Collectively, more than 70% of the energy demand was driven by China, United States and India in 2018.
CRIFAX added a report on 'Global Low Voltage Motor Control Centers Market, 2019-2028' to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
On the back growing population and economic development around the world, increase in demand for heating and cooling from among the global population due to climate change combined with rising energy demand among residential, commercial and public services and transport sector, the global Low Voltage Motor Control Centers market is estimated to witness exuberant growth over the forecast period, i.e., 2019-2028. According to IEA (International Energy Agency), the worldwide energy demand grew by 4% (900 TWh) in 2018. The highest amount of energy was consumed by industrial segment of around 8945 TWh in 2017 as compared to 8699 TWh in 2016. Apart from that, CO2 emissions arising from production of energy had registered an increase of 1.7% with emission levels of CO2 reaching 33 Gigatonnes. International Energy Agency (IEA) had already stated in its report that the average growth rate of energy consumption had nearly doubled since 2010 and globally grew by 2.3% in 2018. Rising demand for clean and sustainable eco-friendly energy has propelled many government bodies to introduce strict policies and regulations, in order to reduce carbon emissions and their adverse impact on the environment.
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With power consumption across the world rising every year, China recorded the highest levels of power consumption of about 5537 TWh in 2017 as compared to United States which consumed about 3738 TWh of power. China, India and United States had accounted for about 70% of the total energy demand. The demand for oil and gas was reportedly the highest in the United States in 2018 across the world. The growing awareness related to climate change and environment degradation is encouraging many manufacturers to implement sustainable energy strategies, which is further estimated to promote sustainable development among various nations across the globe. Moreover, electricity contribution from non-OECD nations such as China, India, Russia and Brazil stood at 37.2%, with China generating 46.7% which is the highest share of power consumed among these nations. These initiatives to achieve cleaner energy goals is estimated to positively impact the growth of the global Low Voltage Motor Control Centers market throughout the forecast period.
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To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Low Voltage Motor Control Centers market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter's five force model, absolute $ opportunity and anticipated cost structure of the market.
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