Robust Growth in Heat-Shrink Tubing Market

The global Heat-Shrink Tubing Market is projected to reach $2.3 billion by 2024 from an estimated $1.8 billion in 2019, at a CAGR of 5.3% during the forecast period. Increasing investments in the electrical networks, increasing demand for reliable and secure power supply worldwide, and growing adoption of renewable energy sources across the globe are likely to drive the heat-shrink tubing market.

Busbar Trunking System Market Sees Significant Growth

The busbar trunking system market is expected to grow from an estimated $6.35 Billion in 2017 to $8.85 Billion by 2022, registering a CAGR of 6.88%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing demand for electricity, multiple operational and technical advantages to attracted end-users, and stringent regulatory requirements to save power.

Significant Growth in Molded Case Circuit Breakers Market

The molded case circuit breakers market is expected to grow from an estimated $6.92 billion in 2016 to $9.62 billion by 2021, at a CAGR of 6.82%. The global market is set to witness significant growth, due to the increasing rural electrification, growing urban energy conservation programs, increasing industrialization and demand from utilities, and revival in construction activities led by several government initiatives.

Pressure Switch Market Driven by Rising Investments

The pressure switch market is expected to grow from an estimated $1.69 billion in 2018 to $2.09 billion by 2023, at a CAGR of 4.39%, from 2018 to 2023. Rising focus on process automation and rising investments in the transportation sector are expected to drive the pressure switch market. Moreover, the low cost of pressure switches coupled with their multi-functionality has resulted in wide use of pressure switches in applications in oil & gas, chemicals, power generation, water & wastewater, and mining industries.

Explosive Growth in Smart Ports Market

The global smart ports market is projected to reach $5.3 billion by 2024 from an estimated $1.7 billion in 2019, at a CAGR of 25.0% during the forecast period. This growth can be attributed to factors such as an increasing introduction of green initiatives and the requirement of ports to comply with the environmental regulations that have been implemented by the governments of several nations. The usage of big data and cloud computing to cut down the carbon emissions and at the same time, boost internal operational efficiency is a major driving force for the market.

Recloser Market Sees Strong Growth

The global recloser market (including the sectionalizer market) is expected to grow at a CAGR of 4.88%, from 2017 to 2022, to reach a market size of $2.71 billion by 2022. The increasing demand for electric power worldwide, subsequent investments in installing renewable generation, rapid industrialization, and increased investment in automated power equipment are likely to drive the recloser and sectionalizer market during the forecast period.

DC Circuit Breaker Market Electrified

The DC circuit breaker market is expected to grow from an estimated $2.3 billion in 2019 to $3.2 billion by 2024, at a CAGR of 6.54%. Increasing investments in the electrical networks, increasing demand for reliable and secure power supply worldwide, and growing adoption of renewable energy sources across the globe are likely to drive the DC circuit breaker market.  Aging Power Infrastructure, rising electrification projects and adoption of the HVDC technology, can lead to opportunities in the DC circuit breaker market.

Oil and Gas Driving Valve Remote Control System Market

The valve remote control system market is expected to grow from an estimated $6.4 billion in 2018 to $8.0 billion by 2023, at a CAGR of 4.73%. An increased need for industrial valves from oil & gas production is likely to drive the valve remote control system market. Market growth can be attributed to the rise in industrial valve from oil & gas industries across the glob.

Middle Eastern Temporary Power and Cooling Market Growing Strong

The Middle Eastern temporary power market is projected to reach $1.1 billion by 2023 at a CAGR of 12.12% from an estimated $622 million in 2018. An increasing number of events, expansion of IT and data center projects, rise in GDP contribution from the non-oil sectors, and growing construction and infrastructure investments are likely to drive the Middle Eastern temporary power and cooling market.

Gas-Insulated Substation Market Surging

The gas-insulated substation market is projected to reach $29.5 billion by 2023 from $18.9 billion in 2018, at a CAGR of 9.2%. The growth in this market is supported mainly by the growing renewable power generation, the increasing investments in the transmission & distribution infrastructure, the rising energy demand, and limitations of space availability in densely populated urban areas, and increasing government initiatives for improving the electricity access.

Waste Heat Boiler Market Heating Up

The global waste heat boiler market is expected to grow at a CAGR of 6.72%, from 2018 to 2023, to reach a market size of $8.04 billion by 2023. The increasing demand for energy and rising electricity prices are forcing companies to opt for decentralized power supply which is increasing the demand for waste heat boiler. Also, efforts to reduce GHG emissions is expected to drive the waste heat boiler market during the forecast period.

Industrial Control Transformer Market Growing Strong

The global industrial control transformer market is expected to grow at a CAGR of 5.14%, from 2018 to 2023, to reach a market size of $1.04 billion by 2023. The factors driving the market include increased usage of industrial control transformers across major industries, booming power sector and augmented power generation capacities worldwide, and need to reduce equipment failure caused by frequent voltage spikes.

Busbar Protection Market Surging

The global busbar protection market is expected to grow at a CAGR of 6.10%, from 2018 to 2023, to reach a market size of $4.31 billion by 2023. The addition of new transmission & distribution line along with the refurbishment of the old transmission & distribution line is expected to drive the busbar protection market during the forecast period. The adoption of the HVDC technology and huge investments in smart grids and energy systems offer a huge opportunity to the busbar protection market during the forecast period.

Lighting Contactor Market Sees Bright Future

The global lighting contactor market is projected to reach $ 1.1 billion by 2023, at a CAGR of 8.53%, from an estimated $737.8 million in 2018, by value. The growth of the lighting contactor market is mainly driven by a focus on the growing demand for smart controls in the lighting system, increasing adoption of energy-efficient lighting, and increasing implementation of IoT in the lighting industry.

Critical Power and Cooling Market Growing Strong

The critical power and cooling market is expected to grow from an estimated $16.87 billion in 2016 to $25.80 billion by 2021, at a CAGR of 8.88%, from 2016 to 2021. A rise in digitalization and cloud computing leading to an increase in demand for data centers, increasing demand for improved cooling efficiency in data centers, a need to reduce anomalies in power supply, and regulations and initiatives by institutes and associations are the prime factors driving the critical power and cooling  market.

Variable Frequency Drive Market Driven by Energy Efficiency

The variable frequency drive market is expected to grow from an estimated $20.73 billion in 2018 to $27.57 billion by 2023, at a CAGR of 5.87%, from 2018 to 2023. Increase in industrialization and urbanization and rising need of energy efficiency across various industries such as oil & gas and power generation are likely to drive the variable frequency drive market.

Lead Acid Battery Market Energized

The global lead acid battery market is projected to reach $52.5 billion by 2024 from an estimated $41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the need to integrate renewable energy to the main grid, and the booming data industry promising the installation of several data centers across the globe, which expects the utilization of lead acid batteries for backup power supply.

Surge Protection Devices Market Supercharged

The surge protection devices market is expected to grow at a CAGR of 5.47%, from 2017 to 2022, to reach a market size of $2.68 billion by 2022. Growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures are the major drivers of the surge protection devices market.

Portable Generator Market Revenue Supercharged

The global portable generator market is expected to grow at a CAGR of 3.66%, from 2017 to2022, to reach a market size of $2.28 billion by 2022. The increasing number of weather-related power outages and the increased demand for uninterrupted and reliable power supply in developed and developing nations are expected to drive the global portable generator market during the forecast period.

Marine Engines Market Built by Shipbuilding

The global marine engines market is projected to reach $16.4 billion by 2024 from an estimated $14.0 billion in 2019, at a CAGR of 3.11%. This growth can be attributed to factors such as growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety. Marine engines are the main source of power in ships, and therefore, play a vital role in the shipbuilding industry.

Generator Sales Market Growing Strong

The global generator sales market is expected to grow at a CAGR of 5.60% during the forecast period. It is estimated to be $22.3 in 2019 and is projected to reach $29.3 by 2024. The major factors driving the generator sales market include the growing demand for uninterrupted and reliable power as some of the best power grids are also subject to downtime, growth of healthcare infrastructure, rising demand for IT infrastructure management, and rapid urbanization in developing countries.

Strong Growth in Volt/VAr Management Market

The volt/VAr management market is projected to grow from an estimated $427 million in 2019 to $568 million by 2024, at a CAGR of 5.9% during the forecast period. The need for efficiency to reduce distribution losses and optimize power factor, the complexity of distributed energy generation, and rising demand for electricity are expected to drive the market for volt/VAr management across the world.

Increased Demand Growing Tension Control Market

The global tension control market is expected to grow at a CAGR of 4.65%, from 2017 to 2022, to reach a market size of $1.12 billion by 2022. The increasing demand for automated tension control and the rising transition toward flexible printing & packaging from rigid packaging are driving the market across the world. The rise of pharmaceutical manufacturing in the Asia Pacific region provides opportunities for the growth of the tension control market.

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.

Exponential Growth in Grid-Scale Battery Market

The global grid-scale battery market is expected to be valued at $1.37 billion in 2018 and is likely to grow at a CAGR of 33.52% during the forecast period to reach $5.82 billion by 2023. Factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.

Self-Healing Grid Market Sees Strong Growth

The self-healing grid market is estimated to grow at a CAGR of 9.07%, from 2017 to 2022, to reach a projected value of $2.66 billion by 2022. A self healing grid is a combination of sensors, automated controls, and advanced software that helps in reducing the occurrence of power outages by identifying faults and taking necessary action. A self-healing grid also utilizes real-time distribution data to identify the fault and isolate the fault area, thus, increasing grid reliability. Modernization of aging grid infrastructure is one of the major opportunities for the self-healing grid market.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the self-healing grid market. These include ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Schneider Electric (France). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.

Asia Pacific is expected to be the fastest-growing market for self-healing grid from 2017 to 2022. The growing focus on modernizing the grid, mostly in China and Japan, along with increasing government initiatives in the deployment of new communication technologies in the grid, has led to a growth in the demand for self-healing grid. China and Japan are expected to be the two largest markets for self-healing grid in the region in 2017. Government support for reliable power supply through minimizing the power outage in both countries will drive the self-healing grid market. Moreover, the market is also expected to grow significantly in countries such as India and South Korea during the forecast period. Factors such as enhancing the ability to optimize the energy allocation in the distribution network and integration of new power generation capacity from renewable energy resources are driving the self-healing grid market in India and South Korea.

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Public utility is expected to be the fastest-growing segment of the self-healing grid market from 2017 to 2022, owing to the significant efforts being made by the government to extend the services of public utilities. The grants by the governments will help in modernizing the grid. This will boost the market for self-healing grid. North America and Asia Pacific are the fastest-growing markets for public utility and offer various business opportunities for self-healing grid solution providers in the public utilities segment. Major European companies such as ABB (Switzerland) and Eaton (Ireland) are involved in providing complete self-healing grid solutions. In Asia Pacific, governments are focusing on increasing the contribution of renewable energy sources to meet the domestic electricity demand. This will increase the grid complexity, thereby driving the market of self-healing grid, which helps to minimize the grid complexity.

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The hardware sub-segment is expected to be the fastest-growing market, by component, from 2017 to 2022. These hardware devices include both sensing as well as communication devices, which are an integral part of the distribution network helping to mitigate the losses occurring from power outage.  The increasing deployment of hardware component in self-healing grid will drive the hardware segment.

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Submarine Power Cable Market Supercharged

The submarine power cable market is estimated to be valued at $16.56 billion by 2023, at a CAGR of 15.32% from 2018 to 2023. Submarine power cables are widely used to connect offshore wind farms to mainland grids. Increasing demand for inter-country and island connection and increasing offshore wind installations in UK, Germany, and China are contributing to the growth of the submarine power cable market. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.