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The floating power plant size is expected to be valued at US$ 10.5 Billion in 2022. It is anticipated to reach US$ 17.3 Billion in 2032 and exhibit growth at an astonishing CAGR of 11.4% in the forecast period from 2022 to 2032. The increasing demand for power and the rising number of energy efficiency mandates are projected to bolster the sales of floating power plants in the future years.

The floating power plant term is used, as the power plant floats with the platform on the water bodies. Usually a floating power plant is an existing ship or a marine vessel on which power plant is installed for the purpose of power generation.

The floating power plants are not self-propelled and a ready power generation unit which can be plugged into the ship’ grids where required. The un-motorized floating power plant ships are known as power barges or barge mounted power plants and they have power plants installed on the deck barge. The floating power plants can be equipped with multiple or single gas turbines, gas & reciprocating diesel engines, nuclear reactors and boiler for the generation of electricity.

The adoption rate or the scope of usage for the floating power plant is anticipated to grow in the coming years owing to factors such as it is mobile and can be moved from one place to another very easily, it’s easier relocate and sell/trade of the floating power plant, it can quickly supply electricity to areas with partial infrastructure, the system is not affected due to earth quakes or floods, it does not require a large site, among others.

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Floating Power Plant Market dynamics:

Floating power plant market is expected to grow over estimated period due to the increase in demand of power generation in the global market. The floating power plants offers many advantages in the market. Firstly, the floating power plant can be built at the shipyard or at a factory, eliminating the requirement for setting up a special site of construction for it.

Also, a lot of cost can be saved for the location analysis which includes cost for studies on the land and its environment. Moreover, the floating power plant has a very low impact on the environment and the issue of dismantling is also eliminated as it can be done in nearest shipyard or a dedicated site.

The ocean environment, nevertheless makes it essential to consider few factors into account, such as the necessity to assure that the radioactive material is on no occasion is leaked to the sea and access for the staff and the equipment.

Some of the factors which are driving the global floating market are the rising demand for power in addition with the lack of power infrastructure, effective generation of power, high efficiency, growing demand for clean energy and advantages over the conventional land power plants.

These factors will propel the demand for floating power plants in the global market over the forecast period. Several countries across the global are open handedly accepting the floating power plants as the above stated advantages makes it the most attractive tool for power generation in the global market.

For instance, the world first floating nuclear power plant is being built by Russia in Saint Petersburg at the Baltiysky Zavod shipyard. The site where the operation is going on is also known as Akademik Lomonosov and it contains two naval reactors (KLT–40C) with a capacity of 35 MW.

They are mounted on a barge that is 30 meters wide and 144 meters long. Operation is previewed for 2017 at the Chukotka district, in Northwestern Russia. Hence the global floating power plant market is anticipated to grow with a prominent CAGR over the forecast period.

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Floating Power Plant: Regional Outlook:

Asia Pacific is estimated to account for the prominent share of floating power plant market due to the increase in production and demand of power generation in countries like China, Japan, ASEAN Countries and India by 2028. Europe and North America Floating Power Plant market is valued to grow due to the safety norms and strict environment control rules in these regions.

The growing population coupled with the increasing disposable income in the Latin America and MEA region is anticipated to be one of the prominent driver for the floating power plant market in the near future. Never ending demand for productive, reliable, cost effective, efficient electric generation systems such as the floating power plant is estimated to propel the floating power plant market over the forthcoming years.

Floating Power Plant: Key Players

• MAN Diesel & Turbo SE
• Mitsubishi Corporation
• Ideol
• Kyocera Corporation
• Principle Power, Inc.
• Upsolar
• Vikram Solar Pvt., Ltd.
• Yingli Solar
• SeaTwirl AB
• Burmeister & Wain Scandinavian Contractor A/S
• Wartsila
• General Electric Company
• Siemens AG
• Caterpillar, Inc.
• Ciel & Terre International
• Floating Power Plant A/S

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.

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Floating Power Plant Market segmentation:

By Source, Floating Power Plant market can be segmented as:

• Non-renewable
• Gas turbines
• IC engines
• Renewable
• Solar
• Wind

By Capacity, Floating Power Plant market can be segmented as:

• Below 5.0 MW
• 0 MW–20 MW
• 0 MW–100 MW
• 0 MW–250 MW
• Above 250 MW

By Type, Floating Power Plant market can be segmented as:

• Ships
• Barges
• Others (Platforms. Etc.)

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The global DC power supplies market is predicted to grow at a moderate CAGR of 4.3%. It is estimated to reach a valuation of US$ 605 Mn by 2032 from a value of US$ 378 Mn in 2021.

The DC power supplies market’s expansion can be attributed to rising demand for wireless communication and infrastructure, as well as aerospace and defence, in countries such as the United States and Canada, as well as rising demand for industrial automation and consumer electronics in countries such as India, China, and Japan.

The global market for DC power supply has been badly disrupted by the COVID-19 epidemic. The COVID-19 epidemic slowed economic development in nearly all major nations, altering consumer purchasing habits.

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National and international travel have been impeded as a result of the lockdown applied in several nations, which has greatly disrupted the supply chain of DC power supplies sectors and many others throughout the world, consequently expanding the supply–demand gap.

The rapid expansion of the electronic industry is expected to propel the DC power supply market. With the continual expansion of the industrial sector, the DC power supply market is expected to rise considerably. Growing fundamental electronic applications necessitate precise voltage, which must be balanced against changes in input voltage and burdened with producing precise voltage as required.

The DC power supplies market is poised for tremendous development. With increased production and demand for electronic devices such as laptops, computers, mobile phones, and other electronic devices in consumers, and these gadgets need constant DC supply, demand for DC power supply systems is increasing. However, the DC power supplies market‘s expansion is hampered by its complicated nature and expensive cost.

The market for DC power supply is divided into five regions: Asia Pacific, Europe, North America, South America, and the Middle East and Africa. From 2019 to 2024, North America is expected to have the greatest share of the DC power supply market.

During the forecast period, it is predicted to be the fastest-growing market for DC power supplies. The increasing wireless communication & infrastructure and aerospace & military segments in nations such as the United States and Canada are expected to drive demand for DC power supply in the area.

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KEY TAKEAWAYS:

• The North America from the DC power supply market is expected to grow at the fastest CAGR of 4.6% in the region sector.
• Automotive is expected to grow at a high rate in the application sector of the DC power supply market, with a CAGR of 4%.
• The market size for DC power supply in the United States is expected to reach US$ 216 Million by 2032, growing at a CAGR of 4.1% during the research period.
• United Kingdom is expected to reach a market size of US$ 25 Million in DC power supply by 2032, with a CAGR of 3.1% during the research period.
• China’s DC power supply market is expected to be worth US$ 44 Million by 2032, with a CAGR of 3.7% over the forecast period.
• Japan is expected to have a market size for DC power supply of US$ 35 Million by 2032, with a CAGR of 2.7% during the research period.
• By 2032, South Korea is expected to reach a market size of US$ 23 mllion in DC power supply, with a CAGR of 2% during the research period.

COMPETITIVE LANDSCAPE:

Keysight Technologies, AMETEK, Goodwill Instrument, TDK Lambda, and Chroma ATE are the key participants in the DC power supply market.

• The firm introduced a new E36200 range of single and dual output power supplies in May 2019. As part of its inorganic strategy, Keysight Technologies received a contract in December 2015 to supply DC Power Supplies to the University of Sheffield’s Electronic Engineering Teaching Lab.

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The gas generator sets market is poised to increase at a steady CAGR of 7% from 2022 to 2032, to reach US$ 18.9 Bn by 2032 from US$ 9 Bn in 2021.. By 2032, the global gas generator sets market is expected to deploy 635 thousand units per year. The market expansion would be aided by rising data center outage costs and rising natural gas exploration activity.

Because many manufacturing factories and retail enterprises were shuttered during the lockdown, the COVID-19 pandemic had a detrimental impact on the demand for industrial gas generators set around the world.

The gaseous generator sets market is being driven by factors such as rising power consumption, a lack of reliable grid infrastructure, the requirement for emergency backup power solutions, and the demand for consistent power delivery.

Furthermore, the rising manufacturing industry’s increasing energy demands are likely to generate further market prospects for portable gas generators. However, constraints such as high implementation and operating costs, consumer preference for environmentally friendly alternatives (such as solar, fuel cells, and so on), and overcapacity are predicted to limit the gas generator sets market growth during this time period.

The gas generator sets market share is forecasted to be influenced by abundant natural gas resources and favorable government rules for the deployment of clean energy resources.

The increasing focus on electrical security, in tandem with the continuing shale gas revolution, is expected to influence gas generator sets demand. These units are poised to take a sizable market share as emissions laws and falling gas prices hint at newer installations’ long-term usefulness.

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In the projection period, the Asia Pacific region is expected to grow at a strong rate. Lower operating expenses in this region are luring companies from larger manufacturing bases, enabling the deployment of additional gas generator sets. Furthermore, the region is beginning to establish itself as a low-cost automobile manufacturing and export hub, which is predicted to hasten the adoption of these gaseous generators.

The gas generator sets market share expansion would profit from the increased need for reliable backup power solutions, as well as the financial and output losses associated with disruptions at manufacturing sites. Furthermore, the recent approval of necessary legislation favoring the resuscitation of mining activities is highly anticipated to increase the gas generator sets market adoption.

Frequent power outages have affected Indonesia’s manufacturing sector, prompting an increase in the country’s use of generator sets to maintain a consistent and steady power supply. Due to the regular power outages in these areas, South Sumatra and Jakarta are the main contributors to the gas generator sets market’s growth in Indonesia.

Key Takeaways

• By 2028, the Asia Pacific gas generator sets market is expected to reach USD 9.2 billion. The growth of industries and retail complexes has resulted in a higher demand for reliable power, which has expanded the industry’s scale.
• In 2021, the North American market accounted for 13.5 percent of total revenue. The business is forecasted to grow due to falling natural gas prices and expanding gas supply and distribution infrastructure, including a rise in industrial natural gas generators. The strong growth for reliable power production as a result of capacity expansion, real estate growth, and increasing industrialization is predicted to enhance the global industrial generator sets market.
• By 2028, the market for prime power gas generator sets is expected to grow at a CAGR of 6.9%. These units are utilized in remote locations such as oil and gas operations, mines, and other places where there is no access to the public grid. The industry landscape will be accelerated by resurgent industrialization and rising infrastructure, mostly in developing countries.

Competitive Landscape

Strategic alliances, collaborations, and agreements will be crucial for gas generator sets market players. Cummins, Briggs & Stratton Corporation, Kohler, Generac Power Systems, Caterpillar, Rolls-Royce, HIMOINSA, Mahindra Powerol, Genmac, Aggreko, Eaton, Champion Power Equipment, DuroMax Power Equipment, FIRMAN Power Equipment, Westinghouse Electric Corporation, WEN Products, HIPOWER, Cooper Corp., and Camda New Energy Equipment are some of the prominent players in the market. To keep up with the industry’s fierce rivalry, prominent gas generator sets companies are focusing on product innovation and creating mergers and acquisitions.

Recent Developments

Cummins India Ltd. presented its ‘Made in India’ QSK60 G23: 2500-2750 kVA Diesel Generator in August 2021. (DG). The diesel generator set, an integrated power solution, was created in India to fulfill the growing power demands of industry segments such as data centers and large-scale infrastructure projects such as railways, airports, and other commercial venues.

Caterpillar Inc. stated in August 2020 that it had received Stationary Emergency Certification from the United States Environmental Protection Agency (EPA) for a natural gas-fuelled generator set rated at 500 kW for 60 Hz markets. Caterpillar Inc. produces and builds a variety of engines and generators, including diesel and gas generators.

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Key Segments

By Power Rating:

• ≤ 50 kVA
• > 50 kVA – 125 kVA
• > 125 kVA – 200 kVA
• > 200 kVA – 330 kVA
• > 330 kVA – 750 kVA
• > 750 kVA

By End User:

• Residential
• Commercial
• Industrial

By Application:

• Standby
• Peak Shaving
• Prime/Continuous

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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The generator sales  is expected to reach US$ 28.6 billion in 2027, up from US$ 21.6 billion in 2022, with a CAGR of 5.8% over the forecast period.

Generator sales and service systems are in high demand due to the continually developing industrial sector.

The growing demand for consistent and dependable power from a wide range of end-users, including residential generator market, IT/telecom, healthcare, utility and power generation, marine, chemical, oil & gas, mining, and construction, can be contributed to the rise of the demand for generator sales.

The rapid advancement of the industry has resulted in an increase in electricity.

Generators have become an essential piece of industrial and household equipment due to the need for uninterrupted energy consumption and peak and continuous power requirements. Growing urbanization and increasing infrastructure costs are expected to boost the generator sales market size.

Increasing investments in constructing new sophisticated industrial sector establishments, as well as upgrading existing ones, are likely to propel this market forward.

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Additionally, the generator sales and installation are boosted by rising national building investment in energy-efficient infrastructure. For example, the United States Census Bureau reported in August 2020 that spending on public buildings in the United States totaled US$ 353.3 billion in June 2020, up from US$ 332.8 billion in 2019. This is projected to boost the U.S generator market size.

Clean energy utilization is increasing, which could stifle the adoption of generator sales. Clean energy deployment targets set by a number of regional governments and organizations to reduce greenhouse gas emissions could stifle the generator industry. Different countries are required to follow strict regulations in order to integrate low-carbon generation technologies and reduce their carbon footprint.

This could hamper the potential growth of generator manufacturers around the world. Furthermore, increasing spending to modernize grid infrastructure and enhance transmission and distribution (T&D) lines may cause some product acceptance issues.

Key Takeaways

• Owing to its widespread use in the manufacturing, healthcare, oil and gas, maritime, and IT/telecom sectors, the diesel generator market is predicted to have the greatest segment share by 2027.
• As per the generator sales market trends, diesel and gas generators are in a significant market among industrial end-users, mainly in developing nations. Supportive government initiatives for the development of industries in numerous countries such as China, Brazil, and India are the main drivers of the market.
• Due to numerous economies in transition, Asia Pacific is expected to hold the largest global generator sales market share in terms of revenue in 2020, with a value of USD 7.91 billion.
• North America will have strong generator sales increase from 2021 to 2028, owing to increased private and public expenditures in the integration of advanced verticals in the United States and Canada.
• The below75 kVA power rating segment will benefit from the rapid construction of residential and commercial infrastructure in rural places.

“In the Asia Pacific, the rapidly growing data center industry will continue to drive demand for the diesel generator market. The demand for generator sales is likely to rise as data center investments rise, particularly in China, Australia, Japan, and Singapore.”

Competitive Landscape

Many product makers have been observed delivering units with varying power rating applications at the worldwide and regional levels, according to the industry.

Numerous small and major players with well-established production lines have entered the generator sales and service market to meet the needs of various end-user industries. In addition, corporations are constantly concentrating on combining with other significant players in order to improve their position and define the competitive environment.

Some of the major key players in the generator sales market include Rolls-Royce, Wacker Neuson, Atlas Copco, Cummins Inc., Inmesol S.L.U., Caterpillar Inc., Kohler-SDMO, and Zwart Techniek, among many others.

• Moser Energy Systems, a maker of natural gas generators, announced cooperation with Cummins Inc., a manufacturer, and supplier of filtration, engines, and electricity generating equipment, in September 2020. The goal of this collaboration is to construct a Moser CRC400 generator based on Cummins’ natural gas G Drive 19–liter engine with a rich burn which will increase the demand for generator sales globally.
• Caterpillar Inc., a renowned construction machinery and equipment firm installed a Cat D350 GC standby diesel generator set at Tennessee Aquarium in the United States in October 2020. The generator will provide backup power to the facility’s aquatic facilities.

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Key Market Segments

By Fuel Type:

• Natural Gas
• Diesel
• Others

By Application:

• Prime & Continuous
• Standby
• Peak Shaving

By End User:

• Industrial
• Utilities/Power Generation
• Oil & Gas
• Chemicals & Petrochemicals
• Manufacturing
• Marine
• Commercial
• Mining & Metals

By Sales Channel:

• Direct
• Indirect

By Design:

• Stationary
• Portable

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The battery leasing service market is projected to grow at an impressive CAGR of 19.6%, reaching US$ 716 Mn by 2032 from US$ 100 Mn in 2021.

Government initiatives that support the market, like the European Union’s CO2 emission regulations, China’s New Energy Vehicles mandate, etc., are boosting the battery leasing service market statistics.

As per the battery leasing service market study, the growing public awareness of climate change initiatives is driving the demand for battery-powered electric vehicles (EVs) and the adoption of battery leasing services.

The study also finds that sales of battery leasing services rise as governments in various countries are reducing subsidies on vehicle purchases to close the price gap.

The spike in the number of cases related to vehicle breakdown due to battery issues, combined with rising electric vehicle sales around the world, results in consumer demand for battery leasing services, which is a major factor expected to fuel the global battery leasing service market growth.

Furthermore, battery leasing services adoption trends are bolstered by rising logistics activities in various countries and, increased government spending on transportation service development & the establishment of various service stations.

Vehicle manufacturers are making significant investments to expand their product portfolios, and the same is anticipated to propel the battery leasing service market opportunities.

With increasing passenger vehicle sales in developing countries, manufacturers are moving toward the introduction of EV battery lease services included in the vehicle purchase, which has a huge impact on the battery leasing service market trends.

Emerging trends in the battery leasing service market include timely inspection of residual battery values by the service provider, free/warranted replacements, and service provider assistance in the event of a breakdown.

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However, factors such as high battery leasing prices and a lack of required infrastructure for battery charging are expected to stymie the global battery leasing service, negatively impacting the outlook of battery leasing.

Moreover, the high cost of battery leasing service maintenance is expected to limit the battery leasing service market growth to a considerable extent.

Taking into account the factors mentioned above, the battery leasing service market size is expected to be worth US$ 248 Mn by 2026.

Key Takeaways:

• Due to the increasing need to reduce the upfront cost of EVs, the battery leasing subscription service segment likely holds a major battery leasing service market share.
• The market for Nickel Metal Hybrid (NiMh) battery leasing services in the United Kingdom is expected to grow by 25% by 2028 as they are rechargeable and widely used in consumer electronics and electric vehicles.
• By increasing its focus on improved vehicle economy and increasing EV sales, Germany’s battery leasing service market from the passenger vehicle segment is likely to dominate the battery leasing service market.
• As the number of vehicle breakdowns on highways in the United States is steadily increasing due to battery failure, the market in North America is expected to account for a significant revenue share.

“By 2028, the Asia Pacific market is expected to generate USD 150 million in revenue. Falling battery prices, rising EV adoption, and significant investments by leading automotive OEMs to secure the battery supply chains for future EVs are all boosting regional business growth. For market competitors in the region, the increased deployment of battery-as-a-service presents various emerging trends in the battery leasing service market.” asserts an FMI analyst.

Competitive Landscape:

Bounce Infinity, E-ChargeUp Solutions Private Limited, Ample, Inc., Contemporary Amperex Technology Co., Ltd., Esmito Solutions Private Limited, Gogoro Inc., NIO NextEV Limited, Numocity Technologies Private Limited, Lithion Power Private Limited, Octillion Power Systems, Renault Group, VoltUp, Sun Mobility Private Limited and Oyika Pte Ltd. are some of the major battery leasing companies in the battery leasing service market.

To support the rapid adoption of battery leasing services, companies emphasize strategic partnerships with various stakeholders, such as electric mobility manufacturers and government authorities.

Other factors expected to boost the battery leasing service market growth include major players expanding their business through acquisitions and expanding their product portfolio.

Recent developments in the battery leasing service market are as follows:

• Kia Motors Corporation, a multinational automaker, is concentrating on increasing the sale of electric vehicles. By 2030, the company wants to have 1,200 dedicated electric vehicle work bays in Korea.

It is also focusing on expanding its product portfolio by launching subscription services to provide customers with a more diverse buying option, as well as EV battery rental programs. This is considered to shape the battery leasing service market future trends to a large extent.

• EV battery leasing had been a joint venture between Hyundai and LG. The agreement covers the long-term electric cars battery lease for use in Energy Storage Systems (ESS). Under the terms of the agreement, Hyundai Motor will oversee overall company operations and sell Battery Electric Vehicles (BEV) to KST Mobility, a car operator.

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Key Segments

By Business Model:

• Subscription Service
• Pay-Per-Use Model

By Battery Type:

• Lithium-ion (Li-ion)
• Nickel Metal Hybrid

By Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The global PV Inverter market to grow at a moderate CAGR of over 5.1% during the forecast period of 2022-2032, reaching a value of about US$ 2.15 Bn in 2032 from the US$ 1.28 Bn in 2021.

Solar (PV) inverters are the heart of photovoltaic panels installed for harnessing solar energy by converting direct current (DC) generated into alternating current (AC) for supply.

This essential function performed by hybrid solar inverters or PV Inverters made it an indispensable item for the success of renewable energy development. It emerged as a growing market in recent years.

The growing concern for the utilization of solar energy for generating electricity has propelled the sale of photovoltaic panels across the world, directly favoring the growth of the solar PV Inverters market globally.

Government organizations have also come forward, providing financial assistance in the form of tax benefits and subsidies to popularize the installation of Inverter solar panels at the industrial, commercial and individual levels.

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The new policies formulated for installing on-grid solar inverters have provided the necessary impetus for the growth of the PV inverter market in Asia Pacific countries and others.

By government interventions, the production and operation cost of renewable energy has dropped dramatically across several countries. Due to cheap labor and higher manufacturing facilities, China is leading in production and export with lower hybrid solar Inverter prices than anywhere else.

“Growing environmental concern in the aftermath of degrading environmental factors and depleting energy sources solar panels have emerged to be the popular alternative electricity source swaying the market for off-grid hybrid solar inverters across the commercial and industrial units of different regions.”—opines an FMI analyst.

Compared to string inverters installed in PV farms, micro-inverter solar panels are more expensive.

Also, the easier installation and higher efficiency provided by string inverters are constantly replacing the traditional central inverters in all significant solar firms worldwide.

Key Takeaways

• Central PV Inverters will be the dominant segment of the global PV Inverter Market by Product that is poised to reach a market value of US$ 7.7 Bn by 2028 in terms of revenue generated.
• String inverters also constitute a significant segment of the experiencing increased traction of 5.2% CAGR during the forecast years.
• Asia Pacific region has emerged to be the most attractive region for manufacturers of solar Inverter panels and is estimated to reach a market value of more than US$ 11.3 Bn by 2028.
• With an attractive CAGR of 5.1%, the global solar PV Inver2028 market is going to reach an overall value beyond US$ 27.5 Bn by 2028.

Competitive Landscape

The global PV Inverter market has become highly competitive by the presence of global and local players as well. Some of the key players covered by this market analysis report for photovoltaic inverters include Eaton, Sungrow, Growatt New Energy, Dragon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton.

Anticipating a positive growth in manufacturing and sale of solar PV Inverters, various local players have emerged in different geographies resulting in a highly competitive market. Adoption of advanced technologies with optimization of PV Inverter price for consumers is the primary strategy adopted by various major players in the global market.

• Sungrow Power of the United States (US) collaborated with a South African energy cleaning company named Hudaco Energy in November 2021 to expand its business of hybrid solar inverters in the market of South Africa. The collaboration is expected to provide long-term investment in developing sustainable energy sources in the region.
• In recent times more countries have imposed anti-dumping duties on the import of cheap solar panels and manufacturing devices that will provide a fair playground for solar PV Inverter manufacturers present at various locations.

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Key Segments

By Product:

• String
• Micro
• Central

By Phase:

• Single Phase
• Three Phase

By Connectivity:

• Standalone
• On-grid

By Application:

• Residential
• Commercial & Industrial
• Utility

By Region:

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The digital substation market  valued at US$ 6.5 Bn in 2021 and is expected to be worth US$ 14.11 Bn by 2032, growing at a 7.3% CAGR from 2022 to 2032.

The global digital substation market has grown at a rapid pace in recent years, and it is expected to do so again over the next several years. This is because leading industry players have begun introducing new products with enhanced capabilities.

In addition, the increased demand for energy from renewable resources in developed countries to support sustainable development has boosted digital substation market growth even more.

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The rising demand for energy and the rapid use of non-renewable energy resources have shifted the demand for power generation to renewable energy sources. Furthermore, the integration of renewable energy with digital substations has been made possible by the advent of automation in power generation, distribution, and management.

The global digital substation market is driven by the use of digital substations for generating renewable energy and delivering improved dependability, efficiency, and safety in power distribution and the emergence of automation and higher standards of connectivity. However, greater upfront costs make it harder to replace traditional substations, limiting the expansion of the digital substation market.

The adoption of digital substations for generating renewable energy and improving reliability, efficiency, and safety in power distribution, and the emergence of automation and higher connectivity standards are the factors driving the global digital substation market. However, higher initial investments make it difficult to replace traditional substations, limiting the growth of the digital substation market.

Key Takeaways:

• Based on voltage, the 220 kV voltage segment is predicted to hold the largest share of the digital substations market.
• The utility industry segment is expected to account for a large portion of the global digital substations market.
• Due to the widespread use of digital substations in utilities, this segment accounted for most of the digital substation market in 2019.
• By 2026, the hardware module segment is expected to be worth more than US$ 7,500 million. Digital substations are widely used in all industry verticals, particularly utilities and oil and gas, all over the world.
• Throughout the forecast period (2022-2032), the transmission substations segment is expected to hold the largest share of the digital substations market. The market for digital substations in North America is expected to exceed USD 2.5 billion by 2028.
• Due to ongoing commercial and industrial infrastructure developments, rising energy demand in the United States will drive the regional digital substation market even further.

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Competition Landscape

ABB, Texas Instruments, Locamation, Efacec, Tesco Automation, NetControl, Belden Inc, Emerson Electric, NR Electric, GE, Schneider, Eaton, Rockwell Automation, Siemens, L&T, Cisco, Open System International, Guodian Nanjing Automation Co, and Beijing Sifang Automation Co. are among the key players in the digital substations market. In addition, ongoing acquisitions and joint ventures among various service providers and favorable incentives for deploying renewable technologies will boost the digital substations market outlook.

• ABB and CORYS signed a memorandum of understanding for a digital collaboration project in December 2020.
• Siemens and Atos signed a five-year extension of their strategic partnership in September 2020 to bring together their joint digital solutions.
• Eaton and the US Department of Energy expanded their collaboration on innovative energy solutions at the National Renewable Energy Lab in January 2018.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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The global gas engine market is projected to grow to US$ 4.8 billion by 2022. With sales increasing at a moderate CAGR of 4.1% over the forecast period of 2022-2032, the gas engine market is anticipated to reach an estimated value of US$ 7.47 Bn by the end of 2032. Market potential for gas engines is anticipated to increase with the accelerating demand for clean and efficient power production technologies.

Gas engines are internal combustion engines that run on gaseous fuels like biogas, natural gas, coal gas, and special gas. These engines are slowly gaining popularity across various end-use verticals like automotive, utilities, oil & gas, manufacturing, and others owing to the beneficial properties associated with gas engines. Low operating costs, higher efficiency, and eco-friendly nature are some of the benefits that accompany the use of gas engines.

Increasing concerns for the environment coupled with a gradual shift towards energy production via natural gas and special gas fuels are propelling the market demand for gas engines. A majority of power generation plants are focused on replacing their conventional power generation infrastructure with gas engines to reduce emission levels.

In addition to this, the growing demand for electricity along with an upsurge in the use of natural gas for producing energy owing to its easy availability, clean and economical nature, will likely augment the market growth of gas engines over the forecast period.

Moreover, the implementation of strict carbon emission regulations, rising government initiatives to expand the power generation infrastructure, the increasing popularity of gas engine technologies across emerging economies, and technological advancements in gas engines are some of the prominent factors fueling the growth in the global gas engines market.

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“Advances in gas engine technologies along with rising environmental concerns are expected to boost the sales of gas engines in the global market for the forecast period,” says an FMI analyst.  

Key Takeaways:

• Multiple end-use industry applications like electricity generation, powering mechanical equipment, and vehicles to boost market possibilities.
• Expansion of industrial gas turbine market to generate attractive market opportunities.
• Countries like India, Germany, and the U.K. are increasing investment in gas-powered power plants.
• Sales of gas engines in China are expected to exhibit substantial growth over the forecast period.
• The U.K. gas engine market will present steady growth over the assessment period.
• By fuel type, the natural gas segment is projected to account for the largest market share, with a high CAGR.
• Based on power output, 15 MW gas engines continue to dominate the market.
• By application, the mechanical drive segment is anticipated to lead market growth.

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More Insights into the Gas Engines Market Report

In its latest report, FMI offers an unbiased analysis of the global gas engine market, providing historical data from 2015 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on fuel type (natural gas, special gas, others), end use (utilities, marine, oil & gas, manufacturing, others), power output (1-2 MW, 2-5 MW, 5-15 MW, above 15 MW) application (power generation, mechanical drive, cogenerations, others) and region.

According to the latest FMI reports, based on regional growth, China is expected to exhibit significant growth during the assessment period. Rising demand for clean and efficient power generation technologies, the existence of stringent government regulations, swift increase in the number of gas-powered power plants, availability of advanced products at reduced prices, and growing usage of natural gas in multiple industry verticals promote the expansion of the regional gas engine market.

The gas engine market in the U.K. is primarily driven by the need for reducing carbon emissions as well as the implementation of strict government regulations. Growing consumption of natural gas in various fields is generating high demand for gas engines. Additionally, the rising popularity of turbofan engines coupled with rapid expansion of the marine gas engine market will likely boost market possibilities in the U.K. over the forecast period.

As per the latest study by FMI, based on fuel type, the natural gas segment is likely to experience a high rate of growth and hold the largest portion of the global gas engine market. This growth is due to the elevated use of natural gas in gas engines across multiple industry verticals, especially electricity generation plants.

In the power output section, the 15 MW segment accounted for the largest revenue share in 2021. The segment is expected to continue its dominance over the forecast period. This growth is attributed to their growing usage in power generation and cogeneration applications.

On the basis of application, the mechanical driver segment is estimated to generate maximum lucrative opportunities for the gas engine market through 2032.

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Key Segments

By Fuel Type:

• Natural gas
• Special gas

By End Use:

• Utilities
• Marine
• Oil & gas
• Manufacturing

By Power Output:

• 1-2 MW
• 2-5 MW
• 5-15 MW
• Above 15 MW

By Application:

• Power Generation
• Mechanical Drive
• Cogenerations
• Others

Competitive Landscape 

Westport Fuel Systems Inc, Wärtsilä, IHI Power Systems Co., Ltd. (Subsidiary of IHI Corporation), YANMAR HOLDINGS CO., MAN SE, BERGEN engines AS, LIEBHERR, JFE Engineering Corporation, Siemens, INNIO, MITSUBISHI HEAVY INDUSTRIES, LTD, Kawasaki Heavy Industries, Ltd and Caterpillar, Cummins Inc. among others are some of the major players in the gas engine market that are profiled in the full version of the report.

Major gas engine market players are focused on employing various organic and inorganic tactics including product expansion and capacity expansion. These businesses are intent on releasing new and innovative products as well as expanding and establishing new manufacturing facilities across appealing regions. They are also participating in mergers and acquisitions, partnerships, and collaborations to achieve a competitive advantage.

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:                    

Future Market Insights,
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs