Smart electricity meter market is projected to grow at a CAGR of 33.53% during the forecast period, reaching US$15.331 billion in 2024 from US$2.705 billion in 2018. The smart electricity meter is a device that is used to accurately monitor electrical usage and send usage information to manage energy usage effectively. Factors such as favorable government policies, growing investments in smart grid projects, and rising up-gradation of infrastructure are bolstering the market growth. The market Read more...
Smart grid market is projected to grow at a CAGR of 23.62% during the forecast period, reaching a total market size of US$73.316 billion in 2024 from US$20.540 billion in 2018. The smart grid is an electricity supply network that uses digital communications technology to detect and react to local changes in usage. The smart grid market is driven by increasing adoption of distributed renewable generation and regulatory pressure for reducing carbon emission. Rapidly increasing population, urbani Read more...
The energy storage market is projected to grow at a CAGR of 11.69% during the forecast period, reaching a total market size of US$39.859 billion in 2024 from US$20.535 billion in 2018. Energy storage, also referred to as electricity storage, means the storage of energy. Energy storage works by capturing energy from renewable and non-renewable sources and discharging it when necessary. This gives the user greater flexibility in the use of electricity and control in its storage. The storage help Read more...
High voltage direct current (HVDC) transmission is the massive transmission of electricity over long distances in the form of direct current, leading to cost saving and lesser loss as compared to HVAC transmission. The HDVC market is expected to have significant growth during the forecast period owing to the growing electricity consumption and the increasing investments in energy infrastructure. Integration of renewable energy into the HDVC system is also expected to drive the market growth in Read more...
The incorporation of intelligent electronic devices (IEDs) with a communication network is transforming the analogous system of substation in the energy and power industry. The digital substation market is anticipated to reach US$XX.XX billion by 2024 from US$XX.XX billion in 2018 with CAGR of XX.XX%. The technical advancement has led the electrical system for digitization, resulting in implementing digital substations over traditional substations. The digital substation marke Read more...
The smart electric meter market is projected to grow at a CAGR of 3.55% during the forecast period of 2018 to 2024. Smart electric meters are replacing traditional meters in every field of the electrical system. Wastage of energy can be decreased by the effective utilization of smart electric meter in the transmission and distribution system. In ad Read more...
The microgrid control system market is projected to expand at a CAGR of 8.08% over the forecast period to reach US$2,378.748 million in 2024 from US$1,492.104 million in 2018. Microgrid Control System (MCS) enables distribution grid operators to integrate and optimize energy assets with an objective to reduce the overall energy cost for a local dis Read more...
The transformer-less UPS market is projected to grow at a CAGR of 11.42% during the forecast period of 2017-2023. Transformer-less uninterruptible power source (UPS), is a technology that doesn’t rely on the use of a transformer for its functioning. The need to save as much energy as possible, combined with increase legislative pressure, is driving industrial along with commercial entities toward the transformer less UPS technology. Today, uninterruptible power supplies (UPSs) are essential to Read more...
The Cable Conduit market was valued at US$5.070 billion in 2017 and is projected to grow at a CAGR of 10.25% over the forecast period to reach US$9.106 billion in 2023. Safety and security are considered as one of the priority concerns during installation of wiring systems. There is an increasing demand for safe and secure wiring systems in industrial and commercial sectors which is considered as the key driver for the growth of the market. Rapid urbanization in developing economies leads to inc Read more...
The total station market is projected to grow at a CAGR of 5.92% to reach US$2.325 billion by 2024, from US$1.647 billion in 2018. The demand for total station is increasing on account of growing construction spending globally. According to the United States Census Bureau, the construction spending in the United States increased from $1,077,350 million in 2008 to $1,246,000 million in 2018. Moreover, the number of infrastructure development project has been increasing rapidly, more specifically, Read more...
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