In 2023, China accounted for almost 85 percent of the global photovoltaic (PV) module production. The country representing the second-largest share of PV production was Vietnam, accounting for just 3.4 percent. Global trends in solar energy Solar is one of the fastest-growing energy technologies in the global market, as the average cost of using solar PV has decreased over the years. Recent years have seen impressive annual growth in the global production volumes of solar modules. At the same time, the average installed cost for solar photovoltaics has consistently decreased every year since 2010. Investments in solar photovoltaic energy worldwide have grown rapidly in the last few years. China dominates the solar industry In addition to dominating the PV module production market, China is also the global leader in installed PV capacity. What’s more, most of the leading solar companies worldwide headquartered in China.

As of 2024, China had an installed wind power capacity of 521 gigawatts. The country experienced a more than threefold increase since 2014, when as little as 90 gigawatts of wind power were connected to the national grid. Wind has seen the greatest year-on-year power generation capacity growth in China. China - number one in wind energy The large investments in wind energy are paying off, and China has emerged as the global leader in installed wind power capacity. Supported by the government through subsidies and ambitious growth targets, the Chinese wind energy has constructed wind farms throughout the countries, which contribute significantly to the country’s energy mix. With a share of over 30 percent of global CO2 emissions, China is an important player in the green energy transition. On the land and on the water China has a vast landmass and an extensive coastline, providing ideal conditions for onshore and offshore wind farms. Inland provinces like Inner Mongolia or Xinjiang, which have level terrain with minimal topographic relief, have the highest onshore wind power capacity in the country. Similarly, provinces along China’s eastern seaboard, such as Jiangsu and Guangdong, host the largest offshore wind farms. According to public data, the Chinese wind energy industry is working on further expanding the wind power capacity on the land and on the water.

The size of the China Solar Photovoltaic Market was valued at USD 0.49 thousand gigawatts in 2023 and is projected to reach USD 3.97 thousand gigawatts by 2032, with an expected CAGR of 26.09% during the forecast period. The Chinese solar photovoltaic market is the renewable energy market leader, driven by the needs to reduce emissions and increase the share of clean energy. This is a huge market consisting of solar farms, rooftop installations, and supply chain to residential, commercial, and utility-scale applications alike. These include monocrystalline and polycrystalline panels; innovation never stops, improving their efficiency. This industry increases renewable energy capacity, reduces dependence on fossil fuel, and provides green jobs. Among the benefits are cost reductions, improvement in energy security, and, last of all, helping China lead the world into new energy sustainability. Recent developments include: January 2023: China Three Gorges (CTG) announced the commencement of construction for the 16 GW solar, wind, and coal project. The company added that the installation would eventually include 8 GW of solar power capacity, 4 GW of wind power, and 4 GW of coal-fired generation, in addition to energy storage., August 2022: The Chinese government announced a new 120 MW solar installation spread across 11 rooftops in China’s Jiangxi province, which is expected to be the world’s largest single-capacity, building-integrated PV project. The project consists of 11 sub-installations covering a total rooftop space of roughly 665,000 square meters in an industrial park. The project uses the CITIC Bo BIPV-Zhiro solution and is expected to generate around 120 GWh of solar energy annually. Source: https://www.mordorintelligence.com/industry-reports/Asia-Pacific-rooftop-solar-market.. Key drivers for this market are: 4., Supportive Government Policies. Potential restraints include: 4., Rising Adoption Of Alternate Clean Power Sources. Notable trends are: Ground Mounted to Dominate the Market.

The leading countries for installed renewable energy in 2024 were China, the United States, and Brazil. China was the leader in renewable energy installations, with a capacity of around 1,827 gigawatts. The U.S., in second place, had a capacity of around 428 gigawatts. Renewable energy is an important step in addressing climate change and mitigating the consequences of this phenomenon. Renewable energy capacity and productionRenewable power capacity is defined as the maximum generating capacity of installations that use renewable sources to generate electricity. The share of renewable energy in the world’s power production has increased in recent years, surpassing 30 percent in 2023. Renewable energy consumption varies from country to country. The leading countries for renewable energy consumption are China, the United States, and Canada.Renewable energy sourcesThere are various sources of renewable energy used globally, including bioenergy, solar energy, hydropower, and wind energy, to name a few. Globally, China and Brazil are the top two countries in terms of generating the most energy through hydropower. Regarding solar power, China, the United States, and Japan boast the highest installed capacities worldwide.

The cumulative capacity of installed wind power worldwide amounted to approximately 1,136 gigawatts in 2024. Onshore wind power accounted for the majority of total wind power capacity, at more than 1,000 gigawatts that year. Which country has the largest wind market? The largest wind power market in the world is China, with a capacity of over 560 gigawatts of wind power installed as of the end of 2024. China’s wind potential is remarkable due to a large land mass as well as a long coastline. China has set ambitious goals for adding offshore wind capacity, and offshore development has progressed quickly in the last years. Future of renewables Emerging markets such as those in Latin America and Southeast Asia are expected to drive the upcoming wind development market. Additional government support and policies will allow for faster market growth in these regions. Global wind energy generation as a share of total generation continues to grow as technologies become more cost-effective.

China has the highest installed capacity of coal power plants in the world. As of July 2024, it operated coal plants with a combined capacity of 1,147.23 gigawatts. This was more than five times the operational capacity of coal plants in the United States, which ranked third. China's carbon dioxide emissions from coal combustion surpassed 8.2 billion metric tons in 2022 - roughly 70 percent of the country's total emissions. Coal power plant pipeline While coal use has come under harsh scrutiny over its highly polluting nature, the industry has continued investing in new coal-fired generation plants. The global installed coal power generation capacity is projected to remain at around 2.3 terawatts over the coming decades. Worldwide, about 204 gigawatts of new coal capacity was under construction in 2023, with a further 353 gigawatts in various stages of planning. However, the capacity of the coal plant pipeline has decreased over the last few years. These announced coal power plants around the world were primarily to serve the growth in coal demand from new power plants in India and China.

Snapshot img

Solar Panels Market Size 2025-2029

The solar panels market size is forecast to increase by USD 60.1 billion at a CAGR of 8.2% between 2024 and 2029.

The renewable energy market is witnessing significant growth due to increasing investments in this sector. One of the key technologies driving this trend is solar power, with advancements in photovoltaic (PV) systems and PV panels using polysilicon and thin-film technology. However, the intermittent nature of solar power poses a challenge, which is being addressed through energy storage solutions. Floating solar panels are also gaining popularity as they offer space efficiency and reduced land usage. Coal, a traditional energy source, is facing increasing competition from renewable energy. Thermal energy, another renewable energy source, is also growing in popularity. Overall, the market is expected to continue its growth trajectory, driven by technological advancements and the need for sustainable energy solutions.

What will be the Size of the Market During the Forecast Period?

Request Free Sample

The market, also known as the photovoltaic (PV) panels industry, is experiencing significant growth as the global shift towards renewable energy sources continues. Solar energy, derived from the Earth's sunlight, is a clean and sustainable alternative to traditional energy sources like oil and coal. The market's expansion is driven by increasing environmental concerns, stringent emission standards, and government incentives, including tax breaks and rebates. Silver and polysilicon are essential components in the production of solar panels. The market's size is substantial, with numerous solar powerhouses investing heavily in research and development to improve efficiency and reduce costs. The use of PV panels for generating electrical energy from solar power has gained immense popularity due to their environmental benefits and potential for long-term savings.
The Renewable Energy Directive and other similar initiatives worldwide are further fueling the market's growth. As the world's energy needs continue to rise, the market is poised to play a crucial role in meeting these needs while reducing the environmental impact of energy production. The industry's future looks bright, with investments pouring in from various sectors and a strong commitment from governments and corporations to a cleaner, more sustainable energy future.

How is this Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Power utilities
  Commercial
  Residential


Type

  Crystalline panel
  Thin-film panel


Connectivity

  On-grid
  Off-grid


Technology

  Solar PV
  Concentrated solar power (CSP)


Geography

  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France
    Italy


  North America

    Canada
    US


  Middle East and Africa



  South America

By End-user Insights

The power utilities segment is estimated to witness significant growth during the forecast period. The industry experienced significant growth in the utility segment in 2024, driven by the increasing installation of large-scale solar power plants to produce renewable energy and decrease carbon emissions. According to the International Energy Agency (IEA), utility-scale solar energy generation has seen substantial expansion. In 2024, global renewable capacity additions are projected to reach new records, with solar photovoltaics (PV) contributing around 80% to the growth in renewable electricity capacity. Major contributors to the utility segment in 2024 include China, the US, Germany, Japan, and India. For instance, China installed 277 GW of solar power capacity in 2024, as reported by the National Energy Administration (NEA).

Get a glance at the market report of share of various segments Request Free Sample

The power utilities segment was valued at USD 49.20 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The industry is experiencing significant growth due to increasing environmental concerns, escalating energy demands, and supportive government regulations. Solar PV, including Polycrystalline and Monocrystalline panels, is a key contributor to this market. China, India, and Japan are major players, with China leading in annual installed capacity. APAC has witnessed notable growth in the solar systems market, with China surpassing the US in solar

According to Cognitive Market Research, the global Industrial Gears market size will be USD 26514.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 10605.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 7954.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 6098.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1325.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 530.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Planetary is the fastest-growing segment of the Industrial Gears industry

Market Dynamics of Industrial Gears Market

Key Drivers for Industrial Gears Market

Expansion of Manufacturing and Construction Industries to Boost Market Growth

The manufacturing and construction sectors play a vital role in driving the growth of the industrial gears market. As urbanization and infrastructure development increase, particularly in emerging economies, there is a growing demand for construction machinery, material handling equipment, and manufacturing tools, all of which rely on gears. Since the last quarter of 2021, global manufacturing output has consistently shown a year-over-year growth rate of 3 to 4 percent. According to the World Manufacturing Production report for the third quarter of 2022, manufacturing production in Asia and Oceania grew by 4.4 percent, largely due to the manufacturing activity in China, which experienced a production increase of 4.5 percent, rebounding from a weaker 2.7 percent growth recorded in the previous quarter. The resurgence of manufacturing activities following the pandemic, combined with government initiatives aimed at enhancing infrastructure development, is further driving the demand for industrial gears.

Rising Demand from Renewable Energy Sector to Drive Market Growth

The shift towards renewable energy sources, including wind and solar power, is generating new opportunities for the industrial gears market. According to the International Energy Agency (IEA), renewables are expected to become the largest source of global electricity generation by early 2025, surpassing coal. Their share of the energy mix is projected to increase by 10 percentage points during the forecast period, reaching 38% by 2027. From 2022 to 2027, renewables are anticipated to grow by nearly 2,400 GW, which is equivalent to the total installed power capacity of China today. This marks an 85% acceleration compared to the previous five years and is nearly 30% higher than the forecast from last year's report, representing the largest upward revision ever recorded. During the 2022-2027 period, over 570 GW of new onshore wind capacity is expected to become operational. Wind turbines, for instance, depend significantly on gear systems to convert wind energy into electrical energy. The increasing global investment in renewable energy infrastructure is driving demand for specialized gears designed for high-load and variable-speed applications, further expanding the market.

Restraint Factor for the Industrial Gears Market

High Initial Costs and Complexity of Manufacturing Processes Will Limit Market Growth

The manufacturing of industrial gears involves significant capital investment in machinery, technology, and skilled labor. The costs associated with research and development, prototyping, and production processes can be substantial, especially for high-precision gears. This high initial investment can deter smaller companies from entering the market, limiting competition and innovation. The production of industrial gears requires advanced technology and specialized processes, including precision machining and heat treatment. These complex manufacturing requirements can lead to longer production times and increased operational costs. Ad...

This statistic shows the distribution of the installed wind energy capacity globally in 2015, by major countries. That year, China held a share of approximately 39.7 percent of the global installed wind power capacity. China lead in the manufacture and deployment of wind turbines in 2015.

Wind energy – additional information The term wind energy or wind power describes the process of using wind to generate mechanical power or electricity. Electricity from wind turbines is fed into a utility grid and distributed to customers. Wind power is a technology based on renewable resources that has minimal undesired environmental impacts like those from fossil fuels or nuclear energy. Alternative fuels are considered to be clean sources as they produce significantly less greenhouse gas emissions during their operations. Energy produced from wind generates no direct greenhouse gas and is therefore, considered an environmentally friendly alternative. Other well-known alternative fuels include biomass, solar electricity or hydropower.

Wind power is currently considered one of the fastest growing sources of electricity production in the world. The newly installed wind power capacity throughout the world reached approximately 63 gigawatts in 2015. The wind power industry is basically comprised of two segments: onshore and offshore wind power. Land- based wind energy is currently one of the most affordable renewable energy sources worldwide. According to the Citigroup holding company, onshore wind installations are expected to reach approximately 60 gigawatts around the world by 2020. Compared to land-based wind energy, offshore wind energy refers to the energy generated by wind turbines deployed in the ocean. Globally, new offshore wind capacity installations totaled 1,589 megawatts in 2014. Despite the environmental benefits from wind power energy generations, wind turbines have been criticized for their appearance as they tend to be more spread out and impact a large area.

The Mechanical Energy Storage Market is projected to grow from USD 35.33 billion in 2025 to USD 92.45 billion by 2033, at a CAGR of 12.01% during the forecast period. The market is driven by factors such as the increasing demand for uninterrupted power supply, the rising penetration of renewable energy sources, and the growing awareness of the need for energy efficiency. Pumped hydro storage (PHS) is the most mature and widely adopted mechanical energy storage technology, accounting for over 90% of the global installed capacity. However, compressed air energy storage (CAES) is expected to witness significant growth in the coming years, due to its advantages such as lower capital costs and higher efficiency. Geographically, Asia-Pacific is expected to dominate the market during the forecast period, followed by North America and Europe. Key players in the market include Voith GmbH, Sulzer Ltd., DeWalt, Ingersoll Rand, Hitachi, Ltd., Porter-Cable, Kirloskar Pneumatic Co Ltd., Atlas Copco AB, Active Power Inc., Beacon Power, Powerthru, and Schwungrad Energie Limited. Recent developments include: PSPCL is going to buy green energy from KAMMA Gear Flywheel Green Power Generation Company in July 2023. This perpetual power’s novelty stems from its flywheel system that depends on a pulse mechanism., In June 2023, Key Energy installed a three-phase flywheel mechanical energy storage system at Sawyers Valley property east of Pert with an 8 kW/32 kWh capacity., May 2022: The proprietary zinc-ion batteries developed by Salient Energy as an alternative to lithium-ion batteries in residential energy storage have formed a partnership with Horton World Solutions (HWS), a sustainable homebuilder that has the best-in-class construction time and enables best-in-class energy efficiency through its proprietary composite framing system., A pumped hydro storage plant that has been built in Western Australia and is expected to commence commercial operation by mid-2023 was launched in April 2022. These dams store water for use as pumped hydro energy storage (PHES) projects during this time, with an aggregated capacity of 30MWh and peak output of 1.5MW each. They are projected to increase MEADs in Asia-Pacific markets, boosting global mechanical energy storage systems and promoting growth within this area., February 2022: FIMER, together with Vega Solar, furnished Albania with fourteen PVS-100 inverters of the three-phase string type., The Power Construction Corporation of China (Power China) disclosed in January 2022 that it will construct over than two hundred pumped hydro projects by 2025, aggregating cumulative power of approximately twenty-seven gigawatts (27GW)., By October 2021, Government of India received Expressions of Interest (EOI) for installation “# battery storage” pilot project amounting to 1000MW., Also, in 2021, China announced that non-pumped hydro energy storage is supposed to reach at least 30 GW by 2025 and 100 GW by 2030. These policy measures have been followed by the recent adoption of time-of-use power tariffs, which widen the gap between peak and out-of-peak power prices, thereby driving a boom in battery storage applications., In June 2020, Siemens Energy entered into a long-term partnership with EnergyNest, a start-up supplier of energy storage systems, to provide thermal energy storage systems for industrial users.. Notable trends are: Growing public and private investment to boost the market growth.

From 2010 to 2022, global hydroelectric energy production experienced substantial growth, reaching approximately 4.47 petawatt hours in 2022. Hydropower is one of the most widely used and reliable sources of renewable energy, utilizing mechanical structures, such as dams and watermills, to harness energy from the moving water. By 2023, the installed capacity of renewable power worldwide had surpassed four terawatts, with about 1.24 terawatts of this capacity derived from hydropower. Major players in the global hydropower sector China dominates the global hydropower sector, with an installed capacity of 421.45 gigawatts as of 2023. In 2022 alone, China added 13 gigawatts to its hydropower capacity. Brazil and the United States follow with 109.9 gigawatts and 102.12 gigawatts of installed capacity, respectively in 2023. These countries are also among the largest consumers of hydropower, with China consuming 11.46 exajoules, Brazil four exajoules, Canada 3.41 exajoules, and the United States 2.21 exajoules. Employment in the hydropower sector is similarly heavily concentrated in China, accounting for approximately 35.3 percent of the global workforce in this industry. Economic outlook and challenges The global hydropower market is expected to continue growing, with a compound annual growth rate (CAGR) of 5.1 percent projected between 2022 and 2030. This growth trajectory would see the market value increase from 219 billion U.S. dollars in 2021 to an estimated 342.5 billion U.S. dollars by 2030. Despite the many benefits of hydropower, there are notable drawbacks. The construction of hydropower plants can cause significant environmental disruption, including the displacement of communities and wildlife habitats, alteration of water flow, and impacts on local ecosystems. Additionally, the high initial costs of building hydropower plants and their dependence on geographical and climatic conditions presents further challenges.

China was by far the leading country worldwide based on cumulative solar photovoltaic capacity in 2023, accounting for some 40 percent of the world’s total cumulative installed solar PV capacity. The United States followed, with 11 percent of the cumulative PV capacity worldwide.

Photovoltaic POE Film Market Outlook

The global market size for Photovoltaic POE Film was valued at USD 1.2 billion in 2023 and is projected to reach USD 3.8 billion by 2032, growing at a CAGR of 13.8% over the forecast period. This substantial growth is driven by the increasing investments in renewable energy and the rising demand for high-performance encapsulant materials in solar modules.

One of the primary growth factors for the Photovoltaic POE Film market is the growing emphasis on sustainable energy solutions worldwide. Governments and private entities are increasingly investing in renewable energy sources to combat climate change and reduce carbon footprints. These investments are triggering a surge in demand for solar energy solutions, thereby boosting the market for photovoltaic POE films. The POE film's superior properties, such as high electrical insulation, low water absorption, and excellent resistance to potential-induced degradation (PID), make it a preferred choice in the solar industry.

Technological advancements and innovations in photovoltaic technology are also contributing significantly to the market's growth. Continuous R&D efforts aimed at enhancing the efficiency and durability of solar modules have led to the development of advanced POE films. These films offer better thermal stability and mechanical properties compared to traditional EVA films, which are becoming increasingly obsolete. The emergence of bifacial solar panels, which can generate power from both sides, further underscores the need for advanced encapsulant materials like POE films.

Moreover, the declining costs of solar panels and related components are accelerating the adoption of solar energy systems. As the cost of solar technology continues to decrease, it becomes more accessible to a broader audience, including residential, commercial, and industrial sectors. This cost reduction is largely attributed to economies of scale, technological progress, and increased manufacturing efficiencies, all of which drive the demand for high-quality encapsulants like POE films to ensure the longevity and performance of solar modules.

Regionally, the Asia Pacific region dominates the Photovoltaic POE Film market, accounting for the largest share in terms of revenue and installed capacity. The rapid industrialization, urbanization, and supportive government policies in countries like China, India, and Japan are key factors driving market growth in this region. North America and Europe are also significant markets, driven by strong governmental support and high adoption of solar technologies in residential and commercial sectors. However, the Middle East & Africa and Latin America are emerging markets with high growth potential due to their abundant solar resources and increasing investments in renewable energy infrastructure.

Type Analysis

The segmentation based on type in the Photovoltaic POE Film market includes Transparent, White, and Black films. Transparent POE films hold a significant share in the market due to their high light transmittance and excellent mechanical properties. These films are particularly preferred in applications where maximum light penetration is required to enhance the efficiency of solar modules. The transparent films' superior UV resistance and long-term performance make them ideal for use in various climatic conditions, further boosting their demand.

White POE films are gaining traction due to their ability to improve the power output and efficiency of solar panels. The white films reflect more light back into the solar cells, thereby enhancing the overall energy yield of the panels. This type of film is particularly useful in regions with high solar irradiance, where maximizing energy capture is crucial. The ongoing research and development efforts aimed at improving the reflectivity and durability of white POE films are expected to further drive their market growth.

Black POE films, although a smaller segment compared to transparent and white films, are used in specific applications where aesthetic considerations are important. These films offer excellent UV stability and weather resistance, making them suitable for architectural and building-integrated photovoltaic (BIPV) applications. The demand for black POE films is likely to grow in urban areas where the integration of solar panels into building facades and rooftops is becoming increasingly popular.

The overall market for various types of POE films is characterized by continuous innovation and th

China added approximately 79.8 gigawatts of wind power capacity in 2024. The cumulative capacity of installed wind power worldwide surpassed one terawatt in 2024. Need for renewable energy Some forty years ago, the major industrialized countries were rendered helpless in the face of a severe energy crisis, when Arab petroleum producers proclaimed an oil embargo and the Iranian energy industry was plunged into the chaos of revolution. Once more, politicians and the public in industrial countries were reminded of the finite and limited nature of fossil fuels. The lack of alternatives to oil, gas and coal energy lead to the development of renewable, sustainable energy technologies, including solar thermal and PV systems, hydroelectricity, and wind power. Rise of wind power In terms of cumulative wind power capacity installations, the market used to be dominated by European economies. However, beginning in the mid-2000s, China emerged as the driving force behind global wind power capacity growth. In 2024, Asia’s economic power horse added a whopping 79.8 gigawatts of new wind power capacity, to reach a cumulative capacity of more than 560 gigawatts. With a market share of 70 percent in 2024, China lead the ranking of the largest wind power generating countries worldwide, ahead of the United States, Germany, and Brazil. Chinese wind turbine manufacturers have also increased their market shares, shortening the distance with the leading players - including Siemens Gamesa and Vestas. That said, Europe still accounts for about 43 percent of global cumulative offshore wind power capacity.

According to Cognitive Market Research, the global Vacuum Pumps Market size will be USD 5974.2 million in 2025. It is expected to expand at a compound annual growth rate (CAGR) of 5.40% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 2210.45 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue, with a market size of USD 1732.52 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 1433.81 million in 2025 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2025 to 2033.
South America has a market share of more than 3.8% of the global revenue, with a market size of USD 227.02 million in 2025, and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2025 to 2033.
The Middle East had a market share of approximately 4% of the global revenue, estimated at USD 238.97 million in 2025, and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2025 to 2033.
Africa had a market share of approximately 2.2% of the global revenue, estimated at USD 131.43 million in 2025, and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2025 to 2033.
Manufacturing application is the fastest growing segment of the Vacuum Pumps Market industry.

Market Dynamics of Vacuum Pumps Market

Key Drivers for Vacuum Pumps Market

Expansion of Semiconductor and Electronics Manufacturing Is Expected To Boost Market Growth

The growth of the vacuum pump market worldwide is notably driven by the fast expansion of the semiconductor and electronics industries. Vacuum pumps have vital applications in semiconductor manufacturing processes, such as chemical vapor deposition, ion implantation, and wafer etching, which require ultra-clean and controlled atmospheres. The growth is fueled by widespread industrialization and the expansion of semiconductor manufacturing in China, Japan, South Korea, and Taiwan. These countries are world leaders in semiconductor production and electronics manufacturing, substantially increasing demand for high-performance vacuum pumps. In January 2025, the U.S. Department of Commerce issued CHIPS Incentives Awards to firms such as Edwards Vacuum, giving up to $18 million in direct funding to expand domestic capacity for producing chips and equipment important to U.S. technology leadership. This project would enhance the supply chain resilience of America and highlights the role of vacuum pump makers to enable the growth of the semiconductor industry.

https://semiwiki.com/forum/threads/u-s-department-of-commerce-announces-chips-incentives-awards-with-corning-edwards-vacuum-and-infinera-to-increase-domestic-production-capacity.21901/”/

Rising Adoption of Renewable Energy Technologies To Boost Market Growth

The world market for vacuum pumps is increasingly spurred on by the swift introduction and deployment of renewable energy technologies, mainly solar and wind power systems. Vacuum pumps play a crucial role in the manufacturing of photovoltaic (PV) cells and other parts employed in clean energy infrastructure. According to the International Energy Agency (IEA), renewable energy capacity is projected to increase by 2,400 GW from 2022 to 2027, equivalent to China's total power capacity, with solar PV accounting for more than 60% of the growth. This clean energy investment boom substantially raises the need for vacuum-based manufacturing processes, particularly solar panel manufacturing, battery technology, and energy storage devices. In Europe, the European Commission's Plan, adopted in May 2022, aims to achieve 600 GW of installed solar capacity by 2030, a target that has triggered regional investments in vacuum equipment and cleanroom technology. Vacuum pumps play a key role in meeting the high-quality standards needed for sophisticated energy systems and have become indispensable in clean energy-related manufacturing.

Restraint Factor for the Vacuum Pumps Market

High Initial Capital Investment in Vacuum Pump Systems Will Limit Market Growth

One of the strong inhibitors to the development of the market for vacuum pumps is the high initial capital expenditure needed for installation, customization, and maintenance, particularly in industrial and research-oriented a...

In 2023, China's coal consumption amounted to some 91.94 exajoules, up from 87.54 exajoules in the previous year. Between 1998 and 2023, figures increased by more than 60 exajoules. As of 2022, China was by far the world's largest coal consumer, with nearly 55 percent of the total consumption. Built on coal, running on coal Chinese economic development was fueled by coal, and today it remains the keystone of the country’s energy mix. Although it has the second-largest coal reserves in the world, China is not rich in any other energy resources. Coal was the go-to fuel for a country with a large population, harsh climates, and an economy that underwent rapid industrialization. Although the country has diversified its power sector, coal still accounts for the largest share of energy production, and more coal power plants are being built. The wind of change Despite being one of the biggest emitters of greenhouse gas emissions, China is also a global leader in renewable energy. Not only were Chinese firms at the forefront of manufacturing capacity and innovation, but the country also heavily invested in the domestic clean energy infrastructure grid. As a result, the PRC was the largest consumer of wind energy and home to the largest solar photovoltaic capacity worldwide. According to the China Electricity Council, the newly installed wind and solar power capacity in 2024 would surpass the newly installed coal power capacity.

According to Cognitive Market Research, the global Power Conversion System market size will be USD 8142.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 12.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 3257.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2442.7 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1872.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 407.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 162.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
The Less than 500KW category is the fastest growing segment of the Power Conversion System industry

Market Dynamics of Power Conversion System Market

Key Drivers for Power Conversion System Market

Growing Adoption of Renewable Energy Sources to Boost Market Growth

As governments and businesses increase their investments in renewable energy sources like solar, wind, and hydropower, the demand for power conversion systems (PCS) is also rising. Between 2022 and 2027, renewable energy capacity is projected to grow by nearly 2,400 GW, which is equivalent to the entire installed power capacity of China today. This represents an 85% increase compared to the previous five years and is nearly 30% higher than last year's forecast, marking our largest upward revision to date. Electricity generated from wind and solar photovoltaic (PV) is expected to more than double over the next five years, contributing nearly 20% to global power generation by 2027v. PCS plays a crucial role in this transition by converting the direct current (DC) from solar panels and the variable voltage from wind turbines into alternating current (AC) that is compatible with the grid. Additionally, PCS is vital for integrating renewable energy sources with smart grids, requiring advanced conversion systems to handle fluctuating power outputs and ensure a stable energy supply.

Increasing Demand for Energy Efficiency to Drive Market Growth

The global emphasis on sustainable and green technologies has significantly boosted the demand for highly efficient power converters. In 2012, the European Union (EU) introduced Directive 2012/27/EU on energy efficiency, aiming for a 20% reduction in energy consumption by 2020 compared to baseline projections, known as the 20% energy efficiency target. For 2030, the binding target was initially set at a reduction of at least 32.5%, which translates to a primary energy consumption limit of 1,273 Mtoe and a final energy consumption limit of 956 Mtoe. In 2022 alone, investments in energy efficiency reached $560 billion, marking a 16% increase from the previous year. Many industries are adopting regulations that either encourage or require the use of energy-efficient devices, including power converters. These efficient power converters help reduce the overall carbon footprint by minimizing energy losses during conversion. This is particularly crucial in applications such as renewable energy systems and electric vehicles, where the objective is to maximize the utilization of clean energy.

Restraint Factor for the Power Conversion System Market

High Initial Costs and Complexity of Designing and Manufacturing, will Limit Market Growth

Power conversion systems, particularly those incorporating advanced and cutting-edge technology, involve substantial capital investment. This high initial cost can be a significant hurdle for smaller businesses or developing regions seeking to upgrade or deploy new PCS solutions. The use of advanced semiconductor materials, such as silicon carbide (SiC) and gallium nitride (GaN), adds to the expense, despite their benefits of enhanced performance and efficiency. Additionally, the complexity of high-efficiency converter designs necessitates rigorous testing and validation to en...

Snapshot img

Tidal Turbines Market Size 2024-2028

The tidal turbines market size is forecast to increase by USD 34 million at a CAGR of 4.45% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for renewable energy sources. This trend is driven by the worldwide push towards reducing carbon emissions and the depletion of traditional energy resources. Technological advancements in tidal turbines are also contributing to market growth, with innovations leading to more efficient and cost-effective designs. However, the requirement of high capital investments in tidal energy projects poses a challenge to market expansion. Despite this, the future of tidal energy looks promising, with potential for substantial growth In the coming years. The market analysis report provides a comprehensive examination of these trends and challenges, offering valuable insights for stakeholders In the tidal energy sector.

What will be the Size of the Tidal Turbines Market During the Forecast Period?

Request Free Sample

The tidal turbines market is a significant segment of the renewable energy sector, leveraging the kinetic energy from ocean tides to generate electricity. This form of renewable energy is derived from the gravitational attraction between the moon and Earth, resulting in the ebb and flow of ocean tides. Tidal currents, a key resource for tidal energy projects, offer a consistent power source, unlike solar and wind energy. Turbine technology plays a crucial role in harnessing this energy, with dynamic tidal power systems, tidal lagoons, and tidal barrages among the leading solutions. The market has witnessed a rise in installation figures, with tidal farms contributing significantly to the global energy transition towards net-zero emissions.



In 2021, the marine energy capacity reached over 1 GWh, with the potential for exponential growth In the coming years. Power generation from tidal energy projects is achieved through various methods, including power-take-off systems and floating power production. The ocean tides offer a reliable, predictable energy source, making tidal energy a promising addition to the global electricity generation capacity.

How is the Tidal Turbines Industry segmented and which is the largest segment?

The tidal turbines industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Floating tidal turbines


Capacity

  Large scale
  Medium scale
  Small scale


Geography

  Europe

    Germany
    UK
    France
    Spain


  APAC

    China
    Japan
    South Korea


  North America

    Canada
    US


  Middle East and Africa



  South America

By Type Insights

The large-scale segment is estimated to witness significant growth during the forecast period

The Large Scale segment is estimated to witness significant growth during the forecast period. Tidal Power, derived from the kinetic energy of tidal currents, is a promising renewable energy source that contributes to cleaner power production and a low carbon future. The gravitational attraction between the moon and Earth causes ocean tides, which offer vast potential for electricity generation. In-stream tidal turbines, installed in various shallow, transitional, and deep waters, harness this energy. Most in-stream turbines employ a horizontal axis of rotation, with blades that respond to tidal current. In-stream tidal turbines, fully submerged underwater with the entire system located below the water surface, harness tidal currents through horizontal axis rotors. Advanced turbine designs, including horizontal and vertical axis models, have improved energy capture efficiency, lowering operational costs and boosting economic viability. The integration of strong materials and protective coatings enhances turbine durability, resulting in reduced maintenance costs and extended operational lifetimes.

Get a glance at the Tidal Turbines Industry report of share of various segments Request Free Sample

The large scale segment was valued at USD 31.60 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 52% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

The European market is experiencing growth due to Europe's commitment to renewable energy and technological advancements in tidal turbine technology. The region's push towards renewable energy sources is a significant driver, as countries aim to meet climate goals and decrease d

Snapshot img

Wind Turbine Gearbox Market Size 2025-2029

The wind turbine gearbox market size is forecast to increase by USD 4.66 billion, at a CAGR of 6.3% between 2024 and 2029.

The market is experiencing significant growth, driven by the rising height and capacity of wind towers. This trend is leading to an increased demand for larger and more robust gearboxes to handle the increased power output. Another key driver is the decline in the cost of gearboxes used in wind power generation, making them more affordable for wind energy projects. However, the high operating and maintaining cost of wind turbine gearboxes remains a significant challenge for market players. These costs are primarily due to the complex nature of the gearboxes and the need for regular maintenance to ensure optimal performance. To capitalize on market opportunities, companies must focus on developing cost-effective solutions while maintaining high reliability and efficiency.
Additionally, investing in research and development to improve the durability and lifespan of gearboxes will be crucial for long-term success in the market. Effective maintenance strategies, such as predictive maintenance and remote monitoring, can also help reduce operating costs and improve overall performance. Navigating these challenges requires a deep understanding of the market dynamics and a strategic approach to product development and operational planning. Onshore and offshore wind turbines require robust and reliable gearboxes to withstand varying operating conditions.

What will be the Size of the Wind Turbine Gearbox Market during the forecast period?

Request Free Sample

The market is characterized by continuous evolution and dynamic market activities. This sector plays a pivotal role in enhancing wind turbine performance and ensuring efficient power transmission. Gearbox cooling solutions are increasingly being adopted to mitigate the effects of high operating temperatures and improve gearbox reliability. Gearbox innovation continues to unfold, with ongoing development in gearbox design software and advanced materials. Gearbox assembly processes are being refined to optimize production and reduce downtime. Meanwhile, gearbox services and maintenance are essential for ensuring optimal wind turbine operation and extending the life cycle of these critical components. Regulations and certification requirements are shaping the gearbox market, with a focus on safety, efficiency, and environmental sustainability.

Bearing design and gear ratio optimization are key areas of research, with innovations aimed at improving gearbox efficiency and reducing vibration. The wind energy sector's shift towards grid integration and renewable energy sources is driving demand for advanced gearbox technology. Gearbox failure analysis and replacement strategies are crucial for minimizing downtime and maintaining wind turbine productivity. The gearbox industry is witnessing an increase in research and development, with a focus on improving gearbox technology, efficiency, and reliability. Gearbox suppliers are collaborating with wind turbine manufacturers to provide customized solutions tailored to specific applications.

How is this Wind Turbine Gearbox Industry segmented?

The wind turbine gearbox industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Replacement
  New


Application

  Onshore
  Offshore


Component

  Planetary gearboxes
  Helical gearboxes
  Bevel gearboxes


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The replacement segment is estimated to witness significant growth during the forecast period. Globally, the demand for the replacement of wind turbine gearboxes depends on the cumulative installed capacity of wind turbines, such as floating wind turbines. With the increasing installed capacity of onshore and offshore wind turbines worldwide, the need for gearbox services, assembly, and distribution is on the rise. Gearboxes are essential components of wind turbines, responsible for transmitting power from the rotor to the generator. Their efficiency, reliability, and durability significantly impact wind turbine performance and overall energy production. Gearbox innovation and development have led to advancements in cooling systems, material selection, and design software, enhancing gearbox efficiency and longevity. Regulations and certifications play a crucial role in ensuring gearbox safety and performance, while gearbox failure analysis and optimization techniques contribute to minimizing downtime and increasing production.

The wind energy

Chinese investment in clean energy is the highest worldwide. In 2019, China pumped some 83.4 billion U.S. dollars into clean energy research and development. The United States and Japan had the second and third highest clean energy investments that year, at 55.5 billion and 16.5 billion U.S. dollars, respectively. All selected countries combined had spent 219.2 billion U.S. dollars in alternative energy technologies. The leading three entries accounted for roughly 71 percent of total investments.China’s wind and solar capacity As an economic and industrial powerhouse, China is burdened with a huge daily power demand. Although the government is still heavily involved in broadening its coal-fired power plants, concerns over air pollution and its impact on the health of its most vulnerable citizens have resulted in greater awareness for renewable energy sources. In 2018, China’s cumulative wind power capacity amounted to 209.5 gigawatts. Solar PV is also common in the country, with around 306 gigawatts of cumulative solar power capacity installed as of 2021. Most attractive countries for renewable investment The United States is the most attractive market for renewable investment, according to an April 2020 score, which takes into account existing governmental policies and deployment opportunities within each country. It was the first time since 2016 that the U.S. ranked higher than China and largely the result of a production tax credit (PTC) extension and a greater focus on future offshore wind installations.