Hybrid Power Solutions Market - Global Industry Analysis & Outlook - 2021: System type, Power Rating

According to the new market research report “Hybrid Power Solutions Market by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel), Power Rating (Upto 10 kW, 11 kW–100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom), and Region - Global Forecast to 2021", published by MarketsandMarkets™, the global hybrid power solutions market was valued at USD 432.0 million in 2015, and is expected to grow from USD 466.5 million in 2016 to USD 689.5 million, at a CAGR of 8.13% from 2016 to 2021.

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Hybrid power solutions are emerging power supply source, and are suited for off grid or bad grid areas, isolated grids and islands where power supply through grid is not economical and viable option. Hybrid power solutions combine renewable power sources (wind and solar) along with diesel generators for efficient and reliable power supply. These hybrid power solutions find its applications in the residential, commercial, telecommunication, mining, and oil & gas sectors among others. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.

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Growth of hybrid power generation in off-grid sites drives the global hybrid power solutions market

Off grid sites are those sites where electricity access is not available through grid connection. Off gird sites may be telecom towers, industrial units and small villages, which are located in remote areas and do not have grid connectivity. Laying down grid network in these regions for 100% electrification requires huge investment. The growing power demand can be met through deploying hybrid power solutions designed according to individual power requirement of residential and non-residential customers. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption.

Hybrid power solutions applications at the off-grid sites  drive the growth of hybrid power solutions market

In developing countries, a large number of population live in remote or off grid areas. Installation and distribution costs are considerably higher for remote areas. Laying down grid network in these regions for 100% electrification requires huge investment. One of the primary needs for social and economic development of any country is efficient and regular power supply to its residents. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption. Thus, the public authorities can achieve 100% electrification by deploying hybrid power solutions in remote or off grid areas.

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Hybrid power solutions market has been segmented based on end-users into residential, commercial, telecom, and others.

Telecommunication

Telecommunication is one of major industry in terms of electricity consumption. Today energy saving is a key sustainability focus for telecom industry. This implies, especially, in rural areas where electricity consumption contributes up to 70% of total network operating cost. With increasing number of mobile subscribers, the electricity consumption by telecom sector is set to increase in the next five years. To provide network coverage, telecom companies are setting telecom towers in remote areas where grid connection is not available to provide mobile access to their customers. The setting up of towers at off grid areas, are driving growth of hybrid power solutions in telecommunication industry.

Commercial

Commercial sector includes hotels, resorts, schools, or hospitals which are located at islands or off grid areas. These islands do not have grid power supply and highly dependent on diesel generators for their power requirements. Dependence on diesel adds huge operating cost in their annual expenditure. These concern factors create huge opportunity for implementing hybrid power solutions in commercial sector.

Residential

Residential sector is one of the key users of hybrid power solutions. Electricity production cost is very high in islands areas due to high price of fuel. Integration of renewable power sources with diesel generators provides reliable and cleaner power by reducing carbon emissions. Further, the less availability of land space for gird infrastructure drives the hybrid power solutions at the residential sector.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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$45.13 Billion Global Permanent Magnet Motor Market 2018 Industry Analysis

According to the new market research report “Permanent Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User (Industrial, Commercial & Residential, and Healthcare), and Region", published by MarketsandMarkets™, the permanent magnet motor market is estimated to grow at a CAGR of 8.87%, from 2018 to 2023, to reach a projected market size of USD 45.13 billion by 2023.

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A permanent magnet motor (consisting of a stator and a rotor having permanent magnets) is a machine in which its rotor spins in synchronization with the rotating internal magnetic field without incurring any excitation losses. Increasing demand for energy-efficient & low-cost maintenance motors and increased implementation of permanent magnet motors across industries are some of the factors contributing to the growth of the permanent magnet motor market. Shifting from rare earth magnets to cost-effective ferrite permanent magnets is one of the major opportunities for the permanent magnet motor market.

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Asia Pacific is expected to be the fastest-growing market for permanent magnet motors from 2018 to 2023. The demand for permanent magnet motors in Asia Pacific is driven by rapid industrialization, rising population, and urbanization. Countries such as China and Japan have implemented energy-efficiency standards to save electricity consumption, which has led to a growth in the demand for permanent magnet motors. China and Japan are expected to be the two largest markets for permanent magnet motors in the region in 2018. These countries are witnessing the increasing government initiatives to strengthen the automotive sector as well as developing healthcare sector. Moreover, the market is also expected to grow significantly in countries such as India and South Korea during the forecast period. Factors such as growing renewable power generation and rising adoption of new technologies in electric vehicles are driving the permanent magnet motor market in India and South Korea.

The permanent magnet AC motor segment is expected to be the fastest-growing segment of the permanent magnet motor market from 2018 to 2023. This is due to the major advantages of these motors such as providing high torque capacity, high-quality magnetic performance, high accelerations, and high withstand overloads capacity without risk of magnetization of the magnets, which helps to eliminate the need for costly maintenance. Asia Pacific is the fastest-growing market for permanent magnet motors and offers various business opportunities to permanent magnet motor manufacturers in the permanent magnet AC motor segment. In Asia Pacific, governments are focusing on promoting the use of energy-efficient motors in order to save electricity. These factors would drive the permanent magnet motor market.

The up to 25 kW segment is expected to be the fastest-growing market, by power rating, from 2018 to 2023. The permanent magnet motor ranging up to 25 kW is used in textile, pulp & paper, medical devices, aerospace, robotics, window shutters, air conditioners, door shutters, and electrical vehicles. A total of 70–80% of these motors are used in consumer electronics and industrial sectors. Hence, Asian countries, such as China, India, Japan, and South Korea, where these sectors are expected to experience a lot of investments in the coming years, will result in the higher market share of the up to 25 kW permanent magnet motor segment.

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The industrial segment is expected to be the fastest-growing segment of the permanent magnet motor market from 2018 to 2023. These motors are used in industrial machines, textile rewinding machines, and also used with Variable Frequency Drives (VFDs) in pumps, blowers, fans, compressors, and hoists. The automotive is one of the major industries within the industrial sector, installing the maximum number of permanent magnet motors. 

The leading players in the permanent magnet motor market include GE (US), Siemens (Germany), ABB (Switzerland), Toshiba Corporation (Japan), and Emerson (US).

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Global Submarine Power Cable Market is Projected To Grow At A Highest CAGR of 15.32%, from 2018 to 2023.

According to the new market research report "Submarine Power Cable Market by Type (Single, Multicore), Voltage (Medium, High), Conductor Material (Copper, Aluminum), End-User (Offshore Wind Power Generation, Inter-Country & Island Connection, & Offshore Oil & Gas), and Region", published by MarketsandMarkets™, the submarine power cable market is estimated to be valued at USD 16.56 billion by 2023, at a CAGR of 15.32% from 2018 to 2023. Submarine power cables are widely used to connect offshore wind farms to mainland grids.

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Increasing demand for inter-country and island connection and increasing offshore wind installations in UK, Germany, and China are contributing to the growth of the submarine power cable market. Increasing demand for HVDC connections is one of the major opportunities for the submarine power cable market.

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Europe is expected to be the fastest-growing market for submarine power cables from 2018 to 2023. The demand for submarine power cables in Europe is driven by the improvement and development of offshore wind technology, which led to new offshore wind capacity additions across various countries in the region.               

UK, Germany, Denmark, and Netherlands are witnessing a significant rise in new capacity addition, which has led to a growth in the demand for submarine power cables. UK and Germany are expected to be the two largest markets for submarine power cables in Europe in 2018. The growth of offshore wind sector in these countries is supported by increasing government initiatives, such as zero bids for offshore in Germany and a full zero subsidy tender in the Netherlands. Moreover, the market is also expected to grow significantly in Denmark and Netherlands, as well as in Finland, France, and Sweden during the forecast period.

The offshore wind power generation segment is expected to be the fastest-growing segment of the submarine power cable market from 2018 to 2023. This can be attributed to technology advancements and cost reductions. North America is the fastest-growing market for submarine power cables and offers various business opportunities to submarine power cable manufacturers in the offshore wind power generation segment. High electricity price and high electricity demand, along with the state governments backing for the renewable energy industry, are the main drivers of offshore wind development in North America.

The high voltage segment is expected to be the fastest-growing market, by voltage, from 2018 to 2023. The high voltage submarine power cable ranging above 33 kV is used for grid interconnections and for connecting offshore platforms such as offshore wind generation and offshore oil & gas facilities to the mainland grid. As cable technology advances, more projects are being planned that require longer, deeper, and higher-capacity cables. Hence, UK, Germany, Denmark, and Netherlands are expected to experience a lot of investments in grid interconnections and offshore wind sector in the coming years, which will result in higher market share of the high voltage submarine power cable segment.

The single core segment is expected to be the fastest-growing segment of the submarine power cable market from 2018 to 2023. Single core cables offer many benefits to operators, including easier and cheaper deployment. They are more suitable to cover longer distance as these cables experience lower reverse current when compared to multi-core cables. Upcoming extra-high voltage projects in Asia Pacific, Europe, and North America are expected to drive the segment during the forecast period.

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The copper segment is expected to be the fastest-growing segment of the submarine power cable market from 2018 to 2023.  Copper has better corrosion resistance than aluminum. Moreover, cables using copper have a smaller cross-section diameter than those using aluminum as copper has higher conductivity and requires a smaller cross-section area for the same current-carrying capability. The submarine power cable market with copper as conductor material is driven by technical factors such as high conductivity and specific weight advantage, which lead to a more efficient cable-laying process and greater stability of cables.

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