Solar district heating market forecast is expected to depict a major rise owing to increased urbanization along with population growth and continuously increasing heating demand across the world. District heating is one of the most vital concepts that helps in improving the overall energy efficiency of a community and allows incorporating a higher proportion of renewable heat. With the constantly rising energy prices and increasing expectations of comfort and indoor climate control, solar district heating industry outlook is poised to witness robust growth over the next few years.
It has been observed that buildings consume a vast amount of conventional energy and substantially contribute towards fossil fuels emissions, coercing many countries to plan for introducing policies for minimizing the consumption, by transitioning buildings into more energy efficient structures. Governments are playing a major role by implementing stringent regulations to focus on integrating renewables into existing energy systems. Enumerated below are certain trends outlining the prospects for global solar district heating industry share.
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Consumption behavior in the commercial and residential sectors
The use of solar energy has been critically important for commercial buildings such as malls, big-box stores, and office complexes. Natural gas and conventionally generated electricity have become the most common sources used in commercial spaces for cooling and heating purposes. Utilities are gradually shifting their preferences towards renewable energy sources for district heating and cooling that help in meeting rising urban energy needs and providing cost-effective option to commercial and residential buildings.
Prominent reports suggest that global residential solar district heating market is likely to reach a valuation of USD 3 billion by 2025. In August 2019, Savosolar has reportedly signed an agreement with a French based company Kyotherm Solar to deliver a solar heating system in Issoudun France. Savosolar will provide the largest part of the solar thermal plant and the construction and system delivery will begin during autumn 2019, with handover projected to start around spring 2020. Similar developments and increasing R&D activities help in utilizing solar energy more efficiently, propelling solar district heating market size.
Rising renewable energy expenditure in Asia Pacific region
Asia is one of the fastest growing regions in the world in terms of energy demand to fuel its increasing pace of economic expansion. Emerging economies like India, China, and Japan are adopting advanced methods for renewable energy deployment and placing them at the forefront of the energy transition. Countries like Japan have numerous district heating and cooling operators presently working across the country to meet varying consumption trends.
The government of Japan is accelerating efforts by massively spending on green innovations and promoting private and public partnerships to make the public aware about environmental preservation and economic development, augmenting opportunities for solar district heating industry. In 2018, Daiwa House in Japan had commenced its first energy self sufficient office, the first in Japan to use renewable energy and conduct verification testing and experiments for energy efficiency. Introduction of similar commercial buildings will foster possibilities for renewable-based heating and cooling.
Expansion of renewable energy infrastructure globally
Energy intensive industries like chemical, refinery, and paper sectors represent over 80% of the total global electric combined heat and power (CHP) capacities. Additionally, industries are directing rigorous efforts towards increasing the deployment of renewable energy technologies and providing local manufacturers a large scope of making efficient use of resources through favorable cost reductions.
In August 2019, Statkraft, a Norwegian state-owned hydropower company had acquired Airvolution Clean Energy, an onshore wind developer, for holding a 1.2GW renewables portfolio in the UK by 2025. The agreement has been made with the aim of deploying 600MW of solar power and onshore wind in the UK. With the initiation of these strategic agreements along with various government aided schemes, district heating and cooling systems can enjoy reliable sources of energy.
With the majority of technological advancements and investments in the developing smart and energy-efficiency cities, the demand for district heating and cooling systems will rise considerably. Investment in renewable energy is rapidly expanding across the world to tackling global warming. Favorable government policies along with strategic mergers and acquisitions to expand production capacities will be profitable for utilities looking to accelerate solar power adoption. According to Global Market Insights, Inc., solar district heating market size is expected to surpass USD 7 Billion by 2025.
Author Name : Deeksha Pant
Growing preferences for clean energy generation owing to the depleting fossil fuel reserves is anticipated to drive offshore wind cable market growth. As per GWEC, the global offshore wind installed capacity raised by 0.5% during 2017-2018. The fiscal term witnessed an increase of 5 GW up surging the total installed capacity to 23 GW.
Additionally, the declining component prices from government subsidies to promote clean offshore energy generation will enhance the industry outlook. The offshore wind cable market is slated to grow exponentially pertaining to some the key influencers stated underneath.
China Offshore Wind Cable Market, By Technology, 2018 & 2025 (USD Million)
Land availability and favorable climatic factors:
The land availability for onshore wind projects is less as compared to offshore wind projects. In addition, human intervention across onshore wind farms is also more that has been favoring growth of offshore wind projects. Limitations of land availability and increasing human interventions across onshore wind farm across the globe are expected to support offshore wind cable business scenario over forecast timeframe.
Moreover, the offshore wind farms provide numerous advantages over onshore sites. Wind speeds greatly influence the power generation process, even a slight increase in wind speed significantly amplifies the power generation. For instance, a wind turbine spun by 15 mph wind can yield almost double the energy produced from a turbine operating at 12 mph wind speed. The wind speeds at offshore locations are much higher and more constant as compared to the wind speeds of the onshore locations. These climatic factors are expected to lead toward increasing deployment of offshore winds farms, further boosting the offshore wind cable industry outlook.
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On-going offshore wind infrastructure investments across Europe:
Europe offshore wind cable market will observe significant gains on account of the enormous existence of offshore wind farms in the region. Government approaches to utilize the total offshore potential along with strict environmental codes to limit carbon footprint will significantly boost the regional offshore wind cable market size. Currently, Europe has 105 offshore wind farms having a total capacity of 18.5 GW spread across 11 countries of the region.
Europe is expected to lead offshore wind cable market growth on account of the increasing number of offshore wind farms and intercountry power transmissions to ensure security of the power supply. According to a report published by the Wind Europe, in 2018, Europe’s offshore wind capacity sharply increasing by 18% owing to a new installations of 2.6 GW offshore wind energy capacity. UK and Germany shared an about 85% of the new capacity of 1.3 GW and 969 MW respectively. The region witnessed about 15 new offshore wind farms that commenced energy production in the year.
The UK alone hosts a massive offshore energy generating capacity of 8 gigawatts. The offshore wind farms lining the British coastlines complements UK’s growing energy needs. The strategic government-industry collaborations are likely to fulfil 30% of electricity needs in UK from offshore wind energy projects by 2030. The new offshore Sector Deal laid foundations to provide this huge boost to offshore wind capacity of the country.
Furthermore, UK recently announced the world’s biggest offshore wind farm project Hornsea-One, spread across a huge area of approximately 407 square kilometers located off the Yorkshire coastline.
The project is currently partially operational with 50 of its 174 turbines spinning. Once the deployment is over by 2020, Hornsea-One will have a generating capacity of 1.2 gigawatt breaking all records of any existing offshore wind farm.
Growing GHGs emission concerns:
The rapidly increasing energy demand has been resulting in high growth in energy-related greenhouse gas emissions. According to IEA, in 2018, CO2from energy-related project increased by 1.7% owing to the increased energy demand across the globe. The power sector accounted for almost two-thirds of emissions growth pertaining to the fossil fuels used in energy generation. Particularly, the increasing energy demand from major countries including China, India, and the United States accounted for 85% of the net increase in emissions.
The alarming levels of greenhouse gases will necessitate to discover new offshore wind potential sites. New York State Energy Research and Development Authority has proposed an offshore wind farm of 880MW capacity to Sunrise Wind that is expected to power more than 500,000 homes. The project will be a joint development of Ørsted, a Danish power company and US-based energy provider, Eversource.
Development of the Sunrise project will commence from 2022 and the operations are scheduled to begin in 2024. Reportedly, New York State Governor aims of producing 9,000MW of offshore wind power by 2035 owing to the goal of generating 50% of the state’s electricity from renewable sources by 2030.
Limited land availability owing to the regional land disputes along with the wind obstructions caused increased urbanization will necessitate expansion of offshore wind energy generation projects. Hence the increasing deployment of offshore wind farms will augment offshore wind cable industry trends during the forecast period.
Furthermore, increasing inclinations toward renewable energy generation due to the rise in energy-related greenhouse gas emissions will also support industry outlook. According to a research report by Global Market Insights, Inc., offshore wind cable market share is anticipated to surpass USD 2 billion by 2025.
Author Name : Amol Kothekar
Servo drive market share is anticipated to witness an exponential growth owing to advent of industrial automation, coupled with the product’s adoption across various industry verticals such as consumer electronics, automotive, semiconductor, food & beverage and others. Growing industrial activity, primarily in the emerging economies across the world is projected to positively impact servo drive industry outlook over 2019-2025.
Germany Servo Drive Market Size, By Category, 2018 & 2025 (USD Million)
Servomechanisms are automated control systems used in robotics, CNC machines, and factory automation. Servo systems offer greater reliability and precision, as they use position feedback to account for system disturbances and errors, unlike open loop systems.
A servo amplifier or servo drive is responsible for powering the servo motor in servo system. The servo drive is an important component in determining the performance of the servo system. Servo drives offer a variety of advantages for automatic machining systems, such as superior positioning, motion control and speed.
Rise in industrial automation to add impetus to servo drive industry growth
Industrial automation heavily relies on servo drives and industrial AC drives. Servo drives provide fully digital control over torque, velocity position synchronous, linear or torque and asynchronous servo motors. Servo drives are flexible and can fit with a variety of machine designs, with key features including thermal management for operation in demanding industrial environments, optimized performance, high dynamics and reliability.
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Servo drive translates low power command signals from the controller into high power current and voltage to the motor. Depending on the application, the servo drive regulates and coordinate the motor’s desired speed, position, torque, etc.
Industries are implementing automation to reduce costs related to employees along with other expenses, while increasing precision and flexibility. With increasing advancement in control mechanisms, industries operate 24 hours a day. Productivity has increased, and errors are reduced. Common industrial automation applications include packaging, food, logistics systems, tool machines, robotics, etc. Rising investments toward the development of industrial automation will influence servo drive market trends over the forecast period.
Extensive usage of servo drives in motion controllers in F&B industry
The food and beverage industry for the most part makes its money on high volume production, and it is not surprising to find that OEMs are increasingly adding motion control to beverage machines ranging from cappers and fillers to cartoners, as well as to case packers. Utilizing servo drives, servo motors provide responsiveness, speed, reliability and flexibility, that brings machine builders and end users a competitive edge and fast return on investment.
Cartoning line is the weakest spot in product handling and loading. In the beverage industry, processes can run at up to 2000 cans/bottles per minute. In traditional machine, jamming conditions are painstaking, as the operator has to manually resynchronize and restart the process that can take much longer. This can lead to heavy financial losses, due to disruption in production. With automated shafting & synchronization, frequency of jams drops. If a problem arises, the operator just has to remove the jam and restart the machine and the motion picks up right where it left off at full production speed.
Servo drives with processing capability help simplifying maintenance and have intelligence to monitor hundreds of parameters. These drives can send an alert to maintenance when they need to be replaced. Replacement can be as simple as switching off the machine, removing the failed device, installing new smart cards and powering back up. Enhanced adoption of high-end technology drives to explore the untapped potential in F&B industry is estimated to expand the servo drive market over the forecast timespan.
Growing application in military and aerospace sector to increase servo drive industry share
Aerospace and military equipment need to be reliable and responsive when in the line of duty. Servo drives offer the defense industry far more flexibility in control, allowing for high-power capabilities in their devices and advanced precision, that results in high performance under extreme conditions.
Utilization of automated technology in military combat has dramatically increased over the last few decades, like installing 360 degree electro-optical sensors on vehicle systems for reliable and consistent motion on gun turrets. Defense and aerospace industries heavily rely on motion control applications.
Servo drives are being employed for other military applications, including remote operated vehicles, designed to disarm mines and perform dangerous exploration missions, so as to keep humans out of harm. Requirement of top-of-the-line servo drives in military sector for high responsiveness, reliability & performance will propel servo drives market outlook over the forecast period.
Servo motors are becoming indispensable in the modern industrial ecosystem where automation is the key to high volume production. Servo motors provide precise positioning and control besides offering unique advantages in the applications where they are utilized. Compared to their size, servo motors offer high output, increased torque-to-inertia ratios and high levels of efficiency. They are also gaining precedence of application due to cooler temperatures and quitter operations. Due to their wide-ranging applications, Global Market Insights estimates servo market size to surpass $10 billion by 2025.
Author Name : Aakriti Kakkar
Electric submersible pump market is slated to amass substantial proceeds over the projected timeframe, primarily driven by rapid urbanization, growing demand for water supply and diminishing availability of water resources to meet them. Developing nations are witnessing accelerated infrastructural development in recent years, propelling water consumption globally. Higher number of water borewell projects in emerging economies will immensely bolster the demand for submersible pumps..
North America Electric Submersible Pump Market Size, By Industry, 2018 & 2025 (USD Million)
The growing industrial and agriculture sectors have created enormous need for water supply in order to facilitate continuous flow of operations. As per reports by UNESCO, agricultural sector solely accounts for over 70% of total water withdrawn globally. Undoubtedly, the exceeding demand for water coupled with growing economy worldwide has provided increased impetus to electric submersible pump industry size.
Numerous application segments across wastewater, agriculture and oil & gas sectors, among others, can be expected to drive the deployment of submersible pumps over the years to come. Below listed are some of the key regional trends substantially outlining electric submersible pump market forecast:
Oil and gas exploration in the U.S.
Reportedly, in 2018 the U.S. hydrocarbon gas liquids (HGL) production was estimated at 5 million barrels per day. The increase in hydrocarbon gas liquid was as a result of rising domestic natural gas production. HGLs that are developed at natural gas processing plants are called natural gas plant liquids that include ethane, isobutane, propane and natural gasoline, the demand for which has been rising in the nation.
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Apparently, propane and ethane account for two third of the total HGL production. The expanding hydrocarbon production can invariably steer U.S. electric submersible pump market share, as the need to explore natural gas resources rises.
Over 46 billion barrels of oil, 20 billion barrels of natural gas liquids and 280 trillion cubic feet of gas is apparently trapped in U.S.’s low- permeability shale formations. The nation is witnessing rising discoveries of new oilfields. For instance, in the year 2017, the total reserves of crude oil were estimated at 40 billion barrels.
North America electric submersible pump industry is anticipated to witness remarkable growth prospects owing expanding oil well drilling activities across the region.
Agriculture and urbanization in India
India is regarded as having one of the largest irrigation sectors globally. An estimated USD 271 billion in gross value was added by agricultural produce, fishing and forestry over fiscal year 2018 in the country. Ministry of Agriculture and Famers Welfare under the Government of India has levied several irrigation schemes to promote agriculture in the country. One such scheme aims at facilitating complete solutions in irrigation supply chain, including distribution network, water sources and farm applications.
Rising commercialization and urbanization demands an effective pumping system, while construction activities particularly in the developing nations is witnessing a steady rise. In the Budget for 2019-2020, the Government of India has given a massive push to the construction sector by allocating USD 63.2 billion for further development. The rising infrastructural development creates the need for an established water storage, drainage and water pressure boosting systems.
Wastewater treatment has gained more significance in the recent times owing to the depleting water resources worldwide. Rising awareness towards treating the water due to rising health concerns among citizens, preservation of wildlife habitats and enhancing the quality of life are vital factors boosting wastewater treatment. Electric submersible pump market size is poised to witness robust expansion as need for sewage and wastewater treatment rise along with rapid urbanization in India.
Tackling water shortage in Africa
Reports suggest that over 844 million people worldwide face water scarcity. According to World Economic Forum, water crisis is ranked fourth in terms of global risk to the society. The depleting availability of water resources coupled with facing issues of water contamination, there arises a need for groundwater harvesting.
Essentially, borewells are used to dig and extract groundwater holding a diameter of 4.5 to 12 inch. For the record, 4-5-inch diameter wells are primarily used for domestic purposes while those above 6 diameters are used for large applications.
To curb water crises in Africa, especially areas affected with severe drought, several steps have been taken by government authorities and NGOs to tackle the situation. For instance, an NGO project named- The Water Project aims at solving the water crisis in Africa. The organization has built new bore wells and rehabilitated neglected ones to improve the situation. Commendable efforts of governments and non-profits to undertake borewell drilling projects to counter water shortage in African nations could certainly propel electric submersible pump market outlook over the coming years.
Author Name : Shreshtha Dhatrak
Soaring electricity demand and need for enhanced communication networks will drive digital substation market trends over the next few years. Increasing risks for health, electric supply faults, fire and various other operational emergencies have thrust the deployment of electrical substations that help provide reliable and safe power networks in industrial, commercial and residential areas.
U.S. Digital Substation Market Size, By Component, 2018 & 2025 (USD Million)
Heavy investments towards installing important technology platforms for better functioning of power networks will contribute to expanding global digital substation industry size. Digital grids are reportedly a prime focus of strategic business programs and will direct investment flow into the sector over the coming years. Prominent manufacturers of electronic and communication equipment have successfully explored solutions like distribution automation and grid management, smart meters, micro grids and distributed energy resources for some time now.
Government initiatives and updates heavily influence the substation industry outlook in emerging economies, including India. Recently, India introduced the ‘one nation, one grid’ initiative to be able to bring affordable power to all of its states. As per the data by the government, now that the target of 100% electrification has been achieved, the government will focus on providing electricity supply consistently and at an affordable price.
Several efforts have been put in research and department of efficient components to further optimize the grid and overall power supply. The U.S. Department of Energy announced that it will be investing $8 million in innovations to help enhance the resiliency and reliability of the energy infrastructure of the nation. The opportunity for R&D partnerships will fuel the development of next-gen technologies and tools for the energy sector, immensely broadening the scope of digital substation market.
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Growing need for communication across networks
Communication plays an important role in enabling optimized operations of the power networks through detection of faults. The performance of the underlying energy grid requires efficient transmission and distribution abilities, with reduced loss probability or low latency, prompting the implementation of digital substation architecture.
GOOSE (Generic Object Oriented Substation Event) is a framework which transmits data through Ethernet Data Packets and use the Publisher-Subscriber feature to send critical and time sensitive communications. Features like these help prioritize and classify missions that require critical and timely operation of interconnected devices.
The launch of 5G wireless network could effectively transform the communication landscape and is expected to stimulate a notable rise in the Internet of Things ecosystem, boosting intelligent electronic device adoption as part of substation architecture for carrying large volume of data to offer a more connected network. Improved communication technologies will certainly reinforce digital substation industry outlook.
Changing power and utility environments
Utilities are able to experience enhanced abilities through digital substations for adapting to modern energy requirements from various end-use sectors. There have been refurbishment projects to convert old substations into digital ones that will help improve speed, capacity, expedite the expansion designs and improve grid resiliency.
For instance, ABB introduced a digital substation in India that is designed to take advantage of the fast changing utility environment. Located in the Thiruvananthapuram Technopark in Kerala, it is among the largest and most advanced digital substation in India. It will be accommodating a rapidly growing IT park that entails highly dependable power supply for business clients.
Similar projects worldwide will drive digital substation market trends, along with booming a technology sector that demands more energy every year.
Rising electricity demand in Asia Pacific
Increased electricity consumption across the Asia Pacific region can be attributed to remarkable industrial growth in countries like China, India and Indonesia, among others. Developing nations will witness rapid installation of micro-grids to complement the rapid infrastructure development. APAC digital substation market size is poised to register tremendous gains over the forecast period owing to augmented requirement of efficient substation electrical systems.
IMF had predicted that the economic growth in Asia will exhibit a growth rate of around 5.6% over 2018-2019, indicating significant revenue prospects for the industrial sector in the region. Surge in manufacturing activities and increase in the number of portable electronic devices being used in APAC will substantially expand digital substation market share.
Companies like Open System International, L&T, Cisco, NetControl, Eaton, Tesco Automation, Belden Inc., General Electrics, Texas Instruments, Siemens, Schneider, Open System International and ABB have influenced digital substation industry share by providing key power management solutions. Most of these players have expansive presence in APAC and will undoubtedly bolster the digitization of traditional grids in the region.
Author Name : Riya Yadav
Growing concerns regarding pollution and subsequent rise in the demand for low-emission vehicles have driven electric fuse market trends to a considerable extent, along with technological advancements in electric mobility. In terms of the consumer segment, steady uptake in electricity consumption due to rapidly increasing use of electronic devices will expand power distribution grids worldwide. According to the 2017 International Energy Outlook report, world energy consumption was projected to grow by 28% between 2014 and 2040.
North America Electric Fuse Market Size, By Voltage, 2018 & 2025 (USD Million)
With remarkable developments in the field of electronics, many household appliances have become high-tech with regards to design, functionality and features. The electronic appliances segment has witnessed continuous unveiling of improved energy efficient products, which will contribute towards defining global electric fuse industry share.
Modern technologies in power engineering, computer and networking as well as sensing equipment have induced significant transformation into the existing power supply landscape, moving in the direction of smart grids. Likewise, electric utilities are adopting advanced systems to help avert power imbalances, frequency and voltage instabilities that invariably damage electronic products, influencing the demand for reliable fuses across a host of application segment and fueling electric fuse industry size globally.
Applications in the industrial sector
Incidences of electricity shortages, rolling blackouts and power spikes represent substantial challenges for electrical fuses, most power surges get through the circuits. Rising integration of distributed energy resources in power supply networks will undeniably impact the residential and industrial energy usage, bringing notable improvements in electric circuits and related technologies.
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Power transformers, besides ensuring the supply of required voltage in industrial plants, also help in managing safety of equipment and voltage regulations. In addition, power transformers and coils are also responsible for the quality, reliability and safety of various electronic products. Major technological developments and innovations are yielding enormous opportunities to switch to an affordable, clean, and reliable electricity grid to power industrial demand.
In July 2019, Schneider Electric and its joint incubator with Microsoft, AI for Green Energy Incubation Lab informed they will accelerate the digital shift of power sector. Both the companies aim to transform the energy segment in Europe through Artificial Intelligence. This move will not only reinvent the current power systems but also outlines the potential of digital grids, significantly altering electric fuse market outlook over the forecast duration.
Impact of higher disposable incomes
Owing to unprecedented growth in the sales of home appliances, electronic handheld devices and electrical cabling, energy consumption has peaked all over the globe. Utilities are working rigorously to build smarter grids, for meeting consumer demand more efficiently, by deploying full range of integrated and communication-capable components which ensure complete safety, functionality and minimum power consumption.
Increasing disposable income drives the market of consumer electronics and appliances, in conjunction with the evolution of battery technology which are efficiently usable in portable electronics, a segment which has experienced momentous adoption among household consumers.
Reportedly, an average of USD 134.7 million per week was spent in April 2019 on household electrical appliances throughout Great Britain, demonstrating the tremendous potential for electricity consumption in the region. Electric fuse industry size is poised to register substantial revenues over the coming years from consistent rise in sales of household products.
Building more energy-efficient offices
Recently, Mitsubishi Electric Corporation unveiled the first medium scale office building in Japan, which is currently under construction, to receive a Net Zero Energy Building certification from the Building-Housing Energy-efficiency Labeling System, along with a first-level BELS 5-star rating. It is scheduled to start operating in the year 2020.
This certification recognizes the estimated reduction in energy consumption at the facility by 103% as compared with the average consumption levels of nearby regions. Similar initiatives and energy certifications will create a positive environment for green building projects and considerably expand the scope of electric fuse industry, as sustainable buildings require highly-efficient electrical equipment for supplying power safely to devices.
Several companies and manufacturers are involved in the development of advanced electric power grids which are backed by favorable government policies and robust power systems protection schemes, driving electric fuse market size.
Schneider, General Electric, Edison Fusegear, Littelfuse, Hubbell, C&S Electric, Mersen, TE Connectivity, Larsen & Toubro are some of the prominent players comprising the competitive hierarchy of global electric fuse market.
Author Name : Deeksha Pant
Rising concerns over carbon emissions and favorable measures to promote adoption of sustainable energy will drive energy storage systems market forecast over the coming years. Carbon dioxide, the most prevalent and dangerous greenhouse gas that drives global climate change, continues to rise every year. In 2018, Hawaii’s Mauna Loa Atmospheric Baseline Observatory had reported carbon dioxide levels of nearly 411 parts per million (ppm), the highest monthly average ever registered.
UK Energy storage systems Market Size, By Technology, 2018 & 2025 (USD Million)
Constant efforts are being made towards limiting carbon emission, which include growing investments towards deployment and expansion solar and wind energy plants to replace conventional fossil fuels. Deployment of large-scale clean energy systems will be bolstered by innovative advances in technology aimed to enhance efficiency and performance of batteries.
Enumerated below are the three major factors that will boost energy storage systems industry share over the projected timeline:
Large-scale deployment of renewable energy systems
International Renewable Energy Agency (IRENA) reports that increased utilization of renewable energy along with intensified electrification could help meet global climate goals by 2050. Renewable technologies which are immediately deployable and cost-effective storage solutions can enhance grid efficiency and help fulfil climate commitments.
Renewables already constitute more than half of newly deployed power-generation plants. IRENA further points out very interesting statistics regarding renewable power generation. Energy-related carbon emission reductions would have to drop 70% by 2050 to meet climate goals. Renewable sources, including wind and solar, could meet more than 80% of global power demand over the period.
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The International Energy Agency (IEA) suggests that renewable generation met 45% of the global energy demand growth in 2018. Energy storage will certainly play a major role in realizing the next phase of energy transition. Along with the surge in wind and solar power generation, storage solutions will significantly help achieve decarbonization across key applications segments, propelling energy storage systems market size.
Growing power demand across Asia-Pacific (APAC)
Higher electricity consumption globally can be attributed to robust industrialization in Asia-Pacific and upsurge in purchasing power of consumers, while resulting in increased utilization of electronic devices. In fact, China and United States remain two of the world’s largest electricity markets that account for roughly 70% of global power demand.
IEA has estimated that:
- China witnessed an 8.5% upsurge in electricity demand during 2018 on account of steady industrial growth.
- Electricity demand in India escalated by 5.4% in 2018 owing to massive electrification projects across rural areas
Growing integration of renewable power sources into the grid combined with stringent government norms to ensure energy efficiency will bolster APAC energy storage systems industry outlook. Acceptance of more efficient storage methods, unpredictable changes in climate conditions that affect power generation, along with consistent increase in electricity demand are expected to foster business expansion of key battery suppliers in the region.
Increased adoption of lithium ion batteries for energy storage
On account of tremendous benefits such as high energy density, long service life and low self-discharge rate, lithium-ion batteries are extensively used in several applications including electric vehicles (EVs), hybrid electric vehicles (HEVs) as well as consumer electronics.
In the past decade over 4 million EVs have been sold, with majority of the sales coming from the U.S. and China. In fact, China constituted 50% of the total EV sales worldwide in 2017. Recent studies revealed that the share of battery cost inside an EV component is estimated to drop to less than 20% by 2030.
Increased usage of smartphones worldwide is poised to push the global consumption of lithium ion batteries. Estimates suggest that more than 5 billion individuals currently own at least one mobile gadget, over half of which are smartphones.
Introduction of latest features into smartphones and advances in EV technology will considerably stimulate the demand for more reliable and efficient lithium ion batteries, defining energy storage systems market outlook over the next few years.
Increasing demand for cost-effective and uninterrupted power supply across industrial, commercial and residential applications is anticipated to boost implementation of energy storage solutions by utilities. Favorable government policies to promote EV sales combined with rising concerns towards grid stability will further augment energy storage systems market size.
Author Name : Hrishikesh Kadam