Industrial Power System Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is anticipated to hold largest revenue share of 33% by 2035, on the back of the rapidly growing industrialization, urbanization, and expansion of the consumer electronics industry in the region. For instance, more than 77 percent of the total population of Malaysia lived in urban areas in 2020, up from about 76 percent in the year 2019. In addition, an increasing number of government initiatives to raise the efficiency of industrial processes are also expected to bolster market growth in the region in the coming years. According to an action plan for energy cooperation, Asia aims to increase the share of renewable sources of energy in its energy combination to 23% by 2025. Furthermore, by early 2020, renewable energy accounted for approximately 40% of China's total installed electric power output and 26% of total power production. It had expanded to 29.4% of the overall power generation by 2021.
North American Market Insights
Moreover, the industrial power system market in North America is projected to grab the largest share during the forecast period ascribing to the growing demand for industrial power supply for delivering power to the strong presence of major market players in the region. Also, as a result of higher expenditures in automotive projects and the emergence of power generation sectors, North America is predicted to be the second-fastest expanding market. According to the Energy Information Administration, natural gas was the primary source of power generation in the United States in 2021, accounting for around 38% of total generation. Natural gas is utilized to create energy in steam turbines and gas turbines. Coal was the second-biggest energy source for US power generation in 2021, accounting for around 22% of total production.
