U.S. commercial boiler market to surpass the billion-dollar valuation by 2024, condensing systems to witness massive adoption
U.S. commercial boiler market is on the verge of touching the billion-dollar benchmark in the coming seven years. Shifting preference toward energy efficient boilers for carbon footprints abatement is providing a significant impetus to the market outlook. Along with it, mandatory roll outs in the country for the reduction of these hazardous gas emission is further encouraging the end use industries to rapidly deploy these energy efficient commercial boilers. EPA, for instance, has recently initiated NESHAP (National Emission Standards for Hazardous Air Pollutants) to combat the environmental issue. Technological interference has also played a major role in influencing the overall U.S. commercial boiler market dynamics. Building automation systems, boiler to boiler communication, and remote diagnostics are some of the novel technologies that have immensely complemented the business landscape. As per a report by Global Market Insights, Inc., “U.S. Commercial boiler Market is slated to exceed a revenue of USD 1 billion by the end of 2024, with a projected annual installation of over 80000 units over the coming seven-year period.”
East South Central Commercial Boiler Market size, By Capacity, 2016 & 2024 (USD Million)
The remarkable expansion of U.S. commercial boiler market can be majorly credited to the country’s growing investment in healthcare and educational sectors. In 2015, U.S. spent almost USD 1 trillion on hospital expenditure. According to a report by the Center for Medicare and Medicaid Services, this amount will rise to almost USD 3 trillion by 2024. The widening scope of potential healthcare applications ranging from space and water heating in hospitals to equipment sterilization indeed has increased the U.S. commercial boiler market demand. The overall healthcare expenditure in the U.S. accounted for around 17% of the GDP in the year 2016. This number is expected to increase over the coming seven years, on the grounds of the increasing proliferation of modern Medicare facilities. U.S. commercial boiler market from office application is also witnessing a steady growth in terms of revenue. In 2016, this segment collected a revenue of USD 200 million. Increasing constructional spending of the country toward smart buildings that are environmentally viable is accelerating the product demand.
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U.S. commercial boiler market is highly influenced by advancing technology. Based on the two types of techniques that are implemented in the boiler design, the market is bifurcated into condensing and non-condensing systems. Federal and state government’s initiation in terms of norms and standardization pertaining to the reduction of carbon emission have augmented overall U.S. commercial boiler market growth from condensing systems. Retrofitting and replacement of existing heating furnace with energy efficient boilers have fueled the product demand. Non-condensing commercial boilers are observing an advantage in fluctuating climate zones, owing to their ability to operate in extreme weather conditions and ease of installation.
Natural gas, oil, and coal are the basic three fuels that are extensively used in U.S commercial boilers. Natural gas based U.S. commercial boiler market will chart a profitable road map in the years ahead. As per estimates, natural gas based market is expected to install 60000 units by 2024. High efficiency, low emission rate, and easy access are some of the factors accelerating the fuel adoption. Though oil accounted for more than 10% of the U.S. commercial boiler industry in yesteryear, the high carbon emission in the process may limit the product demand.
Regionally, Florida, Virginia, Texas, and Delaware are the four major significant geographies that cover the U.S. commercial boiler market. Florida had a notable contribution toward the overall industry share in 2016. Robust development in the medical and tourism sectors, as well as increasing spending in their upgradation, is stimulating the regional growth. Texas commercial boiler market is projected to install more than 4000 boilers per year by 2024. Delaware will also witness a strong foothold in U.S. commercial boiler market with an annual growth rate of 4% over 2016-2024.
The U.S. commercial boiler market has been undergoing a radical transformation over the recent years. Resurgence of commercial sector, increasing adoption of condensing systems, and growing need for remote access are some of the emerging factors that have offered lucrative growth opportunities to the U.S. commercial boiler market. Some of the key players actively participating in U.S. commercial boiler industry include Weil-McLain, Cleaver Brooks, Superior Boiler Works, A.O. Smith, and Clayton.
Author Name :Satarupa De
APAC surface mining equipment market to witness the fastest growth to 2022, China to majorly drive the demand
Surface Mining Equipment Market is continuously evolving with the involvement of new technologies in the mining process which are making the operations more safe, efficient, and user-friendly. Over the past decade, the mining industry has seen innumerable changes addressing the need of cost mines with high production and low operating cost. Increasing proliferation of sophisticated equipment especially in emerging nations that offer precision as well as time efficiency in the mining process have augmented the overall market growth. As per a report by Global Market Insights, Inc., “Surface mining equipment industry is slated to exceed USD 28 billion by 2022, with 3.6% CAGR projection over the period of 2015-2022.”
U.S. surface mining equipment market size, by technique, 2012-2022 (USD Billion)
Considering the various techniques that are implemented in the mining process, open pit surface mining equipment market is gaining a huge popularity. The fact can be credited to the increasing demand for diamond, Sishen, and Palabora copper ore across the world. These metallic ores are mainly excavated by open pit mining. It accounted for almost 31% of the overall industry share in 2014 and is forecast to collect USD 9.31 billion by 2022. Surface mining equipment industry from strip mining is also expected to grow substantially at an annual rate of 3.5% over 2015-2022, with a revenue projection of USD 12 billion by 2022.
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Overall metallic ore excavation covered a major portion (45%) of the overall surface mining equipment market in 2014. With the rising demand for metal ores like gold silver, zinc, and chromium globally, this sector is projected to record a revenue of USD 13 billion by 2022. Non-metallic ore extraction based market will also chart a profitable growth trajectory. As per an estimation, this sector is anticipated to cover 30% of the overall surface mining equipment industry by 2022. Salt, lime, and phosphate are the three-main products, that are thriving the non-metallic ore extraction market share.
Asia Pacific surface mining equipment market is highly influenced by the growing metal and coal mining activities across the belt. Heavy demand for metallic ore extraction and high mineral consumption for domestic purposes are the two major factors that are allowing APAC to stand as one of the prominent players in the global market. With India and China at the growth forefront, APAC industry is set to register the highest growth at an annual rate of over 4% over the coming five years. North America dominated by U.S. surface mining market is also anticipated to cover a lucrative share of the overall industry, by accounting for a revenue of USD 7 billion by 2022.
Technological interventions in the surface mining equipment market have resulted in maximum exploitation of mines and have also catered selective mining processes which enables high-quality extraction. The ability of these hi-tech equipment to improve the surface stability by involving less vibration, noise, and dust in the process is making the market demand high. However, lack of skilled professionals along with health hazards associated with the process is expected to negatively affect the growth curve of the industry. Nonetheless, increasing global demand for gold, diamond, iron ore, coal will drive the surface mining equipment industry share in the years ahead.
Key players of surface mining equipment market include Vale S.A, BHP Billiton, Rio Tinto, Anglo American, Barrick Gold, Freeport-McMoran, and Goldcorp.
Author Name :Satarupa De
Heavy duty industrial gas turbine market to accumulate a significant revenue over 2016-2024, escalating demand from power generation applications to stimulate the global demand
Surging global demand for electricity coupled with an inclination toward gas fired technologies will favor industrial gas turbine market growth over the coming seven years. These turbines are basically internal combustion engines that fire an air and fuel mixture to generate hot gases and are used heavily across the manufacturing, power generation, and oil and gas sectors. Governmental concerns regarding the harmful effects of GHG emissions from coal fired plants is forecast to impel the growth of industrial gas turbine market, slated to cross a revenue of USD 18 billion by 2024, having had an initial valuation of USD 10 billion in 2015.
U.S. Industrial Gas Turbine Market, by Capacity, 2013 – 2024 (GW)
Of late, the governments of various countries have made notable financial contributions toward the production of new gas fired generation facilities that will propel industrial gas turbine industry trends. For instance, in 2017, the U.S. regulatory bodies approved Xcel Energy’s plan to replace its 680 MW coal fired plant with a 786 MW gas fired power station. Such consistent efforts by government bodies and other regulatory organizations are likely to positively impact global industrial gas turbine market, which will expand at a growth rate of 6% over 2016-2024.
The U.S. Federal Government has plans to reduce GHG emission levels by 28% by 2025. In 2016, China introduced a new set of action plans aimed at reducing GHG emission levels to 18% by 2020, subject to which China industrial gas turbine market share is likely to grow at a CAGR of 11% from 2016 to 2024. Increasing number of investments to develop high capacity electricity generation stations will also augment the product demand.
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These turbines are massively deployed across the oil & gas sector, subject to which industrial gas turbine market from O&G applications will increase at a rate of 8% over 2016-2024. Additionally, the increasing number of ultradeep drilling activities across offshore sea beds will propel the industry trends. Rising number of offshore and onshore activities will augment UAE industrial gas turbine market size, which was worth more than 4.5 GW in 2015, in terms of volume.
Industrial gas turbine market from manufacturing applications is slated to cross a revenue margin of USD 5 billion by 2024, primarily due to the rapid industrialization across the emerging economies such as Brazil and India. Additionally, these countries have been deploying these turbines heavily across the electricity generations sector, to fulfill the escalating demand for uninterrupted power supply.
In 2015, power generation applications covered more than 55% of industrial gas turbine industry share, owing to the rising government focus to replace traditional steam and coal fired power stations with natural gas fired power generating stations. In 2015, natural gas accounted for 25% of total electricity in the U.S. It is expected this this number will increase to 30% by 2025, which will fuel industrial gas turbine market size.
These turbines operate on combined cycle and open cycle technologies. Combined cycle based industrial gas turbine industry size is anticipated to surpass USD 12 billion over 2016-2024, pertaining to an enhanced design, high efficiency, and the subsequently reduced start-up time. Open cycle technology covered more than 35% of the overall industrial gas turbine market in 2015 and will grow remarkably over 2016-2024, owing to the capability of this technology to reduce fuel consumption.
Turbine capacity plays a huge factor in determining its efficiency. Gas turbines operate in capacity ranges of ≤ 70 MW, 70-300 MW, and ≥300 MW. Higher the capacity, better the efficiency.
Turbines with a capacity of less than 70 MW find applications across mid-sized industries, subject to which industrial gas turbine industry from ≤ 70 MW capacity is expected to grow at a rate of 8% over 2016-2024. On the other hand, turbines with a capacity of 70-300 MW are deployed across power stations to provide uninterrupted power supply, thereby impelling industrial gas turbine market size from 70-300 MW capacity, which was worth 9 GW in terms of volume in 2015.
The government of various countries have been striving to implement high capacity turbines at power stations, to cater to the global electricity demand. This will unlock potential opportunities for industry players to manufacture turbines with a very high capacity. Industrial gas turbine industry size from ≥300 MW capacity is slated to expand at a CAGR of 7% over 2016-2024.
Heavy duty industrial gas turbine market was worth more than USD 9 billion in the year 2015 and will grow remarkably over 2016-2024, pertaining to the rising product deployment across large capacity electricity generating stations. Companies have been focusing on manufacturing heavy duty turbines to cater to the power demand across the globe. For instance, the year 2017 witnessed the nomination of Mitsubishi Hitachi Power Systems by Entergy Louisiana for supplying 2 M501GAC turbines that were digitally enabled, for the company’s power plant at St. Charles with a capacity of 980 MW.
Major players in global industrial gas turbine market include Mitsubishi Hitachi Power Systems, Man Diesel & Turbo, Kawasaki Heavy Industries, Bharat Heavy Electricals Limited, Ansaldo Energia, General Electric, NPO Saturn, Zorya-Mashproekt, Vericor Power Systems, Cryostar, Siemens, Capstone Turbine, Opra Turbines, Harbin Electric, and Solar Turbines Inc.
Aeroderivative industrial gas turbine market size is expected to grow at a rate of more than 10% over 2016-2024, subject to the product’s applications across the aviation and marine sectors. In 2016, General Electric had supplied 20 LM2500 aeroderivative turbines to the U.S. Navy under the Austal USA LCS program.
Speaking on similar lines, U.S. industrial gas turbine market was worth more than USD 1 billion in 2015 and is anticipated to observe a notable growth rate over 2016-2024. This growth can be credited to huge investments by private entities to deploy gas fired plants and favorable government policies to encourage the adoption of sustainable technologies.
UK industrial gas turbine industry is forecast to observe a CAGR of more than 6% over 2016-2024, subject to regulatory efforts to replace conventional coal fired stations with gas fired stations. In 2015, the UK government had declared that all coal power stations in the country would be closed by 2025 and replaced with gas fired stations.
Major industry players have been striving to expand their presence across the globe. Pricing is a crucial factor as far as business expansion is considered, owing to which huge corporations adopt several inorganic strategies to sustain their position in global industrial gas turbine industry.
Government bodies and private entities have been investing heavily to replace conventional systems with high grade systems subject to the latter’s enhanced power to weight ratio, compact size, and high power rating. Furthermore, increased investments toward shale gas exploration activities will fuel industrial gas turbine market growth over the years to come.
Author Name :Saipriya Iyer
Global geothermal heat pump market to witness ample growth opportunities in Europe and North America, Close loop based installation to dominate the product landscape
Increasing demand for renewable and cost effective energy solutions is providing geothermal heat pump market a strong business ground to expand in the coming years. Fluctuating crude oil prices have resulted in a shift in consumer trend toward stable energy solutions such as geothermal heat pumps. The government has played the role of a catalyzer in the growth chart of the industry over the past few years. Initiatives which include financial supports, federal income tax credits, rebates, subsidies, renewable heat incentives have encouraged the adoption of non-conventional energy sources, which otherwise catered geothermal heat pump industry share. As per a report by Global Market Insights, Inc., Geothermal Heat Pump Market worth more than USD 80 billion in 2016, is projected to cross a revenue of USD 130 billion by 2024. Also, as per estimation, the installed power capacity of the market is expected to surpass 110 GWT by 2024.
Europe Geothermal Heat Pump Market Size, By Product, 2016 & 2024 (MWt)
Cost effectivity, seasonal flexibility, eco-friendliness, and minimal maintenance cost are some of the attributes that make geothermal heat pump market one of the fastest growing renewable energy based industries. Unique ability to use underground temperature as a heat exchanging medium for both heating and cooling purposes is expected to boost the industry growth in the years ahead. However, expensive installation of these heat pumps is somewhat acting as a deterrent in the growth curve. In order to mitigate this issue, key players of the market are heavily investing in research activities to minimize the manufacturing cost of geothermal heat pumps.
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Closed loop dominated the overall geothermal heat pump industry share in 2016, by covering almost 75% of the overall product landscape. These systems can be installed either vertically or horizontally depending on the size of the plot. Minimal maintenance and operational cost, superior reliability, higher efficiency, and flexibility make it the most suitable choice for the investors. Vertical installation gains a popularity over horizontal one due to its less space requirement. As per the estimates, closed loop geothermal heat pump industry is slated to record a substantial growth chart at an annual rate of 8% over 2017-2024. Low installation cost and comparatively less heat transfer make the market demand high for open loop installation.
Geographically, North America and Europe have a strong foothold in the global geothermal heat pump market. Several beneficial initiatives taken by the U.S Government and European Union to promote adoption of renewable energy resources for daily usage, is chalking a profitable road map for the regional geothermal heat pump industry. For instance, in 2030 climate and energy framework, EU underlined a target of reducing greenhouse gas emissions up to 47% within a period of 13 years. It also projected that by 2030, renewable energy utilization will cover 27% of the total consumption. Germany is the major revenue contributor for Europe geothermal market which accounted for 15% of the regional market in 2016. Germany has also announced to invest over USD 250 billion in the country’s geothermal heat pump infrastructure. U.S. geothermal heat pump market which accounts for a major portion of North America industry share alone collected a revenue of USD 20 billion in 2016. Constant ground temperature all over the country has acted in favor of the market demand.
The market is fragmented with players pacing toward moves such as strategic collaborations and regional expansion to sustain the competition. Prominent geothermal heat pump industry participants include Kensa Heat Pumps, NIBE, Robert Bosch, Finn Geotherm, Glen Dimplex, and Stiebel Eltron.
Author Name :Satarupa De
Europe industrial emission control systems market to register significant gains over 2016-2024, Germany to the key revenue contributor
Rising efforts by global regulatory bodies to implement pollution control technologies will expedite Industrial Emission Control Systems Market size over the next few years. Of late, the world has witnessed a tremendous rise in pollution levels and carbon emissions, subject to which the governments of various countries have enforced numerous regulations that need to be followed by power plants, manufacturing firms, and other industries. These companies are now installing emission control technologies to reduce pollution and contribute to saving the environment, which will significantly propel industrial emission control systems industry.
The rapid surge of industrialization across regions such as APAC and MEA will lead to an increase in the demand for emission control systems, pertaining to the large presence of power plants and chemical factories. This requirement will help fuel industrial emission control systems market across these regions. These systems help control the emissions of harmful pollutants such as nitrogen oxide compounds, Sulphur oxide compounds, and volatile organic compounds, and find huge applications across the chemical & petrochemical, metal, cement, manufacturing, and power generation sectors.
U.S. Industrial Emission Control Systems Market Size, By Device 2013-2024 (USD Billion)
Undoubtedly, power plants are a major source of pollutant emissions – harmful gases, solid toxic particulates, acidic streams, and vapors emitted from these plants have harmed the global environment to no end. Subject to the restrictions mandated by the government regarding pollutant emissions, these plants are increasingly deploying emission control systems at their worksites. Industrial emission control systems industry size from power plant applications was worth more than USD 5 billion in 2015 and is anticipated to grow at a CAGR of 6% over 2016-2024.
In a bid to meet the growing demands for electricity, China has established numerous power plants across the country, subject to which the demand for emission control systems in the region is significantly high, especially from power generation companies. China industrial emission control systems market size from power plants may cross USD 1 billion by 2024, pertaining to the rapid industrialization and growing requirement for electricity.
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Electrostatic precipitators, one of most prominent devices of industrial emission control systems industry, are used to thoroughly remove solid pollutant particulates. They are widely deployed across the power generation, chemical, and steel sectors, owing to which Electrostatic Precipitator Market is anticipated to earn a significant revenue over the next few years, subject to their superior properties. Industrial emission control systems industry size from electrostatic precipitators will observe a CAGR of 6% over 2016-2024. These devices are heavily implemented in Germany, especially across the growing manufacturing sector of the country, to absorb pollutants and control carbon emissions. Subject to this factor, Germany industrial emission control systems market size from electrostatic precipitators was worth USD 242.88 million in 2015, and is projected to grow at a rate of 7% over 2016-2024.
Germany will be a key contributor toward Europe industrial emission control systems industry share, and will register a notable CAGR of 8% over 2016 to 2024. France industrial emission control systems market will also contribute significantly toward the regional growth, and will register a CAGR of more than 9% over 2016-2024, owing to the vast number of power projects and high economic growth of the region. Spain and Italy are touted to be other regional contributors.
Having held a share of more than 15% of the overall industrial emission control systems industry, absorbers are used to remove heavily toxic gases. These devices are heavily deployed across chemical factories, which will impel industrial emission control systems market share from chemical & petrochemical applications. Companies have been striving to integrate these devices with high grade technology to reduce its cost and improve its efficiency. Subject to this factor, industrial emission control systems industry from absorbers will surpass a revenue of more than USD 4 billion by 2024, growing at an annual growth rate of more than 8% over 2016-2024.
Absorbers are deployed across the cement sector as well, subject to their superior toxic pollutant removal properties. Industrial emission control systems market size from cement applications was worth more than USD 1.5 billion in 2015 and is projected to observe a heavy growth, owing to the rapidly developing construction sector across the globe. Additionally, these systems are particularly in demand across China, subject to the development of the construction sector in the region and favorable norms regarding emissions, which will impel China industrial emission control systems industry from cement applications.
Scrubbers help wash away the toxic Sulphur oxide compounds from wet & dry flue gas desulfurization plants. Having held more than 15% of the overall industrial emission control systems market share in 2015, scrubbers will be in high demand across the MEA region. Bearing testimony to this fact are the following statistics – Saudi Arabia industrial emission control systems industry share from scrubbers was USD 44.01 million in 2015, and it is expected to grow at a CAGR of 5.3% over 2016-2024. Similarly, Belarus industrial emission control systems market size from scrubbers is expected to cross USD 40 million by 2024, with a y-o-y growth rate of 11% over 2016-2024. The rapid expansion of the industrial sector coupled with the increasing number of power plants will expedite the growth in these regions.
Catalytic systems, another critical product of industrial emission control systems industry find applications across the oil & gas sectors and are predicted to cross revenue of more than USD 6 billion by 2024. High demand from oil refineries and petrochemical factories will also foster the growth of Stationary Catalytic Systems Market, anticipated to grow at a CAGR of 6% over 2016-2024.
Industrial emission control systems industry size from metal applications was worth more than USD 1 billion in 2015 and will observe gains of more than 8% over 2016-2024, subject to the product’s widespread usage for absorbing metal fumes and toxic gases.
Brazil, one of the key emerging economies, has been observing surge in its oil & gas exploration and mining activities. Subject to this fact, Brazil industrial emission control systems market will grow remarkably at a CAGR of 8% over the years ahead. Chile, another prominent region of South America industrial emission control systems industry, will also cross a valuation of USD 200 million by 2024.
The United States will witness a huge demand for all the products of industrial emission control systems market, owing to the fact that the region has observed a consistent growth across the power, cement, metal, and chemicals sectors. In addition, the presence of a vast number of market players and their efforts to innovate new technologies to reduce emissions will boost U.S. industrial emission control systems industry share, which is anticipated to cross a valuation of more than USD 2 billion by 2024.
Subject to the rising construction sector in the region, the cement factories here heavily demand the deployment of absorbers. Pertaining to this factor, U.S. industrial emission control systems market share from absorbers was more than USD 250 million in 2015, and is expected to grow at a rate of 7% over 2016-2024.
Major companies have been engaging in growth strategies to research and develop highly advanced, technologically innovative, and extremely efficient emission control systems. Key participants operating in global industrial emission control systems industry include Mitsubishi Hitachi Power Systems, Fujian Longking Co., Ducon Technologies, Babcock & Wilcox Enterprises, Thermax Ltd., BASF, Auburn Systems, General Electric Company, Johnson Matthey, Hamon Corporation, CECO Environmental Corp., Amec Foster Wheeler, APC Technologies, and Air Clean LLC.
Author Name :Saipriya Iyer
CHP based District Heating Market to generate huge revenue over 2017-2024, U.S. to majorly drive the regional landscape
Europe District Heating Market Size, By Source, 2016
District heating finds extensive applications in the residential, industrial, and commercial sectors. District heating market across the residential sector is forecast to record a CAGR of 3% over the coming seven years subject to the replacement of traditional electric heating systems with more advanced district heating systems to lower energy consumption.
Commercial applications are expected to grow at an annual rate of 4% over the period of 2017-2024, driven by the rapid surge in the construction of massive commercial complexes across emerging economies. District heating industry in the industrial sector, which was evaluated at USD 60 billion in 2016, is expected to witness a considerable growth over the years ahead. Favorable system features such as gas safety and negligible transmission loss will spur the revenue.
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Taking into consideration the geographical trends, Germany district heating industry is projected to observe a prominent expansion in future. The rising consumer trend toward green technologies along with tax benefits provided by the government will propel the business space.
Escalated preference for sustainable and cogeneration systems coupled with strict legislations pertaining to energy preservation will stimulate the growth of Japan district heating market. The government of Japan, with the help of private organizations, is investing heavily to construct gas fired district heating systems to reach its target of providing 15% of overall power supply via CHP technology by 2030.
U.S. district heating industry, worth USD 20 billion in 2016, is forecast to experience a robust development over the coming timeframe. High product demand across the industrial and residential sectors is predicted to impel the business expansion.
Strict regulations to reduce energy wastage through installation of power-conserving technologies is expected to constructively impact the growth of Russia district heating market. Escalating requirement for modernizing existing heating systems to minimize the loss of energy will contribute considerably towards the revenue. Russia has also planned to reduce carbon emissions by 75% by 2020.
Based on the source trends, district heating industry is classified into CHP, heat only boilers, solar, and geothermal based district heating systems. Growing awareness about the environmental benefits accrued due to utilization of the clean energy as compared to fossil fuels is expected to impel solar based district heating industry size.
CHP based district heating market is forecast to grow at a CAGR of 3% over 2017-2024, driven by low operating costs, less fuel emissions, reliability, operational safety, and a convenient heat distribution network. Enhanced heat producing capacity of the source can further drive the revenue. Geothermal based district heating industry, which contributed more than 6% of the overall share in 2016, is projected to expand remarkably over the span of few years. Factors such as low dependence on conventional fuels and economic feasibility are predicted to beneficially leverage the business landscape.
Shinryo Corporation, Kelag Warme, Keppel Corporation, DONG Energy, Statkraft, Ramboll Group A/S, Vattenfall, Goteborg Energi, Steag Company, NRG Energy Incorporation, Korea District Heating Corporation, RWE AG, Hafslund ASA, and Fortum Corporation are the key participants of district heating market.
Author Name :Dhananjay Punekar
U.S. power and control cable market to generate a sizable revenue by 2024, high demand from industrial applications to stimulate the regional growth
Power and control cable market is anticipated to generate profitable gains over the years ahead, owing to the high product demand to create an efficient electric grid and communication network. To reduce the dependency on non-renewable energy sources, the world is treading toward the adoption of renewable and sustainable energy. Favorable government support and initiations taken by countries across the globe to replace old transmission systems will influence power and control cable industry size significantly. According to Global Market Insights, Inc., “Power and Control Cable Market collected a revenue of USD 80 billion in 2016 and will register an annual growth rate of more than 9% over the coming years of 2017 to 2024.”
Russia Power And Control Cable Market, By Voltage, 2016 (USD Billion)
Taking into account the product landscape, power and control cable market primarily comprises control cables and power cables. Power cable dominated the product segment by covering more than 80% of the total revenue share in 2016 and will exhibit noticeable growth rate over the coming seven years. The increasing usage of this product for various grid integration and infrastructure projects will generate noticeable revenue.
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The industrial and utility sectors are the prominent applications of power and control cable market. Industrial application segment is anticipated to record a CAGR of more than 8% over the years ahead. Growing industrialization along with the surging requirement for electricity will augment the industry growth. The utility application will surpass a revenue collection of USD 90 billion by 2024, owing to the surging installation of low voltage distribution substation to fulfill the energy requirement.
Based on the voltage, power and control cable market is mainly divided into low voltage (LV), medium voltage (MV), and high voltage (HV). Low voltage power and control cable market is slated to register an annual growth rate of more than 9% over the period of 2017 to 2024. The prominent usage of this product across the small-scale manufacturing units and the residential sector will fuel the demand for the product notably. Shifting trends toward the adoption of renewable energy to fulfill the huge requirement of electricity will also impact power and control cable market size significantly.
Considering the regional landscape, China power and control cable market covered more than 40% of the revenue share of APAC region in 2016 and will register a noticeable growth rate over the coming seven years. China is investing heavily to expand its electric grid capacity. The State Grid Corporation of China planned to invest USD 350 billion in the expansion and upgradation of their grid infrastructure. In addition to this, the surging requirement of sustainable energy will also influence the regional power and control cable industry share significantly.
MEA power and control cable market will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024. The growth can be attributed to the escalating investments in the renovation activities across the war affected regions such as Syria.
U.S. power and control cable industry size is predicted to record a CAGR of more than 6% over the coming years of 2017 to 2024. High investments in UHV and EHV network development will stimulate the product demand considerably. Moreover, implementation of regulations regarding the replacement of old electric boards and systems along with the development of micro-grids will propel power and control cable market size.
The noteworthy business players in power and control cable market are Nexans, LS Cable & System, The Furukawa Electric Co., Ltd., Prysmian Group, General Cable, Polycab, Sumitomo Electric Industries, Havells, Southwire, and CMI Limited.
Author Name :Sunil Hebbalkar