Attractive Opportunities for Players in E-fuels Market

The global E-fuels Market is projected to grow from USD 6.2 billion in 2023 to USD 49.4 billion by 2030, at a CAGR of 34.5% during the 2023-2030. The potential for e-fuels to address carbon emissions and energy storage concerns is driving up demand for them. E-fuels, which are synthetic fuels made from renewable energy, provide a way to decarbonize sectors that rely significantly on liquid fuels, such as transportation and aviation. They can store extra renewable energy and provide a carbon-neutral option for difficult-to-electrify applications like heavy-duty trucks, shipping, and industrial processes. Because of their versatility, e-fuels are an essential component of efforts to cut greenhouse gas emissions and move to more sustainable energy solutions, fuelling their rising demand in sectors aiming for carbon neutrality and energy security.

E-fuels are also gaining prominence because they can be created from a range of feedstocks, including collected carbon dioxide and green hydrogen, making them a versatile solution for lowering carbon emissions across industries. In addition to transportation and aviation, e-fuels are being used in power production, heating, and as an energy carrier in isolated or off-grid regions, which is increasing market demand. The increased emphasis on sustainable energy sources, as well as the need to decarbonize diverse sectors, are accelerating e-fuel research, development, and acceptance as a critical component in the global transition to a greener and more environmentally responsible energy landscape.

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Power generation is expected to be the second-fastest growing e-fuels market.

 

The e-fuels market segments based on end use application into different types: transporation, chemicals, power generation and others. The power generation segment of the e-fuels market is growing due to its role in supporting grid stability and energy storage. E-fuels can store excess renewable energy, releasing it when needed to meet peak demand or during periods of low renewable energy generation. This aids in reducing grid variability, ensuring a reliable and consistent power supply, and thus contributing to the integration of more renewable energy sources into the power grid.

 

Europe is expected to be the largest region in the E-fuels Industry

 

Europe is expected to be the largest e-fuels market during the forecast period. The Europe region comprises major economies such as Germany, Norway, UK, Denmark, Sweden, and Rest of Europe. Rest of Europe primarily includes Italy, France, and Poland. This is due to a variety of factors, including the region's growing population, more urbanisation, and increased energy demand. As a result of these causes, carbon emissions have increased significantly, posing a serious environmental problem to the region. European governments are increasingly supportive of e-fuels as a means of reducing carbon emissions and improving air quality. E-fuels are made from renewable energy sources including solar and wind power and can be used to power vehicles, generate electricity, and heat homes and businesses.

 

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Key Market Players:

 

Major players operating in the E-fuels Companies include Saudi Arabian Oil Co. (Saudi Arabia); Audi AG (Germany); Siemens Energy (Gemany); Chart Industries (US); Sunfire Gmbh (Germany); Mitsubishi Corporation (Japan); Repsol (Spain); and Norsk E-Fuel (Norway).

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.

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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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.

Offshore Wind Market to Grow with a Remarkable CAGR 15.32% by 2022

The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020.  The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.

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, at a CAGR of 15.32% from 2017 to 2022.

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North America is estimated to be the fastest growing market for the offshore wind from 2017 to 2022.

The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.The North America market is projected to grow at the highest CAGR from 2017 to 2022.

Asia Pacific: The second largest market for offshore wind.

Asia Pacificregion 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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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 is 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.

Offshore Wind Market Ecosystem:

The market ecosystem comprises of turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. Leading players in the market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others. 

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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Offshore Wind Market Revenue to hit $55.11 Billion by 2022

The offshore wind market is projected to reach USD 55.11 billion by 2022, at a CAGR of 15.32% from 2017 to 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its   renewable energy targets for 2020. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market. The offshore wind market is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.

North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

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With regard to the substructure segment, others segment which includes floating substructure, is expected to grow at the fastest pace during the forecast period from 2017 to 2022. These types of substructure allow the turbines to generate electricity in deep water location where bottom-mounted towers are not feasible. Countries like the U.S. and japan have favourable deep water location for the installation of turbines. Floating substructures would grow at a faster pace because they offer environmental benefits due to less construction activity required on the seabed and would be suitable for deep water locations.

The offshore wind market is dominated by a few key players such as Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.