Residential Energy Management Market: Upcoming smart city projects in developing economies enhance growth in residential sector

 According to the new market research report "Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region - Global forecast to 2025", published by MarketsandMarkets™, the global Residential Energy Management Market size will grow to USD 4.1 billion by 2025 (forecast year) from USD 2.2 billion in 2020 (estimated year), at a CAGR of 12.9% during the forecast period. The rising energy consumption in residential sectors of OCED and non OCED nations, government initiatives and policies toward energy efficiency in residential buildings, are the driving factors for the Residential Energy Management Market, globally. Increasing investments for modernizing aging grid infrastructures upcoming smart city projects in developing economies to enhance the residential sector, which creates opportunities for growth of the market.

The power monitoring & control is expected to be the most significant contributor to the residential energy management market

The power monitoring & control segment is expected to grow at the fastest rate during the forecast period. The power monitoring & control application segment is projected to hold the largest market size during the forecast period. The growth of this segment is driven by the rising demand for power in the residential sector and the need for effectively utilizing the power. Thus, increasing demand in the residential is driving the residential energy management market.

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The hardware segment is expected to dominate the Residential Energy Management Market

Based on component, the Residential Energy Management Market has been segmented into hardware, and software. The hardware segment accounted for the highest share of the Residential Energy Management Market in 2019. Hardware help grid operators for voltage regulation, advanced fault detection, automating power restoration, reduce the power waste and increased energy efficiency in residential buildings.

The Asia Pacific estimated to fastest growing market for the Residential Energy Management Market

Asia Pacific is estimated to be the fastest growing market for residential energy management during the forecast period. For the market analysis, the region has been segmented into China, Japan, India, Australia, and the Rest of Asia Pacific. The demand for residential energy management in this region is driven mostly by the increasing electricity consumption and the need to upgrade aging infrastructure. Countries in this region are shifting toward energy efficiency in residential buildings to meet the growing energy demands.

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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 Residential Energy Management Market.

Some of the key players are ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Honeywell International (US), and Siemens (Germany). The leading players are adopting various strategies to increase their share in the Residential Energy Management Market. Partnership & collaboration, and new product launches have been a widely adopted strategy by the major players in the Residential Energy Management Market.

Synchronous Condenser Market: Expanding High-Voltage Direct Current (HVDC) Network

 According to the new market research report "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, Water),Type (New & Refurbished), Starting Method (Static Frequency Converter, Pony Motor), End User (Electrical Utilities & Industries), Reactive Power Rating, and Region-Global Forecast to 2025 ", published by MarketsandMarkets™, the global Synchronous Condenser Market  is projected to reach USD 574.0 million by 2025 from an estimated USD 508.4 million in 2020, at a CAGR of 2.5% during the forecast period. Long service life, growth of the renewable energy sector, and an increasing need for power factor correction are driving the growth of the global industry.

Electric utilities are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period

Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high, and the power transmission is over a long distance. Mining and metal processing industries have been the largest users of synchronous condensers, but their share is low as compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.

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Static frequency converters provide superior control for starting synchronous condensers compared with pony motors. Pony motors are preferred for small-sized condensers. Static frequency converters offer better precision and capability to start multiple condensers. Owing to these factors, static frequency converters are expected to lead the market segment and grow at the fastest rate within all the segments.

The hydrogen-cooling segment is expected to be the fastest-growing market for the synchronous condenser

Hydrogen-cooled synchronous condensers are the largest segment and are expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be the installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions.

Synchronous condensers rated above 200 MVAr are expected to capture the major share of the Synchronous Condenser Market

With the rising need for power factor correction, demand for synchronous condensers is expected to grow, especially for condensers rated above 200 MVAr. This is evident from the contracts that have been executed from 2016 to 2020. This may be attributed to the rising demand for reactive power to stabilize the grid and maintain voltage regulation.

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North America is expected to dominate the global Synchronous Condenser Market

Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the US is anticipated to drive the Synchronous Condenser Market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Siemens (Germany), GE (US), Eaton (Ireland), ABB (Switzerland), and WEG (Brazil) along with other prominent manufacturers of synchronous condensers.

Surge Arrester Market: Growing demand for reliable and continuous power supply

 According to the new market research report "Surge Arrester Market by Type (Polymeric, Porcelain), Voltage (Medium, High, Extra High), Class (Distribution, Intermediate, Station), End-User (Utilities, Industries, Transportation), Application and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Surge Arrester Market is projected to reach USD 1.9 billion by 2025 from an estimated USD 1.5 billion in 2020, at a CAGR of 4.9% during the forecast period. The rising demand for electricity in APAC and the growing focus of on increasing renewable energy installed capacity are encouraging utilities to invest in the electricity transmission and distribution networks, as well as in electrification projects. These investments, along with investments to replace aging electric infrastructure in North America and Europe are expected to create the demand for surge arrester market.

The utilities segment is expected to lead the surge arrester market by end user throughout the forecast period

The surge arrester market, by end-user, is segmented into utilities, industries, and transportation. Utilities are the major end-user industry of surge arresters owing to the fact that the sheer size of an electrical network operated by utilities is bigger compared to the industrial and transportation electric infrastructure.

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Polymeric surge arrester segment is expected to be the fastest-growing segment of surge arrester markets during the forecast period. For high-voltage and extra-high-voltage operations in newly constructed substations and other applications, end users prefer to use polymeric surge arresters despite their high cost. This is due to the high energy handling capacity and reliability of polymeric surge arresters.

The medium voltage segment is expected to capture the major share of the Surge Arrester Market by voltage

The medium voltage surge arresters segment is expected to be the largest segment by voltage. These surge arresters find common application across end-users from the utilities, industrial, and transportation sectors. The demand for medium-voltage surge arresters is on the rise due to their use in grid-connected renewable power applications as the utilities and plant operators install surge arresters near the point of connection (PoC) to protect the network elements. Major drivers for the rising demand for medium-voltage surge arresters are the growing number of electrification projects in developing countries and the increasing focus on grid modification in developed countries for better integration of renewable energy sources.

Asia-Pacific is expected to dominate the global surge arrester market

Rising demand for surge arresters in China, and India are expected to drive the Surge Arrester Market in Asia-Pacific. Surging demand for electricity and the growing need to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructure. Increased investments in EHV and UHV transmission projects in China and India spur the growth of the Surge Arrester Market in APAC.

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Hitachi ABB (Switzerland), Siemens Energy (Germany), General Electric (US), Eaton (Ireland), and Hubbell (US) along with other prominent manufacturers of the surge arrester.

Circuit Breaker Market: Accelerating investments in power generation and enhancements for T&D networks to boost market growth

 According to the new market research report "Circuit Breaker Market by Insulation Type (Vacuum, Air, Gas, & Oil), Voltage (Medium, High), Installation (Indoor, Outdoor), End-User (Transmission & Distribution Utilities, Power Generation, Renewables, & Railways) and Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Circuit Breaker Market size is expected to grow from an estimated USD 5.7 billion in 2020 to USD 7.7 billion by 2025, at a CAGR of 5.9%, during the forecast period. Growing investments in smart grid technologies to protect and control power equipment and replacement of aging infrastructure, and the need for reliable T&D networks offer high-growth opportunities for the Circuit Breaker Market.

 

The T&D utility Segment is expected to dominate in the Circuit Breaker Market

The T&D utility segment is estimated to lead the Circuit Breaker Market. Asia Pacific was the largest market for T&D Utilities end-user segment in 2019. This is attributed to the increasing demand for electricity and replacement of aging infrastructures, especially from countries such as Japan, China, and South Korea of the Asia Pacific region.

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The high voltage segment is expected to be the largest contributor in the Circuit Breaker Market.

The high voltage segment held the largest share of the circuit breaker system market in 2019. 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.

The gas circuit breaker segment is expected to grow at the fastest rate.

The insulation type segment accounted for the highest share of the Circuit Breaker Market, by insulation type during the forecast period. The market for gas circuit breaker is driven by high dielectric property and less space requirement. Asia Pacific is estimated to hold the largest share of the gas circuit breakers market, followed by Europe because of increasing investments in renewable energy.

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The Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

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, India, 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 circuit breaker, 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 circuit breaker would increase.

The key players in the Circuit Breaker Market include companies such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).