The global well intervention market is projected to reach $11.6 billion by 2024 from an estimated $8.8 billion in 2019, at a CAGR of 5.7% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global well intervention market is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.
The robotic welding market is expected to grow at a CAGR of 8.91%, from 2018 to 2023, to reach a market size of $5.96 billion by 2023. Increasing implementation of Industry 4.0 revolution and rising need for scalability in manufacturing units in developing economies to meet the growing demand for various products would contribute to the growth of the robotic welding 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.
The global variable speed generator market is projected to reach $8.36 billion by 2022, growing at a CAGR of 7.63%, from an estimated $5.79 billion in 2017. The growth of this market is majorly driven by rising alternative energy programs, increasing government mandates over energy efficiency, and growing industrialization and urbanization.
The microgrid control system market is expected to grow from an estimated $2.0 billion in 2018 to $3.6 billion by 2023, at a CAGR of 13.01%. Increasing investments in electric networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the microgrid control system market. Rising electrification projects and advancement in the Internet of Things (IoT), as well as communication technologies, can lead to opportunities in the microgrid control system market
The oilfield equipment rental market is expected to grow at a CAGR of 3.87%, from 2017 to 2022, to reach a market size of $20.55 billion by 2022. Increasing technological advancements in oilfield equipment rental, rising global investments in Exploration & Production (E&P), growing drilling activity, and increasing unconventional hydrocarbon production in North America would drive the oilfield rental market during the forecast period.
The power quality equipment market is expected to grow at a CAGR of 6.56%, from 2017 to 2022, to reach a market size of $40.85 billion by 2022. Non-uniform power quality and network reliability issues, rise in alternative energy programs, and power quality standardization are the major drivers of the power quality equipment market.
The concentrating solar power market is expected to grow at a CAGR of 10.3% from 2016 to 2021, to reach a market size of $10.96 billion by 2021. Growing environmental concerns over carbon emissions and efforts to reduce air pollution, policy support from governments to enable adoption of renewable technologies and dispatchability of power are the major drivers of the concentrating solar power market.
The global Drilling and Completion Fluids Market is projected to reach $12.76 billion by 2023 from an estimated $9.62 billion in 2018, at a CAGR of 5.82% during the forecast period. The growth of the drilling & completion fluids market is mainly driven by the increase in drilling activities and rise in drilling and exploration of shale gas. The demand for drilling and completion fluids increases with the rise in drilling and exploration activities.
The hybrid power solutions market is expected to grow at a CAGR of 8.1% from 2016 to 2021, to reach a market size of $689.5 million by 2021. Growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, and reduced operation and maintenance cost, and reduction in carbon emission are the major drivers of the hybrid power solutions market.
The global electric traction motor market is expected to grow at a CAGR of 18.10% from 2018 to 2023 to reach a market size of $28.51 billion by 2023. The increasing demand for carbon emission-free vehicles, increasing transportation system efficiency, and the need for reducing air pollution are expected to drive the electric traction motor market during the forecast period.
The global residential energy storage market is projected to reach $17.5 billion by 2024 from an estimated $6.3 billion in 2019, at a CAGR of 22.88% during the forecast period. This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide power backup during power outages, and therefore, play a vital role in the energy industry.
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.