Market Analysis

Market Research Future (MRFR) projects the global cryogenic pump market share to grow at a CAGR of 4.02% from 2020 to 2027 (forecast period).

Multiple Factors to Augment Market Growth

The primary forces responsible for the growth of the cryogenic pump market trends include an increase in gas-based power generation and increase in demand for power and energy industry in practically all regions. The need for cryogenic pumps has increased in tandem with the rising demand for cryogenic pumps. With rising power sector demand, the need for LNG-based generation of power, and the growth of oil tankers for transportation are a few more variables that act as drivers in the industry's development.

Fluctuation in Crude Oil Prices and Hazardous Emissions

The pump has a drive shaft, an I terminate static tube for support, and a stainless-steel outer pressure containment tube. However, replacing these with glass or epoxy composites instead of stainless steel would boost the efficiency of the pumps. Furthermore, governments have established rigorous rules for harmful games from steel companies, which tend to hamper cryogenic pump market revenue. Changes in crude oil prices, which have a direct impact on the cryogenic pump industry, are other factors limiting worldwide market size.

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The regulatory Implications development market has been severely impacted by the regulatory implications imposed by regulatory agencies and governments to reduce hazardous greenhouse gas emissions. These gases tend to deplete the critical zone layer, resulting in a variety of health and other issues. These emissions are caused by the production of steel. Stringent steel industry standards have a direct impact on the growth of the cryogenic pump market share.

This is due to the fact that all of its essential components are made of stainless steel, and if the steel production industry suffers, the pricing for these pumps rises, and the growth rate slows significantly. While these restrictions are vital, industries should consider other options to reduce hazardous emissions.

The Global Market to Stabilized Amid COVID-19 Pandemic

COVID-19 has an impact on various industries and businesses, limiting consumers' ability to consume. The global economic downturn triggered by the COVID-19 pandemic is having extensive and long-term impacts on investments in the energy sector. According to an Economic Times investigation, the breakout of COVID-19 in March 2020 is predicted to have reduced investments in the oil and gas industry by USD 30 billion and slowed the delivery of offshore installations. Due to the pandemic, supplies of oil platforms and other equipment from yards have been delayed for at least three to six months.

There are 28 floating production, storage, and offloading vessels (FPSOs) under development, with 22 of them being built in China, South Korea, and Singapore, posing a challenge to hydrocarbon storage, production, and processing. The pandemic is anticipated to have an influence on LNG demand, which is used in power production, boilers, road transportation, mining and industrial, rail and ships, and heating and cooking, among other applications. For example, China purchased 14.6 million tons of LNG in the first quarter of 2020, a 5% decrease from the previous year. As a result, the growing demand for sustainable energy sources, as well as the widespread use of LNG, has raised the demand for these pumps.

The delay in the expansion of LNG projects caused by COVID-19 has also had an influence on the use of these pumps. For example, Qatar has delayed by six months the first phase of its North Field expansion project, which comprises the creation of four new LNG trains and eight wellhead platforms, from which 80 new wells will be drilled, with the project now set to begin in 2025. Qatar plans to raise output from 77 million tons per year to 110 million tons per year by 2025 and 126 million tons per year by 2027, making it the world's largest producer. As a result, anticipated measures to leverage LNG demand will drive up demand for these pumps in the future years.

Market Segmentation

Based on the Type, Positive Displacement Segment to Grow at the Highest CAGR

The positive displacement segment is expected to grow at a high CAGR during the forecast period. The feature that has been making it popular is the constant flow at variable pressures and viscosity.

Based on the End-User, Oil and Gas Segment to Dominate the Global Market

Oil and gas are dominating the market with their widespread use in refining, LNG transportation, refueling, and many more. Also, the development in the petrochemical industry is one reason for the growth of the segment.

Regional Analysis

APAC to Dominate the Global Market

The Asia Pacific area dominates the cryogenic pump market due to increased demand in end-user industries such as metallurgy, chemicals, and many more. Countries such as India, Malaysia, China, and others have played important roles in the rise. Furthermore, the cryogenic pump market value is expected to increase at the quickest rate in the future years. The region's rapid expansion can be due to rising energy demands and a greater emphasis on renewable energy sources. One of the key elements impacting its expansion in most of the region's countries is urbanization.

Key Players

The major players of global cryogenic pump market include Ebara Corporation (Japan), Technex Limited (India), Flowserve Corporation (US), Ruhrpumpen Inc. (Mexico), Sumitomo Heavy Industries (Japan), PHPK Technologies Inc. (US), Fives S.A. (France), Nikkiso Cryo Inc. (US), Brooks Automation (US), Cryostar SAS (France) and Cryoquip Australia.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Market Scope

Air Insulated Switchgear Market share is expected to exceed USD 351 Billion with a CAGR of 4.5% Forecast by 2030. Air insulated switchgear is a secondary power distribution device which redistributes the power of a primary power distribution device. Any extra units can be added to the equipment via a simple extension. The global air insulated switchgear market report by Market Research Future (MRFR) looks at the changing requirements of industries and adaptive designs of medium-voltage switchgears for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and the impact on the industry are noted in the latest report.

Segmentation

The global air insulated switchgear market has been segmented on the basis of voltage, installation, and end-user.

Based on voltage, the market is classified into up to 36 kV and > 36 kV. Up to 36 kV is estimated to hold the largest share owing to their application in medium voltage secondary distribution.

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Based on installation, the market is divided into indoor and outdoor. Among these, indoor segment is expected to dominate the market as these switchgears require low maintenance and are modular in design.

The air insulated switchgear market by end-user is segmented into infrastructure & transportation, transmission & distribution, manufacturing & processing, and others. Transmission & distribution segment is expected to dominate the global air insulated switchgear market due to rising investments in electrical networks globally.

Regional Analysis

Geographically, the market is segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.

Asia Pacific is expected to hold the largest share during the forecast period due to increasing electrical expenditure infrastructure and growing renewable sector in the region. China and India are the key countries driving air insulated switchgear market in the Asia-Pacific region due to rising transmission & distribution investments. Asia-Pacific is expected to grow at fastest rate during the forecast period owing to new power generation capacity additions in the Southeast Asian countries such as Indonesia, Malaysia, Philippines, Thailand, and so on in the region.

Competitive Outlook

Eaton Corporation, PLC, C&S Electric, Siemens AG, ABB Ltd., Toshiba Corporation, TEPCO Group, Crompton Greaves, Ltd., Ormazabal, Larsen & Toubro Limited, Schneider Electric SE, General Electric Company, Alfanar Group, and Lucy Electric are key players of the global air insulated switchgear market.

Industry Updates:

Mar 2020 Tranos, Nigeria’s foremost engineering and manufacturing firm, has associated with Siemens for the production of metal-enclosed switchgear in Nigeria. This teamwork combines Tranos’ world-class sheet metal designing and production competency with Siemens’ high quality and ground-breaking power distribution modules. The air-insulated switchgear can be perfectly pooled with SION vacuum circuit breakers and is type-tested for interior installation in compliance with IEC 62271-200.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

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Market Analysis

The global power-to-gas market size will develop at an 8.48% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.

Power to Gas Market Drivers

Use of Hydrogen in Different Industries to Boost Market Growth

The use of methane and hydrogen in different industries and its ability to reconvert the electricity will boost market growth in the forecast period.

Besides, the effective use of renewable energy resources as well as integrated management of power and gas network is also adding to the global power to gas market growth.

Power to Gas Market Opportunities

Rising Preference to Adopt Cleaner Energy Sources to offer Robust Opportunities

The increasing preference of industries in adopting cleaner energy sources for reducing carbon emissions and be energy efficient will offer robust opportunities in the market over the forecast period. The industries moreover have increasingly adopted the solar and wind energy sources for reducing the dependency on fossil fuel-based power generation.

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Restraints

Lack of Proper Government Interest to Develop Power to Gas Related Technology to Act as Market Restraint

The lack of proper government interest for creating power to gas related technology may act as market restraint over the forecast period.

Challenges

High Initial Cost to act as Market Challenge

The high initial cost of power to gas may act as market challenge over the forecast period.

Market Segmentation

The global power to gas market has been segmented based on capacity, end user, and technology.

By capacity, the power more than 1000 kW segment will lead the market over the forecast period. This is owing to growing commercialization and also implementation of several MW size projects of power to gas technologies coupled with the demand from utilities and industrial end users.

By end user, the utilities segment will dominate the market over the forecast period for the power and gas utilities looking to efficiently produce hydrogen by integrating intermittent renewable power sources and also possess the flexibility of power system operation.

By technology, the electrolysis segment will spearhead the market over the forecast period. This is owing to its dynamic operations and also the ability of effectively integrating electricity from fluctuating renewable energy sources namely wind and solar.

COVID-19 Analysis

The power to gas market was least impacted by the COVID-19 outbreak. The growing need for advanced options to curtail carbon dioxide emissions and worldwide adoption of renewable energy sharing with power mix are contributing to the market growth. At the time of the lockdown, the need for electricity in residential areas was much higher than in industrial and commercial areas. The shape of demand shifted more towards renewables with a power supply mix and the growth of the market improved constantly. The demand however for nuclear power-based, gas-based, and coal-based energy consumption fell off quickly and act as a helping hand for the growth of power to gas market value in the future.

Regional Analysis

Europe to Command Power to Gas Market

Europe will command this market in the forecast period. High demand for hydrogen generation and renewable energy sources, 42 billion being invested for solar dark development in Spain and Germany generating 20% hydrogen by 2030, power to gas technology expected in playing a vital role to stabilize the region’s energy supply and offsetting fluctuating power generation from renewable energy sources, growing need for power to gas technology in Germany, and the growing need for hydrogen from fuel cell transportation, industrial, and chemical are adding to the global power to gas market growth in the region. Besides, the presence of several key players in the region, the increasing adoption of the power to gas system, growing consumption of hydrogen by industries and manufacturers of the fuel cell-based electric vehicles, the increasing government initiatives for promoting renewable energy sources for curbing down the carbon emission levels are adding to the global power to gas market share in the region.

Key Players

Eminent industry players profiled in the global power to gas market industry report include Mcphy Energy S.A., Siemens, Thyssenkrupp AG, Man Energy Solutions, Engie, Exytron Vertrieb GmbH, Hydrogenics, NEL ASA, Green Hydrogen, Ineratec, ITM Power, Uniper SE, and Hitachi Zosen Inova AG.

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The global power to gas market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com`

Market Overview

The global Offshore energy storage market is anticipated to expand at ~9.50% CAGR in between the forecast period of 2022 to 2030. Further, the global market is estimated to generate significant market value and market size during the review period 2030.

The introduction of energy storage subsidies and supportive policies is one of the major growth driving factors for the global market for Offshore Energy Storage. Moreover, the rising investment in renewable sectors and oil & gas sectors is another factor that is fuelling the Offshore energy storage market growth in the assessment timeframe.

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The market for Offshore Energy Storage is projected to bring significant opportunities for the key players because of the rise in the aging of offshore infrastructure, leading to decommissions and replacement. In addition, the increasing government initiatives to reduce carbon emissions are also bringing lucrative opportunities for the global market during the forecast timeframe.

Market Segmentation

The global Offshore energy storage market has been segmented on the basis of end-users and sources.

The market for Offshore energy storage has been categorized on the basis of sources such as lead-acid,flow vanadium,vessel, lithium-ion, sodium chemistry, and flow zinc. Of these, the lithium-ion segment is predicted to lead the global market during the research timeframe. This segment is growing because of the highly advanced technologies implementation in lithium-ion batteries. Moreover, this segment has a lower cost that is driving its demand in the market.

Based on the end-user segment, the Offshore energy storage market has been segregated into offshore wind and oil & gas. Among these, the offshore wind segment is projected to expand at a faster pace in the assessment period because of the rising investment in renewable energy worldwide.

Regional Analysis

Regionally, the worldwide Offshore energy storage market has been segmented into various regions such as North America, Asia Pacific, Europe, South America and the rest of the world.

Among all, the European regional market is projected to lead the global market in the assessment timeframe due to the rising investment in renewable sectors like on-shore, solar-powered, geothermal energy, and offshore wind energy. Moreover, the strict ecological guidelines implementation in the region is further fuelling the regional market growth.

Furthermore, the North American region is estimated to hold a significant market share in the forecast period because of the increasing demand for IoT gadgets and the implementation of smart city projects. Moreover, this region has a high demand for energy due to increasing industrialization and urbanization. Additionally, the Asia Pacific market is growing due to the high contributions of countries like Japan, South Korea, and China. These countries are focusing on advanced technology and clean energy consumption, which is bringing more opportunities for the global market for Offshore energy storage.

Companies

The key players of global offshore energy storage market are ABB (Switzerland), General Electric (US), Siemens (Germany), Deepwater Wind (US), Duke Energy (US), E.ON (Germany), LG Chem (South Korea), Johnson Controls (US), SolarEdge (Israel), and Tesla (US).

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Industry Growth

In May 2018, the prominent market player of Germany, Siemens had, unveiled a lithium-ion battery-based energy storage system, which has aimed for the operations of offshore wind. This development is helpful to develop the energy storage technologies for offshore oil & gas and marine applications.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

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Email: sales@marketresearchfuture.com`

Market Analysis

Market Research Future (MRFR) presumes the global landfill gas market to grow at a significant pace from 2020 to 2027 (forecast period)

Increased Demand for Power Generation

Landfill gas can be utilized as a low-carbon, sustainable alternative to conventional fossil fuels. When burned, it creates bioenergy, which is regarded as a clean fuel for energy generation. Growing global energy demand is expected to promote the production of bioenergy from biomass and landfill gases, which will, in turn, drive the expansion of the landfill gas market. As stated by the International Energy Agency (IEA), bioenergy power output increased by about 5% in 2019, which is only 1% less than the 6% annual power production rate needed to satisfy the 2030 sustainable development scenario goals.

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Furthermore, renewable power generation from landfill gas will have a significant impact on global warming emissions since it can reduce the quantity of CO2 emitted into the atmosphere. In addition, increasing the supply of renewable landfill gas would allow for the replacement of carbon-intensive energy sources, resulting in considerable reductions in global warming emissions. As a result, increasing demand for clean energy generation is likely to fuel growth in the worldwide landfill gas market throughout the forecast period.

COVID-19 Impact on the Global Market

COVID-19's impact on the global economy is faltering on a daily basis. It is proving to be a big hurdle for the renewable industry, resulting in a raw material supply bottleneck and probable job losses. Companies in the energy and power sector are facing a number of issues as a result of a drop in electricity costs due the COVID-19 crisis. Furthermore, Asia Pacific is one of the greatest landfill gas marketplaces. The slowing of the nation's economic growth has had an impact on the worldwide generation and renewable energy investment. Likewise, during the COVID-19 crisis, there was a greater emphasis on renewable technologies; yet, due to labor restrictions, fewer power plants were operational.

As stated by the Ministry of New and Renewable Energy (MNRE), just 222 MW of solar and 25 MW of wind capacity were obtained in India in March, as all efforts were halted owing to the pandemic. Similarly, according to a survey conducted by the World Bioenergy Association (WBA), the majority of respondents mentioned the pandemic's significant impact on the bioenergy business, resulting in a reduction in investment and the cancellation of new investments in the bioenergy and landfill gas sectors. Furthermore, due to fewer restrictions in the landfill gas market, gas treatment industries have seen a significant change in 2020. Major landfill gas manufacturers, including Landfill Systems Ltd., Veolia A/S, Waste Management Inc., and Suez SA, had experienced a production stoppage, resulting in massive backlogs and delays in completing orders.

COVID-19 has had a significant effect on all businesses around the world. Due to the rapid growth, governments worldwide have taken stringent measures for the functioning of industrial plants and offices, resulting in stringent lockdowns. The lockdown had a significant imapct on the energy sector, with energy demand dropping by 18% to 20% in 2020. In addition, the virus had a significant impact on the landfill gas and bio-energy segments, with a modest impact on the upgraded and fill gas segments. The result was a modest decline in revenues and a difficult position with managing the cash flow of market participants.

Market Segmentation

The global landfill gas industry has been segmented into the application.

By application, the global landfill gas market has been segmented into Direct Use and Upgraded.

Regional Analysis

APAC to Lead the Global Market

The landfill gas market in the Asia Pacific is expected to have the largest proportion of the landfill gas market. The region has one of the world's major landfill gas markets. Due to the region's growing population and per capita disposable income, there is an increased demand for energy. In addition, the fast-developing economies in this region are also the world's top polluters. Moreover, due to the abundance of natural resources in the region, Asia Pacific is expected to grow significantly. Emerging economies such as India and Indonesia are expected to grow significantly as a result of proposed government laws to promote investment in the landfill gas sector.

Key Players

The prominent players operating in the worldwide landfill gas market are Waste Management, Inc (US), Covanta Holding Corporation (US), Veolia Environment S.A. (France), Pennon Group Plc (UK), SUEZ SA(France), Kohler Co., Inc. (US), Aria Energy Corp (US), AFCO Energy Inc. (US), Granite Acquisition, Inc. (US), Landfill Systems Ltd. (UK), Vectren Corporation (US) and Shanghai Chengtou Holding Co., Ltd. (China).

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com`

Market Overview

The Hydropower Turbine Market is expected to reach a value of USD 2.86 Billion by 2025, and further will attain a significant value by 2030. The market is will also obtain a good CAGR of C 3.01 % by 2023 to 2030.

Hydropower turbines can convert 90% of energy to electricity; hence, they are considered extremely energy-efficient. It is considered the most dominant renewable energy source. These are highly utilized in finding cooling systems, ventilation and heating for building automation and the aeronautical sector. Therefore, these sectors are acting as key drivers for the Hydropower Turbine Market.

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Major growth factors are accelerating the marker’s growth at the global level. The higher demand for hydroelectric power generation and excellent energy conversion offered by the hydropower turbines are chiefly driving the market’s growth. The fuel requirement is zero for running the turbines, which are acting as a prominent factor.

Moreover, the rise in demand for reliable and continuous electricity production from the industrial sector boosts the Hydropower Turbine Market. The high investments for replacing traditional power generating technologies with advanced sustainable solutions are another factor propelling the market’s demand. The target to reduce the emission of high carbon production is driving its users worldwide. The improved technological advancement for turbine design with the integration of IIOT devices for efficient workflow stimulates the market size.

Market Segmentation

The Hydropower Turbine Market is segmented into type, capacity and application.

The type segment of the global market is segregated into reactive, impulse, gravity, and others. The reactive segment is considered the largest market due to its low head and medium head applications. All these turbine types have specific applications in different activities, and these segments are also growing significantly.

The capacity segment of the market is divided into less than 1 MW, between 1 – 10 MW and above 10 MW. The above 10 MW segment is noticed as the largest and fastest-growing segment due to renewable energy generation without the use of fuel.

The application segment is fragmented into power generation, power storage, marine and aeronautics. Power generation is the largest segment among the above.

Regional Analysis

According to the geographical report, the Hydropower Turbine Market covers prominent regions worldwide such as North America, Europe, Asia Pacific, the Middle East and Africa and the South American region. North American region is highly investing in hydropower generation due to its wide application in marine and aeronautics fields. Europe has advanced and developed hydroelectric generation sectors; as the region is prioritizing renewable energy, this factor is fueling up the regional market of the region.

The Asia Pacific region occupies the largest market and is considered the fastest-growing among others. The demand for hydropower energy is even high in this region. The Middle East and African market are showing significant growth due to rapid urbanization and industrialization, accelerating the energy demand. South America is noticed to have a limited hydropower potential than other regions.

Key Players

General Electric

Andritz

Toshiba Energy

Kirloskar Brothers Ltd.

Siemens

Canyon Industries Inc.

Hitachi Ltd.

Cornell Pump Co.

Canadian Hydro Components Ltd.

WWS Wasserkraft GmbH

Capstone Turbine

Gilbert Gilkes & Gordon

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Industry News

Iberdrola, a Spanish energy company, is moving forward with Portugal’s largest pumped hydro storage project across three water reservoirs in northern Portugal. This project will rely on 880 MW of pumped-hydro storage and will become fully operational by 2024.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com`

Market Overview

The Hybrid Switchgear Market is projected to reach a strong value of USD 37.53 billion by 2027 and a CAGR of 16.89 % between 2022 to 2030 during the forecast period.

Hybrid switchgear includes components of traditional air-insulated switchgear and gas-insulated switchgear. The major advantages of this equipment are it is cost-efficient, easy to extend, and smaller in size. Therefore, it is widely preferred for installation. These switchgears are used for medium voltage applications. Due to its wider demand for electrical appliances, it eventually led to the development of innovative switchgear integrated with geographic information systems with dead tank circuit breakers. These properties have boosted the growth of the Hybrid Switchgear Market.

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The chief driving factors of the market, such as the increased rate of involvement of the private sector in transmission and distribution that is resulting in infrastructure development in developing nations such as China, Australia, Thailand, and India, is accelerating the market. The higher adoption of renewable resources for the upgradation of ageing hydropower plants in APAC is propelling the global demand for hybrid switchgear. Furthermore, the rise in demand for compact devices installation in substations and the replacement of old switchgear with hybrid switchgear are setting wide growth opportunities for the market.

Due to the COVID-19 pandemic, the economy of the Hybrid Switchgear Market was highly affected, which disrupted the supply chain process. The production of hybrid switchgear was halted due to a huge impact on the global market's growth rate. But the consumption of electricity in this period, in most nations, and this factor has driven the market's growth.

Market Segmentation

The Hybrid Switchgear Market is segmented into voltage, installation and application.

The voltage segment of the market is divided into 72.5 kV, 72.5–245 kV, and 245–550 kV. The 72.5 to 245 kV segment is estimated as the fastest-growing segment in the forecast period due to wide application.

The installation segment is bifurcated into onshore and offshore. The onshore segment is the dominating segment during the forecast period. While, the application is fragmented into infrastructure, transportation, industrial, and others because, in these sectors, the hybrid switchgear is highly utilized. Among the above application sector, the industrial segment accounts for the maximum share in the forecast period.

Regional Analysis

According to the geographical status, the Hybrid Switchgear Market shows tremendous growth in major regions such as the Asia Pacific, North America, Europe, the Middle East and Africa, and South America. The Asia-Pacific region is set to occupy the largest market share during the forecast period due to the rise in demand for electricity in emerging nations such as Japan, India, China, and Australia. China will establish the largest share of the regional APAC market because the region has the highest installation generation and distribution capacity. The country is also considered an export-oriented economy with significant growth in electricity demand. This factor is chiefly driving industrialization and infrastructure development, further fueling the demand for hybrid switchgear in the Asia-Pacific region.

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Industry News

In April 2020, ABB announced a five-year framework partnered contract of around USD 100 million with Colombia-based Interconexian Electrica SA ESP to supply hybrid switchgear and other equipment for upgrading the regional power grid and strengthening its position throughout Latin America.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

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Market Overview

The worldwide heat pump market is expected to increase at a CAGR of 7.74 percent, from $55.2 billion in 2018 to $99.6 billion in 2026. A heating system is a refrigeration system that uses a mechanical-compression cycle and can be used to either heat or cool an area. As a result, it is widely employed in space heating and cooling systems. It is made up of two primary parts: an indoor air handler and an outdoor device that functions similarly to a central air conditioner and yet is known as a heat pump.

The outdoor unit is equipped with a compressor that circulates the refrigerant, which is responsible for absorbing and removing heat between the inside and outdoor units. The main distinction between an air conditioner and a heat pump is that both technologies use comparable principles to cool the target space. However, heat pumps could also heat residential spaces, whilst air conditioners cannot.

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Market Segmentation

By Type- The heat pump market is divided into type, application, and area. The market is divided into air-to-air, water source, and geothermal. Air-to-air heat pumps account for a significant portion of the worldwide heat pump market. The pump industry is classified into industrial, residential, and commercial categories. Because of its use as heat pumps or space heating, cooling, as well as other uses, the residential segment is the most popular.

As technology progressed, it was discovered that while a heat pump was operating, it generated less carbon dioxide, indicating a positive step toward a decarbonized future. The technology that was discovered was environmentally beneficial. Thanks to this technology, the air-to-air segment could take heat from the outside environment and transfer it to the internal environment. It can also be used to provide heat during the winter and summer months. Some enterprises in the North American region have installed ammonia-based heating systems for space heating and domestic water heating.

Regional Classification

North America accounts for a substantial portion of the heat pump market segment and is anticipated to grow in the projected period through 2027. The need for air-to-air heat pumps is increasing in the United States.

Asia-Pacific is expected to account for a big portion of the market share, with China, Japan, as well as India investing a considerable portion of heat pump industry revenue. As per the heat pump worldwide market overview, heat pumps within Japan are utilized in refrigerators in various houses in the residential sectors that are used for space heating and cooling.

Companies

Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan)

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Industry News

The replacement of traditional fuel-based heating methods with heat pump technology and the widespread use of heat pump technology in domestic applications like a cost-effective heating method are some of the reasons driving the development of the heat pump market. Furthermore, heat pump technology has contributed significantly to reducing CO2 emissions while simultaneously meeting regulatory requirements.

One of the most recent heat pump industry developments worldwide is consistent climatic variations and the corresponding heating and cooling needs within industrial and residential sectors. As a result of rising environmental concerns and favourable regulatory rules, the worldwide heat pump industry is expected to grow even faster. On the other hand, heat pump adoption is predicted to be hampered by high maintenance costs, which will act as a development barrier around the world.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Market overview

The Thermal Energy Storage Market is expected to register USD 11.21 billion by 2027 with a CAGR of 17%, and the market is valued at USD 5.18 billion in 2020. The thermal energy storage system is used to store energy for future use. Thermal energy storage is also called heat storage. It is an efficient method to transfer energy without chemical conversion. It is an eco-friendly and feasible energy-saving solution. The system reduces energy conservation, carbon dioxide emission and many others. The system's effectiveness depends on the type of material used in solar plants, combined heat and power plants, thermal power plants etc. the market is driven by many industries acquiring renewable energy sources for future use.

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Pandemic affected the Thermal Energy Storage Market negatively to lessen the limit of the virus spread; the government took several steps like quarantine, zero movement, and others. The market was unable to get raw materials and manufacturers. The production was stopped. proper social information by the government and awareness by the people of the different countries are driving factors for the market. The flexibility in usage and improvement in the rate of construction of buildings are forming new growth opportunities for the market. The initial installat6ion cost and complex design and operation can challenge the market growth and drawback the market from going forward.

Market segmentation

The market is segmented into technology, application and materials. Based on the technology, the market is classified into Sensible heat storage, Latent heat storage, Thermochemical storage. The material is fragmented into molten salts, phase change materials, water and others. by the segment application, the thermal energy storage market is bifurcated into centralized heating and cooling, power generation and decentralized heating and cooling. Sensible heat thermal is expected to register high growth. The sensible heat thermal storage is achieved by heating the storage medium that increases its energy content but not without changing the state in the accumulation time. All the segments contribute to the market growth and push the market forward.

Regional analysis

The thermal energy storage market has been divided into Europe, North America, Asia Pacific, Middle East, Africa, and Latin America.

North America holds the largest growth rate due to its high energy storage capacity. Thermal energy storage is used to provide cooling capacity to commercial buildings. The Asia Pacific will experience the second-highest growth due to the rising population, high energy use and strict usage of renewable energy. The European region is inclined to the green environment and uses green energy. They are inclining towards the thermal energy which propels the Thermal Energy Storage Market. Market players of several regions are interested in investing in the market and contributing to the growth. The market is availing further growth in the forecast period..

Competitive Landscape:

Abengoa Solar,

Burns & McDonnell,

SolarReserve,

BrightSource Energy,

Calmac,

MAN Energy Solutions,

Baltimore Air Coil Technology.

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Industry news

The thermal energy startup Antora energy raised US$50 million from a bunch of investment firms in which bill gates firm was also included to accelerate the development of its heat-based carbon block energy storage system.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Market Overview

The Surge Protection Devices Market will reach USD 5.33 billion by 2030, growing at a compound annual growth rate of a CAGR of 5.72% during the projected timeframe. In 2021, the market accounted for us$ 3.24 billion. Surge protection devices are among the most important components of protective systems for electrical installations in electrical supply, telecommunication, and telecommunication networks. Overvoltage protection goes; these devices are head and shoulders above the pack.

Rising knowledge of the need for safeguarding electrical equipment in both industrial and household settings will drive an enormous increase in demand for surge protection devices in the coming years. There is a strong likelihood that North America and Europe will hold a significant market share. Urbanization initiatives like smart cities are likely to boost Europe and North America's industry share. Digital transformation plans for the car, industrial, and IT manufacturing sectors also boost the market. In the Asia-Pacific area, particularly in nations like China and India, a similar tendency is seen in infrastructure and industrial projects. During the projected period, the area is predicted to expand faster.

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The COVID-19 pandemic has influenced surge protection equipment's worldwide demand and supply. Raw - materials availability and costs affect the worldwide surge protection devices market's development. In addition, the WHO declared the COVID-19 outbreak a worldwide pandemic in March 2020, leading to the implementation of lockdowns in some nations. Long-term consequences on consumer habits and lives are likely due to the COVID-19 pandemic. Surge protection devices are manufactured all around the globe using raw materials sourced from China. Asia's surge protection device industry is projected to pick up steam after the shutdown, with attractive potential in nations like China, India, Japan, and South Korea.

Market Segmentation

Applications, type, voltage, and region are the primary classifications for the surge protection devices market.

According to forecasts, more than three-quarters of the worldwide income will come from the type 2 category by the year 2021. They are mostly used in industrial and commercial settings. Electrical equipment and delivery panels in a business or manufacturing facility are critical to productivity; thus, protecting them is essential. Protecting delicate electronics and Mp/Mc-based circuit boards is the primary purpose of type 2 surge protection devices. As a result, type 2 SPDs are often mounted on the service equipment's power system.

Regional Classification

There is a strong likelihood that North America and Europe will hold the market share. Urbanization initiatives like smart cities are likely to boost Europe and North America's industry share. Digital transformation plans for the car, commercial, and IT manufacturing sectors also influence the market.

Over the projection period, Asia Pacific is predicted to develop at the greatest CAGR. SPDs' increased popularity in nations like India, China, and Japan may be ascribed to a greater understanding of their advantages. Consumers in the Asia-Pacific area are willing to spend further on high-end consumer products like LED televisions, washers, and freezers because of increased discretionary income. The significant consumer focus on preserving these devices is projected to fuel the regional market's development over the next several years.

Companies

The key players of surge protection devices market are Schneider Electric SE (France), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Siemens AG (Germany), and Toshiba (Japan). Larsen & Turbo (India), Hyundai heavy industries (South Korea), Hitachi (Japan), Fuji Electric (Japan), Nissin Electric (Japan), Xian XD (China), Hyosung (China), Bharat Heavy Electric Ltd. (India), Eaton (Ireland), and Meidensha (Japan) are among others.

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Industry News

Developed in February 2015 by ABB for protection against transient voltage surges and lightning, the PM EP 15 15-275 RES is characterized by its contemporary design and modest size.

ABB introduced the PCS100 Active Voltage Conditioner in February (AVC). This device has been built for industrial and commercial purposes, and it reacts fast to voltage surges and sags, rectifies voltage imbalanced, and eliminates voltage flicker when necessary.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US)

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com`