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The Research Report is Updated with 2020 Base Year, 2021 Estimated year and Forecast till 2030 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2020 as base year, 2021 as estimated year and forecast to 2030. This will have market drivers, recovery rate in the market, insights and competitive analysis.
The growth of the global Power Conversion market is driven by rapid growth of the industrial and residential sectors that has generated huge demand for electricity. The average growth rate of energy consumption observed across the globe had almost doubled since 2010 and grew by 2.3% in 2018 according to International Energy Agency (IEA). This can be attributed to the growth in the global economy that is accompanied by rising demand for cooling and heating, due to climate changes taking place across the world. The industrial segment consumed the highest amount of energy around the globe. The consumption of energy by industrial segment for the year 2017 stood at 8945 TWh, as compared to 8699 TWh consumed in 2016. The residential sector consumed about 5775 TWh of energy in 2017 as compared to 5680 TWh consumed in the year 2016. Power consumption by commercial and public services stood at 4637 TWh, whereas transport segment consumed about 364 TWh. Other sectors collectively consumed about 1651 TWh in 2017. In 2018, the CO2 emissions related to energy production had reached 33 Gigatonnes, registering an increase of 1.7%. The Coal power generation plants contributed the maximum amount of emissions which was about 30% of the total energy-related CO2 emissions. This has led to numerous policies and regulations being brought in by regulatory authorities to reduce the levels of carbon emissions. Our report on global Power Conversion market covers energy trends by assessing the overall energy system in the midst of growing level of uncertainties and implementation of renewables, on account of rising demand for clean, sustainable and environment-friendly form of energy generation throughout the globe. The global Power Conversion market is anticipated to achieve a noteworthy Y-O-Y growth rate in 2027 as compared to this year.
Through our report on global Power Conversion market, we have provided an in-depth analysis of market size (both by value and volume) along with segmentation accompanied by quantitative and qualitative analysis to identify future market position over the next 5-6 years. The report provides recent trends and competitive analysis in order to understand market strategies adopted by different manufacturers and lays down notable business opportunities along with growth drivers and challenges that will impact the growth of the market. A multi-dimensional analysis of the Power Conversion market is also carried out by execution of PESTEL and SWOT analysis.
Countries such as China, United States and India collectively account for about 70% of the total energy demand. There has been an increase of 2.3% in the overall energy demand across the globe in the same year, due to change in climatic conditions that is driving the growing need for cooling and heating in some regions of the world. The United States observed the highest demand for oil and gas across the globe in the year 2018, on account of increase in gas consumption by 10% since 2017. China consumed about 5537TWh of power in the year 2017 which was considered to be the highest, as compared to United States which consumed about 3738TWh of power. The global demand for gas grew at a Y-O-Y growth rate of 4.6% since 2010, whereas, demand for oil grew at 1.3%. The consumption of coal observed a 0.7% growth in demand.
The energy sector is undergoing transformation worldwide with contributions from natural gas and renewables impacting the growth of the global Power Conversion market. Moreover, the trading of electricity among the neighbouring countries is becoming common over the last few years. The region of OECD Europe, wherein trade has picked up witnessed growth in electricity imports from 406TWh in the year 2016 to 408TWh in 2017. During the same year, a total contribution of 37.2% was made by four leading electricity consumers namely China, India, Russia and Brazil who were belonging to the non-OECD category. The highest share was recorded by China, which contributed to around 46.7% of the overall power consumption by non-OECD countries. There was a 4.6% increase in the total power consumption by non-OECD countries at 11854TWh as compared to a 0.2% increase in power consumption observed in 2017 being 9518TWh as compared to 2016.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Power Conversion market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Power Conversion market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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