Commercial water heater market to be driven by a supportive regulatory spectrum, increasing availability of next-generation products to impel the industry growth
The rising usage of hot water for commercial purposes has been inherently fueling commercial water heater market share since the last few years. Commercial sectors comprising hospitality services, food processing industries, and offices have been emerging as some of the prime growth avenues demanding hot water on a regular scale, on the grounds of which they have been amply installing hot water heaters at the workplace. Though energy companies have already developed an appreciable range of products since the last few years, they have been constantly involved in research and development activities, aiming to manufacture products with an even greater efficiency parameter.
U.S. Commercial Water Heater Market Size, By Energy Source, 2017 & 2024 (USD Million)
It is thus rather discernible that the popularity of next-gen products are likely to encourage their mass adoption in the ensuing years. In addition to this, the initiatives taken by the regulatory bodies to encourage water heater manufacturers to develop energy-efficient products is also likely to impel the commercial water heater industry size.
Over the last few years, the commercial use of water heaters has been continuously increasing, pertaining to the rapid industrialization and urbanization across the globe. In line with the increasing use of water heaters for various applications such as offices, hospitals, medical laboratories, and food service, water heater manufacturers have been expanding their commercial product ranges.
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For instance, one of the largest manufacturers of water heaters for commercial as well as residential applications, A.O. Smith has been continuously striving to expand its business with new product developments and technology advancements. Recently, in April 2018, it has broken down the limitations related to remote monitoring and hot water management capabilities with the launch of a new connectivity platform. This new hot water system can be operated through iOS and Android-ready mobile devices. This invention indeed has set a new benchmark for maintaining and monitoring hot water systems.
Speaking along the same line, with the goal to provide superior facilities to consumers, A. O. Smith has also launched new Blue diamond technology based water heaters in India. This technology can improve the lifespan of the water heaters by providing corrosion resistance features that can reduce premature failure of tanks due to hard and contaminated water.
In addition to innovations, several companies have been adopting different types of tactics to expand their businesses which will have a considerable impact on commercial water heater market. For instance, the leading UK based gas-fired commercial water heater manufacturer, Andrews Water Heaters has started a new cashback policy for the customers who want to upgrade their commercial water heater systems. The company declared that it would replace any branded commercial water heater with its next-generation products. The replacement of old and inefficient water heaters will also help users obtain cost-effective returns and improve air quality as older heaters may tend to cause harmful emissions. The implementation of such innovative strategies will emerge beneficial for companies to obtain lucrative returns on investments.
It is noteworthy to mention that commercial water heater market players are now shifting toward a ‘go green’ trend owing to the deployment of regulatory norms regarding the installation of energy efficient and eco-friendly water heater variants. Several European countries for that matter, have already deployed a strict regulatory framework that is adhered to by practically every energy-subjective business vertical. On these grounds, almost all water heater manufacturers across the continent have upgraded their facility centers for developing products that could contribute to cut the energy bills. Such a scenario remnant of facility transformations is poised to propel Europe commercial water heater market over the years ahead.
It is quite plausible that the shifting focus of players in the commercial water heater industry toward the development of reliable and superior performance products will change the business scenario related to hot water delivery models. In addition, the increasing availability of compact size eco-designs will gain traction, augmenting the product demand over the years ahead. Powered by innovative business strategies like product promotional cashback policies, commercial water heater market will surpass a revenue collection of USD 7 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Unveiling Europe air source heat pump market trends in terms of the regional landscape, Norway to emerge as a highly lucrative investment ground by 2024
Europe air source heat pump market has observed remarkable growth lately, in line with the shifting trends toward the increasing use of air as an important energy source in heat pumps that are deployed in industrial, residential, and commercial buildings. Currently, the surging use of fossil fuels for meeting energy demands has had a negative impact on the environment. Reports claim that nearly 70% of energy needs in Europe is fulfilled from fossil fuels leading to air pollution and GHG emissions that are negatively impacting human health and the ecosystem. In order to combat carbon emissions and raise awareness regarding energy efficiency, the European Commission has set a climate and energy framework that is certain to help augment Europe air source heat pump industry outlook over the years ahead.
France Air Source Heat Pump Market Size, By Application, 2017 & 2024 (USD Million)
In order to comply with the EC’s climate and energy framework and increase the dependency on renewables, most of the European countries have taken initiatives to use renewables in cooling and heating systems. A regional overview outlining the major economies deploying such initiatives to reduce dependency on fossil fuels has been enumerated below:
One of the member states of EU, Austria has set a target to become 100% dependent on renewables for its electricity need. In addition, it has been investing in the installation of renewable energy based cooling and heating systems. In this regard, the Austrian government has deployed supportive regulatory policies for encouraging people to use air heat pumps across residential as well as industrial sectors. Alongside the promotional activity, the government has also been providing incentives to the masses who have been deploying sustainable energy systems including air heat pumps. In addition, for improving the energy efficiency of existing heating systems, the government has been encouraging people to renovate traditional air heat pump systems. A plethora of such favorable initiatives and financial support for the enhancement of research and development activities will most certainly impel Europe air source heat pump market trends in Austria.
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Norway is another prominent regional contender in Europe air source heat pump industry. Initially, the Norwegian government had given importance for the implementation of heat pumps mainly across industrial and commercial sectors, but later on, with the increasing need for energy efficiency, a considerable proportion of the regional populace installed air heat pumps on large scale. Reportedly, in Norway, over 30 percent of single family houses have heat pumps, owing to the surging popularity of low-temperature output technology.
In order to promote renewable energy and energy efficiency across Norway, the government had founded a public company dubbed as Enova SF in 2001. This company provides subsidies to private households that install air source heat pump systems in houses. The Norwegian government has also mandated that new buildings spanning over 500 square meters would require to generate over 60% heat from renewable heat sources. Driven by the regulatory support and shifting focus of the government toward increasing the dependency on renewables for energy requirements, Norway air source heat pump industry is slated to generate a revenue of over USD 600 million by the end of 2024.
In Germany, most of the people have been giving preference for efficient and cost-effective renewable heating systems to decrease the dependency on fossil fuels. Air-to-water heat pumps have especially become more popular to be used in new buildings across Germany, owing to their low installation costs and better energy efficiency. Every third newly developed residential building in the country deploys air source heat pump for space heating, thereby expanding the presence of Germany across Europe air source heat pump market.
The increasing awareness among the regional governments across Europe about the economic as well as environmental benefits of ground source heat pump systems will impel the product demand. The supportive initiatives taken by policy makers to encourage people to adopt renewable technology based heating systems will make it easier for homeowners and industrialists to install air source heat pump systems. All in all, with the increasing acceptance of sustainable energy systems, Europe air source heat pump market will surpass a revenue collection of more than USD 7 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Traction battery market to be largely characterized by the expansion of the electric vehicles industry, U.S. to remain a major revenue pocket
In line with the electrification trend in the automotive space, the global traction battery market seems to have carved out a rather pronounced growth path in the recent years. Changing consumer preferences toward utilization of clean energy and lowering the greenhouse emission is expected to have a greater impact on the deployment of electric vehicles on a global scale. Forming one of the most vital components of the automotive industry, the growth of the electric vehicle market has also inevitably gravitated much of the momentum in the electric vehicle batteries business sphere. According to estimates provided by the IEA, the global sales of new electric cars exceeded 1 million units in 2017 in terms of volume, and exhibited nearly 54% growth in comparison to the statistics of 2016.
North America Traction Battery Market Size, 2013 – 2024 (USD Billion)
The recent years also saw automakers making several major EV announcements, which have had a direct impact on the traction battery industry share. To name a few, General Motors announced plans for 20 new Electric Vehicles models by 2023, Toyota said it plans to electrify its entire lineup by 2025, Ford announced investment of USD 4.5 billion into 13 new EVs, while Volvo revealed that all the models launched after 2019 will be either all-electric or hybrid. Quite overtly, endorsed by such initiatives of the automotive giants, traction battery market is indeed on its way to emerge as nothing but a lucrative vertical for potential investors.
Enumerated below are some of the latest development underlining the expansion of traction battery market
Following its partnership in 2014 over the “Gigafactory”, Tesla and Panasonic have recently announced plans to expand its traction battery cell production by 30% by the end of 2018. The Gigafactory, for the record, is capable of producing more than 35 GWh of battery cells every year, which is not only likely to meet the global demand for traction batteries but is also expected to play an imperative role is making batteries energy efficient and cost-competitive.
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In yet another instance, Audi recently announced that its first all-electric SUV, dubbed as the e-tron, has commenced production at its Brussels facility. Reports reveal that the e-tron is powered by large battery pack that has a capacity to store 95 kWh of energy. The company claims that the large traction battery comes with a 150-kW high-power charging (HPC) station and can be recharged within just 30 minutes.
The above-mentioned instances also bear testimony to the fact that numerous automakers are spending billions of dollars on electric technologies as they rush to hold a significant stance on the biggest change that has recently hit the automotive industry. Reliable reports claim that in 2017, automakers spent USD 200 million on electrification & autonomous vehicle technologies and will spend approximately USD 250 billion in the research & development and capital expenditures on electric vehicles by 2023. Moreover, around 207 electric models are set to hit the market by 2022. The data goes on to validate that the extraordinary expansion of the electric vehicle industry will also lead to robust traction battery market demand.
U.S. to remain a lucrative investment hub for traction battery industry
In view of the expanding number of electric vehicles on road and the increasing demand for high quality batteries, the commercialization of worldwide traction battery industry is set to witness an all-time high. On the regional front, the traction battery market saw notable expansion in the U.S., with overall region contributing to a revenue share of USD 3 billion in 2017. The credit of the same can be attributed to the supportive Federal policies that includes tax credits and purchase incentives for EVs on one hand and stringent emission control targets on other. Reports claim that in U.S. alone, EV sales climbed 21% in 2017, and is expected to remain a lucrative hotspot for traction battery industry players in the ensuing years.
The robust efforts to bring EVs to the mainstream will thus be the principal driving force behind the progress of the global traction battery market. According to a report by Global Market Insights, Inc., traction battery market will hit USD 65 billion by 2024 at a growth rate of 11% over 2018-2024.
Author Name :Ojaswita Kutepatil
Gas-fired commercial boiler market to record a 3% CAGR over 2018-2024, energy efficiency trends to drive the product penetration
Standing as one of the top-notch energy transition verticals, commercial boiler market is poised to amass substantial gains, with a global installation target of 300,000 units by 2024. Boiler efficiency has been touted as one of the foremost factors determining the overall efficiency of a central heating system. According to the U.S. DOE, commercial infrastructure consumes more than 7 trillion joules of site energy annually. The boiler efficiency also has a major impact on the carbon emissions and cost reduction, owing to which the demand for commercial boilers has observed a sharp uptick globally.
U.S. Commercial Boiler Market Size, By Capacity, 2017 & 2024 (USD Million)
In context of energy efficiency, the ongoing renovation activities of inefficient building infrastructure is providing a substantial impetus to the commercial boiler industry trends. The fraternity has been witnessing a slew of product developments and technological proliferations to develop advanced, efficient, and sustainable equipment. In this regard, condensing boilers have registered a massive demand across the commercial sector, primarily driven by their emission reduction capabilities.
The stringent government regulations mandating the use of energy-efficient systems also bags a major growth credit. Europe, in this regard, has been at the forefront to implement these energy-efficient and sustainability standards. One of the significant measures along these lines have been the Energy Performance of Building Directive by the European Union, which aims to achieve zero carbon emissions from buildings by 2050. As yet another initiative, in 2017, the European Commission launched Voluntary Reporting Framework Level(s) to improve the building sustainability. Driven by such stringent regulations toward energy transition and infrastructural developments, Europe commercial boiler market is slated to witness appreciable proceeds over the coming years.
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Elaborating further on the regional trends, the contribution of the United States toward overall commercial boiler market demand has been rather huge. The nation’s proactiveness and awareness toward realizing an energy-efficient infrastructure in tandem with massive investments toward replacing conventional heating units have been cited as some of the pivotal regional growth drivers. The EPA’s National Emission Standards for Hazardous Air Pollutants (NESHAP) regulating the emissions from commercial and industrial centers in one such profound initiative undertaken by the US government. As per reliable estimates, US commercial boiler market size is slated to surpass an annual installation of 80,000 units by 2024.
It is imperative to mention that amidst the stringent regulatory backdrop, gas-fired commercial boiler industry has witnessed a massive penetration globally. Besides meeting the emission standards, these boilers also have lower maintenance and operational costs which is further fueling its deployment across the commercial sectors. In terms of commercialization, this segment is forecast to record a CAGR of 3% over the coming six years.
While the application landscape of global commercial boiler market is extensive, healthcare sector stands as one of the major contenders with reference to the growing demand for these equipment. Hospitals reportedly have some of the highest energy use ratings for mechanical and heat operations, which vividly indicates the demand portfolio of boilers in this sector. As per reliable sources, healthcare sector accounts for using nearly 5% of the energy in commercial sector. Furthermore, hospitals spend billions of dollars annually as energy costs, which can be drastically improved with the upgradation of boilers. The rising government investments toward improving healthcare infrastructure, which involves the replacement of traditional boilers, will largely boost the deployment of these products, making the healthcare sector as one of the most lucrative application spheres for commercial boiler market.
All in all, with a rather expansive application spectrum and rising ecological needs of the industries, commercial boiler market is overt to record substantial demand in the coming years. In terms of profitability potential, Global Market Insights, Inc. forecasts the worldwide commercial boiler industry to surpass USD 15 billion by 2024.
Author Name : Krithika Krishnan
Marine scrubber systems market to witness massive growth prospects in the U.S., regional demand to surpass 300 units by 2024
Europe Marine Scrubber Systems Market Size, by Application, 2017 & 2024 (USD Million)
In the year 2017, the worldwide marine scrubber systems market generated a revenue more than USD 800 million. The scrubber devices are regarded as Sulphur abatement technologies that reportedly removes SO2 by 90% and particulate matters by over 70%. The business is expected to generate huge returns from the commercial as well as the recreational sectors. As per World Travel & Tourism Council, the marine tourism industry, in 2016 generated a revenue of $7.6 TN, and accounted for approximately 10.2% of the global GDP. Backed by the increasing investments in tourism sector and the upliftment in economic portfolio, the marine scrubber systems market from recreational applications will witness strong prospects in the short to medium run.
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Commercial sector, owing to the rapid industrialization activities, particularly in emerging economies, will also contribute massively to the overall marine scrubber systems market. As per a report by Global Market Insights, Inc. this segment is anticipated to procure 20% of the overall share by 2024. Speaking of the emerging economies, APAC reportedly holds 60% of the global shipbuilding industry, with China, South Korea, and Japan at the forefront. This has made the region a prominent avenue for marine trade activities, in turn providing substantial push to the marine scrubber systems market.
Not to mention, the region also stands as a prominent participant of the Sulphur and marine pollution abatement notion. In 2015, the Chinese Ministry of Transport, launched an implementation plan to curb the air pollution levels from ships, establishing new ECAs in China, including Bohai Bay, Yangtze River Delta, and Pearl River Delta.
Speaking of regional trends, U.S. is deemed to be another pivotal growth avenue for marine scrubber systems market, courtesy – the incessant efforts taken by the regional governments to limit the Sulphur emissions from ships coupled with the extensive R&D initiatives to bring on board sustainable solutions. In this year’s MEPC conference, the nation outlined its future strategies to curtail marine pollution and declared its aim to reduce ocean emission by 50% by 2050. Moreover, seawaters along the U.S. and the Canadian shorelines have been touted as North American ECAs (emission control areas), in a bid to significantly cut down on the Sulphur emissions. In terms of commercialization potential, U.S. marine scrubber systems industry is forecast to surpass 300 units by 2024.
Product innovations in compliance with the government regulations and research collaborations would continue to be the major growth strategies underlining the marine scrubber systems market in the coming years. Some of the renowned marine scrubber systems industry share contenders include Wärtsilä, Yara Marine, CR Ocean Engineering, VDL AEC Maritime B.V., DuPont, Mitsubishi, etc, With a rather dynamic competitive portfolio and a stringent regulatory landscape, the global marine scrubber systems market share is slated to surpass USD 8 billion by 2024.
Author Name : Satarupa De
A brief overview of transformer oil market with regional frame of reference, global industry valuation to cross the 3 billion-dollar mark by 2024
Transformer oil market has been following an upward growth trajectory owing to the rising demand for installation of new power grids equipped with large transmission capacities. As per reliable estimates, power transformers apportioned over 55% of the global transformer oil market share in 2017 demonstrating that the power sector will be a significant contributor for the growth of industry in the forthcoming years. This escalating demand puts emerging economies at the forefront as the leading consumers of transformer oil given that these nations have been focusing on building infrastructure to facilitate proper power supply to their rural and urban regions. This in turn has established Asian countries as among the largest consumers of transformer oils in the recent times.
Germany Transformer Oil Market Size, By Application, 2017 & 2024 (USD Million)
A succinct outline of the transformer oil industry trends with reference to the regional landscape:
The China transformer oil market was valued at about $250 million in 2017 and is estimated to register a 5% y-o-y growth rate over 2018-2024. The nation’s enormous population and sustained economic growth has exerted a considerable amount of stress upon its existing electric infrastructure. The need for keeping their transformers up and running to ensure a steady and uninterrupted power supply would propel the regional transformer oil industry in the upcoming years.
Testament to the aforementioned aspects is the 5-year plan announced by the National Energy Administration of China in 2015. The plan apparently intends to invest over $302 billion in electricity grid transformation and construction which would increase the reach of transmission lines in high and medium voltage sectors.
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US contributed to more than $200 million toward the total remuneration portfolio of the industry in 2017. The nation’s Department of Energy announced a Grid Modernization initiative with $220 million investment in 2016 to upgrade their existing transformer grid infrastructure.
The country also faces rising energy demands and is renowned to be the world’s largest consumer of energy. To fuel these demands various other clean energy initiatives have been rolled out by the government and private sector in the country ensuring a sustained demand for electricity which would impel the U.S. transformer oil industry.
Other North American counterparts don’t lag much behind with Mexico’s clean energy auctions garnering global attention from investors including that of various Canadian power companies like Canadian Solar. who have increasingly begun investing in the continent’s clean energy sector.
The UK faces the same issues faced by other developed economies viz. difficulty in maintaining and upgrading their power infrastructure. According to reliable sources, the ageing electrical infrastructure in the UK is operating at its peak capacity and is often over exerted, yet it barely keeps up with the increased demand for electricity. According to Agora Energiewende, the electricity consumption in the continent increased by 0.7% in 2017, which also marked a consecutive increase for the third year. This rapid progression in electricity consumption would, in turn, open up numerous opportunities for the firms Europe transformer oil industry players.
Recent weather anomalies like heat waves, thunder storms and floods have further pushed the power infrastructure to the brink as energy consumption rates either rise or completely crash during events such as flooding with significant damages that require repair. This has consequentially established UK an ideal investment ground to fund the development and maintenance of electrical grid infrastructures – a factor that would boost the UK transformer oil industry in the years ahead. In fact, the UK transformer oil market is projected to record a CAGR of 6% over 2018-2024, as per a report compiled by Global Market Insights, Inc.
With a slew of electric infrastructure upgradation projects in pipeline, transformer oil market is poised to witness remarkable growth in the ensuing years. Holding a global consumption target of 2,000 million litres by 2024, the industry’s competitive landscape is replete with players like Cargill, Calumet, Nynas, APAR Industries, Hydrodec, DOW Chemical, Valvoline, Engen, Clearco, and Electrical Oil Services.
Author Name : Akshay Kedari
Lead acid battery market to garner massive remuneration from the automobile segment, applications in renewable energy storage to boost the industry progression
Owing to the tremendous growth of the transportation sector, the lead acid battery market has continued to gain a remarkable traction despite the technology being in existence for more than 150 years. With advancements in the packaging of batteries and their construction, the durability and storage capacities have been consistently improved which in turn have presented opportunities for numerous beneficial uses. The application scope for the lead acid battery industry is vastly extended in to the automobile segment, from allowing the most basic features like lighting and engine start/ stop function to powering the entertainment system and a host of inbuilt luxury facilities. These batteries also enable commercial and heavy gross weight vehicles to perform industrial tasks such as operating lifts for loading or unloading goods.
U.S. Lead Acid Battery Market Size, By Application, 2017 & 2024 (USD Billion)
Resulting from a proven chemistry arrangement for reliable and low-cost energy storage that permits a wide range of automotive and heavy duty applications, the global lead acid battery market accrued revenues of more than USD 50 billion in 2017. The growth trajectory of the lead acid battery industry can be understood for the statistics disclosed by the OICA, which show that in 2017 approximately 73.5 million cars and 23.8 million commercial vehicles were manufactured, till date the highest production numbers for a single year. The robust built of these batteries and availability in different sizes has further contributed to their adoption in micro-hybrid vehicles, ebikes and electric cars.
With the ability to provide continuous power in locomotives and submarines, the growing investments in public transport vehicles and defense infrastructure has considerably increased the production of enhanced motive batteries, boosting the lead acid battery industry. However, it must be noted that lead acid batteries are also being increasingly utilized in few other emerging sectors, particularly in the renewable energy domain. As of now, the storage of energy obtained from renewable sources like wind and solar have demonstrated a highly lucrative future for the lead acid battery market. Stationary lead acid batteries are suitable for installations in offshore and onshore platforms to store, supply and direct electric power when required.
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Referring to a recent event which signifies the contribution of the lead acid battery industry in sustainable energy initiatives, Japan-based Eco Marine Power (EMP) released two UB-50-12 hybrid battery packs in June 2018, in association with Teramoto Iron Works and Furukawa Battery Company. UB-50-12 belongs to a series of valve regulated lead acid (VRLA) batteries that are known to be maintenance free batteries. The new battery packs from EMP are specifically designed for ship, land and offshore-based renewable energy projects. The company claims that these hybrid packs are safe, reliable and allow for multiple battery packs to be clubbed together for providing sufficient energy storage from small-scale to large-scale energy generation platforms, additionally valuable in smart gird integration.
Elaborating further, the new hybrid battery packs based on Furukawa Battery’s UltraBattery® (UB) technology, represent a big step towards aligning the lead acid battery market with worldwide shift in energy generation trends. EMP has committed to making the UB-50-12 VRLA batteries the standard solution for its Aquarius Marine Solar Power project and will even offer them as stand-alone configurations to other companies. Similarly, other companies are launching VRLA batteries for renewable energy firms and delivering a number of options depending on the storage requirements. Hitachi Chemical Co Ltd, for instance, offers VRLA batteries appropriate for power storage and compensation use on wind, solar and any other renewable energy plants, invariably minimizing power wastage and reducing CO2 emissions.
The anticipated rise in the adoption of VRLA batteries for storing renewable energy and the subsequent push by relevant companies to gain competitive advantage has invigorated the lead acid battery market with a renewed dynamism. Besides their capacity to provide effective power-backup and uninterrupted electricity supply, disposal of batteries is also given priority considerations. A key aspect that has sustained the growth of the lead acid battery market is that these batteries are recyclable. Lead acid batteries are crushed into small pieces during recycling process and components are separated in a vat, with the plastic floating while lead and other heavy metals dropping to the bottom. Plastic pellets and recycled lead obtained from recycling are again transported to companies to manufacture new batteries.
It is estimated that in the U.S. nearly 98% of all lead acid batteries are recycled, mostly inspired by the automotive industry. All in all, the ability to be recycled, combined with the growing number of vehicles being produced and increasing application in renewable energy systems will significantly propel the lead acid battery market, expected to cross 800 million units in sales by 2024. Johnson Controls, Enersys, Furukawa, Amara Raja, NorthStar Battery Company, East Penn Manufacturing Company, MEBCO and Fengfan are some of the major industry contenders.
Author Name : Pankaj Singh