Offshore Wind Energy: A Potential Market to Invest by 2022

The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, registering a CAGR of 15.32% from 2017 to 2022. The global market is witnessing significant growth due to rising energy demand coupled with increasing share of renewables in the power generation mix, regulations on energy efficiency, growing trend of industrialization and increased urbanization, regulations to ensure efficiency and utilization of energy.

The shallow water segment is expected to hold the largest share of the offshore wind market, by location, during the forecast period.

Among the three-water depth location for offshore wind turbines, shallow water is expected to hold the largest share during the forecast period. The development of shallow water is generally cost effective due to better weather conditions, whereas, installing wind turbines in deep water becomes expensive due to high maintenance cost. However, offshore wind turbines are getting installed in all three water locations depending on the region, turbine capacity, and wind speed. Shallow water condition mostly prevails in the European countries due to favorable weather conditions. The major players that provide turbines which can be installed in shallow water includes Siemens AG (Germany) and MHI Vestas (Denmark), among others.

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The electrical infrastructure segment is expected to be the fastest growing offshore wind market, by component, during the forecast period.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and are primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

Asia Pacific: The second largest market for offshore wind.

This region is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

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Some of the leading players in the offshore wind market includes Siemens AG (Germany), ABB Ltd. (Switzerland),  MHI Vestas (Denmark), General Electric (U.S.), EEW Group (Germany), A2Sea (Denmark), Nexans (France), among others.

Scope of the Report

This study estimates the global market for offshore wind, in terms of USD, till 2022. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market. These include an analysis of the supply chain, a competitive landscape, market dynamics, market estimates in terms of value, and future trends in the offshore wind market.

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Electrical Digital Twin Market worth $1,642 Million by 2024 - Latest Report by MarketsandMarkets™

According to the new market research report "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Electrical Digital Twin Market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4%. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.

The asset performance management is expected to hold the largest share of the Electrical Digital Twin Market, by application, during the forecast period.

The asset performance management segment is projected to be the largest market during the forecast period. This is mainly because the power utilities are constantly focusing on asset management to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, the power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.  

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The cloud segment is expected to be the fastest growing Electrical Digital Twin Market, by deployment, during the forecast period.

The cloud segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the multiple benefits of cloud software installation such as easy accessibility, no upfront cost associated (instead regular payments are made which are an operating expense), maintenance of software or the hardware it resides on by cloud service providers, quick deployment, and lower energy consumption cost. All these factors are likely to increase the demand for cloud services in the Electrical Digital Twin Market during the forecast period.

North America: The leading Electrical Digital Twin Market.

In this report, the Electrical Digital Twin Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global Electrical Digital Twin Market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities have created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this 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 Electrical Digital Twin Market. Some of the key players are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are adopting various strategies to increase their share in the Electrical Digital Twin Market.

Arc Flash Protection Market: Remarking Enormous Growth with Recent Trends & Demand by Top Key Players

The arc flash protection market is projected to grow from an estimated USD 1.85 Billion in 2017 to USD 2.41 Billion by 2022, at a CAGR of 5.38% from 2017 to 2022. The market in North America is estimated to be the largest markets for arc flash protection system and equipment, followed by the market in Europe. This trend is expected to continue till 2022. The growth of the arc flash protection market is driven by increasing investments in electrical networks and growth of the manufacturing sector in South-East Asia.

North America: The leading market for arc flash protection

The market in North America is expected to dominate the global arc flash protection market, given the increasing awareness to reduce the electrical risk hazards at workplace in order to create a safer environment for personnel as well as the equipment. Growth in industries such as food & beverage, infrastructure and transportation, utility, and mining, is also expected to increase capital spending on safety equipment by major manufacturers. All these factors are expected to drive the North American arc flash protection market.

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The arc flash protection market in the Middle East is projected to grow at the fastest rate from 2017 to 2022. Increasing investment in the electrical infrastructure and key focus on electrical safety issues will be driving the growth of the arc flash protection market in the region during the forecast period. The region also witnessed investment in the transportation and infrastructure segment, which are also driving the arc flash protection market.

The utilities segment in the arc flash protection market is expected to be the largest market. Growing demand for electricity has resulted in significant capital spending on electrical networks to boost power generation and improve transmission and distribution quality. Increase in expenditure on electrical networks from China, India, and countries in the Middle East would drive the utilities segment.

The upgradation of existing safety equipment installed across applications in switchgears, distribution boards, motor control centers, and panel boards is expected to create new opportunities for arc flash protection equipment companies. Moreover, governments in most of the countries are investing in renewable energy-based power generation to match up with the growing energy demand. The companies are focusing on deploying High Voltage Direct Current (HVDC) systems as they are efficient for long-distance power transmission. All these factors will drive the arc flash protection market during the forecast period.

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The arc flash protection market is dominated by a few global players. Key players operating in the market include ABB, Ltd. (Switzerland), General Electric (U.S.), Schneider Electric (France), Eaton Corporation (Ireland), Siemens AG (Germany), and Littelfuse, Inc. (U.S.) among others.

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Gas Engine Market Latest Industry Trends & Forecast to 2022

The global Gas Engine Market is estimated to be USD 3.54 Billion in 2017 and is projected to grow USD 4.76 Billion by 2022, at a CAGR of 6.12%, from 2017 to 2022. Europe is estimated to be the largest gas engine market, by region, followed by North America. This trend is expected to continue during the forecast period. The growth of the gas engine market is driven globally by the rising demand for power generation from different industrial and commercial consumers which mainly include emergency power and Combined Heat and Power (CHP) applications. The other key growth factors that drive the gas engines market is the decreased natural gas prices along with the shift from using conventional fossil fuel such as coal, crude oil to natural gas, biogas as primary source of clean power generation.

Application:

·         Power Generation

·         Co-generation

·         Others

Power generation is leading the global gas engines market and trend is expected to continue during the forecast period. Manufacturing plants, commercial buildings, public buildings, and utilities are mainly deploys gas engine for power generation application. The gas engines are suitable for base load, grid support, combined cycle, peak shaving, and distributed power generation applications. The market for gas engine for power generation is mainly driven by the growing demand for global power requirement, especially in regions such as Europe, the Americas and Asia Pacific. Co-generation application segment is expected to grow at high CAGR during the forecast period. The growth of co-generation application is mainly attributed to the increasing installed capacity of gas fueled CHP power plants in cold climate countries.

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End-User Industry:

·         Utilities

·         Oil & Gas

·         Manufacturing

·         Others

Gas Engine Market segmented by end user into Utilities, manufacturing, oil & gas, and others which include commercial complex, hospitals, wastewater treatment plants and greenhouse. The utilities segment is leading the gas engine market. Utilities mainly deploy the gas engines for the base load and peak load power generation. Falling natural gas prices and improved natural gas distribution network are driving the growth of the utilities segment.

Europe: the leading gas engine market

In this report, the gas engine market has been analysed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The European market is currently the largest gas engine market, followed by the markets in North America, Asia Pacific, and the Middle East & Africa. The European market is projected to grow at a higher rate due to stringent environmental norms which led to the use of renewable resources such biogas, landfill gas, and sewer gas for power generation. The growth of the gas engine market in the European region can be attributed to the EU’s policies to curb the CO2 emission, well-established gas distribution network, and increased production of biogas in the region.

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The gas engine market is dominated by a few international players such as, General Electric Company (U.S.), Caterpillar Inc. (U.S.), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (U.K.), Cummins Inc. (U.S.) among others.

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Circuit Breaker Market Insights with statistics and Growth Prediction 2017 to 2022

The global circuit breaker market is projected to reach USD 8.68 billion by 2022, from an estimated USD 6.85 billion in 2017, growing at a CAGR of 4.85%, from 2017 to 2022. The market in Asia Pacific was the largest in 2016 and is projected to hold the largest share by 2022, followed by the markets in North America and Europe. The growth of the circuit breaker market is driven by increasing access to electricity in developing countries, growing renewable power generation projects, and increasing construction and developmental activities.

The renewable end-user segment is expected to grow at the highest CAGR, from 2017 to 2022.

The renewable end-user segment is expected to grow at the highest CAGR, during the forecast period. Increasing investments in renewable energy sources to curb CO₂ emissions and the growing need for access to electricity are the major factors driving the growth of the renewable segment of the circuit breaker market. Circuit breakers are used to detect the fault current and protect electrical equipment in the grid.

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Aging power infrastructure, increasing high voltage direct current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for circuit breaker companies. Moreover, the governments of most countries are investing in renewable energy-based power generation to meet the growing energy demand. All these factors are likely to drive the circuit breaker market during the forecast period.

The high voltage segment is estimated to be the fastest growing circuit breaker market, by voltage, from 2017 to 2022. This segment is expected to witness growth due to rapid industrialization and urbanization. Aging power infrastructure leading to the modernization and upgradation of existing high voltage electrical grids and power plants is also a key factor driving the growth of the high voltage circuit breaker market.

The circuit breaker market in Asia Pacific is projected to grow at the fastest rate during the forecast period. Increasing grid investments and plans for electrification in remote areas in countries such as Vietnam, Indonesia, and the Philippines is likely to drive the growth of the circuit breaker market in the region during the forecast period. Indonesia aims to achieve a 90% electrification rate by 2025 and countries such as the Philippines and Malaysia have similar plans. Growing investments in smart grid technologies such as distribution grid automation, smart meters, and demand response systems in Japan, South Korea, and Australia, among other countries, would create opportunities for the circuit breaker market in Asia Pacific.

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The circuit breaker market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the circuit breaker market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hitachi (Japan), Toshiba (Japan), Schneider Electric (France), and Mitsubishi (Japan).

Perforating Gun Market Estimated to Cross $898.7 Million by 2022

The perforating gun market is projected to reach USD 898.7 million by 2022, at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. The increase in oil & gas production, increased shale exploration, growing complexity of reservoir conditions, and increase in average well depth over the years are the major drivers of the perforating gun market. The increase in demand for oil and scarcity of supply due to a drop in oil production by OPEC and non-OPEC countries to stabilize oil prices has led to investments in the upstream oil & gas activities. The major oil & gas companies see the increasing demand as an opportunity for their upstream businesses, which will ultimately drive the perforating gun market.

The perforating gun market is mainly driven by the increase in the average well depth over the years. The conventional oil & gas reservoirs are depleting. The new reservoirs are found deep below the earth’s surface. The various methods such as reperforation, drilling of unconventional oil wells, and increasing oil production in hostile reservoir environments with the help of advanced technologies are carried out to meet the oil & gas demand. Thus, the need for technically efficient and advanced perforating guns is increasing to meet the requirements of drilling operators.

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The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

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The leading players in the perforating gun market include Baker Hughes (US), Schlumberger (US), Halliburton (US), Weatherford (US), National Oilwell Varco (US), DynaEnergetics (Germany), Hunting (UK), and Yellow Jacket Oil Tools (US).

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Increasing Renewable Energy Investments are Driving the Grid-Scales Battery Market, From 2018 to 2023

The global grid-scale battery market was valued at USD 0.87 Billion in 2017 and is expected to reach USD 5.82 Billion by 2023, at a CAGR of 33.52% between 2018 and 2023. Major factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.

Application

·         Renewable Integration

·         Peak Shift

·         Ancillary Services

·         Back-Up Power

·         Others

Based on application, the market has been segmented into renewable integration, peak shifting, ancillary services, back-up power, and others (including microgrids, ramping, black start, and transmission/distribution upgrade deferral). Factors such as attainment of renewable targets and energy efficiency; increased reliability, security and resiliency from microgrid applications are expected to drive the growth of the market for renewable integration during the forecast period.

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The market has been segmented on the basis of region into North America, Europe, Asia Pacific, and RoW. North America dominates the market. The growth of the market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors. High population in APAC has resulted in the increased demand for energy; this has, in turn, amplified the need for fossil fuels. Moreover, governments of various countries in this region are striving to minimize adverse effects of the energy sector on the environment. These factors are encouraging the deployment of grid-scale batteries in residential and utility applications.

Some of the leading players in the grid-scale battery market are LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), BYD Company (China), ABB (Switzerland), GE (US), GS Yuasa (Japan), Toshiba (Japan), Saft (France), S&C Electric (US), and NGK Insulators (Japan).

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Light Tower Market Latest Industry Trends & Forecast to 2022

The light tower market is expected to grow from an estimated USD 2.02 Billion in 2017 to USD 2.72 Billion by 2022, at a CAGR of 6.1% from 2017 to 2022. This growth is mainly attributed to a rapid growth of the construction industry, especially in developing nations of the Asia-Pacific region, growing investment in the oil & gas sector, and restart of investment in the mining industry.

The light tower sales market is segmented, based on end-user into construction, mining, oil & gas, and others, which includes agriculture, airports, emergency services, military, rentals, social & sports events, and motion pictures. Construction end-user is expected to grow at the highest rate in the end-user segment. A rapid growth in the construction sector, especially in the Asia-Pacific region is expected to drive the light tower market. Countries such as China and India are investing heavily in developing transport infrastructure to support growth of their economies, and are expected to drive the construction end-user segment during the forecast period.

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The diesel-powered light towers segment is expected to hold the largest share of the light tower market, by fuel type, during the forecast period

The diesel-powered light tower segment led the light tower market in 2016 and is expected to grow at a decent pace during the forecast period. High reliability of diesel generator sets, easy availability of fuel, high storage capacity, longer running time, and simple maintenance have helped the diesel-powered light towers to grow worldwide. This segment is primarily driven by increasing demand in the construction industry in developing nations and is expected to create new revenue pockets for the light tower sales market during the forecast period.

Asia-Pacific expected to dominate the light tower market

In this report, the light tower market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The Asia-Pacific is expected to dominate the global light tower market, due to growth of the construction and mining sector in China, India, and Australia. Asia-Pacific is the largest market by size and is estimated to grow at the highest rate due to rapid growth in the construction industry, especially in China. A high investment in the construction sector in China has created a demand for portable light towers. Asia-Pasic is home to many developing nations such as India, Indonesia, Taiwan, and Malaysia. All these nations are focusing on developing their infrastructure which in turn is expected to drive the demand for light tower in the Asia-Pacific region.

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The market is dominated by few international players which holds major share of the light tower market. Major suppliers for light towers include Generac Holding, Inc. (U.S.), Atlas Copco (Sweden), Doosan Corporation (South Korea), Terex Corporation (U.S.), and Wacker Neuson (Germany). 

Gas Insulated Switchgear Market Comprehensive Insights and Scope to 2023

The global gas insulated switchgear market is projected to reach a market size of USD 28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.

End-User

·         Power Transmission Utility

·         Power Distribution Utility

·         Power Generation Utility

·         Infrastructure and Transportation

·         Industries & OEMs

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The gas insulated switchgear market, by end-user, is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure & transportation, and industries & OEMs. Power distribution utility is expected to grow at the highest CAGR during the forecast period. Space constraint is one of the major challenge in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.

Asia Pacific: The largest market for gas insulated switchgear.

Asia Pacific is expected to account for the largest market share of the global gas insulated switchgear market in 2018. This trend is projected to continue till 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the gas insulated switchgear market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. These has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas insulated switchgear market in Asia Pacific.

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The gas insulated switchgear market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan).

Offshore Decommissioning Market is Poised to Witness Growth in the Global Market !!

The global offshore decommissioning market is projected to grow at a CAGR of 5.05%, from 2017 to 2025, to reach a market size of USD 8.76 billion by 2022. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

The report segments the market, on the basis of service, into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance. The well plugging and abandonment segment accounted for the largest market share in 2016, driven by demand from the European market. 

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Well plugging and abandonment: The largest service segment of the offshore decommissioning market

Well plugging and abandonment constitutes the largest segment of the offshore decommissioning market, by service, in terms of value. Well plugging and abandonment contributes up to 45% of total decommissioning cost of any project. During this activity, detailed well data is collected and prepared for plugging using rig or rig less methods. Demand from the European market is projected to drive the market for well plugging and abandonment.

The European market is expected to grow at the highest CAGR, from 2017 to 2025.

Europe is the largest market, by value, for offshore decommissioning, followed by North America. The European market is also projected to be the fastest growing market, during the forecast period, owing to mature oil and gas fields, particularly in the U.K. and the North Sea. The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.

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The key players operating in the offshore decommissioning market include Amec Foster Wheeler ASA (France), Aker Solutions (Norway), AF Gruppen S.A. (U.S.), Tetra Technologies (U.S.), John Wood Group PLC (U.K.), Able UK (U.K.), DNV GL (Norway), Heerema Marine (The Netherlands), Allseas Group (Switzerland), DeepOcean Group (The Netherlands) and Technipfmc PLC (U.S.), among others.