A regional synopsis of industrial gas turbine market: U.S. to emerge as a highly viable regional contender
The rising demand for electricity coupled with the shift of preference toward gas fired technologies will expedite industrial gas turbine market over the coming years. These turbines are inherently internal combustion engines which fire an air & fuel mixture to generate hot gases, that are used heavily across the power generation, manufacturing, and O&G sectors. Governmental concerns with regards to the harmful GHG emission effects from coal fired plants is also forecast to propel the expansion of industrial gas turbine market.
U.S. Industrial Gas Turbine Market Size, By Capacity (USD Million)
Of late, regional governments have been striving to make noteworthy financial contributions toward the manufacturing of new gas-fired generation facilities that will propel industrial gas turbine industry trends. For instance, in 2017, the U.S. regulatory bodies approved a plan by Xcel Energy for replacing its 680 MW coal fired plant with a 786 MW gas fired power station. Such consistent efforts by government entities and other regulatory organizations is likely to positively impact global industrial gas turbine market.
Unveiling China industrial gas turbine market trends
Reduction in GHG emissions is one of the principal factors that would expedite industrial gas turbine market across major geographies across the globe. China specifically, is one of the most profitable growth grounds for the expansion of this industry. In 2016, the nation of China introduced a new set of action plans aimed at reducing GHG emission levels to 18% by 2020. In fact, the supportive regulatory landscape of the country has been instrumental in aiding the growth of the regional industrial gas turbine market. The nation’s government has been striving toward the development of huge, lucrative gas fired power projects as well as clean energy integration.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/272
Prominent global manufacturers have lately been shifting their focus toward expansion across China, primarily owing to the surge in demand and a supportive statutory regime. The renowned Siemens for example, in 2018, obtained supply orders for two of its H-class gas turbines for the CHD Guangzhou Zengcheng project.
How the United States has emerged as a pivotal avenue for industrial gas turbine market
The U.S. is another avenue that would expedite the industrial gas turbine market across the globe. The U.S. Federal Government apparently has plans to reduce GHG emission levels to 28% by 2025. Furthermore, the region is a powerhouse of research & development programs that demand a slew of investments from the government. Additionally, the deployment of combined cycle generation systems has been gaining precedence, which would further impact the product demand in the nation. According to the ICF International, turbines manufactured by the U.S. companies in the year 2016, contributed to more than 70% of the working natural gas-fired combined cycle projects in the country. Driven by a supportive regulatory framework and the plethora of R&D programs in gas turbine technology, U.S. industrial gas turbine market is expected to exceed an annual installation of 3 GW by 2024.
Major players in global industrial gas turbine market include Man Diesel & Turbo, Mitsubishi Hitachi Power Systems, Kawasaki Heavy Industries, Ansaldo Energia, Bharat Heavy Electricals Limited, General Electric, Zorya-Mashproekt, NPO Saturn, Vericor Power Systems, Siemens, Cryostar, Capstone Turbine, Harbin Electric, and Opra Turbines.
Major industry players have been working to expand their presence across the globe. Pricing still remains a major factor considering business expansion, on account of which huge corporations tend to adopt myriad inorganic strategies to consolidate their position in the market.
Private bodies and government entities have also been making major investments in order to replace traditional systems with high-grade systems, owing to the latter’s improved power to weight ratio, high power rating, and compact size. Also rising number of investments toward shale gas exploration activities will impel industrial gas turbine market size, which will surpass 20 GW By 2024.
Author Name :Saipriya Iyer
Global geothermal heat pump market players to tap growth opportunities in Europe and North America, closed loop products to gain precedence over 2018-2024
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 regional governments have 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.
Sweden GHP Market Size, By Product, 2017 & 2024 (USD Million)
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.
Closed loop products are expected to gain massive traction in the overall geothermal heat pump industry. 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 carve an appreciable growth chart over 2018-2024. On the other hand, low installation cost and comparatively less heat transfer make the market demand high for open loop installation.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/370
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 the adoption of renewable energy resources for daily usage, is chalking a profitable road map for these geothermal heat pump markets. 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 has been touted to be one of the major revenue contributors for the Europe geothermal market. Indeed, the nation announced to invest over USD 250 billion in the country’s geothermal heat pump infrastructure. The U.S. geothermal heat pump market which accounts for a major portion of the North America industry, is projected to accumulate hefty proceeds by the end of 2024. This can essentially be attributed to the ever-increasing expenditure in the construction of single house buildings across the regions of the Northeast and Midwest U.S. In addition, the availability of consistent shallow ground temperature will also help expedite the U.S. geothermal heat pump market share.
Furthermore, the North America geothermal heat pump market is also expected to be supported by the government measures that are being undertaken to increase the adoption of renewable energy sources and reduce the carbon footprints across the continent. Indeed, the regional governments have been proactive enough to introduce tax credits and rebates in order to encourage the penetration of geothermal energy heat pumps.
The global geothermal heat pump 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 :Saipriya Iyer
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.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/846
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
Europe district heating market to observe substantial gains over 2018-2024, stringent energy sustainability protocols to drive the regional demand
Touted as offering one of the most reliable and eco-friendly heat delivery methods, the district heating market allows the flexibility to tap into multiple sources for generating heat, including renewable energy, and supply it to residences as well as commercial spaces. Government mandates across all the regions are indicative of the efforts to reduce the use of energy sources which emanate high ratios of green house gases and adopt alternatives with low CO2 emissions. The district heating industry segment has evolved to supply heating that is more efficient as compared to traditional systems and more pocket-friendly than having individual boilers. Further, the worldwide upsurge in energy demand alongside the massive urbanization and industrial development being observed will stimulate the expansion of district heating market.
Denmark District Heating Market Size, By Source, 2017 & 2024 (USD Billion)
With the potential to achieve considerable reduction in energy wastage and bills for consumers, the district heating market reached an estimated valuation of over USD 180 billion in 2017. The facility to incorporate diverse energy sources into a centralized heat generation and distribution network has presented vast opportunities for governments to decarbonize heat sources in the long run. Such a network can be supplied with surplus energy from power plants, industrial processes, waste management facilities, geothermal sources and gas-based or biogas fueled CHP units. Consequently, a large quantity of valuable energy will not be lost without cause and can be used to generate heat for utilization in homes and businesses. Even unused energy obtained from sustainable sources like wind or solar installations can now be routed to a district heating facility. In addition, not being dependent on a solitary heat source will ensure substantial reliability and service continuity, a key factor in the impulsion of the district heating market.
To outline the present scenario of the district heating industry, U.K. is a prominent region having a magnitude of facilities set up to supply cost-effective, environment-friendly and quick heating services. As per records, there are more than 17,000 heat networks in the U.K., with approx. 91% located in England and 6% in Scotland. Governments in the U.K. are ramping up efforts to encourage the district heating market, with a latest example being the Glenrothes Energy Network in the Glenrothes town of Scotland.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/1401
Providing further details regarding the Glenrothes Energy Network project, it is a GBP 24 million (USD 31.72 million) community heating scheme being developed with the collaboration of Fife council, RWE and the Scottish government. The Fife Council had revealed its target to reduce carbon emissions by 42% by 2020, and the new heat network will help in attaining that mark. The energy center will be using heat sourced from RWE’s biomass CHP plant in Markinch, for supplying low-carbon heating to commercial establishments and households in the area. It is slated to lower utility bills, avoid fuel poverty and contribute towards climate change. The plant is fueled by wood waste and generates up to 53MW electricity along with heat. The Glenrothes Energy Network represents the lucrative prospects of CHP based district heating market, which is expected to grow with a rate of over 4% over 2018-2024.
Moving to the district heating industry in Europe, Denmark is a leading contributor to renewable energy development and district heating processes. The country had introduced the Heating Supply Act under which substitution of traditional heating systems with new district heating systems was made obligatory for upcoming buildings. It was reported that over 63% residential population used district heating in 2017. Elaborating Denmark’s accomplishments in the field, the Smørum Kraftvarme power plant in Smørum gave a contract to Aalborg CSP in 2017, to build an 8MW solar field spanning an area of 11,312m2 and capable of producing 5,568MWh of heat annually. The solar plant will undercut carbon emissions by at least 1,100 tons per year and give a significant boost to the district heating capabilities of Denmark, which already has multiple heat networks across its kingdom. Several government aided schemes to propagate the importance of a centralized heating system in other parts of Europe are certain to bolster the Europe district heating market share in the coming years.
To summarize, the characteristics that give the district heating industry a distinctive advantage are economies of scale, harness of waste energy, low cost operations and the capacity to reach a large number of consumers. The competitive landscape of the district heating market consists of eminent players like RWE AG, Fortum, NRG Energy, Dong energy, Hafslund, among others that offer comprehensive heating solutions for communities and businesses.
Author Name : Pankaj Singh
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.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/1502
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
Oil And Gas Analytics Market to exceed the 20 billion-dollar mark by 2024, heavy demand from upstream applications to stimulate industry growth
The exponentially increasing demand from refineries for petroleum products will lead oil and gas analytics market to exhibit a flourishing growth rate in the years ahead. To fulfill the surging need for fossil fuels, O&G companies are adopting digital technologies to enhance their productivity and reduce costs. The adoption of analytic tools is likely to increase production efficiency by 6% to 8%. This, in turn, will stimulate oil and gas analytics industry size considerably. The implementation of strict operational safety norms by the government will also stimulate the product demand. As per the report by Global Market Insights, Inc., “Oil and Gas Analytics market collected a revenue of USD 4 billion in 2015 and will grow at an annual growth rate of 20% over the period of 2016 to 2024.”
U.S. Oil And Gas Analytics Market size, by services 2013-2024 (USD Million)
Upstream application in oil and gas analytics industry was worth USD 2 billion in 2015 and will register a noticeable growth rate of more than 20% over the coming seven years, owing to the growing prevalence of unconventional and offshore drilling activities. Of late, companies have been implementing analytics tools to find out real-time data at minimized cost. TIBCO company has adopted this technology to optimize their production and exploration costs. Other key players sharing the oil and gas analytics market space are Cognizant, Accenture, Oracle, Teradata, Capgemini, Drilling Info Inc., Hitachi, Ltd., Tableau Software, Microsoft, Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, SAP SE, and IBM.
Hosted deployment mode will record a significant annual growth rate of more than 20% over the coming years of 2016 to 2024. This deployment mode exhibits superior productivity, improved capability, and is highly cost effective compared to its counterpart, the on-premise deployment mode, which generated a revenue of USD 1,787 in 2015.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/685
Oil and gas analytics market players implement professional, cloud-based, and integration analytics services to obtain real time information. Oil and gas analytics market from cloud-based services will record an annual growth rate of more than 21% over the coming seven years. This growth can be attributed to increasing demand for cloud infrastructure.
Oil and gas analytics industry from midstream applications, having accounted for more than 21% of the overall share, will generate a considerable revenue by 2024, primarily driven by surging product demand from midstream applications. Pipeline SCADA, one of the sub-segments categorized under midstream applications, is predicted to surpass a revenue collection of USD 2 billion by 2024. The surging need to extract accurate and real-time information will propel oil and gas analytics market growth from pipeline SCADA applications.
Considering the regional trends, India oil and gas analytics market will record substantial growth rate over the year ahead. The growth can be attributed to the growing number of refineries. In addition to this, most of the industry giants across this region are expanding their production capacity, which will influence oil and gas analytics industry growth. For instance, the Indian Oil Corporation is planning to invest USD 2.3 billion to expand refinery capacities to 25 million metric tons per year.
U.S. oil and gas analytics industry size generated a revenue of USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 19% over the period of 2016 to 2024. Escalating shale gas exploration activities in the region along with surging efforts to increase the overall production capacity will augment the product demand.
In Europe, Norway oil and gas analytics market, having had a revenue of USD 286 million in 2015 will exhibit a CAGR of more than 19% over the coming years of 2016 to 2024, owing to the growing adoption of digital technology across this region. The usage of digital technology will positively impact the oil and gas analytics market, subject to the reduced production and operational costs.
Oil and gas analytics is basically a tool that is used to analyze big data and provide actionable insights for the upstream, midstream, and downstream applications. Huge corporations are striving to introduce technological advancements in this tool to improve its efficiency and performance. For instance, Deloitte has developed novel oil & gas analytics solutions that work much faster than the conventional solutions and can even support data flow architectures using emerging data types.
Author Name :Sunil Hebbalkar
Middle East distribution panel market to register commendable returns from the UAE, rising adoption of sustainable electric products to drive the regional industry over 2018-2024
The growing demand for panel boards across the telecom & power generation sectors will act as a major driving force for Middle East distribution panel market. Being vital components of a power supply system, these boards provide a protective circuit breaker for every circuit enclosed in the service panel enclosure, from where the utility power is distributed to different branch circuits. Powered by the rising need to reduce electricity wastage and optimize power consumption, in conjunction with the enforcement of renewable energy norms, Middle East distribution panel market is likely to chart out a lucrative growth graph ahead.
Qatar Distribution Panel Market Size, by End Use, 2017 – 2024 (USD Million)
The recent trend of switching over to renewable energy sources such as solar and wind energy has also prompted companies to innovate a variety of distribution panels designed to be adaptable for myriad applications for electricity generation via sustainable resources. Prominent companies partaking in Middle East distribution panel industry share are also concentrating on developing unique technologies to be incorporated in distribution panels for them to be utilized in solar panels and eco-friendly electric devices, thus contributing to the revenue generation of this regional market. A report by Global Market Insights, Inc., claims the Middle East distribution panel market size to have registered a revenue of USD 250 million in 2017.
The dire need to fulfill the ever-growing demands of electricity across countries such as the United Arab Emirates, Oman, Saudi Arabia, Kuwait, and Qatar will positively influence Middle East distribution panel industry growth. It should be remembered however that this market is strictly defined by a regulatory framework. For instance, the Qatar General Electricity & Water Corporation (KAHRAMAA) has declared that any work pertaining to electrical installation needs to be carried out only by licensed contractors.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/467
The United Arab Emirates has experienced an onslaught of construction projects in the recent years. Merely a few weeks ago, the UAE government held talks with China State Construction Engineering Corporation Middle East (CSCEC ME) in order to collaborate on infrastructure projects. That said, the region is also experiencing an increase in the per capita income of the population. Driven by increasing disposable incomes, added affordability, the shifting trends toward renewable sources coupled with the demand for uninterrupted power supply, Middle East distribution panel market is likely to accumulate commendable proceeds from the UAE. Indeed, as per estimates, Middle East distribution panel industry share from the UAE is anticipated to register a CAGR of 5% over 2018-2024, powered by the rising adoption of sustainable electric products and the development of an advanced grid network across the region.
Reduced dependency on fossil fuels coupled with the incorporation of advanced technologies in efficient energy generation will drive Middle East distribution panel market. The region has also been demanding clean energy on a large scale, which in tandem with improvised production efficiency will act as a major driver for the regional industry.
Developing new product types that can be used for numerous applications has become a key strategy of players in Middle East distribution panel market. For instance, recently, ABB Ltd. launched the SafeT™ panelboard that offers great flexibility and safety. Embedded with plug-in devices and a safe bus stack, this distribution panel uses Tmax molded case circuit breakers that are designed to hold 30% lesser mounting space. This apparently facilitates a reduction in the space occupied by the panel enclosure.
Aided by the efforts put in by regional companies toward augmenting the demand for distribution panels through the development of a range of varied boards suitable for many applications, Middle East distribution panel industry is likely to carve out a positive growth graph in the ensuing years. As per reliable estimates, Middle East distribution panel market size is forecast to cross USD 440 million by 2024.
Author Name :Saipriya Iyer