Vietnamese Prime Minister Nguyen Xuan Phuc has warned of a possible power shortage in 2021 and asked other officials to speed up stalled power plant projects, according to the Financial Times. In late September, Vietnamese media reported on the risk of power shortage, while a series of power plant projects were behind schedule. Power shortages could be a barrier for foreign investors and challenge Vietnam’s position as one of the countries that will most benefit from the U.S.-China trade war, according to Reuters analysis.
The smart electric meter market is projected to grow from an estimated $9.27 Billion in 2018 to $11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. The market is set to witness growth due to the increased need for efficient data monitoring systems coupled with favorable government policies for smart meter rollout, improved cost savings owing to the use of smart meters making it a definitive case for adoption, and increasing emphasis on renewable energy sources globally.
The gas insulated transformer market is projected to grow from an estimated $2.75 billion in 2018 to $3.45 billion by 2023, at a CAGR of 4.61%. Factors such as space constraints in densely populated urban areas, no risk of oil leakage, and government initiatives toward improving electrification rate are driving the gas insulated transformer market.
According to a recent market report published by Future Market Insights titled, “Shunt Reactor Market: Global Industry Trend Analysis and Opportunity Assessment, 2016–2026” the global shunt reactor market was valued at $2 billion in 2015, and is expected to register a CAGR of 8.6% from 2016 to 2026. Emergence of micro grids and interconnection of local and regional grids are the major factors expected to drive the growth of the global market for shunt reactor.
Power transmission cables are widely used in transmission and distribution of electricity to various residential and commercial consumers. Power transmission cables are insulated with various materials such as PVC (Poly Vinyl Chloride), XLPE (Polyethylene with cross-links), rubber, impregnated paper and varnished cambric.
The gas turbine electrical power generation market was valued at $16.5 billion in 2015, and is expected to reach $21.18 billion by 2022, expanding at a CAGR of 3.4% from 2016 to 2022 due to Cogen power generation and high demand from Asian markets, according to the latest report published by Credence Research, Inc. “Gas Turbine Electrical Power Generation Market (Turbine Type: Open and Combined Cycle Gas Turbine; Power Generating Fuel: Fuel Oil, Natural Gas, Kerosene, Diesel and others).