Artificial Lift Market Huge Growth Opportunity between 2020–2025

 The global Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global artificial market is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.

 

North America is estimated to be the fastest growing market for artificial lift during the forecast period. The region has been segmented, by country, into US and Canada. The increasing shale oil & gas production in the North America region is driving the artificial lift market in this region. According to the BP statistical report for June 2019, the US is the top producer of oil, producing 15.3 billion barrels of oil, in 2018. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American artificial lift market.

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The offshore segment is expected to grow at the fastest rate in the global Artificial Lift Market

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

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The major players in the global Artificial Lift Market are Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), Novomet (Russia), AccessESP (US), and Valiant Artificial lift Solutions (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).

Trends and Opportunities for the Industrial Gearbox Market

The global Industrial Gearbox Market is expected to grow from an estimated $25.91 billion in 2018 to $31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023.  Increasing requirement for efficient energy gearbox and clean energy sources are driving the growth of the industrial gearbox market. The increasing automation in manufacturing technology is facilitating the growth of the industrial gearbox market. In addition, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.

The wind power segment is expected to grow at a high rate in the industrial gearbox market

The wind power segment is expected to grow at the fastest rate in the industrial gearbox market. The growth in the wind power segment is driven by the increasing investment in wind power installations in Asia Pacific, North America, and Europe. The Global Wind Energy Council has projected installation of more than 300 GW of wind power during the forecast period. A large number of installations are projected to be in Asia Pacific, North America and European regions. The growing installation of wind turbines will drive the growth of industrial gearboxes.

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Industrial Gearbox market has been segmented on the basis of end-user industries:

 

·         Wind Power

·         Cement & Aggregates

·         Chemical, Rubber & Plastics

·         Construction

·         Food & Beverage

·         Marine

·         Material Handling

·         Metals & Mining

·         Power Generation

·         Recreational Vehicle

·         Transportation Industry

·         Agriculture

·         Automotive

·         Others (Aerospace, Defence, Semiconductor, Robotics, Textile, Healthcare)

Asia Pacific is expected to be the largest industrial gearbox market

Asia Pacific region is estimated to lead the Industrial Gearbox market in the forecast period. The market in Asia Pacific is expected to hold the largest share and is forecast to grow at the fastest rate during the forecasted period.  The region holds the largest market share globally as the countries such as China and Japan are among the largest manufacturing countries in the world. In addition to this, the projected installation of wind power and the growing automation in the manufacturing industries in the region is driving the growth of the industrial gearbox market in Asia Pacific.

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Some of the top players in the Industrial Gearbox Market include Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).

Power Supply Market Huge Growth Opportunity between 2018–2023

 The global Power Supply Market is estimated to grow from USD 25.20 billion in 2018 to USD 34.92 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. Increasing adoption of home and building automation systems, the emerging telecommunications sector, and rising demand for energy-efficient devices/appliances are driving the power supply market growth. Also, the increasing usage of power supplies for various lighting applications will drive the need for AC-DC and DC-DC power supplies in the coming years. Along with lighting, industrial and consumer electronics are the key verticals driving the power supply market.

Power supply with low output power expected to account for largest market size

Power supply with low output power is expected to hold the largest size of the power supply market in 2018. This can be attributed to the increasing use of AC-DC power supplies with low output power in lighting, telecommunications, and consumer electronics. Moreover, various industrial applications, such as home and building automation systems, operate in this power range due to the benefits such as reduced power control system size, weight, and cost; this also makes the consumption of electricity more efficient. Hence, owing to the increasing demand for energy-efficient devices/appliances and advancements in telecommunications and medical sectors will upsurge the growth of power supplies with low output power.

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A power supply is a device that accepts an AC power input, rectifies and filters it and then applies the resulting DC voltage to a regulator circuit that provides a constant DC output voltage. There are a wide variety of AC-DC and DC-DC power supplies that can have an output voltage from less than 1 V to thousands of volts and output power ranging from 0.1 W to thousands of watts. AC-DC and DC-DC power supply applications from verticals such as lighting, industrial, consumer electronics, and medical are driving the market by integrating it in various devices such as street lighting, home lighting, wearable bands, smartphones, and patient-monitoring devices.

The power supply market in APAC is expected to grow at the highest CAGR

APAC is expected to dominate the overall power supply during the forecast period. This growth can be attributed to the strong demand for consumer equipment, including portable healthcare electronics and white goods. Increasing digitization and automation in various sectors is likely to generate demand for power supplies in APAC.

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Major players operating in the Power Supply Market include MEAN WELL (Taiwan), TDK Lambda (Japan), Siemens (Germany), General Electric (US), XP Power (US), Murata Power Solutions (Japan), Artesyn (US), Phoenix Contact (Germany), Delta Electronics (Taiwan), Cosel (Japan), PULS (Germany), CUI (US), AcbelPolytech (Taiwan), Salcom (Finland), LITE-ON Power System Solutions (US), FSP (Taiwan), Power Innovation (Germany), MTM Power (Germany), and Power Systems & Controls (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).