Shore Power Market Growth Scenario with 6.7% of CAGR by 2025

According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside), by Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA), and Region - Global Forecast to 2025",published by MarketsandMarkets™, the global Shore Power Market is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%. The factors driving the growth of the Shore Power Market are the growing focus on reducing air and noise pollution from porting activities and increasing sea trade and cruise tourism.

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Shoreside installation is expected to be largest market during forecast period

The market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most Shore Power Market, by installation, during the forecast period. This growth can be attributed to the high cost of installation owing to extra electrical components on the shoresied. Additional components enable the shoreside shore power system to operate with more flexiblity and meet the power requirements of different type of vessels.

New installation segment is expected to be largest in the Shore Power Market, by connection, during forecast period

The Shore Power Market, by connection, has been segmented into new installations and retrofit. The new installation segment is expected to be the largest in the Shore Power Market, by location, during the forecast period.  This growth can be attributed to the increase in the number of stringent environmental norms by various governments. All the upcoming ports as well as upcoming vessels are being installed with shore power systems during construction, this procedure is also reduces the cost of implementation.

Frequency converters are expected to hold largest share of Shore Power Market, by component, during forecast period

The market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel’s operating frequency.

North America is expected to dominate global Shore Power Market during forecast period.

In this report, the Shore Power Market has been analyzed for 5 regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is the largest Shore Power Market, followed by Europe and Asia Pacific. North America is likely to witness a high adoption of shore power systems owing favorable regulations in multiple states throughout the countries.

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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 Shore Power Market. These include Siemens (Germany), Schneider Electric (France), Cavotec (Switzerland), Wartsila (Finland), Vinci Energies (France), and ESL Power (US), and among others. The leading players are trying to establish their facilities in developed countries and are adopting various strategies to increase their market share.

Gas-insulated Switchgear Market: Surging government initiatives to improve electricity access in rural areas

According to the new market research report "Gas-insulated Switchgear Market by Voltage Rating, Insulation Type, Installation (Indoor, Outdoor), End User (Transmission Utility, Distribution Utility, Generation Utility, Railways & Metros, Industry & OEM), and Region - Global Forecast to 2025",published by MarketsandMarkets™, is projected to grow from USD 16.9 billion in 2020 to USD 26.5 billion by 2025, at a CAGR of 9.5%.

The SF6segment is anticipated to constitute the majority of the Gas-insulated Switchgear Market share. A gas-insulated switchgear uses the dielectric gas sulfur hexafluoride, also known as SF6, at moderate pressure for phase-to-phase and phase-to-ground insulation. High-voltage conductors, interrupters, circuit breakers, switches, voltage transformers, and current transformers are in SF6 inside a metal enclosure.

A global increase in the demand for electricity is expected to drive the demand for gas-insulated switchgears across various sectors, such as the power distribution utility, power transmission utility, and power generation utility. Due to COVID-19, the US has a negative growth rate of -2.45% in the manufacturing sector in the first quarter when compared to China’s -3.25%. India, Japan, and Europe registered a negative growth of -3.98%, 2.77%, and -2.89%, respectively, in their manufacturing sectors.

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The power transmission utility segment is expected to be the most significant Gas-insulated Switchgear Market

The power transmission segment has the largest share of the Gas-insulated Switchgear Market owing to the global growth in the production and consumption of electricity. Transmission utilities own and operate the transmission system. Thus, the growing demand for power will necessitate the expansion of the transmission network, thereby enhancing the demand for electrical components, e.g., gas-insulated switchgears. But due to COVID-19 lockdowns, utilities are at a standstill, which has resulted in losses for companies. This has a negative impact on the growth of the Gas-insulated Switchgear Market.

The SF6 segment is expected to be the largest Gas-insulated Switchgear Market

The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgears are preferred over air-insulated switchgears where space is a constraint because air-insulated switchgears require meters of air as an insulation medium to do what SF6-filled switchgears can do in centimeters. Therefore, SF6-filled gas-insulated switchgears can be 10 times smaller than air-insulated switchgears. A majority of the existing and new gas-insulated switchgears use SF6 gas as the dielectric medium. Thus, the demand for gas-insulated switchgears is expected to grow due to the space constraints in urban areas.

Asia Pacific is expected to dominate the global Gas-insulated Switchgear Market

In this report, the Gas-insulated Switchgear Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.

The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for gas-insulated switchgears in Asia Pacific. However, COVID-19 has negatively impacted the power industry globally in the past 2 months. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of COVID-19 is high. The decreasing demand for electricity is caused by lockdowns across countries to mitigate the spread of the virus. This will have a negative impact on the growth of the Gas-insulated Switchgear Market for a considerable period of time.

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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 Gas-insulated Switchgear Market. These include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

Electric Motor Sales Market: Business Growth Strategies by Industry Giants ABB, Siemens, General Electric, Nidec Corporation, Denso Corporation, Bosch, Emerson Electric, and WEG.

The global Electric Motor Sales Market is expected to grow from an estimated USD 94.23 Billion in 2016 to USD 127.63 Billion by 2021, at a CAGR of 6.26% from 2016 to 2021. Factors driving the market include growing motorized automation across major industries, increasing motor-driven household appliances, continuously growing agricultural sector, strong automobile production, and transition toward energy-efficient motors.

Electric motors are widely used in all the sectors and the global production of electric motors are drastically increased in recent years due to increase in the utilization of motors for maximum output from the major sectors such as industrial, agriculture, residential, commercial, and transportation.

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The market is classified by type into AC and DC motors. AC motors are the fastest growing segment in the market. With increasing applications in end-user industries such as, transportation, chemicals, and many others, the AC motors segment is expected to dominate the market till 2021.

Asia-Pacific is the leading market for electric motor sales

In this report, the electric motor sales market has been analyzed with respect to the following regions, namely, Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Asia-Pacific is currently the largest market for electric motors, and it is projected to grow at the highest CAGR during the forecast period. China accounted for the majority share in Asia-Pacific in 2016. In Asia-Pacific, the growth of the market can be attributed to factors such as buoyant growth in the agriculture sectors, massive investments in industrialization, and upgrading and replacing aging infrastructure. These factors are driving the market in this region. The figure given below shows the regional scenario of the market from 2016 to 2021.

Heavy electric motors are majorly used in electric vehicles, elevator & hoists, steel rolling mills, machine tools, and all other heavy industrial activities; however, these are not easily portable. This has proved to be a restraining factor for heavy motors. But this factor can be overcome by improving the standards of transportation of heavy motors which in turn can improve the revenue sales of these electric motors.

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Some of the leading players in the Electric Motor Sales Market include ABB Ltd. (Switzerland), Siemens AG (Germany), Nidec Corporation (Japan), Denso Corporation (Japan), General Electric Company (U.S.), Allied Motion Technologies, Inc. (U.S.), Ametek, Inc. (U.S.), Arc System, Inc. (U.S.), Baldor Electric Company (U.S.), Bosch Group (Germany), Emerson Electric Co. (U.S.), Hitachi Ltd. (Japan), Johnson Electric Holdings Ltd. (Hong Kong), Regal Beloit Corporation (U.S.), Rockwell Automation (U.S.), Toshiba International Corporation (U.S.), and WEG (Brazil).

Energy as a Service Market Upcoming Trend by Worldwide Industry Growth, Statistics, and Opportunities to 2024

The global Energy as a Service Market is projected to reach USD 86.9 billion by 2024 from an estimated USD 52.0 billion in 2019, at a CAGR of 10.8%. This growth can be attributed to the new revenue generation streams for utilities, increased distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects.

The energy supply services segment is expected to hold the largest share of the energy as a service market

The energy supply services segment is projected to have the largest market share during the forecast period. This is mainly because of the increase in offerings of energy supply, which includes distributed energy generation solutions such as solar PV, combined heat and power, diesel and natural gas gensets, microturbines, and fuel cells to improve energy supply, which is also contributing to the growth of the market.

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Energy as a service model mainly supports renewable energy as it lowers energy costs, reduces carbon footprint, ensures high energy efficiency, and is environment-friendly. It gives the consumers the flexibility of choice on ownership, pricing, and financing. It also helps the operators customize energy generation designs based on consumer requirement, which are modern and robust. It enables easy and rapid integration of distributed generation and energy storage assets.

The commercial segment is expected to be the fastest growing segment of the energy as a service market

The energy as a service market by end-user is segmented into commercial and industrial users. The commercial segment includes establishments such as healthcare, educational institution, airports, data centers, leisure centers, warehouses, hotels, and others. The growth of this segment can be attributed to the increasing need for energy efficiency. This is expected to increase the demand for energy as a service market during the forecast years. The US Department of Energy (DOE) estimates that at least 25% of the USD 6 billion that colleges and universities spend annually on energy could be saved through better energy management. The energy as a service model helps the educational institutions save money through energy savings. According to the American Council for an Energy-Efficient Economy, these establishments account for about 19% of the energy consumed in the US.  More than half the energy used by commercial buildings goes toward heating and lighting.

North America: The leading market for energy as a service

In this report, the energy as a service market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to dominate the global energy as a service market in 2019 owing to the increase in energy efficiency projects and growth in distributed energy resources in countries such the US, Canada, and Mexico. The integration of distributed energy resources with utility energy efficiency programs continued the growth of energy efficiency in the region, which also helps in ensuring reliability and meeting the energy goals. Private utility models have emerged because of the growing power sector trend for energy as a service. Also, increase in energy efficiency investments is further expected to propel the growth of the market in the region.

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The major players in the global Energy as a Service Market are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California).

DC Power Supplies Market: Increasing Demand for Energy-Efficient DC Power Supplies

The global DC power supplies market size is expected to reach USD 454 million by 2024 from an estimated value of USD 361 million in 2019, at a CAGR of 4.7 % during the forecast period. The growing wireless communication & infrastructure and aerospace & defense segment in the countries such as US & Canada and growing demand for industrial automation and consumer electronics sector in countries such as India & Japan is anticipated to drive the demand of the DC power supplies market.

The automotive segment is projected to be the largest segment of DC power supplies market

The automotive sector is predicted to dominate the DC power supplies industry based on its application and is majorly used for testing of electronic components used in the automotive industry such as electric cars, and hybrid & electric vehicles. Power battery testing, fuel cell testing, AC/DC charging station, DC-DC converter testing, on-board chargers & charging interface testing, and high power battery testing are some of the areas wherein automotive electronic testing is done using DC power supplies, which is likely to upsurge the DC power supplies market.

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The AC-DC segment in DC power supplies industry is projected to be the fastest-growing market

DC power supplies are suitable for testing various electronic devices used in end-users such as consumer electronics, medical & healthcare, automotive, wireless communication & infrastructure, and avionics & defense. Growing usage of AC-DC in the various medical and other low output industrial equipment is the driving factor for this market.

North America is projected to dominate the global DC power supplies market

In this report, the DC power supplies market has been analyzed concerning five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. North America is expected to lead the market during the forecast period. The growing wireless communication & infrastructure and aerospace & defense segment in countries such as the US & Canada are the driving factors for the growth of the DC power supply market in North America.

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The major players in the DC power supplies market are Keysight Technologies (US), TDK Lambda (Japan), Chroma ATE (Taiwan), Good Will Instrument (Taiwan), Rohde & Schwarz (Germany), and B&K Precision (US), Tektronix (US), and MEAN WELL (Taiwan).

Pad-Mounted Switchgear Market: Increasing Development in Transmission & Distribution Infrastructure

The global pad-mounted switchgear market is projected to reach USD 7.2 billion by 2024 from an estimated market size of USD 5.5 billion in 2019, at a CAGR of 5.4% during the forecast period. The factors driving the market include increasing investments in distribution infrastructure to meet the growing electricity demand along with investments in underground distribution due to functional and aesthetic advantages. For high-priority loads such as commercial and industrial loads, which require high reliability, underground cables with pad-mounted switchgears are used.

The solid dielectric segment is expected to be the fastest growing segment in the pad-mounted switchgear market

The solid dielectric segment is expected to grow at the highest rate during the forecast period. This growth can be attributed to the increased demand for SF6 alternatives in response to the stringent restrictions imposed on the use of SF6. In the US, which holds the largest market share in the North American market, many utilities such as PG&E have proper plans in place to carry out the replacement of SF6 equipment. In solid dielectric switchgears, epoxy is used as the insulating medium, which is environmentally safe and inert.

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The industrial segment is expected to hold the largest share of the pad-mounted switchgear market

The industrial segment is expected to be the largest pad-mounted switchgear market, by application, during the forecast period.  Industrial loads are high-priority loads that face major revenue loss in the event of power loss. The demand for reliable and continuous power supply is driving the utilities to adopt underground distribution systems increasingly. It is likely to drive the demand for pad-mounted switchgears in industrial applications.

Europe is expected to dominate the global pad-mounted switchgear market

The growing demand for underground distribution and its preference for the overhead lines in many parts of Europe are the driving factors for the growth of European pad-mounted switchgear market. Many countries, such as the Netherlands, have a 100% underground distribution network. Even in other European countries, in urban areas and densely populated areas, it is a common practice to adopt an underground distribution system. Investments in distribution networks are on the rise in response to the increased adoption of renewable energy. The increased investments in distribution networks are expected to drive the European pad-mounted switchgear market.

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The major players in the global pad-mounted switchgear market include Eaton (Ireland), Hubbell (US), G&W Electric (US), Federal Pacific (US), S&C Electric (US), ABB (Switzerland), Powell (US), and EEIC (Saudi Arabia).

Small Hydropower Market: Growing Demand for Electricity to Increasing Installation of Small Hydropower Capacity

The global small hydropower market is projected to reach USD 3.0 billion by 2024 from an estimated market size of USD 2.6 billion in 2019, at a CAGR of 2.4% during the forecast period. The global market is set to witness significant growth owing to the application of small hydropower projects for rural electrification, financial incentives and policy initiatives, and investments in hydropower projects in response to climate change.

The Mini Hydropower segment is expected to be the most significant contributor to the Small hydropower market

The small hydropower, by type, is segmented into Mini Hydropower, and Micro Hydropower segments. The Mini hydropower segment is expected to lead the small hydropower market during the forecast period.  Installations in the mini-hydropower segment are largely driven rural electrification. China led the way in installing small hydropower plants for rural electrification. In developed countries such as the US and Norway, the installations are to increase the renewable energy share in the nation’s energy mix.

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The 1–10 MW segment is expected to hold the largest share of the small hydropower market

The 1–10 MW segment is expected to dominate the small hydropower market in 2019 owing to the small hydropower installations in various countries across the globe. This higher share of 1–10 MW plants can be attributed to the small-scale decentralized projects being deployed in developing nations, especially in Asia Pacific, for rural electrification. Asia Pacific dominated the 1–10 MW segment of the small hydropower market.  China, Vietnam, and India are the account for the significant share of the small hydropower installations in this region. The demand for small hydropower is driven by increasing investments for rural electrification in these countries.

Asia Pacific is expected to be the largest small hydropower market

Asia Pacific is currently the largest small hydropower market, followed by Europe and North America. The Asia Pacific is estimated to be the largest market from the global small hydropower market from 2019 to 2024. China, Vietnam, and India are the world’s fastest-growing economies, contributing mainly to the Asia Pacific market. The Asia Pacific market is expected to grow during the forecast period owing to the investments in rural electrification and off-grid energy generation.

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Both global and regional players dominate the global small hydropower market. The leading players in global small hydropower market, such as Voith (Germany), ANDRITZ (Austria), GE Renewable Energy (France), Toshiba (Japan), Siemens (Germany), BHEL (India), Gilbert Gilkes & Gordon (UK), and Flovel (India).