The global electrical digital twin market is projected to reach $1.642 billion by 2024 from an estimated $804 million in 2019, at a CAGR of 15.4% from 2019 to 2024. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.
The switchgear monitoring system market is projected to reach $2.0 billion by 2023 from an estimated $1.4 billion in 2018, at a CAGR of 7.83% from 2018 to 2023. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgear monitoring system.
The electrical bushings market is expected to grow from an estimated $2.45 billion in 2018 to $2.96 billion by 2023, at a CAGR of 3.86%, from 2018 to 2023. Increasing power demand, investments in the renewable sector and expansion of transmission lines are the major factors driving the electrical bushing market globally.
Technical fluids are the specialty solutions formulated to serve specific applications for target end use industries. Technical fluids are one of the essential components of this modern industrial world. Technical fluids are used to increase the efficiency of process or the system. There are different types of technical fluids which are used for different applications in numerous industries.
The global circuit breaker market is projected to reach $8.68 billion by 2022, from an estimated $6.85 billion in 2017, growing at a CAGR of 4.85%, from 2017 to 2022. The market in Asia Pacific was the largest in 2016 and is projected to hold the largest share by 2022, followed by the markets in North America and Europe. The growth of the circuit breaker market is driven by increasing access to electricity in developing countries, growing renewable power generation projects, and increasing construction and developmental activities.
This week, Durig Capital reviews one of the leading producers of steel products in the United States. AK Steel (NYSE:AKS) produces steel for the automotive, infrastructure and manufacturing sectors. There has been much talk of bringing back manufacturing jobs to the U.S., especially in the production and manufacturing of steel. AK Steel is one of the companies trying to ensure continued heavy manufacturing capabilities within the United States. It recently reported its second quarter results (for the three months ending June 30, 2019) with the highlights (listed above).
Tungsten Market, also known as Wolfram is, is a naturally occurring chemical element. It exists on the Earth combination with other elements in the form of chemical compounds. Wolframite and Scheelite are the important ores of tungsten.
The latest report by IMARC Group, titled “Circuit Breaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global circuit breaker market size reached $7 billion in 2018.