Residential Energy Storage Market 2022 New Report Size, Trends, Share, Growth Forecast By 2027

According to a research report "Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Forecast to 2027" published by MarketsandMarkets, the global residential energy storage market is estimated to be valued at USD 719 million in 2022 (Estimate Year) and is projected to reach USD 1,828 million by 2027 (Forecast Year) growing at a CAGR of 20.5% during the forecast period.

The residential energy storage market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.

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The on-grid segment is expected to dominate the residential energy storage market, by connectivity type, during the forecast period.

The on-grid segment holds the largest share of the residential energy storage market. The high market share can be attributed to its lower upfront costs than the off-grid connectivity. Sometimes, energy storage systems also serve additional applications such as Transmission & Delivery (T&D) deferral, power quality assurance, voltage regulation, spinning reserve, and increased system reliability

The solar and storage is expected to be the fastest growing residential energy storage market, by operation type, during the forecast period.

The residential energy storage market, by operation, is divided into standalone systems and solar and storage systems, wherein the solar and storage accounts for the largest share. The solar and storage is also expected to grow the fastest during the forecast period, owing to increasing awareness and demand for energy self-sufficiency.

The Asia Pacific region is the fastest growing residential energy storage market

In this report, the residential energy storage market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, Middle east & Africa and South America. Europe is a significant contributor to the residential energy storage market in the current scenario owing to the rapid increasing cost-competitiveness of solar-plus-storage solutions which enables residential consumers to have access to the clean energy power and enable opportunities to decrease their energy bill.

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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 residential energy storage market.

Some of the key players include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea). The leading players are adopting various strategies to increase their share in the residential energy storage market.

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.

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Servo Motors and Drives Market Industry Outlook, Growth, Trends And Forecast 2022-2027

According to a research report "Servo Motors and Drives Market by System (Linear, Rotary), Communication Type (Fieldbus, Industrial Ethernet, Wireless), Voltage (Low, Medium, High), Brake Technology, Material, Product Type, End-users, Offering and Region - Global Forecast to 2027" published by MarketsandMarkets, the servo motors and drives market is expected to grow at a CAGR of 5.7% during the forecast period, from an estimated USD 12.0 billion in 2022 to USD 15.8 billion in 2027. The rise in the adoption of feedback control systems in industrial operations has increased the demand for motion control systems, which is supported by trends such as Industry 4.0. The rising smart manufacturing initiatives for in various countries for improving reliability and productivity is supporting the growth for servo motors and drives.

Browse 174 market data Tables and 68 Figures spread through 250 Pages and in-depth TOC on "Servo Motors and Drives Market - Global Forecast to 2027"

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The permanent magnet segment, by brake technology, is expected to be the largest servo motors and drives market during the forecast period

The permanent magnet segment has the largest share of the global servo motors and drives market owing to the ease in the operations in the industries. The presence of permanent magnets helps these brakes offer high power density. This makes them useful for applications requiring almost zero backlashes, such as pick-and-place robots and medical applications. The operating principle of permanent magnet brakes helps them resist abrasion making them suitable for robots and handling equipment. These advantages are pushing the permanent magnet segment.

The wireless segment is anticipated to be the fastest-growing servo motors and drives market by communication type, during the forecast period

The wireless segment is expected to be the fastest-growing segment during the forecast period. Technologies such as Bluetooth and WLAN can be easily integrated into industrial systems for secure and reliable communication. These technologies offer benefits such as low setup costs, robustness, reliability, and less power consumption. These benefits offered by wireless communication type are propelling the market growth.

Europe is expected to be the second largest segment in the global servo motors and drives market during the forecast period

In this report, the servo motors and drives market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.

The servo motors and drives market in Several European countries align their manufacturing processes with the International Electrotechnical Commission (IEC) standards. The IEC develops international standards for adoption by companies in the field of electrotechnology. These standards ensure that the companies adopt such ways of manufacturing, which lead to the electrical energy optimization of their manufacturing processes. Energy-efficient servo motors and drives ensure that these companies pertain to IEC standards. The role of servo motors and drives in various advanced process control systems and robots to facilitate factory automation has been widely recognized throughout Europe in electronics, automotive, semiconductor, and other industries. Furthermore, various developments in the automotive industry, such as autonomous vehicles, hybrid vehicles, and unmanned ground vehicles (UGV), are expected to increase the demand for servo motors and drives.

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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 servo motors and drives market. These include including Yaskawa Electric (Japan), Mitsubishi Electric (Japan), Siemens (Germany), Rockwell Automation (US), and Schneider Electric (France). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

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

Industrial Control Transformer Market Industry Trend Analysis, Demand and Forecast 2022 – 2027

New Revenue Pockets:

The global industrial control transformer market is projected to reach USD 1.2 billion by 2027 from an estimated USD 0.9 billion in 2022, at a CAGR of 5.0% during the forecast period. The global industrial control transformer market is primarily being driven by increasing energy consumption and increasing usage of industrial control transformer across major industries. The demand for energy has been gradually increasing, due to increase in energy consumption. According to the IEA, in 2019, world total electricity final consumption reached 22,848 TWh, up by 1.7% from 2018. Total annual energy investment is expected to reach USD 5 trillion by 2030 which will add an extra 0.4% per year to annual global GDP growth, based on a joint analysis with the IMF.

Industrial control transformers have a wide range of applications, mainly in metals & mining (rolling mills, hoists, blowers, and processing lines), chemicals, oil & gas, paper & pulp (grinders, chippers, and refiners), wastewater, automotive, and power utilities (pumps & condensers). Regions like Asia, North America, Middle East, and Africa and Europe have offer lucrative opportunities for the industrial control transformer in the water & wastewater. The stringent environmental laws and regulations at regional and global levels about water management and treating downstream water that people or animals might consume, along with the requirement of industries to have the right quality of upstream water for their processes, has further put impetus on the importance and the growth of the water & wastewater treatment industry. Furthermore, the UN, under its Sustainable Development Goal 6 (SDG 6), aims to ensure water and sanitation for all by 2030. This may lead to enormous investments in the water & wastewater treatment sector driving the demand for industrial control transformer.

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On the other hand, the pharmaceutical industry utilizes pumps to process, mix, unload, and transfer liquids which requires industrial control transformer for smooth and non-stop operation of electrical equipment’s or machinery. Meanwhile, as per the International Federation of Pharmaceutical Manufacturers & Associations, the pharmaceutical market will exceed USD 1.5 trillion by 2023. Bayer Global has stated that the global pharma industry is expected to grow at a CAGR of 3-6% till 2025. Therefore, all these factors to drive demand for industrial control transformers.

Industrial control transformers are used in industrial applications such as relays, timers, solenoids, contactors, motor starter buttons, industrial starter circuits, control room push buttons, machine tool control devices, OEM electrical equipment, AC motor starter coils, industrial machinery indicator lamps, electrical distribution systems. These transformers have attributes, such as durable design, superior performance, low maintenance requirements, and so forth. According to BASF report 2021, Global chemical production (excluding pharmaceuticals) is expected to grow by 3.5% in 2022, slower than last year’s (2021) growth of 6.1%, higher than the average for the years preceding the COVID-19. For instance, in the US, chemical production forecast is significantly stronger in 2022 which is 4.5% compared to 1.8% in 2021. The chemical industry is an energy intensive industry and requires high and constant power supply for production of various chemicals. This creates demand for industrial control transformer as they are typically utilized in electrical circuits with minimal power requirements or low volt-amp ratings that demand constant voltage or constant current.

There is also been growth in manufacturing industry. According to UNIDO World Manufacturing Report 2021, global manufacturing production experienced a consistent year-over-year output growth of 3.3% in the fourth quarter of 2021, following increase of 5.8% and 17.8%, respectively, in the previous two quarters. The manufacturing output of the industrialized economies in the Asia & Pacific area increased by 4.1% in the fourth quarter of 2021. The manufacturing output of Taiwan, China, and the Republic of Korea increased by 3.8% and 11.7%, respectively, year over year. This growth was mostly attributed to the thriving pharmaceutical, computer, and electronics industries. Hence, growing manufacturing and chemical industry to fuel demand for industrial control transformer.

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The three phase segment, by phase, is expected to be the fastest growing segment of the industrial control transformer market. The three phase segment dominated the industrial control transformer market. Three phase transformers have three sets of primary and secondary windings. These transformers enable the smooth operations of heavy equipment. Three phase transformers are mostly used in heavy industrial applications as they can carry the high power required in these applications. These transformers are used in the chemical, power, and other industrial and mining sectors to power a range of general machinery, including compressors, pumps, crushers, cutting tools, and other mechanical equipment. Compared to single phase industrial control transformers, three phase industrial control transformers are more effective in controlling the power for high industrial loads.

The above 1,500 VA segment, by power rating is projected to be the fastest growing segment of the industrial control transformer market during the forecast period. Industrial control transformers provide stable voltage regulation with smooth and safe operation. These transformers are designed to provide a high degree of secondary voltage stability during the period of an overload condition in different circuits requiring different constant voltage or constant current. Above 1,500 VA power rating transformers are majorly used in the oil & gas and power generation sectors. Equipment, such as draft fans, compressors pumps, and drillers are required in the power generation industry. Pumps are used in the oil & gas industry to extract fluid from underneath the ground and are required to sustain harsh environments. The pumping operations need to be regulated accurately, as any voltage inconsistencies can lead to an explosion. above 1,500 VA industrial control transformers ensure smooth and safe operations of equipment across industries, which is fueling the growth of the 1,500 VA segment.

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Asia Pacific is estimated to be the largest and the fastest growing market for industrial control transformer during the forecast period. The regional market has been segmented into China, India, South Korea, Japan, Australia, and the Rest of Asia Pacific (Malaysia, Indonesia, Singapore, Philippines, and Vietnam). China dominated the Asia Pacific industrial control transformer market. Asia Pacific region is experiencing rapid development fueled by the growth of major economies, such as China, India, South Korea, Japan, Indonesia, and Australia. According to the IMF, the region’s economy grew by 6.5% in FY2021 and is expected to increase by 5.7% in FY2022. The major end users of industrial control transformers include industrial sectors, such as power generation, oil & gas, chemical, and others. Electricity generation is perceived as an essential service. This region is also global hub for manufacturing activities. According to the BP Statistical Review of World Energy 2021, the region had the highest refining capacity of 35.8% in the world in 2020, which is expected to grow further. Therefore, growth of these industries is expected to fuel the growth of the industrial control transformer market during the forecast period.