Switchgear Monitoring System Market to Capture Unparalleled Growth with a 7.83% CAGR by 2023

According to the new market research report "Switchgear Monitoring System Market by Switchgear Type (GIS, AIS), Component (Hardware, Software) End-User (Utilities, Industries, Commercial, Others), Voltage (Medium, High), Monitoring Type (Temperature, PD, Others), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Switchgear Monitoring System Market is projected to reach USD 2.0 billion by 2023 from an estimated USD 1.4 billion in 2018, at a CAGR of 7.83%. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgear monitoring system.

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The high voltage segment is expected to hold the largest share of the Switchgear Monitoring System Market, by voltage, during the forecast period.

The high voltage segment is estimated to dominate the Switchgear Monitoring System Market in 2018 and is projected to have the largest market share during the forecast period. This is mainly due to the fact that high voltage switchgears are primarily used in power transmission over long distances. In the case of critical substations and switchyards of large power generation plants, switchgears are used for reliability and protection of the grid infrastructure.

The partial discharge monitoring segment is expected to be the fastest growing segment of the Switchgear Monitoring System Market, by monitoring type, during the forecast period.

The partial discharge monitoring segment accounted for the highest CAGR during the forecast period. Partial discharge monitoring adopts various methods to detect cracks and defects in insulations such as Transient Earth Voltage (TEV), Ultra-High-Frequency (UHF), and Acoustical Emission (AE). Partial discharge monitoring includes partial discharge sensors, local readers such as RTU/PLC, HMI, data storage, and communication protocols. This system enhances operator safety and provides confidence in the reliability and safety of electrical equipment.

Asia Pacific: The leading market for switchgear monitoring system.

In this report, the Switchgear Monitoring System Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfil the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. Also, India is undertaking a lot of smart grid and substation projects to fulfill the growing demand for energy. This would create demand for the switchgear monitoring system in the region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Switchgear Monitoring System Market. Some of the key players are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Emerson (US). The leading players are adopting various strategies to increase their shares in the Switchgear Monitoring System Market.

Directional Drilling Services Market Key Opportunities and Forecast to 2021

According to the new market research report "Directional Drilling Services Market by Application (Onshore, and Offshore), Type (Conventional, and Rotary Steerable System), Service (LWD, MWD & Survey, RSS, Motors), and Region - Global Forecast to 2021", published by MarketsandMarkets™, The Directional Drilling Services Market is expected to grow from an estimated USD 8.33 Billion in 2016 to USD 10.30 Billion by 2021, at a CAGR of 4.34% from 2016 to 2021. Increasing demand for energy due to urbanization & industrialization, ongoing shale gas revolution and new oilfield discoveries are the major factors driving the market for directional drilling across the globe.

Directional drilling is the practice of controlling the trajectory and deviation of the well during drilling operations, along a planned path to explore the oil from a targeted position in the typical geologic structural oilfields.  Increasing demand for energy due to urbanization & industrialization, ongoing shale gas revolution and new oilfield discoveries are the major factors driving the market for directional drilling across the globe.

the directional drilling services market in this report has been classified based on the following segments, namely, rotary steerable system (RSS), Logging While Drilling (LWD), Measurement While Drilling (MWD) & survey, motors and others (includes directional drilling technologies and systems such as well bore positioning, automated drilling systems, side tracking, well planning, hydraulics, torque, and drag analysis). The RSS segment dominated the directional drilling services market in 2016 due to the increase in the horizontal drilling activities associated with the development of shale gas mainly in countries such as China. According to the 12th five year plan in China, the country planned on increasing its natural gas consumption to 9,200 Bcf by 2015 as it looks to replace coal as a chief energy source. Hence, the market size of the RSS is the largest.

North America: The leading market for directional drilling services

North America is currently the largest market for directional drilling services, and the Middle East is projected to grow at the highest CAGR during the forecast period. In North America, most of the directional and horizontal wells are drilled in onshore reservoirs. In North America, the growth of the directional drilling services market can be attributed to factors such as ongoing shale gas developments in countries like U.S. and Canada.  U.S. accounted for the majority share in North America in 2016. Technological advancements in drilling (long-reach horizontal well bores) and completion techniques (multi-stage hydraulic fracturing) are increasing the outlook for the supply of crude oil in North America. The figure given below shows the regional scenario of the directional drilling services market from 2016 to 2021.

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Some of the leading players in the directional drilling services market include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland), National Oilwell Varco, Inc. (U.S.), among others.

Blockchain in Energy Market Growing at Highest CAGR of 78.32% from 2018 to 2023

According to the new market research report "Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The blockchain in energy market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.                             

The report segments the blockchain in energy market, by application, into grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. The energy trading segment is expected to grow at the highest CAGR during the forecast period as the use of blockchain technology is emerging primarily in areas such as energy trading, maintenance of distributed energy systems, and peer-to-peer energy trading systems. 

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The blockchain in energy market, by end-user, is segmented into power and oil & gas. The power segment is estimated to be the fastest growing segment during the forecast period as it has the largest number of implemented blockchains in energy projects and R&D investments. Whereas for the oil & gas sector, the use of blockchain technology is still emerging.

Europe: The leading market for blockchain in energy market

In this report, the blockchain in energy market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. Europe led the global blockchain in energy market in 2017 owing to the maximum number of blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around for the Enerchain project that focuses on blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of blockchain platform are driving the blockchain in energy market in the region.

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The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).

Intelligent Completion Market Trends and Opportunities for Oil and Gas Industry by 2023

According to the new market research report published by MarketsandMarkets™ "Intelligent Completion Market by Application (Onshore & Offshore), Component (Hardware & Software), Type (Complex & Simple), Function (Downhole Monitoring & Control System, Surface Control System, and Communication), and Region - Global Forecast to 2023", The intelligent completion market is projected to reach USD 2.16 billion by 2023, from an estimated USD 1.61 billion in 2018, at a CAGR of 6.05%. This growth can be attributed to the increasing focus toward the production of oil & gas wells and improved economical and operational benefits across the globe. High initial costs coupled with a lack of data processing infrastructure on the oil & gas rigs can hinder the growth of this market.

The onshore segment is expected to be the largest growing market in the intelligent completion market during the forecast period

The onshore segment accounted for the fastest growing segment by application in intelligent completion during the forecasted period. The cost incurred in the oil & gas activities such as drilling and well completion is less in onshore when compared to offshore applications. The increasing production activities from onshore are likely to boost the intelligent completion market during the forecast period. The countries which have no offshore reserves are conducting enhanced oil recovery that has increased the demand for intelligent completion for the onshore segment.

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The intelligent completion market has been segmented into complex intelligent well completion and simple intelligent well completion. The simple intelligent well completion segment is expected to hold the largest market share in 2018. Simple intelligent well completion helps to enhance the performance of the wells and finds its application in horizontal and multilateral wells. It provides downhole monitoring system to facilitate reservoir monitoring. This type of intelligent completion includes pressure and temperature sensors, distributed & temperature profiling, and downhole flow meters. The adoption of simple intelligent well completion will drive the simple intelligent well completion segment.

Europe: the fastest growing market for intelligent completion

In this report, the intelligent completion market has been analyzed with respect to 6 regions, namely, the Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to hold the largest market share in 2018 and the Middle East is the fastest growing market during the forecast period. Factors such as increase in oil & gas activities and availability of several mature oilfields in the North Sea are driving the intelligent completion market in the European region. Exploration activities in offshore and arctic regions and increased adoption of data driven technologies for real-time monitoring in the oil & gas industry can create opportunities in the intelligent completion market.

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Some of the leading players in the intelligent completion market are Schlumberger (US), Halliburton (US), BHGE (US), Weatherford (US), and National Oilwell Varco (US).

Perforating Gun Market has been Growing in accordance with the Global Oil & Gas Industry

According to the new market research report  "Perforating Gun Market by Gun Type (Wireline Conveyed, Tubing Hollow Carrier, Tubing Strip, Tubing Conveyed), Depth (Up to 3000ft, 3000–8000ft, Above 8000ft), Well Type (Horizontal, Vertical), Well Pressure (High, Low), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The global perforating gun market was valued at USD 724.3 Million in 2016 and is expected to reach USD 898.7 Million by 2022 at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. Rising oil and gas production, increase in the average well depth over the years, growing complexity of reservoir conditions, and increased shale gas exploration are the major factors driving the perforating gun market. 

The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

The report segments the perforating gun market, by well type, into horizontal wells and vertical wells. The horizontal well segment is expected to be the fastest-growing market. The segment is mainly driven by factors such as growing complexity of reservoir conditions over the years, environmental reforms, and technological advances. Horizontal wells require multiple perforations, thus, driving the market for perforating guns.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

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The key players operating in Perforating Gun Market market include Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US).