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The lithium iron phosphate batteries market size is expected to grow from an estimated USD 8.3 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 5.0%. Rising demand for electric and hybrid electric vehicles and high requirement of renewable energy storage are driving the lithium iron phosphate batteries industry.

The global switchgear market is projected to reach USD 88.5 billion by 2025 from an estimated USD 67.5 billion in 2020, at a CAGR of 5.5% during the forecast period.

The global lead acid battery market is projected to reach USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the need to integrate renewable energy to the main grid, and the booming data industry promising the installation of several data centers across the globe, which expects the utilization of lead acid batteries for backup power supply.

Hybrid Power Solutions Market is projected to reach USD 4.0 billion in 2028 from USD 2.4 billion in 2023 at a CAGR of 10.4% according to a new report by MarketsandMarkets™. Hybrid power solutions are essential because they provide a reliable and stable energy supply by harnessing the benefits of both renewable sources and conventional energy, ensuring energy security, reducing environmental impact by reduction in carbon emissions, and supporting sustainable development across various sectors.

The global synchronous generator market size is estimated to be USD 4.7 billion in 2023 and is projected to reach USD 5.9 billion by 2028, at a CAGR of 4.6% during the forecast period. Synchronous generators are essential in power plants for generating electricity on a large scale as they provide grid stability, high efficiency, voltage regulations and synchronization with the grid. The new technological advancements in synchronous generators is virtual synchronous generators (VSGs). Virtual synchronous generators (VSGs) are software-based models of synchronous generators that can be used in power systems to provide inertia and stabilize grid frequency. VSGs use advanced control algorithms to emulate the behavior of traditional synchronous generators, which have been used for decades to provide these grid-stabilizing services. However, VSGs are not physical machines and do not require physical components like rotors or stators. Instead, they can be implemented in power converters connected to renewable energy sources, such as wind turbines and solar panels, enabling these sources to contribute to grid stability in a way that was previously only possible with traditional synchronous generators.

Submarine Power Cable Market is expected to reach USD 22.3 billion by 2028 from USD 12.9 billion in 2023 at a CAGR of 11.5% during the 2023-2028 period according to a new report by MarketsandMarkets™. Submarine power cables are essential for maintaining a stable and reliable electrical supply infrastructure by connecting power grids across bodies of water, overcoming natural barriers, and enabling the integration of renewable energy sources like offshore wind farms. They ensure continuous power supply to islands, enhance energy security through redundant pathways, facilit

The global inverter market is expected to grow at a CAGR of 15.7% to USD 33.8 billion by 2027, up from an estimated USD 16.3 billion in 2022. The increasing investments in the renewable energy sector and the rise in the number of solar installations attributed to government led incentives and schemes worldwide fueling demand for inverters to drive the demand for global inverters.

The global power grid system market in subsea is projected to reach USD 14.8 billion by 2027 from an estimated USD 9.1 billion in 2022, at a CAGR of 10.2% during the forecast period. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems. According to industry analysts, new investments worth USD 166 billion are likely to be in offshore wind power projects and USD 1.7 billion in new tax revenue for the US Treasury by 2022 while also supporting 80,000 jobs yearly by 2035. With an increasing number of offshore wind farms and a rising focus on integrating wind-generated energy into electrical power systems, modern control systems are anticipated to be deployed in subsea power grids.

The global lead acid battery market is projected to reach USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the need to integrate renewable energy to the main grid, and the booming data industry promising the installation of several data centers across the globe, which expects the utilization of lead acid batteries for backup power supply.

In recent years, the global demand for sustainable and clean energy solutions to mitigate climate change and reduce reliance on fossil fuels has increased. In this search, hydrogen has emerged as a promising contender for energy storage, with enormous potential to transform how we store and use renewable energy. The hydrogen energy storage market is quickly evolving, driven by major investments, technological improvements, and favourable policies. In this blog article, we will look at the current situation of the hydrogen energy storage sector as well as its future prospects.

The global electric fuse market is projected to reach USD 4.6 billion by 2026 from an estimated USD 3.5 billion in 2021, at a CAGR of 5.8%. This growth can be attributed to factors such as growing investments in renewable and energy storage, increasing investments in T&D infrastructure plans, and revival of investments in the construction sector.

High Voltage Cables and Accessories Market is projected to reach USD 52.5 billion in 2028 from USD 40.0 billion in 2023 at a CAGR of 5.6% according to a new report by MarketsandMarkets™. High voltage cables and accessories are essential as they facilitate the efficient and reliable transfer of electricity from power plants to power utilities, renewables and industries over long distances. It offers insulation and protection to prevent electrical leakage and reduce power losses. Accessories are essential components utilized to establish secure connections and maintain the seamless flow of power, ensuring the integrity of the system.

the Power Grid System Market in Subsea is expected to grow from an estimated USD 9.1 billion in 2022 to USD 14.8 billion in 2027, at a CAGR of 10.2% during the forecast period. Power grid systems in subsea play an important role in the offshore power supply network. Subsea power grid comprise of several components such as cables, transformers, variable speed drives, switchgears, and others used for various applications. The subsea power grid system is gaining traction as oilfield operators are moving toward deep and ultra-deepwater levels for exploring oil and gas reserves. Moreover, offshore wind power is also one of the prominent applications for subsea power grid systems. Favorable government policies for offshore renewable power production, especially using wind energy along with urgent need to reduce carbon emissions and improve grid reliability and efficiency is expected to drive the demand for subsea power grid systems.

According to a research report, the global Sustainable Fuel Market is projected to reach USD 299.9 billion by 2029 from an estimated USD 193.8 billion in 2024, at a CAGR of 9.1% during the forecast period. Globally, stronger environmental regulations and policies need a reduction in carbon emissions. Governments enforce this through carbon price, emissions trading networks, and transportation-specific regulations. These approaches promote the use of sustainable fuels in order to satisfy regulatory responsibilities. Furthermore, governments throughout the world are establishing blending regulations, which mandate a certain percentage of sustainable fuels to be combined with traditional fuels. These regulations drive the market for sustainable fuels by assuring a steady demand. Furthermore, individuals are increasingly selecting environmentally friendly products and services. This shift in customer behavior puts pressure on businesses to adopt sustainable practices, such as the use of renewable energy.

The market was trading higher today but plunged after Federal Reserve's Beige Book renewed concerns of weak economic growth for the foreseeable future.

This growth can be attributed to the growth in electrical network infrastructure, increasing investments in the transmission & distribution infrastructure, increasing demand for reliable and secure power supply, and increasing investments in renewable power generation.

The global power-to-gas market is projected to reach USD 42 million by 2024 from an estimated USD 26 million in 2019, at a CAGR of 10.1% during the forecast period. Effective utilization of renewable energy resources and integrated management of power and gas network are driving the growth of the global industry.

The global electric fuse market is projected to reach USD 4.3 billion by 2023 from an estimated USD 3.5 billion in 2018, at a CAGR of 4.24%. This growth can be attributed to growing investments in renewable and energy storage, increasing investments in T&D infrastructure plans, and revival of investments in construction sector.

The increase in capacity of renewable energy together with the need to reduce carbon emissions has led to a rise in the implementation of power-to-gas technology.

This growth can be attributed to the growth in electrical network infrastructure, increasing investments in the transmission & distribution infrastructure, increasing demand for reliable and secure power supply, and increasing investments in renewable power generation.