Global Trends in Power Quality Equipment Market Driven by Non-Uniform Power Quality and Network Reliability Issues

The power quality equipment market is expected to grow at a CAGR of 6.56%, from 2017 to 2022, to reach a market size of USD 40.85 billion by 2022. Non-uniform power quality and network reliability issues, rise in alternative energy programs, and power quality standardization are the major drivers of the power quality equipment market.

The power quality equipment market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the power quality equipment market include ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Company (U.S.), Eaton Corporation Plc (Ireland), and General electric Company (U.S.). These companies have developed new products and implemented advanced production technology to bolster their product portfolios.

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The report segments global market, by end–user, into industrial and manufacturing, utilities, transportation, residential, and commercial. The commercial segment is expected to grow at the fastest rate during the forecast period. Information technology initiative is being applied to vehicles and electrical machinery in order to enable remote diagnostics, remote maintenance, and remote data capture. This initiative has increased the need for datacenters, servers, and communication systems. As the demand for electronic equipment grows, the need for protection system also increases for continuous functioning of such critical equipment. Such initiatives are driving the market for power quality equipment in the commercial segment, which is expected to create new revenue pockets for the power quality equipment market during the forecast period.

With respect to the equipment segment, Solid Oxide Fuel Cells (SOFC) are expected to constitute the fastest growing market from 2017 to 2022. The rapidly growing demand for the SOFC market is driven by its ability to be used for various applications, fuel flexibility, and ability to utilize biomass efficiently. SOFCs can be used for developing portable, transportation, and stationary applications. For transportation, they are used to develop Auxiliary Power Units (APU); and military applications include portable batteries and other energy storage applications. They are also flexible when it comes to the type of fuel required as they can run on variety of fuel including natural gas, gasoline, diesel, and hydrogen.

The power quality equipment market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. A rise in investments in smart grid technologies and smart cities that include distribution grid automation, smart meters, and demand response systems in countries such as Japan, South Korea, and Australia would create opportunities for the power quality equipment market.

Increase in the number of data centers along with surge in IT hubs and commercial institutions such as banking facilities, healthcare units, and investments in distribution infrastructure is expected to drive the power quality equipment market in the region.

ABB, Ltd. is a leading power and automation technology company offering a wide range of products, services, and systems, namely, transformers, distribution automation products, high-voltage products, power transmission systems, grid integration systems, and others. The company operates in four segments, namely, power grids, electrification products, process automation, and discrete automation and motion. It offers power quality equipment under its electrification products division, which accounted for 26% of the company’s total net sales in 2016. The company has a wide array of products ranging from switches and sockets to robots, and from large transformers to control systems that manage entire power networks and factories.

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Eaton Corporation Plc is a power management company offering a wide range of products related to fuel-efficient systems and power chain management tools. The company operates in five business segments, namely, electrical products, electrical systems and services, vehicles, hydraulics, and aerospace. Eaton’s electrical business segment offers power distribution, power quality, control and automation, and monitoring products and services. The company offers power quality equipment through its electrical products division, which accounted for 35% of the company’s total net sales in 2016. The principal markets for these products are the industrial, institutional, governmental, utility, commercial, residential, and information technology sectors.

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Oilfield Services Market Dynamics 2022 - Schlumberger, Halliburton, Baker Hughes, Weatherford, Superior Energy Services, and GE Oil & Gas

The report "Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022", the oilfield services market is expected to grow from an estimated USD 106.4 billion in 2017 to USD 125.5 billion by 2022, registering a CAGR of 3.4%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.

The onshore segment is expected to hold the largest share of the oilfield services market, by application, during the forecast period.

The onshore sub-segment, within the application segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period. Onshore applications are highly popular in the Middle East and North America, especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of oilfields are located onshore. The market in North America is key for onshore applications due to increasing shale gas production in the US and well intervention activities in the shale basins in the region. Despite the decline in oil prices since 2014, production activities are being carried out, which is expected to increase the demand for oilfield services, such as, well intervention.

However, the offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by new exploration and production activities being carried out in offshore areas.  This would ultimately create new revenue pockets for the oilfield services market during the forecast period. Oilfield services plays a critical role in challenging environmental conditions such as HPHT and unconventional reservoirs.

Browse and in-depth TOC on "Oilfield Services Market"

86 - Tables
113 - Figures
248 - Pages

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The pressure pumping services oilfield services sub-segment, within the services segment, is expected to hold the largest share of the oilfield services market during the forecast period.

The pressure pumping services oilfield sub-segment, within the services segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period. Pressure pumping oilfield services are used for applications such as well cementing and stimulation.  Increasing drilling activities for extraction of oil & gas has raised the demand for EOR and advanced drilling technologies, further increasing the demand for pressure pumping services. The pressure pumping market is expected to grow in the future as a result of shale gas exploration and production activities in North America. Additionally, the markets in Asia Pacific and Africa offer opportunities for service providers as offshore exploration activity is on the rise in these regions. Currently, production activities from aging reservoirs of the North Sea are leading to an increased demand for pressure pumping services despite dwindling oil and gas reserves. Countries such as the US and China are expected to drive the market demand, mostly because of the ongoing shale boom.

North America: The largest oilfield services market.

In this report, the oilfield services market has been analyzed with respect to 6 regions, namely, North America, South America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to dominate the global oilfield services market, given increased oil & gas exploration & production activities, especially in the U.S.  According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution. The Mexican government has recently begun expanding its oil & gas industry with the liberalization of its domestic energy sector. The government has enacted reforms that have ended the monopoly of the state-run PEMEX in an effort to attract foreign investors and operators. Mexico is estimated to have the world’s sixth-largest reserve of recoverable shale gas—approximately 600 Tcf. The production of oil & gas from oil sands, tight gas, and natural gas from coal, in Canada, combined with shale gas activities in the U.S., would drive the oilfield services market in North America.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the oilfield services market.

Some of the key players are Schlumberger (US), Halliburton (US), Baker Hughes (US), Weatherford (US), Superior Energy Services (US), and GE Oil & Gas (UK). The leading players are adopting various strategies to increase their share in the oilfield services market. They are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share. Contracts & agreements has been a widely adopted strategy by the major players in the oilfield services market.

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Busbar Trunking System Market Continues to Show Positive Growth

The busbar trunking system market is expected to grow at a CAGR of 6.88%, from 2017 to 2022, to reach a market size of USD 8.85 billion by 2022. Increased adoption of energy efficiency practices, various operational and technical advantages to the potential end-users, and growing demand for power are the major drivers of the busbar trunking system market.

The busbar trunking system market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the busbar trunking system market, such as ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric (France), General Electric (U.S.), and Eaton Corporation, Plc (Ireland), have either acquired regional companies or made a joint venture with the ones operating in the busbar trunking system market to bolster their product portfolio and to enhance their global reach.

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With regard to the end-user segment, the industrial sector is expected to constitute the fastest growing market from 2017 to 2022. There are several key areas in the industrial sector where busbar trunking systems are installed. For instance, they are used to deliver consistent power supply to the production floor. It is used by manufacturers of motor drives, fork lift trucks, welding machines, power generators, and industrial testing machines among others.

The report segments the busbar trunking system market, based on conductor type, into copper and aluminum conductors. The copper conductor would account for the maximum share in the busbar trunking system market. The energy efficient and compact nature of copper busbar trunking system makes it more suitable for applications such as high-rise buildings, shopping complexes, IT parks, manufacturing, and process industries. The aluminum conductor on the other side is cost effective as compared to copper busbar trunking systems, which makes it suitable for small and medium enterprises.

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Asia-Pacific is estimated to be the fastest growing market for busbar trunking systems from 2017 to 2022. Escalating demand for electricity and increasing government mandates in countries such as Japan, Australia, China, South Korea, and India are driving the demand for busbar trunking systems in this region. The growing power sector in India is also expected to spur the growth of the market and represents a promising opportunity for major busbar trunking system providers. India is expected to grow at the fastest rate during the forecast period. Countries such as Japan and China are also expected to witness a significant growth during the same period.