ENERGY

String inverter market outlook: Rising demand for uninterrupted power supply to augment the industry growth over 2016-2024

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The surging requirement for continuous electricity supply will stimulate string inverter market value over the coming timeframe. Favorable features such as light weight, compact size, ability to increase power density, and ease of installation will notably influence the demand for string inverter. As per the report by Global Market Insights, Inc., “Global String inverter market is predicted to grow at an annual growth rate of 15% over the period of 2016 to 2024.” Government rules and regulation regarding usage of renewable energy resources, owing to the depleting fossil fuel storages will also drive the worldwide string inverter industry share over the next few years.

Single and three phase are the two key types of the string inverter. Three-phase string inverter market share, which was worth over USD 1 billion in 2015, is anticipated to exhibit significant growth over the coming years. The growth can be attributed to its increasing demand across the commercial and utility sectors.

Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)

Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)

The commercial, residential, and utility are the prominent application areas of the string inverter market. The commercial application covered more than 70% of the overall market share in 2015 and is projected to exhibit noticeable growth rate, driven by the growing urbanization along with huge investment in infrastructure development. The utility and residential applications also make substantial contributions towards the string inverter industry share.

Based on the power rating, string inverter industry is primarily segmented into over 80KW, 41KW-80KW, 11KW-40KW, and 10KW.  The string inverter of capacity 11KW to 40KW collected a revenue of over USD 700 million in 2015 and is anticipated to record a considerable growth rate, due to its surging demand from commercial complexes and small scale industries.

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On-grid and standalone are the two main products of the string inverter market size. Standalone product occupied more than 35% of global revenue share in 2015 and is expected to grow significantly over the coming period, mainly driven by the escalating installation of decentralized systems in the rural areas. On-grid string inverter market revenue will exceed USD 5 billion by 2024 with an annual growth rate of more than 20% over the coming seven years. The growth can be attributed to the strict norms regarding industrial emissions along with high demand for renewable energy.

Based on the geographical outlook, China accounted for more than 40% of the worldwide string inverter industry share in 2015 and will exhibit lucrative growth over the coming years, driven by the large-scale installation of photovoltaic voltage projects. Furthermore, growing demand for clean electricity along with supportive government initiatives will stimulate India string inverter market size.

Chile is expected to install a solar power plant of capacity more than 800MW by 2024. This, in turn, will generate heavy revenue over the coming timeframe. Additionally, the country has set a goal of producing 70% of electricity through renewable energy resources by 2050, which will noticeably influence the industry growth.

UK string inverter market will surpass a revenue of USD 500 million by 2024, driven by the rising implementation of the rooftop solar system in residential as well as commercial sectors. U.S. is projected to boost North America string inverter industry size, owing to its supportive government policies along with high demand for renewable energy technologies.

The market players will invest heavily in R&D activities to enhance product features, which will help them in retaining   their industry positions. The key players in the string inverter market are Advanced Energy Industries, Huawei Technologies, KOSTAL Solar Electric, Growatt New Energy Technology Co., Ltd., SolarMax, SMA Solar Technology, ABB, Samil Power, KACO New Energy, Schneider Electric, Ginlong Technologies, Delta Energy System, Sungrow Power Supply, and Fronius International GmbH.

Author NameSunil Hebbalkar

Hybrid solar wind market outlook: Rising global warming concerns coupled with energy crisis to stimulate the industry growth

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High urge for reliable power supply along with strict legislations to curb the release of GHG in the atmosphere will push hybrid solar wind market growth. Moreover, favorable government policies encouraging the use of renewable energy along with strict regulation executions for reducing power consumption is expected to positively influence the industry growth. According to a report by Global Market Insights, Inc., “Hybrid solar wind market value is forecast to hit USD 1.47 billion by 2024.” Furthermore, declining manufacturing costs of the components such as wind blades, solar panels, and wind turbines are expected to contribute considerably towards the market growth.

U.S. Hybrid Solar Wind Market size, by product, 2013 -2024 (MW)
U.S. Hybrid Solar Wind Market size, by product, 2013 -2024 (MW)

Hybrid solar wind systems find key applications across industrial, residential, and commercial sectors. High requirement for continuous electricity supply is anticipated to drive the hybrid solar wind industry revenue across the commercial sector. Hybrid solar wind market size in industrial sector worth USD 224 million in 2015, is anticipated to witness a significant growth over the coming years. Government efforts to minimize carbon emissions is expected to drive the growth. The rise in the number of electrification programs across the emerging economies, primarily concentrating on decentralizing the power generation, will boost the industry growth across the residential sector.

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Standalone and grid connected are the major products through which hybrid solar wind systems are deployed. Grid connected hybrid solar wind industry size is expected to record a CAGR of 10% over the period of 2016-2024. Net metering, low deployment costs, and feed in tariff are the key growth drivers. Standalone hybrid solar wind market revenue is expected to grow significantly over the coming years, owing to its cost-effectiveness as compared to grid connected products.

Below are the regional trends influencing hybrid solar wind market over 2016-2024

  • Growing investments across renewable energy projects is projected to drive Australia hybrid solar wind industry size over the next few years. The government of Australia has allocated USD 1 billion funds for clean energy technology projects.
  • Chile hybrid solar wind market revenue is anticipated to grow at a rate of 11% over the period of 2016-2024.
  • Shortage of power supply and high demand for off grid electricity will favor Nigeria hybrid solar wind industry outlook over the next few years.
  • South Africa hybrid solar wind industry revenue is expected to hit USD 12 million over the coming timeframe.
  • Government policies encouraging the use of sustainable energy along with rural electrification programs are expected to boost India hybrid solar wind market trends.
  • S. hybrid solar wind industry will grow considerably over the coming years, driven by heavy focus on consumption of renewable energy along with beneficial government policies supporting energy conservation.

Market participants will try to enhance their ROI through product differentiation as well as technological innovations. Key industry participants include Blue Pacific Solar Product Inc., Alpha Windmills, Alternate Energy Company, ReGen Powertech, Unitron Energy System Private Limited, Polar Power Inc., Zenith Solar Systems, Gamesa, Grupo Dragon, and Supernova Technologies Private Limited.

Author NameDhananjay Punekar

Drill pipe market outlook: Escalating demand from oil & gas industry to boost the market growth over 2016-2025

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Increasing demand for energy and intensive investments in the oil and gas projects will stimulate the drill pipe market share. Increasing exploration of alternative resources and production activities within countries such as Russia, U.S., China, Canada, Saudi Arabia, UAE, Brazil, Iran, and Mexico will drive the global drill pipe industry trends.  According to Global Market Insights, Inc. “Drill Pipe Market size is estimated to witness a CAGR of 2% over the period of 2016-2025.”  Moreover, introduction to the latest technological advancements in the drill pipe industry such as horizontal drilling and pad drilling have gradually amplified the drilling effectiveness complementing the industry growth.

 U.S. Drill Pipe market size, by grade, by revenue (USD Million), 2013-2025 
U.S. Drill Pipe market size, by grade, by revenue (USD Million), 2013-2025 

Petroleum manufacturing organizations conduct a tally process of counting active or inactive rigs. This rig count helps in analyzing and collecting data, which indicates the status of drilling activities.  A rig count lists all the oil and gas rigs that are active or operational at various locations including both onshore and offshore sites. An increasing number of rigs indicate increase of production and exploration, which in turn will augment the global drill pipe industry.

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Below are the major global rig count data of 2016

  • The global rig count of July 2016, increased by 74 units in comparison with June 2016.
  • Canada rig counts raised by 31 units to 94 rigs.
  • Argentina rig counts increased by 9 units.
  • S rig counts raised by 32 units to 449 rigs.
  • Mexico rig counts raised by 3 units.

In addition to this, advancements in technology and facilities such as directional drilling, drill bit technology, and wells completion & intervention are likely to complement the industry growth. Growing deployment of artificial lift systems in the oil production reservoirs will further boost the requirements for drill pipes in the coming eight years. Rising demand for natural gas and crude oil has further resulted into significant growth of Artificial Lift Systems Market accounting for a growth rate of 8.9% over the period of 2016-2023.

Taking into account the end-user trends, onshore drill pipe market is projected to surpass 1.15 million tons in terms of volume by 2025. The growing undertaking of contracts worth millions for the onshore drilling segments will further propel the onshore drill pipe industry. Furthermore, offshore drill pipe market is anticipated to grow at a rate of 3.2% over the period of 2016-2025. Heavy investments in deep water offshore grounds along with rising offshore production projects near Norway, Canada, and North America will fuel the industry growth in the coming timeframe.

Drill pipe market is segmented by product grade into API grade drill and premium grade drill. API grade drill pipe is projected to grow at a rate of 2.5%, owing to its cost effectiveness. Moreover, premium grade drill pipe market is estimated to witness significant growth due to increasing offshore production. The ability of these drill pipes to withstand under high pressure and temperature will generate heavy demand, stimulating the market share.

Considering the regional trends, the drill pipe industry is witnessing huge adoption over the globe. Increasing crude oil demand worldwide and increasing exploration of oil and gas in offshore fields will provide lucrative growth opportunities across various regions.

Below are the regional highlights pertaining to the drill pipe industry over the coming eight years.

  • Africa drill pipe market size worth USD 195 million in 2015, is anticipated to register a CAGR of 3.5% over the period of 2016-2025.
  • Russia drill pipe market is projected to grow at an annual rate of 3% over the period of 2016-2025. High investment in developed fields will continue to generate demand for drill pipes in the region.
  • Kazakhstan market is estimated to grow over a CAGR of 3.5% and generate revenue exceeding USD 37 million by 2025.
  • Rising demand for oil and gas across the globe will stimulate the Saudi Arabia drill pipe industry share anticipated to grow at a rate of 3% from 2016-2025.
  • Canada market worth USD 130 million in 2015 is projected to register a CAGR of 2.1% over the analysis period.
  • Angola drill pipe market will attain significant growth rate, owing to intensive investments in contracts and bidding for the tenders.

Notable participants in the drill pipe industry include National Oilwell Varco, Vallourec S.A., Tenaris S. A, Hilong Group of Companies, Drill Pipe International, Texas Steel Conversion, Inc., Oil Country Tubular Limited, Tejas Tubular Products, Inc., TMK Group,etc.

Author NameOjaswita Kutepatil

 

In Line Process Viscometer (ILPV) market trends: Asia Pacific to drive the industry growth over 2016-2023

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Global expansion of the refinery industries will significantly drive in line process viscometer (ILPV) market share over the coming six years. According to Global Market Insights, Inc., “Global In Line Process Viscometer (ILPV) market is anticipated to record a revenue of over USD 225 million by 2023.” ILPV is primarily used to measure viscosity of fluid across pharmaceutical and food& beverages industry, which is projected to enhance the in line process viscometer industry outlook. Additionally, growing demand for petroleum products across the APAC region, owing to the large population along with favorable FDI policies will further generate heavy opportunities for ILPV market.

MEA In Line Process Viscometer (ILPV) market size, by application, 2012-2023 (USD Million)

MEA In Line Process Viscometer (ILPV) market size, by application, 2012-2023 (USD Million)

Petroleum, pharmaceutical, chemicals, and food & beverage are some of the key application sectors for in line process viscometer market. Petroleum will dominate the application landscape by collecting a revenue of more than USD 85 million by 2023, owing to the powerful crude oil business competition. Pharmaceutical application is anticipated to register an attractive growth rate of more than 6.8% over the period of 2016 to 2023, driven by its growing demand in ophthalmic products due to expanding healthcare industry.

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In line process viscometer market share in the chemical application will gather a revenue of over USD 54 million by 2023. The major growth attributing factor is growing automation in the manufacturing sector.

Based on technology, in line process viscometer market is segmented into acoustic wave (solid state), torsional oscillation, vibration, rotational, dynamic fluid pressure, Coriolis, and moving piston. Acoustic wave technology is predicted to record an attractive growth rate of more than 7.3% over the period of 2016 to 2023. The growth can be attributed to its surging demand for automotive and petroleum applications. Vibration based technology market exhibited a heavy demand over the past few years and is projected to collect a revenue of over USD 48 million by 2023, owing to its extensive demand in oils, chemicals, adhesives, paints, shampoos, plastics, paper, foods, coatings, refineries, and inks applications.

Torsional oscillatory viscometer (TOV) industry share will witness a CAGR of over 6.8% over the coming period of 2016 to 2023, driven by the growing adoption of this technology in the healthcare sector to measure human blood viscosity. In addition, this technology is widely used in the polymer, petrochemical, oil refining, and adhesives applications.

Asia Pacific in line process viscometer market size dominated the regional landscape and is expected to exhibit an income of more than USD 66 million by 2023, owing to its growing requirement for the refineries & chemical industries, which are established on large scale across the APAC. India and China will be the major regional revenue contributor.

MEA ILPV industry is anticipated to grow at a CAGR of over 6.9% over the coming six years. The growth can be attributed to the large-scale presence of chemical industries. The demand for ILPV for pharmaceutical and food & beverages applications are growing significantly across North America, with an estimated annual growth rate of more than 6.1% over the coming years of 2016 to 2023.

Brookfield Engineering, Anton Paar GmbH, ProRheo, and Cambridge Viscosity, Inc are the major players having shared 12% of the global business space in 2015. Vectron International, Marimex America, Lamy Rheology, Fuji Ultrasonic, Bartec Group, Norcross Corporation, and VAF Instruments are other prominent industry participants in the in line process viscometer market.

Author NameSunil Hebbalkar

Artificial Lift Systems Market outlook: Expanding oil & gas reservoirs to offer dynamic growth opportunities over 2016-2023

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Growing deployment of lifts in the oil reservoirs to increase production is predicted to drive Artificial Lift Systems Market trends. Implementation of these systems will help to extract liquid at a higher flow rate, thereby increasing productivity. According to Global Market Insights, Inc., “Worldwide Artificial Lift Systems Market is anticipated to exhibit a lucrative growth rate of 8.9% over the period of 2016 to 2023.”  Rapid industrialization and urbanization along with growing population will generate heavy demand for oil & gas, which in turn will influence the artificial lift systems industry size positively.Moreover, huge investment in R&D to enhance product lifecycle along with the demand for product development at optimum cost will further generate heavy growth opportunities over the coming timeline. In addition to this, surging acceptance of wireline tools and services across MEA is expected to propel artificial lift systems industry share.

Europe Artificial Lift Systems Market size, by product, 2012-2023 (USD Billion)
Europe Artificial Lift Systems Market size, by product, 2012-2023 (USD Billion)

Taking into account the regional trends, Asia pacific artificial lift systems market is projected to account for more than 22% the total revenue share by 2023, owing to the growing consumption and high demand for oil & gas across the countries such as China, India, and Japan.

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North America artificial lift systems market led the global share by contributing a revenue of worth USD 6.36 billion in 2015 and is estimated to register an attractive growth rate over the coming six years. The attributing factors towards the regional growth are the availability of low-pressure oil wells along with the rise in shale gas production. U.S. will be the major revenue pocket for North America.

Rod lift, electrical submersible pumps, hydraulic pumps, progressive cavity pumps, and gas lift are some of the prominent product segments of the artificial lift systems industry. Electrical submersible pump market collected a revenue of more than USD 8.5 billion in 2015 and will register a CAGR of 8.9% over the period of 2013 to 2023, mainly driven by its low lifting cost coupled with its ability to lift a huge volume at once. Moreover, its features such as low space requirement, higher efficiency, and low maintenance will accelerate the product demand significantly over the coming years.

In 2015, rod lift product segment occupied about 24% of the overall revenue and will exhibit an attractive annual growth rate of 9.7% over the coming six years. The growth can be attributed to its availability in different sizes along with its capability to operate under high-temperature. Additionally, the benefits offered by rod lift such as reduced corrosion concern, simple system design, increased extraction rate of the hydrocarbon, and the lower operational cost will escalate the demand for rod lift.

Industry participants are working towards enhancing the production rates by spending heavily in technology innovations. Schlumberger, General Electric, Baker Hughes, Cameron International, Halliburton, and Weatherford International are some of the key players in artificial lift systems market.

Author Name Sunil Hebbalkar

Chemical Sector to Stimulate U.S. Industrial Boiler Market Growth, Industry Trends 2016-2024

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U.S. Industrial Boiler Market has gained popularity over the past years due to stringent environmental norms towards eliminating carbon footprints and harmful pollutant emissions. Shifting focus of industrialists towards curtailing the use of fossil fuel-based plants will stimulate the U.S. industrial boiler industry. Moreover, rising clean-energy fuel demand coupled with favorable government initiatives in the region will push the industry growth. According to Global Market Insights, Inc. “U.S. Industrial Boiler market size is estimated to witness a CAGR of 2% over the period of 2016-2024.”  

Fluctuating fuel prices over the past few years has triggered the demand for high efficiency boilers, which ensure significant reduction of fuel costs. Fuel accounts for 80% of the total operational cost in boilers. These high efficient boilers will drastically cut down the expenditures on fuel cost which will boost their adoption across the globe. High costs of fuel will encourage the replacement of old boilers with advanced ones driving the U.S. industrial boiler industry revenue.

U.S. Industrial Boiler Market size, by capacity, 2013 -2024 (USD Million)
U.S. Industrial Boiler Market size, by capacity, 2013 -2024 (USD Million)

Industrial boilers find applications in food, chemical, paper, and refinery industries, which are likely to be the major revenue generators for the boiler industry. According to Global Market Insights, Inc. U.S. Industrial boiler market size is projected to surpass USD 600 million by 2024. The most lucrative industry contributing significantly to the U.S. industrial boiler market is the chemical industry, owing to the rising chemical production. The statistical study conducted by the American Chemical Council stated that the chemical production will witness a surge by 1.6% in 2016 and 3.7% in 2017. Furthermore, the increasing demand from the food processing and paper industry is also poised to benefit the U.S. industrial market share.

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Below are the key highlights pertaining to the U.S. industrial boiler applications:

  • The chemical application is estimated to be the largest revenue generator for the U.S. industrial boiler industry and is predicted to beat USD 150 million by 2024. Favorable government initiative to reduce environmental hazards will augment the U.S. industrial boiler market growth in chemical sector.
  • Paper application is projected to exhibit an annual growth rate of 3%, owing to favorable demand from shale gas, dyes and cosmetics industry.
  • Food industry is estimated to be the third most lucrative sector favoring U.S. industrial boiler market revenue. It has contributed over 27% of the total revenue for 2015.
  • Refinery and metal industry will bring a huge set of opportunities for U.S industrial boiler business space. Growing demand for refinery products and steel consumption will influence the U.S. industrial boiler market growth in the coming seven years.

U.S. industrial boiler industry is further categorized based on its capacity (< 10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, and >250 MMBtu/hr). This segmentation of capacity finds application as per the need of power generation, such as extensive capacity boilers for refining industry and limited capacity boilers for the food processing industry. The U.S. industrial boiler market share was dominated by the boiler having capacity < 10MMBtu/hr which are mostly preferred by chemical and food industry.

Taking into consideration the regional landscape, following are leading US States offering a positive push to the U.S. industrial boiler market in the coming timeframe:

  • North Carolina boiler industry is anticipated to surpass USD 25 million by 2024.
  • North East dominated by New Jersey contributed 13% of regional industrial boiler market share. Expansion of sturdy industrialization in the regions synced with stringent rules set by the Environmental Protection Agency (EPA) towards eliminating the air toxic standards will complement the overall U.S. industrial boiler industry share.
  • The escalating gains and constructive growth of the paper industry has led Alabama industrial boiler market revenue to surpass USD 10 million by 2024.
  • The growth in chemical and food processing industries has led Ohio industrial boiler market size to witness 2% industry expansion.

With increasing focus on new technologies, the market players will invest more in R&D and accentuate on offering advanced products with higher heat transfer rates and lower fouling. Leading key companies operating in the U.S. industrial boiler market include Hurst & Welding Company, Inc., Clayton Industries, Unilux Advanced Manufacturing, Parker Company, Acme Engineering Prod. Ltd., Vapor Power International, Hurst & Welding Company, Inc., Superior Works, Inc., Bryan Steam LLC., Cleaver-Brooks, Inc, etc.

Author NameOjaswita Kutepatil

Zonal Isolation Market: Increasing drilling activities across the globe to stimulate the industry growth over 2016-2024

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The graph of Zonal Isolation Market is expected to display a high surge over the next few years, pushed by growing number of drilling operations carried out across the offshore and onshore destinations. Technological innovations have helped the industry players explore new oil & gas wells and this has significantly contributed towards the industry growth. Increase in number of shale gas exploration along with heavy crude oil demand due to high energy requirements, will propel zonal isolation industry growth in the near future. As per Global Market Insights, Inc., “Zonal Isolation market size is forecast to touch USD 31.18 billion by 2024.

Moreover, rise in the number of drilling rigs across the globe is projected to increase the demand for exploration and production of oil & gas wells, thereby driving the industry trends over the coming timeframe. For instance, world drilling rig count improved by 74 units in July 2016 in comparison to June 2016. In fact, the U.S. rig count had numbered to 449 rigs from 32 rigs while Canada contributed nearly 31 units to 94 rigs. Developed countries like the U.S. and Canada are investing heavily in oil & gas exploration projects which is expected to drive the zonal isolation industry growth over the next few years.

U.S. Zonal Isolation Market Size, By Application, 2013-2024 (USD Million)

U.S. Zonal Isolation Market Size, By Application, 2013-2024 (USD Million)

Offshore sector is a major application area, projected to offer high growth opportunities for zonal isolation industry over the coming seven years. As per the research, offshore application is expected to grow at a CAGR of 7% over the coming timeframe, driven by huge investments in the exploration and production activities carried out offshore. Moreover, zonal isolation market share in onshore sector, will experience a high growth, due to the enormous rise in onshore drilling activities.

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Below are the regional trends influencing zonal isolation industry over 2016-2024

  • Rise in number of shale gas exploration activities along with high requirements for oil & gas is expected to spur Europe zonal isolation market growth over the coming years. UK and Norway are expected to be the major regional revenue contributors.
  • Middle East & Africa zonal isolation market is projected to witness significant gains of 6.53% over 2016-2024, driven by rise in regional drilling rig count. Iran and Saudi Arabia are projected to be the major regional revenue pockets.
  • North America zonal isolation industry will attain maximum growth over the coming seven years, driven by rise in the number of drilling offshore activities along with the discovery of unexplored oil & gas basins/reserves. U.S. is expected to contribute substantially towards the regional share.
  • Zonal isolation industry will obtain optimum growth across the nations such as China, Canada, UAE, Mexico, Russia, and Brazil, driven by the increase in oil & gas exploration and production activities.

Market players will try to enhance their ROI through technological innovations, R&D investments, and strategic alliances. Key industry players include TAM International, Expro International Group Holdings Limited, Schlumberger Limited, Tendeka, FMC Technologies, Baker Hughes, Weatherford International, Halliburton Company, Superior Energy Services, C&J Energy Services Incorporation, and Oilsery.

Author NameDhananjay Punekar