Switchgear Market Insights | Key Players: ABB Ltd., General Electric Company, Siemens AG, EATON CORPORATION plc, Hitachi Ltd., Schneider Electric SE, and Mitsubishi Electric Corporation

According to the new market research report "Switchgear Market by Voltage (< 1 KV, 1–36 KV, 36–72.5 KV, > 72.5 KV), End-User (Transmission & Distribution Utilities and Manufacturing & Process Industries), Equipment (Gas Insulated, Air Insulated, and Circuit Breakers) - Global Forecast to 2022", published by MarketsandMarkets™, the switchgear market is expected to grow at a CAGR of 7.12%, from 2017 to 2022, to reach a market size of USD 125.10 billion by 2022. Continuous growth of construction and development activities, increasing access to electricity in developing countries, and growth in renewable power generation projects are the major factors driving the market.

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The switchgear market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the switchgear market include ABB Ltd. (Switzerland), General Electric Company (US), Siemens AG (Germany), EATON CORPORATION plc (Ireland), Alstom SA (France), Hitachi Ltd. (Japan), Schneider Electric SE (France), and Mitsubishi Electric Corporation (Japan) among others.

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Based on end-user, the transmission and distribution utilities are estimated to grow at the fastest rate during the forecast period. Increasing investments in sub-station automation, modernization of electric grid, and smart utilities are the major factors driving the growth of the transmission and distribution utilities segment of the switchgear market. Switchgear enhance protection by decreasing energy losses, due to poor operational efficiency of traditional equipment.

Based on region, the switchgear market in Asia-Pacific is projected to grow by the fastest rate during the forecast period. Increasing grid investments and plans for electrification in remote areas in countries, such as Vietnam, Indonesia, and the Philippines is likely to drive the growth of the switchgear market in the region during the forecast period. Rise in investments in smart grid technologies is also driving the switchgear market in Asia-Pacific.

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Aging power infrastructure, High Voltage Direct Current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for the switchgear companies. Moreover, governments in most of the countries are investing in renewable energy-based power generation to match up with the growing energy demand. All these factors is likely to drive the switchgear market during the forecast period.

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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.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" 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.

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Drilling and Completion Fluids Market Revenue to Hit $12.76 Billion by 2023

According to the new market research report "Drilling and Completion Fluids Market by Application (Onshore and Offshore), Fluid System (Water-Based System, Oil-Based System, Synthetic-Based System), Well Type (Conventional and HPHT), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the drilling & completion fluids market is expected to grow from an estimated USD 9.62 Billion in 2018 to USD 12.76 Billion by 2023, registering a CAGR of 5.82% during the forecast period. This growth can be attributed to the increased drilling activities for oil and gas production and rise in the exploration of shale gas.

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The onshore segment is expected to hold the largest share of the drilling & completion fluids market, by application, during the forecast period

The onshore application segment led the drilling & completion fluids market in 2017 and is projected to dominate the market during the forecast period. As the majority of global oil and gas reserves are present onshore, it accounts for larger share of the total market. Drilling activities are on the rise in more challenging onshore regions, owing to an increase in the demand for oil & gas globally. The number of wells drilled onshore is drastically large than wells drilled offshore in 2017.

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Water-based fluid system is expected to be the fastest-growing segment of the drilling & completion fluids market

The water-based fluid system is the largest segment of drilling and completion fluids market and is suitable for all applications including onshore and offshore. Water-based fluids are cost-effective and eco-friendly as compared to non-aqueous based fluids. Technological advancements have resulted in the use of water-based fluids in challenging high-pressure high-temperature conditions in deep and ultra-deepwater drilling activities. The discharge policies for water-based fluids are also not very stringent across the world due to the presence of less toxic chemicals. Thus, water-based fluid is the fastest growing segment due to cost effectiveness, less toxicity, and easy availability.

North America: The leading market for drilling & completion fluids

The North America drilling and completion fluids market is driven by the increase in oilfield discoveries and drilling activities across the region. The rise in the exploration of shale gas, tight oil, and other unconventional resources has increased the demand for drilling and completion fluids. The presence of vast shale gas reserves in the North American region has resulted in improved offshore activities in this region. The offshore exploration activities in the Gulf of Mexico are on the rise, which has led the companies to expand within the region. North America is also at the forefront of forming policies and regulations for the prevention of the degradation of the environment.

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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 drilling & completion fluids market. These players include BHGE (US), Halliburton (US), Schlumberger (US), Canada Energy Services (Canada), and Newpark Resources (US). The leading players are trying to make inroads in the market in the developed economies and are adopting various strategies to increase their market shares.

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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, "Knowledge Store" 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.
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USA : 1-888-600-6441

Email: sales@marketsandmarkets.com

Scrubber System Market Emerging Trend and Technology Research by Major Applications, Types Trends to Build Growth at a 12.82% CAGR from 2018 to 2023

According to the new market research report "Scrubber System Market by Type (Wet (Design), Dry (Sorbent Mixing)), End-User (Marine, Oil & Gas, Petrochemicals & Chemicals, Pharmaceuticals, Glass, Pulp & Paper, Food & Agricultural, Wastewater Treatment), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Global scrubber system market is projected to reach USD 1.86 billion by 2023, growing at a CAGR of 12.82%, from an estimated USD 1.02 billion in 2018. The growth of scrubber system market is majorly driven by the the growing stringent environmental regulations to reduce atmospheric emissions.

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Europe is expected to be the fastest growing market for scrubber system from 2018 to 2023. The IMO has set a global limit for sulfur in fuel oil used on board ships of 0.50% m/m (mass by mass) from 1 January 2020, which means that shipping companies are liable to take measures to mitigate sulfur oxide emissions generated by their ships. Additionally, the objective of Europe’s proposed 20-20-20 target is 20% increase in energy efficiency, 20% reduction of CO2 emissions, and 20% of the region’s energy from renewables by 2020. All these factors are expected to boost the scrubber system market in the European region.

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The market in Norway is expected to be the fastest in Europe for scrubber system, during the forecast period. According to the IEA, investments in transportation capacity might be necessary to promote exploration of new gas reserves from the Barents Sea and to allow Norway to maintain its position as a major gas supplier to Europe. The chemicals and petrochemicals industry accounts for around 80% of gas consumption, according to the data from IEA’s Norway 2017 Review. The country has set an ambitious target to reduce greenhouse gas (GHG) emissions by 40% of 1990 levels by 2030, thereby, possibly promoting the adoption of scrubber systems in oil & gas, petrochemical, and chemical industries. All these factors are expected to influence scrubber system market in the country. 

The report segments the scrubber system market, by type, into wet, and dry scrubber systems. The wet scrubbers segment is further sub-segmented into packed bed scrubber, spray scrubber, and venturi scrubber. The wet scrubber segment is expected to grow at the highest CAGR during the forecast period. Wet scrubbers are quite sturdy and can tolerate a wide range of temperatures, making them ideal for operation in almost any environment. These types of scrubbers can remove both gases and particulate matter in a single system. The soaring demand for such efficient scrubbers is from the shipping industry, to abide by new exhaust gas emission regulations is the factor driving the wet scrubber market.

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The scrubber system market, by end-user, is segmented into marine, oil & gas, petrochemicals & chemicals, pharmaceuticals, glass, and others. The others include pulp & paper, food & agricultural, wastewater treatment, and mining & metallurgy. The marine end-user segment is expected to grow at the highest rate during the forecasted period. With the IMO’s global sulfur cap of 0.5% on marine fuels starting from January 1, 2020, stringent regulations regarding shipping emissions are expected in the near future. Thus, the demand for exhaust gas cleaning technology, such as SOx scrubber, is expected to increase rapidly within the segment. 

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