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.
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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.
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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
China Hydraulic Cylinder Market to witness substantial gains over 2016-2025, heavy investments toward infrastructural development to augment the regional growth
Hydraulic Cylinder Market will chart out a lucrative growth path, given that hydraulic cylinders form the backbone of various commercial and industrial applications. These cylinders are also used to manufacture agricultural equipment to enhance agricultural productivity, which will significantly enhance hydraulic cylinder industry growth. In addition, the high rate of investments by developing economies such as India and China are also expected to contribute to the overall business expansion. As per the report by Global Market Insights, Inc., “Hydraulic cylinder market generated a revenue of USD 10 billion in 2015 and will grow at an annual growth rate of more than 6% over the period of 2016 to 2025.”
U.S. Hydraulic Cylinder Market size, by application, 2013 -2025 (Million Units)
The prominent application areas of hydraulic cylinder industry are industrial and mobile. Industrial application segment accounted for more than 32% of the revenue share in 2015 and will exhibit a CAGR of above 4% over the coming eight years. Mobile hydraulic cylinder industry dominated the application landscape in 2015 and will generate significant revenue over the years ahead, owing to the increasing product requirement for material handling and agricultural equipment. Additionally, escalating urbanization and increasing construction activities will augment the industry.
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Based on the product, hydraulic cylinder market is mainly divided into welded and tie rod. Welded hydraulic cylinder industry will surpass a revenue collection of USD 11 billion by 2025. The extensive use of this product in the construction, mining, industrial, and material handling sectors will augment the market growth noticeably. The surging expansion of the agricultural equipment industry will propel the demand for tie rods, which will grow at an annual growth rate of more than 6% over the period of 2016 to 2025.
Double acting and single acting are the main functional trends of hydraulic cylinder industry. Double acting hydraulic cylinder will collect a revenue above USD 11 billion by 2025, primarily due to the usage of double acting hydraulic cylinders in applications where gravity is the prominent factor, affecting the acceleration and retardation. In addition, double acting function based hydraulic cylinders are extensively used for heavy trucks, forklifting, and earth moving equipment, which will considerably drive overall hydraulic cylinder market share. Single acting hydraulic cylinder market was worth USD 3.12 billion in 2015 and will record substantial growth rate over the coming timeframe.
Geographically, U.S. hydraulic cylinder industry is predicted to generate a revenue of more than USD 3 billion by 2025, owing to heavy investments in the material handling, defense, and aerospace sectors.
China hydraulic cylinder market will collect a revenue of more than USD 1 billion by 2025. The growth can be attributed to the increasing expenditure in infrastructure development. In the years ahead, the Chinese government is willing to invest around USD 151 million in Hubei Xiaogan logistics infrastructure project.
Brazil hydraulic cylinder industry will exhibit an annual growth rate of more than 4% over the period of 2016 to 2025, primarily driven by rising investments in the transportation sector. Russia hydraulic cylinder market will also register a CAGR of more than 3% over the coming eight years. The growth can be attributed to the surging requirement of construction and agricultural equipment.
The key participants in hydraulic cylinder market are Bosch Rexroth AG, Wipro Infrastructure Engineering, Aggressive Inc, Hannon LLC, Best Metal Products, Ligon Industries, LLC, Eaton Corporation PLC, Prince Manufacturing Corporation, Hydrapac Italia, YELETSGIDROAGREGAT, chapel hydraulique, United Hydraulics, Burnside Autocyl (Tullow) Ltd., Bailey International LLC, Enerpac Corp., Baltic, Hyco International, Inc., Caterpillar Inc., Precision group Inc., Norrhydro Oy, Parker-Hannifin Corporation, Weber-Hydraulik Group, Pacoma GmbH, Texas Inc, and Hydrosila.
Author Name :Sunil Hebbalkar
Metal mining applications to drive mining equipment market, increasing popularity of fuel-efficient equipment to generate remunerative opportunities for industry magnates
Prominent mining equipment market players have lately been looking forward to developing multi-tasking, durable, fuel-efficient mining machinery for lowering operating costs, reducing service time, and improving mine quality. Currently, various underground specialist mining equipment including diggers, loaders, and trucks are used extensively to excavate metals. However, mining activities across the globe, in the last few years, have increased remarkably owing to the surging involvement of companies in advanced exploration programs.
France mining equipment market, by product, 2017 & 2024 (USD Million)
The excavation of a large amount of underground materials has led to a rise in air pollution which has become one of the major causes of the upsurge in the prevalence of respiratory diseases. Taking into account the surging need to curb the air pollution, mining equipment manufacturers have been thus investing in the development of cleaner and safer mining machinery, which has led to most of the companies establishing partnerships to come up with advanced versions of mining equipment.
Recently, the International Council on Mining and Metals revealed a plan to make mining vehicles safer and cleaner at the International Mining and Resources Conference held in Melbourne. At the conference, numerous renowned truck and mining equipment suppliers came together to accelerate the invention of next-gen mining equipment. In addition, the Innovation for Cleaner Safer Vehicles (ICSV) is also planning to launch GHG emission-free surface mining vehicles by the end of 2040. The increasing concerns about the depleting fossil fuel resources along with growing importance of emission-free vehicles are thus poised to observe a positive impact on the mining equipment market share.
In line with the ambitious clean vehicle development programs, in October 2018, Hitachi Construction Machinery signed an agreement with KTEG Kiesel Technologie Entwicklung GmbH to develop electric construction machinery. With this strategic agreement, it also looking forward to expanding its business across European countries owing to the deployment of strict regulatory norms for curbing GHG emission across Europe. KTEG will help Hitachi to commercialize electric construction equipment in the Europe mining equipment market.
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Aided by years of intense experience in the development of electric machinery, Hitachi is aiming to decrease life cycle costs of equipment and the burden they pose on the environment. The shifting focus of equipment manufacturers toward the development of highly innovative and fuel-efficient products is likely to proliferate the mining equipment industry size over the years ahead.
Over the last few years, in order to deal with the increasing number of mining activities, most of the countries have been planning to procure advanced mining equipment. The initiatives taken by the regulatory bodies have opened up new business opportunities for mining equipment industry players. Validating the aforementioned fact, in July 2018, Coal India Ltd has unveiled its plan to procure mining equipment of worth USD 2 billion over the coming three years. With the procurement of numerous mining equipment, it is looking forward to meeting the growing demand for coal in India. Coal India has also set an aim to produce 630 million tons of coal in 2018-19 and one billion tones in the coming years.
Similar to Coal India, the Zimbabwe Consolidated Diamond Company also has invested USD 100 million in the design and installation of complementary mining equipment. With the deployment of advanced equipment, the Zimbabwean diamond company aims to produce the best quality diamonds across the globe. In order to increase FDIs and contribute to strengthen the country’s economy, most of the diamond-producing companies have been investing heavily in the mining sector. The surging participation of the regional governments in the development of the mining industry for the betterment of economy will have a positive influence on mining equipment market size from metal mining applications.
The collaborative approach of mining companies and regulatory bodies to accelerate the number of mining activities will have a significant influence on the mining equipment industry growth. With the deployment of ambitious product development programs, global mining equipment industry is likely to traverse alongside a positive growth path. Driven by the growing investments in the mining and metal exploration activities, mining equipment market size will surpass USD 95 billion by the end of 2024.
Author Name :Sunil Hebbalkar
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
With each passing day, the demand for electricity has been increasing worldwide. Developing nations like Africa and Asia have been witnessing frequent cases of network breakdowns and power failures. Such growing instances has fueled the requirement for effective circuit breaker systems. Measures to curb operational dereliction, fire hazards and electrical supply faults has influence increased product adoption.
Moreover, there has been a rise in construction of renewable energy and smart grid infrastructures. The advent of such technologies has emphasized the need to restructure and revamp aging grid structure that offer safe and secure operations. Meanwhile, ongoing suburban migration has led to an exponential surge in power consumption, which has in turn driven the demand for efficient circuit protection equipments.
With growing consumer awareness and stern building norms focus on securing and safeguarding electrical networks, the circuit breaker market may accrue sizeable growth. Citing reports, a study conducted by Global Market Insights, Inc., suggest that the global circuit breaker market may record annual installation of 40 million units by 2024.
As per voltage rating, the < 70 kV circuit breaker market is anticipated to witness increased traction over the coming years. Ongoing development of power distribution systems coupled with rising energy demand across the primary and secondary electric infrastructure may influence segmental growth. The adoption of micro-grid action plans towards off-grid renewable grid network may further aid product demand.
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Notably, circuit breakers for gaining increased traction in various industrial spheres. From small scale residential grid network to large scale utility-aided distribution network, these products enable enhanced safety in overall business operations. With growing demand, industry participants and manufacturers are inclined towards achieving sustainable product distribution and development. Positive customer inclination towards safer operations and the product’s flexibility and cost-effectiveness may also stimulate the demand for circuit breakers in the industrial sector.
As per regional share, Europe circuit breaker market is slated to witness prominent growth owing to strict efficiency norms and growing implementation of renewable energy networks. With an aim to install strong energy mechanism, government authorities are also investing heavily to befit the region’s energy generation and distribution systems.
In essence, the global circuit breaker market is registering notable growth, driven by the addition of advanced, flexible and secure product configurations. Key market players operating in this industry include Mersen S.A., BEL Fuse, Meidensha, Fuji Electric, Hitachi, Siemens, Crompton Greaves, L&T, Hubbell, Powell Industries, Mitsubishi, Toshiba, TE Connectivity, Eaton, ABB and Schneider Electric.
Suppliers and manufacturers across the globe are investing heavily on research and development to enhance and expand their product portfolio. Moreover, additional funds are infused by companies to roll out advanced products which may compliment global circuit breaker market development.
Author Name :Abhijeet Kakade
Unveiling photovoltaic (PV) inverter market outlook in terms of the competitive landscape, heavy investments by regional governments in renewable energy projects to stimulate industry share
The ongoing transformation in the global energy mix for a greener future has had a highly positive influence on photovoltaic (PV) inverter market. In the last few years, the installation of renewable energy facilities has been increasing on a large scale across the globe for reducing the dependency on non-renewable energy sources such as fossil fuels and nuclear energy. In addition, the growing concern among the regulatory bodies about the adverse impact of non-renewables on biodiversity has been increasing consistently, stimulating PV inverter industry trends. In this regard, many regional governments have been joining hands with product suppliers for deploying photovoltaic inverters across several regions on a large scale. In addition, they are implementing numerous renewable energy policies as well, for promoting the adoption of green energy.
North America Photovoltaic (PV) Inverter Market Size, By Nominal Output Power, 2017 & 2024 (USD Million)
OLC Energy Services-SMA Solar Technology deal gains ground in Namibia PV inverter market
Heavy investments are being made in the development of solar power plants across myriad geographies lately, generating lucrative opportunities for the players in photovoltaic inverter market. In this regard, for amassing a substantial remuneration and extending their regional reach, industry contenders have been intensively adopting new business strategies such as product enhancement and JVs. In fact, most of the local energy companies are dealing with global energy contributors to deploy renewable energy grids extensively.
Validating the aforementioned fact, in Namibia, a joint venture renewable company, OLC Energy Services has recently collaborated with a leading contributor of solar inverters, SMA Solar Technology which has been developing a wide range of advanced products for commercial as residential PV systems. With this partnership, OLC Energy Services will tap the expertise of this leading inverter manufacturer for the distribution and technical services of PV systems. Additionally, through this JV, both companies plan to increase the dependency of Namibia on renewable energy facilities. Reportedly, the Namibia government has already developed renewable energy projects of 55 MW and is currently developing a further 121 MW capacity worth of renewables.
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ABB’s contribution toward PV inverter industry
The rapid evolution in traditional inverters which are prominently deployed in commercial as well as residential applications is considerably influencing PV inverter industry trends. With the help of emerging technologies such as IoT and AI, many of the giants in photovoltaic inverter market are trying to improve the product quality and ease of usage. For instance, the world’s leading manufacturer of PV inverters, ABB has recently developed a range of smart inverters with the assistance of the Internet of Things. The newly invented software embedded in the inverters can be operated remotely with the help of smart devices, which offers cost-effectiveness in advanced monitoring and control. ABB’s involvement in enhancing product design and development depicts the efforts put in by industry leaders in the development of next-generation products, that is certain to fuel photovoltaic (PV) inverter industry share over the years ahead.
In the last few years, ABB has received many contracts across myriad geographies to install PV inverters. In 2017, the Indian Railway awarded a contract to ABB for installing solar invertors at 750 rail stations located in the Northern region of India. Currently, it has installed solar inverters of approximately 5 GW capacity across India. The surging acceptance of solar inverters across the Indian transportation sector is certain to impel the growth of the regional photovoltaic inverter market.
In addition to India, ABB also has also been installing its central inverter solutions in Jordan. The firm has collaborated with the leading utility-scale solar developer, FRV to supply central inverter solutions to solar power plants-based in the Mafraq region of Jordan. ABB’s move further validates that the commitment of leading contributors in photovoltaic inverter market toward the generation of greener and cost-effective sustainable energy products is poised to augment PV inverter market trends.
The increasing reliability of renewables such as solar, wind, and hydropower plants across the globe for fulfilling energy needs is likely to enhance the industry growth considerably. The supportive regulatory stance of regional governments for energy transformation across public as well as the private sectors has also been generating lucrative opportunities for OV inverter market contenders. Aided by innovative product development strategies and a supportive regulatory scenario, photovoltaic (PV) inverter market size is expected to generate a revenue of USD 11 billion by the end of 2024.
Author Name : Sunil Hebbalkar
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 to gain major traction with rising popularity for green technology, increasing demand for EVs and renewable power storage to augment the industry growth
The lithium ion battery market has registered trends of exponential growth as the demand for lithium has soared with its increased application in battery operated electronics like smartphones, tablets and laptops as well as in electric vehicles which are being hailed as the revolutionary component for the electric automotive industry. According to estimates, by 2040 there will more electric vehicles than traditional fossil fuel ones. Lithium ion battery industry outlook is thus expected to ascend with almost every automaker striving to introduce its own line of electric vehicles. For the record, the global lithium ion battery market size is expected to surpass $60 billion by 2024.
Asia-Pacific Lithium Ion Battery Market Size, By Application, 2016 & 2024 (USD Million)
Aiding the growth of the lithium ion battery market will be a huge surge of research and development programs that are being encouraged by the significant demand for improving the capacity of lithium ion batteries. For instance, researchers at Department of Energy Technology of Norway have found a means to improve the capacity of conventional lithium ion batteries almost phenomenally. So much so that the new batteries can keep phones and laptops running for several days without charging and electric cars can travel as much as 1000 km with a single charge. The technology has exploited the proportion of silicon in graphite present in lithium batteries, an experiment that has been for long attempted by battery manufacturers as silicon can dramatically increase battery capacity. Nanotechnology has made it possible to introduce silicon in lithium batteries in such proportions that the battery capacity can now be improved 3 to 5 times.
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In the near future the lab test results are expected to be made perfect for industrial use and many research groups and companies are already trying to overcome the problem of lithium ion batteries limitations. Such a move will be essential in an era where the demand for electric vehicles has been rising exponentially. According to the International Energy Agency there were more than 3 million electric vehicles across the globe by the end of 2017. China had the largest volume of EVs at 1.2 million and the country offers financial incentives to manufacturing and buying the vehicles. Other major economies including UK, France, India and Norway also have fixed target dates to reach a specified percentage of EVs on the road. Such policies are expected to increase the number of electric vehicles to approximately 125 million across the globe by 2030.
With the demand for electric vehicles, the lithium ion battery industry is also anticipated to witness commendable growth as automakers have started to strive in securing supplies with the increasing number of eco-friendly customers switching from their fossil fuel dependent, carbon emitting vehicles to an electric alternative with significantly lower maintenance and operating costs.
The expanding demand and use of renewable energy resources has led to the rise in demand for potent storage of the power sourced from solar and wind energy. The lithium ion battery industry has forged a major growth avenue thorough this demand as this battery has emerged as a clean, quick and dependable option for storing additional power generated by renewable resources. Compared to lead acid batteries, lithium ion batteries have a significantly longer life cycle leading to a greater number of charge/discharge cycles before their capacity drops to under 80%. When consumers consider buying a solar battery, size matters because after the source of the energy is gone the household of the facility using renewable energy depends entirely on the stored energy to sustain them during the absence of the energy source. During such times the reliability of the energy storage unit is of crucial importance and lithium ion battery has been able to fulfil expectations very sufficiently, adding to the lithium ion better market growth.
Some of the vulnerabilities of lithium ion batteries include volatility, protection required to keep them within safe operating limits, high cost and transportation restrictions. Also, lithium ion batteries are still an area of developing technology, indicating the frequent inflow of advancements in lithium ion battery industry. Driven by innovation and development adding continuous momentum to the business, the lithium ion battery market is expected to witness over 12% CAGR over 2017-2024.
Author Name : Paroma Bhattacharya