Escalating demand for optimized energy use fueled by rapid industrialization is set to expand low voltage drives market size, in conjunction with the upsurge in electricity prices and introduction of energy efficiency standards. Technological adoption across small and medium businesses coupled with rising number of retrofitting initiatives across industrial, residential and commercial establishments will boost product demand. Implementation of stringent government regulations pertaining to environmental sustainability will further stimulate the consumption of low voltage frequency drives over the projected timeframe.
U.S. Low Voltage Drives Market Size, By Application, 2018 & 2025 (USD Million)
Low voltage drives industry share is estimated to exhibit considerable growth owing to rising deployment of renewable power generation technologies into the grid, along with tightening regulations to ensure energy efficiency. Favorable government norms regarding the development of intra-regional and cross border transmission networks will complement the industry outlook. Moreover, modernization and refurbishing of the existing industrial equipment across developed countries will generate substantial demand for reliable low voltage infrastructure.
Asia Pacific (APAC) processed food segment has witnessed significant growth in recent years on account of rapid urbanization, rising household income levels, changing lifestyle, growing population and the expansion of multinational companies in the region. Increasing population and a subsequent rise in processed food demand globally will boost APAC low voltage drives market growth over the forecast period, as these products find wide applications in the processed food manufacturing sector. Growing dependence of people from all age groups towards processed food will push product consumption across the region.
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Over the last century, the shipping industry has witnessed considerable surge in total trade volume due to rapid industrialization. Consistent advances in technology have also transformed shipping into an extremely quick and efficient method of transportation. According to a report by the United Nations Conference on Trade and Development (UNCTAD), share of emerging economies in seaborne trade imports & exports has climbed rapidly over the past decade, touching almost 63% in 2017. Rise in seaborne trade activities across the world will generate added revenues for low voltage drives industry.
U.S. and China are two of the world’s largest electric power consumers, accounting for almost 70% of demand growth in 2018 globally. China experienced a surge in power demand by 8.5%, whereas the U.S. saw a jump of nearly 4% due to a colder-than-average winter and a hotter summer. Power demand in India increased, attributed to a majority of its rural areas being powered in the past 2 years. Low voltage drives are extensively used in the power & utility segment and the unpredictable climatic conditions, along with global rise in power demand, is anticipated to bolster low voltage drives market outlook.
Electric vehicle (EV) sales have showcased considerable growth over the years. China currently leads the EV market share, with Europe and the U.S. not too far behind. For a fact, EV sales in China constituted 50% of total sales in 2018. Latest innovations have resulted in the introduction of cost-effective long-lasting batteries. International Energy Agency (IEA) reported that close to 750.000 electric cars were sold globally in 2018 with more than 2 million electric vehicles currently on the roads. Wide use of low voltage drives in the automotive sector will enhance the product scope.
Low voltage drives are extensively used as fixed speed controllers, valves and substitute for dampers on account of high reliability, enhanced energy efficiency and low maintenance costs. The U.S. low voltage drives industry is expected to expand considerably owing to shifting consumer focus toward the adoption of variable frequency systems for centrifugal and reciprocating equipment. Moreover, hiking energy prices driven by concerns over environmental impact and power availability has diverted consumer focus toward energy efficient solutions.
Ongoing various R&D initiatives aimed at developing more impactful equipment, combined with increased spending on infrastructure across developing economies is projected to reinforce low voltage drives industry trends. ABB, CG Power, Danfoss, Honeywell, Emerson, Fuji Electric, Johnson Controls, Schneider and Siemens are some key suppliers competing to introduce novel products. Global low voltage drives market size is expected to exceed annual valuations of USD 15 billion by 2025.
Author Name : Hrishikesh Kadam
The advent of next generation automotive electronics paired with increased connectivity and mobility demand will propel electric capacitor market size over the forecast timeframe. Never-ending technological advancements in the consumer electronics industry, majorly in the smartphone segment, has encouraged industry players to develop more efficient devices. Increasing demand for consumer electronics fueled by rapid growth in urban population as well as gradually dropping capacitor prices will drive electric capacitor industry trends.
North America Electric Capacitor Market Size, By Voltage, 2018 & 2025 (USD Million)
Gradual reduction in overall production and maintenance costs along with limited barriers on import are some key factors that will transform the electronic components landscape worldwide. Increasing application in fields such as personal computing, transportation, renewable energy system, as well as electronic controls for industrial machinery and engines will expand electric capacitor industry scope. Developments in the automobile segment have resulted in the enhancement of air conditioners, airbag controls and automatic windows. Rising complexity and functionality of electronic devices in vehicles combined with surging desire for smart components will boost consumption of internal components.
Increased use of smartphones all over the world has influenced the demand for electric capacitors globally. According to estimates, over 5 billion people currently own mobile devices, more than half of which are smartphones and approximately 76% individuals across 18 developed economies own a smartphone, indicating the tremendous penetration of mobile phones. Deployment of latest technologies and features into smartphones has surged the popularity for these gadgets, which will invariably escalate revenue prospects for electric capacitor market from the consumer electronics segment.
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Electric vehicle (EV) sales have exhibited robust growth in recent years, where China currently holds a major share of the EV market, with U.S. and Europe not too far behind. Inclination of consumers towards electric vehicles has increased significantly owing to its easy maintenance and lower repair costs, besides environmental benefits. According to International Energy Agency, almost 750,000 electric cars were sold across the world in 2018, and over 2 million electric vehicles are currently in operation. Rising awareness towards greener options for commute will fuel the demand for electric cars, strengthening electric capacitor industry outlook in China, Europe, and U.S.
With considerable advancements in television display technologies over the years, consumers across the globe are showing strong preference for 4K screens, which comprise 4 times as many on-screen pixels as compared with HDTVs. 4K television is anticipated to double in terms of sales in the U.S., to over 15 million units per year in coming years, owing to a growing adoption rate. Further, dropping manufacturing costs and rising affordability of 4K television devices, along with increased spending on consumer electronics will tremendously catapult electric capacitor market size.
Swiss technology giant ABB had recently been appointed to supply equipment for the Beijing-based Zhangbei high-voltage direct-current grid in China. The list of equipment supplied for the project included high-voltage capacitors, power semiconductor devices and various transformer components. The HVDC grid was designed by the State Grid Corporation of China and is considered to be the first of its kind in the world. Construction of similar mega projects worldwide will positively influence the electric capacitor market share, as capacitors play a crucial role in transmission and distribution of power.
Increasing federal initiatives to encourage the adoption of renewable energy systems coupled with growing efforts for the promotion of electric mobility will enhance electric capacitor industry prospects in the future. Ambitious government plans regarding emission control along with shifting trends towards energy-efficient technologies will push market revenues. Escalating investments in R&D paired with strategic mergers & acquisitions to expand production capacities will be a key tactic among industry players, in addition to material cost reduction and restructuring of various capacitors to achieve enhanced efficiency.
Author Name : Hrishikesh Kadam
Solid state battery market is poised to experience remarkable changes in the years to come, owing to a wide application base and growing environmental concerns which have triggered the demand for electric vehicles. Solid state batteries provide better safety, longer life cycle and entail lower cost compared to the Li-ion batteries, which have helped foster their demand. Several government initiatives for the development of more efficient energy solutions will heavily influence solid state battery industry trends.
UK Solid State Battery Market Size, By Product, 2018 & 2025 (USD Million)
Technological advancements have attracted several customers towards the consumption of smart devices, which will stir the adoption of solid state batteries that are more reliable than most other alternatives. In fact, the consumer electronics segment in solid state battery market is slated to witness a CAGR of more than 30% by the year 2025. The ability to provide enhanced storage capacity and short recharging time will strengthen the industry prospects. These batteries have solid electrolyte present in them that ensures enhanced safety when in use, emerging as a key driver for the use of the products in digital cameras and smartphones.
Private investments for research and development of energy storage solutions as well as corporate initiatives will help develop innovative and long-lasting products. For instance, Ricardo, a global engineering and environmental consultancy firm had begun a project in 2018, supposed to last for 30 months, under a collaboration with numerous battery technology experts in the U.K. for the development of solid state battery for electric vehicles (EVs). Similar efforts across the region will certainly lead to swift expansion of Europe solid state battery market size.
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The German government had recently announced that it will be investing about USD 1.2 billion in order to support the future production activities for next gen solid state batteries in Europe. Apparently, the battery consumption from electric vehicles is slated to reach unprecedented levels in the next few years. The strategy of the Berlin government is part of the Battery Alliance initiative of European Union that has a goal to boost the share of EU’s EV battery manufacturing capacity, raising it to 30% by the year 2030.
Numerous projects through the Faraday Battery Challenge in U.K. had secured a total of GBP 23 million from the UK government in the third round of funding. It is supposedly a part of the total GBP 274 million set aside for investing in different projects targeting development of EV technologies. This massive initiative represents a notable research and development thrust that will ensure innovative technologies are provided to EV makers and will positively impact Europe solid state industry outlook.
The U.S. Department of Energy says that if and when EV battery costs may fall below $125 per kWh, it will become cheaper for people to own and operate electric cars, as compared to petrol-driven options. Economic viability could substantially increase the demand for solid state batteries, particularly since global battery EV market is estimated to reach USD 425 billion valuation by 2025.
The competitive landscape of solid state battery industry is outlined by mergers and collaborations to accelerate technology development. Automotive giant Toyota and tech giant Panasonic have agreed to collaborate on developing various battery technologies, which also includes solid state batteries. The Japanese automaker plans to introduce the resulting solid state batteries by the year 2020 with a goal to sell 5.5 million electrified vehicles deployed with those batteries by 2025.
Volkswagen has informed that it plans to spend about USD 56 billion for buying battery cells with suppliers like LG Chem, Northvolt, Samsung SDI, China’s CATL and SKI of South Korea as its strategic partner. The company said it aims to reach battery manufacturing capacity of 150 gigawatt capacity in Europe and another 150 in Asia in the next few years and the figure will be doubled by 2030. Tesla recently acquired Maxwell, a battery company based in San Diego in order to surge its battery production capabilities. Such huge investments by automotive giants will help people solid state battery market revenues in the forecast period.
Consumer electronics and automotive products require affordable and efficient energy storage solutions and the increasing consumption from these sectors will expand solid state battery industry share. High demand for the product owing to better safety while handling and higher energy-efficient systems will stimulate the product demand. Reports estimate that global solid state battery market will amass more than USD 2 billion in annual remunerations by 2025.
Author Name : Riya Yadav
With continuous developments in the offshore oil and gas sector along with groundbreaking subsea cable technologies, submarine power cable market is poised to witness a remarkable growth over the coming years. Today, several power suppliers and governments are shifting their preferences toward renewable energy sources like offshore wind power and even oil & gas companies are adopting new procedures to improve efficiency, reduce costs, and exploit new fields. Growing number of renewable energy projects and escalating penetration across other submarine applications will offer considerable boost to submarine power cable industry outlook.
Submarine Power Cable Market Size, By Voltage, 2019 & 2025 (USD Million)
Expanding number of offshore wind farms and electrification of offshore oil and gas platforms has led to augmented research activities and tremendous progress has been made in quality of power cables. With the advent of subsea cables, it becomes extremely easy to connect oil platforms to mainland power grids. It also enables timely monitoring and surveillance to reinforce the business development and management of almost all activities in the ocean. Booming energy sector worldwide will immensely propel the revenue graph of submarine power cable industry from the demand of advanced and more reliable subsea cables.
A submarine power cable had been deployed recently between Montenegro and Italy under an investment of EUR 1.15 billion that will allow Montenegro to develop as an energy hub for the Balkan countries. The project has already fetched more than EUR 600 million for local businesses in Montenegro. Such developments would create abundant opportunities for oil & gas companies and other suppliers, attracting significant investments in the energy sector, for renewable sources and digitization. The surge in installation of submarine electrical cables to supply power and emergence of more advanced techniques will thrust global submarine power cable market share.
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Over the past decade, novel technologies are being utilized to perform better maintenance and repair of underwater cables for reducing the overall cost of operations in the offshore energy segment. Oil companies are extensively using high-speed fiber networks to vastly enhance their remote field operations, improve field safety records and to take full advantage of real-time information. Operators are rapidly gaining installation expertise in ultra-deep waters and are aiming to advance the array of energy and telecom cables for offshore production. Increasing adoption of such products will considerably influence submarine power cable industry outlook.
LS Cable & System, a Korea-based industrial corporation and cable manufacturer, has inked an agreement in July 2019 worth $100 million worth with Orsted, a state energy firm from Denmark, to build a submarine power grid in Taiwan. The Taiwanese government is planning to invest nearly $23 billion to increase the volume of renewable energy generated in the country, from existing 5% to 20% by 2025. Growing number of submarine power grid projects will substantially impact submarine power cable industry trends.
In terms of geographical trends, European and North American electricity providers are shifting preferences towards integrating more offshore renewable energy sources such as wind and tidal wave installations. Submarine cables will allow the utility companies to transfer larger power flows over great distances with reduced rate of power loss. Deployment of subsea cables to strengthen conventional energy grids could also enhance the connection rate between nearby European offshore wind projects and the U.K. mainland electricity grid network.
The EuroAsia submarine High Voltage Direct Current (HVDC) cable is one of the largest submarine power cable lines in the world which connects the Greek, Cypriot, and Israeli power grids with 2000 MW power capacity. These kind of project will open up substantial prospects for submarine power cable suppliers in the ensuing years. Prominent reports inform that in 2018, Europe submarine power cable market had generated a revenue of more than USD 2.5 billion.
Owing to widespread implementation of pioneering energy transfer technologies, there would be promising growth prospects for offshore wind farms over the forecast period and subsequent need for power transmission. Eminent players offering reliable subsea cable products include Sumitomo Electric, LS Cable & Systems, Nexans, KEI Industries, Prysmian, Furukawa, TF Kable, Ningbo Orient wires, Sumitomo Electric, ABB, Intertek Group, and Hengtong Marine Cable Systems. Global Market Insights, Inc. has projected that global submarine power cable market size will surpass USD 3 billion in annual valuation by 2025.
Author Name : Deeksha Pant
Driven by increased electricity consumption across emerging economies and ageing infrastructure in developed nations, recloser market has gained sizable traction over the last few years. Recognized by electric utility companies across the world as devices that are essential for facilitating maximum continuity of electric services economically and easily to customers, reclosers have become a crucial building block for any power infrastructure. Expanding power grids and upgradation of existing infrastructure will propel revenues for recloser industry imminently.
UK Recloser Market Size, By Voltage Rating, 2018 & 2025 (USD Million)
A recloser can be thought of as a high-voltage, automatic electric switch and similar to circuit breakers installed on household power lines, a recloser shuts off electricity when problems like short circuit occur. However, unlike household circuit breakers, which need to be manually reset after they trip, a recloser tests the power line automatically to determine whether the issue has been eliminated. If the problem has passed, a recloser resets itself automatically and restores electric current. As utilities and industries become more aware about the advantages of this product, recloser market size will register a steady growth in the forecast timespan.
Reclosers have been around for several decades and have been a norm for almost all electric utilities, but the product is gaining considerable momentum today primarily on the backs of modern-day reclosing systems. Modern reclosers boast of open times that are as low as 100 milliseconds, which enable power quality devices like clocks and microwaves to not be affected by issues such as momentaries, sags and feeder interruptions.
With an average household containing several power quality devices that are prone to damage due to system failure or power fluctuations, every electric utility problem remains the same, which is to increase the reliability quotient of their services at lowest-possible costs. Recloser market trends would be effectively influenced by these requirements to cut down losses due to power failures. According to the International Energy Agency, in 2018 the world’s energy consumption surged by approximately twice the average growth rate since 2010, indicating the need for reliable energy control equipment.
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While power demands have climbed significantly across the world, Asia Pacific has seemingly accounted for majority of the consumption increase. A rapidly growing population, increasing electrification and rising per-capita usage would be driving power demands in the region over the forthcoming years as well, creating substantial prospects for APAC recloser market. Reportedly, the Association of Southeast Asian Nations (ASEAN) represents a highly-dynamic section of the global energy system. In fact, the region’s power demands have increased by almost 60% over the previous 15 years.
Several Asian countries are currently experiencing various stages of economic development and while they boast of their own unique consumption patterns and energy-resource endowments, they all face a common challenge of supplying power in an affordable, secure and sustainable manner. Reclosers, owing to their ability to facilitate reliability to the a power infrastructure in a cost-effective way, would help in addressing these challenges considerably, fueling growth for APAC recloser industry.
IEA has informed that approximately 65 million people across ASEAN countries live without electricity. The drive to establish a competent power infrastructure for this demographic would be propelling demands for APAC recloser market. Meanwhile, India would be emerging as a promising revenue source in the coming years, since the country still had more than 31 million homes that lack access to electricity as of 2018. Ongoing government efforts to bring these homes into the fold would be another growth factor propelling APAC recloser market size over the projected period.
According to the Indian Brand Equity Foundation, the Indian Government has also drawn a roadmap to attain a 175 GW power capacity from renewable energy by 2022. Integrating the mammoth 175 GW capacity with the nation’s power grid would call for significant alterations to the network, creating more opportunities for the APAC recloser industry to ensure the long-term trustworthiness of the infrastructure.
Owing to augmented power consumption across APAC, specifically the ASEAN region, and the ongoing government initiatives to make access to electricity more universal, the remuneration graph of recloser industry is poised to show substantial gains. In fact, Global Market Insights, Inc., has predicted that global recloser market size would surpass an annual valuation of $2 billion by 2025.
Author Name : Akshay Kedari
Growing shift towards renewable energy and rising investments in energy infrastructure are driving hydropower turbine market size. According to International Energy Agency (IEA), hydropower remains the largest renewable energy source, and is anticipated to meet 16% of global electricity demand by 2023. The power generation technology produces low cost hydroelectricity, which makes it a competitive source of renewable energy.
China Hydropower Turbine Market Size, By Capacity, 2018 & 2025 (USD Million)
With advanced turbines, hydropower plants can efficiently convert about 90% of the available energy into electricity, significantly more when compared to fossil fuel plants which are only 50% efficient. With such plants, cities and states can generate their own domestic energy without relying on rapidly depleting fossil fuel.
Rapid technological advancements and digitalization owing to algorithmic trading, artificial intelligence and blockchain technology have led to improved turbine and plant performance, eventually reducing costs, adding flexibility and enhancing asset management.
Innovations in small hydropower turbines has allowed generation of electricity at sites with very low heads and low flows. Numerous community-led projects have also allowed consumers to purchase power for lesser prices, offering impetus to the hydropower turbine industry.
Rising investments in renewable energy will foster hydropower turbine business outlook. For instance, in 2018, global investment in renewable energy hit USD 288.9 billion, with spending mainly focused on capacity expansion. Increasing investments, particularly on operational hydropower generation projects worldwide implicate growing number of opportunities for hydropower turbines market players.
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Based on the product segment, Francis turbine segment is attributed to gain immense traction in the forthcoming years. It is the most widely used hydro turbine, contributing to about 60% of the global hydropower capacity. It is also one of the most efficient hydro-turbines which works over a wide range of head and flow rates.
Growing technological advancements and investments in R&D programs have led manufacturers to develop high-performance and efficient Francis turbines, propelling segment growth. For instance, General Electric (GE) has reportedly completed installations of numerous Francis turbines with power outputs close to 800 MW.
Innovations in Francis turbine technology have led to reduced maintenance costs, increased plant efficiency and improved safety. Moreover, installation of new hydropower plants and upgradation of older hydropower plants has positively influenced Francis hydropower turbines market size. Thus, growing involvement of energy companies in the technological advancements and development of new energy set ups will augment overall hydropower turbine industry share over the coming years.
The APAC hydropower turbine market is registering lucrative growth on account of rising investments in new hydropower projects. According to International Hydro Association (IHA), in 2017, the East Asia and Pacific region added 9.8 GW of hydropower capacity while South and Central Asia witnessed 3,264 MW of capacity addition with over half of new projects commissioned in India. Total installed capacity of South and Central Asia regions reached to 144.7 GW in 2018. Considering above facts, it is predicted that the growing investments in hydroelectricity generation will foster hydropower turbine industry size.
In 2019, the Asian Infrastructure Investment Bank (AIIB) approved a loan of over $90 million for the Upper Trishuli-1 Hydropower Project (216 MW) in Nepal, citing that it will increase the country’s power generation capacity by almost 20%. Additionally, Bangladesh and Nepal have recently agreed to jointly invest in some JVs like the 536MW Sunkoshi III and the 1,110 MW Sunkoshi II reservoir hydropower projects, that would eventually help augment APAC hydropower turbine industry size.
China’s hydropower generation sector has also witnessed commendable growth lately. In fact, IHA suggest that in 2017, over 90% of the capacity added came from China, increasing its total installed capacity to 341,190 MW. Reports estimate China hydropower turbine market share to grow at a 6% CAGR through 2025.
A vital device used in hydroelectric plants to generate electricity, hydropower turbines also boast of features such as low maintenance, reduced emissions, and low running cost that will boost their deployment in the years ahead. Global Market Insights, Inc., estimates hydropower turbine market size to exceed USD 2 billion by 2025.
Author Name : Mateen Dalal
The global SLI battery market is poised to amass substantial returns over the ensuing years owing to the positive outlook of the automobile industry. SLI is a lead-acid and rechargeable battery designed to power a vehicle’s SLI system. In terms of SLI battery technology, there are two types available in the market; one is flooded-cell type and the other one is valve regulated lead acid (VRLA).
Germany SLI Battery Market Size, By Sales Channel, 2018 & 2025 (USD Million)
Flooded SLI batteries are high maintenance compared to its counterparts, however, they still serve as an appropriate option for many automotive models. Despite its high maintenance needs, these types still have a longer battery life than many others, which makes flooded SLIs a lucrative segment for the global SLI industry.
The valve regulated lead acid SLI market is expected to witness immense growth over the coming years. These batteries are maintenance free and highly economical. Additionally, these batteries have a high capacity range and a longer life span that goes up to 10 years. Increasing demand for lightweight passenger vehicles and heavy-duty commercial vehicles will drive segmental growth, thereby boosting the worldwide SLI battery market size.
The growing proportion of premium vehicles being manufactured in the industry will offer novel growth opportunities to SLI battery manufacturers. Demand for passenger cars is primarily driven by greater affordability. A steady rise in people’s disposable income, especially across emerging economies, has provided a major push to the automobile industry. The increasing demand for personal vehicles will help proliferate SLI battery market growth over the coming years.
Besides people’s rising income, another factor that indirectly contributes to the production of automobiles is the availability of easy financing options. For instance, loans are expected to get cheaper in countries like India owing to lowered key lending rate. Cheaper car loans would possibly encourage more individuals to invest in premium models, which will benefit SLI battery market outlook in the long run.
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As electric cars continue to attract more attention, they seem to present a huge threat to SLI battery manufacturers. However, some electric cars still run on lead acid batteries as an auxiliary battery for SLI applications. Lead acid batteries can provide the required power to a vehicle’s starter motor at an affordable cost. High preference for electric vehicles is less likely to impede SLI battery market growth in the ensuing years.
The America SLI battery market is poised to gain massive momentum in the upcoming years. The U.S. in particular, is slated to observe high production of commercial vehicles and heavy-duty trucks. Moreover, investments toward automobile manufacturing will positively influence industry outlook. High production across newly launched plants would be a positive sign for SLI battery demand in the region.
Vehicle sales in Brazil have surged owing to considerable economic growth and high consumer confidence. According to the nation’s vehicle distribution federation, sales of automobiles and light commercial vehicles are anticipated to grow throughout 2019. Low-interest rates and reduction in debt which resulted in better credit offers also augment regional revenues. Favorable policies and investment in automobile sector will further strengthen the growth avenues for America SLI battery manufacturers.
The Asia Pacific automobile industry has amassed substantial revenues in the past years. Strong growth in the economy paired with rising disposable incomes have majorly encouraged two-wheeler and car ownership in the region. The key automakers are establishing wider dealer-network in countries like India, which is projected to boost car sales, thereby supporting the Asia Pacific SLI battery industry share over the coming years.
With recent advancements in the automotive domain, batteries too have transformed significantly, providing customers the choice to select from various SLI battery technologies and types. Moreover, affordability and availability are additional factors strengthening the customer base, making lead acid batteries the most preferred products for a vehicle’s SLI system. According to a research report by Global Market Insights, Inc., SLI battery market size is anticipated to exceed $47 billion by 2025.
Author Name : Krithika Krishnan