Growing number of offshore wind projects to fuel submarine power cable market size
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
APAC automotive brake caliper market to amass hefty proceeds by 2024, increasing production of automobiles to drive the regional industry growth
Powered by the rapidly expanding automotive industry across myriad geographies, automotive brake caliper market has indeed gained tremendous popularity in recent times. The automotive sector is also rife with a plethora of highly unique innovations that have undeniably had an impact on this business sphere. Indeed, given the pivotal significance of braking systems, technological advancements form the crux of automotive brake caliper industry. Recently for example, Brembo unveiled an aesthetically revolutionary brake caliper at the 2018 NY Auto Show. Apparently, this product helped achieve substantial weight savings – around 400 g per wheel. Brembo’s product launch is indicative of the fact that automotive brake caliper market will continue to be characterized by highly innovative solutions that would optimize performance and improve aesthetics.
U.S. Automotive Brake Caliper Market, By Vehicle, 2016 & 2024, (Million Units)
The automotive industry has registered an extremely appreciable CAGR in the Asia Pacific region since the last decade or so. This growth can be essentially credited to the rise of the middle-class populace with increasing disposable incomes and a growing inclination toward leading a more comfortable lifestyle. Due to the presence of affordable and efficient production facilities and increased rate of automobile production, Asia Pacific automotive brake caliper market is poised to grow by 3% over 2017-2024. China, India, Japan, and South Korea are projected to be the major contributors toward this regional market, powered by the enhanced automotive manufacturing technologies now prevalent across these economies.
Speaking along similar lines, the increasing demand for automobiles among the middle-class consumers has led to a significant requirement of passenger carrying vehicles. For instance, in 2017 alone, 73.46 million units of PCVs were sold – a marked increase of 1.08 million units. Driven by the increased consumer spending and the subsequent rise in vehicle production, automotive brake caliper market size from PCVs is expected to increase by 3% over 2017-2024.
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While PCVs take the cake in terms of popularity, it is prudent to mention that two-wheelers are also being increasingly preferred lately, especially in the emerging economies. Two wheelers offer a means of cost effective transportation and are the preferred choice not only in congested cities but also in remote locations. This would perpetually augment automotive brake caliper industry outlook in the ensuing years.
Stringent safety and environmental policies have encouraged technological advancements in the automotive brake caliper market of late. For instance, the French auto manufacturer Bugatti has brought forth a unique innovation in automotive brake caliper industry with the use of 3D printing to print titanium brake calipers. Incidentally, 3D printing of brake calipers helps in reducing the overall weight of the vehicle while maintaining torsional stiffness – a highly sought-after parameter in the automotive industry today. Traditional aluminum alloy brake calipers on Bugatti vehicles weigh 4.9 kg each, however, 3D printing of brake calipers makes each caliper weigh just 2.9 kg, which goes a long way in reducing overall vehicle weight and meeting environmental regulations.
Though 3D printing of brake calipers has not yet become a mainstream procedure owing to the time-consuming nature of the process, the concept has gained sufficient traction. Other methodologies for the reduction of caliper mass, improved styling and performance maintenance are also being researched currently to reduce particulates and carbon emission in the atmosphere.
The emergence of electric vehicles and hybrids is expected to add a new vertical to automotive brake caliper industry, as these vehicles will invariably use a whole new braking system that has little resemblance with the conventional braking system. With the introduction of the Tesla Model 3, electric passenger cars are poised to become the dominant trend for the future. It is rather overt that such cars are being designed to have only one paddle for moving or stopping the vehicle. While the brake system will not be made entirely obsolete, it is certain to undergo some highly innovative changes, that would certainly have an influence on automotive brake caliper market outlook.
Research & development programs are rampant across the automotive industry of late and are likely to majorly transform automotive brake caliper market trends. With the robust growth of automated technologies and the increasing requirement for better mobility, automakers are leaving no stone unturned to bring forth newer and enhanced brake systems. In consequence, this would have a commendable impact on automotive brake caliper market size, anticipated to cross $25 billion by 2024.
Author Name : Paroma Bhattacharya
uPVC Indian doors market to gain remarkable proceeds over 2017-2024, Maharashtra to drive the regional landscape
The profitability quotient of Indian doors market is certain to escalate in the coming years, augmented by the thriving construction sector across the country. Driven by a plethora of factors such as growing Indian population demanding comfortable lifestyles, increasing public and private spending on refurbishment & construction activities, and encouraging governmental initiations toward infrastructural development, Indian doors industry size is expected to widen its horizon in the forthcoming years. In fact, estimates claim, private equity sector investment in real estate in India was over USD 6 billion in 2016. As per a recent report put forth by IBEF (India Brand Equity Foundation), Indian real estate market is slated to record a massive valuation of USD 180 billion by 2020, another testament deemed to stimulate Indian doors industry trends in the coming years.
Maharashtra Doors Market Size, By Product, 2016 & 2024 (Thousand Units)
Over the past few years, there has been a significant transformation in consumers’ buying preferences with regards to artistic and aesthetics quotient, a factor that has brought innumerable innovations in door quality and texture. In this regard, it is prudent to mention that uPVC doors are creating a storm in the Indian doors industry, subject to their unique advantages such as better insulation, energy efficiency, thermal insulation, diversified color options, and minimum maintenance requirement. In fact, uPVC Indian doors market is expected to witness a y-o-y growth of 8% over 2017-2024. In addition to this, leading giants of Indian doors market are also investing in enhancing their product portfolio that not only claims technological incorporations but also are environmentally viable.
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KONE is considered as one of the forerunners in bringing eco-friendly to the Indian doors industry. The company offers a full range of industrial doors, loading bays, barriers, shutters for commercial and residential housing complexes. Reliable operation, durability, safety, and most importantly environmental competencies are some of the fortes that make KONE a renowned player in the Indian doors market. Some of the other renowned players in this space include Fenesta Building Systems, DORMA, Century, D. S. India, Duroplast Extrusions, Geeta Aluminum Company, Beautex, Kalco Alu-systems, Mahavir Aluminum, Sapa Building System, Reynaers Aluminum and Welltech Systems.
Speaking of geographical aspects, West Bengal, Delhi, and Maharashtra are some of the states where the industry observes quite profound growth. In fact, estimates claim that Maharashtra alone accounted for 12% of the overall Indian doors market share, having held a revenue of USD 180 million in the year 2016. Strong pipeline of construction projects across residential, commercial, as well as industrial sectors has propelled the product demand in Maharashtra. A crucial determinant that needs to be mentioned here- the state is the second most populous region of the country, a factor that has enabled it to be strong contributor toward the overall Indian doors industry share. Another statistic that can be placed as a testament regarding the increasing refurbishment and maintenance activities in Maharashtra- as per the National population and housing survey of 2011, out of 3.36 crore registered houses in India, 2.98 crore were in Maharashtra. Taking into account these aforementioned aspects, Maharashtra is expected to continue to stand as a strong contender in the Indian doors market.
With the escalating construction space along and supportive government initiations toward manufacturing eco-friendly, fire resistant, weather proof doors for commercial and residential sectors, it is certain that Indian doors industry is all set to carve a lucrative path in the years ahead. Experts believes that in the coming period, the business space will witness an influx of even more sustainable energy efficient doors. Having held a valuation of USD 1.2 billion in 2016, Global Market Insights Inc., forecasts Indian doors market size to exceed USD 2,800 million by 2024.
Author Name : Satarupa De
APAC automotive air intake manifold market to accrue heavy gains over 2017-2024, driven by the rising automobile production
Hydrogen Engine Center’s recent launched intake manifold technology has marked a quantum leap in automotive air intake manifold market. This new design will apparently overcome the air & fuel imbalance in all the V8 engines, leading to reduced power and operational inefficiency. In addition, the technology is designed to improve the overall power output between 4% to 8% on almost all the internal combustion engines and can work on any type of combustion engine with four or more number of cylinders. The fact that this design will halt the backfiring of V8 engines with the usage of hydrogen as a fuel would certainly impel automotive air intake manifold market in the years to come.
U.S. Automotive Air Intake Manifold Market Size, By Vehicle, 2013 – 2024 (USD Million)
Recently, Ford India unleashed the 1.5-liter Ti-VCT, a three-cylinder petrol engine, that would open new growth avenues in India automotive air intake manifold industry. The manufacturing unit of the firm based in Sanand, Gujarat will manufacture this innovative petrol engine that will fulfill the demands of both the regional and global automobile sector, as it offers enhanced fuel efficiency and helps reduce the carbon emissions in the environment.
Key automobile manufacturers have been striving to expand their production base lately, given the intense competition and product demand. Holley Performance Products Incorporation, for instance, has established a manufacturing unit at Franklin in the U.S, which is likely to augment the vehicle production and increase the number of jobs across the automotive sector. The numerous developments underlining the automotive domain and automotive aftermarket have led experts to predict that automotive air intake manifold market will indeed experience lucrative growth prospects over 2017-2024.
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The substantial rise in the demand for vehicles across Indonesia, China, and India has led to an improvement in the vehicle production capacity, which would certainly augment APAC automotive air intake manifold industry. Furthermore, APAC has been predicted to contribute over 45% toward global automotive air intake manifold market revenue by 2024, driven by the ever-expanding automotive sector in the region.
Germany on the other hand, houses some of largest automobile manufacturing firms such as Volkswagen, Audi, Mercedes Benz, and BMW, which would considerably stimulate Germany automotive air intake manifold market. In addition, escalating demand for passenger cars across the region, resulting in an increase in the vehicle production will further augment the regional growth.
Reputed players such as MAHLE Gmbh, Aisin Seiki Company Limited, Keihin Corporation, Röchling Group, Mikuni Corporation, and Sogefi S.p.A partaking in automotive air intake manifold industry share have been focusing on expanding their consumer base and brand visibility across myriad geographies. Citing an instance, in the second quarter of 2017, Rochling Group commissioned its first automobile manufacturing plant in Mexico.
Favorable trade policies and the prevalence of effective product distribution channels have also considerably augmented this business space. Manufacturers have lately been adopting just-in-time strategies that has resulted in high product penetration across the automotive sector, thereby stimulating automotive air intake manifold industry. As per Global Market Insights, Inc., automotive air intake manifold market will cross a targeted revenue margin of USD 51 billion by 2024.
Author Name : Dhananjay Punekar