AC Motors Market Likely to Boost Future Growth by 2029

The global AC Motors Market is projected to grow from estimated USD 4.60 billion in 2024 to USD 6.60 billion by 2029, at a CAGR of 7.5% during the forecast period. Industrial growth, rapid urbanization, and increased usage in HVAC systems, water treatment, and manufacturing activities are driving the demand for AC motors. The industries located in China, India, and Japan require AC motors for efficient operation, power pumps, fans, and compressors.

The 4-pole AC motor is the largest part of the AC motor market because it is versatile, energy-efficient, and has a lot of applications in various types of industries such as HVAC, pumps, and compressors. The motors work at constant speeds (1500 RPM at 50 Hz or 1800 RPM at 60 Hz) and have constant operations. Their balance of torque and speed also caters for heavy-duty and precision work, making them widely used in industries.

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This segment is largely the largest consumer of 500–900 kW-rated power due to its immense applications in heavy industries, like power generation, mining, and oil and gas. Such motors perfectly fit the high-power requirement of heavy operations while remaining highly efficient for demanding operations. Further, the trend in increasing application of automation and energy efficiency in processes of industry creates the need for these motors in the mentioned power range. They are a popular option in many industries due to their adaptability and dependability in managing demanding applications, which greatly contributes to their market domination.

The reason for the fast growth of the AC motors market share is the fast industrialization and urbanization within the Asia Pacific region, especially within the developing countries of China and India. The rising manufacturing sector, changing infrastructure, and the ever-increasing trend of employing energy-efficient technology are a few reasons why the need for AC motors is arising. Increasing usage of electric automobiles and HVAC systems is yet another reason contributing to its growth. The trend of AC motors in the region is further boosted by favorable government policies toward renewable energy projects and industrial automation.

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Some of the major players in the AC Motors Industry are ABB (Switzerland), Siemens (Germany), GE Vernova (US), WEG (Brazil) and NIDEC (Japan).

ABB

ABB is a leading power and automation technology company offering a wide range of products, services, and systems, namely, transformers, distribution automation products, high-voltage products, power transmission systems, grid integration systems, and others. The company has over 130 years of experience with motors and generators, and more than 40 years of expertise with drives in manufacturing, servicing and optimizing across a wide range of industries. The company has operations spread across more than 100 countries across 3 regions: Europe, the Americas and Asia, Middle East and Africa. ABB has 476 offices in 85 countries around the world.  ABB provides with general purpose to highly customized designs, synchronous motors and high voltage induction motors provide high efficiency, reliability and availability across all major industries, such as power generation, marine, oil and gas, mining, and data centers; and applications.

General Electric 

General Electric Company is a high-tech industrial company that operates worldwide through three segments: Aerospace, Renewable Energy, and Power. In April 2024, General Electric Company completed its transition of splitting into three separate companies with GE Vernova, GE Aerospace, and GE Healthcare all trading under separate stock tickers.

GE operates through four business segments: aerospace, renewable energy, power, and corporate. The power segment provides with AC motors. Along with motors, it provides with generators, automation and control equipment and drives for energy intensive industries such as marine, oil and gas, mining, rail, metals and test systems. General Electric Company operates in over 160 countries. Manufacturing and service operations are carried out at 59 manufacturing plants located in 24 states in the United States and Puerto Rico and at 102 manufacturing plants located in 25 other countries. Manufacturing facilities in Alabama, South Carolina and Tennessee, as well as R&D, sales, distribution and support operations in 46 states.

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.

Global Energy Perspective 2024: Energy Management Systems Market Outlook

The global Energy Management Systems Market is expected to grow from USD 44.19 billion in 2024 to USD 84.34 billion by 2029, at a CAGR of 13.8% from 2024 to 2029. The global energy management system market is mainly pushed through the increasing emphasis on power efficiency and the growing need to reduce operational prices across diverse industries. As energy expenses keep to differ and regulatory pressures accentuate, organizations are in search of advanced solutions to optimize strength intake, improve productivity, and reduce carbon emissions. energy management system solutions offer actual-time monitoring, predictive analytics, and automation abilities that permit organizations to manipulate their energy utilization more efficiently, main to big cost financial savings and more advantageous sustainability. This demand for electricity efficiency is specially robust in strength-in depth sectors which includes manufacturing, utilities, and industrial actual property, wherein the implementation of energy management system can result in sizeable financial and environmental advantages.

 

Another key driving force is the worldwide push in the direction of sustainability and the transition to renewable energy assets. Governments and regulatory bodies global are enforcing stringent strength efficiency standards and carbon reduction goals, compelling corporations to adopt energy management system to conform with these mandates. EMS answers play a crucial position in handling the combination of renewable energy sources, such as solar and wind, into current electricity systems, ensuring that electricity consumption is optimized and emissions are minimized. This alignment with worldwide sustainability desires is accelerating the adoption of energy management system throughout various areas, further driving market growth. Technological improvements are also extensively contributing to the enlargement of the energy management system market.

 

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End User Analysis

 

The Power & Energy segment holds the fifth-largest market share in the global Energy Management Systems (EMS) market due to its critical role in optimizing energy production, distribution, and consumption across a highly regulated and infrastructure-heavy industry. While the sector is fundamental to the broader energy ecosystem, its market share within the EMS market is comparatively lower because of the slower pace of technology adoption and the complexities involved in integrating advanced EMS solutions into existing power grids and generation facilities. However, the rising emphasis on grid modernization, the integration of renewable energy sources, and the need for improved efficiency in power generation and transmission are driving the gradual adoption of EMS in this segment. As utilities and energy providers face increasing pressure to reduce operational costs and comply with stringent environmental regulations, the demand for EMS solutions is expected to grow, albeit at a more measured pace compared to other industries.

 

Regional Analysis

 

North America holds the largest market share in the global energy management systems market as its advanced energy systems, high technology, strong regulatory framework that promotes energy efficiency and sustainability, encourage Investments in infrastructure, integration of renewable energy, further modernization of aging energy systems contribute to increased use of EMS. Leading EMS providers and well-established markets applications in the energy sector reinforce North America’s leadership position in the global EMS market. Also, the regulatory compliance is another factor for driving demand of EMS systems in this region.

 

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Key Market Players:

 

Key players in the global Energy Management Systems Market include Schneider Electric (France), Siemens (Germany), Honeywell International Inc. (US), Johnson Controls, Inc (US), ABB (Switzerland), General Electric (US), Eaton (Ireland), Emerson Electric Co. (US), Mitsubishi Electric Corporation (Japan), and Hitachi, Ltd. (Japan).

 

General Electric

 

General Electric Company (GE) is a key player in the global EMS market, leveraging its deep expertise in commercial capabilities to provide ongoing EMS response. GE EMS offerings are based on its Predix platform, commercial IoT answers that allow for real -time tracking, predictive security, and power efficiency across industries. These solutions are designed to help businesses improve productivity, reduce power costs, delivering advanced analytics and automation capabilities to improve energy efficiency and sustainability. In addition, GE globally accesses its large provider networks to ensure that its EMS solutions are available to a variety of customers more, and contributes to its greater presence in the global EMS market.

 

Schneider Electric

 

Schneider is a global leader within the energy management systems (EMS) market, regarded for its complete answers that integrate superior technologies for energy efficiency across industries. The company offers a extensive variety of EMS solutions for, which include software platforms, hardware additives ; With projects designed to guide sustainable improvement desires Schneider Electric's EcoStruxure platform, the important thing presenting for its EMS department, gives a bendy and secure framework that integrates IoT, real-time analytics and synthesis of artificial intelligence. These solutions deliver relevant insights and automates energy initiatives. The organisation's robust attention on innovation, coupled with its full-size global presence, drives Schneider Electric's dedication to move so sustainable has set up itself because the desired partner for agencies, commercial buildings and strength companies seeking to enforce smart strength solutions. With its ability to deliver EMS solutions tailored to particular enterprise desires has further solidified its leadership in the global EMS market.

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.

Energy Management Systems Market to Witness Revolutionary Growth by 2027

 According to the new market research report "Energy Management Systems Market by Component, Type (Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems), Deployment, End-User Industry and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Energy Management Systems Market size is estimated to be USD 75.0 billion by 2027 from USD 38.6 billion in 2022, at a CAGR of 14.2% during the forecast period. The Energy Management Systems Market, is expected to witness significant growth during the forecast period. With such a high demand for energy resources, the volatility in energy prices centers on changes in supply and demand. Economic conditions, availability of energy resources, and increasing demand are the prime factors contributing to price volatility. With the advent of IoT for home automation and building automation purposes, managing energy efficiently has become a top priority. Hence, these factors are driving the need for energy management technology to monitor and optimize energy consumption, driving the growth of the global market of energy management systems.

Industrial energy management systems is expected to occupy majority of the Energy Management Systems Market share

Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in energy consumption, government regulations, and the goal of reducing carbon emissions and tackling climate change, which will eventually increase the demand for industrial energy management systems.

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Cloud Based segment by deployment is expected to grow at the highest CAGR from 2022 to 2027

Based on the deployment, the cloud-based segment is estimated to be the fastest-growing market from 2020 to 2027. Cloud-based systems provide access to information with greater flexibility. With the help of a cloud-based system, users can store information from many different data acquisition systems and access and analyze this information from different sites with one application. Because these systems are generally sold as a service, the consumer does not need to maintain and update the database and infrastructure, which again reduces wasted time and money that could be spent on implementing energy and money-saving practices based on the data received. Cloud-based software can allow small and medium-sized businesses to act faster than the established companies. This has expected to allow for a competitive edge in the market for energy management systems.

North America likely to emerge as the largest Energy Management Systems Market

North America accounted for the largest share in the global Energy Management Systems Market during the forecast period. North America’s market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.

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Schneider Electric (France), ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), and Siemens (Germany) are the key players in the global Energy Management Systems Market.

Smart Grid Market: Creating Opportunities for Existing Utility Vendors and Emerging Players

 According to the new market research report "Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), Communication Technology (Wireline, Wireless), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the smart grid market size will grow to USD 103.4 billion by 2026 (forecast year) from USD 43.1 billion in 2021 (estimated year), at a CAGR of 19.1% during the forecast period. Smart grid technology enables the transition from a traditional energy distribution network to an intelligent electricity grid that allows two-way communication between the utility and its customers. The smart electric grid uses digital communication technologies, information systems, and automation for monitoring the energy flow and adjusting the changes in energy demand and supply. It also helps in real-time monitoring power consumption by coupling it with smart metering systems, providing consumers and suppliers with information on real-time power consumption. Thus, the smart grid helps improve system operating efficiency, thereby reducing the operational cost. Increasing demand for smart infrastructure in industrial, commercial, and residential environment to offer lucrative opportunities for the smart grid market during the forecast period.

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The software segment is the largest contributor in the smart grid market.

The software segment accounted for the largest share of the smart grid market, by component, in 2020. The software segment of smart grid market are further classified into seven types—Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, and Billing and Customer Information System.

The distribution segment is expected to dominate the smart grid market.

The distribution segment accounted for the largest share of the smart grid market, by application, in 2020. Efficient distribution application helps in quicker restoration of electricity after power disturbances, reduces operations and management costs for utilities, and ultimately lowers the power costs for consumers.

North America is expected to lead the smart grid market

North America includes countries such as the US, Canada, and Mexico. The US and Canada, which contribute heavily to the growth of the regional market. The region is estimated to account for the largest share of the global smart grid market, and a similar trend is expected to continue until 2026. One of the key reasons for the large market size is the early adoption of smart grid projects. The strong financial position of the US and Canada enables them to invest heavily in smart infrastructure platforms of the smart grid market.

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The smart grid market in US is expected to grow mainly because it is the most mature market in terms of smart grid deployment, advanced IT infrastructure, the presence of several enterprises, and the availability of technical expertise in the country. Smart grid technology in the US is undergoing a considerable transformation as digital technologies are being applied to distributed energy resources. All these factors are expected to drive the growth of the market in North America.

The key players in the Smart Grid Market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US).

Electric Insulator Market: Increasing Investments in T&D Networks

 The global Electric Insulator Market is expected to grow from an estimated USD 10.17 billion in 2018 to USD 13.34 billion by 2023, at a CAGR of 5.58%. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Factors such as increasing investments in T&D networks, refurbishment of existing grid networks, and growing adoption of renewable energy sources are driving the electric insulator market.

The low voltage segment led the electric insulator market in 2017 as these types of insulators are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, and other industries. Increasing industrialization and urbanization is one of the major drivers for the growth of the low voltage segment during the forecast period. Factors such as increasing demand for electricity, rising power generation capacity, and increasing usage of renewable sources to generate electricity are expected to boost the demand for the low voltage segment.

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The ceramic insulator is expected to hold the largest share of the electric insulator market

The ceramic insulators are projected to have the largest market share during the forecast period. Ceramic insulators can perform in rugged environments with minimal leakage and provide optimum mechanical strength with considerable stress resistance. Ceramic insulators are less expensive, have a longer life, and are easy to manufacture.  Many manufacturers are present in the market, thereby resulting in a higher market share of ceramic insulators compared to composite insulators.

Asia Pacific is expected to be the fastest growing market for electric insulator

The Asia Pacific is estimated to be the fastest growing market for electric insulator market in 2023 and is projected to grow at the highest CAGR during the forecast period. Increase in population, urbanization, and the growth of the industrial sector have increased the demand for power in countries such as China and India. The government of Asia Pacific countries is planning to develop more electrical grid and power generation capacity, which would further boost the demand for insulator in the region. Therefore, increasing demand for power and upgradation of existing electrical infrastructure is expected to boost the electric insulator demand in the region.

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The leading players in the Electric Insulator Market include ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India), NGK Insulators (Japan), Hubbell (United States), Bharat Heavy Electricals Limited (India), LAPP Insulators (United States), Maclean-Fogg (United States), Seves Group (Italy), TE Connectivity (Switzerland).

Meter Data Management System Market: New Business Opportunities

The global Meter Data Management System Market is projected to reach $428 million by 2023 from an estimated $169 million in 2018, at a CAGR of 20.48% from 2018 to 2023. This growth can be attributed to the increased government policies and supportive mandates for smart meter installations and need for accurate utility bill generation.

The electricity segment is expected to be the fastest growing segment of the meter data management system

The electricity segment is estimated to dominate the meter data management system market in 2018 and is projected to have the largest market share during the forecast period. This is mainly because there is increased global rollout of smart meters to reduce energy consumption and monitor customer usage pattern to determine load and outage management. Furthermore, meter data management allows utilities to develop new business models such as time of consumption tariff rate which is further expected to contribute to the growth of the electricity segment.

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The residential segment is expected to be the largest contributor the meter data management system

The meter data management system by end-use is segmented into residential, commercial, and industrial users. The residential segment is expected to hold the largest market share and the fastest growing market with increasing mandated rollout of smart meters in the residential sectors across regions such as the EU and North America. Countries such as the UK, France, Italy, and the US have mandated smart meter installation targets by 2023.

Furthermore, residential consumers will have access to their energy consumption data through meter data management system that will in turn help them in improving their energy consumption. In addition to this, grid upgrade, energy efficiency targets, and transmission and distribution investment in North America and Europe is further contributing to the growth of the residential segment.

North America is expected to be the largest market for meter data management system

North America is estimated to dominate the global meter data management system market in 2018 owing to the smart meter installation development and growth in countries such the US, Canada and Mexico. There is a huge requirement for power and infrastructural development due to aging grid network in the region. The US and Mexico are also investing in infrastructure and power generation projects to tackle growing population demands.

The growth of the meter data management system market in this region is also driven by smart meter rollouts and need to stabilize the grid and generate accurate utility billing. Subsequent smart grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.

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The major players in the global Meter Data Management System Market are Itron (US), Siemens (Germany), Landis+Gyr (Switzerland), Honeywell (US) and Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Kamstrup (Denmark), DIEHL (Germany), and Alcara (US).

Utility Communication Market: Increasing Focus on Improving Efficiency of Power Distribution Systems

 According to the new market research report "Utility Communication Market  by Technology Type(Wired and Wireless), Utility Type, Component(Hardware and Software), Application (Oil & Gas Network, T&D), End User (Residential, Commercial, and Industrial) and Region- Global Forecast to 2026", published by MarketsandMarkets™, the Utility Communication Market  size is expected to grow from an estimated USD 18.7 billion in 2021 to USD 23.2 billion by 2026, at a CAGR of 4.4%, during the forecast period. The key drivers for the Utility Communication Market include growing investment in smart grids modernization of electricity networks; focus on improving grid reliability, increasing operating efficiency, reducing outage length; consolidating trend of digitalization oilfield communication; and government initiative to support deployment of smart grid technologies.

The transmission & distribution segment is expected to capture the major share of utility communication market

The transmission & distribution segment held the largest share of the utility communication market, by application in 2020. Increasing demand for electricity and replacement of aging power infrastructure  is expected to drive the market. T&D operators depend on automatic systems to monitor and detect faults in their electrical networks and equipment. Many utility operators focus on maximizing investment in communication networks while ensuring reliable, secure data transmission.

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The residential segment is the largest contributor in the Utility Communication Market.

The residential segment is estimated to lead the Utility Communication Market. Asia Pacific was the largest market for residential end user segment in 2020. Increasing focus on energy efficiency is expected to drive the Utility Communication Market. The other key drivers for the growth of the Utility Communication Market for the residential sector are the introduction of mandates and regulations in support of utility communications at residential facilities. Countries such as Australia, China, Japan, the UK, France, and Italy have mandated the installation of utility communications at residential buildings.

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

Asia Pacific accounted for the largest share of the global Utility Communication Market in 2020. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific mainly includes Thailand, Vietnam, Indonesia, and Singapore. There is a high demand for electricity in Asia Pacific, which is also the most populated region in the world. Countries such as China, Japan, and South Korea are continuously investing in grid expansion projects to increase the reliability and resilience of distribution grids, which is likely to drive the demand for utility communication solutions and related services in the coming years. Besides, the smart grid market in the Asia Pacific region is expected to grow substantially in the coming years. The region is expected to invest about USD 9.8 billion in the development of smart grid infrastructure between 2018 and 2027. Asia Pacific is also moving toward clean energy on a large scale to meet the growing energy needs of the region.

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Major economies such as China, Japan, and India have ambitious solar and wind-based renewable power generation targets. According to the Renewable Energy Policy Network (REN21), China accounted for 45% of the total global investment (nearly USD 126.6 billion) in renewable power generation projects in 2017., followed by India, with an investment of USD 10.7 billion. Investments in infrastructure modifications are driven by the country’s aging power infrastructure. All these investments are likely to drive the market for utility communication solutions and services in Asia Pacific.

Some of the prominent players operating in the Utility Communication Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions (US).

Protective Relay Market: Growing Investments in Electrical Infrastructure to Boost the Market Growth

The global Protective Relay Market is projected to reach USD 2.7 billion by 2025 from an estimated market size of USD 2.0 billion in 2020, at a CAGR of 5.7% during the forecast period. The factors driving the market include increasing renewable energy capacity addition. Additionally, the replacement of old electromechanical and static relays with new numeric relays are creating growth opportunities for the protective relay market.

The Utility segment is expected to hold the largest share of the protective relay market

Utilities had the largest share (45%) of the protective relay market, by end-users, in 2019. This is due to the large scale use of protective relay by utilities in various applications, such as transformers, feeders, busbars, and high voltage substations. The utility segment is expected to continue its dominance over the forecast period due to the development of new distribution network and grid expansion projects, replacement of old electromechanical protective relays with new and more advanced numeric relays, substation automation for improved power quality, and implementation of smart grids for better grid management.

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The transformer is expected to be the largest segment of the protective relay market

The transformer segment is expected to grow at the highest rate during the forecast period due to the continuous maintenance of electricity distribution infrastructure and the expansion and upgrading of the power grid and to accommodate fluctuating renewable energy in Asia Pacific, North America, and Europe.

The digital & numerical segment of the protective relay is expected to grow at the highest rate.

The digital & numerical segment is expected to grow at the highest rate, owing to an increased focus on substation automation, smart grid implementation, and distribution and transmission infrastructure development. Digital & numeric protective relays are advanced relays that feature multiple protection functions in one unit, along with metering, communication, self-test functions, and others. These relays use software-based protection algorithms for the detection of faults and are also known as micro-processor type protective relays. These types of advanced features of digital relay make them more attractive in the market than the other electromechanical relay.

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The Asia Pacific is expected to be the largest protective relay market

In this report, the protective relay market has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa.

The Asia Pacific is expected to be the largest protective relay market during the forecast period. The growth of protective relay in Asia Pacific is due to increasing renewable energy capacity addition. Additionally, focus on substation automation under IEC 61850 standard and increased grid infrastructure activities are expected to drive the protective relay market in Asia Pacific during the forecast period.

Both global and regional players dominate the global protective relay market. The leading players in the global Protective Relay Market include ABB (Switzerland), GE (US), Schneider Electric (France), Siemens (Germany), and SEL (US).

Smart Gas Meter Market: Growing Emphasis on Smart Grid Initiatives and Modernization of Gas Networks

 The global Smart Gas Meter Market size is expected to grow from an estimated USD 2.0 billion in 2021 to USD 2.5 billion by 2026, at a CAGR of 4.7%, during the forecast period. The key drivers for the Smart Gas Meter Market include digitalization of distribution grids and optimization of network operations; asset management of advanced metering infrastructure (AMI); and increasing investment in smart grid technologies to measure and analyze data. Growing emphasis on smart grid initiatives and modernization of gas networks, and integration of artificial intelligence (AI) into smart gas meter operations offer high-growth opportunities for the Smart Gas Meter Market.

The residential segment is the largest contributor in the Smart Gas Meter Market.

The residential segment is estimated to lead the Smart Gas Meter Market. Asia Pacific was the largest market for residential end user segment in 2020. Increasing focus on energy efficiency is expected to drive the Smart Gas Meter Market. The other key drivers for the growth of the Smart Gas Meter Market for the residential sector are the introduction of mandates and regulations in support of smart gas meters at residential facilities. Countries such as Australia, China, Japan, the UK, France, and Italy have mandated the installation of smart gas meters at residential buildings.

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The automated meter reading (AMR) segment is expected to grow at the fastest rate.

The automated meter reading (AMR) segment accounted for the highest share of the Smart Gas Meter Market, by technology during the forecast period. The market for gas smart gas meter is driven by the growing demand for cost-effective smart gas meters and the need for automated collection of meter readings without physical inspection.

The smart diaphragm gas meter is expected to be the largest segment smart gas meter market.

The smart diaphragm gas meter held the largest share of the Smart Gas Meter Market, by type in 2020. The growth of the smart diaphragm gas meter segment is driven by the increasing number of residential & light commercial buildings to propel demand for smart diaphragm gas meter. The market for the smart diaphragm gas meter segment in Europe is expected to grow at the highest CAGR during the forecast period. To cater to the increasing demand for gas in residential and commercial areas and to provide gas supply with high reliability, is expected to drive the smart diaphragm gas meter market.

Asia Pacific is expected to be the largest and fastest-growing market for smart gas meter.

Asia Pacific accounted for the largest share of the global Smart Gas Meter Market in 2020. The region has been segmented, by country, into China, Japan, Malaysia, Australia, Indonesia, Singapore, and the Rest of Asia Pacific. China is the largest and fastest-growing market in the region. The country currently leads the table for new investments in smart grid technologies. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country’s energy landscape. The country’s ambitious renewable energy program will generate a tremendous need for smart grid technologies. The requirement for the smart grid market is further supported by China’s focus on embracing energy efficiency, thus, increasing demand for Smart Gas Meter Market.

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Major players operating in the Smart Gas Meter Market include companies such as Landis + Gyr (Switzerland), Itron (US), Honeywell International (US), Apator Group (Poland), and Diehl Metering (Germany).

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

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

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

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

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

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

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

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

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

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

Vacuum Interrupter Market: Increasing investments in smart grid & power distribution in developing regions

 

According to the new market research report "Vacuum Interrupter Market By Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, & Tap Changer), End User (Oil & Gas, Mining, Utilities & Transportation), Rated Voltage And Region - Global Forecast To 2025", published by MarketsandMarkets™, the Vacuum Interrupter Market is projected to reach USD 3.1 billion by 2025 from an estimated USD 2.4 billion in 2020, at a CAGR of 5.1 % during the forecast period. This growth can be attributed to factors such as continued growth of construction and development activities, increasing access to electricity in developing countries, and the increasing rate of industrialization and urbanization. However, the risks associated with device malfunction and the lack of existing government policies specific to vacuum interrupters are hindering the growth of the Vacuum Interrupter Market.

The circuit breaker segment is expected to hold the largest share of the Vacuum Interrupter Market

The circuit breaker segment, by application, is estimated to be the largest and fastest-growing segment during the forecast period, as they are the main components utilized in the low and medium voltage segment. With most of the existing electrical infrastructure expected to undergo a massive revamp in the near future, the circuit breaker installations are expected to go up, ultimately boosting the Vacuum Interrupter Market in the forecast period.

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The 0– 15 kV segment, by rated voltage, is expected to be the fastest-growing market from 2019 to 2024

The 0–15 kV segment is expected to be the fastest-growing market, at a CAGR of 5.6% during the forecast period. This is supported by the fact that electrical equipment with an operational range of low to medium rated voltage is required in the electricity distribution substations and industries such as mining and oil & gas. With renewable electricity grid integration being a top concern for countries such as China and India, the maximum vacuum interrupters belonging to this rated voltage segment are expected to be in huge demand in the forecast period.

Asia Pacific: the leading Vacuum Interrupter Market

The Asia Pacific region is projected to be the largest Vacuum Interrupter Market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for vacuum interrupters. Over the past few years, this region has witnessed rapid economic development. Also, the growth of the transmission & distribution sectors in this region has resulted in an increase in the Vacuum Interrupter Market. The renewable energy generation in countries such as China, South Korea, Japan, and India, is taking place at a humongous rate, thereby driving the Vacuum Interrupter Market.

The renewable power generation is not as stable as the conventional power generation. Hence, equipment such as circuit breakers, with vacuum interrupters pre-installed, are required to connect the power generating stations to switchyards and the electrical grid. Growth in the renewable power generation is expected to be a long-term driving force for the circuit breaker market. Subsequent stable grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.

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Some of the top players in the Vacuum Interrupter Market are ABB (Switzerland), Eaton (US), Siemens AG (Germany), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China).

COVID-19 Impact on Smart Grid Market worth $28.8 Billion by 2021

Post COVID-19, the report "COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021" size is estimated to be USD 26.9 billion in 2020 and projected to reach USD 28.8 billion by 2021 at a CAGR of 7.1% from 2020 to 2021.  The major factors driving the growth of the smart grid industry include modernization of aging grid infrastructure, and improved grid reliability and efficient outage response.

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“Smart Grid Market for software to hold the highest market share during the forecast period.”

The software segment is expected to hold the highest market share as it is likely to witness a low impact due to the outbreak of COVID-19.  The software segment is further sub-segmented into advanced meter infrastructure (AMI), smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing and customer information system.  It is estimated that the grid asset management, smart grid security, and billing and customer information system segments are expected to have the least impact during the lockdown of COVID-19.

Browse in-depth TOC on "COVID-19 Impact on Smart Grid Market"

32 – Tables
13 – Figures
57 – Pages

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“Smart Grid Market in North America is expected to hold the highest share during the forecast period”

The smart grid industry in North America is expected to be the largest during the forecast period. This growth is attributed to the rise in demand for smart grid infrastructure to improve service reliability and operating efficiency. The US and Canada are the major two economies in the region that focus on investing in grid modernization. For instance, the US government allocated funds for smart meter units and making installation of smart meters mandatory in several states, including California and Texas. Such initiatives are likely to drive the Smart Grid Market.

Some of the major players in the smart grid industry are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US),  Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark) and Trilliant Holdings (US), among others.

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