Industrial Power System Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (AC-DC Converters, DC-DC Converters); Technology (supervisory control and data acquisition (SCADA), programmable logic controller (PLC), human-machine interface (HMI), distributed control system (DCS), others); End-User (oil & gas, metals & mining, marine, others); and Region/Country
The global industrial power system market is expected to witness a CAGR of around 6% during the forecast period (2022–2028). This is mainly owing to the growing demand for energy-efficient devices in the industrial sector around the world. Major companies in the market offer industrial power systems for the transportation sector with technologically advanced features. For instance, In January 2022, ABB acquired the electric vehicle (EV) commercial charging infrastructure solutions company, InCharge Energy. The addition of InCharge Energy will strengthen ABB’s E-mobility Division in the North American market by broadening its customer base and expanding its fleet electrification software and digital services offering.
In addition, major players such as TDK-Lambda Corporation, ABB Ltd., Delta Electronics Inc., Siemens AG, Bel Fuse Inc., COSEL Co. Ltd., MEAN WELL Enterprises Co. Ltd., Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric. Several M&As along with partnerships have been undertaken by these players to develop the industrial power system market.
The industrial power system is an interconnected system, composed of power plants, power lines, substations and transmission, and distribution devices, for transmitting or distributing electricity to the customers. A well-designed power system ensures robust performance and maximizes plant availability under all operating conditions, including transient conditions like motor starting, non-linear loads, and generator loss. In addition, A typical industrial energy system is composed of four main parts: power supply, production plant, energy recovery, and cooling systems. Hence, the power supply will provide the energy needed for the system to operate mainly from electrical energy, heat, gas, steam, or coal.
Insights Presented in the Report
“Amongst type, DC-DC converters category to hold a significant share in the market”
Based on type, the market is fragmented into AC-DC Converters and DC-DC Converters. The DC-DC converters segment is seen to have significant growth in the industrial power system market during the forecasted period. This is mainly due to its industrial application such as developing automotive, robotics, aeronautics, and space industries which are expected to drive the growth of the market. In addition, DC-DC converters are used widely to produce a regulated voltage from a source that may or may not be well controlled efficiently to a load that may or may not be constant. Furthermore, DC-DC converters are high-frequency power conversion circuits that use high-frequency switching and inductors, capacitors, and transformers to smooth out switching noise into regulated DC voltages. Hence, if used at an efficiency of 90%, they are generally much more efficient and smaller than linear regulators
“Amongst technology, supervisory control and data acquisition (SCADA) to hold a significant share in the market”
Based on technology, the market is fragmented into supervisory control and data acquisition (SCADA), programmable logic controller (PLC), human-machine interface (HMI), distributed control system (DCS), and others. The SCADA segment is seen to have significant growth in the industrial power system market during the forecasted period. This is mainly because it provides an overview of plant processes and enables the integration of operations between low-level controllers. Additionally, the system requires an uninterruptible power supply and a protected environment which is necessary to know the state of complex energy systems in real-time. Also, need to monitor and control remote systems
“Amongst end-user, oil & gas is accounted for a significant market share in 2020”
Based on end-user, the market is fragmented into oil & gas, metals & mining, marine, and others. The oil & gas segment is expected to grow with a robust CAGR during the forecast period. This is mainly due to increasing awareness related to environmental degradation and climate change has prompted many major players to adopt sustainable energy strategies and invest heavily in green power generation technologies to reduce. Also, they are designed to promote sustainable development in the country. Hence, such factors are expected to boost the market growth in the coming years.
Asia Pacific to witness significant growth during the forecast period”
The Asia Pacific will dominate the industrial power system market on account of increasing environmental awareness. Also, there is the rapid growth of industrialization and urbanization, as well as the expansion of the consumer electronics industry in the region. According to the International Energy Agency (IEA), the share of renewable energy in the global power generation mixes increased from 22% in 2013 to 29% in 2020. Also, China accounted for nearly 50% of the total renewable power capacity growth in 2020; this figure is expected to reach 58% by the end of 2022. Moreover, the government is also implementing new policies and looking forwards to its high demand in the market. For instance, India is the third-largest producer and consumer of electricity worldwide, with an installed power capacity of 401.01 GW, as of April 2022. Additionally, Schemes such as Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) and Integrated Power Development Scheme (IPDS) are expected to augment electrification across the country
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Global Industrial Power System Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global industrial power system market were the three major steps undertaken to create and analyze the adoption of the industrial power system in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global industrial power system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the industrial power system market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the industrial power system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, technology, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the industrial power system market. Further, we conducted factor analysis using dependent and independent variables such as various types, technology, and end-user of industrial power system equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the industrial power system market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global industrial power system market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the industrial power system market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global industrial power system market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at a precise statistical number for each segment and sub-segment of the global industrial power system market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of various types, technology, and end-user in the global industrial power system market.
The main objective of the global industrial power system Market Study
The current & future market trends other than the global industrial power system market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investment on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the industrial power system market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, technology, and end-user
- Define and analysis of the regulatory framework for the industrial power system market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the industrial power system market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world
- Company profiles of the industrial power system market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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