Offshore Support Vessel Market: Increasing Deepwater Activities and Decommissioning of Aging Offshore Infrastructure

 According to the new market research report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Offshore Support Vessel Market is expected to grow at a CAGR of 4.0%, from 2021 to 2026, to reach a market size of USD 26.8 billion by 2026. The market growth is driven by robust investments in the offshore oil & gas and renewable sectors. Increasing deepwater activities and decommissioning of aging offshore infrastructure is likely to offer lucrative opportunities for the Offshore Support Vessel Market. However, fluctuating crude oil prices have offset the growth of the Offshore Support Vessel Market in the past years and resulted in the oversupply of vessels. This would restrain the growth of the market during the forecast period. Government regulations and high operational risks continue to be challenges for the Offshore Support Vessel Market.

One of the key factors influencing the global energy demand is the growth in the human population. The UN World Population Prospects predicts that the world population will increase from 7.6 billion in 2017 to 9.8 billion by 2050. This rise in the demand for energy has to be met with various energy sources such as oil & gas, renewables, thermal, and nuclear power. According to the BP Statistical Review of 2019, the world still had unexplored 1,729.7 billion barrels of oil reserves by the end of 2018. Discoveries of such reserves are translating into demand for well drilling and production activities, which, in turn, are supporting the offshore support vessel market growth. Moreover, regions that have high energy demand, such as Asia Pacific, are planning to augment their offshore production. Countries such as India and China, which have offshore oil and gas basins in the Indian Ocean and South China Sea, respectively, have huge potential for offshore oil and gas exploration. Apart from the Asia Pacific region, major discoveries are being made in the offshore region of Africa, especially in western Africa.

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The oil & gas segment is expected to dominate the Offshore Support Vessel Market.

The lifecycle of oil and gas fields can be segmented into 4 phases, namely, exploration, development, production, and decommissioning; each phase has its own set of requirements. Offshore support vessels are designed for specific operations and deliver support services at offshore drilling rigs and oil-producing assets, such as production platforms and floating production storage and offloading (FPSO) unit. These offshore support vessels are also used to carry out pipe laying services and decommissioning of offshore rigs. In the North Sea alone, over 450 platforms, 10,000 km of pipelines, and 5,000 wells are expected to be decommissioned by 2040. According to the Oil & Gas UK, an offshore oil & gas industry association in the UK, decommissioning of this infrastructure would cost up to USD 80 billion. Globally, there are approximately 7,000 offshore structures that are eligible for decommissioning. The Gulf of Mexico and the North Sea are two of the largest regions with most infrastructure eligible for decommissioning. Decommissioning of rigs generates demand for offshore support vessels, thereby driving the market growth.

Asia Pacific: The largest Offshore Support Vessel Market.

In this report, the Offshore Support Vessel Market has been analyzed with respect to 6 regions, namely, North America, Asia Pacific, South America, Europe, Middle East, and Africa. Asia Pacific is expected to dominate the global Offshore Support Vessel Market between 2021 and 2026. The major economies in Asia Pacific, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand, are focusing on increasing their offshore E&P CAPEX. According to Scottish Development International, the CAPEX for new offshore developments in Asia Pacific is set to be about 25% of the global spending, making the region an important part of the offshore industry. Various policymakers in the region are prioritizing new offshore activities in deep and ultra-deep waters. The most important of these new offshore developments include Australia’s Briseis, Scarborough, and Laverda projects; Malaysia’s Rotan, Gumusut-Kakap, and Petai projects; India’s KG-D6 complex; and Indonesia’s Gehem project. Moreover, the count of offshore support vessels is also growing in the region due to an increase in the number of vessel manufacturers in the market, especially from China and South Korea.

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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 Offshore Support Vessel Market.

Some of the key players are DOF group (Norway), Solstad Offshore (Norway), Tidewater (US), Maersk (Denmark), and Siem Offshore (Norway). The leading players are adopting various strategies to increase their share in the Offshore Support Vessel Market. Expansions have been a widely adopted strategy by the major players in the Offshore Support Vessel Market.

Digital Utility Market to Witness Strong Growth through 2022

 The global digital utility market is expected to grow from an estimated $135.16 billion in 2017 to $244.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022. The North America is currently the largest market for digital utility, closely followed by the Europe and Asia-Pacific market. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. The Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.

The digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.

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North America is expected to be the largest market for digital utility

The utilities in North America have been undergoing a digital transformation for the past several years. Utility providers in the region are focused on the upgradation of power infrastructure through digital technologies such as smart meters and smart grids, among others. The U.S. government launched the Smart Grid Investment Grant (SGIG) program for smart grid development. There was an investment of $118.5 billion, in 2016, in smart cities in the region; this is expected to increase to $244.5 billion by 2021.

Hence, the North American market presents a greater opportunity for the digital utility market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.

The transmission and distribution segment is expected to lead the digital utility

The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the market during the forecast period.

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Some of the leading players in the Digital Utility Market include Accenture (Ireland), Cap Gemini S.A. (France), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), and International Business Machines Corporation (U.S.), among others.

Blockchain: Key To The Future of Energy Industry

The global blockchain in energy market is projected to reach USD 7,110.1 Million by 2023 from an estimated USD 394.3 Million in 2018, at a CAGR of 78.32% from 2018 to 2023. The global blockchain in energy market growth can be attributed to the Increasing popularity of the blockchain technology in the energy sector, the need to manage infrastructure and other business functions through high transaction speeds and immutability, and the rising security concerns across the globe.

The blockchain technology in the power sector plays a major role in managing distributed energy resources and provides companies with more cost-effective and efficient solutions to record and process transactional data. In addition, the power sector has the largest number of implemented blockchain in energy projects and R&D investments. Whereas for the oil and gas sector, the use of blockchain technology is still emerging.

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The report segments the blockchain in energy market, by application, into grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. The energy trading segment is expected to grow at the highest CAGR during the forecast period as the use of blockchain technology is emerging primarily in areas such as energy trading, maintenance of distributed energy systems, and peer-to-peer energy trading systems.

Europe led the global blockchain in energy market in 2017 owing to the maximum number of blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around for the Enerchain project that focuses on blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of blockchain platform are driving the blockchain in energy market in the region.

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The Asia Pacific is estimated to be the fastest growing market for blockchain in energy sector during the forecast period. The region has been segmented, by country, into Japan, Singapore, Australia, New Zealand, and rest of the Asia Pacific. The blockchain in energy market in the region is primarily driven by the increasing demand for energy and power that could create a huge opportunity for the adoption of blockchain in the energy market. Moreover, most of the energy-based companies of the region have tied up with blockchain technology providers to develop technologies to provide an accurate record of every transaction and ensure trustworthy relationships between all parties.

The leading players in Blockchain in Energy Market are Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).

Growing demand for uninterrupted and reliable power during power outages is estimated to push demand for portable power stations

According to the new market research report "Portable Power Station Market by Power Source (Direct, Hybrid), Technology (Lithium-ion, Sealed lead-acid), Capacity (0–100, 100–200, 200–400, 400–1000, 1000–1500, ≥1500Wh), Sales Channel (Online, Offline), Application, Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Portable Power Station Market size is expected to grow from an estimated USD 358 million in 2021 to USD 494 million by 2026, at a CAGR of 6.7 %. The drivers for this market are the increasing use of smart electronic devices, growing demand for uninterrupted and reliable power, and stringent emission rules across regions such as Asia Pacific, North America, South America, Europe, and Middle East & Africa.

Hybrid power is expected to dominate the Portable Power Station Market.

The market is segmented by power source into hybrid power and direct power. Hybrid power accounted for the larger share of the Portable Power Station Market in 2020. The key advantage of using hybrid power is that it can be used at remote or off-grid locations, where direct power access is limited or non-existent. Solar power charging in hybrid power is predominantly used to charge portable power station equipment for campsites and recreational vehicle activities. Moreover, several major manufacturers are offering both solar charging-enabled portable power stations and portable power stations with direct power charging capability for powering electronic equipment during power outages and grid blackouts.9.-

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Off-grid is expected to be the fastest-growing segment of the Portable Power Station Market.

The off-grid power segment is estimated to account for the largest share in 2021, and this trend is expected to continue during the forecast period. The growth of this application is mainly driven by the increasing number of camping and outdoor recreational activities in regions such as North America, Europe, and Asia Pacific

Lithium-ion technology is projected to have a higher growth rate in the Portable Power Station Market.

The market is segmented by technology type into lithium-ion and sealed lead-acid. The lithium-ion segment is estimated to lead the market and is also expected to register a higher CAGR. The increasing need for high durability, high energy density, and faster charging, and availability of lithium-ion at affordable prices drive the growth of this segment.

North America is expected to be the largest Portable Power Station Market.

North America was the largest Portable Power Station Market in 2020, driven mainly by power outages, increasing use of smart electronic devices, and the growing number of camping and outdoor recreational activities in countries such as the US, Canada, and Mexico. Portable power stations are being increasingly implemented to effectively power smart electronic devices during such events so that people can stay connecte

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To provide an in-depth understanding of the market’s competitive landscape, the report includes the profiles of some of the top manufacturers in the Portable Power Station Market. These players include Goal Zero (US), Jackery (US), Duracell (US), Milwaukee Tool (US), Anker Technology (England), Bluetti (US), EcoFlow (US), and Lion Energy (US).

Industrial Filtration Market to See Strong Growth through 2025

The global Industrial Filtration Market size is expected to grow from an estimated value of USD 29.5 billion in 2020 to USD 41.1 billion by 2025, at a CAGR of 6.9% from 2020 to 2025. The growth of this market is driven by strict government regulations to eliminate air and water pollution. The demand for the treatment of industrial waste and the requirement of a safe working environment in industrial facilities also expected to increase the demand for industrial filtration. The growth of industrial filtration market is driven by the increasing demand for a clean environment and energy-efficient filtration products.

Liquid filtration is expected to be the most significant contributor to the industrial filtration market

Liquid type filtration accounted for the highest share of the industrial filtration industry in 2019. Strict government regulations to filter the discharges of pollutants into the water bodies, investment in the wastewater treatment plant are expected to drive the growth of the liquid type industrial filtration market. Furthermore, the market for pressure filtration by technology is expected to be the largest market.

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Filter Press is expected to be the fastest-growing segment of industrial filtration market

Filter Press are used for filtering liquid using pressurized air. Filter Press segment is expected to be the fastest-growing market from 2020 to 2025 owing to the increasing need for liquid filtration for various industries. Filter Press is used to remove impurities from solid-liquid slurry in the chemical industry to make chemical reusable, which in turn drives the market of filter press in industrial filtration. North America is expected to be the largest market during the forecast period due to the advanced technologies used in this region.

Pharmaceuticals are expected to grow at the highest CAGR during the forecast period. This industry uses filtration for the removal of suspended particles and to reduce bacteria in-process components. Filtration helps in protecting process solutions from contamination when stored in tanks. Removal of suspended particles and bacteria from water and air is expected to drive the pharmaceutical industry.

North America is expected to be the largest industrial filtration market

North America is the largest market for industrial filtration. The region has been segmented by country into the US, Canada, and Mexico. The demand for industrial filtration in this region is driven mostly by the manufacturing, oil & gas, power generation, pharmaceutical, metal & mining and process industries. It is the largest market for industrial filtration during the forecast as it is the second-largest producer of crude oil which generates waste, which is needed to be treated. Manufacturing is the largest sector globally as they increase the operational life of machines and equipments. Moreover, this region also houses some of the major manufacturers who continuously focus on R&D to innovate new technologies.

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The major players in the global Industrial Filtration Market, such as Alfa Laval (Sweden), Donaldson (US), Danaher (US), Parker Hannifin (US), Eaton (Ireland), Ahlstrom-Munksjö (Finland).

Power Transformer Market May See A Big Move

Global energy production has increased over the past decade, from 15,409.0 TWh in 2000 to 23,536.5 TWh in 2014. This has also led to the increasing need for expanding T&D networks globally; new T&D infrastructure needs $1.9 trillion in cumulative investment by 2024 to meet the growing energy demands. This includes substations, power lines, and associated equipment and new technology. Governments worldwide are investing in T&D network expansion projects, increasing the demand for power transformers.

The global Power Transformer Market is projected to reach a value of $29.91 billion by 2020, from an estimated $20.7 billion in 2015, at a CAGR of 7.6% from 2015 to 2020. Increasing energy demand coupled with rising electrical infrastructure projects would drive the demand for power transformers. Apart from this, the replacement of aging infrastructure in North America & Europe and the increasing rate of installation of green transformers are driving the power transformer market.

The demand for power transformers is increasing globally because of numerous T&D expansion projects and grid interconnection projects between countries. Siemens AG (Germany) is constructing a $450 million high-voltage direct current transmission link between Ethiopia and Kenya. The Ethiopia-Kenya Power Systems Interconnection Project will be roughly 1,000 kilometers long and will transmit hydroelectricity. Five South American countries (Chile, Peru, Colombia, Ecuador, and Bolivia) are seeking to interconnect their energy systems in search of better regional integration.

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The power transformer market is driven by increasing global energy consumption; to fulfill this, new T&D lines are being installed. Moreover, investments being made by governments in electrical infrastructure projects have also gone up, further aiding in the growth of the power transformer market.

T&D investment would approximately account for 40% of the total power infrastructure spending. An investment in renewable energy sources has increased from $60 billion in 2000 to $300 billion in 2011. However, for many emerging economies, keeping up with the increasing electricity demand is a huge investment challenge and current investment trends provide some warning signs for the adequacy of power supply.

For Europe to reach its targets for 2020 and 2030, a massive expansion of the power grid is required. All over Europe, there is a significant need for improved and integrated transmission lines, carrying more power. In addition, transition into renewables requires new lines and a restructuring of the grid, to transfer electricity from the place of production to usage.

In order to fully optimize the potential of renewables, better integration of energy markets is also required to exchange electricity across borders. However, the reluctance of governments worldwide in taking up capital incentive projects can hamper the power transformer industry.

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The major players in Power Transformer Market include ABB (Switzerland), Siemens (Germany), Crompton Greaves (India), and General Electric (U.S.) among others.