Distribution transformer market is anticipated to grow at a CAGR of 10.7% during the forecast period (2024-2031). The rising use of renewable energy sources, the need for advanced transformers for wind, solar, and hydropower technologies, policies that encourage rural electrification and the integration of renewable energy sources, and the expansion of power transmission and distribution networks is driving the market's growth. According to the International Energy Agency (IEA), 2024, energy consumption grew by 2.2% in 2024 globally, slower than the 2.4% growth observed in 2022. In 2023, China, India, and many countries in Southeast Asia experienced a sharp increase in demand for power.
Surge arrester market is anticipated to grow at a CAGR of 4.8% during the forecast period (2023-2030). A surge arrester is a protective device used for mitigating voltage surges in electrical systems. Its core function is to redirect excess electrical energy, safeguarding sensitive equipment from potential damage. Key advantages of using surge arresters include efficient voltage absorption and dissipation, ensuring the reliability of connected devices.
Warehouse execution system market is anticipated to grow at a significant CAGR of 12.8% during the forecast period (2023-2030). Warehouse execution system is a software application that manages the processes of receiving, storing, picking, packing, and shipping goods in a warehouse. WESs are used by warehouses of all sizes, from small retail stores to large distribution centers. In October 2023, GXO Logistics announced its deployment of a new end-to-end supply chain software solution to support its shared warehousing service GXO Direct.
Smart utilities management market is anticipated to grow at a considerable CAGR of 18.5% during the forecast period. Advancement of digital technologies presents a transformational opportunity for the utilities sector. Innovations already used in many other industries, such as decentralized production, real-time analytics pulled from big data, sensor networks, and mobile computing, are changing the contours and competitive balance of utilities. Traditional utility models are getting disrupted.
The global energy retrofit market is anticipated to grow at a significant CAGR of 4.9% during the forecast period. The increase in awareness and demand for renewable energy will boost the growth of the market.
The global power plant control system market is anticipated to grow at a CAGR of 5.4% during the forecast period. The power plant control systems enable the power plant operators to effectively manage the overall operations within the production plant.
The DC distribution network system is highly efficient, fast responsive and has better capacity to carry current as compared to AC distribution network. This DC distribution network conveys natural interface between several types of renewable energy sources.
The global cryogenic equipment market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2021-2027). The significant rise in the trade of liquid natural gas (LNG) owing to increasing usage of LNG by the countries to phase out the non-renewable source of energy high cost of anticipated to drive the growth of cryogenic equipment market.
The global E-Fuel Market is anticipated to grow at a CAGR of around 22.8% during the forecast period. E-fuels are in the form of synthetic fuels that are generally produced by storing electrical energy from renewable sources.