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The global power-to-gas market is projected to reach USD 42 million by 2024 from an estimated USD 26 million in 2019, at a CAGR of 10.1% during the forecast period. Effective utilization of renewable energy resources and integrated management of power and gas network are driving the growth of the global industry.
The major players in the power-to-gas market are Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany), MAN Energy Solutions (Germany), Nel Hydrogen (Norway), ThyssenKrupp (Germany), Electrochaea (Germany), Exytron (Germany), and GreenHydrogen (Denmark).
Hydrogenics (Canada) is a key player in this segment. The company actively focuses on inorganic strategies to increase its global market share. For instance, in March 2017, Hydrogenics entered into an agreement with Wind to Gas Südermarsch in Germany to deliver a 2.4 MW PEM power-to-gas system for hydrogen production. This 2.4 MW facility would significantly help reduce emissions using renewable hydrogen.
Another major player in the market is the ITM Power(UK). The company opts for partnerships as its inorganic business strategy for increasing its clientele base globally. For instance, in September 2018 ITM Power in partnership with INOVYN, Storengy, Cadent, and Element Energy deployed a 100+ MW power-to-gas energy storage project “Project Centurion” in Runcorn, Cheshire, UK.
Electrolysis segment is expected to lead the power-to-gas market by technology
Highly effective ways of generating hydrogen and its ability to incorporate excess renewable energy for the production of hydrogen effectively are the factors, for which electrolysis segment is expected to lead and grow at the fastest rate within all the segments.
1000 kW and Above segment is expected to capture the major share of the power-to-gas market by capacity
1000 kW and Above segment, by capacity, is expected to grow faster than others. This is mainly because of key projects that focus on the generation of large scale hydrogen using power-to-gas in industries. In addition to this, there is also substantial investment and development of power-to-gas technology in this capacity range.
The utilities segment is expected to capture the major share of the power-to-gas market by end-user
With the growing demand for hydrogen consumption and blending with the gas network to reduce natural gas consumption, the utilities segment is expected to grow. This is evident from the developments that have been executed from 2016 to 2018. Furthermore, there is also a need to effectively integrate excess renewable energy electricity into green hydrogen for various purposes.
Europe is expected to dominate the global power-to-gas market
The Europe power-to-gas market is expected to dominate by growing power-to-gas projects in countries such as Germany, France, Denmark, and the Netherlands for effective utilization of renewable energy sources, predominantly wind energy. Furthermore, the utilities and commercial sector are also driving the demand for the power-to-gas technology to meet the carbon emission norms from their operations effectively.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany),MAN Energy Solutions (Germany), Nel Hydrogen (Norway), ThyssenKrupp (Germany), Electrochaea (Germany), Exytron (Germany), and GreenHydrogen (Denmark) along with other prominent providers of power-to-gas technology.
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.
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The gas insulated transformer market is expected to grow from USD 2.75 Billion in 2018 to USD 3.45 Billion by 2023, at a CAGR of 4.61% between 2018 and 2023. The market is set to witness growth due to factors such as no risk of oil leakage and space constraints in densely populated urban areas. Also, government initiatives toward improving electrification rate and rising transmission & distribution investments are further expected to drive the gas insulated transformer market.
Key Market Players:
The gas insulated transformer market report includes the profiles of some of the key players in the gas insulated transformer market, which include ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and Arteche (Spain).
Utility segment to hold largest share of gas insulated transformer market during forecast period
The utility segment is expected to hold the largest share of the gas insulated transformer market during the forecast period. Power utilities are major suppliers of electricity to factories, commercial establishments, and homes. The projected growth of the market for this segment market during the forecast period is attributed to the growing demand for reliable power supply and rise in urbanization that has led to increasing investments in the power infrastructure. This is expected to lead to the development of transmission and distribution infrastructure, which, in turn, will increase the demand for gas insulated substations and installation of gas insulated transformers.
The report’s target audience includes:
Gas Insulated Transformer manufacturers, distributors, and suppliers
Power generation companies
Industry, energy, and environmental associations
Raw material providers
Government and research organizations
Government and private utilities
Gas insulated transformer market for indoor installation to grow at higher CAGR during forecast period
The market for the indoor installation is expected to grow at the higher CAGR during the forecast period. Gas insulated transformers are non-flammable, non-explosive, and have compact design which makes them ideal preference for installations in underground and indoor substations in urban areas. The increase in renewable power generation, combined with the demand for reliable power sources, and the rise in urbanization support the growth of the market for indoor installation of gas insulated transformers.
Instrument transformers to hold largest share of gas insulated transformer market during forecast period.
The instrument transformers are expected to dominate the gas insulated transformer market with the largest size and the highest CAGR during the forecast period. Instrument transformers are electrical machines that use the electromagnetic properties of alternating currents and ferromagnetic materials to produce voltage and current at different levels from those received as input. They are mainly used for measuring, protecting, and controlling circuits in substations and switchyards. The growth of the market for instrument transformers is attributed to the refurbishment of aging power infrastructure and huge investments in smart grids and energy systems.
Asia Pacific: Key market for gas insulated transformer market during the forecast period.
In this report, the gas insulated transformer market has been analyzed with respect to four regions Asia Pacific, North America, Europe, and Rest of the World. Rest of the World includes regions such as South America, and the Middle East and Africa. Asia Pacific is expected to account for the largest share of the global gas insulated transformer market by 2018, and this trend is projected to continue till 2023. Almost all the countries in the region are augmenting their power generation capacities. India, China, and Indonesia are investing heavily in renewable electricity generation projects, thereby driving the growth of the gas insulated transformer market in Asia Pacific.
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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. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 newsletter@marketsandmarkets.com
The global Servo Motors and Drives Market is projected to grow from USD 13.9 billion in 2020 to USD 16.8 billion by 2025; it is expected to grow at a CAGR of 4.0% from 2020 to 2025. The key factors fueling the growth of this market include the growing automation in factories, rising adoption of international standards for motor efficiency, development of user-friendly motion control libraries and packages for motors and drives, and increasing production of vehicles.
Software and services offering segment of servo motors and drives market is projected to grow at highest CAGR from 2020 to 2025
The software and services segment of the servo motors and drives market is projected to grow at the highest CAGR from 2020 to 2025. Servo software are useful for various purposes, such as installation setup, networking, motion controlling, and other configuration requirements. The software also have real-time diagnostic capabilities to detect the presence of any critical emergency in the system and inform the operator about it instantly. The development of independent networking software for motion control and process control machines to help in their seamless integration with servo motors and drives is expected to lead to an increase in the demand for software and services.
Servo motors product type segment accounted for largest share of servo motors and drives market in 2019
In 2019, the servo motors segment accounted for the largest share of the servo motors and drives market, by product type. Servo motors are further segmented into AC servo motors and DC servo motors. AC servo motors provide the benefits of high torque per weight, efficiency, reliability, and low frequency noise, which has them favorable in applications across diverse end-user industries. AC motors such as synchronous AC servo motors with permanent magnet offer high level of accuracy and precision, making them suitable for equipment such as drill bits packaging machines, injection molding machines, and speed controllers machine used in the packaging industry. DC servo motors are commonly used in applications that require low power output as they are cost-effective in comparison with AC servo motors for such applications.
Low voltage segment accounted for largest share of the servo motors and drives market in 2019
In 2019, the low voltage segment accounted for the largest share of the servo motors and drives market, by voltage. Low-voltage servo motors and drives are compatible for use in mobile applications that demand high acceleration and braking processes, low noise, and high efficiency. Their compact size results in a smaller number of cables, which improves the overall diagnostics capabilities, making them highly useful for various control systems equipment in printing & paper, steel, cement, power, and petrochemicals industries.
Rotary system segment is projected to grow at a higher CAGR from 2020 to 2025
The rotary segment of servo motors and drives market, by system, is projected to grow at a higher CAGR during forecast period. Rotary servo motors allow interaction between all magnets and the windings in all positions. This results in low installation costs of the rotary servo motor in comparison with linear servo motor. Rotary servo motors offer benefits such as high-resolution precision feedback, low energy consumption, high response, and high torque density. This makes rotary servo motors useful for applications in packaging, healthcare, and automotive & transportation industries. Advancements in rotary system-based servo motors and drives, including the introduction of stainless steel, food-grade, ingression protection (IP)-grade, and hygienic servo motors, have led to an increasing demand from industries such as food processing, pharmaceuticals, and petrochemicals.
Permanent magnet segment projected to grow at highest CAGR from 2020 to 2025
The permanent magnet brake technology is projected to grow at the highest CAGR from 2020 to 2025. Permanent magnet brakes are small and have a low weight, resulting in large torque per size density. This has made them highly useful for applications requiring almost zero backlash, such as pick-and-place robots and other applications in the pharmaceuticals & healthcare industry. The increased use of permanent magnet brakes in industries such as automotive & transportation, pharmaceuticals & healthcare, textile, and packaging has propelled their market growth.
Industrial Ethernet communication protocol segment projected to grow at highest CAGR from 2020 to 2025
Based on communication protocol, the industrial Ethernet segment is projected to grow at the highest CAGR during the forecast period. Protocols such as EtherCAT, Ethernet/IP, PROFINET, POWERLINK, SERCOS III, and CC-Link IE, that provide real-time control are based on the industrial Ethernet architecture. Industrial Ethernet is mostly suited for industrial environments with harsh conditions where the factory components and equipment are exposed to extreme temperatures, humidity, and vibration. Industrial Ethernet offers various benefits, such as higher speed, increased connection distance, and the ability to connect more nodes than other network protocols. These benefits make industrial Ethernet highly suitable for industrial applications.
Other materials segment accounted for largest share of servo motors and drives market in 2019
In 2019, the others segment of the servo motors and drives market, by material of construction, accounted for the largest share of the market. Other materials used in the design and manufacturing of servo motors and drives include carbon steel and aluminum. The low cost of the servo motors and drives built using these materials has led to their market growth. Servo motors and drives constructed from non-stainless steel material have the ability to withstand dust, high-pressure washdown water jets, and corrosion prevention. This has led to the increased adoption of servo motors and drives with aluminum housing, which is Teflon-coated and hard coat anodized,in various industries, such as packaging, food processing, pharmaceuticals & healthcare, and petrochemicals.
Automotive & transportation industry segment accounted for largest share of servo motors and drives market in 2019
The automotive & transportation industry accounted for the largest share of the servo motors and drives market in 2019. Servo motors and drives are used in various automotive control systems, such as fuel injection systems, anti-lock braking systems, cruise control systems, and pedal systems, to control vehicle speed. Motion control systems having servo mechanisms also find use in manufacturing processes, such as auto body painting, vehicle assembling, material handling, automated guided vehicle (AGV) chassis marriage systems, and assembly presses. Servo motors and drives are central to the various reforms aimed at enhancing the speed, accuracy, and productivity of manufacturing in the transportation industry. Servo systems improve the logistics and supply chain processes through the use of robotics and various control systems, thereby, driving their demand in transportation industry.
APAC is projected to hold largest share of servo motors and drives market in 2025
APAC is expected to hold the largest share of the servo motors and drives market in 2025. Massive investments in industrial automation to enhance the operations of the manufacturing industry are driving the growth of the servo motors and drives market in the region. This has led to growing industrialization along with the rising use of robots to achieve high productivity and efficiency in industrial applications. the high demand for consumer electronics including smartphones, home appliances, smart home devices, and wearable devices have resulted in the adoption of flexible flow line manufacturing processes, including the use of robot arms, which is expected to further drive the demand for servo motors and drives in the region. The demand for energy-efficient automobiles such as electric vehicles and hybrid vehicles owing to the formulation of environment norms by governments of different countries has also led to the high adoption of DC servo motors in the APAC region.
Yaskawa Electric (Japan), Siemens AG (Germany), Mitsubishi Electric (Japan), Schneider Electric (France), Rockwell Automation (US), ABB (Switzerland), Nidec Corporation (Japan), Fuji Electric (Japan), Delta Electronics (Taiwan), and FANUC Corporation (Japan) are the key players operating in the servo motors and drives market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, and acquisitions to increase their market share.
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. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 newsletter@marketsandmarkets.com
