Industrial Gearbox Market Driven by Increasing Efficiency

The industrial gearbox market is expected to grow from an estimated $25.91 billion in 2018 to $31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023.  Increasing requirement for efficient energy gearbox and clean energy sources are driving the growth of the industrial gearbox market. The increasing automation in manufacturing technology is facilitating the growth of the industrial gearbox market. In addition, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.

Floating LNG Power Vessel Market Growing Strong

The floating LNG power vessel market is expected to grow from an estimated $860.1 million in 2018 to $931.6 million by 2023. In 2018, the Asia Pacific market is estimated to be the largest, followed by the Middle East & Africa. Factors such as growing population, industrialization and increasing urban business activities, and an increase in the demand for power generation are expected to drive the floating LNG power vessel market.

Robust Growth in Solar Backsheet Market

The solar backsheet market is expected to grow from an estimated $1.71 billion in 2018 to $2.40 billion by 2023, at a CAGR of 7.02%, from 2018 to 2023. This market growth is driven by increasing global solar PV installations as well as policy support from governments to enable the adoption of renewable technologies. Another factor driving the demand for solar backsheet is the need to reduce carbon emissions.

Strong Growth in Industrial Filtration Market

The industrial filtration market is expected to grow from an estimated $25.89 billion in 2018 to $35.47 billion by 2023, registering a CAGR of 6.50% during the forecast period. This growth is primarily due to the growing industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities.

Power System Simulator Market Energized

The global power system simulator market is estimated to reach $836.1 million in 2017 and is projected to reach $1.18 billion by 2022, growing at a CAGR of 7.14% from 2017 to 2022. North America would continue to be the largest market for power system simulators followed by Asia Pacific during the forecast period. The booming power sector and augmented power generation capacities, rising adoption of IoT and cloud platforms, and reduced overall project time and cost are driving the power system simulator market globally.

Power Management System Market Energized

The global power management system market was valued at $3.77 billion in 2017 and is estimated to reach $5.26 billion by 2022, growing at a CAGR of 6.88% from 2017 to 2022. The increasing demand for energy efficiency in the manufacturing sector, increasing installation of renewables in the industry, and rising adoption of IoT and cloud-based platforms are driving the power management system market globally. The shale oil & gas boom in North America provides an opportunity for growth in the power management system market.

Gas Insulated Switchgear Market Energized

The global gas insulated switchgear market is projected to reach a market size of $28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.

Virtual Power Plant Market Sees Stellar Growth

The global virtual power plant market is projected to grow at a CAGR of 29.68% from 2016 to 2021, to reach a market size of $709.2 million by 2021. North America is estimated to be the largest market for virtual power plant, followed by Europe in 2016. This trend is expected to continue till 2021. The growth of the virtual power plant market is driven by increasing share of renewable energy in the power generation mix as well as shift from centralized to distributed generation and lowering costs for solar and energy storage.

Shale Gas Boom Driving Gas Turbines Market

The global gas turbines market is expected to grow from an estimated $17.51 billion in 2017 to $20.66 billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The shale gas boom in North America and decommissioning of nuclear plants in Europe are likely to boost the demand for gas turbines in these regions. The demand for gas turbines in the Middle East & Africa, Latin America, and Asia Pacific is expected to be influenced by the new gas-fired power plants and the upgrade of old existing thermal power plants in the regions.

Instrument Transformers Market Electrified

The global instrument transformers market is projected to grow to reach $9.06 billion by 2022, growing at a CAGR of 4.35%, from estimated $7.32 billion in 2017. The major drivers of the instrument transformers market include refurbishment of aging power infrastructure, increasing emphasis on alternative energy production across the globe, and huge investments in smart grids and energy systems.

Thermal Energy Storage Market Heating Up

The thermal energy storage market is projected to grow from an estimated $3.67 billion in 2017 to $6.20 billion by 2022, at a CAGR of 11.0% from 2017 to 2022. The global Thermal Energy Storage Market is witnessing a significant growth due to rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems. High demand in CSP, especially in the Middle East & African region offers lucrative opportunity for thermal energy storage.

Double-Digit Growth in Smart Transformers Market

The smart transformers market is expected to grow at a CAGR of 10.54%, from 2017 to 2022, to reach a market size of $2.43 billion by 2022. The major drivers of the smart transformers market include aging infrastructure, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, and huge investments in smart grids and energy systems.

Massive Growth in Distributed Generation Market

The global distributed generation market is expected to grow from an estimated $60.04 billion in 2017 to $103.38 billion by 2022, at a CAGR of 11.48% from 2017 to 2022. The market is set to witness growth, due to increasing mandates to reduce global greenhouse gas emissions, decreasing costs of solar technology, and rising demand for electricity from the industrial, commercial, and residential sectors.

Boiler Control Market Sees Significant Growth

The boiler control market is estimated to reach a market size of $1.80 billion in 2018 and is projected to reach $2.42 billion, at a CAGR of 6.09%, from 2018 to 2023. The boiler control market is set to witness significant growth due to the rising demand from the power generation industry, increased demand for energy efficiency equipment to control steam pressure, need for boiler tuning to adjust the fuel/air ratio, and water temperature of the boiler in power plants, resulting in boiler optimization.

Steam Boiler System Market Growing

The global steam boiler system market is projected to reach $21.63 billion by 2023, at a CAGR of 4.13%, from an estimated $17.66 billion in 2018. The growth of the steam boiler system market is mainly driven by the increased usage of steam boilers across various end-user industries such as power generation, oil & gas, chemical, process industries, and metal and mining. The chemical industry is expected to grow at the highest CAGR in Asia Pacific because of large investments during the forecast period.

Power Plant Control System Market Growing Strong

The global power plant control system market is projected to reach $6.22 billion by 2022, growing at a CAGR of 5.78%, from an estimated $4.70 billion in 2017. The growth of the power plant control system market is majorly driven by the increase in alternative energy programs, the increase in the buoyant power sector and augmented power generation capacities worldwide, and government initiatives toward industrial automation.

Opportunity for Distributed Energy Resource Management System Market

The global distributed energy resource management system market was valued at $261.7 million in 2016 and is expected to grow at a CAGR of 15.70%, from 2017 to 2022. Increasing share of renewable power generation in energy generation mix, reduced costs of wind power, photovoltaic system and battery storage, and shift from centralized to de-centralized power generation are major drivers that would trigger the distributed energy resource management system market.

Gas Turbine Electrical Power Generation Market to be Worth $21.2 Billion By 2022

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).