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.

Green Ammonia Market: Demand for long-term Storage of Renewable Energy

 

According to the new market research report "Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), and Solid Oxide Electrolysis (SOE)), End User (Transportation, Power Generation, and Industrial Feedstock) and Region - Global Forecast to 2030", published by MarketsandMarkets™, The global Green Ammonia Market size is projected to grow from USD 16 million in 2021 and is projected to reach USD 5,415 million by 2030, at a CAGR of 90.2% during the forecast period. Ammonia is green hydrogen synthesized with nitrogen in an electrochemical Haber-Bosch system. Green ammonia is completely carbon-free ammonia. Electrolyzers are used in green hydrogen production and work in an alkaline water medium or proton exchange membrane or solid oxide medium. These electrolyzers use electricity derived from renewable sources, such as solar, wind, and tidal, to produce green hydrogen.

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Power generation is estimated to be the largest segment in the Green Ammonia Market in 2020.

Power generation segment is projected to be the largest segment in the Green Ammonia Market. The growth of this segment is mainly attributed to the high demand of energy requirements for various end use industries. With green ammonia production, renewable energy can be stored and reused for power generation at consumption points. This will make the generation of renewable energy more efficient and usable for the long term.

The Europe region is projected to account for the largest share in the Green Ammonia Market

The Europe region is projected to lead the Green Ammonia Market in terms of both value and volume from 2021 to 2026. Fast-track urbanization and the growing agricultural needs of the rising population have raised the demand for green hydrogen in Europe to reduce carbon emissions in the region.

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Siemens (Germany), NEL Hydrogen (Norway), ThyssenKrupp (Germany), ITM Power (UK), and McPhy Energy (France), amongst others, are the key players operating in the Green Ammonia Market. Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Green Ammonia Market.

Offshore Wind Market Showing Robust Growth

According to the new market research report "Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) - Global forecast to 2026", published by MarketsandMarkets™, the global offshore wind market size will grow to USD 56.8 billion by 2026 (forecast year) from USD 31.8 billion in 2021 (estimated year), at a CAGR of 12.3% during the forecast period. Offshore wind is one of the renewable energy sources and refers to electricity that is generated at offshore locations. Offshore wind farms comprise turbines, substructure, electrical infrastructure, logistics, assembly and installation. They can be installed in three locations in water bodies, i.e., shallow water, transitional water, and deepwater. Offshore wind is a crucial pillar in energy mix together with onshore wind for regions such as Europe, Asia Pacific, and North America to achieve their goals pertaining to climate neutrality.

The turbine segment is expected to dominate the offshore wind market, by component, during the forecast period.

The turbine segment accounted for the largest share of the offshore wind market, by component, in 2020. The turbine segment of Offshore Wind Market is further classified into three modules—nacelle, rotors and blades, and tower. Rotors and blades are most stressed part of the turbine and are responsible for catching the wind.

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The shallow water is expected to dominate the offshore wind market, by location, during the forecast period.

Shallow water covers more of market share in this segment as development of wind power in shallow water is generally cost effective, due to better weather conditions. But with the improvement in technologies and strong wind conditions present in transitional and deep sea water, more future projects are planned for deeper waters. However, offshore wind turbines are installed in all three water locations depending on the region, turbine capacity, and wind speed.

The nacelle is expected to dominate the offshore wind market, by turbine module, during the forecast period.

Nacelle is one of the important components of an offshore wind turbine and accounts for the maximum cost of the turbine, as it comprises all the main power generation equipment. The nacelle is the section of the turbine that houses the components that convert kinetic energy from the wind into mechanical energy, which is then used to turn a generator that generates electricity. It comprises the drivetrain, power take-off system elements, monitoring systems and other equipment, such as generator, gearbox, bearings, cooling system, yaw system, pitch system, transformer, converter, switchgear, brake, and sensors.

The substation is expected to show strong growth in offshore wind market, by electrical infrastructure, during the forecast period.

Substation and Wires & Cables are the sub-segments under electrical infrastructure. It consists of equipment necessary to transmit the electrical power generated from the offshore wind farms to the end users. Due to increasing demand for offshore wind power and connecting the power generated from these offshore wind to the main grid for distribution of energy to end users, substation market is witnessing a strong growth.

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Asia Pacific is expected to lead the offshore wind market

The Asia Pacific region includes China, Japan, Vietnam, Taiwan and South Korea. This region has shown strong demand for power owing to rapid urbanization and industrialization. With the shift towards decarbonization and sustainable development, there has been a strong demand for renewable power resources. Governments in this region are increasingly opening gates for development and installation of offshore wind. Technological advancements and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets in APAC. Various countries are speeding up the installation of offshore wind in order to diversify their energy mix as well as to meet their goal of rection in carbon emission Moreover, favorable supportive schemes, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investments would attract investors to the wind power industry.

The key players include General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China). The leading players are adopting various strategies to increase their share in the Offshore Wind Market.

Energy as a Service Market Huge Growth Opportunity between 2019–2024

The global Energy as a Service Market is projected to reach USD 86.9 billion by 2024 from an estimated USD 52.0 billion in 2019, at a CAGR of 10.8% from 2019 to 2024. The growth of energy as a service market is driven by the new revenue generating streams for utilities, increased distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects.

Energy as a service model mainly supports renewable energy as it lowers energy costs, reduces carbon footprint, ensures high energy efficiency, and is environment-friendly. It gives the consumers the flexibility of choice on ownership, pricing, and financing. It also helps the operators customize energy generation designs based on consumer requirement, which are modern and robust. It enables easy and rapid integration of distributed generation and energy storage assets.

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The energy supply services segment is projected to have the largest market share during the forecast period. This is mainly because of the increase in offerings of energy supply, which includes distributed energy generation solutions such as solar PV, combined heat and power, diesel and natural gas gensets, micro turbines, and fuel cells to improve energy supply, which is also contributing to the growth of the market.

The commercial segment is expected to hold the largest market share and the fastest growing market with energy service implementations being mandated across global regions in the commercial sector. This is mainly because of significant structural impacts, namely, economic growth. Furthermore, commercial consumers will have access to their energy efficiency through energy as a service that will, in turn, help them improve their energy consumption.

North America is expected to be the largest market for energy as a service

In this report, the energy as a service market has been analyzed with respect to 4 regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. The market in North America is estimated to be the largest from 2019 to 2024. Utilities in countries such as the US, Canada, and Mexico are implementing energy efficiency projects and are looking to cut down energy generation costs. New approaches such as pay-for-performance are being introduced in the US to achieve energy efficiency at a larger scale in the commercial sector. For example, in California, energy efficiency policies have mandated that at least 60% of the savings achieved in obligation schemes need to be delivered by third-party service providers. Also, an increase in the share of renewable power generation and energy efficiency activities is expected to drive the market in this region.

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The global Energy as a Service Market is dominated by a few major players that have an extensive regional presence. The leading players in the energy as a service market are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California).

Energy as a Service Market: Need to Reduce Carbon Footprint and Increasing Focus on Energy Efficiency are Driving the Market

 The global Energy as a Service Market is projected to reach USD 86.9 billion by 2024 from an estimated USD 52.0 billion in 2019, at a CAGR of 10.8% from 2019 to 2024. The growth of energy as a service market is driven by the new revenue generating streams for utilities, increased distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects.

Energy as a service model mainly supports renewable energy as it lowers energy costs, reduces carbon footprint, ensures high energy efficiency, and is environment-friendly. It gives the consumers the flexibility of choice on ownership, pricing, and financing. It also helps the operators customize energy generation designs based on consumer requirement, which are modern and robust. It enables easy and rapid integration of distributed generation and energy storage assets.

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The energy supply services segment is projected to have the largest market share during the forecast period. This is mainly because of the increase in offerings of energy supply, which includes distributed energy generation solutions such as solar PV, combined heat and power, diesel and natural gas gensets, micro turbines, and fuel cells to improve energy supply, which is also contributing to the growth of the market.

The commercial segment is expected to hold the largest market share and the fastest growing market with energy service implementations being mandated across global regions in the commercial sector. This is mainly because of significant structural impacts, namely, economic growth. Furthermore, commercial consumers will have access to their energy efficiency through energy as a service that will, in turn, help them improve their energy consumption.

North America is expected to be the largest market for energy as a service

In this report, the energy as a service market has been analyzed with respect to 4 regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. The market in North America is estimated to be the largest from 2019 to 2024. Utilities in countries such as the US, Canada, and Mexico are implementing energy efficiency projects and are looking to cut down energy generation costs. New approaches such as pay-for-performance are being introduced in the US to achieve energy efficiency at a larger scale in the commercial sector. For example, in California, energy efficiency policies have mandated that at least 60% of the savings achieved in obligation schemes need to be delivered by third-party service providers. Also, an increase in the share of renewable power generation and energy efficiency activities is expected to drive the market in this region.

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The global Energy as a Service Market is dominated by a few major players that have an extensive regional presence. The leading players in the energy as a service market are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California).

Renewable Drones Market: Increasing Efficiency of Solar and Wind Power Plants

 According to the new market research report published by MarketsandMarkets™, the Renewable Drones Market size will grow to  USD 148 million by 2025 (forecast year) from USD 45 million in 2020 (estimated year), at a CAGR of 27.1% from 2020 to 2025. Increasing adoption of drones for reducing cost of inspection operation, focus on asset optimization and growing construction of solar and wind farm are expected to be the key factors driving the renewable drones market.

 

The solar segment is expected to be the fastest growing Renewable Drones Market.

The solar segment, by end user, Renewable Drones Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the increasing demand for inspection operation from existing solar farms. Moreover, rapid investments for development of solar PV farms in the Asia-Pacific region are factors propel the growth of solar segment in the Renewable Drones Market.

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The multirotor segment is expected to dominate the Renewable Drones Market.

Multirotor drones have various advantages over Fixed wing drones; for instance, multi-rotor aircraft can perform vertical takeoffs and landings. They also require less space to take flight, can hover mid-flight, and maneuver around objects for easy inspection, mapping, and modeling. Further, multirotor drones use multiple propellers to maneuver; hence, they do not require a larger surface area or wingspan as compared to Fixed wing drones. Moreover, multirotor drones are designed to be folded down and packed up into smaller cases, which makes them easier to transport. Such factors drive the growth of multirotor drones in the Renewable Drones Market.

Asia Pacific likely to emerge as the largest Renewable Drones Market

In this report, the Renewable Drones Market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to be the largest Renewable Drones Market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, and Rest of Asia Pacific. The region has a high demand for electricity due to a rise in urbanization, industrialization, and population growth. The rapid increment in economic growth would lead to an increase in the demand for power. This would necessitate greater investments in the renewable power generation infrastructure. The region is expected to experience an increase in investments due to the rapidly declining prices of solar panels.

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Some of the top players in the Renewable Drones Market are DJI Enterprise (China), Terra Drone (Japan), Aerodyne Measure (US), and DroneDeploy (US).The leading players are adopting various strategies to increase their share in the Renewable Drones Market.

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Advanced Energy Storage Systems Market: Rise in Demand for Storing Renewable Energy

 

The global advanced energy storage systems market to grow from USD 12.7 billion in 2017 to USD 19.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.4% during 2017 to 2022. The growth of the advanced energy storage systems market is attributed to increasing renewable energy investments and growth in the electric vehicles market globally and regulatory changes demanding energy efficiency.

Renewables have now become the first choice for expanding, upgrading, and modernizing power systems around the world. According to Bloomberg New energy finance wind and solar energy accounted for 90% of the 2015 investments in renewable power.

The developed as well as developing countries are revising energy policies to include a considerable portion of generation, to be sourced from renewable energy resources that includes wind and solar. Financial incentives by government bodies and associated returns are increasing investments in renewable energy, which are expected to boost the advanced energy storage systems market.

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According to the United Nations Sustainable Energy for All initiative (SE4All), around USD 45 billion investments is required by 2030, to provide universal access to the modern electric power. Advanced energy storage is expected to play a prominent role in these investments by strengthening the grid against diverse threats, such as natural disasters and facilitating improved deployment of both new and existing resources.

Energy storage system in transportation application is expected to emerge as a major segment in the advanced energy storage systems market

The advanced energy storage systems market application segments into transportation and grid storage. The transportation segment is expected to hold the largest market share by 2022. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for growth. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by major automotive companies, the usage of lithium-ion batteries is expected to increase at a rapid rate in electric vehicles by 2022.

Asia Pacific: The leading market for advanced energy storage systems

The Asia Pacific is estimated to be the fastest growing market for advanced energy storage systems from 2017 to 2022. Increasing use of renewable energy resources for power generation, especially in China, South Korea, India and increase in number of electric vehicles are driving the demand for advanced energy storage systems in this region. The growing need for energy reliability and efficiency are also expected to spur the growth of the market and represents a promising opportunity for major advanced energy storage systems providers.

The major players in the Advanced Energy Storage Systems Market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US). 

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Distributed Generation Market: Increasing share of renewable energy in the power generation

 The global distributed generation market is expected to grow from an estimated USD 60.04 Billion in 2017 to USD 103.38 Billion by 2022, at a CAGR of 11.48%. This growth can be attributed to the increased global demand for electricity, decreasing costs of solar technology, and rising efforts to reduce global greenhouse gas emissions. The growing demands for electric power accompanied with regulatory incentives for clean energy generation have shifted the focus toward distributed generation technologies.

Distributed generation refers to geographically dispersed power generation sources. It comprises both controllable sources, such as generators, and non-controllable sources, such as solar and wind. Distribution generation is a decentralized energy which is generated or stored by a variety of small, grid connected generators referred to as Distributed Energy Resources (DERs) or distributed energy resource systems. The demand for energy from distributed energy resources is growing globally due to a number of reasons, such as planned rolling blackouts, power quality problems, unexpected utility power outages, and increases in power costs, among others.

Renewable energy is a naturally occurring source of energy that can be easily replenished, and plays an important role in reducing greenhouse gas emissions. Renewable energy is more expensive when compared with fossil fuel-based power generation. Owing to environmental conservation, and rising awareness, countries around the globe are veering towards renewable sources for power generation. The increasing share of renewables in the power generation mix will positively impact the market.

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The distributed generation technology is segmented into solar PV, wind, microturbines, reciprocating engines, fuel cells, and gas turbines, of which, solar PV is the fastest growing segment. The decreasing costs of solar installations, attractive incentives, and greenhouse gas emission restrictions are expected to drive the adoption of solar PV technology for power generation.

The on-grid segment is expected to hold the largest share of the distributed generation market

On-grid systems are cost-effective and convenient to install. The global market for distributed generation facilities that employ grid-tied arrangements has been the highest. Driven by the capability to provide perfect solutions for various end-users and contribution to reduce harmful emissions from fossil fuel power plants, the segment is expected to grow at a decent pace during the forecast period.

The reciprocating engines segment is expected to be the largest in the distributed generation market

The reciprocating engines segment is expected to be the largest segment of the distributed generation market. Due to their small size, low unit cost, and useful thermal output, these engines are widely used for power generation. Increased combined heat and power installations and the demand for flexible and quick start-up technologies for power generation are the main reasons for a large market share held by the segment.

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Europe: Expected to be the leading market for distributed generation

Europe is expected to dominate the market during the forecast period, owing to the continued increase in energy consumption mainly from by the industrial and commercial sectors, which contributed to the largest demand for distributed generations. The demands from the IT and telecommunication sectors are also driving the distributed generation market.

Some of the leading players in the Distributed Generation Market include Siemens (Germany), GE (US), Schneider (France), Mitsubishi (Japan), and Capstone (US).

Green Ammonia Market projected to grow at a CAGR of 54.9% from 2020 to 2030

According to the new market research report "Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), and Solid Oxide Electrolysis (SOE)), End User (Transportation, Power Generation, and Industrial Feedstock), and Region - Global Forecast to 2030",published by MarketsandMarkets™, the Green Ammonia Market size will grow to  USD 852 million by 2030 (forecasted year) from USD 11 million in 2020 (estimated year), at a CAGR of 54.9% during the forecast period. The rising investments in green fuel and large scale green energy plans in Europe and North America, drives the Green Ammonia Market in the region. Moreover, increasing adoption of electric vehicles leads to renewable energy deployment at large scale in Asia Pacific region, creates opportunities for Green Ammonia Market.

The power generation segment is expected to be the fastest growing Green Ammonia Market.

The power generation segment, by end user, Green Ammonia Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the increasing share of renewables in the power generation mix and decreasing cost of equipment and technology associated with renewables. According to the International Renewable Energy Agency (IRENA), solar and wind are the most potential renewable energy sources and are likely to dominate the renewable power sector in the coming years. Wind power and solar PV have increased their share in the European and North American regions. Therefore, with green ammonia production, renewable energy can be stored and reused for power generation at consumption points. This will make renewable energy generation more efficient and usable for the long-term. There by creating growth opportunities for Green Ammonia Market.

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The Solid Oxide Electrolysis (SOE) segment is expected to dominate the Green Ammonia Market.

SOE technology is an upcoming technology for green hydrogen systems. The SOE process is used to produce green hydrogen from surplus electricity generated from renewable sources. This green hydrogen is further synthesis in ammonia synthesis unit to produce green ammonia. Furthermore, the green hydrogen produced by the process can be stored and used as a fuel cell, and reconverted into electricity again when the demand arises. This allows the storage of electricity when production exceeds demand. Moreover, increasing demand for fuel cells boost the demand for solid oxide electrolyzers. There by acting as a driving force for the Green Ammonia Market during the forecast period.

Europe likely to emerge as the largest Green Ammonia Market

In this report, the Green Ammonia Market has been analyzed for four regions, namely, Europe, Asia Pacific, North America, and Rest of the World (RoW). RoW includes China, Russia, India, France, and Austria. The government of the Netherlands considers green hydrogen to be essential for achieving its energy transition goals and maintaining energy-intensive industries to improve the business climate for green hydrogen in the country. As per the Climate Agreement, the Netherlands will launch a national hydrogen program, which will primarily focus on unlocking the supply of green hydrogen, developing the necessary green hydrogen infrastructure, and reducing production costs of green hydrogen projects. Also, the program aims to achieve 3GW to 4GW of installed electrolyzer capacity by 2030, with additional growth of renewable electricity. Such initiatives and developments are expected to bolster the growth of the Green Ammonia Market in Europe during the forecast period.

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The major players in the global Green Ammonia Market are Siemens (Germany), MAN Energy Solutions (Germany), ITM Power (UK), Nel Hydrogen Solutions (Norway), Yara International (Norway) and Haldor Topsoe (Denmark).

Renewable Energy Market Will Keep Growing Despite COVID-19

Post COVID-19, the report "COVID-19 Impact on Renewable Energy Market by Technology (Wind and Solar), End-User (Utilities, Captive (Industrial, Commercial and Residential) and Region - Global Forecast to 2021" The global Renewable Energy Market size is projected to grow from USD 184.3 billion in 2020 to USD 226.1 billion by 2021, in the realistic scenario during the forecast period. The major factors driving the growth of the renewable energy industry include the slowdown in oil consumption due to the COVID-19 outbreak as many utilities are trying for a 100% transition into renewables.

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The solar segment is projected to be the largest segment in the Renewable Energy Market during the forecast period

The solar segment is likely to witness the adoption of new solar technologies such as floating solar farms and Building-Integrated Photovoltaics (BIPV) solar technology during the forecast period (from 2019 to 2021). Also, the demand for energy from the residential and commercial sectors is continuously increasing as the majority of the population is staying at home and working from home. Hence, adopting new technologies is expected to be cost-effective for the companies as well as end-users.

The utilities/power producers segment is projected to be the largest market for renewable energy during the forecast period

Utilities/power producers who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period. Also, the long-term and reliable government policies and increased energy independence are expected to be the key motives for utilities making the transition to 100% renewables in the future.

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The Asia Pacific region is projected to be the largest market for renewable energy during the forecast period

The Asia Pacific region is expected to be the largest market for renewable energy during the forecast period. There will be no shortage of renewable energy parts in the Asia Pacific region as China has already relocated some of its production capacity in neighboring countries such as Vietnam and India. Also, the Asia Pacific region is close to the optimistic scenario because China holds the majority of Renewable Energy Market share, and only a few areas in the country are affected by the COVID-19 outbreak.

Energy as a Service Market Upcoming Trend by Worldwide Industry Growth, Statistics, and Opportunities to 2024

The global Energy as a Service Market is projected to reach USD 86.9 billion by 2024 from an estimated USD 52.0 billion in 2019, at a CAGR of 10.8%. This growth can be attributed to the new revenue generation streams for utilities, increased distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects.

The energy supply services segment is expected to hold the largest share of the energy as a service market

The energy supply services segment is projected to have the largest market share during the forecast period. This is mainly because of the increase in offerings of energy supply, which includes distributed energy generation solutions such as solar PV, combined heat and power, diesel and natural gas gensets, microturbines, and fuel cells to improve energy supply, which is also contributing to the growth of the market.

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Energy as a service model mainly supports renewable energy as it lowers energy costs, reduces carbon footprint, ensures high energy efficiency, and is environment-friendly. It gives the consumers the flexibility of choice on ownership, pricing, and financing. It also helps the operators customize energy generation designs based on consumer requirement, which are modern and robust. It enables easy and rapid integration of distributed generation and energy storage assets.

The commercial segment is expected to be the fastest growing segment of the energy as a service market

The energy as a service market by end-user is segmented into commercial and industrial users. The commercial segment includes establishments such as healthcare, educational institution, airports, data centers, leisure centers, warehouses, hotels, and others. The growth of this segment can be attributed to the increasing need for energy efficiency. This is expected to increase the demand for energy as a service market during the forecast years. The US Department of Energy (DOE) estimates that at least 25% of the USD 6 billion that colleges and universities spend annually on energy could be saved through better energy management. The energy as a service model helps the educational institutions save money through energy savings. According to the American Council for an Energy-Efficient Economy, these establishments account for about 19% of the energy consumed in the US.  More than half the energy used by commercial buildings goes toward heating and lighting.

North America: The leading market for energy as a service

In this report, the energy as a service market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to dominate the global energy as a service market in 2019 owing to the increase in energy efficiency projects and growth in distributed energy resources in countries such the US, Canada, and Mexico. The integration of distributed energy resources with utility energy efficiency programs continued the growth of energy efficiency in the region, which also helps in ensuring reliability and meeting the energy goals. Private utility models have emerged because of the growing power sector trend for energy as a service. Also, increase in energy efficiency investments is further expected to propel the growth of the market in the region.

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The major players in the global Energy as a Service Market are Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (US), Veolia (France), Enel X (Italy), and EDF Renewable Energy (California).

Small Hydropower Market: Growing Demand for Electricity to Increasing Installation of Small Hydropower Capacity

The global small hydropower market is projected to reach USD 3.0 billion by 2024 from an estimated market size of USD 2.6 billion in 2019, at a CAGR of 2.4% during the forecast period. The global market is set to witness significant growth owing to the application of small hydropower projects for rural electrification, financial incentives and policy initiatives, and investments in hydropower projects in response to climate change.

The Mini Hydropower segment is expected to be the most significant contributor to the Small hydropower market

The small hydropower, by type, is segmented into Mini Hydropower, and Micro Hydropower segments. The Mini hydropower segment is expected to lead the small hydropower market during the forecast period.  Installations in the mini-hydropower segment are largely driven rural electrification. China led the way in installing small hydropower plants for rural electrification. In developed countries such as the US and Norway, the installations are to increase the renewable energy share in the nation’s energy mix.

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The 1–10 MW segment is expected to hold the largest share of the small hydropower market

The 1–10 MW segment is expected to dominate the small hydropower market in 2019 owing to the small hydropower installations in various countries across the globe. This higher share of 1–10 MW plants can be attributed to the small-scale decentralized projects being deployed in developing nations, especially in Asia Pacific, for rural electrification. Asia Pacific dominated the 1–10 MW segment of the small hydropower market.  China, Vietnam, and India are the account for the significant share of the small hydropower installations in this region. The demand for small hydropower is driven by increasing investments for rural electrification in these countries.

Asia Pacific is expected to be the largest small hydropower market

Asia Pacific is currently the largest small hydropower market, followed by Europe and North America. The Asia Pacific is estimated to be the largest market from the global small hydropower market from 2019 to 2024. China, Vietnam, and India are the world’s fastest-growing economies, contributing mainly to the Asia Pacific market. The Asia Pacific market is expected to grow during the forecast period owing to the investments in rural electrification and off-grid energy generation.

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Both global and regional players dominate the global small hydropower market. The leading players in global small hydropower market, such as Voith (Germany), ANDRITZ (Austria), GE Renewable Energy (France), Toshiba (Japan), Siemens (Germany), BHEL (India), Gilbert Gilkes & Gordon (UK), and Flovel (India).

Wave Energy Market Size worth $107 Million by 2025

According to the new market research report "Wave Energy Market by Technology (OSW, OBC, & Overtopping Converters), Location (Onshore, Nearshore, Offshore), Application (Desalination, Power Generation, and Environmental Protection), and Region - Global Forecast to 2025" The global Wave Energy Market is projected to reach USD 107 million by 2025 from an estimated market size of USD 44 million in 2020, at a CAGR of 19.3% during the forecast period. The factors driving the growth for Wave energy are Likewise, increasing R&D investments and focus on clean energy generation offer excellent opportunities to this market.

The power generation segment is expected to be the most significant Wave Energy Market, by application, during the forecast period

By application, the Wave Energy Market by application is segmented into desalination, power generation, and environmental protection. The power generation segment is expected to be the largest and fastest-growing market. Multiple countries across the globe are focusing on enhancing their power generation capacity by integrating new and non-conventional renewable technologies, perhaps, giving wave energy converters an excellent opportunity to grow in the future.

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The oscillating body converters segment is expected to be the largest Wave Energy Market, by technology, during the forecast period

The oscillating body converters segment is expected to grow at the highest rate during the forecast period. Oscillating body converters absorb the kinetic energy of the wave and further drive a generator for power generation. The main advantage of this type of wave energy converter is its high operational efficiency. In addition, these converters can be used for power generation as well as desalination applications.

Europe is expected to dominate the global Wave Energy Market during the forecast period.

In this report, the Wave Energy Market has been analyzed for four regions, namely, Asia Pacific, North America, Europe, and Rest of the World. Europe is expected to lead the market during the forecast period. The growing demand and electrical energy generation from renewable sources of energy is a major factor that is driving the market for wave energy converters in the future. Also, WECs are predominantly being designed as well as developed in the European 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 Wave Energy Market. These include Eco Wave Power (Israel), Carnegie Clean Energy (Australia), SINN Power (Germany), CorPower (Sweden), Ocean Power Technology (US), and AMOG Consulting (Australia). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

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