Renewable Drones Market: Increasing Efficiency of Solar and Wind Power Plants

 According to the new market research report published by MarketsandMarkets™, the Renewable Drones Market size will grow to  USD 148 million by 2025 (forecast year) from USD 45 million in 2020 (estimated year), at a CAGR of 27.1% from 2020 to 2025. Increasing adoption of drones for reducing cost of inspection operation, focus on asset optimization and growing construction of solar and wind farm are expected to be the key factors driving the renewable drones market.

 

The solar segment is expected to be the fastest growing Renewable Drones Market.

The solar segment, by end user, Renewable Drones Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the increasing demand for inspection operation from existing solar farms. Moreover, rapid investments for development of solar PV farms in the Asia-Pacific region are factors propel the growth of solar segment in the Renewable Drones Market.

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The multirotor segment is expected to dominate the Renewable Drones Market.

Multirotor drones have various advantages over Fixed wing drones; for instance, multi-rotor aircraft can perform vertical takeoffs and landings. They also require less space to take flight, can hover mid-flight, and maneuver around objects for easy inspection, mapping, and modeling. Further, multirotor drones use multiple propellers to maneuver; hence, they do not require a larger surface area or wingspan as compared to Fixed wing drones. Moreover, multirotor drones are designed to be folded down and packed up into smaller cases, which makes them easier to transport. Such factors drive the growth of multirotor drones in the Renewable Drones Market.

Asia Pacific likely to emerge as the largest Renewable Drones Market

In this report, the Renewable Drones Market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest Renewable Drones Market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific. The region has a high demand for electricity due to a rise in urbanization, industrialization, and population growth. The rapid increment in economic growth would lead to an increase in the demand for power. This would necessitate greater investments in the renewable power generation infrastructure. The region is expected to experience an increase in investments due to the rapidly declining prices of solar panels.

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Some of the top players in the Renewable Drones Market are DJI Enterprise (China), Terra Drone (Japan), Aerodyne Measure (US), and DroneDeploy (US).The leading players are adopting various strategies to increase their share in the Renewable Drones Market.

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Switchgear Monitoring System Market: Growing Investments in Smart Grid Technologies

According to the new market research report published by MarketsandMarkets™, the global Switchgear Monitoring System Market size is expected to grow from an estimated USD 1.3 billion in 2020 to USD 2.1 billion by 2025, at a CAGR of 9.7%, during the forecast period. The demand for safe and secure electrical distribution systems, the need for the continuous monitoring of switchgear, the revival of investments in the construction sector, and growing investments in renewable energy offer high-growth opportunities for the Switchgear Monitoring System Market.

The utilities segment is the largest contributor in the switchgear monitoring system market.

The utilities segment is estimated to lead the Switchgear Monitoring System Market. Asia Pacific was the largest market for utilities end user segment in 2019. This is attributed to growing investments in power infrastructure due to an increase in demand, especially from countries such as Australia, Japan, China, and South Korea of the Asia Pacific region.

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The hardware segment is expected to grow at the fastest rate of the switchgear monitoring system market.

The hardware segment accounted for the highest share of the Switchgear Monitoring System Market, by component during the forecast period. Hardware plays a significant role in building the switchgear monitoring platform. It helps to control, measure, transmit, and analyze the data in process and non-process industries, utilities, commercial sector, and others, which will help the market for this segment to grow.

The high voltage segment is expected to be the largest contributor of the switchgear monitoring system market.

The high voltage segment held the largest share of the Switchgear Monitoring System Market in 2019. High-voltage switchgear are mostly gas-insulated switchgear, rated above 36 kV and are connected to high-voltage transmission grids. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros. Increasing investments in transmission and distribution networks due to the rise in demand for power and the need for an increase in the reliability of high-voltage electrical assets are expected to drive the market for this segment.

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Asia Pacific is expected to be the largest and fastest-growing market of the switchgear monitoring system.

Asia Pacific is estimated to be the largest and fastest growing market during the forecast period. The region has been segmented, by country, into China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Countries in this region are experiencing an increase in demand for power due to rapid urbanization and increase in industrialization. To meet the growing requirement for energy efficiency and continuous power supply, the State Grid Corporation of China (SGCC) plans to invest about USD 556 billion from 2017 to 2020, of which 11.1% (about USD 62 billion) would be spent on grid technologies, including switchgear monitoring, to accommodate a large amount of renewable energy in its grid. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country’s energy landscape. The requirement for the smart grid is further supported by China’s focus on embracing energy efficiency and clean energy along with the need to transform the nation’s power industry. China is expected to have more than 100 GW of installed wind capacity and a significant increase in its solar PV installations by 2020. Owing to this, the demand for switchgear monitoring systems would increase.

Some of the top players in the Switchgear Monitoring System Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Eaton (Ireland).

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Excitation Systems Market: Rising Demand for Synchronous Machines

Synchronous machines, which are used for fixed speed as well as variable speed applications, provide optimized energy use and reduce maintenance costs. Maintenance cost savings are much higher in case of brushless DC generators. Energy saving and power factor correction abilities are the key advantages offered by synchronous machines and has played a key role in their increasing popularity. The rising popularity of synchronous machines has, in turn, driven the growth of excitation systems.

 

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, the 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).

Advanced Energy Storage Systems Market: Rise in Demand for Storing Renewable Energy

 

The global advanced energy storage systems market to grow from USD 12.7 billion in 2017 to USD 19.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.4% during 2017 to 2022. The growth of the advanced energy storage systems market is attributed to increasing renewable energy investments and growth in the electric vehicles market globally and regulatory changes demanding energy efficiency.

Renewables have now become the first choice for expanding, upgrading, and modernizing power systems around the world. According to Bloomberg New energy finance wind and solar energy accounted for 90% of the 2015 investments in renewable power.

The developed as well as developing countries are revising energy policies to include a considerable portion of generation, to be sourced from renewable energy resources that includes wind and solar. Financial incentives by government bodies and associated returns are increasing investments in renewable energy, which are expected to boost the advanced energy storage systems market.

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According to the United Nations Sustainable Energy for All initiative (SE4All), around USD 45 billion investments is required by 2030, to provide universal access to the modern electric power. Advanced energy storage is expected to play a prominent role in these investments by strengthening the grid against diverse threats, such as natural disasters and facilitating improved deployment of both new and existing resources.

Energy storage system in transportation application is expected to emerge as a major segment in the advanced energy storage systems market

The advanced energy storage systems market application segments into transportation and grid storage. The transportation segment is expected to hold the largest market share by 2022. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for growth. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by major automotive companies, the usage of lithium-ion batteries is expected to increase at a rapid rate in electric vehicles by 2022.

Asia Pacific: The leading market for advanced energy storage systems

The Asia Pacific is estimated to be the fastest growing market for advanced energy storage systems from 2017 to 2022. Increasing use of renewable energy resources for power generation, especially in China, South Korea, India and increase in number of electric vehicles are driving the demand for advanced energy storage systems in this region. The growing need for energy reliability and efficiency are also expected to spur the growth of the market and represents a promising opportunity for major advanced energy storage systems providers.

The major players in the Advanced Energy Storage Systems Market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US). 

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