Surge Protection Devices Market 2022: Power Quality Issues and Electronic Devices on Wheels - Industrial Segment to Drive highest CAGR

The growing demand for surge protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures are the major factors driving the surge protection devices market.

“The surge protection devices market is expected to grow from an estimated USD 2.06 Billion in 2017 to USD 2.68 Billion by 2022, registering a CAGR of 5.47%, from 2017 to 2022.”

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The global market is set to witness significant growth due to growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures. 

The industry segment is expected to hold the largest share of the surge protection devices market, by application, during the forecast period

The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for datacenters, servers, and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has been increasing. This is driving the market for surge protection devices in the industrial segment, which is expected to create new revenue pockets for the surge protection devices market during the forecast period.

Hard-wired SPDs to be the fastest growing segment in the surge protection devices market
Europe: The leading market for surge protection devices

The European market is expected to dominate the global surge protection devices market with a number of European countries investing in various protection systems for urbanized infrastructure development. Industry 4.0 is a European strategic initiative to digitally transform the industrial, IT, and manufacturing industries. Intelligent ICT-based machines, systems, and networks, capable of independently exchanging and responding to information to manage industrial production processes, are being implemented for production efficiency. There is an increasing trend of manufacturing facilities shifting their operations to low production areas such as Eastern Europe.

Objectives of the study:

• To define, describe, and forecast the global surge protection devices market by type, end-user, discharge current, and region
• To provide detailed information regarding the major factors influencing the growth of the surge protection devices market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the surge protection devices market with respect to individual growth trends, future prospects, and contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the surge protection devices market

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The leading players in the surge protection devices market include Siemens AG (Germany), Eaton Corporation, Plc. (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), and Schneider Electric SE (France). The leading players are trying to make inroads in the markets in developed economies, and are adopting various strategies to increase their market shares.

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Momentum Growing Rapidly in Variable Speed Generator Market

The global variable speed generator market is projected to reach USD 8.36 billion by 2022, growing at a CAGR of 7.63%, from an estimated USD 5.79 billion in 2017. The growth of this market is majorly driven by rising alternative energy programs, increasing government mandates over energy efficiency, and growing industrialization and urbanization. 

Market Ecosystem:

The leading players in the variable speed generator market include ABB (Switzerland), GE (US), Siemens (Germany), Wartsila (Finland), Cummins (US), and Rolls Royce (UK). The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares. 

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Europe is expected to be the fastest-growing market for variable speed generators from 2017 to 2022. According to the European Wind Energy Association (EWEA), Europe accounts for more than 90% of the world’s installed offshore wind capacity. This is supported by the European Wind Initiative (EWI), a wind energy research and development program developed to take the wind industry to the next level in Europe. The countries in the EU are primarily focusing on upgrading their aging electrical infrastructure. Furthermore, the governments of these countries are promoting power generation through renewable energy sources. The tender volumes in Europe are set to increase at a faster pace with 5 GW being auctioned in Germany, the UK, and France. Construction activity in 2017 is also set to increase in terms of installed wind capacity. According to WindEurope, the association for wind energy in Europe, an installation of more than 3.5 GW of offshore wind capacity is expected in the region in 2017, with maximum installations in Germany, the UK, Belgium, and Denmark. This would contribute to the target of reaching 25 GW of offshore wind capacity by 2020. The growing number of alternative energy programs, along with the European Union’s proposed stage V emission standards to further tighten emission norms for non-road engines, will drive the market for variable speed generators for wind power and diesel and gas-based variable speed gensets.

The report segments the variable speed generator market, by generator type, into doubly fed induction generator (DFIG), permanent magnet synchronous generator (PMSG), variable speed-self excited induction generator (SEIG), and wound rotor induction generator (WRIG). The permanent magnet synchronous generator (PMSG) segment is expected to grow at the highest CAGR during the forecast period. The increasing adoption of the PMSG technology for wind power generation as well as diesel-electric gensets is driving the growth of the PMSG segment. 

The variable speed generator market, by end user, is segmented into renewable power generation, hydroelectric power generation, marine and shipbuilding, oil & gas and mining, commercial and residential, defense, aerospace, co-generation, telecommunications, and industrial standby power. The commercial and residential segment is expected to grow at the highest CAGR during the forecast period. This segment is primarily driven by the demand for efficient variable speed standby gensets for commercial and residential applications in Europe, Asia Pacific, and North America. 

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The variable speed generator market, by prime mover, is segmented into wind turbine, hydro turbine, gas and steam turbine, and internal combustion (IC) engine. The IC engines segment is expected to grow at the highest CAGR during the forecast period. The increasing implementation of variable speed generators for aerospace and marine applications is expected to drive the market.

The variable speed generator market, by power rating, is segmented into up to 100 kVA, 100 kVA–1 MVA, 1 MVA–25 MVA, and above 25 MVA. The 1 MVA–25 MVA segment is expected to grow at the highest CAGR from 2017 to 2022. The increasing capacity addition in offshore wind projects and the commercialization of high power rated permanent magnet synchronous generators will create new revenue pockets for this segment.

Hydrogen Generation Market Projected to Reach $199.1 billion by 2023

The Hydrogen Generation Market is Projected to reach USD 199.1 billion by 2023, at a CAGR of 8.0% from 2018 to 2023. The hydrogen generation market is expected to grow from USD 135.5 billion in 2018 to USD 199.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period. The major factors driving the hydrogen generation market include the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and increased demand for hydrogen in the transportation sector. Stringent restrictions on desulphurization of refinery products are expected to drive the hydrogen generation market.

The hydrogen generation market has been segmented based on application into petroleum refinery, ammonia production, methanol production, transportation, power generation, and others. The transportation segment is driven by the growing demand for fuel cell based electric vehicles and buses in North America and Asia Pacific regions. Countries such as the US, China, and Japan are currently investing in developing hydrogen fuel cell infrastructure such as fuel stations and hydrogen generation methods.

The hydrogen generation market, by technology, is segmented into steam reforming, partial oxidation, gasification, and electrolysis techniques. Electrolysis technology segment is expected to grow at the highest rate during the forecast period with the increasing demand for fuel cells in transportation and power generation operations. Also, major players are currently using the electrolysis technology through excess renewable power integration that further increases the efficiency of operations.

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Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global hydrogen generation market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

·         The key players in the industry and markets have been identified through extensive secondary research, and their market shares in the respective regions have been determined through primary and secondary research.

·         The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

·         All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

This research report categorizes the hydrogen generation market based on generation and delivery type, technology, application, storage, and region.

Based on generation and delivery type, the hydrogen generation market has been segmented as follows:

·         Captive

·         Merchant

o   Delivery mode

o   State

Based on technology, the hydrogen generation market has been segmented as follows:

·         Steam methane reforming

·         Partial oxidation of oil

·         Coal gasification

·         Electrolysis of water

Based on application, the hydrogen generation market has been segmented as follows:

·         Petroleum refinery

·         Ammonia production

·         Methanol production

·         Transportation

·         Power generation

·         Others

Based on storage, the hydrogen generation market has been segmented as follows:

·         On-board storage

·         Underground storage

·         Power-to-gas storage

Based on region, the hydrogen generation market has been segmented as follows:

·         Asia Pacific

·         North America

·         Europe

·         Middle East

·         Africa

·         South America

Major vendors in the hydrogen generation market include Air Liquide (France), Air Products and Chemicals (US), Iwatani (Japan), Hydrogenics (Canada), Linde (Germany), Praxair (US), Messer Group (Germany), Showa Denko (Japan), Ally Hi-Tech (China), Caloric (Germany), Claind (Italy), Erredue (Italy), HyGear (Netherlands), Nuvera Fuel Cells (US), Proton OnSite (US), Taiyo Nippon Sanso (Japan), Teledyne Energy Systems (US), Xebec (Canada), Ballard Power Systems (Canada), FuelCell Energy (US), and Plug Power (US).