Growing Power and Oil & Gas Industries Propelling Pressure Vessel Market Growth

 According to the new market research report "Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027", published by MarketsandMarkets™, The global pressure vessel market is expected to grow from USD 47.1 Billion in 2022 to USD 59.5 Billion by 2027, at a CAGR of 4.8% during the forecast period. The increase in the requirement for the industrial equipment to hold their gases, liquids, and vapors at high pressures for industries such as power, oil & gas, chemicals & petrochemicals, food & beverages, pharmaceuticals is driving the Pressure Vessel Market.

Boilers have the largest market share in pressure vessels which are majorly driven by thermal power plants in the power sector. Apart from the thermal plants, there are also other industries that are in need of pressure vessels such as the chemical sector. Advancements in technologies such as supercritical and ultra-critical technologies for thermal power generation is also building up demand for pressure vessels. These new technologies are replacing the aged thermal power plants making them eco-friendly, and energy-efficient. In the APAC region, China is contributing to the high market share. The abundance of thermal power plants in China is contributing to the growth of this market. Two units of ultra-supercritical coal-fired power plants have been approved to balance the energy supply and demand. Thus, these developments in this region are increasing the demand for pressure vessels. The upcoming projects in developing economies such as the Asia Pacific are providing opportunities for the growth of the Pressure Vessel Market.

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The steel alloy is expected to be the most significant segment of the pressure vessel market

The steel alloy material segment has the largest share of the global Pressure Vessel Market. It is the most common material used in manufacturing pressure vessels when compared to composites and other alloys. The advancements in the steel alloy have improved its properties such as strength, and corrosive resistance nature. APAC region is contributing to the highest market share of pressure vessels during the forecast period. Thus, increasing the demand for steel alloys in this region.

Asia-Pacific is expected to remain as the largest pressure vessel market

The Asia-Pacifics expected to dominate the Pressure Vessel Market during the forecast period due to an increase in the requirement of various end-user industries such as the chemical, and power sectors in the Asia Pacific region. Advancements in the technologies in the pressure vessels are creating opportunities for pressure vessel growth in the Asia Pacific region. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Vessel Market.

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The leading players in the Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India). The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.

Gas Engines Market: Increase in the use of Distributed Power Generation Systems

According to the new market research report "Gas Engines Market by Fuel Type (Natural Gas, Special Gas), Application (Power Generation, Cogeneration, Mechanical Drive), Power Output (0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, & Above 15 MW), End-User Industry, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Gas Engines Market size will grow to USD 5.8 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.

Rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations are the driving factors for the Gas Engines Market, globally. Global energy consumption has increased significantly in the past decade. This rise can be attributed to the growing economies of Asia Pacific. Furthermore, natural gas is often seen as a transition fuel to meet energy demands as economies shift to renewables and other clean energy solutions. Natural gas-fired power plants are cheap and easier to build. These power plants emit a negligible amount of carbon monoxide (CO), carbon dioxide (CO2), sulfur oxide (SO), and nitrogen oxide (NO) compared to oil and coal-fired power plants. Gas-fired power plants are economical and emit lesser carbons than coal-fired power plants. Coal-fired power plants’ emissions also cause smog and reduce visibility. Thus, most coal-fired power plants will be replaced by gas-fired power plants which utilize gas engines, leading to the growth of the Gas Engines Market.

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The utilities segment is expected to be the largest in the Gas Engines Market

The largest share of the Gas Engines Market in 2021 was held by the utilities segment. The power produced by utilities can power local facilities or exported to local electricity grids. Utilities deploy gas engines to meet the peak load requirement and provide emergency backup solutions to prevent blackout in case of a malfunction of the main power plant. The application of cogeneration or combined heat and power (CHP) technology also helps increase the overall efficiency of the power plants. The increasing demand for power, thus, is expected to create favourable circumstances for the growth of the Gas Engines Market during the forecast period.

Asia Pacific likely to emerge as the largest Gas Engines Market

The Asia Pacific region, as a whole, is experiencing rapid development and growth fueled by the growth of major economies such as China, India, Indonesia, Thailand, Vietnam, and other economies. The major end users for gas engines in the APAC include utilities, oil & gas, manufacturing, marine, and sewage treatment industries. The demand for power generation is witnessing an upward trend with the rising population and economic growth in China and India. The region is moving toward clean energy on a large scale to efficiently meet the growing energy needs. The continued growth in Asia Pacific in almost all the major industrial sectors and the resulting demand for efficient and clean power generation technologies, and the replacement of aging power generation infrastructure and conversion of coal-based power plants to gas based ones will drive the growth for gas engines in the region.

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The Gas Engines Market is dominated by a few major players that have a wide regional presence. The leading players in the Gas Engines Market are Caterpillar (US), Wärtsilä (Finland), Rolls-Royce Holdings (UK), Volkswagen (MAN Energy Solutions) (Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (US), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Ningbo C.S.I Power & Machinery Group Co., Ltd. (China), IHI Power Systems (Japan), JFE Engineering Corporation (Japan), Liebherr (Germany), Hyundai Heavy Industries Co., Ltd. (South Kore), Jinan Lvneng Power Machinery Equipment Co., Ltd. (China), R Schmitt Enertec (Germany), CNPC Jichai Power Complex (China), Fairbanks Morse (US), Googol Engine Tech (US), Baudouin (France), and others.

Gas Turbine Market: Increased Trend of Distributed Power Generation Offer Lucrative Opportunities

 According to the new market research report "Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy Duty and Aeroderivative), End User (Power Generation, Oil & Gas), Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW) and Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Gas Turbine Market is projected to reach USD 22.5 billion by 2026. The Gas Turbine Market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period, owing to an increase in demand for gas turbines in power generation.

The power generation segment is expected to lead the gas turbine market 

The increase in electricity demand is expected to drive the power generation market for the gas turbines market. In the industrial sector, gas turbines deliver a consistent power supply to the production floor. Gas turbines are preferred in small and medium industries, as their initial installation cost is less than that of steam and diesel power plants.

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Combined cycle segment is expected to grow at a faster rate during the forecast period

The combined cycle segment is expected to account for the largest share market during 2021 to 2026, driven by more power and low emission. In a combined cycle, the air is compressed in the compressor and heated in a heating chamber. The amount of the gas remains the same as an external source heats the air. In these plants, the waste heat from the gas turbine is used to make steam for producing additional electricity using a steam turbine.

Asia Pacific market accounted for the largest share in 2020 in the gas turbine market

In 2020, the Asia Pacific market accounted for the largest share of the global gas turbines market by region. Rapid economic growth, industrialization, and strict norms for carbon dioxide emission are expected to drive the Asia Pacific gas turbines market. Also, the gas turbines market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas Turbine Market.

Some of the key players are Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited  (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany). These players have adopted product launches, contracts, partnerships, agreements, collaborations, Memorandum of Understanding (MoU), and joint ventures as their growth strategies.

Electrical Digital Twin Market: Increase in efficiency and optimization of operations of power sector

According to the new market research report "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, The Electrical Digital Twin Market size will grow to  USD 1.3 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 12.2% during the forecast period.

The integration of variable renewable energy with the grid and increasing decentralization of distributed energy resources using electrical digital twins are the driving factors for the Electrical Digital Twin Market, globally. Utilities and grid infrastructure operators across regions are increasingly looking toward digital technologies, including electrical digital twins, to help streamline the integration of the growing share of renewable energy technologies into their operational mix. The emergence of Energy 4.0 and the increasing adoption of advanced technologies for implementation of digital twin applications creates ample opportunities for growth of the market.

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The utilities segment is expected to be the largest segment of the electrical digital twin market, by end user, during the forecast period.

The utilities segment held a larger share of the electrical digital twin market. Power utilities are rapidly investing in the deployment of electrical digital twins as they aid operators in achieving efficiency in terms of workforce optimization and enhance plant operations by reducing unplanned downtime. To clearly understand the impacts of distributed energy resources (DERs) on the grid, utilities need to streamline interconnection application processes and create digital network analysis models from the existing geographic information system (GIS) network data using electrical digital twins.

North America likely to emerge as the largest electrical digital twin market

In this report, the electrical digital twin market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. The growth of the North American market is driven by the increasing investments for the deployment of advance digital technology to upgrade to aging power generation and distribution infrastructure. Furthermore, the increasing need to deliver clean, reliable energy, and a strong focus on renewable energy generation are among a few major factors driving investments in digital technologies such as electrical digital twin. The increased R&D in the field of cloud, big data analytics, IoT and IIoT and increasing demand for efficient and cost-effective technologies to improve assets performance and optimize business operations are also supporting the regional market growth. The governments in US and Canada have also made several policy reforms to accelerate the decarbonization of the power sector. Thus, North America dominated the Electrical Digital Twin Market during the forecasted period.

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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 Electrical Digital Twin Market. Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.

Gas Engines Market is Booming Worldwide with Caterpillar, Wärtsilä, Cummins, Man SE, and Rolls-Royce Holdings.

 The global Gas Engines Market size is expected to grow from an estimated USD 4.0 billion in 2019 to USD 5.3 billion by 2024, at a CAGR of 5.7%, from 2019 to 2024. Europe is estimated to be the largest consumer of gas engines, followed by North America. This trend is expected to continue during the forecast period. The growth of the gas engines industry is driven by the increasing demand for clean and efficient power generation technology and implementation of stricter emission regulations globally.

The power generation application segment is expected to be the largest segment of the gas engines industry.

The power generation segment is expected to be the largest application segment of the market in 2018. Gas engines are used mainly for power generation, by manufacturing plants, commercial buildings, public buildings, and utilities for on-site power generation. The governments of developing nations around the world are spending heavily on the construction of new gas-fired power plants while those in developed economies are investing in their aging gas-fired power plants. The demand for new gas-fired power plants due to the increasing energy needs is expected to drive the power generation application segment of the Gas Engines Market during the forecast period.

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The cogeneration segment is expected to grow at the fastest rate.

In cogeneration applications, gas engines produce power along with energy for space heating and water heating. It is an efficient method of power generation using gas engines and enables energy savings of up to 60%.

Cogeneration is used mainly in steel mills, chemical & food processing plants, paper & pulp mills, and district heating plants. Apart from industrial end-users, public buildings, such as schools, colleges, administrative buildings, and hospitals, also utilize gas engine-based power plants for producing electricity and heat. The growth of cogeneration application is attributed mainly to the increasing installed capacity of gas-fueled CHP power plants in cold climate countries.

Europe is expected to be the largest gas engines market

In this report, the gas engines industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The European market is expected to lead the Gas Engines Market during the forecast period. The growth of the market in the European region can be attributed to EU's policies to curb CO2 emission, establish gas distribution networks, and increase production of biogas.

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Some of the top players in the Gas Engines Market including Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany). 

Gas Turbines Market: Increasing Demand for Natural Gas-Fired Power Plants to Meet the Rising Demand for Electricity

 The global Gas Turbines Market is expected to grow from an estimated $17.51 billion in 2017 to $20.66 billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The shale gas boom in North America and decommissioning of nuclear plants in Europe are likely to boost the demand for gas turbines in these regions. The demand for gas turbines in the Middle East & Africa, Latin America, and Asia Pacific is expected to be influenced by the new gas-fired power plants and the upgrade of old existing thermal power plants in the regions.

The increasing demand for natural gas-fired power plants, rising demand for electricity, reduction in emissions of carbon dioxide, and availability of efficient power technology are driving the gas turbines market. Natural gas is the cleanliest source of fossil fuel used to support intermittent generation from renewable sources. Thus, an increase in the demand for natural gas power plants is expected as governments implement strict norms for the emission of carbon dioxide.

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The power generation application segment is expected to be the fastest growing segment during the forecast period. The demand for electricity is growing due urbanization and industrialization. Gas turbines are used in open cycle and combined cycle plants. Combined cycle power plants are more efficient than steam turbines as they generate more power. Gas turbines are used in utilities for base load standby power and peak load applications.

The power generated from combined cycle power plants have lower carbon dioxide emissions and governments are implementing stricter norms on such emissions. Thus, an increase in the demand for natural gas power plants will lead to the growth of the power generation segment. In the oil & gas application, gas turbines are used to pump natural gas through pipelines where a small part of the pumped gas serves as the fuel. Industrial gas turbines range from 1,000 to 50,000 HP, with a majority installed in the oil & gas industry.

Asia Pacific is currently the largest gas turbines market, followed by the European and North American markets. Japan accounted for a majority share of the market in Asia Pacific in 2016 while China is projected to grow at the highest CAGR from 2017 to 2022. In developing countries such as China and India, factors such as the growth in demand for electricity fuelled by high levels of urbanization, industrialization, and infrastructural developments and subsequent investments in developing new large gas-fired combined cycle power generation is expected to spur the demand for gas turbines. The figure below shows the market sizes for all the regions from 2017 and 2022.

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The leading players in the Gas Turbines Market include GE (US), Siemens (Germany), MHPS (Japan), and Ansaldo (Italy).

Power Plant Boiler Market to be $22.8 Billion by 2025

 

According to the new market research report "Power Plant Boiler Market by Type (Pulverized Coal Towers, CFB, Others), Capacity (<400 MW, 400–800 MW, ≥800 MW), Technology (Subcritical, Supercritical, Ultra-supercritical), Fuel Type (Coal, Gas, Oil), and Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Power Plant Boiler Market size is expected to grow from an estimated USD 18.1 billion in 2020 to USD 22.8 billion by 2025, at a CAGR of 4.8%, during the forecast period. Market growth can be attributed to the increasing demand for electricity and the rising consumption of clean fossil fuel for power generation.

 

The pulverized coal towers segment is the largest contributor in the Power Plant Boiler Market.

In pulverized coal tower type boilers, coal is pulverized to a fine powder. The pulverized coal is blown into the boiler plant through a series of burner nozzles using combustion air. Most coal-fired power stations and many large industrial water-tube boilers use pulverized coal.  The growth of this segment is driven by advancements in supercritical and ultra-supercritical technologies to upgrade conventional and aging power plant boilers to improve efficiency.

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The <400 MW segment is expected to grow at the fastest rate.

Power plant boilers less than 400 MW are small-sized boilers in terms of capacity. These types of power plant boilers are used for reliable and stable base loads on a smaller scale. Increasing investments by companies to increase the efficiency of power are expected to continue to drive the growth of the <400-MW capacity segment in the Power Plant Boiler Market during the forecast period. For instance, General Electric (US) offers small ultra-supercritical units that are more efficient than subcritical technology.

The supercritical technology segment is expected to be the largest contributor.

The supercritical segment held the largest share of the Power Plant Boiler Market in 2019. The focus on upgrading power infrastructure and the increased implementation of supercritical technology over subcritical are driving the growth of supercritical technology in the Power Plant Boiler Market. Furthermore, the efficiency of a supercritical boiler is higher because it consumes less fuel than a subcritical boiler to generate the same amount of heat energy.

The Asia Pacific is expected to be the fastest-growing market of Power Plant Boiler.

Asia Pacific is the fastest-growing market during the forecast period. The region has been segmented, by country, into China, Japan, India, and the Rest of Asia Pacific. Rapid industrialization and infrastructural developments taking place in the region offer growth opportunities for the Asia Pacific Power Plant Boiler Market. According to the Asian Development Bank (ADB), energy demand is projected to almost double in the Asia Pacific region by 2030. With the increasing demand for power, substantial investments have been made in developing as well as emerging countries to increase their power generation capabilities. Power generation investments are therefore expected to boost the demand for power plant boilers in the region. Countries such as China and India have an abundance of coal, making it a cost-effective fuel for power plant boilers. Thus, the market for power plant boilers is expected to grow at the highest rate during the forecast period.

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Some of the top players in the Power Plant Boiler Market include Babcock & Wilcox (US), Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea), General Electric (US), and Mitsubishi Hitachi Power Systems (Japan).

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Pressure Vessel Market Worth $53.3 Billion by 2025

The global Pressure Vessel Market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. Increasing the construction of refinery & chemical plants and the adoption of supercritical and ultra-supercritical power generation technology is driving the growth of the market. Moreover, the installation of new pressure vessels in aging power plants and technological advancements in materials and designs is likely to bring opportunities for the pressure vessel industry.

The unfired pressure vessel segment is expected to grow at the highest CAGR from 2020 to 2025.

Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. As countries in Europe and North America is focusing on decreasing their primary energy consumption from fossil fuels, the demand for unfired pressure vessels is estimated to surge in the coming years. Hence, unfired pressure vessels are expected to witness rising demand in the coming years due to an increasing focus on heat recovery prompted by stringent emission norms.

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The steel alloy segment is expected to lead the global Pressure Vessel Market during the forecast period.

Steel alloys include carbon steel, chromium-molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. The structure, formability, and strength of stainless steel are enhanced by adding other elements to it. Stainless steel is preferred due to its high corrosion resistance. An increase in the number of industrial power projects and the replacement of existing pressure vessels are the major factors driving the growth of the market. Developing economies of the Asia Pacific and the Middle East are expected to emerge as key revenue pockets for the steel alloys Pressure Vessel Market

The chemicals & petrochemicals segment is expected to grow at the highest CAGR in the global Pressure Vessel Market during the forecast period.

Chemicals and petrochemicals are used in various industries such as fertilizers, lights, coatings & absorbents, plastic, artificial fibers, and chemical laboratories. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to a 7% share in the global GDP. Further, petrochemicals are witnessing increasing demand due to the rising number of construction projects in the Asia Pacific and the Middle East regions.

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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 Pressure Vessel Market. Some of the key players are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the Pressure Vessel Market. Contracts & agreements, and alliances & collaborations have been a widely adopted strategy by the major players in the pressure vessel industry.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Electrical Digital Twin Market Growing at a CAGR of 15.4% by 2024

The global electrical digital twin market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4%. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.

The asset performance management is expected to hold the largest share of the electrical digital twin market, by application, during the forecast period.

The asset performance management segment is projected to be the largest market during the forecast period. This is mainly because the power utilities are constantly focusing on asset management to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, the power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.

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The cloud segment is expected to be the fastest growing electrical digital twin market, by deployment, during the forecast period.

The cloud segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the multiple benefits of cloud software installation such as easy accessibility, no upfront cost associated (instead regular payments are made which are an operating expense), maintenance of software or the hardware it resides on by cloud service providers, quick deployment, and lower energy consumption cost. All these factors are likely to increase the demand for cloud services in the electrical digital twin market during the forecast period.

North America: The leading electrical digital twin market.

In this report, the electrical digital twin market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global electrical digital twin market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities has created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.

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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 electrical digital twin market. Some of the key players are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Virtual Power Plant Market to Witness A Massive Growth of 29.68% by 2021

Virtual power plants are employed to optimize power generation from existing sources, integrate various renewable energy sources, and, ultimately, reduce the carbon footprint on the environment. Any growth in the smart grid would directly impact the market of virtual power plant.

The global virtual power plant market is projected to grow at a CAGR of 29.68% from 2016 to 2021. North America is estimated to be the largest market for virtual power plants, followed by Europe in 2016. This trend is expected to continue till 2021. The growth of the virtual power plant market is driven by increasing share of renewable energy in the power generation mix as well as shift from centralized to distributed generation and lowering costs for solar and energy storage.

The virtual power plant market is dominated by a few key demand response aggregators such as EnerNOC, Inc. (U.S.), Comverge, Inc. (U.S.), Flexitricity (U.K.), Limejump Ltd. (U.K.), among others. Also, there are few market giants in the virtual power plant market which includes, ABB Ltd. (Switzerland), General Electric Company (U.S.), Schneider Electric SE (France), and Siemens AG (Germany), among others.

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Virtual Power Plant is a combination of various distributed electricity generation entities which are controlled and operated by a central unit using integrated software systems. This technology has the capability to stretch supplies from existing power generation sources (both renewable and nonrenewable energy sources) as well as through utility demand reduction programs.  Virtual power plant solutions can be associated with various concepts such as smart grid, microgrid, distributed generation, demand response, and advanced energy storage, among others.

The North American region holds the largest market for virtual power plant solutions, driven by rapidly growing use of renewables in order to reduce carbon footprint, shift from centralized to distribution generation and decline in costs of solar PV and battery energy storage would propel the market growth. The other major drivers include increasing power demand, and strict government regulations on energy efficiency.

The Asia-Pacific market is projected to grow at the highest CAGR from 2016 to 2021. The region is the largest market for the infrastructure sector and industrial sector and is taking various steps to reduce carbon footprint and produce clean energy which includes renewable energy such as hydro energy, wind energy and solar energy generation.

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Major Market Developments

·         In October 2016, ABB, Ltd. (Switzerland) launched a micro grid solution in order to address the demand for flexible technology for distributed generation. This would help maximize the use of renewable energy sources while reducing dependency on fossil fuels used by generator sets.

·         In May 2016, Cpower (U.S.) acquired Johnson Controls' (France) Integrated Demand Resources (iDR) business. The purchase is a part of CPower’s ongoing efforts to expand its demand response portfolio nationwide. For Johnson Controls, the transaction is a part of a continuing strategy to invest in its building management technologies designed to deliver energy and operational efficiency to its customers.

·         In August 2016, Enbala Power Networks (Canada) and Encycle, Corp. (Canada) announced a partnership to integrate the Symphony by Enbala’s distributed energy resource management platform with Encycle’s Swarm Energy Management solution for demand response and demand management. This partnership would help the Commercial and Industrial (C&I) customers in lowering their energy usage and costs, enabling utilities to easily achieve their grid balancing and energy efficiency goals.  

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Content Source: https://www.marketsandmarkets.com/PressReleases/virtual-power-plant.asp

Excitation Systems Market to Cross $3.12 Billion Mark by 2023

The global excitation systems market is expected to grow from an estimated USD 2.64 Billion in 2018 to USD 3.12 Billion by 2023, at a CAGR of 3.38% from 2018 to 2023. Rising demand for synchronous machines in end-use applications such as hydro as well as thermal power plants is expected to drive the global excitation systems market during the forecast period. Furthermore, the ability of excitation systems to ensure reliable long-term operation for synchronous machines is likely to support the market growth.

Regional governments are promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. High efficiency is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems during the forecast period. Furthermore, rising demand for synchronous machines in renewable power generation is also expected to support the market growth of excitation systems.

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The excitation systems market, by controller type, has been segmented into digital and analog control type segments. Digital control type is expected to emerge as the largest and fastest growing segment. Digital control systems help to improve generator performance by improving transient as well as dynamic stability. Easy conversion of analog to digital controls is another key factor that is expected to foster the demand for digital control systems during the forecast period. By application, synchronous generators are expected to emerge as the largest and fastest growing segment during the forecast period. Excitation protects the generator stator and rotor, controls the stability of the power system and adjusts the plant voltage and reactive power level automatically. It also enhances communication and offers fast and reliable information on how to direct and control the network.

Asia Pacific is expected to be the fastest-growing market for excitation systems from 2018 to 2023, followed by North America and Europe. Countries such as the US, China, Canada, Russia, and India are the largest markets for excitation systems. In the Asia Pacific, regional governments are focusing on promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region.

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Some of the major players in the excitation systems market are Basler Electric (US), ABB (Switzerland), GE (US), ANDRITZ AG (Austria), and Rolls Royce Holdings plc (UK).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Sanjay Gupta

MarketsandMarkets™ INC.
630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Email: newsletter@marketsandmarkets.com