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

Growing oil and gas industry to boost the global FPSO market size

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Developing economies to make substantial contribution towards the market growth

Rise in offshore oil & gas exploration activities across the globe is expected to fuel the demand for the FPSO (Floating Production, Storage, and Offloading) market over the coming years. Currently, the exploration activities are being carried out mainly in offshore oil & gas fields of Brazil, North Sea, and West Africa. Growing oil & gas requirements across the globe will boost investments in new oil & gas fields.

The rapid expansion of upstream oil & gas industry coupled with favorable government policies to promote offshore oil & gas exploration activities is projected to boost the market size over the next few years. As per Global Market Insights Inc. report, the FPSO Market share worth USD 21 billion in 2015, is predicted to surpass USD 117 billion by 2024, growing at a CAGR of 19% over the period of 2016-2024.

The U.S. FPSO market share worth USD 20 billion in 2015, is expected to witness a noticeable surge over the forecast timeframe owing to the growing production and exploration of natural gas, rise in offshore activities and the discovery of untapped reservoirs. The Norway market is anticipated to touch USD 3.1 billion mark by 2024.

Norway FPSO market size, by volume, 2014 – 2024 (Units)

Norway FPSO market size, by volume, 2014 - 2024 (Units)

The China FPSO market size worth USD 687 million in 2015, is predicted to witness a significant growth, recording a CAGR of 22% over the period of 2016-2024. The growth can be attributed to the rise in offshore as well as onshore exploration coupled with production activities in the region.

The Angola FPSO market share, growing at a CAGR of 26.4% over the period of 2016-2024, is estimated to reach over 11 units in 2024 in terms of volume. Factors such as growing offshore production and exploration activities carried out in Deepwater reservoirs are expected to contribute towards the regional growth. Firms like Eni, Exxon Mobil, and Chevron have offshore projects in Angola and adds about 1MMbbl/d to the capacity.

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In April 2016, about 260 floating production units were set up in offshore oil & gas fields of which FPSO accounted for approximately 64%. Conversion of tank vessels into FPSO units is predicted to support the industry growth over the next few years. For instance, 1995 built shuttle tanker converted to a Libra FPSO unit in 2015 was designed to achieve the production of crude oil. The converted FPSO market is predicted to record a CAGR of 18.9% over the period of 2016-2024 owing to low capital investments coupled with the ability to operate in small and medium fields.

The redeployed FPSO market worth USD 719.8 million in 2015, is anticipated to witness a substantial growth, growing at a CAGR of 22.3% over the forecast period. The growth can be credited   to the product’s ability to minimize the project execution time. The new built FPSO market is predicted to witness a noticeable growth over the forecast timeframe due to growing ultra-deep water offshore exploration & production activities.

Key market players include SBM Offshore, MODEC Inc., BW Offshore, Samsung Heavy Industries, Aker Solutions, Hyundai Heavy Industries Co. Ltd., Teekay Corporation, Yinson Holdings Berhad, and Bluewater Energy Services B.V. These industry players will try to increase their market share through product innovation and mergers & acquisitions.

Author NameDhananjay Punekar

Asia Pacific to be a lucrative ground for the solar street lighting market: India and China to be the major revenue pockets

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Increasing emphasis on the eco-friendly environment, free from carbon footprints, is expanding the business space for Solar Street lighting market globally. With the growing demand for energy conservation, Solar street lighting has become quite a popular means of off-grid power supply. According to Global Market Insights, Inc., “The solar street lighting market worth USD 2.9 billion in 2015, is anticipated to surpass USD 15 billion by 2024.” SSLs are units using solar energy to illuminate streets or other open areas, generally installed in two modes- Standalone and Grid connected.An estimate says that in 2013, approximately 1.2 billion people, i.e. 17% of the global population had no access to grid electricity, with rural population contributing towards the most of it. The rising demand for off-grid power supply has built a huge opportunity landscape for the street light manufacturers. Moreover, favorable regulations from the government to support the use of SSLs is also boosting its market size. These are considered to be viable street lighting solutions owing to their low maintenance cost, easy working, eco-friendliness, and most importantly, the curtailed energy burden on the national economy.

India Solar Street Lighting Market size, by application, 2013-2024 (USD Million)

India Solar Street Lighting Market size, by application, 2013-2024 (USD Million)

The technology has gained high significance owing to its extensive use across the residential, industrial, and commercial sectors. In 2015, the solar street lighting market for the residential sector accounted for USD 630.8 million, and is expected to witness heavy gains over the coming years. Growing trends of solar buildings, increasing residential projects, cost-effectiveness, and rising energy conservation awareness is expected to drive the residential solar street lighting market demand. The residential SSL market is expected to grow at a CAGR of 22.62% (in terms of volume) over the period of 2016-2024.

Rural electrification programs coupled with government initiatives to regulate greenhouse gas emissions will boost the SSL demand in the commercial sector. The commercial solar street lighting market share is anticipated to grow at a CAGR of 20.23% over 2016-2024. Industrial SSL market is expected to reach 2.09 million units by 2024.

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LED and CFLs are the two most popular luminaries being used for the Solar street lighting. The LED solar street lighting market size valued 3.04 million units in 2015, is estimated to expand its share at a CAGR of 20.89% over the coming eight years. Also, owing to the increasing number of solar street lighting projects worldwide, the CFL market will witness significant gains, registering a CAGR of 12.2 % over the timeframe of 2016-2024.

“The global SSL market is forecast to grow at a CAGR of 20% over the period of 2016-2024.” The Asia Pacific is estimated to be a major region to promote the SSL market growth over the coming years. India and China are estimated to be the major revenue pockets for the APAC market. It is estimated that over 800 million people in APAC are deprived of grid power supply which fosters the huge demand for lighting solutions across this region. India SSL market size was approximately 22.36 million units in 2015, and is forecast to grow its share at a rate of 19.43% over the tenure of 2016-2024.

The US solar street lighting will also witness noticeable growth over the coming years. Stringent government regulations pertaining to the energy conservation and reducing carbon footprints will drive the preference for non-conventional energy resources over the traditional ones. The US SSL market size is expected to witness a CAGR of 21% over the coming eight years.

Rural areas can be a broad opportunity ground for the industry players, as these areas are the major SSL demand drivers. For instance, Philips, one of the key players in this market, has developed Solar Gen 2, the most cost-effective and efficient solar street lighting solution worldwide. Solar Gen 2 matches the capacity of conventional electricity grid, serving approximately 1.6 billion rural population deprived of electricity. Other notable participants of the SSL market are Solektra International, Omega Solar, Urja Global Ltd, Sunna Design, VERYSOL GmbH, Solar Street Lights USA, and Dragons Breath Solar.

Author NameShikha Sinha

Global oil storage market share to profit by the declining oil prices

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Emerging economies to provide lucrative opportunities for the global oil storage market: Asia Pacific to witness significant growth .

Oil prices have been a debatable topic over the past couple of years. The crude prices underwent a major decline from trading at USD 105/barrel in 2012 to USD 43/barrel in 2016, resulting in a supply/demand imbalance. The supply of the crude oil has surpassed its demand leading to an overabundance of the crude oil worldwide. This has resulted in a surging demand for oil storage facilities across the globe. According to Global Market Insights, Inc., “the global oil storage market size valued 1400 million cubic meters in 2015, is estimated to surpass 2298.3 million cubic meters by 2025.”

U.S. Oil storage Market size, by fuel, 2013 – 2025 (Million Units)

U.S. Oil storage Market size, by fuel, 2013 - 2025 (Million Units)

The declining crude oil prices have also built a tough competitive scenario in the market. The players are focusing towards expanding their operations to increase their supply and storage infrastructure, yet another reason for the oil storage market surge. The emerging economies, mainly the Asia Pacific is estimated to be a lucrative growth prospect for the oil storage market. Heavy import of crude oil across this region has resulted in an upsurge of storage facilities demand. National Bureau of Statistics depicted Asia having 191 barrels of crude in its petroleum reserve in the year 2015. The Asia Pacific Crude oil market size is estimated to surpass 326 million cubic meters by 2025.

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The government is also encouraging the growth of the oil storage facilities taking into consideration the national economic security as these oil reserves can be used at the time of energy crisis safeguarding the national economy. For instance, the petroleum ministry of India has declared about increasing its oil storage capacity taking the advantage of the reduced crude oil prices. The Government of India has set up three strategic crude oil reserves, each of 5 MMT capacity in Mangalore, Vishakhapatnam, and Padur. Rajasthan and Odisha are also under the pipeline for this set-up.

The Middle East and Africa oil storage market is estimated to witness a significant growth in the coming years mainly driven by the rising oil production and the declining crude oil prices across this region. As per the study, Iran will boost the production rate from 3.7 million barrels per day to 4.2 million barrels per day, resulting in a heavy demand for oil storage across this region. UAE market is estimated to grow at a CAGR of 4% over 2016-2025.

Also, shale revolution which resulted in an enormous production of oil has positively impacted the US oil storage market size. The US oil storage market share is anticipated to grow at a CAGR of 4.5% over 2016-2025.

The strategic oil storage reserves are popularizing owing to its adoption by private companies and government bodies to store crude, safeguarding the national security and economy during energy crisis. For Instance, Abu Dhabi National Oil Company or ADNOC made an agreement with India, wherein the former would store crude in India’s strategic reserves. Commercial oil storage reserves are anticipated to witness significant gains over the coming years, mainly driven by the growing demand for petroleum products. The commercial reserve oil storage market is anticipated to grow at a CAGR of 6.3% over 2016-2025 (in terms of volume).

Oil storage tanks made of steel would witness high demand over the coming timeframe owing to the surging demand for petroleum products. Fiberglass reinforced plastic tanks would also witness significant gains owing to their properties such as light-weight, corrosion-resistance, and high strength. FRP oil storage tank market is estimated to surpass USD 3 billion by 2025. Carbon steel oil storage tanks are used to store flammable liquid owing to its property of withstanding high temperatures without cracking or melting, Carbon steel oil storage tank market is anticipated to grow at a CAGR of 5.5% over 2016-2025.

The major fuels contributing towards the global oil storage market share are Crude Oil, Aviation Fuel, Gasoline, LNG, Middle Distillates, and LPG. LNG storage market is estimated to exceed USD 2.9 billion by 2025. Gasoline storage market is anticipated to witness a CAGR of 4.9% over the period of 2016-2025, mainly driven by lower gasoline prices and the growing economic trends. Middle distillates storage market would witness significant growth trends, recording a CAGR of 3.4% over 2016-2025. The growth can be attributed to the rising demand for petroleum products worldwide. LPG reserves market is forecast to exceed USD 2.5 billion by 2025.

The coming years will witness the key players adopting strategic alliances and mergers & acquisitions as a major part of their growth strategy. The market participants will expand their supply and storage infrastructure to sustain the heavy competition. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Some of the key oil storage market players are CST Industries, Inc., Poly Processing, Snyder Industries, Red Ewald, Inc., Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites Inc., Zepnotek Storage Tank, Belco Manufacturing Co Inc, L.F. Manufacturing, Inc., Containment Solutions, Inc, Polymaster, Holvrieka, Tuffa Tanks, and Vopak.

Author NameShikha Sinha

Global Hydrogen generator market share to surpass USD 1.32 billion by 2024

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The vivid growth of industrial hydrogen applications across sectors such as chemical processing, fuel cells, refinery, and petroleum is soon going to result in hydrogen generator turning into a billion-dollar market. According to Global Market Insights, Inc., “The Hydrogen Generator market worth USD 800 million in 2015, is estimated to surpass a revenue of USD 1.32 billion by 2024.” Hydrogen generators are primarily the units installed to produce hydrogen. Depending on the requirements of the industrial process, the hydrogen generator deployment is mainly done either as an onsite generator or a portable generator.

The government initiatives towards a sustainable environment by reducing fuel emissions and dependency on non-renewable energy resources also play a vital role in increasing the hydrogen generator market size. The rising trend of green fuel use across the industrial, commercial, and residential sectors will also heavily boost the industry share. Hydrogen generator offers high operational reliability and is considered to be a convenient and secure hydrogen storage and delivery source free from the hassles of cylinder handling.

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

The expanding automotive industry will bring enormous growth prospects for the overall market. Increasing adoption of electric vehicles is encouraging the growth of hydrogen fuel stations in turn stimulating the market growth. The government is also encouraging the use of electric vehicles over the conventional means of transport owing to the eco-friendliness, reduced fossil fuel dependency, and operational cost-effectiveness of the former. Key automobile manufacturers such as Ford Motors, Nissan, GM, Mercedes-Benz, Honda, Toyota, and Tesla Motors are also significantly sharing the electric vehicle business space. It is estimated that the global electric vehicle sale will surpass 7 million units by 2024. This will in turn result in a comprehensive increase in the fuel cell demand. Hydrogen generator application in the fuel cell market is anticipated to grow at a CAGR of 6% over the period of 2016-2024.

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The refinery industry is another major growth prospect for the hydrogen generator market. It is estimated that the hydrogen consumption in refineries accounts for 12 billion standard cubic feet per day. The demand for hydrogen in the processing of crude oil into refined fuel such as gasoline and diesel and removing the impurities from these fuels are expected to catalyze the application growth. Hydrogen generator application in refineries is forecast to surpass USD 120 million by 2024. The food and beverage industry is also supporting the hydrogen demand owing to its application in removing contaminants such as bacteria and viruses from the food items.

The refinery, oil & gas, and chemical processing industries usually adopt the onsite installation method, which is predicted to dominate the industry with a CAGR of 5% over the timeframe of 2016-2024. Portable hydrogen generators are popular amongst the transportation and construction industries and are estimated to record an annual growth rate of 5.8% over the coming eight years.

“Global hydrogen generator market is anticipated to grow at a CAGR of 5% over the period of 2016-2024.” North America market accounted for USD 300 million in 2015, and is estimated to witness substantial gains over the coming period. The growth can be attributed to the rising demand across power generating plants & refueling stations and growing trend of green fuel across this region. The U.S. and Canada will be the major revenue pockets for the North America hydrogen generator market.

Asia Pacific, primarily led by South Korea and Japan, will also grow significantly over the coming years owing to rising demand across the refinery sector, growth in the petroleum industry, and stringent government regulations across this region. The Asia Pacific market is estimated to register a CAGR of 6% over the period of 2016-2024.

Some of the major players in this market are Linde AG, Air Products & Chemicals, Inc., Hydrogenics Corporation, Air Liquide SA, McPhy Energy, Airgas Inc., Praxair Inc., and Idro Energy.

                                                     Author NameShikha Sinha

U.S. solar power industry to witness record-breaking growth owing to large-scale installation of solar panels

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The solar power sector in U.S. deployed 2,052 megawatts of photovoltaic in the second quarter of 2016 bringing total power capacity of the country to about 32 gigawatts. This much of power generation made possible due to the installation of solar panels in the country has the ability to supply electricity to greater than 6.3 million U.S. homes. Generation of power through photovoltaic or solar panels will also help in reduction of greenhouse emissions by about 39 million metric tons in a year.

A new solar panel was installed per 84 seconds in first six months of 2016 and it totaled about 1004 installations per day. This installation rate is projected to take the current total of 1.2 million solar panel installations to about 2.2 million solar panel installations by end of 2018.

U.S. solar power industry is anticipated to add about 14 gigawatts of new power capacity in 2016, which is more than double as compared to the total power capacity of the industry for 2015.

The industry is predicted to grow rapidly owing to following features:

  • Solar Power has helped more than 301,000 consumers save about $173,000,000 electricity bills
  • Solar Energy costs dropped across all industry sectors, with dropping costs ranging 2.5-7.5 percent
  • Cost of solar energy in 2016 is 18.1 percent lower as compared to 2015 and 63.1% lower as compared to the energy costs five years ago
  • Power production through solar panels was about 26 percent of the country’s total power production in first half of 2016

As per the Global Market Insights report, U.S. Solar Panel Market is projected to experience substantial expansion from 2016 to 2023.

By end of 2021, the U.S. solar power sector is anticipated to expand and this will generate more job opportunities and investments in the country. All these factors are predicted to boost the demand for solar panels and will boost the U.S. solar power industry growth.

Global Market Insights report states that global solar energy market size is projected to surpass $141 billion by end of 2023.

Author NameDhananjay Punekar

Australia’s solar energy generation to be three times more due to construction of 12 new solar power plants

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As per the ARENA (Australian renewable energy agency), construction of twelve new solar power plants in Australia is predicted to treble country’s extensive solar energy output. The agency declared that it will make total investments of $92.1 million in construction of these 12 plants. It includes six plants in Queensland, five plants in South Wales and one plant in West Australia.ARENA stated that they would improve country’s total solar capacity from 241 megawatts to 721 megawatts, providing enough power supply to about 151,000 Australian houses on an average. It declared that these solar power plants projects were predicted to generate $1.1 billion of commercial investments and propel economic growth of the region.

Biggest solar power plant is expected to be constructed at Darling Downs in Queensland and is projected to produce about 111 megawatts of solar power. It will help in reducing environmental pollution and act on climatic changes and will generate new employment opportunities along with diversification of economy of Queensland.

This largest renewable energy plant of Australia constructed at Queensland will create higher than 501 direct jobs along with hundreds of indirect employments. It will produce enough renewable energy to meet the power requirements of 120,000 houses in Queensland. Four of the five solar power plants projects in this region has received state government’s long term financial assistance. It is expected that the construction of all these plants will be completed by end of 2017.

Kidston renewable power hub is being developed in northwest of Townsville in Australia. It comprises of a big solar farm and is integrated with pump storage hydro project. The main reason being low price and efficiency of pump storage hydro battery which has capacity to store solar energy.

As per global market insights reports, global solar energy industry size is predicted to expand at more than $141 billion by end of 2023. Thus Australia solar power production is projected to contribute heavily towards demand and growth of this global industry.

Construction of solar power plants will also help to reduce carbon emissions in atmosphere and will help to curb the impact of global warming. It will also help in maintaining natural equilibrium & nitrogen cycle, retaining ecological balance and regulating seasonal cycles. This will boost the demand and growth of Australia solar energy market.

Author NameDhananjay Punekar