Monday 31 October 2022

Attractive Opportunities for Players in Utility Communication Market

 The global Utility Communication Market is projected to grow from USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% according to a new report by MarketsandMarkets™. The Utility Communication Market has promising growth. Growing investment in smart grids; the need for improving grid reliability and operating efficiency and reducing outage length; rising technological advancements in communication technologies; and the need for IoT integration in the operations of the oil & gas industry are driving the growth of the market.

Utility Communication Market

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The wired segment is expected to dominate the Utility Communication Market, by technology, during the forecast period.

 

The wired segment holds the largest share of the Utility Communication Market. The market for wired communication technologies is mainly driven by the advantages offered by them, such as increased security, lack of interference, and high-speed data transmission.

 

The public segment is expected to be the fastest growing Utility Communication Market, by utility, during the forecast period.

 

The Utility Communication Market, by utility, is divided into public and private, wherein the public segment accounts for the largest share, owing to being much more accountable and transparent, operate efficiently by keeping costs down, and deliver reliable power supply.

 

The Asia Pacific region is the fastest growing Utility Communication Market

 

In this report, the Utility Communication Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America and Middle East & Africa. Asia Pacific is a significant contributor to the Utility Communication Market in the current scenario owing to the investments in infrastructure modifications.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Utility Communication Market.

 

Some of the key players include Hitachi Energy Ltd (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions, Inc. (US). The leading players are adopting various strategies to increase their share in the Utility Communication Market.

Friday 30 September 2022

Attractive Opportunities for Wave Energy Converter Market Players

 The global Wave Energy Converter Market is projected to grow from USD 20 million in 2022 to USD 28 million by 2030, at a CAGR of 4.3% according to a new report by MarketsandMarkets™. The Wave Energy Converter Market has promising growth potential due to the rising global energy demand, increasing demand to maximize the energy production from renewable and green energy sources.


The oscillating water column segment is expected to dominate the wave energy converter market

The oscillating water column segment holds the largest share of the Wave Energy Converter Market. The high market share can be attributed to the characteristics of the technology which is its high efficiency and ease of installation.

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The offshore segment is expected to be the fastest growing Wave Energy Converter Market, by location, during the forecast period.

The Wave Energy Converter Market, by location, is divided into shoreline, nearshore and offshore, wherein the offshore segment accounts for the largest share. The offshore segment is also expected to grow the fastest during the forecast period, owing to the vast installations of wave energy converters happening in various countries near shore for research and development purposes. The installations are mostly happening in the European region.

The European region is the fastest growing Wave Energy Converter Market

In this report, the Wave Energy Converter Market has been analyzed for four regions, namely, North America, Europe, Asia Pacific, and ROW. Europe is a significant contributor to the Wave Energy Converter Market in the current scenario owing to the rapid industrialization of various end-use industries in countries such as UK, Portugal, Denmark and France.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Wave Energy Converter Market.

Some of the key players include Ocean Power Technologies (US), Eco Wave Power (Israel), CorPower Ocean (Sweden), Wello Oy (Finland) and CalWave (US). The leading players are adopting various strategies to increase their share in the Wave Energy Converter Market.

Tuesday 27 September 2022

Gas Insulated Switchgear Market: Rising global energy consumption to boost the market

 The global Gas Insulated Switchgear Market is projected to grow from USD 23.1 billion in 2022 to USD 31.3 billion by 2027, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. The Gas Insulated Switchgear Market is expected to witness significant growth during the forecast period, owing to the power distribution infrastructure, which is expected to strengthen in the upcoming years with the rise in demand for electricity. Also, the increase in renewable energy capacity addition and increased investment in industrial production will enable the demand for gas insulated switchgear. With the growing usage of high-voltage direct systems, the market for gas insulated switchgear is expected to be driven at a faster rate.

Gas Insulated Switchgear Market

Outdoor segment, by installation, to occupy majority of Gas Insulated Switchgear Market share

The outdoor switchgear segment, by installation, is projected to hold the largest market share during the forecast period due to the growing power consumption, leading to the expansion and upgradation of the power grid, which is expected to boost the demand for outdoor gas insulated switchgears. Outdoor gas insulated switchgears are employed in substations and switchyards where there are no space constraints for the installation of such substations outdoors. Outdoor gas insulated switchgears are expected to have a larger market share than indoor types due to their vast implementation area.

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Above 220 kV voltage segment, by voltage rating, to be largest market

Based on the voltage, the above 220 kV segment is estimated to be the largest market from 2020 to 2027. The growing investments in the renewable sector due to environmental concerns and the increasing electricity demand are expected to spur growth in the above-220 kV segment during the forecast period. Gas insulated switchgear in this segment is mostly employed in substations for power transmission over long distances. They are also used in transmission substations and large thermal and nuclear power generation substations to increase the power to 275–400 kV. This helps reduce transmission losses that occur during power transmission and improves efficiency. Growing power generation plants due to the increasing power requirements in various sectors, such as industrial, commercial, and residential, will eventually boost the demand for gas insulated switchgear above 220 kV.

Asia Pacific to emerge as largest Gas Insulated Switchgear Market

Asia Pacific accounted for the largest global Gas Insulated Switchgear Market share during the forecast period. The market is expected to be driven by the rapid industrial growth in the region. Major economies such as China, Japan, and India have set ambitious targets to diversify their energy mix in the coming years. Also, the increase in urbanization will decrease the space availability in the region. This could be a driving factor for the growth of the gas insulated switchgear in Asia Pacific.

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ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) are the key players in the global Gas Insulated Switchgear Market.

Thursday 22 September 2022

Attractive Opportunities in Energy as a Services Market

The global Energy as a Service Market is projected to grow from USD 64.7 billion in 2022 to USD 105.6 billion by 2027, at a CAGR of 10.3% according to a new report by MarketsandMarkets™. Increasing distributed energy resources, new revenue generation streams for utilities, availability of federal and state tax benefits for energy-efficiency projects and decreasing cost of renewable power generation and storage solutions are driving the demand for energy as a service globally. Due to the manufacturing advances and various technological improvements, the costs of various renewables and storage systems such as solar PVs, fuel cells, grid-based energy storage, especially batteries, and combined heat and power declined significantly in the recent times. The decreasing costs of solar PV are encouraging users to install these resources for generating electricity. Also, governments across the globe are revising energy policies and providing incentives that are encouraging and facilitating a shift from traditional power generation techniques to power generation from clean and renewable forms of energy, including wind and solar. This is evident from the huge investments in the renewable sector in the past decade.

Energy as a Service Market

The utilities are therefore offering sophisticated solutions, which include technological as well as financing support to reduce energy consumption and improve energy efficiency, thereby creating new revenue generating streams for themselves. They have started providing solutions that combine energy procurement, efficiency, and load balancing. The utilities are also providing long-term Energy Service Performance Contract (ESPC), Utility Energy Saving Contracts (USPC), and Power Purchase Agreement (PPA) that are either pay-for-service or similar to a performance contract in which costs are covered by energy savings. These contracts help the utilities secure revenue for a long time from the end-users.

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The Energy as a Service Market includes prominent Tier I and Tier II manufacturers like ENGIE, Enel X, Schneider Electricity, Ameresco and Siemens. These companies have their spread across Europe, North America, Asia Pacific, and other regions. Various services are offered by these players for instance, energy efficiency solutions, energy infrastructure, energy intelligence software, operation and maintenance services and many more. These services is used to increase the efficiency of the end-user industry and the growth of these industries is expected to also lead to the growth of the Energy as a Service Market.

The energy supply services segment is expected to dominate the Energy as a Service Market, by type, during the forecast period.

Energy supply services refer to the idea where a building’s energy requirements are taken care of by an outside company, typically utilities or service providers. The current energy markets are more complex than they have been in the past. Utilities traditionally would provide electricity to a building at a rate based on the time of consumption, and there was not much a building owner could do to change their overhead energy costs. Also, energy supply services protect end-users from grid blackouts and weather extremes that would threaten the operations of a traditional grid connected commercial and industrial entities. In energy as a service operation, energy supply services are increasingly delivered through Energy Services Agreements (ESAs) that are performance-based contracts through which a service provider agrees to finance, develop, and deploy renewable energy projects for clients without any upfront capital expenditures. In addition to this, consumers do not have any responsibility to maintain and upgrade the equipment.

The commercial segment is expected to be the largest and fastest growing market, of end-user, during the forecast period.

The commercial segment includes establishments such as healthcare, educational institutions, airports, data centers, leisure centers, warehouses, hotels, and others. Global energy consumption in buildings has decoupled from the growth in floor space and economic outputs. This shows that consumers and businesses can make use of energy services more efficiently and at a greater value. For instance, Edison was awarded an energy performance contract with the Putnam Valley Central School District to significantly improve the energy efficiency of the District’s buildings and infrastructure and slow the pace of escalating energy costs.

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The North America likely to emerge as the largest Energy as a Service Market

Energy as a service represents a shift from customer-owned equipment toward a model where the service provider maintains ownership, and the customer pays for the services provided by the equipment. Key country-wise markets in the regions have also been studied in this section. North America is expected to lead the Energy as a Service Market with major utilities in the region looking to diversify their revenue streams with major transformations driven by decarbonization, decentralization, and digitization. In addition to this, as the regions demand cleaner and sustainable power increases, energy efficiency in North America is moving to integrate Distributed Energy Resources (DERs) to help ensure grid reliability, meet state and provincial efficiency requirements, and help commercial and industrial users to meet their emissions reduction targets and goals.

The Energy as a Service Market is dominated by major players that have a wide regional presence. Some of the key players in the Energy as a Service Market are ENGIE (France), Enel X (Italy), Schneider Electric (France), Ameresco (US), Siemens (France), General Electric (US), Veolia (France), Honeywell (US), Centrica (Netherlands), Alpiq (Switzerland), WGL Energy (US), Orsted (Denmark), Bernhard Energy Solutions (US).

Tuesday 20 September 2022

Artificial Lift Market: Increase in global oil demand to boost the market

The global Artificial Lift Market is projected to grow from USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% according to a new report by MarketsandMarkets™. The market has promising growth potential due to the rising global oil demand and the increasing demand to maximize production from maturing oil & gas fields and new discoveries, especially in the North American region.

Artificial Lift Market

The rod lift segment is expected to dominate the Artificial Lift Market during the forecast period.

 

By type, the rod lift segment is estimated to lead the Artificial Lift Market and is also expected to register the highest CAGR during the forecast period owing to developments pertaining to unconventional oil & gas resources.

 

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The offshore segment is expected to register the highest CAGR during the forecast period.

 

The Artificial Lift Market is divided based on application into onshore and offshore. Though the onshore application segment is estimated to hold a larger market share, the offshore segment is expected to grow at a faster rate during the forecast period. This high growth rate of the offshore segment can be attributed to the increasing investment by upstream oil & gas service providers and operators concerning deepwater and ultra-deepwater exploration and production activities.

 

North America is expected to be the largest artificial lift market

 

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is a significant contributor to the Artificial Lift Market in the current scenario owing to the presence of a large number of key global players in the region, especially in the US. Further, the advancements in the upstream sector concerning unconventional oil & gas resources such as shale oil and shale gas are expected to further drive the Artificial Lift Market in the region.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

 

Some of the key market players are Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc. (US), and Weatherford (US). These leading players adopt various strategies to increase their share in the Artificial Lift Market.