Global Circuit Monitoring Market Size to experience strong headwind in 2028

According to a latest research, the global circuit monitoring market size is projected to reach USD 829 million by 2028 from an estimated USD 659 million in 2023, at a CAGR of 4.7% during the forecast period. Increasing number of data centers, and rising concern overpower stability for uninterrupted business operation is driving the market for Circuit Monitoring Market.

Key Market Players

The major players in the circuit monitoring market size are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland).

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Strong growth from enterprise shift towards cloud applications, and huge investments, along with enforcement of stringent standards, to reduce carbon footprint in data centers . For instance, regulatory bodies and governments, such as the International Organization for Standardization, and American National Standards Institute, are imposing sustainability standards on newly built data center. These are the few major factors driving the circuit monitoring market growth.

This report segments the circuit monitoring industry based on type into two types: Modular circuit monitoring, and others. The others segment is expected to be the second fastest growing market during the forecast period. The others segment include branch circuit monitoring, and multi circuit monitoring. Both multi-circuit monitors and branch circuit monitors are compact and, hence, use lesser space as compared to traditional single-circuit energy meters. These are used by industries, data centers, and commercial and residential end users.

This report segments the market for  circuit monitoring based on end users into four segments: data centers, commercial, industrial, and residential. The data center segment is expected to be the fastest growing segment during the forecast period. The data centers segment is driven by the heightened adoption of circuit monitoring in data centers for remote monitoring and the determination of power usage effectiveness.

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Europe is expected to be the second largest circuit monitoring market during the forecast period. Commercial data center market is expanding at an unprecedented speed across Europe. The UK set Euro 400 million fast-track for government data centers for government offices and commercial sectors, also countries in this region are focusing on developing cloud technology and infrastructure. For instance, Emerson (US) rapidly deployed one of the t-systems' largest modular data centers in Europe to maximize the availability, capacity, and efficiency of critical infrastructure. These factors are expected to fuel the growth of the circuit monitoring market in the region.

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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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MarketsandMarkets Inc.

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Synchronous Generator Industry Expected to Witness the Highest Growth during 2023-2028

According to a latest research, The Synchronous Generator Industry has experienced robust growth in recent years, expanding from USD 4.7 billion in 2023 to USD 5.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. A synchronous generator, also called an AC generator or alternator, is an electromechanical energy conversion device that converts mechanical energy from sources such as engines and turbines into electrical energy in the form of alternating current (AC). It is called an alternator as it produces alternating current electricity, and a synchronous generator because it is necessarily driven at synchronous speed to generate electricity at the desired frequency.

Strong Future Growth Anticipated

The Synchronous Generator Industry is projected to continue its strong growth, reaching .9 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. Synchronous generators are essential in power plants for generating electricity on a large scale as they provide grid stability, high efficiency, voltage regulations and synchronization with the grid.

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The new technological advancements in synchronous generators is virtual synchronous generators (VSGs). Virtual synchronous generators (VSGs) are software-based models of synchronous generators that can be used in power systems to provide inertia and stabilize grid frequency. VSGs use advanced control algorithms to emulate the behavior of traditional synchronous generators, which have been used for decades to provide these grid-stabilizing services. However, VSGs are not physical machines and do not require physical components like rotors or stators. Instead, they can be implemented in power converters connected to renewable energy sources, such as wind turbines and solar panels, enabling these sources to contribute to grid stability in a way that was previously only possible with traditional synchronous generators

Growth Driver Of The Synchronous Generator Industry

The renewable energy segment by end user is expected to be the fastest growing segment of the synchronous generator market. Synchronous generators are widely used in hydroelectric power plants. Water turbines, driven by the force of flowing water or falling water, are coupled to synchronous generators to produce electricity. This setup is commonly used in large-scale hydroelectric projects. They are also frequently employed in wind turbines to convert the mechanical energy from the wind into electrical energy. Synchronous generators offer advantages in renewable power generation, such as stable frequency output, grid synchronization capability, and the ability to provide reactive power for grid stability.

The gas turbine segment by prime mover is projected to be the fastest growing segment of the synchronous generator industry. Gas turbine synchronous generators are known for their high efficiency in converting fuel energy into electricity. They can achieve higher thermal efficiencies compared to other types of generators, such as steam turbines. Gas turbine generators have relatively lower emissions compared to conventional coal-fired power plants. Modern gas turbines employ advanced combustion technologies, such as lean-burn and dry low NOx (DLN) systems, which significantly reduce nitrogen oxide (NOx) emissions.

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The 1,500 RPM segment by speed is projected to be the fastest growing segment of the synchronous generators market. Synchronous generators operating at 1,500 rpm are well-suited for low-speed prime movers such as slow-speed diesel engines or certain types of industrial turbines. These generators can be directly coupled with such prime movers without the need for additional gearing or speed control mechanisms, simplifying the system design and reducing maintenance requirements. Their smaller size and reduced weight result in lower material and manufacturing costs. Additionally, the use of low-speed prime movers, which are often more cost-effective than high-speed engines or turbines, contributes to overall cost savings.

In 2022, the Asia Pacific dominated the global synchronous generator industry, followed by North America & Europe. The region, by country, has been segmented into the China, India, Japan, Australia, South Korea, and Rest of Asia Pacific. China has been actively investing in wind farms and hydroelectric projects, which require synchronous generators for power generation. Additionally, China’s continuous industrialization and urbanization have increased electricity demand, driving the need for synchronous generators in various industries. India has a rapidly growing economy and a rising population, leading to increased energy demand. The country requires reliable and efficient power generation technologies, including steam and gas turbines, to meet this demand. India has been promoting the use of natural gas as a cleaner alternative to coal. This has led to the construction of gas-based power plants, where gas turbines synchronous generators play a crucial role. Japan has a diversified energy mix that includes both conventional and renewable sources. While the country aims to increase its share of renewable energy, it still heavily relies on thermal power generation, where steam and gas turbines are essential.

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Major players operating in the synchronous generator industry include ABB (Switzerland), WEG (Brazil), Siemens Energy (Germany), Meidensha Corporation (Japan),  and Andritz (Austria). These companies have reliable manufacturing facilities as well as strong distribution  networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader  geographical use cases, and a larger product footprint.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

Lithium Iron Phosphate Batteries Industry - Analyzing the Growth Drivers and Upcoming Trends

The global lithium iron phosphate batteries market is projected to reach USD 35.5 billion by 2028 from an estimated USD 17.7 billion in 2023, at a CAGR of 14.9% during the forecast period. The growing investments in building offshore wind farms will positively impact the lithium iron phosphate batteries market.

A lithium iron phosphate (LiFePO4) battery is a type of lithium-ion battery that charges and discharges at high speed. It uses lithium iron phosphate as the cathode and graphite as the anode. favorable government policies and the rapid development of EV charging infrastructure are consequently boosting the demand for LFP batteries.

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This report segments the lithium iron phosphate batteries market based on industry into: automotive, power, industrial, consumer electronic, aerospace, marine and others(telecommunication and medical). Industrial segment are expected to be the second largest market during the forecast period. The industrial segment primarily includes forklifts, mining equipments and construction equipments. This segment has a huge demand for equipment and tools for aiding smooth operations. The manufacturers of construction and mining equipment emphasize two major factors—environmental safety and durability. Hence, they are shifting to battery-based technology. Construction equipment include cutting machines, material handling vehicles, and pulley cranes. On the other hand, mining equipment include underground mobile equipment, LED flashlights, and remote haul trucks.

This report segments the lithium iron phosphate batteries market based on application into two categories: portable and stationary. The stationary segment is expected to be the second-largest segment during the forecast period. Stationary applications include power and industrial sectors. The demand for lithium iron phosphate batteries from the power sector refers to the battery-operated grid energy storage systems. Lithium iron phosphate batteries are considered most suitable for energy storage technology because of their declining cost, higher safety, and longer life cycle.

Key Market Players -

    BYD Company Ltd. (China),

    Contemporary Amperex Technology Co., Limited. (China),

    Gotion, Inc. (US),

    CALB (China),

    A123 Systems LLC (US) among others..

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Asia Pacific is expected to be the largest region in the lithium iron phosphate batteries market

Asia Pacific is expected to be the largest lithium iron phosphate batteries market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Japan, South Korea, and the Rest of Asia Pacific, which have a huge potential for several application areas within the lithium iron phosphate. In recent years, this region has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for OEMs. Additionally, the increasing purchasing power of the population has stimulated the demand for automobiles, which would be a driving force for the growth of the lithium iron phosphate batteries market. Asia-Pacific region has a significant presence in the lithium-ion battery industry, both in terms of battery production and demand. Countries, particularly China, South Korea, and Japan, are major manufacturers of lithium-ion batteries. These countries have a well-established battery industry, with large-scale production facilities operated by companies such as BYD Company Ltd, CATL, CALB, LG Chem, and few other key players. They produce batteries for a wide range of applications, including electric vehicles, consumer electronics, and energy storage systems.