Industrial Power System Market Size, Share [2022–2028] | CAGR of 6%
According to a new report published by UnivDatos Markets Insights the Industrial power system Market is expected to grow at a CAGR of around 6% from 2022–2028. The analysis has been segmented on Type (AC-DC Converters and DC-DC Converters); Technology [supervisory control and data acquisition (SCADA), programmable logic controller (PLC), human-machine interface (HMI), distributed control system (DCS), and others]; End-User (oil & gas, metals & mining, marine, others); and Region/Country.
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The industrial power system market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the industrial power system market. The industrial power system market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the industrial power system market at the global and regional levels.
Market Overview
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.
The Industrial Power System Market is expected to grow at a steady rate of around 6% 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.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the oil and gas industry and has transformed the way oil and gas are delivered. The COVID-19 pandemic has significantly affected the industrial power system market as there has been a decrease in the use of comprehensive surveillance and analysis systems during the lockdown in the industries due to which the demand for industrial power systems has decreased.
The Global Industrial Power System Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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
· 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
· 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
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Industrial power system Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market dynamics of the industrial power system market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. Geographically, the Asia-Pacific region dominated the industrial power system market owing to the growing prevalence of industrialization and urbanization in the region.
The major players targeting the market include
· 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
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the industrial power system market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the industrial power system market?
• Which factors are influencing the industrial power system market over the forecast period?
• What are the global challenges, threats, and risks in the industrial power system market?
• Which factors are propelling and restraining the industrial power system market?
• What are the demanding global regions of the industrial power system market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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