Engines Market Size will Escalate Rapidly in the Near Future

The global Engines Market is anticipated to grow from estimated USD 377.83 billion in 2024 to USD 477.89 billion by 2029, at a CAGR of 4.8% during the forecast period. 

The major factors owing to the growth of Engines Market are rising demand for fuel efficient and low emission engines. Engines are machines used in converting fuels into mechanical energy. This helps in major industries such as automotive, marine, aerospace, and power generation. The Engines Market has grown significantly due to increased demand for efficient energy solutions across industries. Engines are widely used in transportation vehicles, heavy machinery, ships, and backup power systems, providing a reliable source of power. The durability, scalability and the ability of engines to handle high loads make them essential for small as well as large scale applications.

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Gasoline by Fuel type, is expected to be the second largest Engines Market during the forecast period

 

Gasoline is expected to account for the second largest market share by fuel type during the forecast period. According to the U.S. Energy Information Administration (EIA), gasoline consumption in the transportation sector accounted for more than 90 % which fueled more than 270 million vehicles. Continuous advancements in gasoline engine technology, such as turbocharging, direct fuel injection, and variable valve timing, have significantly improved the fuel efficiency of gasoline engines. Gasoline engines are also widely used in light commercial vehicles (LCVs), motorcycles, and recreational vehicles. Gasoline engines account for a substantial portion of the overall engine market and help sustain gasoline’s dominant position.

 

Power Generation segment by end-user, is expected to be the fastest Engines Market during forecast period

 

The market for engines by end user is anticipated to be the fastest growing segment in the market during the forecast period owing to the rising demand for reliable and efficient energy sources worldwide. The provision of such backup power solutions is what drives this growth, and it is primarily in areas that experience frequent outages. Furthermore, during the increasing integration of renewable energy, flexible engine systems are needed to accommodate variable power supply. Investments in power generation engines are supported by government initiatives to create energy independence and sustainability. The performance and efficiency of engines used in this segment become better every day, and adoption follows.

 

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Asia Pacific is expected to be the fastest region in the Engines Market during the forecast period

 

The demand for the Engines Market is expected to increase in the Asia pacific region which is primarily due to the rapid industrialization and urbanization, thus resulting in high demand for the energy as well as transportation solutions. Several emerging economies live in this region, such as China and India, where the infrastructure development and the auto production are booming fast. Government initiatives to clean up the environment are also creating deeper pockets for innovative and investment in advanced engine technologies. Having a rising population and urban centers, increases the demand for efficient power generation systems and transportation systems. Additionally, the strong manufacturing sector of the Asia Pacific region is likely to help its production and adoption of various engine types to provide the market with gains.

 

Key Players

 

The report profiles key players such as Caterpillar (US), Cummins Inc. (US), General Electric Company (US), RTX (US), General Motors (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Honeywell International Inc. (US), AB Volvo (Sweden), Scania (Sweden).

Power Transformer Market Size 2024: Key Trends and Growth Drivers

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

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

 

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End User Analysis

 

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

 

Regional Analysis

 

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

 

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Key Market Players of Power Transformer Industry:

 

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

 

Hitachi Energy

 

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

 

Schneider Electric

 

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

Attractive Opportunities for Players in Utility Communication Market

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

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

 

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

 

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

 

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

 

The Asia Pacific region is the fastest growing Utility Communication Market

 

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

 

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

 

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

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

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

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

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

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

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

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

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

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

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

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North America is expected to lead the Silent Generator Market

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

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

Digital Utility Market to Witness Strong Growth through 2022

 The global digital utility market is expected to grow from an estimated $135.16 billion in 2017 to $244.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022. The North America is currently the largest market for digital utility, closely followed by the Europe and Asia-Pacific market. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. The Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.

The digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.

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North America is expected to be the largest market for digital utility

The utilities in North America have been undergoing a digital transformation for the past several years. Utility providers in the region are focused on the upgradation of power infrastructure through digital technologies such as smart meters and smart grids, among others. The U.S. government launched the Smart Grid Investment Grant (SGIG) program for smart grid development. There was an investment of $118.5 billion, in 2016, in smart cities in the region; this is expected to increase to $244.5 billion by 2021.

Hence, the North American market presents a greater opportunity for the digital utility market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.

The transmission and distribution segment is expected to lead the digital utility

The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the market during the forecast period.

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Some of the leading players in the Digital Utility Market include Accenture (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others.

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).

Geospatial Solutions Market: Integration of Geospatial Technology With Ai and Big Data Analytics Technologies

 

The global Geospatial Solutions Market is projected to reach $502.6 billion by 2024 from an estimated $239.1 billion in 2019, at a CAGR of 13.2% during 2019-2024. This growth can be attributed to factors such as integration of geospatial technology into mainstream technologies, advancements in geospatial solutions with the introduction of artificial intelligence and Big Data analytics, increasing use of location-based services, adoption of automation, cloud, and IoT technologies.

Geospatial software, related platforms, and user interfaces generate a larger share of revenue when compared with the hardware and service segments. This is because of the extensive usage of the former in operations. This can also be attributed by the organizations investing massively in the latest geospatial technologies to improve their operational efficiency.

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North America is estimated to be the largest market in 2019 owing to the growth in the usage of aerial imagery, satellite imagery, LiDAR, radar technologies, and global navigation satellite systems in countries such as the US, Canada, and Mexico.  Since North America is the largest market for geospatial technologies, the slightest of growth of this market in this region will reflect a significant growth globally.

Increasing integration of geospatial technologies into mainline technologies is likely to be a key component driving the market in North America. The developed economies are expected to give more thrust to the geospatial solution market. Globally, the implementation of geospatial technologies has seen a gradual increase over the past few years. This, along with the easy availability of geospatial technology in evolved countries such as the US and Canada, will surely positively boost the market in the region.

Geovisualization emphasizes knowledge construction over knowledge storage or information transmission. For this, geovisualization communicates geospatial information in ways that, when combined with human understanding, allow data exploration and decision-making processes. Thus, this application is of extreme importance in mapping and surveying. With the growth in the usage of geospatial solutions, this application is expected to be extensively used during the forecast period.

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Some of the top players in the Geospatial Solutions Market are HERE (the Netherlands), Esri (US), Hexagon (Sweden), Atkins Plc (UK), Pitney Bowes (US), Topcon (Japan), Digital Globe Inc (Maxar Group) (US), General Electric (US), Harris Corporation (US), Google (US), Bentley (UK), Geospatial Corporation (US), Baidu (China), Telenav (US), TomTom International B.V. (the Netherlands), Apple (US), Oracle (US), Microsoft (US), Amazon (US), IBM (US), SAP (US), China Geo-Engineering Corporation (CGC) (China), RMSI (India), and Orbital Insights (US).

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

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

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

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

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

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

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

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

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

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

Smart Meters Market to Reach $28.6 Billion by 2025

According to the new market research report "Smart Meters Market, By Type (Electric, Gas, Water), By Communication Type (RF, PLC, Cellular), By Component (Hardware, Software), By Technology (AMR, AMI), By End-user (Residential, Commercial, Industrial), and Region – Global Forecast To 2025"The global Smart Meters Market size is expected to grow from estimated revenue of USD 20.7 billion in 2020 to USD 28.6 billion by 2025, at a CAGR of 6.7%. Drivers of smart meters industry are government mandates and supportive policies for smart meters, real-time monitoring of utility systems and dynamic pricing, and the need for reduced blackouts and utility system failures across regions such as Asia Pacific, North America, South America, Europe, and Middle East & Africa. The market is segmented by type, communication type, component, technology, end-user, and region
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Smart electric meters are expected to dominate the global Smart Meters Market.
The market is segmented, by type, into electric, gas, and water. Smart electric meters accounted for the largest share of the Smart Meters Market in 2019. The smart electric meters market is driven by increased regulatory support and mandatory roll out policies by governments in regions such as North America, Europe, and Asia regions. In addition, power utilities are looking to install smart electric meters for enhancing their operations by using smart meter data for load forecast predictions and dynamic pricing of operations.

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By communication type, cellular is projected to have the highest growth rate in the Smart Meters Market
The market is segmented, by communication type, into RF, PLC, and cellular. The cellular segment is estimated to lead the market and is also expected to be the fastest-growing. The increasing need for real-time, accurate, fast, and precise utility consumption data for enhanced operations drives growth.

Asia Pacific is expected to dominate the global Smart Meters Market
Asia Pacific was the largest smart meters industry in 2019, driven mainly by a planned increase in investment and smart meter rollout in countries such as China, Japan, and India. Smart meters are being increasingly implemented to effectively integrate the growing share of DER in the region, such as solar and wind power.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Smart Meters Market. These players include Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).

Shore Power Market Growth Scenario with 6.7% of CAGR by 2025

According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside), by Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA), and Region - Global Forecast to 2025",published by MarketsandMarkets™, the global Shore Power Market is projected to reach USD 1.4 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 6.7%. The factors driving the growth of the Shore Power Market are the growing focus on reducing air and noise pollution from porting activities and increasing sea trade and cruise tourism.

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Shoreside installation is expected to be largest market during forecast period

The market has been segmented, by installation, into shoreside and shipside installations. The shoreside segment is expected to be the most Shore Power Market, by installation, during the forecast period. This growth can be attributed to the high cost of installation owing to extra electrical components on the shoresied. Additional components enable the shoreside shore power system to operate with more flexiblity and meet the power requirements of different type of vessels.

New installation segment is expected to be largest in the Shore Power Market, by connection, during forecast period

The Shore Power Market, by connection, has been segmented into new installations and retrofit. The new installation segment is expected to be the largest in the Shore Power Market, by location, during the forecast period.  This growth can be attributed to the increase in the number of stringent environmental norms by various governments. All the upcoming ports as well as upcoming vessels are being installed with shore power systems during construction, this procedure is also reduces the cost of implementation.

Frequency converters are expected to hold largest share of Shore Power Market, by component, during forecast period

The market has been segmented, by component, into transformers, switchgear devices, frequency converters, cables and accessories, and others, including safety grounding equipment and plugs. Frequency converters enable the shoreside shore power system to supply frequency matching the vessel’s operating frequency.

North America is expected to dominate global Shore Power Market during forecast period.

In this report, the Shore Power Market has been analyzed for 5 regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is the largest Shore Power Market, followed by Europe and Asia Pacific. North America is likely to witness a high adoption of shore power systems owing favorable regulations in multiple states throughout the countries.

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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 Shore Power Market. These include Siemens (Germany), Schneider Electric (France), Cavotec (Switzerland), Wartsila (Finland), Vinci Energies (France), and ESL Power (US), and among others. The leading players are trying to establish their facilities in developed countries and are adopting various strategies to increase their market share.

Gas-insulated Switchgear Market: Surging government initiatives to improve electricity access in rural areas

According to the new market research report "Gas-insulated Switchgear Market by Voltage Rating, Insulation Type, Installation (Indoor, Outdoor), End User (Transmission Utility, Distribution Utility, Generation Utility, Railways & Metros, Industry & OEM), and Region - Global Forecast to 2025",published by MarketsandMarkets™, is projected to grow from USD 16.9 billion in 2020 to USD 26.5 billion by 2025, at a CAGR of 9.5%.

The SF6segment is anticipated to constitute the majority of the Gas-insulated Switchgear Market share. A gas-insulated switchgear uses the dielectric gas sulfur hexafluoride, also known as SF6, at moderate pressure for phase-to-phase and phase-to-ground insulation. High-voltage conductors, interrupters, circuit breakers, switches, voltage transformers, and current transformers are in SF6 inside a metal enclosure.

A global increase in the demand for electricity is expected to drive the demand for gas-insulated switchgears across various sectors, such as the power distribution utility, power transmission utility, and power generation utility. Due to COVID-19, the US has a negative growth rate of -2.45% in the manufacturing sector in the first quarter when compared to China’s -3.25%. India, Japan, and Europe registered a negative growth of -3.98%, 2.77%, and -2.89%, respectively, in their manufacturing sectors.

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The power transmission utility segment is expected to be the most significant Gas-insulated Switchgear Market

The power transmission segment has the largest share of the Gas-insulated Switchgear Market owing to the global growth in the production and consumption of electricity. Transmission utilities own and operate the transmission system. Thus, the growing demand for power will necessitate the expansion of the transmission network, thereby enhancing the demand for electrical components, e.g., gas-insulated switchgears. But due to COVID-19 lockdowns, utilities are at a standstill, which has resulted in losses for companies. This has a negative impact on the growth of the Gas-insulated Switchgear Market.

The SF6 segment is expected to be the largest Gas-insulated Switchgear Market

The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgears are preferred over air-insulated switchgears where space is a constraint because air-insulated switchgears require meters of air as an insulation medium to do what SF6-filled switchgears can do in centimeters. Therefore, SF6-filled gas-insulated switchgears can be 10 times smaller than air-insulated switchgears. A majority of the existing and new gas-insulated switchgears use SF6 gas as the dielectric medium. Thus, the demand for gas-insulated switchgears is expected to grow due to the space constraints in urban areas.

Asia Pacific is expected to dominate the global Gas-insulated Switchgear Market

In this report, the Gas-insulated Switchgear Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.

The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for gas-insulated switchgears in Asia Pacific. However, COVID-19 has negatively impacted the power industry globally in the past 2 months. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of COVID-19 is high. The decreasing demand for electricity is caused by lockdowns across countries to mitigate the spread of the virus. This will have a negative impact on the growth of the Gas-insulated Switchgear Market for a considerable period of time.

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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-insulated Switchgear Market. These include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

Utility Communication Market Growing at a CAGR of 15.55% to reach $15.45 Billion by 2021

The utility communication market is expected to grow at a CAGR of 15.55%, from 2016 to 2021, to reach a market size of USD 15.45 billion by 2021. Asia-Pacific is estimated to be the largest market for utility communication, followed by North America in 2016. This trend is expected to continue till 2021. The growth of the utility communication market is driven by the increasing use of smart grids and mobile devices, modification in billing practices in power utility companies, and stringent regulatory requirements for power utilities. In addition, several government initiatives focusing on building smart cities, data centers, and cyber cites are expected to boost the market for utility communication technologies.

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Target Audience:
· Government and industry associations

· Investment and consulting firms

· Power distribution utilities

· State and national regulatory authorities

· State- or government-owned corporations

· Utility communication equipment manufacturing companies

· Utility communication service providers

The report segments the utility communication market, based on utility type, into private and public utility. Although public utility is the largest market for utility communication, the private utility segment is expected to grow at the fastest rate during the forecast period. Public utilities are state-owned or municipal-owned and are publicly listed companies. They are subject to public control and regulations. On the other hand, private utilities are business organizations managed as private enterprises without any interference by governments.

Market Ecosystem:The utility communication ecosystem comprises power and automation technology companies such ABB, Ltd. (Switzerland), Schneider Electric (France), and Ericsson (Sweden), among others; industry and energy companies such as Motorola Solutions, Inc. (U.S.) and Black & Veatch Holding Company (U.S.), among others; manufacturing and engineering companies such as Siemens AG (Germany) and General Electric (U.S.), among others; developers, manufacturers, and marketers of network access companies such as RAD Data Communications, Ltd. (Israel), Oracle Corporation (U.S.), and Fujitsu (Japan), among others, who integrate the utility communication technologies and sell them to end-use utilities to cater to their unique requirements.

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Asia-Pacific: The largest market for utility communication
Asia-Pacific is currently the largest market for utility communication, closely followed by North America. The Asia-Pacific market is primarily driven by countries such as China, India, Japan, and Australia where there are high demands for utility communication technologies due to the many smart grids coming up. The market in this region is projected to grow at a high rate, with China expected to dominate the market. Increasing domestic demand for efficient power infrastructure would drive the market for power utility communication. China is expected to invest around USD 31 billion in smart grid projects by 2020; this will likely boost the demand for utility communication.

Digital Utility Market Latest Trends and Forecast to 2022

According to the new market research report "Digital Utility Market by Network (Generation, Transmission and Distribution, and Retail), Technology (Hardware and Integrated Solutions (Cloud and Software, Services)), and Region (North America, Europe, and Asia-Pacific) - Global Forecast to 2022", published by MarketsandMarkets™, Global digital utility market is projected to grow at a CAGR of 12.57%, from 2017 to 2022, to reach a market size of USD 244.31 billion by 2022. North American market held the largest share in 2016 followed by the markets in Europe and Asia-Pacific. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.

The digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.

The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the digital utility market during the forecast period.

North America: The largest market for digital utility
The market in North America is currently the largest market for digital utility, closely followed by the European market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.

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The leading players in the digital utility market includes Accenture plc (Ireland), Cap Gemini S.A. (France), Cognizant Technology Solutions Corporation (U.S.), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), International Business Machines Corporation (U.S.), and Oracle Corporation (U.S.), among others.

Utility Drones Market to exceed $538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023

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

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

“North America: The largest market for utility drones”

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

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

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