Selective Laser Sintering Equipment Market Estimated to reach 947.4 million USD by 2023

According to the new market research report on the "Selective Laser Sintering Equipment Market by Material (Metal, and Nylon), Application (Tooling, heavy equipment & machinery, and Robotics), Industry (Consumer Goods, Automotive, Medical Devices), Laser Type, and Geography - Global Forecast to 2023", The SLS equipment market is estimated at USD 339.5 million in 2018 and is projected to reach USD 947.4 million by 2023, for both equipment and material, growing at a CAGR of 22.8% from 2018 to 2023, whereas the market for equipment, inclusive of SLS and DMLS, is projected to grow at a CAGR of 27.5% during the forecast period. The market is growing due to the increasing demand for SLSL equipment in end-user industries, such as consumer goods, automotive, aerospace & aeronautics, machinery and equipment, healthcare and medical devices, and art and fashion, in which SLS equipment is used for creating prototypes.

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Browse 77 market data Tables and 42 Figures spread through 162 Pages and in-depth TOC on "Selective Laser Sintering Equipment Market - Global Forecast to 2023"

 

Nylon-based SLS equipment dominated the overall SLS equipment market in 2017

Among different material-based SLS equipment, nylon held the largest share of the overall SLS equipment market in 2017; whereas metal-based SLS equipment is expected to exhibit the fastest growth during the forecast period. Nylon-based SLS equipment is extensively used across consumer goods and automotive industries, which is responsible for its largest market size in 2017. SLS equipment is extensively used in prototyping and functional prototyping of consumer electronic devices e.g., developing prototypes for GPS products; designing perfume bottles; designing washing machines and dishwasher exterior bodies, among many others.

SLS equipment market for robotics application to grow at highest CAGR during forecast period

Until recently, robot makers have been constrained to use existing off-the-shelf parts. With the introduction of SLS printing, they can now design and print their own parts using affordable and free designing tools, as well as cost-effective SLS 3D equipment. The adoption of SLS equipment will continue to grow, and greater acceleration in robot building with SLS 3D equipment can be expected as it minimizes the costs of prototypes, and in many cases, final parts. The robotics application largely makes use of metal-based SLS equipment to create prototypes or detailed end products.

SLS equipment market in APAC to grow at highest CAGR during forecast period

The SLS equipment market in APAC is expected to grow at the highest CAGR during the forecast period driven by the increasing adoption of SLS equipment in several verticals, such as consumer goods, aerospace, automotive, healthcare, and jewelry. The rising adoption of SLS equipment and materials would further boost the penetration of SLS equipment across APAC. The major contributors to the market in APAC are Japan and China. China has a huge potential in terms of SLS 3D printing applications and is also the fastest-growing market in APAC. However, North America held the largest share of the SLS equipment market in 2017 owing to the technological advancements and growing adoption of technology in a vast range of industries in this region.

Major players in the SLS equipment market include 3D Systems Corporation (US), EOS GmbH (Germany), Farsoon Technologies (China), Prodways Group (France), Formlabs, Inc. (US), Sinterit sp. z o.o. (Poland), Renishaw Plc. (UK), Sintratec AG (Switzerland), Sharebot S.r.l. (Italy), Natural Robotics (Spain), Ricoh Company, Ltd. (Tokyo), Z Rapid Tech (China), Concept Laser GmbH (Germany), Aerosint (Belgium), XYZ Printing, Inc. (Taiwan), Dynamic Tools (Spain), Aspect Inc (Japan), and Red Rock SLS (Russia).

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Power Electronics Market estimated to reach $ 51.01 Billion by 2023

According to the new market research report on the "Power Electronics Market by Material, Device Type (Discrete, Module, and IC), Application, Vertical (ICT, Consumer Electronics, Energy and Power, Industrial, Automotive, and Aerospace & Defense), and Geography - Global Forecast to 2023", The power electronics market is estimated to grow from USD 39.03 Billion in 2018 to USD 51.01 Billion by 2023, at a CAGR of 5.5% between 2018 and 2023. 

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The power electronics market has been segmented on the basis of device type into discrete, modules, and ICs. The power ICs led the power electronics market in 2017. Power ICs including PMICs and ASICs are primarily used in high-frequency range, high power amplification, and microwave radiation applications.

On the basis of application, the power electronics market has been segmented into power management, drive, UPS, rail traction, transportation, renewable, and others. The power electronics market for the transportation application is expected to grow at the highest CAGR between 2018 and 2023 owing to increasing production of HEVs and EVs and rising demand for electric vehicle charging stations across the globe.

The power electronics market is segmented on the basis of vertical into ICT, consumer electronics, energy and power, industrial, automotive, aerospace and defense, and others. The automotive vertical is expected to grow at the highest CAGR during the forecast period owing to the increasing focus on hybrid electric vehicles (HEVs) and EVs and increasing demand for cars and other passenger vehicles across the globe.

APAC led the overall power electronics market and accounted for the largest market share, followed by Europe. The power electronics market in APAC is expected to grow rapidly during the forecast period. The key drivers for the growth of this market in APAC include growing demand for power electronic devices in automotive and consumer applications and the presence of many manufacturing units in APAC. Moreover, the growing demand of industrial and energy & power verticals for power electronic devices helps the market to grow further in the region.

Complex design and integration process for advanced technological devices is restraining the growth of the power electronics market. The power electronics industry is focusing more on the integration of multiple functionalities into a single chip, which results in complex designing. Designing and integration of complex devices require special skillsets, robust methodology, and toolset for integration, which increase the cost of the devices; thus, high cost restrains users to switch to advanced technological devices.; hence, complex design and integration process for advanced technological devices is considered a restraining factor for the growth of the power electronics market.

Major players in the power electronics market are Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Intertechnology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi (Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark).

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Laser Cleaning Market estimated to reach $ 723.9 Million by 2023

The laser cleaning market was valued at USD 551.1 Million in 2017 and is expected to reach USD 723.9 Million by 2023, at a CAGR of 4.22% during the forecast period. The base year considered for the study is 2017 and the forecast period is between 2018 and 2023.

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Major players in the laser cleaning market include Coherent, Inc. (Coherent) (US), Trumpf Group (Trumpf) (Germany), IPG Photonics Corporation (IPG Photonics) (US), Adapt Laser Systems LLC (Adapt Laser) (US), and Clean Lasersysteme GmbH (Clean Lasersysteme) (Germany).

The report covers the laser cleaning market on the basis of laser type, applications, and geography. Among applications, cleaning process accounted for the largest market in 2017. In the automotive industry, laser is used in tire mold cleaning and brake line decoating systems. The growth of laser cleaning systems can be attributed to factors such as increasing use of high-energy pulsed 49 lasers for the ablation of organic materials and surface activation tasks. The laser cleaning market by cleaning process for aerospace and aircraft is expected to grow at a higher CAGR during the forecast period. 

The growth is because of the global commercial aerospace subsector, which is likely to experience strong revenue and operating earnings growth in the near future. This will be a result of continued record production levels driven by strong demand for next-generation aircraft and growing passenger traffic. The growth is expected to mainly impact Asia Pacific and the Middle East. On the other hand, the commercial passenger and cargo aircraft and the annual number of passengers are expected to witness an expedited growth during the forecast period, which will be further responsible for the increased use of laser for cleaning due to growing air traffic.

Among laser type, solid lasers are expected to lead the overall laser cleaning market because of the higher CAGR during the forecast period. The solid laser segment includes YAG and fiber lasers. The market is dominated by the YAG laser segment as YAG lasers (Nd:YAG, flash-pumped Q-switched Nd:YAG, arc-lamp pumped Q-switched Nd: YAG, and diode-pumped Q-switched Nd:YAG) are extensively used for cleaning and for other material processing applications. In the precision mechanical industry, YAG lasers play a crucial role to clean parts that have grease and mineral oils applied as lubricants or as anti-corrosives. The laser cleaning method reduces the residual contamination to practically zero level.

North America is accounted for the largest share of the laser cleaning market in 2018, followed by Europe and Asia Pacific (APAC). There is an increase in the demand for gas lasers in North America owing to the establishment of the manufacturing sector in the region. Laser cleaning systems are mainly used for the conservation and restoration of antique items and in automotive and aerospace industries and power plants. The growth of this market in Asia Pacific can be attributed to the increased use of laser cleaning in automotive parts and aerospace maintenance sector. The growth of the laser cleaning market in APAC is also driven by the rising infrastructure market in the region.

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Quantum Dots Market estimated to reach $ 8.47 Billion by 2023

According to the new market research report "Quantum Dots Market by Product (QD Medical Devices, QD Solar Cells, QD Photodetector/QD Sensors, QD Lasers, QD Lighting, Batteries and Energy Storage Systems, QD Transistors, and QD Tags),Material, Vertical, and geography - Global Forecast to 2023", The quantum dots market is expected to grow from USD 2.57 Billion in 2018 to USD 8.47 Billion by 2023, at a CAGR of 26.97% between 2018 and 2023. Major drivers for the market are the increasing demand for quantum dots in high-quality display devices, growing implementation of quantum dots in numerous applications due to their miniature property, and rising adoption of energy-efficient and less or non-toxic quantum dots in solar cells and photovoltaics. 

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Nanosys (US), Nanoco (UK), QD Laser (Japan), NN-Labs (US), and Ocean NanoTech (US) are the major companies in the quantum dots market. Other companies in this market are QD Vision (US), Quantum Material (US), Altair Nanotechnologies (US), and InVisage (US), among others.

In this report, the quantum dots market has been segmented into products, materials, verticals, and geographic regions. On the basis of materials, the market has been segmented into cadmium-based and cadmium-free quantum dots. Cadmium-free quantum dots, by discarding harmful effects of toxic heavy metals, offer a safer and more sustainable option to manufacturers and consumers, giving them the color benefit associated with the technology without the risks of toxicity or potential regulatory limitations.

Based on products, the market has been segmented into QD displays, QD medical devices, QD solar cells, QD lasers, QD photodetectors/QD sensors, QD lighting (LED) solutions, batteries and energy storage systems, QD transistors, and QD tags. The market for QD lighting (LED) solutions is expected to grow at the highest rate during the forecast period. The incorporation of quantum dots into LED designs marks a vital step in reducing the cost of LED production and making them inexpensive for the average consumer.

The quantum dots market, based on verticals, has been segmented into healthcare, consumer, commercial, defense, telecommunications, and others. The consumer vertical is expected to continue to account for a major share of the quantum dots market in 2018. The rising adoption of products based on the latest technologies such as quantum dots, 4K resolution, 3D, along with decreasing prices of these advanced products, is expected to increase the quantum dots market in the consumer vertical during the forecast period. Thus, the use of quantum dots has grown in the last several years as this technology is providing manufacturers a cheap and efficient way of producing next-generation of brilliant, high-definition TV screens.

Based on regions, the quantum dots market has been segmented into North America, Europe, APAC, and Rest of the World. The quantum dots market in APAC is expected to grow at the highest CAGR during the forecast period. The reason for the high growth in APAC is the inclination of consumers to adopt technologically advanced products.   Various universities and organizations in this region are involved in R&D of the QD technology. The University of Tokyo (Japan), the University of Tsukuba (Japan), and Hokkaido University (Japan) published their reports on QD. China, South Korea, and India are also playing an increasingly significant role in the research and development of nanotechnology.

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Laser Projection Market estimated to reach $ 10.53 billion by 2023

The laser projection market, the overall market is estimated to be worth USD 4.57 billion in 2018 and is expected to reach USD 10.53 billion by 2023, at a CAGR of 18.2% between 2018 and 2023. Significant advantages of laser projectors over traditional lamp projectors and increasing adoption of laser projection technology for various applications are the major drivers for the growth of the laser projection market.

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This report segments the laser projection market by product type, illumination type, resolution, vertical, and region. The laser projection market, by product type, has been segmented into laser projector and CAD laser projection system. The market for laser projector is expected to grow at the highest CAGR between 2018 and 2023. Demand for laser projectors is increasing owing to their low maintenance cost, less power consumption, and high picture quality. Demand for high-brightness laser projectors in cinema and the increasing number of digital cinema screens in many countries drive the adoption of laser projectors. Major companies offering laser projectors are Epson (Japan), Barco (Belgium), Panasonic (Japan), Sony (Japan), and NEC Display Solutions (Japan), among others.

The laser projection market, by illumination type, has been segmented into laser phosphor, hybrid, RGB laser, and laser diode. The market for laser phosphor projector is expected to grow at the highest CAGR during the forecast period. Laser phosphor projectors have ~15,000–25,000 lumens, with an estimated lifetime of 30,000 hours to 50%. The primary advantage of a laser phosphor projector is the long lifetime (~30,000 hours before it reaches 50% brightness). The long life and low maintenance cost of laser phosphor projectors make them ideal for high-use settings, such hospitality events, museums, education, government departments, large venues, and movie theaters.

The laser projection market, by resolution, has been segmented into WUXGA, WQXGA, and 2K; 4K; XGA and WXGA; HD and Full HD; and others. The market for 4K laser projector is expected to grow at a high rate during the forecast period. Demand for 4K laser projectors is growing due to the increasing demand for high-brightness, high-image-quality projectors for various applications. 4K projectors are most commonly known as ultrahigh-definition projectors that offer high pixel resolution. With higher resolution, the price of projectors also increases. These projectors are used in various applications, such as movie theaters, large venues, museums, auditoriums, and classrooms.

The laser projection market, by vertical, has been segmented into enterprise, public places, cinema, education, retail, medical, and industrial. Enterprise is expected to lead the laser projection market. Public organizations and government bodies use laser projectors for briefing and providing people ancillary information at meetings. Laser projectors are widely used for presentations as they produce high-quality images required for graphs, bar charts, etc., for better understanding. With the help of laser projectors, business professionals can project concise data with charts and figures in a digital format, thereby helping the management draw a clear picture of the presentation.

The laser projection market, by vertical, has been segmented into enterprise, public places, cinema, education, retail, medical, and industrial. Enterprise is expected to lead the laser projection market. Public organizations and government bodies use laser projectors for briefing and providing people ancillary information at meetings. Laser projectors are widely used for presentations as they produce high-quality images required for graphs, bar charts, etc., for better understanding. With the help of laser projectors, business professionals can project concise data with charts and figures in a digital format, thereby helping the management draw a clear picture of the presentation.

APAC is expected to dominate the laser projection market. APAC is the leading laser projection market for education and cinema segments, with major demand driven by countries such as China and India. APAC is expected to provide ample opportunities for the laser projection market growth during the forecast period due to increasing consumer awareness about high-brightness laser projectors, increased government spending from emerging economies on the education sector, and the development of the education sector to provide smart education to students. Also, the increasing number of cinema screens and rising penetration of laser projectors in cinema drive the growth of the laser projection market.

High initial cost of laser projectors for higher lumen restrains the growth of the market.

Key players in this market include Panasonic (Japan), Sony (Japan), Epson (Japan), Barco (Belgium), NEC Display Solutions (Japan), BenQ (Taiwan), Casio (Japan), Optoma (US), Delta Electronics (Taiwan), and Ricoh Company (Japan).

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Battery Management System Market estimated to reach 7.25 Billion USD by 2022

The battery management system market was valued at USD 1.98 Billion in 2015 and is expected to reach USD 7.25 Billion by 2022, at a CAGR of 20.5% between 2016 and 2022. 

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The growth of this market is propelled by the rapidly growing need for battery management system given the increasing number of vehicles that require charging such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHV). These vehicles consist of series-connected battery packs which require extensive monitoring. Hence, battery management systems act as a crucial component in these vehicles for supervising and guaranteeing reliable and safe battery operations.

The battery management system for lithium-ion–based battery leads the battery management system market since lithium-ion–based battery is popular in various application industries owing to its high energy and power density, light weight, and low standby losses. 

The high energy density lithium-ion battery requires battery management systems for its efficient operation and management in these applications. Moreover, the current price reduction of the li-ion battery and its growing adoption in applications such as electric vehicle, UPS, telecommunication, renewable energy system, and other applications is expected to drive the market in the near future.

The battery management system market for modular topology is expected to grow at a high CAGR during the forecast period. Most of the manufactures prefer modular topology as it offers a good computational power and is also safe as it does not require extensive wire harnesses. The modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicle, parts of electric vehicles, and drones among others. The increasing demand for modular topology from these applications is expected to drive the market at the highest rate during the forecast period.

Major players in this market include Johnson Matthey Plc. (U.K.), Lithium Balance A/S (Denmark), Nuvation Engineering (U.S.), Valence Technology, Inc. (U.S.), Intersil Corporation (U.S.), Linear Technology Corp (U.S.), NXP Semiconductors N.V. (Netherlands), Texas Instruments Inc. (U.S.), Elithion, Inc. (U.S.), Vecture Inc. (Canada), and Ventec SAS (France).

North America held the largest share of the battery management system market in 2015, while the market in Asia-Pacific is expected to grow at a high rate during the forecast period and lead the BMS market by 2022. The high growth of the Asia-Pacific region is attributed to the presence of a number of leading portable devices manufacturers and the demand for battery management from countries such as China and Japan owing to the increasing adoption of electric vehicles in these countries.

One of the key restraining factors for companies operating in this industry is the lack of standards for developing battery management systems as most of the products available in the market vary in terms of technical specifications, functions, and applications. This makes difficult to compare the performance of two battery management systems, which creates a demand for concrete standards to be developed.

In the battery management system market, Johnson Matthey Plc. (U.K.) is a major player which holds a leading position in sustainable technologies as well as specialty chemical technology. The company has a strong presence in the battery management system market and offers battery management system with modular architecture, using its own battery management electronics. The company’s BMS is designed for application in electric vehicles as well as hybrid electric vehicles.

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Mobile Substation Market by Application (Industrial (Metals & Mining, Oil & Gas, Construction, Port, and Data Centers) & Utilities

The mobile substation market is expected to grow from an estimated USD 789.3 Million in 2018 to USD 1,136.9 Million by 2023, at a CAGR of 7.57% between 2018 and 2023. 

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Factors driving the growth of this market include the ease of transportation, flexibility, cost-effectiveness, and easy installation of mobile substations. Moreover, mobile substation is a trailer mounted power solution and can be installed in a limited space and can be easily relocated without difficulty. The mobile substation is a comprehensive solution that is designed, engineered, assembled on trailer, tested, in a factory and delivered on site for power distribution.

Mobile substations are useful for emergency response as back-up units and can also be useful in cases where energy distribution requires to be provided or reinstated in a short span of time. Mobile substation market is fragmented, with the presence of many small and mid-size companies which supply products for utilities applications and primarily serve local markets. Transportability, short startup and commissioning time, reduced mechanical footprint, and non-requirement of construction work are some of the key benefits expected to drive the growth of mobile substations during the forecast period.

Mobile substations are utilized both, in utilities and industrial applications.  Planned maintenance, disaster response, rapid expansion of transmission capacity are some uses wherein the mobile substation has delivered proven outcome for utilities. The mobile substation is proven to be an apt solution to provide temporary power supply during unplanned repairs. Moreover, during planned maintenance, mobile substations can reduce or even eliminate the need for extended electricity outages. Thus the utilities application is expected to grow during the forecast period.

Middle East & Africa not only account for the largest market share followed by the Americas, but is also expected to grow at the highest CAGR during the forecast period. Middle East & Africa regions are rich in natural resources, such as oil & gas and metals & mining. Africa is an untapped market for the energy resources. However, countries from these regions, such as Iraq, Algeria, Nigeria have faced many political and social instabilities which have destroyed infrastructure. As a result, these countries have a high demand for energy & power. Due to improvements in situations, governments from these regions are trying to reinstall basic amenities. The Ministry of Electricity of Iraq has ordered mobile substations from various manufacturers, such as Siemens  (Germany), Meidensha (Japan), CG Power (India), and Aktif (Turkey).

Key players in this market, such as Siemens (Germany), ABB (Switzerland), Eaton (Ireland), General Electric (US), CG Power (India), and MEIDENSHA (Japan) are focusing on inorganic strategies, such as contracts to enhance their product offerings and expand their businesses.

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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, "RT" 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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Lithium Ion Battery | Smart insights- 2018

Lithium ion battery enables to deliver highly efficient products with high power and energy density and provides greater efficiency and accuracy for products with a range of different power capacities. The combination of lithium with other materials helps to add various features such as low cost, high power and energy density, increased shelf life, and chargeability factors important for different products such as consumer electronics and automotive.

The lithium ion battery market is expected to be valued at USD 68.97 Billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. The growth of this market is propelled by the increase in demand for electric vehicle, strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward enhancement of lithium ion batteries.

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The major players involved in the lithium ion battery market are LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea), BYD Co. Ltd. (China), BAK Group (China), A123 Systems, LLC. (U.S.), GS Yuasa Corporation (Japan), Hitachi, Ltd. (Japan), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Toshiba Corporation (Japan), and Valence Technology Inc. (U.S.).

The objective of the report is to provide a detailed analysis of the lithium ion battery on the basis of type, power capacity, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also provides a detailed overview of the value chain in the market and analyzes the market trends with Porter’s five forces.

“Lithium ion battery market for lithium nickel manganese cobalt battery type expected to grow at the highest rate between 2016 and 2022”

Lithium nickel manganese cobalt (Li-NMC) type batteries are used in application areas like e-bikes, power tools, medical equipment, and other electric powertrains. Use of cobalt in 1:1:1 ratio with a combination of nickel and manganese gives the optimum result while keeping the cost low, in spite of cobalt being expensive, owing to a low proportion of cobalt in the combination. The energy density of Li-NMC batteries is its primary strength.

“The market for 3000mAh to 10000mAh power capacity batteries expected to grow at the highest rate during the forecast period”

The heavy power capacity of the batteries, ranging from 3000mAh to 10000mAh, makes them suitable for the use in EVs and industrial applications. The increasing market of consumer electronics and smartphones has increased the need of batteries with higher power capacity which can keep the device running for longer hours and at the same time giving an optimum experience of the device due to large screen and power backup service. All these factors would lead to the higher adoption of lithium ion battery systems having 3000mAh to 10000mAh power capacity.

“Consumer electronics industry expected to hold the largest share of the lithium ion battery market”

The consumer electronics industry is expected to hold the largest share of the overall lithium ion battery market. Lithium ion batteries are a preferred choice for consumer electronics products as a portable power source because of the features such as high energy density and less recharge time. These are low on maintenance and light in weight compared to other rechargeable batteries; therefore, these are widely adopted in consumer electronics products such as mobile phones, tablets, and laptops.

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About MarketsandMarkets

 

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. 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. 

M&M’s flagship competitive intelligence and market research platform, "RT" 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. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers. 

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Contact:
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Markets and Markets
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Industrial Valves | Smart Insights- 2018

The industrial valves market is highly competitive with the presence of many established and emerging players. This market is expected to grow at a CAGR of 3.6% during the forecast period.

The industrial valves market is expected to be valued at USD 84.30 Billion by 2023, growing at a CAGR of 3.6% between 2017 and 2023. The major factors driving the growth of this market include growing demand from oil & gas production-related facilities in the GCC countries, increasing demand for energy in APAC, increasing focus on smart cities in emerging economies such as China, India, and Brazil, revenue shift in the industry, and rising demand for automation from manufacturing and process industries for predictive maintenance and monitoring.

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The increasing concern for lead time and high cost of fabrication has encouraged the companies to adopt these strategies. Besides product launches and acquisitions, the companies have also adopted the strategies of partnerships, expansions, demonstrations, contracts, and exhibitions to expand their business operations, product portfolio, and distribution network as well as strengthen their position and share in this market.

Steel valves expected to hold the largest market size by 2023

Stainless steel valves are likely to propel the industrial valves market growth. As a result, steel is the key contributing material in the industrial valves market during the forecast period. In the landscape of industrial valves market, various industry players offer steel valves for industries such as oil & gas, chemical, water & wastewater, and many others.

The market for the energy & power industry to grow at the highest rate during the forecast period

The industrial valves market for the energy & power industry is likely to grow at the highest rate during the forecast period. This is mainly because of the increasing energy & power need from developing economies and increasing power generation plants across the globe.

Globe and ball valves to hold a larger share of the industrial valves market by 2023

Globe and ball valves are expected to contribute significantly in industrial valves market owing to the increasing demand from industries such as, oil & gas, energy & power, chemical and water & wastewater. Additionally, being one of the reliable valve types, these two industrial valves are likely to be used in nuclear power plants.

The industrial valves market in APAC to grow at the highest rate

The market in APAC is expected to grow at the highest CAGR during the forecast period. The high growth can be attributed to the increasing demand from the oil & gas, chemical, and water & wastewater industries. Developing economies such as China and India hold significant position in the chemical processing industry. Demand generated from chemical, oil & gas, and water & wastewater is likely to spearhead the growth rate of APAC in the industrial valves market.

The report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. The key players in this market are AVK Holding (Denmark), Avcon Controls Private Limited (India), Cameron – Schlumberger (US), Crane Co. (US), Emerson (US), Flowserve (US), Forbes Marshall (India), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and The Weir Group Plc. (UK).

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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 5000 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, "RT" 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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MarketsandMarkets™
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Silicon Anode Battery Market estimated to reach 1,018.3 Million USD by 2022

The silicon anode battery market is expected to grow at a CAGR of 43.4% between 2016 and 2022, and is projected to reach USD 1,018.3 Million by 2022 from USD 96.5 Million in 2015. 

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The growth of the silicon anode battery market is expected to be driven by factors such as growing R & D activities by major companies to develop batteries that have significantly high energy storage capacity and longer life and increasing demand for eco-friendly electrical vehicles. Silicon anode lithium batteries are being widely used for portable electronic devices, due to their superior energy density and high cell voltage, which is expected to boost the growth of the silicon anode battery market in near future.

The pouch cell segment is expected to account for the largest share of the silicon anode battery market by 2022

On the basis of type, the pouch cell segment is expected to grow at a highest CAGR during the forecast period, as compared to cylindrical and prismatic cell.  The growth of pouch cell market is propelled by rapidly growing popularity in applications such as consumer electronics, packing, smart cards, wearable devices, and medical devices among others which require high-energy power source to be integrated within the limited space.

The battery capacity from 1500 mAh – 2500 mAh is expected to grow at the highest CAGR during the forecast period

The capacity ranging from 1500 mAh to 2500 mAh is expected to grow at the highest growth rate during the forecast period. This is mainly due to the fact that they can be used as thin-film batteries or as portable batteries. These batteries are used for products which require moderate to high energy to function. 1500 mAh to 2500 mAh batteries are expected to be the ideal energy sources for portable devices in the future.

APAC expected to witness highest growth during the forecast period

The implementation of silicon anode battery is increasing in APAC, and is expected to witness substantial investments by various companies to set up their silicon anode battery manufacturing base in the region. Silicon anode batteries have gained popularity among the automobile manufacturers as they offer an alternative to nickel metal batteries used in electric vehicles, due to their small size and lightweight. Thus, the increasing demand for electrical vehicle (EV), hybrid electric vehicle (HEV) and plug-in hybrid vehicle (PHV) would foster the adoption of silicon anode Li-ion batteries in APAC.

Some of the key players in the global silicon anode battery market are Amprius, Inc. (U.S.), Panasonic Corp (Japan), Samsung SDI (South Korea), LG Chem (South Korea), Nexeon Limited (U.K.), Los Angeles Cleantech Incubator (U.S), Nanotek Instruments, Inc. (U.S.), Enevate Corporation (U.S.), Zeptor Corporation (U.S.), XG Sciences (U.S.), and California Lithium Battery Inc. (U.S.).

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MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. 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. 

M&M’s flagship competitive intelligence and market research platform, "RT" 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. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers. 

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

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Ultra-Wideband (UWB) Market estimated to reach 85.4 Million USD by 2022

According to the new market research report "Ultra-Wideband (UWB) Market by End-User (Healthcare, Automotive and Transportation, Manufacturing, Residential Retail), Application (RTLS/WSN, Imaging), and Geography (North America, Europe, Asia-Pacific, Rest of the World) - Global Forecast to 2022", is expected to grow from USD 62.9 Million in 2016 to reach USD 85.4 Million by 2022, at a CAGR of 5.2% between 2016 and 2022. 

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Browse 58 market data tables and 54 figures spread through 136 pages and in-depth TOC on “Ultra-Wideband (UWB) Market"

 

“RTLS/WSN market segment expected to grow at the highest rate between 2016 and 2022”

Ultra-wideband (UWB) is one the fastest-growing technologies with a huge market growth potential because of to its accuracy in tracking assets. UWB-based real-time location system (RTLS) solutions refer to systems, which operate in a large bandwidth spectrum, generally greater than 500 MHz, and are characterized by high accuracy. Similar to wireless fidelity (Wi-Fi), a UWB system could also operate in signal strength or time of arrival modes. The major advantage of the UWB-based RTLS solutions is their advantage of sustaining a good performance in walled environments.

“Healthcare segment on the basis of end user is expected to dominate the UWB market between 2016 and 2022”

The healthcare industry has been the major end-user of UWB-based RTLS solutions, and this is expected to continue between 2016 and 2022. The UWB technology has witnessed high penetration in RTLS solutions, that track and monitor hospital assets, patients, healthcare professionals, and hygiene inside the hospitals. Hospital operations have a continuous flow (in- and out-flow) of people and equipment as a part of the workflow process. These factors have led to huge opportunities for UWB-based RTLS solutions to track and monitor assets and people to increase the efficient workflow and enhanced patient throughput.

Deploying RTLS solution through UWB technology provides significant benefits to healthcare facilities, as UWB is a power efficient technology and provides superior battery life for remote wireless devices. The RTLS system makes use of the active tags and receives or transmits the data within the range depending on the specification of the RTLS technology.

“Key players in the UWB market see Asia-Pacific as a lucrative region between 2016 and 2022”

The Asia-Pacific (APAC) region includes some of the fastest-growing economies in the world, such as China and India. This region also includes some technologically advanced countries, such as Japan, Singapore, South Korea, and Australia. The rapid growth of the healthcare sector in China, Japan, and South Korea, along with the growth of the process industries in developing countries of this region, is expected to offer significant growth opportunities to the UWB market between 2016 and 2022. Moreover, the retail and automotive and transportation industries have contributed majorly to the growth of the UWB-based RTLS solution in the APAC region.

The major players in the UWB market include DecaWave Ltd. (Ireland), 5D Robotics Inc. (U.S.), Pulse ~LINK, Inc. (U.S.), Alereon, Inc. (U.S.), BeSpoon SAS (France), Fractus Antennas S.L. (Spain), Johanson Technology, Inc. (U.S.), and Nanotron Technologies GmbH (Germany).

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About MarketsandMarkets

 

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. 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. 

M&M’s flagship competitive intelligence and market research platform, "RT" 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. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers. 

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Contact:
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Markets and Markets
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Rittal (Germany) and Schneider (France) are the Key Players in the Electric Enclosure Market

The electric enclosure market is expected to be valued at USD 7.91 Billion by 2023, growing at a CAGR of 6.27% during the forecast period. Factors that will be driving this market include the increasing demand for enclosures from renewable energy sector, stringent safety and process regulations which is forcing users to look for enclosures that are compliant to regulations, and increased focus on connected cities in developing regions.

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Rittal (Germany), Schneider (France), Pentair (UK), Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and Hubbell (US) are major industry players in the electric enclosure market. Product launches and developments, mergers and acquisitions, expansions, agreements, collaborations, joint ventures, and partnerships are some of the key strategies adopted by major players to gain a competitive edge in this market.  

Rittal (Germany) operates through three segments: product, software, and system consulting. In the product segment, the company offers enclosures and climate control, power distribution, and IT infrastructure-related products. In the enclosures category, the company provides small enclosures, compact enclosures, enclosure systems, IT enclosure systems, IT enclosures, console systems, console PCs, enclosure systems for industrial workstations, operating housings, support arm systems, stand systems, hygienic design, stainless steel, special applications, and outdoor enclosures. 

The company caters to industries such as IT, manufacturing and process, power and energy, and others. Rittal operates 11 production units in Germany, the US, China, India, Italy, and the UK. In June 2017, Rittal introduced climate control technology for its enclosures with water cooling feature. These hygienic design air/water heat exchangers are ideal for the food & beverage industry.

Schneider (France) operates through four segments: buildings & partner, industry, infrastructure, and IT business. In the buildings & partner segment, the company provides electrical enclosures under the category of electrical distribution products and solutions. The product line is named as Universal Enclosures, which has been subsegmented into steel-mounted enclosures, steel-floor standing enclosures, stainless-steel enclosures, insulating enclosures, thermal management systems, and accessories. The company also provides product & service support to energy & power, oil & gas, transportation, weather intelligence, information technology, security system, process & machine management, food & beverages, automotive, and water processing applications. Schneider has more than 50 years of experience in manufacturing multipurpose enclosures, thermal management solutions, and electrical control systems for electrical distribution and telecom industries. In January 2017, Schneider acquired renewable choice energy which offers businesses with consulting services and solutions that promote the use of clean energy.  

Other major companies operating in the electric enclosure market are AZZ (US), Fibox (Finland), Eldon (Spain), Socomec (France), Leviton Manufacturing (US), Adalet (US), and Saginaw Controls and Engineering (US).

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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 5000 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, "RT" 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:
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MarketsandMarkets™ INC.
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Artificial Intelligence (AI) for marketing | Insights

The artificial intelligence (AI) in marketing market was valued at USD 5.00 Billion in 2017 and is likely to reach USD 40.09 Billion by 2025, at a CAGR of 29.79% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2025.

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Study Objectives

• To define, describe, and forecast the artificial intelligence (AI) in marketing market, in terms of value, segmented on the basis of offerings, deployment types, technologies, applications, end-user industries, and regions
• To forecast the market size of various segments with respect to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
• To strategically profile key players and comprehensively analyze their market share and core competencies, and detail the competitive landscape for market leaders
• To analyze competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers & acquisitions, new product developments, and research & development in the AI in marketing market

Software to hold largest share of AI in marketing market by 2025

Software holds a major share of the overall AI in marketing market owing to the developments in AI software and related software development kits. AI systems require different types of software, including application program interfaces, such as language, speech, vision, and sensor data, along with machine learning algorithms, to realize various applications for sales and marketing. Software platforms and solutions are available at high costs as there are limited number of experts that develop machine learning algorithms.

Market for cloud deployment to grow at higher CAGR between 2018 and 2025

Several businesses have already moved part of their operations to the cloud, which has encouraged vendors to develop cloud-based solutions. Migrating to the cloud has benefits such as enhanced flexibility, control, and scalability. Cloud deployment significantly reduces the capital investment required to implement AI-based solutions for marketing and sales; this is one of the major reasons for the increased demand for cloud-based solutions from most enterprises.

North America to hold major share of AI in marketing market in 2018

North America is expected to account for the largest share of the overall AI in marketing market in 2018. North America is the largest contributor to the adoption and implementation of AI in marketing. The region, including the US and Canada, has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. Considerable growth is expected in the region during the forecast period owing to the growing adoption of AI among physically present retail stores, as well as the ongoing research and pilot projects by North American companies.

Companies covered in the AI in marketing market report are NVIDIA (US), Intel (US), IBM (US), Micron (US), Samsung Electronics (Korea), Xilinx (US), Amazon (US), Alphabet (US), Facebook (US), Microsoft (US), Salesforce(US), Baidu (China), Sentient Technologies (US), Albert Technologies (Israel), and Oculus360 (US). Some of the other key companies included in the report are Twitter (US), Oracle (US), InsideSales (US), Persado (US), Mariana (US), Drawbridge (US), Narrative Science (US), Appier (US), GumGum (US), and Zensed (Sweden).

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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 5000 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, "RT" 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. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Growing popularity of mass storage application drives Universal Flash Storage Market

Universal flash storage is the next-generation data storage technology for both embedded as well as removable flash memory-based storage solutions used in e-readers, digital cameras, gaming consoles, high-resolution displays, laptops, smartphones, and tablets. The universal flash storage standard is high-performance, serial interface that competently moves data between a host processor and mass storage devices.


Universal flash storage transfers follow the SCSI architecture model, but with a subset of SCSI commands. Due to the full-duplex topology of the UFS technology, it aids in faster performance with the improved responsiveness of the devices with universal flash storage implemented in it.

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The universal flash storage market is anticipated to be valued at USD 9.97 Billion by 2023, at a CAGR of 18.6% between 2017 and 2023. The growth in this market can be attributed to the growing demand for electronic devices with faster performance and improved responsiveness, rising adoption of high-speed data transfer technologies, and increasing upsurge in demand for wearable electronics.


“Universal flash storage market for mass storage application to grow at the highest rate between 2017 and 2023”


Mass storage needs to store a huge amount of data in a machine-readable format. The universal flash storage standard follows the SCSI architecture model, but with a subset of SCSI commands. Due to this, the universal flash storage standard supports multiple commands enabling command queuing and multi-threaded programming. This results in efficient data transfer between the host processor and mass storage. Owing to this, mass storage application is expected to grow at the highest rate between 2017 and 2023.


“256 GB is likely to outpace during the forecast period”


256 GB universal flash storage solutions play a significant role in the embedded applications wherein processing speed and high bandwidth is of utmost importance. For instance, due to the rising consumer awareness for safety, increasing environmental concerns, growing demand for connectivity, and improved fuel efficiency, the adoption of electronic components in the automobiles is increasing. On account of increasing consumer needs, the automotive manufacturers are steadily improving the overall automobile quality.


“North America is anticipated to lead the universal flash storage market between 2017 and 2023”


North America holds the dominant position in the universal flash storage market owing to the rapid adoption of advanced technology products by the consumers, such as e-readers, drones, smartphones, tablets, wearable electronics, and AR-VR products.


Major players operating in the universal flash storage market include Arasan Chip Systems Inc. (US), Cadence Design Systems, Inc. (US), GDA Technologies Inc. (US), Micron Technology, Inc. (US), Phison Electronics Corporation, Inc. (Taiwan), Samsung Electronics Co., Ltd. (South Korea), Silicon Motion Technology Corporation (US), SK Hynix, Inc. (South Korea), Synopsys, Inc. (US), and Toshiba Corporation (Japan).


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“The embedded configuration leads the universal flash storage market in 2017”


The important function of an embedded universal flash storage solution is to provide long-term product support, along with foreseeable performance. This is due to the devices utilizing the embedded universal flash storage configuration such as automotive electronics, gaming consoles, high-resolution displays, and laptops. The adoption of embedded universal flash storage configuration is limited in the initial stages. However, as the technology matures from the nascent stage of its adoption, this configuration is more likely to be gaining momentum in the coming years.


“Automotive electronics is projected to exhibit the fastest growth in the universal flash storage market between 2017 and 2023”


The automotive electronics segment is estimated to witness the fastest growth between 2017 and 2023 in the universal flash storage market. This is primarily attributed to the growing demand for a huge amount of data processing and storage in the automobiles. In addition, with the advent of connected cars and technological advancements, the automakers are focused on adopting advanced memory solutions. Universal flash storage is anticipated to be a game changer in the automotive electronics arena. For instance, on September 14, 2017, Samsung announced to establish the Samsung Automotive Innovation Fund to exclusively focus on the automotive market. This fund is worth USD 300 million and will utilize this fund for securing connected car technologies and autonomous driving, such as connectivity solutions, security, artificial intelligence, smart sensors, high-performance computing, and machine vision.

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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 5000 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.

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The Market for Flow Batteries is Expected to Grow at the Highest in the Battery Energy Storage System Market Between 2018 and 2023

The battery energy storage system market is estimated to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. The major factors driving the growth of the market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries. However, the installation of battery energy storage systems in remote locations is one of the challenges for the players in the market.

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The battery energy storage system market for batteries is expected to grow at the highest CAGR between 2018 and 2023. The battery elements used in battery energy storage systems are in the form of modules and racks. The battery element alone constitutes 60% of the total battery energy storage systems. It is the major element whose functioning is regularized by hardware and software, which increase its efficiency. Lithium-ion and advanced lead-acid batteries are the main types of batteries used in the battery energy storage systems.

The market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The flow batteries are considered safer than most commonly used lithium-ion batteries as they can resist higher temperatures and longer periods of idleness. Compared with lithium-ion batteries, vanadium redox flow batteries (VRB) are non-flammable and environment-friendly, have a long lifespan, and maintain 90% of their capacity over 20 years, resulting into the reduction of the total cost of ownership.

The market for on-grid connection is expected to grow at a higher CAGR between 2018 and 2023. The on-grid connections have lower upfront costs than the off-grid systems as the surplus energy is sent to the grid, which can be used later on the meter basis. The reduction in the energy bills for the customers relying on utility grid for electricity drives the growth of this market. The demand from renewable energies suppliers for grid modernization and new regulatory policies for the energy sector are driving the on-grid battery energy storage system market for utilities. 

The market for the customer-owned battery energy storage system is expected to grow at the highest CAGR between 2018 and 2023. The increasing adoption of wind and solar power has led to the increase in the use of customer-owned battery energy storage technologies to store electricity. Also, the need to reduce carbon emissions is propelling the transformation of the electrical systems and driving the demand for intermittent sources of power such as wind and solar energy. 

The market for residential application is expected to grow at the highest CAGR between 2018 and 2023. The battery energy storage systems have the ability to store energy during the peak production period, leading to less wastage of energy. This is driving their adoption in the residential applications, as the residential sector worldwide is driving toward the adoption of renewable energy sources for accomplishing the routine tasks. The major companies offering battery energy storage systems for the residential application are Samsung SDI and Tesla. 

The battery energy storage system market in APAC is expected to grow at the highest CAGR between 2018 and 2023. APAC is gradually becoming a hub for the battery energy storage system industry, and the demand for these systems from China, India, and Japan is gradually increasing. In December 2017, Hyundai planned to build and install a 150 MW energy storage battery near Ulsan, at the southeast coast of South Korea. Hyundai plans to build its battery energy storage system, which will be ~50% bigger than Tesla's 129 MWh grid storage battery installed in South Australia. 

The government of South Australia has invested USD 113.6 million in November 2017 for 4 utility-scale energy storage projects, and one of these 4 has the battery energy storage system deployed in it. Such developments and investments are fostering the growth of the battery energy storage system market in APAC. 

The major players operating in the battery energy storage system market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla (US).

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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 5000 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, "RT" 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. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441