The global functional safety market size in 2021 was $4,839.2 million, and it is expected to advance at a CAGR of 7.1% during the forecast period, to reach $8,990.6 million by 2030.
The global switchgear market size stood at $93,432.6 million in 2021, and it will grow at a CAGR of 5.9% during 2021–2030.
Factors trending in the global lighting contactor market include the introduction of regulations by governments across the world for promoting energy-efficient lighting systems and the increasing rate of automation for power monitoring in commercial complexes, residential buildings, and government premises.
Shift of exploration projects from conventional oil and gas to shale oil and gas across several regions in the world, involving hydraulic fracking process, which needs a large volume of water to extract oil and gas from shale well. In order to inject water with high pressure into shale well, exploration and production (E&P) companies require high-pressure pumps.
The growing utilization of gas (by residential and commercial installations) over conventional sources of energy, such as oil and fossil fuels, is identified as a major trend in the gas meters market. This shift is likely to open new areas of application for these meters as well as growth opportunities in related services, such as support and logistics, and data management.
Transformer monitoring systems could be used to monitor and diagnose the health of transformers and these systems help the end users to detect and identify failures in transformers that is expected to reduce the repairing costs. Increasing energy demand from developing nations and growing incidences of power outages in developed and developing countries is expected to augment the demand for transformer monitoring systems across the globe, during
The global motor control system market is showcasing significant growth due to increasing level of industrial automation. The industrial segment is the largest end-user for motor control centers, due to large-scale application in various industries. The industrial segment has been further sub segmented into oil and gas, chemicals, mining and metals, cement and utilities. The oil and gas and mining and metals segments are the largest end-users in the industrial