Mining equipment market poised to surpass USD 99 billion by 2024, Surface mining equipment to witness massive demand
Global Mining Equipment Market is witnessing many twists and turns since the past decade with the constant involvement of modern technology to enhance the quality of operation. Machine failure detectors, real-time monitoring, and open pit mining are the some of the hi-tech integrations fueling the smart mining solutions. The growing trend of using multifunction machinery instead of single function counter parts is also expected to positively influence the overall market expansion. As per a report by Global Market Insights, Inc., “Mining equipment market in 2015 generated a revenue of more than USD 69 billion, and is poised to grow lucratively at a CAGR of 4.7% over 2016-2024.”
China Mining Equipment Market size, by application, 2013-2024 (USD Billion)
Another vital factor which is pushing mining equipment industry worldwide is the surging need to extract mines from lower grade ores and to cope with the remote locations. The constant effort by the key market players to address these major issues for enhancing the productivity and overall efficiency has resulted in automation and product innovation.
Metal mining applications to bring lucrative business opportunities for the global industry
Mining equipment industry has observed significant growth in two application sectors-metal mining and coal mining. In 2015, metal mining equipment market surpassed a revenue of USD 29 billion and is anticipated to grow exponentially in the upcoming period with an annual growth rate of 5% over the timespan 2016-2024.The heightening global demand for precious metals especially gold, as it supports the financial, emotional, as well as cultural values of the consumers, is augmenting the industry in metal mining.
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Mining equipment industry from coal mining has also developed over the recent years, in the transition from manually extracting the coal on carts to economical open cut long wall mines. The massive progression can be credited to the rising electricity requirement to feed the growing population.
Surface mining and underground mining are two basic techniques adopted for extraction. Today, surface mining being more predominant, surface mining equipment market has evolved robustly. It had a revenue share of more than 35% of the total volume in 2015 and is slated to show heavy growth at a CAGR of 3.4% over 2016-2024. Rising trend of exploration of untapped resources specially across developing nations is expected to offer ample opportunities to the market over the years ahead.
Mining drills and breakers market will also benefit from the increase in demand for sub surface mining of metals, minerals, and coals with the incorporation of effective hi-tech solutions.
Asia Pacific, driven by China, to witness heavy gains over 2016-2024
Asia Pacific is one of the prominent regions propelling the overall market with a collected revenue of more than USD 40 billion in 2015. Increasing concerns toward worker’s safety, strong demand for energy efficient technologies, and environmental considerations are the key factors driving the China mining equipment industry over the 2016-2024.
Furthermore, the recent market trend of using lease-based equipment is also encouraging industries to use more of advanced machinery. For instance, barcode technology helps in tool tracking, therefore various manufacturers are now incorporating digital barcode in hand tools as well as power tools to favor effective monitoring.
Another niche region driving the market is U.S. Key players in this region are investing continuously on energy efficient techniques, to reduce pollution. U.S. mining equipment industry is set to cross over USD 11.5 billion by 2024, with a projected CAGR of 3.2% over the period 2016-2024.
Product diversification without increasing the overall cost is the prime focus of the industry participants. Prominent players of mining equipment market include Sandvik, Caterpillar, Atlas Copco, and Joy Global.
Author Name :Satarupa De
Power crises to propel Africa Off Grid Solar Lighting Market: Kenya to dominate the regional landscape over 2016-2024
High electricity deficit across rural areas of Africa plus escalating requirement for clean energy will stimulate Africa Off Grid Solar Lighting Market expansion. Nearly, 590 million of the African population, encompassing 130 million urban base, are facing power supply problems. As per Global Market Insights, Inc., “Africa Off Grid Solar Lighting Industry revenue is forecast to hit USD 1.4 billion by 2024.” Furthermore, plummeting prices of off grid renewable energy systems, owing to technological innovations and growing economies of scale are predicted to further drive the industry trends. Even today, a major chunk of the African population depends on non-renewable energy sources such as candles and kerosene, which are responsible for greenhouse effects. Thus, growing concerns over fossil fuel emissions causing climatic changes as well as fluctuations in seasonal cycles is forecast to benefit market over the years to come.
Ghana Off Grid Solar Lighting Market Size, by application, 2013-2024 (Million Units)
Large Solar Home Systems, Solar Lanterns, and Solar Home Systems are the major products of Africa Off Grid Solar Lighting Industry. Solar Lanterns, which dominated the product landscape in 2015, are predicted to favor Africa Off Grid Solar Lighting market development over the coming years. High urge for inexpensive products and clean energy sources will support the growth. Solar Home Systems are projected to push Africa Off Grid Solar Lighting Market value over the coming seven years, by recording a CAGR of 17% over 2016-2024. High demand for mobiles and smart phones is expected to enhance the popularity of solar home systems.
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Off Grid Solar Lighting Systems find major applications across Residential, Industrial, and Commercial sectors. Residential application, worth USD 240 million in 2015, is projected to elevate Africa off grid solar lighting market revenue over the coming timeframe. Growing awareness about the benefits of solar lights usage over kerosene lamps will fuel the growth. Africa Off grid solar lighting market share in the commercial sector is expected to grow at a rate of 16% over the coming seven years, driven by its rising application across retail outlets to promote their business. Industrial application will hit USD 130 million by 2024, driven by continuous power supply demand for small firms to perform everyday business activities/functions.
Below are the regional trends impacting Africa Off Grid Solar Lighting market over 2016-2024:
- Rwanda off grid solar lighting industry is projected to record a CAGR of 18% over the coming timeframe, driven by favorable government initiatives along with the presence of many retail stores.
- Kenya industry, which dominated Africa off grid solar lighting market in 2015, is projected to grow substantially over the next few years. Supportive government policies inclusive of incentives, tax benefits, and subsidies will push the regional share.
- South Africa off grid solar lighting industry will hit USD 65 million by 2024, owing to enhanced use of large solar home systems.
Market players will try to increase their ROI through product development, product benchmarking, introduction of new technologies, and heavy R&D investments. SunnyMoney, WakaWaka, Koninklijke Philips N.V., Suntech Power, BBOXX Limited, BareFoot Power, Nuru Light, ASE, and D. Light are the major players of Africa Off Grid Solar Lighting Industry.
Author Name : Dhananjay Punekar
Circuit Breakers market outlook: Uninterrupted power transmission and distribution demand to stimulate industry growth over 2016-2024
Rising implementation of numerous medium and large capacity renewable energy projects will drive Circuit Breakers Market favorably over the period of 2016 to 2024. According to Global Market Insights, Inc., “Worldwide circuit breakers market having had a revenue of USD 6 billion in 2015, is predicted to grow at a CAGR of more than 7% over the coming years of 2016 to 2024.” The escalating replacement and development activities to enhance the electricity transmission capability across the globe will also generate eye-catching revenue over coming timeframe. Shifting trends toward smart transmissions and distribution network as well as high investment in the development of digital substation will boost circuit breakers industry share notably.
Global Circuit Breakers Market, By Technology, 2014 – 2024 (USD Billion)
The prominent end users of circuit breakers market are power distribution and power transmission. The power transmission end-use segment will exhibit a CAGR of more than 5% over the period of 2016 to 2024. The growing concerns regarding power transmission safety will augment the industry growth considerably.
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Based on the voltage level, circuit breakers market is mainly divided into HV, MV, and LV. The HV circuit breakers market will record a CAGR of more than 6% over the coming seven years. The growth can be attributed to the growing investments for the development and improvement of transmission grid infrastructures such as extra high voltage (EHV) and ultra-high voltage (UHV). MV circuit breakers industry is projected to generate a revenue of over USD 4 billion by 2024, owing to its surging demand across industrial and commercial sectors to install compact sized substation.
Oil, air, SF6, and vacuum are few of the technologies based on which circuit breakers market is primarily segmented. SF6 circuit breaker technology market was worth USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 10% over the period of 2016 to 2024. The growth can be attributed to the rising product demand, owing to significant features such as high dielectric strength and sufficient arc quenching capability. Vacuum based technology will register a CAGR of more than 9% over the coming seven years, due to its surging requirement for the various high and medium voltage substation applications.
Considering the geographical landscape, China circuit breakers market will surpass a revenue of 2 billion by 2024, owing to the numerous on-going renovation and replacement activities of existing transmission and distribution activities. In addition, China Village Electrification Program and China Township Electrification Program will also contribute favorably toward the industry growth.
India circuit breakers industry size is predicted to record an annual growth rate of more than 8% over the coming years of 2016 to 2024. The futuristic electrification mission of the Government like One Nation, One Grid, and One Price will augment the regional share noticeably.
U.S. circuit breakers market was worth USD 1 billion in 2015 and will grow at a CAGR of more than 7% over the coming seven years, primarily driven by the favorable government support to improve the reliability and safety of the distribution and transmission network.
Russian circuit breakers industry share will exhibit an annual growth rate of more than 7% over the period of 2016 to 2024. The growing adoption of smart grid technology will boost the market size considerably.
Industry giants are adopting the growth strategies like mergers & acquisition to strengthen the business space across the globe over the coming timeframe. Key players in circuit breakers market are Siemens, ABB, Mitsubishi Electric Corporation, Eaton Corporation, GE Power, Mersen, Powell Industries, TE Connectivity, Toshiba, and Schneider Electric.
Author Name :Sunil Hebbalkar
Photovoltaic Inverter Market will witness heavy growth over 2016 to 2024, driven by favorable government initiatives and a strict regulatory framework to promote deployment of sustainable energy resources. Monetary assistance along with various supporting schemes such as net metering, feed in tariff, and upcoming projects on renewable energy will further propel industry growth. In 2015, financial incentives and net metering accounted for 78% and 15% of the global photovoltaic inverter market respectively. As per a report by Global Market Insights, Inc., “PV Inverter Market size worth over USD 6 billion in 2015, is projected to exhibit high gains at a CAGR of more than 13% over the period 2016 to 2024.”
U.S. PV Inverter Market share, by application, 2013 – 2024 (MW)
Surging demand for cleaner and more reliable electricity at affordable price will encourage more solar installation, thereby complementing the PV inverter industry. Growing inclination toward unconventional energy sources for safety and security purpose will favor the market expansion.
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PV inverters find applications in residential complexes, commercial arenas, and utility segments. Residential photovoltaic inverter industry size exceeded a revenue of USD 1,480 million in 2015 and is expected to increase at a CAGR of 12% over the coming seven years. Increasing focus on the decentralization of power generation in emerging nations by electrification programs will have a positive impact on the global market.
Favorable government initiatives to bring down the carbon content and the increasing requirement for uninterrupted power supply will boost the commercial application growth. Commercial applications consumed more than 10 GW power in 2015, and will witness heavy growth in the next seven years.
PV inverter market size in utility application segment was 20 GW in 2015, and is expected to grow substantially in the years to come.
Standalone and on grid photovoltaic inverters are the two types of PV inverters. Strong urge toward off grid electricity clubbed with cost effectiveness of unconventional energy sources is having an assertive influence on the standalone photovoltaic inverter market. It is forecast to cross over USD 6 billion by 2024. On grid PV inverter market size is estimated to generate a revenue over USD 10 billion, growing at an annual rate of 19% over 2016-2024.
Driven by the government measures toward adoption of renewable energy sources over conventional sources, US photovoltaic inverter market size is expected to record a significant CAGR of 19% over the period of 2026-2024.
Favorable initiatives by the African government to shift the focus toward renewable energy based power production is propelling the South Africa PV inverter market size, which is estimated to reach over USD 37 billion by 2024.
Geographically, China PV inverter industry is projected to remain one of the major regional contributors, with an estimated power generation of 70 GW by 2024. China also planned to implement photovoltaic poverty elevation program for the installation of 10 GW solar panels within four years.
Chile is one of the prominent region driving global PV inverter market. The rising implementation of numerous solar projects and the untapped scope of the renewable energy sector will drive regional growth.
Key players of the industry are KACO Energy Inc., REFUsol, Advanced Energy, Ingeteam, Schneider Electric, ABB, Sungrow Power, Elettronica Santerno, and Huawei Technologies.
Author Name :Satarupa De
Middle East Cable Market Trends: Increasing demand for sustainable power supply to drive regional growth
Increasing number of construction projects and rising power requirement will fuel Middle East Cable Market. The need to address the large requirement for electricity across the globe has resulted in an increased number of power generation projects. Favorable government initiatives, investments in smart city development in the Middle East, rapid urbanization, tourism, and infrastructural development is also expected to catalyze Middle East cable market growth.
According to Global Market Insights, Inc., “Middle East Cable Industry is anticipated to register a revenue of more than USD 11.98 billion by 2023, at a CAGR of 8.4% over 2016-2023.”The rising necessity for replacing old transmission lines for safe transportation is one of the crucial factors to drive revenue. Furthermore, high power consumption across residential areas will lead to the implementation of more power generation projects, which will fuel product demand.
Saudi Arabia cable market size, by product, 2012 – 2023 (USD Million)
Middle East cable market size for the UAE was worth USD 1.6 billion in 2015. Increasing industrial applications powered by a surging demand for technologically advanced automated systems is likely to fuel regional growth.
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Middle East cable industry for Saudi Arabia is expected to register a revenue of USD 5 billion by 2023, growing at a healthy CAGR of 9% over the period of 2016-2023. This growth can be primarily attributed to a slew of construction projects, technological innovations, and highly developed infrastructure across the region.
Based on the product trends, Middle East cable market is segmented into low voltage, medium voltage, high voltage, and very high voltage cables. Low voltage cables find applications in low power transmission internal wiring and related electrical issues. Increased power requirement drives the need for automation, which in turn will fuel Middle East cable industry growth.
Low voltage Middle East cable market size was worth more than USD 1.84 billion in 2015, and is projected to be valued at approximately USD 3 billion by 2023. This growth can be primarily credited to the booming construction and real estate sectors.
Medium voltage Middle East cable industry contributed to the highest share in 2015, and is majorly driven by a huge consumer base and increased applications across the railway sector. The target market size is expected to grow at a substantial CAGR of 8% over 2016-2023.
High voltage Middle East cable industry, having accounted for more than 20% of the overall share in 2015, is estimated to record a CAGR of 10.5% over 2016-2023. Growing number of offshore wind projects and rising penetrations across submarine use cases will complement market growth.
Middle East cable industry for industrial applications is slated to grow at a CAGR of 8.5% over 2016 to 2023 and is a highly lucrative application segment.
Increased consumer spending and rapid infrastructural development will be the key factors driving Middle East cable market for commercial applications. Having generated a revenue of USD 3.81 billion in 2015, this industry is projected to witness a surging growth and will continue to be a major contributor in the years to come.
Major industry players include Riyadh Cables, Oman Cables, Elsewedy Electric, Saudi Cables, and Ducab. LS Cable & System, International Wire Group, Belden, Southwire company, Sumitomo Electric Industries, Finolex, Encore Wire, Fujikura, Nexans, The Okonite Company, KEI, General Cable, Furukawa Electric, and Prysmian are other notable participants.
Rising demand for power transmission across the globe has forced companies to stress on the manufacture of high voltage and extra high voltage cables. High profit margin being the prime focus of the companies, the coming years will witness heavy emphasis on vertical integration and investments in R&D as the major growth strategies.
Author Name : Saipriya Iyer
Lithium Ion Battery Market Trends: Consumer electronics sector to boost the industry trends over 2016-2024
High preference for portable electronic devices fueled by the rise in disposable incomes will push Lithium Ion Battery Market growth. Stringent government initiations leading to more adaption of electric vehicles, is expected to open new avenues for the industry to expand over the coming seven years. The industry is also propelled by the increasing demand for consumer electronics which include, smartphones, PDAs, and tablets. According to Global Market Insights, Inc.,” Lithium Ion battery market worth over USD 23 billion in 2015, is anticipated to grow at a CAGR of 9% over the period 2016-2024”. Raw materials abundance, higher heat resistance properties, lower risk of explosion are some of the contributing factors driving the product demand.
Europe Lithium Ion Battery Market size, by application 2014-2024 (USD Billion)
Lithium ion battery finds extensive applications in automotive, consumer electronics, and energy sectors. Automotive lithium ion battery market exceeded a revenue share of USD 7 billion in 2015, and is expected to witness significant growth over the coming years. A major shift in consumer preference toward cleaner fuel is leading to more use of electric vehicles, which in a way is driving the automotive sector.
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Lithium ion battery application in consumer electronics is projected to surpass USD 14 billion by 2024, owing to the surging demand for tablets, mobile phones, and laptops.
Renewable and grid storage application is also predicted to contribute significantly toward the global lithium ion battery industry share. It is foreseen to cross USD 12 billion with an annual growth rate of 9% over 2016-2024.
On the basis of technology, lithium ion battery market is fragmented into anode, cathode, electrolytes, and separators. The industry from separators is estimated to witness heavy growth at a CAGR of 12% over 2016-2024. The electrolytes lithium ion battery market worth over USD 1 billion in 2015, will also grow substantially.
Below the regional trends positively influencing the global lithium ion battery market over 2016-2024:
- U.S. lithium ion battery industry share accounted for 70% of the total volume in 2015 and is expected to grow substantially in the years to come, owing to the rise in adaption of electric vehicles and demand for high quality consumer electronics.
- Asia Pacific lithium ion battery industry size, led by Japan and China, is projected to witness robust growth over the coming time frame. Japan lithium ion battery market is estimated to surpass a revenue of USD 2 billion by 2024.
- According to the Department of Environment Protection, the government of China has approved a resolution named ‘Battery and Recycled Lead Enterprises’ (325) to encourage the use of lithium ions over lead acid batteries. Chinese government initiations in this regard are expected to positively influence the China lithium ion battery industry with a projected annual growth rate of 11% over 2016-2024.
- Europe mainly dominated by Germany lithium ion battery market will also contribute significantly toward the overall market share. Germany industry is likely to register a CAGR of more than 10% over 2016-2024, driven by the growing consumer concern toward ecofriendly technologies in this region.
Key industry participants include Panasonic, Samsung, GS Yuasa International, Hitachi Chemical, GS Yuasa International, and Automotive Energy Supply Corporation.
Author Name : Satarupa De
String inverter market outlook: Rising demand for uninterrupted power supply to augment the industry growth over 2016-2024
The surging requirement for continuous electricity supply will stimulate string inverter market value over the coming timeframe. Favorable features such as light weight, compact size, ability to increase power density, and ease of installation will notably influence the demand for string inverter. As per the report by Global Market Insights, Inc., “Global String inverter market is predicted to grow at an annual growth rate of 15% over the period of 2016 to 2024.” Government rules and regulation regarding usage of renewable energy resources, owing to the depleting fossil fuel storages will also drive the worldwide string inverter industry share over the next few years.
Single and three phase are the two key types of the string inverter. Three-phase string inverter market share, which was worth over USD 1 billion in 2015, is anticipated to exhibit significant growth over the coming years. The growth can be attributed to its increasing demand across the commercial and utility sectors.
Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)
The commercial, residential, and utility are the prominent application areas of the string inverter market. The commercial application covered more than 70% of the overall market share in 2015 and is projected to exhibit noticeable growth rate, driven by the growing urbanization along with huge investment in infrastructure development. The utility and residential applications also make substantial contributions towards the string inverter industry share.
Based on the power rating, string inverter industry is primarily segmented into over 80KW, 41KW-80KW, 11KW-40KW, and 10KW. The string inverter of capacity 11KW to 40KW collected a revenue of over USD 700 million in 2015 and is anticipated to record a considerable growth rate, due to its surging demand from commercial complexes and small scale industries.
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On-grid and standalone are the two main products of the string inverter market size. Standalone product occupied more than 35% of global revenue share in 2015 and is expected to grow significantly over the coming period, mainly driven by the escalating installation of decentralized systems in the rural areas. On-grid string inverter market revenue will exceed USD 5 billion by 2024 with an annual growth rate of more than 20% over the coming seven years. The growth can be attributed to the strict norms regarding industrial emissions along with high demand for renewable energy.
Based on the geographical outlook, China accounted for more than 40% of the worldwide string inverter industry share in 2015 and will exhibit lucrative growth over the coming years, driven by the large-scale installation of photovoltaic voltage projects. Furthermore, growing demand for clean electricity along with supportive government initiatives will stimulate India string inverter market size.
Chile is expected to install a solar power plant of capacity more than 800MW by 2024. This, in turn, will generate heavy revenue over the coming timeframe. Additionally, the country has set a goal of producing 70% of electricity through renewable energy resources by 2050, which will noticeably influence the industry growth.
UK string inverter market will surpass a revenue of USD 500 million by 2024, driven by the rising implementation of the rooftop solar system in residential as well as commercial sectors. U.S. is projected to boost North America string inverter industry size, owing to its supportive government policies along with high demand for renewable energy technologies.
The market players will invest heavily in R&D activities to enhance product features, which will help them in retaining their industry positions. The key players in the string inverter market are Advanced Energy Industries, Huawei Technologies, KOSTAL Solar Electric, Growatt New Energy Technology Co., Ltd., SolarMax, SMA Solar Technology, ABB, Samil Power, KACO New Energy, Schneider Electric, Ginlong Technologies, Delta Energy System, Sungrow Power Supply, and Fronius International GmbH.
Author Name : Sunil Hebbalkar