Digital Oilfield Market to Observe Stunning Growth

 The global Digital Oilfield Market size is projected to reach USD 28.5 billion by 2025 from an estimated value of USD 20.2 billion in 2020, at a CAGR of 7.1% from 2020 to 2025. New technological advancements in the digital oilfield, increased return on investment in the digital oilfield, and increased need from oil & gas operators to scale up production from mature wells are the key factors driving the digital oilfield market.

The onshore segment is the fastest-growing market and is projected to lead the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the Digital Oilfield Market during the forecast period.

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The production optimization segment is expected to be the largest segment of the digital oil field market, by process, from 2020 to 2025, due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.  Employing real-time techniques for production optimization increases the recovery of oil and reduces the non-productive time. The ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focusing on reducing the non-productive time and improve workflow efficiency with the use of digital oilfield solutions.

Europe is expected to be the largest digital oilfield market

In this report, the Digital Oilfield Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest Digital Oilfield Market, by region, during the forecast period. The region has several mature fields in the North Sea, which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway share the majority of the number of reserves in the region. In the UK and Norway, oil & gas production takes place at offshore locations, whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.

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Some of the leading players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker Hughes Company (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).

Battery Monitoring System Market to See Massive Growth in Near Future

The global Battery Monitoring System Market is expected to grow from an estimated value of USD 2.37 Billion in 2017 to USD 5.47 Billion by 2022, at a CAGR of 18.23%, from 2017 to 2022. North America is estimated to be the largest market for battery monitoring systems, followed by Asia Pacific and Europe. The global market is set to witness significant growth due to the increasing demand for electric vehicles and the need to prevent unplanned power outages. The growth of the battery monitoring system market is mainly driven by a booming demand for global connectivity, accompanied by increasing demand for data centers, increasing investments in renewable energy, energy storage, and the infrastructure industry to accommodate the rising demand for power globally.

Based on battery type, the battery monitoring system has been segmented into lithium-ion based, lead-acid, and others. The lithium-ion based segment is expected to be the largest segment of battery monitoring system market from 2017 to 2022. The key applications of lithium-ion battery monitoring systems are electric and hybrid electric vehicles, power tools, and power supply backup. The increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backupa pplications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.

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Asia Pacific is estimated to be the fastest growing market for battery monitoring systems from 2017 to 2022. The rising population in the region has led to significant increase in demand for connectivity. This has caused the accumulation of more data, subsequently, increasing the region’s investments in data centers. Thus, factors such as rising investments in data centers and the electric vehicle sector are driving the battery monitoring system market in Asia Pacific. China and Japan are estimated to be the largest markets for battery monitoring systems in the region in 2017. Moreover, the battery monitoring system market is also expected to grow significantly in countries such as South Korea and India during the forecast period.

In the telecommunications industry, data centers are the prime users of battery monitoring systems as they heavily rely on UPS systems for reliable backup power. These systems aid in assuring the performance of backup battery power systems and reducing UPS battery maintenance and replacement costs. Moreover, continuous monitoring allows for an all-time knowledge of the state-of-health of batteries. Battery monitoring systems enable UPS backup batteries to consume lesser energy, be protected from failure, and last longer which, ultimately, leads to overall decreased expenditure for the company. All these factors are likely to drive the telecommunications segment of the battery monitoring system market.

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The global Battery Monitoring System Market is dominated by both global and regional players. The key players operating in the market include NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US). The other players in this market include HBL (India), Schneider Electric (France), Curtis (US), Socomec (France), BTECH (US), ABB (Switzerland), and SBS (US).

Switchgear Monitoring System Market: Analysis, Growth & Trends

 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 2020-2025. A few of the major advantages offered by switchgear monitoring systems are avoiding unplanned outages, reducing repair costs through improved failure detection, improving switchgear availability, and a more efficient, cost-effective, and proactive maintenance strategy. 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 offers 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.

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The high voltage is expected to be the largest segment 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.

Asia Pacific is expected to be the largest and fastest-growing market.

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.

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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).

Carbon Capture and Sequestration Market to Witness Sustainable Evolution

 The global Carbon Capture & Sequestration Market is projected to grow from an estimated USD 4.25 Billion in 2016 to USD 8.05 Billion by 2021, at a CAGR of 13.6% from 2016 to 2021. Rapidly growing demand for CO2-EOR techniques and rising environment concerns across the globe are expected to drive the demand for the carbon capture & sequestration market.

Electricity generation, transportation, and industrial processes are the main sources of CO2 emissions. The increased CO2 emissions are impacting the environment and leading to global warming, acid rain, ozone & photochemical smog, and reduced atmospheric visibility. Growing environment concerns need to be addressed by reducing CO2 emissions by using carbon capture and storage technologies.

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The capture segment occupied the largest market share in the carbon capture & sequestration market. The capture segment has further been segmented into pre-combustion, post-combustion, and oxy-fuel. In 2015, the pre-combustion segment held the largest market share, owing to increase in number of projects.

The industrial application segment is expected to grow at the highest CAGR during the forecast period. Industrial processes such as cement production, natural gas processing facilities, food & beverage manufacturing emit huge amount of greenhouse gas, and hence, the demand for carbon capture and sequestration technology is expected to increase in industries to reduce emissions.

North America expected to be the largest market for carbon capture & sequestration

In this report, the carbon capture & sequestration market has been analyzed with respect to six regions, namely, North America, Africa, Asia-Pacific, South America, Europe, and the Middle East. North America is estimated to dominate the market, owing to factors such as more number of coal- and gas-fired power plants, which emit more greenhouse gases when compared with other sources of power generation. Furthermore, Supreme Court of the United States has proposed a carbon trading scheme, named US Clean Power Plan on February 2016, which is expected to be implemented from 2017. This scheme aims at curbing carbon pollution from the power plants in the U.S. In addition, the Canadian government, along with the industry partners, is conducting research on developing CCS technology at Alberta’s two largest universities. This creates huge opportunities for carbon capture and storage market in Canada.

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Some of the leading players in the Carbon Capture & Sequestration Market include Fluor Corporation (U.S.), Linde AG (Germany), Shell CANSOLV (U.S.), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), among others.

Offshore Decommissioning Market: Fluctuations in Oil Prices Boost Offshore Decommissioning Activities

 According to the new market research report "Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Offshore Decommissioning Market size is expected to grow from an estimated USD 5.2 billion in 2021 to USD 8.0 billion by 2027, at a CAGR of 7.4%. Aging offshore oil & gas infrastructure and maturing fields are driving the offshore decommissioning industry. Low oil prices of the past couple of years have made it even more difficult to maintain low production mature reserves, driving companies to accelerate decommissioning plans for such oil & gas fields.

The well plugging & abandonment is expected to be the largest contributor to the offshore decommissioning market

The market has been segmented by service type, water depth, structure, removal type, and region. The market has been further segmented, by service type, into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal (includes topside, jacket removal, subsea), pipeline and power cable decommissioning, materials disposal, and site clearance.

The well plugging and abandonment service segment accounted for the largest share of the market in 2020 and is also projected to grow at the fastest pace during the forecast period. Well plugging & abandonment involves the safe and permanent closure of production or exploration wells and is one of the biggest and most critical activities in any decommissioning project.

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The shallow water subsegment is estimated to have the highest growth rate in the offshore decommissioning market

Based on depth, the market has been segmented into shallow water and deepwater segments. The application of offshore decommissioning in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins on the UK Continental Shelf and the Norwegian North Sea will play a major role in driving the Offshore Decommissioning Market.

Shallow water operations are typically less expensive compared to deepwater operations, and a majority of the old and aging offshore installations are in shallow waters. Thus, the market for offshore decommissioning will be the largest in shallow water projects.

Europe is expected to dominate the global offshore decommissioning market

Europe was the largest market, by value, for offshore decommissioning in 2020, driven mainly by activities in the UK, Norway, and Netherlands. The UK offshore industry leads other regions in terms of well-developed and mandatory decommissioning guidelines. The production of oil, gas liquids, and liquid products in the UK Continental Shelf (UKCS) peaked at around 1,027.5 million barrels in 1999. Ever since the country has struggled to offset the decline in production with both onshore and offshore fields. With a large number of fields in the country near the end of their lifecycles, the market in the UK is projected to be the largest for offshore decommissioning during the forecast period. Authorities in the region are taking active steps to commit operators to decommission old infrastructure by providing expertise, policy support, and financial incentives.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top service providers in the Offshore Decommissioning Market. These players include Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), and Schlumberger (US).

Utility Drones Market: Growing Global Demand for Minimizing Power Outages Related to Transmission Infrastructure

 The global Utility Drones Market is estimated to be USD 110.2 million in 2018 and is projected to reach USD 538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023. Drones that are mainly used for utilities inspection, survey, and asset management are called utility drones.  In 2017, North America was the largest market for utility drones, followed by Asia Pacific and Europe. Growing demand for minimizing outages related to transmission and distribution infrastructure, cost efficiency, and reachability in hazardous locations are the major factors driving the utility drones market.

The power industry is expected to lead the utility drones market in 2018 and is projected to have the largest market share during the forecast period. The growth of the power industry is primarily driven by increase in population and rising demand for electricity. The benefits of utility drones in the power industry include cutting down of operation and maintenance costs; increasing worker safety considering their ability to operate drones in potentially dangerous areas; use of little or no fuel; and a negligible environmental impact. These factors drive the growth of the power industry of utility drones market.

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The renewable industry is estimated to grow at the fastest rate during the forecast period. Increasing investments in renewable energy sources to curb CO2 emissions across the world is the major factor driving the growth of the renewable industry of the utility drones market. The International Energy Agency’s (IEA) has predicted high growth of the renewable segment by 2022, with capacity estimated to expand by over 920 GW.

North America is estimated to be the largest market for utility drones in 2018 and is projected to grow at the highest CAGR during the forecast period. Continuous investments in power infrastructure, increasing power consumption, and subsequently increasing focus on renewable power generation are the key factors driving the growth of utility drones in the region. The US accounted for the largest share of the utility drones market in North America in 2017 and has the highest CAGR during the forecast period. Almost all the countries in the region are augmenting their renewable generation capacities. The need of monitoring extra connections in linking solar and wind parks to grids, is forcing utility companies to adopt much more advanced technology for maintenance and inspection of assets.

Moreover, the region plans to increase renewable power generation by 45% by 2025, according to EIA’s Annual Energy Outlook 2016. In June 2016, the US, Canada, and Mexico entered into an agreement and established a goal of 50% electricity generation from clean energy sources by 2025. All these factors are expected to drive the utility drones market in North America during the forecast period. Thermal Aerial Surveillance Drone Utility has thermal and video cameras with 3-axis gimbals stream images in real time. This type of utility drones provides safe monitoring and inspecting temperature-related problems.

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The key players operating in the Utility Drones Market are Cyberhawk (Scotland), Delair (France), Measure (US), PrecisionHawk (US), and HEMAV (Spain). The other players in the market are Aerodyne (England), Asset Drone (US), ABJ Drones (US), Terra Drone (Japan), Sky-Futures (England), Sharper Shape (US), Sky Scape (US), and ULC Robotics (US).

Power SCADA Market: Rising use of SCADA in Oil & Gas Sector

 According to the new market research report "Power SCADA Market by Architecture (Hardware, Software, Services), Component (Remote Terminal Unit, Programmable Logic Controller, Human Machine Interface, Communication System Protection relays), End User and Region- Global Forecast to 2026", published by MarketsandMarkets™, the Power SCADA Market size will grow to USD 2.5 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 7.6% during the forecast period. Need for monitoring and controlling data from remote location, is one of the key factors driving the growth of the Power SCADA Market.  Increasing use of big data analytics and 5G technology in industrial environment to offer lucrative opportunities for the Power SCADA Market during the forecast period.

The concept of 4th generation industrial revolution (Industry 4.0) started in Germany and evolved in Europe and the Americas. The wide adoption of Industry 4.0 principles by various sectors is likely to be a key factor encouraging the growth of the market. Most of the processes and systems in the power industry are being automated, which allows power plants to operate 24/7 with zero human errors, high efficiency, and full accuracy. It has well-shaped the future of the power sector by reducing errors associated with the involvement of humans in processes, as automated systems work with greater efficiency. Power SCADA systems are key enablers of automation of industrial processes. Various machines can be controlled and operated using automation solutions such as Power SCADA solutions.

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The oil and gas industry is the largest contributor in the power SCADA market

The oil and gas industry, by end-user industry, is projected to hold the highest market share during the forecast period. Oil and gas manufacturers use power SCADA systems to monitor and control the processing of oil from oil wellsprings through a network of pipelines to refinery plants and end users. Power SCADA systems provide a powerful and proactive method of diagnosing problems, along with real-time data, to make on-spot decisions to optimize profits. Using power SCADA systems, oil and gas operators can easily monitor and collect data from remote areas to maximize facility control, optimize oil well production, increase accuracy, improve security and environmental safeguards, reduce energy consumption, and ensure compliance with policies and procedures at workplaces.

Asia Pacific is expected to lead the power SCADA market

In this report, the Power SCADA Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the Power SCADA Market, by region, during the forecast period. Asia Pacific consists of developing countries such as India and China. The growing manufacturing sectors in these countries is expected to be the main driver. Also, the growth of the oil & gas and pharmaceutical sectors in China, India, Australia and South Korea has played a significant role in the growth of the Power SCADA Market in Asia Pacific. Nearly all the countries in the region are augmenting their oil & production capacity. China and India are investing heavily in their offshore projects. This has led to a rise in deploying power SCADA systems in the substations in the oil & gas sector which is expected to drive the growth of the Asia Pacific Power SCADA Market.

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The leading players in the Power SCADA Market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson (US), and Rockwell Automation (US).

Excitation Systems Market: Increasing Investments in Renewable Energy, especially Hydropower

 According to the new market research report "Excitation Systems Market by Type (Static and Brushless), Controller Type (Analog and Digital), Application (Synchronous Generators and Synchronous Motors), End User (Power Generation, Heavy Industries, and OEMs) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Excitation Systems Market is expected to grow from an estimated USD 2.7 billion in 2021 to USD 3.4 billion by 2026, at a CAGR of 4.4%. Key factors projected to drive the growth of the Excitation Systems Market are their ability to ensure long-term reliable operations and increasing demand for synchronous machines to ensure optimal reactive power flow in power distribution plants.

Increasing concerns related to global warming, carbon emissions, and rising pollution have motivated countries to move toward clean energy sources. Governments are implementing strategies to tackle these environmental issues. According to the IEA, renewables will overtake coal to become the largest source of electricity generation worldwide in 2025. By that time, renewables are expected to supply one-third of the world’s electricity. Hydropower will continue to supply almost half of the global renewable electricity. It is the largest source of renewable electricity worldwide, followed by wind and solar PV. Thus, these investments create opportunities for the  excitation systems market.

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Digital excitation systems is expected to be the fastest growing market segment for Excitation Systems Market

Digital excitation systems provide a significant improvement in 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 excitation systems during the forecast period. Digital excitation systems provide enhanced performance, and diagnostic capabilities in turbine generator excitation systems. Digital excitation systems are highly reliable too. New product launches with major focus on developing digital control systems is another factor which is anticipated to foster the demand for digital excitation systems during the forecast period.

Asia Pacific is expected to lead the Excitation Systems Market during the forecast period

In this report, the Excitation Systems Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The Asia Pacific region is expected to lead the Excitation Systems Market during the forecast period. Rapid industrialization and infrastructural developments in the region offer growth opportunities for the Excitation Systems Market in Asia Pacific. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth. In addition, regional governments in the Asia Pacific 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. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region. Also, rapidly growing hydropower-based capacity additions are expected to support the demand for synchronous machines in the coming years.

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Some of the key players in Excitation Systems Market are ABB (Switzerland), Siemens Energy (Germany), General Electric (US), ANDRITZ Group (Austria), and Emerson (US). The leading players are adopting various strategies to increase their share in the excitation systems market. Contracts & agreements, and new product launches have been a widely adopted strategy by the major players in the Excitation Systems Market.

Environmental Technology Market: High Demand for Waste and Wastewater Treatment Services

 According to the new market research report "Environmental Technology Market by Component (Solutions, Services), Technological Solutions (Waste Valorization, Greentech, Nuclear Energy, Bioremediation), Application, Vertical (Municipal, Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the  Environmental Technology Market is estimated at USD 552.1 billion in 2021 and is projected to reach USD 690.3 billion by 2026, at a CAGR of 4.6% from 2021 to 2026. Increase in demand from different verticals and a stringent government regulation is one of the major factors contributing to the high growth of this market.

The services segment is expected to grow at a higher rate during 2021-2026.

The services segment is expected to grow at a higher rate during the forecast period due to the high demand for resource recovery services and the growing scarcity of natural resources. Also, the stringent regulations regarding environment protection and various developments in the environmental technology sector in regions such as North America, Asia Pacific, and Europe drives the growth for services segment.

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Industrial segment is expected to dominate the environmental technology market

Based on vertical, the industrial segment dominates the market during the forecast period. In industrial segment, the power, energy & utilities industry is the largest consumer of environmental technologies during the forecast period. Air treatment also plays a crucial role in the power generation industry. The presence of stringent emission control standards in these regions is expected to drive the demand for air treatment equipment, thus driving the growth for power, energy & utilities industry.

Asia Pacific is the largest region in the Environmental Technology Market

Asia Pacific is expected to be the largest market for environmental technology during the forecast period. China and Japan are the major contributors to the Environmental Technology Market growth in the region. The high demand for waste as well as water treatment solutions and services, as well as energy demand, is expected to drive the environmental technology market in the region.

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The key players in Environmental Technology Market are AECOM (US), Lennox International (US), Teledyne Technologies Incorporated (US), Thermo Fisher Scientific Inc. (US), Abatement Technologies (US), Veolia (France), Waste Connections (US), Total SA (France), Covanta Holding Corporation (US), SUEZ (US), Biffa (England) and Hitachi Zosen Corporation (Japan), Carbon Clean (UK), Cypher Environmental (Canada), Svante Inc. (Canada), CarbonCure Technologies Inc. (Nova Scotia), Sunfire GmbH (Germany), BacTech Inc. (Canada), TRC Companies, Inc. (US), and Arcadis N.V. (Netherlands). These players have adopted expansions, joint ventures, mergers, acquisitions, agreements, collaborations, product launches, and partnerships as their growth strategies.