Table Of Contents
- Advancements in packaged substations generating profitable opportunities in the domain
- Increased demand for solar lights redefining the various contours of the sector
- A growing number of industrial electrification projects across the globe transforming the domain
- Development of ingenious circuit breakers redefining the future of the sector
- Rising demand for flow meters helping the landscape scale greater heights
- A significant rise in the revenue share of the sector in Q3 2024
Yerukola Eswara Prasad
Koyel Ghosh
How Have the Top 5 Trends in the Energy and Power Domain Helped Businesses Maximize Their Revenue in Q3 2024?
The growth of the energy and power domain in the past few decades has been quite phenomenal. However, it has been criticized for being one of the largest environmental pollution contributors. Hence, many companies have started transitioning toward renewables such as solar, wind, hydropower, etc., to decarbonize the sector and address the growing energy demand across the globe. The development of innovative technologies that reduce fossil fuel dependence has also gained a lot of popularity in recent years. Additionally, the growing integration of digital technologies across all stages, from energy production to distribution, has significantly shaped the evolving landscape. Apart from these factors, certain trends and developments have influenced the domain in the third quarter of 2024. AMR has published a study wherein all such drivers and opportunities that helped the sector flourish in Q3 2024 have been discussed in detail.
Advancements in packaged substations generating profitable opportunities in the domain
A packaged substation is a type-tested assembly containing distribution transformers, low-voltage panels, medium-voltage switchgear, and outdoor duty enclosures. These solutions are widely used in various applications to protect electrical equipment from voltage fluctuations and abnormal conditions. In the past few decades, the pace of urbanization and industrialization has increased drastically, especially in developing countries such as India, China, Brazil, and Indonesia. To support industrial activities in these regions, governments, and private companies are engaging in power infrastructure development activities. The growing number of such projects has increased the revenue share of the packaged substation industry. Furthermore, the shift toward renewable energy has created favorable conditions for the growth of the landscape. Additionally, heavy investments in public and private transportation have surged the demand for these tools, thereby augmenting the growth rate of the entire domain.
Increased demand for solar lights redefining the various contours of the sector
Over the years, solar lights have become one of the most preferred outdoor lighting solutions. Solar LED lamps generally collect energy from the sun during the daytime using photovoltaic panels and store it in rechargeable batteries for future use. The various advantages offered by these lights, including reliability, easy installation, energy independence, etc., have increased their popularity exponentially. Along with this, affordability has also become an important factor influencing the rise of the solar lights industry. Studies have shown that there has been a drop of nearly 80% in the prices of these LED lamps in the past six years. This, in turn, has positively impacted the industry in the third quarter of 2024. Furthermore, governments, civil societies, and non-profit organizations have introduced subsidies and tax cuts to encourage the adoption of these renewable energy lighting devices, thereby strengthening the sector's growth.
A growing number of industrial electrification projects across the globe transforming the domain
Most of the manufacturing, food processing, and consumer goods industries employ traditional mechanical, pneumatic, or hydraulic systems for different applications. Under industrial electrification projects, these conventional machines and equipment are replaced with advanced electrical and electronic solutions. The huge amount of pollution caused by regular mechanical and pneumatic tools has led to many companies shifting to electrical systems. These advanced machines offer many advantages including energy efficiency, reduced maintenance and repair, higher precision, greater automation, etc. Additionally, electrical solutions can be easily integrated with innovative technologies such as data analytics, AI, and machine learning which has further increased their acceptability and popularity. Furthermore, the growing use of sophisticated electronic products and advanced infotainment systems in modern automobiles has played a major role in the expansion of the industrial electrification landscape.
Development of ingenious circuit breakers redefining the future of the sector
Circuit breakers are safety devices that protect the electrical circuits from excess current flows and voltage fluctuations. These gadgets are extremely essential for high-load appliances and are widely used in commercial, residential, and industrial applications. To improve the safety and efficiency of electrical circuits, companies have proactively invested in advanced circuit breakers. Additionally, trends such as miniaturization and smart technologies have helped develop devices that can track and monitor the performance of the circuit in real time. Also, AI and machine learning are being used in these gadgets to enhance the predictive maintenance capabilities and reduce downtime of the system. The rising adoption of digital twins and emphasis on environmentally friendly designs has created numerous growth opportunities for the industry. All these factors are expected to enable the circuit breakers industry to gather a revenue of $17.8 billion by 2030, thus growing at a CAGR of 6.3% from 2021 to 2030.
Rising demand for flow meters helping the landscape scale greater heights
In the past few years, the demand for flow gauges or meters has increased exponentially from various end-use industries. From wastewater treatment to chemical processing, these sensors are employed to measure the volume or mass of a fluid passing through a pipe. The increasing deployment of these devices in the oil and gas exploration landscape has considerably expanded their applicability. The flow meter industry is predicted to gather a revenue of $17.1 billion by 2033, surging at a CAGR of 5.7% from 2024 to 2033. The advent of multivariable flow gauges and smart sensors is anticipated to play a significant role in the industry’s rise. Many pharmaceutical manufacturing companies use these technologies to ensure precision, hygiene, and quality control in different manufacturing processes. The deployment of flow sensors by food processing companies to maintain strict chemical proportions and ensure compliance with health regulations has enhanced the demand for these innovations.
A significant rise in the revenue share of the sector in Q3 2024
The third quarter of 2024 has turned out to be quite profitable for the energy and power domain. The study by Allied Market Research points out that the rapid pace of urbanization and industrialization across the globe has benefitted the sector hugely. Furthermore, the advent of advanced packaged substations and ingenious circuit breakers has generated new avenues of growth in the sector. Moreover, the rising demand for solar lights and flow meters has helped the landscape flourish in Q3 2024.
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