Traction Transformer Market Share, COVID – 19 Analysis, Opportunity Assessment and Trends by Forecast 2025

Traction Transformer Market Overview

The global traction transformer market is estimated to expand at 5.00% CAGR during the forecast period. Traction transformer is an electrical device that transforms power from one circuit to another. Tt is one of the most vital components of an electric traction system as it feeds power at safe voltages to essential train functions like traction, heating and ventilation, lighting, brakes, signaling and communication. These transformers are majorly used in high speed trains and electric locomotives where a very high-power rating of over 5.5 MVA is required. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Traction Transformer Market is included in the present report.

With advancements in railway infrastructure globally and increasing government investments are thereby driving the market for traction transformer over the forecast period. In addition, shift to traction transformers in order to address environmental concerns due to their inherent properties including higher power to weight ratio, low running cost of locomotives, less noise pollution and lack of dependence of crude oil, is also expected to drive the market over the forecast period

Leading Players

The key players of the global Traction Transformer Market are Wilson Transformer Company (Australia), International Electric Co., Ltd. (South Korea), EMCO Limited (India), Mitsubishi Electric Corporation (Japan), Alstom SA (France), ABB Ltd (Switzerland), JST Transformateurs (France), Siemens AG (Germany), Sunten Electric (China), and Setrans Holding AS (France), among others.

Industry Segmentation

Global traction transformer has been segmented based on mounting position, overhead line voltage, and rolling stock. Based on rolling stock, the market has been classified into electric locomotives, high-speed trains, and metros. Electric locomotives segment expected to grow at the highest CAGR during the forecast period. The demand for electric locomotives is increasing in order to reduce the emissions and to increase efficiency of the vehicles by decreasing the dependence on internal combustion engines. This will drive the market for traction transformer that are used in electric locomotives/vehicles.

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global traction transformer market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising population leading to increased connectivity across the region. Moreover, the increasing investment in high-speed rail network, development of new lines, and expansion of existing rail networks are driving the demand for traction transformers in this region.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Heat Pump Market Analysis, COVID – 19 Outbreak, Business Methodologies and Forecast to 2023

Heat Pump Market Analysis

Heat pump is a device which is used to transfer heat by circulating a substance called a refrigerant through a cycle of condensation. Heat pumps extract the outside heat when it is warm outside and act like an air conditioner, thereby removing the heat from buildings, and vice versa. Heat pumps are used in residential and commercial sectors for heating and cooling the space. It is also used in industrial sector for larger loads like data centers due to its high efficiency. With the rising energy cost, the demand for heat pump would increase during the forecast period. The global heat pump market is estimated to expand at 11.08% CAGR during the forecast period. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Heat Pump Market is included in the present report.

The growing demand for heat pump market is attributed to the contribution of heating technology  in reduction of CO2 emissions and government regulations for increasing energy efficiency. Governments across the globe are focusing on increasing the renewable share in the total power generation. Thus, renewable heating and cooling technology has been provided through financial incentives in the form of grants, loans, rebates or tax incentives aimed at increasing deployment, and in some cases, incentivizing further technological development. However, one of the major restraints for the global heat pump market is lack of awareness regarding benefits of heat pumps in developing countries. 

Leading Players

The key players of the global heat pump market are Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan).

Segmental Overview

The heat pump market has been segmented based on capacity into Up to 10 kW, 10-20 kW, 20-30 kW, and Above 30 kW. Among these types, up to 10 kW rated capacity segment is the fastest growing segment in the heat pump market due to its wide application in residential and commercial sector. This is attributed to the growing investment in smart buildings and need for energy efficient devices to reduce the carbon emission and reduce energy consumption.

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global heat pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to increasing population and rapid industrialization leading to increasing demand for energy efficient equipment. Imposition of stringent construction regulations particularly in countries such as China, Japan and South Korea is driving the industrial demand. Moreover, government promotions for heat pumps uses over conventional warming equipment has also encouraged the demand for heat pumps.

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global heat pump market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

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Gas insulated substation Market: 2020 COVID – 19 Analysis, Opportunities and Forecast to 2023

Gas Insulated Substation Market Highlights

The global gas insulated substation market is estimated to expand at ~19.5% CAGR during the forecast period. A gas insulated substation is a substation which is structured in a sealed environment with sulfur hexafluoride as the insulating medium. A gas-insulated substation uses a superior dielectric gas and SF6 at moderate pressure for phase-to-phase and phase-to-ground insulation. The major components inside the grounded metal enclosures include high voltage conductors, circuit breaker interrupters, switches, current transformers, and voltage transformers. These substations find its application mainly in utilities and industries. These substations are generally compact and are multi-component assembly. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Gas Insulated Substation Market is included in the present report.    

The growing demand for gas insulated substation is attributed to increasing environmental concerns. Moreover, less space in urban areas is also driving the market for gas insulated substation. One of the major restraints of the gas insulated substation is the lack of sufficient land infrastructure to set up new gas insulated substations.   

Industry Segmentation

The market for gas insulated substation is segmented based on end-user as power distribution, power transmission, power generation, infrastructure & transportation, and industries. Power distribution segment dominates the market as gas insulated substations create a new opportunity for power distribution utility providers where space constraint is a challenge. These kinds of substations are compact in size, thus overcome the major challenge of space constraint.   

Leading Players

The key players of the global gas insulated substation market are Toshiba Corporation (Japan), Siemens AG (Germany), Fuji Electric Co. Ltd (Japan), Crompton Greaves (India), Hitachi Ltd. (Japan), ABB Ltd. (Switzerland), Schneider Electric (France), Larsen & Toubro (India), General Electric (US), Hyundai Heavy Industries (South Korea), Hyosung Corporation (South Korea), and Mitsubishi Electric Company (Japan). 

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global gas insulated substation market in 2017. It is also estimated that Asia-Pacific region would also be the fastest growing market during the forecast period. Moreover, factors such as increased power consumption, government mandates on energy efficiency, rising influx of renewable resources in the energy mix, and upgradation of ageing hydropower plants in Asia-Pacific are driving the market for global gas insulated substation. 

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Offshore Energy Storage Market Demand, Growth, COVID – 19 Outbreak, Application, Analysis and Forecast to 2023

Offshore Energy Storage Market – Overview

The expansion of the renewable energy sector is bolstered by the escalation in damages observed in the global environment. Reports that evaluate the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is projected to develop at a CAGR of 9.50% in the upcoming forecast period.

The availability of a consistent electrical network which provides dispatchable and clean power is motivating the development of the offshore energy storage market. The presence of favorable policies and energy storage grants are expected to additionally motivate the development of the market for offshore energy storage. Moreover, the expansion of offshore wind farms is expected to create a potential for progress in the approaching period. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Offshore Energy Storage Market is included in the present report.

Segmental Analysis

The segmental analysis of the offshore energy storage market has been carried out on the basis of end-user, sources, and region.

On the basis of sources, the offshore energy storage market is segmented into lead acid, lithium ion, sodium chemistry, flow zinc, flow vanadium, and vessel.

The offshore energy storage market is segmented on the basis of end-user into offshore wind and oil & gas.

The regions included in the study of the offshore energy storage market are Africa, North America, Middle East, Europe, Asia Pacific, and South America.

Regional Analysis     

The evaluation of the offshore energy storage market comprises of regions such as Africa, North America, Middle East, Europe, Asia Pacific, and South America.

The offshore energy storage market globally is anticipated to observe considerable growth all through the forecast period due to rising offshore investments in oil & gas and renewable energy sector. For example, in 2018, Shell declared their investment up to USD 2 billion in new energies division in power, solar, wind, and gas generation by 2020. The Asia Pacific region controls the major share in the offshore energy storage market owing to the amplified investment in the renewable sector by nations such as China, Taiwan, and others.

Competitive Analysis

An intensified growth pace is observed due to the productive effect exerted by the market forces both externally and internally. The absorbed expenses in the market are readily dispensed with, opening more room for the development in the market. The companies functioning in the market are persistently taking on the hindrances to progress and are forming strategies that are projected to guide to a beneficial outcome on the market's advancement. The advancement of the market is upgraded chiefly due to the reduction in promotional and miscellaneous expenses. The progress capability of the market is bolstered by the accretive nature of the assets available in the market. The market is projected to accomplish an absolute lead in the market place owing to improved strategies in specific areas. Additionally, the deals being coined in the market are likely to additionally inspire the development of the market in the impending years.

Leading Players:

The significant contenders in the offshore energy storage market globally are General Electric (US), ABB (Switzerland), Siemens (Germany), Duke Energy (US), E.ON (Germany), Deepwater Wind (US), LG Chem (South Korea), SolarEdge (Israel), Johnson Controls (US), and Tesla (US).

Industry Updates:

March 2019 DNV GL has presented the University of Malta’s new offshore energy storage system with a Statement of Feasibility certificate. As per DNV GL, the Floating Liquid-piston Accumulator using Seawater under Compression (FLASC) concept had recently undertaken a high-level study, together with an evaluation of its technical and commercial viability. The technology has been considered feasible and thus appropriate for more development and qualification.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Electric Traction Motor Market Demand, Growth, COVID – 19 Outbreak, Application, Analysis and Forecast to 2023

Global Electric Traction Motor Market Overview

Electric traction motor is a type of electric motor which is used for propulsion of a vehicle. It is used in electrically powered rail vehicles such as electric multiple units and electric locomotives. Furthermore, traction motor is installed in fully hybrid and battery electric vehicles. The global electric traction motor market is expected to grow at 18.08% CAGR during the forecast period.

Electric traction motor is used for propulsion of a vehicle, usually in electrically powered rail vehicles such as electric multiple units and other electric vehicles such as elevators, conveyors, and others. These motors are also installed in fully hybrid and battery electric vehicles to provide rotation torque and maintain energy efficiency. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Electric Traction Motor Market is included in the present report.

The growing demand for electric traction motor market is attributed to the increasing investment in electric vehicles which would help in reducing carbon emission. This would in turn require energy efficient electric traction motors. Growing focus on electric vehicles in order to reduce carbon emissions is expected to create an opportunity for market players to boost the growth of electric traction motor market during the forecast period. One of the major restraints for the global electric traction motor market is the volatility in raw material prices.

Industry Segmentation

The electric traction motor market has been segmented based on motors type into AC and DC motor. Among these types, AC segment is the fastest growing segment in the electric traction motor market as it widely used in electric vehicles and railway sector. It has various advantages such as high efficiency, better speed acceleration, and less maintenance compared to DC motors. 

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global electric traction motor market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in railway sector, rising urbanization and proliferation of electrification. Europe region holds significant market share and is expected to dominate the global electric traction motor market in terms of revenue contribution. Germany is leading country contributing to the growth of the European market. The market is mainly driven by factors such as the gradual shift from diesel-based to diesel-electric locomotives and electric locomotives.

Leading Players

The key players of the global electric traction motor market are CRRC (China), Alstom (France), ABB (Switzerland), GE (US), Siemens (Germany), Traktionsysteme Austria, Bosch (Germany), CG Power (India), Nidec (Japan), and Skoda Electric (Czech Republic).

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global electric traction motor market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

CNG dispenser Market Segments, COVID – 19 Impact Analysis, Current Trends and Regional Overview By Key Companies till 2023

CNG Dispenser Market Scenario

CNG dispenser is an alternative to conventional fuel dispenser. It shows the pressure and temperature going into a tank and then displays that how many gasoline gallon equivalants (GGEs) are going into a vehicle. In order to reduce the environmental footprint and decrease the fuel cost, the operators are moving towards natural gas. There are mainly two types of CNG dispenser, mainly, fast fill and time fill. Fast fill dispenser are suitable for light-duty vehicles such as cars and vans, whereas time fill dispensers are designed based on the requirement. All these factors influence the cost of installation of both the types. The global CNG dispenser market is estimated to expand at 7.70% CAGR during the forecast period. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on CNG Dispenser Market is included in the present report.

The growing demand for CNG dispenser is attributed to the low running cost of natural gas vehicles. Moreover, stringent emission policies are also driving the market for CNG dispenser. One of the major restraints of the global CNG dispenser is easy availability and transition to biofuels which can hinder the market for CNG dispenser.  

Industry Segmentation

Global CNG dispenser market has been segmented based on type, distribution, flow rate, and region. Based on distribution, the market is classified into company owned & company run, company owned & dealer run, and dealer owned & dealer run. 

Based on type, the market is segmented into fast fill and time fill. Fast fill CNG dispenser segment dominates the market as growing natural gas fueled vehicles are driving the growth of the fast fill dispenser market. Whereas, in time fill CNG dispenser, the fleet manager can control when the tank of a vehicle is filled. These dispensers come with advance technology which comes with a control software allowing safe, accurate, temperature compensated fill for every vehicle.

Regional Outlook

Asia Pacific held the largest market share of the global CNG dispenser market in 2017. It is estimated that Asia-Pacific region would also be the fastest growing market during the forecast period. Moreover, Asia-Pacific holds the largest number of natural gas stations as well as natural gas vehicles (NGVs) 18,509,677 and 18,735 respectively. This would positively impact the growth of CNG dispenser market.  

Leading Players

The key players of the global CNG dispenser market are Fortive (US), Dover (US), Tulsa Gas Technologies (India), Scheidt & Bachmann (US), Kraus (US), Compac (US), Bennett (US), Censtar (China), FTI International (Canada), Lanfeng (China), Sanki (China), Parker (US), Tatsuno (Japan), WEH (Germany).

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Permanent Magnet Motor Market 2020: Business Revenue, COVID – 19 Outbreak, Growth Prospective till 2023

Permanent Magnet Motor Market Analysis

The global permanent magnet motor market is estimated to expand at 8.70% CAGR during the forecast period. Permanent magnet motors have various advantages such as high efficiency, high power density, and ease of control. Moreover, there is low mechanical friction loss due to the absence of mechanical commutators and brushes.

Permanent magnet motor is a synchronous motor that uses magnets which are mounted at the surface of the motor. The main types of permanent magnet motor are permanent magnet AC motors (PMAC), permanent magnet synchronous motors (PMSM), and brushless DC motors. The major advantages of permanent magnet motor is its compact size, efficiency, and no requirement of cooling fan.  Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Permanent Magnet Motor Market is included in the present report. The growing demand for battery monitoring system is attributed to the increasing demand for energy efficient and low-cost maintenance motors. Moreover, increasing implementation of permanent magnet motors across industries is also driving the market for permanent magnet motor. One of the major restraints of the global permanent magnet motor is fluctuating prices of raw material, mainly concentrated in China. 

Industry Segmentation

The market for permanent magnet motor market is segmented based on type as permanent magnet AC motors (PMAC), permanent magnet DC motors (PMDC), and brushless DC motors. Permanent magnet AC motor (PMAC) segment dominates the market as these motors many significant features including high-torque capacity, high-quality magnetic performance, and high withstand overload capacity.

All these factors are expected to drive the market for permanent magnet AC motor. Asia-Pacific is expected to hold the largest share for permanent magnet AC motor (PMAC) segment which is mainly driven by increasing focus on the electronic sector, of which permanent magnet motor is an important part. 

Regional Outlook

Asia Pacific held the largest market share of the global permanent magnet motor market in 2017. It is estimated that Asia-Pacific region would also be the fastest growing market during the forecast period, mainly due to increasing investment in industrial and manufacturing sectors, namely, oil & gas, automotive, consumer electronics, packaging, robotics, chemicals, and paper & pulp, among others. Countries such as China and Japan have implemented energy efficiency mandates to save electricity consumption which would further drive the market for permanent magnet motors.

Leading Players

The key players of the global Permanent magnet motor market are ABB (Switzerland), General Electric (US), Siemens (Germany), Yaskawa (Japan), Rockwell (US), Nidec (Japan), Ametek (US), Toshiba Corporation (Japan), WEG (Brazil), Emerson (US), Johnson Electric (Hongkong), Allied Motion (US).

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Boiler Control Market Segmentation, COVID – 19 Outbreak, Competitive Landscape and Industry Growth by 2023

Boiler Control Market Scenario

The global boiler control market is expected to grow at 6.01% CAGR during the forecast period. Boilers are used to generate hot water and steam that is typically used in industrial processing plants and commercial complexes. These boilers require a control system to help in smooth functioning of the boiler by integrating control function of burner and maintain safety of the boiler with accurate fuel-air ratio. The boiler control system can be controlled in two ways, namely, modulating control and on/off control. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Boiler Control Market is included in the present report. The advantages of boiler control include efficient energy use, reduction of running cost by operating more than one boiler at a time, and reduce the inefficiencies arising from excess air content in boiler process.

The growing demand for boiler control is attributed to the need for energy efficient equipment to save energy and achieve operational efficiency. Countries across the globe are focusing on investing in renewable power generation, natural gas fired power generation, and oil & gas sector to reduce carbon emission across the industries. One of the major restraints for the global boiler control market is upgrading cost of aging power plants.

Industry Segmentation

Global boiler control market has been segmented based on type, control type, component, end-user, and region.

Based on type, the market is classified into water-tube and fire-tube boiler.

Based on control type, the market is segmented as modulating and on/off. Modulating control segment is estimated to dominate the market during the forecast period due to its vast implementation in large power plants along with low energy losses resulting in larger market share during the forecast period. Considering the end-user segment, the market is segmented as industrial and commercial. Industrial segment is estimated to be the largest and fastest growing market during the forecast period. 

The boiler control market has been segmented based on end-users into industrial and commercial. Among these types, industrial is the fastest growing segment in the boiler control market due to the rising demand for energy efficient control system for the smooth functioning of boiler and to maintain fuel to air ratio. Leading players in boiler control market such as ABB, Siemens, Cleaver-Brooks, Emerson, and others have signed contracts & agreements to provide their control system in power plants and process industries.

Leading Players

The key players of the global boiler control market are Honeywell (US), Emerson (US), ABB (Switzerland), Siemens (Germany), Schneider (France), Spirax Sarco (UK), Cleaver-Brooks (US), Yokogawa (Japan), HBX Control systems (Canada), and Burnham Commercial (US).

Regional Outlook

Asia Pacific held the largest market share of the global boiler control market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment power generation and increased adoption of industrial internet of things. Moreover, rising urbanization and proliferation of electrification are expected to drive boiler control market in this region. China, India, and Australia are the leading countries, among others, which are likely to contribute to the growth of the boiler control market in Asia Pacific.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Digital Fault Recorder Market 2020 Growth Prospects, Key Opportunities, Trends and Forecasts 2023

Digital Fault Recorder Market Scenario

The global digital fault recorder market is estimated to expand at 4.75% CAGR during the forecast period. Digital fault recorder stores the critical information within the substation and archives this data in a remote enterprise network location for permanent storage and analysis.

Digital fault recorder is a recording device used to monitor and access the low, medium, and high-voltage networks in power plants and transformer substations. This system uses communications to retrieve fault, disturbance, and sequence of event records that are captured by protection relays. Digital fault recorder is an integral component of energy sector which provides monitoring of power grids and ensure the reliability of electrical supply. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Digital Fault Recorder Market is included in the present report.

The growing demand for digital fault recorder market is attributed to the growing need for digital substations and need for reliable power supply system. Moreover, increasing investments in power T&D infrastructure globally is also driving the market for digital fault recorder. One of the major restraints of the global digital fault recorder market is high initial investment.

Industry Segmentation

The market for digital fault recorder market is segmented based on station as automated and non-automated. Automated digital fault recorder segment dominates the market as these digital fault recorders enable remote monitoring, controlling, and coordinating the transmission and distribution component installed in the substation. Asia-Pacific is expected to hold the largest share for automated digital fault recorder which is mainly driven by an increase in demand for retrofitting the conventional substations in order to upgrade the ageing infrastructure. 

Asia-Pacific accounts for the largest market share and is the fastest growing region.

Region wise, Asia-Pacific held the largest market share of the global digital fault recorder market in 2017. It is estimated that Asia-Pacific region will continue to dominate the market during the forecast period, due to rising government investment, especially in China where the Chinese government is expected to invest USD 317 billion to improve power grid infrastructure by 2020.

According to IEA World Energy Outlook 2017, China is planning to invest around USD 27.5 billion towards the development of its transmission network. Such investment is likely to drive the market for digital fault recorder. Hence, the demand for digital fault recorder in Asia Pacific will be increased in order to cater the increasing electricity demand. Similarly, North America being the second largest region is also focusing towards immediate need for reliable power supply system, driving the demand for digital fault recorder

Leading Players

The key players of the global Digital fault recorder market are GE (US), Elspec (Israel), Siemens AG (Germany), Qualitrol (US), Logiclab (Italy), Ducati Energia (Italy), Ametek (US), E-Max Instruments (US), Kocos (Germany), and Procom Systems (Ontario).

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global digital fault recorders market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Battery monitoring system Market | Growth Drivers, Key Findings and Trends by Forecast to 2023

Global Battery monitoring system Market Overview

Battery monitoring system is an integral part of the entire battery management system. It ensures the optimal usage of energy inside the battery which is providing power to an equipment. The main functions of battery monitoring system include providing real-time monitoring, preventing costly downtime, maximizing battery life, reducing maintenance & replacement cost, and enhancing safety and security of the critical battery backup system. The global battery monitoring system market is estimated to expand at 18.20% CAGR during the forecast period.

The battery monitoring system possess various significant features such as automatic recording of data during charge and discharge of batteries, rapid voltage sampling, temperature compensation, and flexible to suit battery model & application, among others.  Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Battery monitoring system Market is included in the present report.

The growing demand for battery monitoring is attributed to the rising demand of electric vehicles. Moreover, preventing operational efficiency of batteries is also driving the market for battery monitoring system. One of the major restraint of the global battery monitoring system is high cost of battery monitoring systems, especially for large battery solutions.

Industry Segmentation

The market for battery monitoring system market is segmented based on component as hardware and software & services. Hardware segment dominates the market as hardware include component such as sensors, controllers, hub, data recorders, and communication network. Factors such as easy installation, fast data sampling, high-resolution data recording, reduced cabling are likely to drive the market for hardware segment.

Based on type, the market is segmented into wired and wireless battery monitoring system. The wired segment is estimated to dominate the battery monitoring system market during the forecast period. Wired battery monitoring system enables remote monitoring of all operations wherein all the operations can be monitored from a centralized location.

North America is expected to hold the largest share for hardware segment which is mainly driven by investment made in the industrial sector in the region. For instance, North America has invested around USD 20 billion towards the development of data centers in 2017.

Regional Outlook

Region wise, North America held the largest market share of the global battery monitoring system market in 2017. The major economies in North America include the US, and Canada which are actively participating in the investment being made in industries. For instance, the Canadian government invested around USD 1.5 billion in wind energy projects. Similarly, the US invested around USD 18.2 million in data centers in 2017. This would further drive the market for battery monitoring system which finds its significant application in these key areas.  

Leading players

The key players of the global Battery monitoring system market are Texas Instruments (US), NDSL (India), Powershield (New Zealand), HBL (India), Canara (US), ABB (Switzerland), Batterydaq (US), Eagle Eye (US), Btech (US), SBS (US), Schneider Electric (France), Curtis (US), Embitel (India).

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