The global renewable drones’ market is evaluated at US$75.194 million for the year 2020 growing at a CAGR of 28.51% reaching the market size of US$338.691 million by the year 2026. Renewable drones are the type of drones which are used in the renewable energy industry for various purposes. The advent of drones in the renewable energy industry is still evolving with different applications emerging with time. For instance, a 4-5 acres of solar farm is needed to produce about 1MW of p Read more...
The global power management system market is evaluated at US$ 5.084 billion for the year 2020 growing at a CAGR of 7.74% reaching the market size of US$7.952 billion by the year 2026. Power management system is a system which is in charge of the electrical system and makes sure that the electrical system is safe and efficient. The system is majorly used to monitor the operations of an electrical distribution system in the given premises or an area. It further helps to optimize maintenanc Read more...
The combined heat and power (CHP) market is evaluated at US$12.152billion for the year 2019 growing at a CAGR of 14.37% reaching the market size of US$27.196 billion by the year 2025. Combined heat and power refers to an energy-efficient system that generates electricity from several types of fuels and has the ability to capture the heat that is generated and can be reused for space heating, domestic hot water, and industrial processes among others. These systems can be installed at sev Read more...
Global geothermal power market was valued at US$1.403 billion in 2019 and is expected to grow at a CAGR of 2.72% over the forecast period to reach a total market size of US$1.649 billion in 2025. Geothermal power is a stable and independent renewable power generation source which uses warm strength of the earth’s magma to generate power. Geothermal power plants utilize the steam, which is produced from hot water found below the earth’s surface, to rotate turbines that ultimat Read more...
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 marke 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, urban 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$20.535 billion in 2018. Energy storage, also referred to as electricity storage, means the storage of energy. Energy storage works by capturing energy from renewable and non-renewable sources and discharging it when necessary. This gives the user greater flexibility in the use of electricity and control in its storage. The storage hel Read more...
High voltage direct current (HVDC) transmission is the massive transmission of electricity over long distances in the form of direct current, leading to cost saving and lesser loss as compared to HVAC transmission. The HDVC market is expected to have significant growth during the forecast period owing to the growing electricity consumption and the increasing investments in energy infrastructure. Integration of renewable energy into the HDVC system is also expected to drive the market growth i Read more...
The incorporation of intelligent electronic devices (IEDs) with a communication network is transforming the analogous system of substation in the energy and power industry. The digital substation market is anticipated to reach US$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...
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