Saudi Arabia DG Sets Market Will Reach USD 555.4 Million by 2030

The total revenue of the Saudi Arabia DG sets market will reach USD 555.4 million by 2030, powering at a rate of 3.8% in the years to come. The industry has observed considerable growth, because of the surge in industrial and construction activities along with retail business in the nation.

However, Saudi Arabia imports approximately 70% of the total sales of DG sets per year. This is because of the limited local production of medium and large- diesel generators in the nation.

750–999 kVA capacity gensets held the largest share in the recent past. This will grow at a rate of 4.1% in the years to come. 

This has a lot to do with the quickly increasing hospitality sector of the nation, which is boosted by the expansion of midscale and budget hotels, for example 2-star, 3-star, and 4-star hotels and pilgrim accommodation in the city of Makkah. 

Hence, the requirement for gensets in hotels is snowballing at the highest pace for meeting the power backup.

Furthermore, with regards to volume, the 15–75 kVA category had the largest market share, of around 57%, in 2022. 

This is credited to the versatile applications, low costs, and easy upkeep of 15–75 kVA diesel generators. 

Likewise, the increase in the count of mega projects in Saudi Arabia, for example hotels, educational institutions, residential areas, office spaces, and city expansions, has brought about in a massive surge in the requirement for the solutions of power backup.

The sales of the diesel generators in the industrial sector was the largest, with a  share of around 46%, in the Saudi Arabia DG sets market. The requirement for DG sets in this sector of the country is increasing, as these provide a one-stop solution for power solutions in situations for example power outages, grid failure, and emergencies. 

Also, a number of major infra projects, for instance the Neom, the Amaala, and the Red Sea, being developed under the Vision 2030, are also powering the requirement for diesel generators.

Furthermore, regarding volume, the industrial category will grow significantly in the years to come. This is due to the fact that the government of the nation is focusing on expanding its economy away from the oil & gas industry to the expansions of other industries and the increase in the count of construction projects. 

Therefore, this factor enhances the requirement for the demand for diesel generators in the industrial sector for providing uninterrupted power supply.

The increasing power consumption in Saudi Arabia will drive the demand for DG sets in the years to come, in the country.

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Distributed Control System Market Will Reach USD 29,261 Million by 2030

 As per a report by P&S Intelligence, the distributed control system market generated a value of USD 18,780 million in 2022, and it will reach USD 29,261 million, propelling at a 5.7% compound annual growth rate, by 2030.

The growth in the industry is credited to the increasing adoption of IoT, clean energy, smart applications, and energy-efficient technologies, as well as rapid economic development.

In 2022, the batch-oriented process category accounted for the largest revenue of the industry, generating USD 11,455 million, and it will maintain its position in the years to come. This process is usually used when the production volume is low but the requirement for excellent quality is a main concern, or when the products are made in sets. 

Based on application, in 2022, the oil & gas category held the largest distributed control system market revenue share, at around 21%, and it will maintain its position in the years to come.

Moreover, the chemicals category will advance at a significant rate in the years to come. This is mainly credited to the fact that chemical companies are implementing advanced distributed control systems to enhance their product safety, efficiency, cost-effectiveness, and reliability, as well as to lessen human errors. 

Based on end-use, in 2022, the APAC distributed control system industry accounted for the largest share, at 34%, and it will remain dominant in the years to come. This is attributed to the increasing industrial infrastructure, mounting adoption of nuclear and other forms of renewable energy, and the rising power generation in the region. 

Moreover, the regional industry will advance in India, China, and other regional nations due to the continuing technological inventions and power generation projects. Additionally, the regional industry is also advancing rapidly owing to rapid urbanization, financial growth, and automation.

The distributed control system industry in China is advancing because the government is concentrating on lessening carbon emissions and support for clean energy projects. 

Additionally, industrial automation is one of the biggest trends in APAC because of the mounting costs of manufacturing and the growing requirement for high-quality products. The distributed control system can help in decreasing the wages of the labor and the overall manpower requirement.

North America will hold a considerable share and advance at a significant rate in the years to come. This is mainly attributed to the rapidly advancing natural gas industry in the region. 

It is because of the rapid economic development and growing implementation of the IoT, energy efficiency technologies, smart applications, and clean energy, the global distributed control system industry will continue to advance in the years to come.

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Customer Data Platform Market To Power at a Rate of 33.70%

The customer data platform market will reach USD 48,559 million by 2030, powering at a rate 33.70% in the years to come. 

The prime factors powering the industry are the increasing digitalization rate and urbanization, snowballing income, evolving telecom & IT sector, and growing funding by public and private sectors for improving marketing capabilities.

Cloud will grow faster in the years to come, with a rate of 33.9%. This is because cloud-based software is easy to handle, more scalable, affordable, and can be quickly integrated with AI and ML. 

Moreover, these kinds of technology breaks data silos at speed with automatic transfers of data, drives predictive engagements faster with combined AI/ML, augments consumer info with diverse public datasets, and democratizes the access to insights.

BSFI had a substantial share of revenue in 2022. This is as a result of the growing use of CDPs for handling customers’ info for more than a few purposes, for example engagement, retention, and personalized recommendations. 

Moreover, the requirement for these platforms is powered by the mounting dependence of the BFSI industry on the computer technology for marketing to a specific consumer base.

The travel & hospitality sector will grow the fastest in the years to come, for about 34%. This has a lot to do with the increasing need for enhanced customer experience, on the basis of which companies are frequently judged; retaining customers, and comforting repeat dealings. 

Furthermore, it is essential for businesses to guarantee loyalty of the customers, for which decent travel experiences are compulsory; this can be done through this kind of platforms.

The platform category had the larger revenue in 2022, and it will continue to dominate in the future. This will be because of the increasing requirement for immediate and personalized analysis of data. 

Furthermore, CDPs offer understandings about the user choices, therefore helping businesses in appealing to them and developing an appropriate plan for boosting consumer experience. 

Moreover, the most of the CDP solution vendors offer a platform or software package combining customer info from numerous channels, for example POS, ecommerce, email signups, and registrations of product, into a combined database, for providing a 360- degree customer view.

North America customer data platform market was dominant with a share of 46% in 2022, and it will maintain its position in the years to come as well, as stated by P&S Intelligence. 

This is as a result of the occurrence of pure-play vendors and providers of CDP as a sub-product, recognized IT infra, and high acceptance rate of cutting-edge technologies. 

It is because of the requirement for analyzing the behavior of customers, the need for customer data platforms will continue to increase.

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The Demand for Pressure Vessels Will Reach USD 68.2 Billion by 2030

 The pressure vessel market will touch USD 68.2 billion by 2030, propelling at a rate of 4.60% in the years to come. This is because of the increasing global thermal energy requirement, growing chemical manufacturing, and budding need for clean energy all over the world.

Steel alloys will grow the fastest at a rate of about 6%, by the end of this decade. One of the common alloys of steel is chromium. Chromium, a key constituent of stainless steel, has a steadying effect and brings about greater production of carbide, turning the alloy steel stronger and tougher. 

Steel is also considerably more receptive to heat treatment and significantly more resistant to corrosion, as a result of the existence of chromium.

The power category had a considerable share of revenue in the recent past. The requirement for pressure vessels in the power industry has a lot to do with their ability of capturing dangerous gases. 

Moreover, extra gas requires to be kept at oil refineries and metalworks. Reactor pressure vessels are exclusive pressure vessels employed in the industry of nuclear power. 

The most damaging pressure boundary in a nuclear power plant is the RPV, a pressure vessel containing the coolant of the nuclear reactor, reactor core, and core shroud needs high reliability to stand high pressures, high temperatures and neutron irradiation.

Chemicals are essential for clothes, healthcare, food, comfort, and ease in daily life. The chemical sector is also an essential part of the economic landscape of the world. Chemicals are put to use in approximately 96% of all manufactured goods, and they can’t be substituted with other materials. 

In excess of 80% of chemicals are sold to other companies and through a number of transformations in diverse value chains before they are taken into use by the final consumers.

It is stated by a market research professional at P&S Intelligence, APAC pressure vessel market played the dominant part with a share, of 38%, in 2022, and the situation will remain the same by the end of this decade as well. This is mainly because of the increasing chemical and power industries in the whole of the region.

Additionally, the region is driven by the growing requirement for power. For example, the growth rate of India's power requirement will roughly double in about half a decade. 

As per the plan, India would surge its capacity of power generation by 165.3 gigawatts in the span of 5 years ending in March 2027, with bulk of this capacity obtained from the renewable energy sources.

With the growing requirement for thermal energy, all over the world, the requirement for pressure vessel will grow considerably in the years to come.

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APAC Is Dominating Medium Voltage Protection Relay Market

As per a report by P&S Intelligence, the global medium voltage protection relay market generated a value of USD 1,337.0 million in 2022, and it will grow at a 7.5% CAGR, to touch USD 2,971.4 million, by 2030. This can be credited to the rise in the requirement for electricity supply, fast industrialization and urbanization, the growth of smart grids, and the electrification of railway infrastructure.

The requirement of both advanced and emerging countries on fossil fuels for power requirement has been reliably high throughout. However, the utilization of fossil fuels primes to the release of a huge quantity of GHG into the environment. As per the U.S. Environmental Protection Agency (EPA), there has been over 90% upsurge in carbon release levels as compared to the 1970s.

Furthermore, credited to the abundant and environmental nature of renewable power sources, including wind and sun, knowledge about their use has been on the surge. Furthermore, according to a statement by the International Energy Agency (IEA), renewables are projected to account for nearly 90% of the worldwide electricity capacity growth in the coming few years.

China and European nations run huge freight throughout their electrified rail. In Europe, 60% of the rail network is electrified, and around 80% of traffic runs on electric lines. Also, in China, over 70% of the rail arrangement has been electrified.

Furthermore, in India, the government is targeting 100% electrification of the railway system, to decrease their dependency on fuel imports. As of February 2023, around 80% of India’s routes have been electrified. 

Electrification will prime to a surge in the requirement for numerous electrical arrangements, like conductors, transformers, insulators, and, subsequently, protection relays to stop harm to the broadcast and distribution setups.

In the coming few years, the secondary substation category is projected to advance at a higher development rate. This is mainly due to secondary substations being intended for maintaining the interconnectedness between medium- and low-voltage transmission devices, which is why they need a huge count of medium-voltage protection relays.

In 2022, APAC dominated the medium voltage protection relay market with a 41.3%, revenue share, and the region is projected to be dominant throughout the forecast period. This can be credited to the growing need for electricity supply in the region, particularly in emerging nations, like India and China. 

The requirement for power supply has continuously been growing over the years. For example, in 2022, electricity needs in the region augmented by around 3.4%.

Hence, the rise in the requirement for electricity supply, fast industrialization, and urbanization, the growth of smart grids, and the electrification of railway infrastructure are the major factors contributing to the growth of the medium voltage protection relay market.

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Perforating Gun Market Will Touch USD 1,733 Million by 2030

 As per a report by P&S Intelligence, the perforating gun market generated a value of USD 1,112 million in 2022, and it will advance at a 5.70% CAGR, to touch USD 1,733 million, by 2030. 

The growth of the industry is mainly due to the increasing oil and gas profits and earnings, growing average well depth over time, increasing activities of E&P, rising shale gas exploration, and the mounting complexity of reservoir conditions. 

The petroleum industry has witnessed a rapid change in the modes, materials, and methods used for production and distribution. There is a growing requirement for alternate resources that can efficiently justify the mounting demand for energy because of the development of traditional reservoirs. 

The North American perforating gun industry will advance at a rate of approximately 6% in the years to come. This is credited to the existence of numerous industry players and rigs and the increasing requirement for oil and gas, which has resulted in a surge in drilling activities in the region. 

In 2022, the LATAM industry generated a significant revenue share in the global perforating gun industry. This is credited to the high oil and gas production rate. Moreover, the growing shale industry in LATAM will boost the number of providers offering oilfield services in the industry. 

The horizontal well category accounted for a larger revenue share, at approximately 63%. This is mainly credited to the improved production capabilities of horizontal wells.

Furthermore, this type of drilling rises contacts with the pay zone and encourages enhanced production. Therefore, in the years to come, a rising focus on unconventional reserves is expected to be a key driving factor in the growth of the industry.

Additionally, the requirement for horizontal drilling activity is increasing in offshore locations, because of a rising multilateral wells trend, along with forthcoming projects of horizontal wells, which is driving the global requirement.

Countries such as Argentina, China, and Mexico have started to investigate the commercial possibility of their shale reserves. Thus, the industry will experience a large demand. 

In 2022, the tubing conveyed perforation systems dominated the perforating gun market, with a share of over 30%. This is attributed to their high operational efficiency and flexibility. Furthermore, the requirement for guns for these systems is increasing due to the extensive adoption of tube-conveyed perforating approaches for underbalanced wells in deviated and vertical applications.

It is because of the discovery of new oil and gas reserves, the reperforation of old wells, and the advancement of technology in perforating gun systems, the global perforating gun industry will continue to grow in the years to come.

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APAC Emerges as the Leader of the Shore Power Market

 The shore power market will advance at a double-digit rate in the years to come, to touch USD 3,932 million by 2030. This is mainly because of the increasing demand for curtailing carbon emissions and noise pollution from all over the world. 

Furthermore, installations of shore power systems are needed at a larger scale since they are highly-efficient and are extensively put to use for generation of electricity and desalination.

New installation held the major share, because of its growing requirement with upgraded infra and strict regulations regarding environment in numerous countries. 

Furthermore, for receiving energy from a local grid or an external source, ships are needed to be appropriately equipped. This orders for the effective shore power implementation. 

Likewise, the ships are needed to be retrofitted with precise electrical apparatus, for example connectors, wiring, switchgear, and transformers, while most new ships are now designed and built with this equipment as an essential part of the architecture of their electrical system.

The retrofit installation is quickly getting popular, as a result of the progressions in tools and technologies. 

Essentially, in retrofitting, shipowners can modify the prevailing vessels and develop them into sustainable ones, abiding by the new safety and environmental regulations implemented worldwide. The advances in tools and technologies have improved the requirement for retrofit installations, powering the industry.

The use of onshore electricity saves money by decreasing the gasoline consumption for powering boats and yachts while in port. 

Furthermore, it plays a vital role in reducing GHG emissions while docked produced by secondary diesel engines. Therefore, governments of numerous countries are putting money in this maritime energy technology for lowering GHG emissions, and it will fuel the growth of the industry in the years to come.

APAC leads the way in the shore power market, and this situation will continue in the future as well, with USD 1,415 million by the end of this decade as per a report by P&S Intelligence. This is because of the presence of some of the largest and busiest ports and the rising usage of such systems.

China leads the regional market, and it will power at a rate of more than 13% in the near future. This is because of the growing count of terminals at ports and the increasing investments for improving the marine infra. 

Since, January 2019, the country has directed new domestic vessels to be fortified for shoreside electricity and imposed 0.5% sulfur ECAs.

The increasing amount of noise and air pollution, resulting from port operations has a positive impact on the demand for shore power in the entire world

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