional), Installation (Generation, Transmission, and Distribution), Station (Nonautomated and Automated), Voltage (Less Than 66 kV, 66–220 kV, and Above 220 kV) - Global Forecast to 2023" The digital fault recorder market is expected to grow from an estimated USD 363.1 million in 2018 to USD 458.2 million by 2023, registering a CAGR of 4.76% during the forecast period. The growth of this market is primarily driven by growing need for a reliable power supply system and growing demand for digital substation.

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The transmission segment is expected to hold the largest share of the digital fault recorder market

The transmission segment dominated the digital fault recorder market in 2017. The growth of this segment is likely to be driven by the increase in investments in the power transmission infrastructure globally. For instance, according to the IEA World Energy Outlook 2016, an investment of USD 1.5 trillion is expected to occur in the global transmission infrastructure, under the 450 scenario, between 2016 and 2040.

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The digital fault recorder market for the automated segment is expected to be the fastest-growing segment of the market

The digital fault recorder market for the automated segment, by station, is expected to grow at the highest CAGR from 2018 to 2023. This segment enables to remotely monitor, control, and coordinate the transmission and distribution components installed in the substation. The growth of this automated segment is likely to be driven by an increase in demand for retrofitting the conventional substations to upgrade the aging infrastructure.

Asia Pacific: A leading market for digital fault recorders

In this report, the digital fault recorder market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest share of the global digital fault recorder market in 2017. Government investments to improve power grid infrastructure for maximizing the reliability of power system are among the major factors that are likely to drive this market.

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Some of the top players in the digital fault recorder market include AMETEK.Inc. (US), DUCATI Energia Spa (Italy), ERLPhase Power Technologies Ltd. (Canada), Elspec LTD (Israel), General Electric Company (US), KoCoS Messtechnik AG (UK), Kinkei System Corporation (Japan), LogicLab s.r.l. (Italy), Prosoft-Systems Ltd. (Russia), Qualitrol Company LLC (US) and Siemens AG (Germany).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Excitation Systems Market to Cross $3.12 Billion Mark by 2023

The global excitation systems market is expected to grow from an estimated USD 2.64 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 3.38% from 2018 to 2023. Rising demand for synchronous machines in end-use applications such as hydro as well as thermal power plants is expected to drive the global excitation systems market during the forecast period. Furthermore, the ability of excitation systems to ensure reliable long-term operation for synchronous machines is likely to support the market growth.

Regional governments are promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. High efficiency is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems during the forecast period. Furthermore, rising demand for synchronous machines in renewable power generation is also expected to support the market growth of excitation systems.

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The excitation systems market, by controller type, has been segmented into digital and analog control type segments. Digital control type is expected to emerge as the largest and fastest growing segment. Digital control systems help to improve generator performance by improving transient as well as dynamic stability. Easy conversion of analog to digital controls is another key factor that is expected to foster the demand for digital control systems during the forecast period. By application, synchronous generators are expected to emerge as the largest and fastest growing segment during the forecast period. Excitation protects the generator stator and rotor, controls the stability of the power system and adjusts the plant voltage and reactive power level automatically. It also enhances communication and offers fast and reliable information on how to direct and control the network.

Asia Pacific is expected to be the fastest-growing market for excitation systems from 2018 to 2023, followed by North America and Europe. Countries such as the US, China, Canada, Russia, and India are the largest markets for excitation systems. In the Asia Pacific, regional governments are focusing on promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region.

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Some of the major players in the excitation systems market are Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce Holdings plc (UK).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Precision Source Measure Unit Market to reach $637 Million by 2024

According to the new market research report “Precision Source Measure Unit Market by Current Range (1µA–1mA,1mA–1A,Above 1A) Application (Aerospace, Defense& Government Services; Automotive; Energy; Wireless Communication& Infrastructure) Form Factor(Benchtop, Modular) Region - Global forecast to 2024" The global precision source measure unit market size is expected to grow from an estimate of USD 394 million in 2019 to USD 637 million by 2024, at a CAGR of 10.1%, during the forecast period. The growth of the precision source measure unit industry can be attributed to the high level of integration & flexibility of the precision source measure unit, and growing demand from the automotive and medical industries.

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The modular precision source measure unit segment is expected to grow at the highest CAGR from 2019 to 2024.

The modular precision source measure unit segment is estimated to be the fastest-growing segment of the precision source measure unit market, by form factor, from 2019 to 2024. A modular source measure unit is an essential instrument for design and test engineers. With the development of modular source measure units, designing a multichannel system has become possible. The North American and Asia Pacific regions have shown the highest demand for such source measure units, and are expected to dominate this segment during the forecast period. The increasing demand for modular source measure units in the Asia Pacific region is primarily due to the growing investments in the test and measurement industry in China, Japan, South Korea, and India.

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The automotive application segment is expected to grow at the highest CAGR in the global precision source measure unit market during the forecast period.

The automotive application segment is expected to grow at a higher CAGR during the forecast period, owing to a rise in demand for electric vehicles and increasing demand for integrated circuits and multi-point tests & measurements in the automotive industry. The automotive industry has adopted automation on a massive scale for manufacturing vehicles. The automation of manufacturing facilities, and the development of autonomous cars, has led to an increase in demand for sensors as a precision source measure unit provides a reliable solution for current/voltage testing of sensors. The increasing number of electronic parts in vehicles is expected to increase the demand for precision source measure units during the forecast period.

North America is expected to be the largest and fastest-growing region of the precision source measure unit market during the forecast period

In this report, the precision source measure unit industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American market is expected to grow at the fastest CAGR of 10.9% in the precision source measure unit market during the forecast period. This growth is driven majorly by the high emergence of aerospace & defense equipment manufacturing industries in the US. Along with increasing demand for test and measurement solutions in the aerospace & defense industry as well as the automotive industry in the North American region is expected to drive the market for precision source measure unit during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the precision source measure unit market including Tektronix (US), Keysight Technologies (US), National Instruments (US), Chroma ATE (Taiwan), Yokogawa Electric (Japan), VX Instruments (Germany), Rohde & Schwarz (Germany), Ossila (UK), and Marvin Test Solutions (US). The leading players are trying to enter the market of developing economies and are adopting new product launches as a major strategy to increase their market shares.

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.
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Mobile Power Plant Market set to grow at a CAGR of 4.56% to reach $1.73 Billion by 2022

The global mobile power plant market is projected to grow at a CAGR of 4.56% from 2017 to 2022, to reach USD 1.73 Billion by 2022. This growth is primarily driven by the lack of power infrastructure, increasing demand for electricity in remote locations, frequent natural disasters, and increase in onshore oil rigs. The Middle East & Africa region is estimated to hold the largest share of the mobile power plant market. The Asia Pacific region held the second largest market share in 2016.

 The report further segments the market by application into oil & gas rigs, emergency power, remote area electrification, and others. Emergency power is estimated to be the largest segment of the market, by value. Frequent natural disasters in countries such as Japan, China, US, and India are expected to drive the emergency power market during the forecast period.

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Middle East & Africa: The largest market in mobile power plant

The Middle East & Africa region is projected to be the largest market for mobile power plant. The market growth in this region can be attributed to increasing investments in remote area electrification in the Sub-Saharan African region and development of oil & gas sector in the region. Asia Pacific is estimated to be the fastest growing market during the forecast period. Increasing investments in coastal area electrification in Southeast Asia and increasing number of natural disasters in India, Japan, and China would boost the market of mobile power plant in the future.

The report segments the market by fuel type into natural gas/LPG, diesel, and others. The natural gas/LPG segment is estimated to hold the largest share of the market in 2017. Natural gas is clean, efficient, and affordable as compared to other fuels. These advantages of natural gas would drive the market for natural gas based mobile power plant.

21-50 MW is estimated to be the largest segment of the mobile power plant market, by power rating, 21-50 MW mobile power plants are mainly used for large projects such as electrification of village or coastal areas and emergency power requirement. Countries such as Indonesia, Angola, Nigeria, and India are showing rapid growth in the 21-50 MW mobile power plant segment due to the recent increase in demand for electricity in remote areas.

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The key players in this mobile power plant market include GE (US), Siemens (Germany), APR Energy (US), Kawasaki Heavy Industries (Japan), PW Power Systems (US), Metka (Greece), Solar Turbines (US), Turbine Technology Services (US), Vericor (US), Mapna (Iran), Meidensha (Japan), and Ethos Energy (UK).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.
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Offshore Wind Market to Grow with a Remarkable CAGR 15.32% by 2022

The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020.  The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.

The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, at a CAGR of 15.32% from 2017 to 2022.

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North America is estimated to be the fastest growing market for the offshore wind from 2017 to 2022.

The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.The North America market is projected to grow at the highest CAGR from 2017 to 2022.

Asia Pacific: The second largest market for offshore wind.

Asia Pacificregion is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

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The electrical infrastructure segment is expected to be the fastest growing offshore wind market, by component, during the forecast period.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and is primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

Offshore Wind Market Ecosystem:

The market ecosystem comprises of turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. Leading players in the market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others. 

Thermal Energy Storage Market to Witness Massive Growth by 2022

The global thermal energy storage market is projected to grow at a CAGR of 11.0% to reach USD 6.20 Billion by 2022. The Middle East & African region is estimated to be the largest market, followed by Asia-Pacific. The trend is expected to continue till 2022. The growth of the thermal energy storage market is driven by rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems are expected to drive the growth of thermal energy storage industry. High demand in CSP, especially in the Middle East & African region offers lucrative opportunity for thermal energy storage.

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Rising impetus on renewable energy generation such as concentrated solar power drives the global thermal energy storage market

Concentrated Solar Power (CSP) when combined with Thermal Energy Storage (TES) offers grid flexibility and is commonly coupled with TES as well as conventional fuels. Unlike other renewable generation resources, such as solar photovoltaics (PV) or wind, it is easily dispatch able. Ongoing research in TES technologies has increased interest in CSP, as it uses thermal energy of sunlight to generate electricity. Parabolic troughs and power towers are the two most common designs which concentrate sunlight against a Heat-Transfer Fluid (HTF), used to drive a steam turbine. CSP is advantageous over non-dispatch able renewable generation sources (PV, wind) and the design of its plant, built with TES, facilitates energy shifting to periods without solar resource. The dispatch ability of CSP with TES enables higher penetration of the grid by providing backup power even during periods of low solar radiation. TES with CSP can reduce efficiency losses by shifting generation to hours with lower ambient temperatures associated with dry cooling, thus, driving the TES market.

Government incentives for thermal energy storage systems drive the growth of this market

TES helps shifting electrical load by creating and storing ice or cold water during the day or later evening hours, when energy rates are lower. When rates are higher during the afternoon hours, the building’s HVAC system uses this cold resource stored beforehand, to reduce cooling costs, and maintain comfortable facility temperatures. State’s investor-owned utilities (IOUs) administer a wide variety of public-purpose-funded energy efficiency programs. For example, in the U.S., IOUs that offer such programs are Pacific Gas and Electric (PG&E), Southern California Edison (SCE), Southern California Gas (SoCal Gas), San Diego Gas and Electric (SDG&E), and Southwest Gas Corporation (SWG). Rebates are offered for the installation of new distributed generation equipment, specifically wind turbines, Combined Heat and Power (CHP), biogas, fuel cells, and advanced energy storage, through the Self-Generation Incentive Program (SGIP), which is administered by PG&E, SCE, SoCal Gas, and, for customers of SDG&E, the center for sustainable energy. Incentives which range from USD 0.44/watt to USD 1.46/watt, depending on technology, are capped at 3 MW, although there are no criteria for minimum or maximum system size.

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The thermal energy storage market is dominated by a few global players. Some of the key players operating in the thermal energy storage market are Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others.

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