Switchgear Monitoring System in North America: Innovations and Market Growth

 The global Switchgear Monitoring System Market is projected to reach USD 2.7 billion by 2028 from an estimated USD 1.8 billion in 2023, at a CAGR of 8.4% during the forecast period. The demand to secure electrical distribution systems is the need for the continuous monitoring of switchgear, and growing investments in renewable energy offer high-growth opportunities for the market.

Gas Insulated Switchgear, by type, is expected to grow by the largest segment during the forecast period.

Based on type, the switchgear monitoring system market has been segmented into gas insulated switchgear and air insulated switchgear. Monitoring systems are in high demand for the Gas insulated switchgear systems, as switchgear monitoring systems are essential for gas-insulated switchgear (GIS) to ensure its reliability, safety, and longevity. GIS is a type of high-voltage switchgear that uses sulfur hexafluoride (SF6) gas as an insulating medium. SF6 gas is a highly effective insulator, but it can also pose environmental hazards if it leaks. Therefore, it is important to monitor the SF6 gas pressure and density in GIS to ensure that it is not leaking.

In North America, the adoption of GIS monitoring systems is expected to rise due to increasing investments in grid modernization and renewable energy integration. Utilities across the region are prioritizing advanced monitoring technologies to improve operational efficiency and comply with stringent environmental regulations regarding SF6 gas emissions.Additionally, growing demand for reliable power infrastructure in urban areas, along with the replacement of aging grid components, is driving the need for GIS monitoring solutions in North America.

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The partial discharge monitoring segment, by services segment, is expected to grow at the second fastest CAGR during the forecast period.

This report segments the switchgear monitoring system market based on services into partial discharge monitoring, gas monitoring, temperature monitoring, and others. Partial discharge within switchgear poses a significant risk as it can lead to insulation breakdown, resulting in critical issues like electrical arcing and equipment failure. The implementation of partial discharge monitoring not only enhances operator safety but also instills confidence in the reliability and safety of electrical equipment.

In North America, the demand for partial discharge monitoring systems is expected to rise due to the region’s focus on grid modernization, increasing adoption of smart grid technologies, and stringent regulatory standards for electrical safety. Utilities and industrial operators are investing in predictive maintenance solutions to minimize downtime and optimize the lifespan of switchgear assets. Additionally, with aging power infrastructure in the US and Canada, there is a growing need for advanced monitoring solutions to prevent equipment failures and ensure uninterrupted power supply.

Software is expected to be the fastest segment, by component in the switchgear monitoring system market.

This report segments the switchgear monitoring system market based on component into Hardware and software. The pivotal role of hardware in establishing a robust switchgear monitoring platform cannot be overstated. Hardware devices play a crucial role in overseeing, measuring, transmitting, and analyzing data across various sectors, including process and non-process industries, utilities, the commercial sector, and beyond. The continuous innovation in hardware solutions is expected to further enhance the reliability, intelligence, and adaptability of these systems across a wide range of industrial and commercial applications.

In North America, the rapid adoption of software-driven switchgear monitoring solutions is being fueled by the increasing need for real-time data analytics, predictive maintenance, and grid reliability enhancements. With utilities and industrial sectors shifting towards digitalization, cloud-based monitoring platforms and AI-powered analytics are gaining traction to optimize asset performance and reduce operational risks. Furthermore, the integration of software with IoT-enabled switchgear is driving the demand for advanced monitoring systems, particularly in the US and Canada, where smart grid initiatives and regulatory compliance measures are accelerating the transition to intelligent switchgear solutions.

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North America is expected to be the second fastest region in the switchgear monitoring system market.

The US government has set a target to reduce carbon pollution from the power sector by 32% below the 2005 levels by 2030. To achieve this, utilities in the US and Canada plan to replace and upgrade aging power infrastructure, improving reliability and power generation capacity. According to the DOE, power blackouts are costing USD 150 billion per year in North America. Most of the power infrastructure, which is unreliable, poses a threat to national security. These factors positively push the North American power distribution sector, creating growth opportunities for the switchgear monitoring system markets.

Key Players

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

Future of Energy: $100.34 billion Energy as a Service Market will Grow Rapidly by 2030

 The global Energy as a Service Market is anticipated to grow from estimated USD 51.88 billion in 2024 to USD 100.34 billion by 2030, at a CAGR of 11.6% during the forecast period. Major forces driving the Energy as a Service Market include the increased need for energy efficiency, surging energy prices, and global trends toward carbon neutrality and sustainability. Business houses are adopting EaaS solutions in order to bring their energy usage under control and reduce operational cost as they work towards achieving compliance with regulatory mandates toward decarbonizing. Higher growth in the market can be seen through the faster integration of distributed energy resources, which are mainly solar, wind, and energy storage systems. Energy management technologies such as IoT, AI, and demand response systems also now allow real-time optimization and automation of energy. Subscription-based models with minimal upfront capital expenditures and encouraging government policies regarding renewable energy will also help boost the EaaS market significantly.

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By The Energy-Efficiency and Optimization Services segment

Energy efficiency and optimization services are becoming more robust due to the rising demand to monitor the energy costs and achieve proper energy efficiency compliance. Buildings across the world account for 30% of energy consumption and about 40% of CO2 emissions that have increased the demand for energy optimization solutions. The energy efficiency investments have risen to USD 600 billion in 2022, wherein control of the cost and efforts to overcome the sustainability dimension are becoming more crucial. In this scenario, with the emergence of the advanced technologies of IoT, AI, and machine learning, the scope has been created to monitor energy usage in real time, analytics in terms of predictability, and autonomous control abilities with increased optimisation capability.

The Industrial segment, by end user

Industrial is primarily represented by the manufacturing of automobiles, the chemical industries, the recycling industries, military, and others like steel manufacturing and paper & pulp. Energy use in the industrial sector encompasses a large area, from process and assembly to steam and cogeneration, from process heating and cooling to lighting, heating, and air-conditioning buildings. Renewable energy sources are used for 46% of global electricity generation, and wind and solar PV make up 30%. Solar PV will be the leading source in 2030, followed by wind, both of which pass hydropower. Industrial companies' electricity use makes up a major part of global CO2 emissions because it relies on fossil fuel-based power generation. The industry would account for about 44% of global electricity use. Energy-as-a-Service is increasingly becoming a model adopted by industries for optimal usage of energy, cost-effectiveness, and sustainability. Manufacturing facilities use EaaS to handle high energy demands through on-site solar installations, battery storage systems, and demand response programs.

Regional Analysis

Europe Energy as a Service Market size is projected to reach USD 28.99 billion by 2030, at a CAGR of 11.2% between 2024 and 2030. Energy services for heating, cooling, cooking, lighting, transport, and manufacturing are indispensable for society.Over the last two decades renewable energy in the EU has expanded greatly as a result of favorable policies and technological developments; following the significant decline in greenhouse gas emissions in 1990, these emissions have now been continually reducing. The 20% renewable target achieved by the EU in 2020, and in 2023, renewable sources were estimated to be taking 24.1% of the final energy use in the EU. The European region is in the midst of a transformative shift in its power sector, one that is more focused on energy security, solidarity, and trust as it diversifies energy sources and optimizes the use of energy at home. A fully integrated internal energy market is aimed to ensure the free flow of energy across the EU, promoting competition and providing the best energy prices. Energy efficiency measures focus on reducing pollution and greenhouse gas emissions while decreasing dependency on imported energy. The EaaS project has been funded by the European Union's Horizon 2020 research and innovation program. This project focuses on mainstreaming an innovative and disruptive business financing scheme and aims to increase and accelerate the adoption of energy efficient technologies by SMEs in the EU. The EaaS suggests a program that intends to establish and implement a new business model and financial structure that will enable and facilitate the market transition and adoption to the energy-efficient equipment-as-a-service.

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Key Players

The Energy as a Service Market is dominated by major players that have a wide regional presence. Some of the key players in the Energy as a Service Market are Johnson Controls (Ireland), Veolia (France), Schneider Electric (France), Ameresco (US), Siemens (Germany), EDF Energy (US), Edison International (US), GE Vernova (US), Honeywell International Inc. (US), Centrica plc (UK), Alpiq Holding AG (Switzerland), and Duke Energy Corporation (US) among others.

Nuclear Power Market Likely to Boost Future Growth by 2029

 The global Nuclear Power Market Share is expected to grow from estimated USD 38.84 billion in 2024 to USD 44.71 billion by 2029, at a CAGR of 2.9% during the forecast period. The major factors driving the market growth of the nuclear power market include various driving factors such as many governments view nuclear power as a strategic constituent of their energy policy, and provide subsidies, tax incentives, or direct investment to build up nuclear projects. For example, some countries like China, Russia, and France have long-term plans to expand their nuclear power capacity. In addition, governments also set regulatory frameworks that ensure the safe development of nuclear energy. Similarly, Volatile and rising prices of fossil fuels such as oil, gas, and coal also make nuclear energy even more appealing as a cost-competitive alternative. Since fuel is needed in only small amounts in nuclear plants, uranium price volatility does not significantly affect the general energy costs.

Regional Analysis

The Asia-Pacific region is a significant factor for the nuclear power market due to rapid industrialization, energy demand increase, and government initiatives under the goals of decarbonization. Among the countries, China, India, and South Korea have been leaders by investing massive amounts in developing new nuclear plants and advanced reactor technologies. China is dominant in terms of the ambitious energy strategy and large-scale reactor deployment. Furthermore, supportive policies and technological innovations foster growth. The region's push toward reducing greenhouse gas emissions, combined with factors such as urbanization and economic growth, promotes the adoption of nuclear power and makes the Asia-Pacific region the world's largest-growing nuclear energy market.

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Power Generation by application

Power generation application is expected to account largest market share during the forecast period.  Nuclear power plants produce enormous amounts of electricity uninterruptedly and thus are the choice option for increased energy production based on increasing urbanization, industrialization, and technological development. Their baseload capability to produce stability and reliability in power is essential, especially in emerging economies where electricity consumption keeps rising. Since the energy generation from wind and sun is intermittent, a high output by nuclear power ensures constant energy generation while reducing dependence on fossil fuel as energy needs expand more globally. 

Large nuclear reactor, by capacity 

Large reactors generate a lot of electricity, hence achieving economies of scale. Their high output helps to cover increasing energy demand in a much better way that brings the economies in the long term. The plants become favorites because they provide a constant and stable power supply for big industrial sectors and urban centers. Moreover, Large nuclear reactors create stable baseload power, hence stabilizing the grid, primarily because of the growing integration of renewables in countries. This helps ensure a stable, consistent supply of energy, and, as such, large reactors are capable of supplying a long power system demanding a constant generation of electricity.

Key Players

Some of the major players in the Nuclear Power Market are The State Atomic Energy Corporation ROSATOM (Russia), EDF (France), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), AtkinsRéalis (Canada), Westinghouse Electric Company LLC. (US), Rolls-Royce plc (UK), NuScale Power, LLC. (US), China National Nuclear Corporation (China), Holtec International (US), ULTRA SAFE NUCLEAR (US), and Seaborg Technologies (Denmark) Among others.

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The State Atomic Energy Corporation Rosatom

The State Atomic Energy Corporation Rosatom (Russia), is one of the diversified corporations involved in all stages of the nuclear production chain. The company specializes in nuclear energy, nuclear plants, nuclear reactors & services, nuclear power generation, uranium enrichment, innovation, nuclear fuel, nuclear equipment, nuclear engineering, electricity trading, nuclear decommissioning, radioactive waste management, and nuclear fuel cycle. its business segments include uranium exploration and mining, nuclear fuel fabrication, nuclear power plant design and construction, power generation, and radioactive waste management.

With over 400 organizations, including research institutes and a unique fleet of nuclear-powered icebreakers, ROSATOM is Russia’s largest power generation company and a major player in global nuclear technology markets. The corporation also engages in innovative projects, such as wind power and nuclear medicine, and leads the Proryv (Breakthrough) Project, which aims to close the nuclear fuel cycle and enhance clean energy production.

Westinghouse Electric Company LLC

Westinghouse Electric Company LLC. (US) is one of the leading service providers and product suppliers in the nuclear power industry, specializing in nuclear power, plant upgrades, nuclear fuel, new plant, and outage services. Westinghouse Electric Company LLC provides products, solutions, and services including mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. It also offers services related to the decontamination, decommissioning, and remediation of power plant sites as well as technologies, equipment, and engineering and design services for new power plants.

Westinghouse Electric Company LLC offers small modular reactors such as integral pressurized water reactors and microreactors. The company played a pivotal role in the nuclear era by building the world’s first commercial pressurized water reactor in Shippingport, Pennsylvania.

Smart Grid Market Opportunities Offered by High Growth Economies

The global Smart Grid Market in terms of revenue was estimated to be worth $73.8 billion in 2024 and is poised to reach $161.1 billion by 2029, growing at a CAGR of 16.9% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The global demand for smart grid is increasing due to strong focus on modernization of aging grid infrastructure. Factors such as rapid industrialization, urbanization, and rising requirement for energy efficiency are driving this growth. The demand for smart grid is growing due to the supportive regulatory framework of governments worldwide to promote deployment of smart grids and spreading awareness about energy conservation. Additionally, With the increasing complexity of the bulk power system and the growing focus on mitigating power outages, smart grid technology is poised to transform the traditional grid and is likely to become a more reliable and resilient approach.

 

The demand for smart grid is growing globally due to increasing requirement for smart energy infrastructure, which is driven by rising energy demand. Rapid industrialization and urbanization contribute to rising energy consumption from industrial, commercial, and residential end users.

 

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Transmission is expected to emerge as the fastest-growing segment in the smart grid market.

 

The smart grid market has been segmented based on application into generation, transmission, Distribution and consumption . The smart grid market's transmission segment is expanding at the fastest pace because it is in line with the changing energy landscape. An efficient automated transmission network can carry energy from bulk generation facilities to power distribution systems when required. Transmission of power from the generating station to the distribution system has appropriate communication interfaces with the effective participation of the system operator.

 

Wireless Communication technology is expected to be the second largest segment during the forecast period. 

 

The wireless segment is growing in the Smart Grid Market owing to increasing variable energy requirement due to expansion in industries such as manufacturing, automotive, construction, power generation, and chemical production. The variable energy requirement and demand response can be fulfilled only by adapting smart grid solutions. Wireless technology offers integral support to the utilities by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes. These technologies are used in several applications, such as distribution automation, substation automation, transmission lines, and power plants. Wireless communication technology enables to automate substations.  Consequently, driving the demand for wireless communication.

 

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North America is expected to be the largest region for the smart grid market. 

 

North America is the fastest-growing market for smart grid owing to several key factors. The region is witnessing a substantial increase in renewable energy projects, particularly in solar and wind, spurred by government initiatives, tax incentives, and heightened environmental awareness. The United States, in particular, is leading the charge in the adoption of clean energy solutions, creating a strong demand for smart grid technologies to efficiently integrate these renewable sources into the power grid. Advancements in smart grid technology are central to this growth, enabling better energy management, real-time data analytics, and enhanced grid reliability. The electrification of various industries, coupled with the surge in electric vehicle (EV) adoption, further accelerates the deployment of smart grids, as they are essential for supporting the necessary charging infrastructure. As consumers and businesses in North America increasingly prioritize sustainability, the market for smart grid solutions is expanding rapidly. Technological innovations, such as improved data analytics and predictive maintenance, are critical in managing the vast amounts of data generated by smart grids, ensuring efficient energy distribution and minimizing outages. Regulatory support and policies favoring clean energy and technological advancements play pivotal roles in shaping the dynamic and expanding landscape of the smart grid market in North America. This confluence of factors positions the region as a leader in the adoption and implementation of smart grid technologies, paving the way for a more sustainable and efficient energy future.

 

Key Players

 

Some of the major players in the Smart Grid Market are General Electric Company (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Wipro (India), Globema (Poland), Trilliant Holdings (US), Kamstrup (Denmark), Tech Mahindra (India), Oracle (US), Cisco (US), Eaton (Ireland), ENEL X (Italy), Grid4C (US), Mitsubishi Electric (Japan), and Itron (US) among others.

Power Transformer Market Size 2024: Key Trends and Growth Drivers

The global Power Transformer Market Size is expected to grow from an estimated USD 27.9 billion in 2024 to USD 37.7 billion by 2029, at a CAGR of 6.2% during the forecast period according to a new report by MarketsandMarkets™.

This growth is primarily driven by the need to strengthen power distribution networks to keep up with the rising global demand for electricity. Furthermore, the market stands to gain from the increasing capacity of renewable energy sources and substantial investments in industrial production, both of which are expected to boost the demand for Power Transformers. Another key factor contributing to this expansion is the growing adoption of high-voltage direct current systems, which is expected to further accelerate market growth during the forecast period.

 

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End User Analysis

 

The utilities segment is projected to retain the highest market share in the power transformer market from 2024 to 2029 due to its critical role in the generation, transmission, and distribution of electricity. Utilities are the backbone of electrical infrastructure, required to meet the increasing energy demands of both growing urban populations and expanding industrial activities. Furthermore, this segment is heavily involved in upgrading aging infrastructure to ensure grid reliability and to comply with modern efficiency and environmental standards. With the ongoing global shift towards renewable energy sources, utilities need to integrate these variable energy sources into the grid, necessitating extensive use of power transformers for voltage regulation and stabilization. Government policies and investments in infrastructure projects to enhance national grids and to increase renewable energy penetration also significantly contribute to the sustained demand in the utilities sector for power transformers.

 

Regional Analysis

 

Asia Pacific is expected to emerge as the largest market for power transformers, driven by several convergent factors that are shaping its energy landscape. Rapid industrialization and urbanization in major economies like China, India, and Southeast Asia have led to a substantial increase in energy consumption. To meet this rising demand, these countries are significantly investing in expanding and upgrading their power grid infrastructures. Additionally, there is a strong governmental push across the region to increase the adoption of renewable energy sources to meet international climate commitments and reduce dependence on fossil fuels. This shift necessitates integrating large-scale renewable energy projects, such as wind and solar farms, into the national grids, which requires robust power transformers capable of handling high voltage and ensuring efficient energy transmission over long distances. Moreover, many countries in the region are focusing on improving rural electrification and replacing aging infrastructure with more efficient technology, further stimulating the demand for power transformers. These comprehensive development initiatives underscore Asia Pacific's position as the fastest-growing and largest market for power transformers.

 

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Key Market Players of Power Transformer Industry:

 

Key players in the global Power Transformer Market include Hitachi Energy (Japan), Siemens Energy (Germany), Schneider Electric (France), Toshiba Energy System & Solution Corporation (Japan), and General Electric (US).

 

Hitachi Energy

 

Hitachi Energy is a dynamic player in the energy sector, renowned for its innovative solutions and global presence. With a focus on sustainable energy management and cutting-edge technology, Hitachi Energy operates at the forefront of the industry. In the realm of power transformers, Hitachi Energy stands out as a leading manufacturer, offering a wide range of high-quality products tailored to diverse needs. From distribution transformers for industrial and commercial applications to power transformers designed for high-voltage transmission, Hitachi Energy excels in providing reliable, efficient, and environmentally conscious solutions. Leveraging advanced technologies and a commitment to continuous improvement, Hitachi Energy ensures its transformers meet the highest standards of performance and reliability.

 

Schneider Electric

 

Schneider Electric, a multinational leader in energy management and automation solutions, operates in over 100 countries and employs more than 180,000 individuals, firmly establishing itself as a prominent figure in the global electrical industry. In the realm of power transformers, Schneider Electric holds a leading position as a manufacturer, offering distribution transformers for industrial and commercial buildings, as well as power transformers for high-voltage applications. These transformers are esteemed for their reliability, efficiency, and eco-friendliness, incorporating advanced technologies and innovations that underscore Schneider Electric's dedication to research and development. 

Attractive Opportunities for Players in Utility Communication Market

 The global Utility Communication Market is projected to grow from USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% according to a new report by MarketsandMarkets™. The Utility Communication Market has promising growth. Growing investment in smart grids; the need for improving grid reliability and operating efficiency and reducing outage length; rising technological advancements in communication technologies; and the need for IoT integration in the operations of the oil & gas industry are driving the growth of the market.

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The wired segment is expected to dominate the Utility Communication Market, by technology, during the forecast period.

 

The wired segment holds the largest share of the Utility Communication Market. The market for wired communication technologies is mainly driven by the advantages offered by them, such as increased security, lack of interference, and high-speed data transmission.

 

The public segment is expected to be the fastest growing Utility Communication Market, by utility, during the forecast period.

 

The Utility Communication Market, by utility, is divided into public and private, wherein the public segment accounts for the largest share, owing to being much more accountable and transparent, operate efficiently by keeping costs down, and deliver reliable power supply.

 

The Asia Pacific region is the fastest growing Utility Communication Market

 

In this report, the Utility Communication Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America and Middle East & Africa. Asia Pacific is a significant contributor to the Utility Communication Market in the current scenario owing to the investments in infrastructure modifications.

 

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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 Utility Communication Market.

 

Some of the key players include Hitachi Energy Ltd (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions, Inc. (US). The leading players are adopting various strategies to increase their share in the Utility Communication Market.

Gas Insulated Switchgear Market: Rising global energy consumption to boost the market

 The global Gas Insulated Switchgear Market is projected to grow from USD 23.1 billion in 2022 to USD 31.3 billion by 2027, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. The Gas Insulated Switchgear Market is expected to witness significant growth during the forecast period, owing to the power distribution infrastructure, which is expected to strengthen in the upcoming years with the rise in demand for electricity. Also, the increase in renewable energy capacity addition and increased investment in industrial production will enable the demand for gas insulated switchgear. With the growing usage of high-voltage direct systems, the market for gas insulated switchgear is expected to be driven at a faster rate.

Outdoor segment, by installation, to occupy majority of Gas Insulated Switchgear Market share

The outdoor switchgear segment, by installation, is projected to hold the largest market share during the forecast period due to the growing power consumption, leading to the expansion and upgradation of the power grid, which is expected to boost the demand for outdoor gas insulated switchgears. Outdoor gas insulated switchgears are employed in substations and switchyards where there are no space constraints for the installation of such substations outdoors. Outdoor gas insulated switchgears are expected to have a larger market share than indoor types due to their vast implementation area.

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Above 220 kV voltage segment, by voltage rating, to be largest market

Based on the voltage, the above 220 kV segment is estimated to be the largest market from 2020 to 2027. The growing investments in the renewable sector due to environmental concerns and the increasing electricity demand are expected to spur growth in the above-220 kV segment during the forecast period. Gas insulated switchgear in this segment is mostly employed in substations for power transmission over long distances. They are also used in transmission substations and large thermal and nuclear power generation substations to increase the power to 275–400 kV. This helps reduce transmission losses that occur during power transmission and improves efficiency. Growing power generation plants due to the increasing power requirements in various sectors, such as industrial, commercial, and residential, will eventually boost the demand for gas insulated switchgear above 220 kV.

Asia Pacific to emerge as largest Gas Insulated Switchgear Market

Asia Pacific accounted for the largest global Gas Insulated Switchgear Market share during the forecast period. The market is expected to be driven by the rapid industrial growth in the region. Major economies such as China, Japan, and India have set ambitious targets to diversify their energy mix in the coming years. Also, the increase in urbanization will decrease the space availability in the region. This could be a driving factor for the growth of the gas insulated switchgear in Asia Pacific.

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ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) are the key players in the global Gas Insulated Switchgear Market.

Power Management System Market to exceed $5.26 Billion by 2022

 The global power management system market is estimated to reach USD 3.77 Billion in 2017 and is projected to reach USD 5.26 Billion by 2022, growing at a CAGR of 6.88%, during the forecast period. The market is set to grow due to the increasing demand for energy efficiency in the manufacturing sector, rising installation of renewables in the industry, and rising adoption of IoT and cloud-based platforms.

 

The power monitoring and control module helps in measuring and controlling vital parameters such as frequency, voltage, energy demand, current and voltage control, and data analysis for overall power quality control. The segment is expected to be driven by the increasing demand for energy efficiency in the manufacturing sector in the Asia Pacific region. Emerging economies such as China and India are witnessing substantial growth in the manufacturing sector with favorable government policies supporting investments in the sector. The shale oil & gas boom in North America is expected to another key driver for the growth in the power monitoring and control segment during the forecast period.

 

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The power management system market has been segmented, by end-user, into oil & gas, marine, chemicals and pharmaceuticals, paper and pulp, metals and mining, utilities, data centers, and others. The others segment includes food & beverage, infrastructure, heavy engineering and automotive, and railway. The marine segment comprises marine vessels such as offshore support vessels, cargo vessels, LNG tankers, cruise ships, and defense vessels. Marine vessels consume substantial amounts of diesel or natural gas to power the vessels. Power management systems in marine vessels ensure optimized load distribution in marine vessels, generator start and stop, automatic load shedding, switching operations, and fuel optimization. The growth in the global shipbuilding industry, particularly in the Asia Pacific region and Europe is expected to drive the marine segment in the power management system market.

 

Asia Pacific expected to be the largest power management systems market

The power management system market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The market in Asia Pacific is expected to lead the power management system market, by region. The increase in the manufacturing sector along with other industries such as metals and mining and data centers is the key factor driving the power management system market in Asia Pacific. The growth in shipbuilding particularly for offshore support vessels and commercial vessels is another key driver for the growth in the market.

 

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Some of the major players in the Power Management System Market are ABB (Switzerland), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Wartsila (Finland), Mitsubishi (Japan), and among others.

Bioliquid Heat and Power Generation Market to exceed $2.29 Billion by 2022 - Emerging Trends and Opportunities

 The global bioliquid heat and power generation market is expected to grow from an estimated value of $1.67 billion in 2017 to $2.29 billion by 2022, at a CAGR of 6.54%. The bioliquid heat and generation market is driven by factors such as the easy availability of feedstock and reduction in carbon emissions.

The availability of technology to convert feedstock to liquid biofuels is expected to boost the demand for bioliquid heat and power generation. The emerging markets in Asia Pacific present a great opportunity for the bioliquid heat and power generation market due to significant government initiatives to promote renewable energy generation through biofuels.

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Asia Pacific is expected to be the fastest-growing bioliquid heat and power generation market

In Asia Pacific, governments are focusing on increasing the contribution of renewable energy sources to meet domestic electricity demand. The market in Europe is expected to dominate the global bioliquid heat and power generation market due to increasing investments in the renewable energy sector and stringent regulatory frameworks related to the implementation of bioliquids in the region. The Chinese market is expected to dominate the market in Asia Pacific. The bioliquid heat and power generation market is expected to grow at a significant rate in countries such as India, Japan, and South-East Asian countries.

Europe is expected to be the largest bioliquid heat and power generation market

The market in Europe is expected to lead the global bioliquid heat and power generation market by 2022. The market size in this region can be attributed to the increasing focus on the renewable energy sector, of which bioliquid is a part. Countries such as Germany, the UK, and France are the key markets for bioliquid heat and power generation in Europe. The stringent regulatory framework regarding bioliquids in the region is expected to drive the market in Europe.

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The key players in the Bioliquid Heat and Power Generation Market include REG (US), Neste (Finland), Kraton (US), BTG (Netherlands), and Olleco (UK).

Shore Power Market: Rising Power Demand From Ports to drive Market

 According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside), 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 2027", published by MarketsandMarkets™, the Shore Power Market size will grow to USD 2.8 billion by 2027 (forecast year) from USD 1.6 billion in 2022 (estimated year), at a CAGR of 11.2% during the forecast period. Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.

The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the installation type of shore power systems, the shoreside segment is estimated to be the fastest-growing market from 2020 to 2027. The strict environmental regulations implemented by governments worldwide have led port authorities to highly focus on reducing noise and emission levels through port operations, which has increased the shoreside installation of shore power systems and fueled the market growth.

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Frequency converters segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the frequency converters of shore power systems, the component is estimated to be the fastest-growing market from 2020 to 2027. The shore power frequency converters power the ships through the port’s electrical grid, even if they have different operating voltages, which can be witnessed in ships traveling internationally. The frequency converters change the local grid power to match the input frequency and voltage of the ship. Their use helps save costs as they consume less diesel fuel. They also reduce air pollution caused by the engine’s operation while at the port.

Asia Pacific is expected to lead the Shore Power Market

Asia Pacific accounted for a 33.4% share of the Shore Power Market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the Shore Power Market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.

Asia Pacific is the world’s most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.

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The leading players in the Shore Power Market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).

Power Rental Market: Surging demand for uninterrupted & reliable power supply to fuel the market growth

According to the new market research report "Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power Rating (Up to 50 kW, 51–500 kW, 501-2500 kW, Above 2500 kW), Application, End User and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global power rental market is projected to reach USD 12.8 billion by 2027 from an estimated USD 9.8 billion in 2022, at a CAGR of 5.6% during the forecast period. The rapid expansion of the industrial sector along with the Surging demand for uninterrupted & reliable power supply is expected to drive the demand for the global Power Rental Market.

The diesel segment is the largest contributor to the power rental market in 2021.

The diesel segment is estimated to be the fastest-growing segment of the Power Rental Market, by fuel type, from 2022 to 2027. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70–80% as they are typically designed to offer the best operational efficiency. Moreover, they facilitate the constant generation of voltage and power without peaks and help to regulate fluctuations in the delivered power. Diesel generators find applications mainly in commercial establishments and manufacturing facilities.

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The utilities segment is expected to grow at the fastest rate during the forecast period.

Utilities are connected through a grid to develop a distribution network for the supply of power. Generation utilities are the companies that are engaged in the generation of power, which is then sold by distribution utilities with transmission utilities acting as a bridge to deliver power from generation to distribution site. In developing regions, such as Africa and Asia Pacific, local grids cannot provide reliable supply, mainly due to the poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibits the delivery of electricity to industrial, commercial, and residential users. A weak network also means that there would be a lot of fluctuations in the power levels inside the grid, threatening its stability and integrity. In such cases, there is a high demand for power rental solutions for applications such as peak shaving wherein power rental solutions come in handy for stabilizing the grid within a short duration of time at economical prices.

North America: Key market for power rental during the forecast period.

In this report, the power rental has been analyzed with respect to six regions, namely, Asia Pacific, Europe, North America, South America, and Africa. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the Power Rental Market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in Power Rental Market such as Aggreko (UK), United Rentals (US), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), and Atlas Copco (Sweden). Other players in the market include Speedy Hire (UK), Cummins (US), Bredenoord (UK), Kohler (US), Multiquip (US), SoEnergy (US), Allmand Brothers (US), Generac Power (US), Wacker Neuson (Germany), and more.

Growing Trend of Distributed Power Generation Presents New Opportunities for Silent Generators

 According to the new market research report "Silent Generator Market by Sound Level (Super Silent, Silent), Fuel (Diesel, Natural Gas), Power Rating (Up to 25 kVA, 25-49 kVA, 50-99 MW, 100-499 kVA, & Above 500 kVA), Phase, Type, Application, End-User Industry and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Silent Generator Market size will grow to USD 4.1 billion by 2027 (forecast year) from USD 3.0 billion in 2022 (estimated year), at a CAGR of 6.5% during the forecast period. Silent generators are machines that convert mechanical energy into electricity. They can be used for residential, commercial, as well as industrial purposes. They are widely preferred because of their reliable performance, ease of operation, and soundproof enclosure. The increasing demand for uninterrupted and reliable power supply from several end users in the healthcare, telecom, and mining sectors and educational institutions, commercial complexes, and residential spaces is expected to fuel the demand for silent generators during the forecast period.

The silent generators segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the sound level of silent generator systems, the silent segment is estimated to be the fastest-growing market from 2020 to 2027. Super silent generators sound level is below 60 (dB) and silent generators sound level ranges between 60 (dB) to 70 (dB). Silent generators are useful in schools, hospitals, courts, etc. whereas super silent generators are very much helpful for residential and commercial purpose.

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The diesel segment, by fuel, is expected to grow at the highest CAGR from 2022 to 2027.

Based on the fuel of silent generator systems, the diesel component is estimated to be the fastest-growing market from 2020 to 2027. The Silent Generators Market by fuel type is classified into diesel, natural gas and others. Diesel generators are used for emergency purpose and come with single and three phase. Companies like Atlas Copco, Cummins, Generac and Mahindra Powerol are top producer of silent diesel generators. The natural gas generators are environment friendly. Companies such as Generac, Honda are key players for silent natural gas generators. The other generator fuel types include petrol, LPG, biodiesel, coal gas, producer gas, and propane gas-based generators.

The standby and peak segment is expected to dominate the Silent Generator Market, by application, during the forecast period.

The standby and peak segment, by application, is projected to hold the highest market share during the forecast period. The standby generators are very useful in power outages and blackouts and are driving the market growth globally. Increased industrialization has boosted growth opportunities for silent generators driven by reliability on backup power solutions.

The residential segment is expected to dominate the Silent Generator Market, by end-user, during the forecast period.

The Silent Generator Market has been segmented, by end user, into residential, commercial, and industrial. Generators used for residential purposes should be compact, noise-free, and affordable; here, silent generators are helpful. Frequent blackouts and severe weather conditions across various regions are expected to boost the demand for residential silent generators. In commercial use, silent generators could be the ideal option for healthcare facilities, courts, and educational institutions, since these are silent zones. These generators can also be used in the hotel industry as well as offices. The increasing applications of commercial silent generators in small business establishments are expected to boost their demand in the Silent Generators Market globally. Silent generators can be beneficial for industrial use, such as at construction sites, manufacturing units, and power generation plants. The industrial sector produces a high level of noise during their operations; silent generators can help to overcome this problem.

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North America is expected to lead the Silent Generator Market

North America accounted for a 36.8% share of the Silent Generator Market in 2022. The countries covered in the region are US, Canada, Mexico and the Rest of North America. North America is projected to hold the largest size of the Silent Generator Market during the forecast period due to the growth of the industrial sector. The demand for energy in the mining and oil & gas industries is likely to propel market growth. Increased shale gas developments in the region are also fueling the growth of diesel fuel-type silent generators.

The key players include Atlas Copco (Sweden), Cummins Inc. (US), Generac (US), Rolls-Royce Holdings(UK), Honda (Japan).