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Overhead conductor market to amass extensive gains over 2017-2024, driven by a favorable regulatory landscape supporting the expansion of cross-border networks

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The growth graph of overhead conductor market stands exponentially high as on present-day, courtesy – the robustly growing need for uninterrupted electricity supply without power deficit. In the face of rapidly changing electricity trends, it is vividly discernible that the extensive demand for uninterrupted power in conjunction with the efforts undertaken toward low energy consumption for ecological balance would have a rather profound impact on overhead conductor market outlook. One of the principal factors that would lead to reduced and optimized energy consumption is the upgradation of existing transmission networks spread across the globe. As the enhancement of transmission lines and older grids gains mainstream precedence, conductors of all categories – conventional, high-temperature, and others, would claim preferential demand, eventually augmenting the revenue graph of overhead conductor market.

U.S. Overhead Conductor Market Size, By Voltage (USD Billion)
U.S. Overhead Conductor Market Size, By Voltage (USD Billion)

Having potentially recognized the dangers lurking amidst increased energy consumption in a scenario plagued with environmental concerns, numerous regulatory and governmental bodies across the globe have been taking an apprehensive interest in overhead line upgradation, that would irrefutably boost the overall overhead conductor market. For instance, the ESB International’s AMS (Asset Management Services) unit undertakes responsibility for maintaining and upgrading the ESB transmission network between a voltage range of 110 kV to 400 kV, while simultaneously managing the refurbishment of existing transmission lines. Despite the presumed heavy expenditure, it would be dire imbecility to deny the fact that a major network upgradation at a global scale is on the cards – a game-changing event that would transform the dynamics of overhead conductor industry outlook. As per a report published by a leading research firm, the current depreciated valuation of the U.S. electric grid alone comes close to USD 2 trillion, while its refurbishment and upgradation would require close to a mammoth USD 5 trillion – this humongous project alone would heavily propel U.S. overhead conductor market. The massive disbursement notwithstanding, the United States seems to have strengthened its resolve to be included among the top energy-efficient countries in the world, on the grounds of which the government plans to invest heavily in the replacement of electric infrastructure, subsequently creating a barrage of lucrative opportunities for overhead conductor market players.

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Given the acute gravity of the current energy scenario in terms of environmental safety, overhead conductor industry companies have been attempting to come up with an assortment of products incorporated with highly advanced tech innovations, that would help simplify the refurbishment and retrofitting process. Additionally, companies have been reaching out to one another in order to establish joint ventures and strategic partnerships that would help them harness each other’s expertise and product line while simultaneously providing reciprocal benefits to one another with regards to consolidating their positions in overhead conductor market. For instance, VINCI Energies, one of the most prominent players in overhead conductor industry, has recently secured a pivotal contract that would enable the firm to solely design and construct a new power transmission infrastructure in Scotland, in addition to finalizing a joint venture with the British Morgan Sindall company. Valued at GBP 30 million, this project would involve the installation of 73 transmission towers and 160 km of conductors in rather remote areas. Post completion, the new transmission line is expected to reinforce the high-voltage transmission grid in Scotland and subsequently contribute toward onshore wind generation surrounding Tomatin. Powered by extra high voltage underground cables and an all-new transmission line, the project is certain to have a lucrative impact on the regional overhead conductor market size, given how extensively conductors would be deployed in the aforementioned refurbishment.

The contribution of regional governments toward driving the profitability scale of overhead conductor market is indeed commendable. The European Energy Efficiency Directive (2012/27/EU), for instance, takes note of operational efficiency improvement potential, grid energy losses, efficiency, and related parameters in order to improve the efficacy of the current grid infrastructure. The Federal Energy Regulatory Commission (FERC) also holds the authority to conveniently regulate the financial aspects of transmission lines, and has long since, been attempting to chalk out a convenient flexible, affordable program for grid refurbishment. In essence, it would be appropriate to claim that the urgent requirement for transmission line retrofitting, aided by a favorable regulatory frame of reference and numerous government initiatives, is certain to propel overhead conductor market size, slated to surpass a valuation of USD 29 billion by 2024.

Author Name : Saipriya Iyer

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U.S. dry type transformer market to witness remarkable proceeds over 2017-2024, smart grid initiatives to drive the industry growth

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Dry type transformer industry, over the recent years, has witnessed a paradigm shift in its remuneration portfolio, driven by the growing prevalence of sustainable and smart grid technologies worldwide. The substantial quest for smart and efficient electricity transmission which in extension has provided a remarkable impetus to the demand graph of environmentally-friendly transformer has been pointed out as one of the most pivotal factors to have fueled the dry type transformer market size over the years. It is prudent to mention that the dry type transformer units employ only those high temperature insulation systems that are environmentally safe, and UL & CSA recognized. On grounds of such strong sustainability, efficiency, and reliability parameters, experts claim these transformers to witness a massive deployment rate in industrial plants and building complexes in the coming years. In fact, the soaring demand for these units is quite evident from the yesteryear statistics, which claim the worldwide dry type transformer market to have accounted for a total revenue of USD 4 billion in 2016.

Europe Dry Type Transformer Market Size, By Insulation, 2016 & 2024 (USD Million)
Europe Dry Type Transformer Market Size, By Insulation, 2016 & 2024 (USD Million)

On account of its environmental credibility, the dry type transformer is indeed witnessing a dynamic strategic landscape. The recent deal between ABB and GE Industrial Solutions, which created quite a buzz in the electrification solutions business, is a testament to the aforementioned fact.  Elaborating further on the deal, in September 2017, ABB, a global leader operating in power and heavy electrical equipment sector announced its acquisition of GE Industrial Solutions, which included the latter’s electrification solutions and distribution and dry type transformers businesses. The agreement, reportedly, strengthened ABB’s hierarchy in the dry type transformer market landscape, by providing it a remarkable threshold in the lucrative North America electrification market. Undoubtedly, the move was quite well-versed, as reported by the experts, taking into account North America’s strong establishment in the global dry type transformer market landscape. Reportedly, the U.S. is estimated to lead the regional terrain with a recorded valuation of USD 500 million in 2016.

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A slew of factors can be credited for the proliferation of U.S. dry type transformer market – growing refurbishment and upgradation of existing grid networks and favorable regulatory scenario being the topmost. In fact, reports cite that, to date, companies such as General Electric, Itron, Trilliant Networks, and Honeywell have received between around 60 to 300 million U.S. dollars in funding from the U.S. government to modernize electric network. Moreover, governmental initiatives such as the Smart Grid Investment Grant program, which aims to upgrade and revolutionize the country’s electric T&D systems, have further fueled the installations of dry type transformers for efficient and sustainable grid deployment. Looking at the extensive deployment of transformers in the refurbishment projects, it goes without saying that the regional dry type transformer market is certain to witness an unprecedented growth down the line.

Other than the U.S., UK has also emerged as a lucrative avenue with regard to dry type transformer market growth. The stringent norms regarding energy efficiency and renewable power generation accompanied with the rather expedient characteristics of these transformers, have massively driven the deployment of dry type transformers across commercial, utilities, residential, private and government sectors.  Speaking along similar lines, the European Union’s proclamation toward the expansion of smart and sustainable electric networks is one such move which has dramatically proliferated the demand for sustainable electrification devices in the continent. Taking into account such rigorous refurbishment & upgradation activities and a stringent yet favorable regulatory framework, estimates claim UK dry type transformer industry to cross annual installation of 14,000 units by 2024.

All in all, with the world on the cusp of smart grid network revolution, it is no surprise that dry type transformer market will herald an era of unprecedented growth in the coming years. Add to it, with the favorable inclination of the regional governments, ongoing electrification reforms, and rapid industrialization trends, it is overt for the dry type transformer industry to witness remarkable proceeds in its product and strategic landscape in the ensuing years. In terms of commercialization and profitability, Global Market Insights, Inc., forecasts dry type transformer market to surpass a valuation of USD 9 billion by 2024.

Author Name : Ojaswita Kutepatil

CO2 enhanced oil recovery market to witness remarkable proceeds over 2017-2024, Global revenue to surpass USD 140 billion by 2024

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With increasing number of E&P activities and growing quest to produce crude oil at lower cost, enhanced oil recovery market is witnessing strong growth potential across the globe. In the recent times, enhanced oil recovery market has gained significant attention in the public policy realm as this technique is known to offer a faster and more likely pathway toward the deployment of carbon capture and storage (CCS) projects. Basically, enhanced oil recovery (EOR) is the implementation of several techniques for increasing the amount of crude oil that can be extracted from an oil field. Reports claim that, by using EOR techniques, around 30% to 60% more of the reservoir’s original oil can be extracted, in comparison with 20% to 40% using primary and secondary oil recovery techniques. In this backdrop, enhanced oil recovery technique has been gaining increasing consideration as a potential climate-mitigation, energy-security, and job-creation option, which as per analysts, is a vital factor propelling enhanced oil recovery industry growth. As this technology is used to boost up the crude oil production by 35%-75% and has the ability to store CO2 safely in underground reservoirs, experts foresee the global enhanced oil recovery market to attain remarkable growth prospects in the ensuing years. As per a report compiled by Global Market Insights, Inc., enhanced oil recovery market was worth USD 39 billion in 2016.

Europe Enhanced Oil Recovery Market Size, By Technology, 2017 & 2024 (Million Barrels)
Europe Enhanced Oil Recovery Market Size, By Technology, 2017 & 2024 (Million Barrels)

The fact that EOR can considerably reduce CO2 emission has encouraged governmental bodies to merit closer regulatory scrutiny toward environment. It is prudent to mention that, governments are taking several initiatives toward developing a proper infrastructure and installing advanced technology for crude oil production on global scale. For instance, U.S. government has introduced National Enhanced Oil Recovery Initiative (NEORI) to spur the crude production of the region and effectively reduce the CO2 emission through the use of EOR technology. In July 2017, NEORI established a FUTURE Act to speed up the installation of such technologies to reduce CO2 emission from oil & gas rigs, power plants, and other industrial applications.

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Furthermore, citing yet another instance, Saudi Aramco, in 2015, launched a CO2-EOR pilot project with an aim to improve its oil production activities at the Uthmaniyah field in Saudi Arabia, by using 40 million MMSCFD of CO2. These instances provide enough evidence to the fact that the governmental bodies are increasingly emphasizing on adopting CCS technology for value-added crude oil production, which in turn is fueling CO2-enhanced oil recovery market size. Given all these aspects, CO2 enhanced oil recovery market, as per industry analysts, generated revenue over USD 10 billion in 2016. Moreover, the rising adoption of enhanced oil recovery with CCS technology has also provided a noticeable spurt to carbon capture and storage market growth. Considering these instances that clearly depict how extensively EOR techniques is being used, analysts predicts enhanced oil recovery industry to exceed 5 billion barrels by 2024, in terms of annual capacity.

Taking into consideration the topographical trends, U.S. is one of the leading regions that is witnessing robust growth in enhanced oil recovery market. According to statistics, U.S. crude oil consumption raised from 18.5 MMbbl/d in 2012 to 19.4 MMbbl/d in 2015. As per IEA, the CO2 enhanced oil recovery market is expected to reach 650,000 barrels per day by 2040. Positive governmental outlook toward deployment of CCS technology especially in the oil and gas companies to renew the production volume in wells and refill the gas pressure are identified as one of the significant factors augmenting enhanced oil recovery market share in the ensuing years. Reports state the U.S. enhanced oil recovery market to be over 250 MMbbl in terms of volume, in 2016.

Along with the U.S., UAE is another lucrative region whch has proclaimed to increase its oil production to 30% by 2020. The regional enhanced oil recovery industry is further expected to prosper, given the ADNOC’s announcement to deploy EOR technologies as a part of 2030 strategy and maximize the crude oil production.

These existing frameworks of technological interventions across myriad regions not only testify the strong toehold established by the enhanced oil recovery industry over the past years but also vividly underline the lucrative revenue streams anticipated by this fraternity in the ensuing period. Looking at the pace of rising E&P projects, ongoing governmental initiatives and strategies to enhance crude oil production, and intense technological interventions, Global Market Insights, Inc., forecasts the overall enhanced oil recovery market share to exceed USD 140 billion by 2024.

Author Name : Ojaswita Kutepatil

Solar water heater market to register a significant growth rate over 2017-2024, initiatives undertaken by regional governments to positively influence industry growth

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The shifting trend toward the adoption of renewable energy sources is one of the pivotal factors propelling solar water heater market share. In recent times, the depletion level of fossil fuels has led to growing concerns about carbon emissions, which has emerged as a crucial driving factor for solar water heater market. In fact, several regional governments are taking initiatives to encourage the masses to deploy renewable energy systems for daily applications. For instance, recently, the Government of India has implemented a series of specific norms to enhance the nation’s dependency on renewable energy sources. In addition, Germany, it is observed, is also stepping forward to become a completely renewable energy dependent country. Initiatives such as the aforementioned, undertaken by regional governments to implement renewable energy facilities is likely to have a positive influence on solar water heater industry outlook.

                Germany Solar Water Heater Market, By Collector, 2016 (GWth)
 Germany Solar Water Heater Market, By Collector, 2016 (GWth)

Taking into account the several benefits of deploying renewable energy, numerous countries have been implementing small-scale programs that have considerably increased the demand for the product. African countries such as Kenya and South Africa for instance, have made noteworthy contributions toward impelling Africa solar water heater market size. For instance, in 2012, the Energy regulatory commission of Kenya had issued a legal notice to install solar water heaters across the residential, commercial, and industrial domains. Post the deployment of this regulation, the demand for solar water heaters across Kenya has increased tremendously. Solar heaters were then prominently deployed across commercial buildings such as clubs, cafeteria, hotels, laundries, and restaurants as well as medical facilities such as clinics, health centers, and hospitals. Through this initiative, the Government of Kenya had made an attempt to encourage its populace to use renewable energy facilities, in order to curb the load on the national grid. It is prudent to mention that the usage of solar water heaters also enables the minimization of greenhouse gases, owing to reduced dependency on fossil fuel-based electricity, which contributes toward the growth of solar water heater market. These systems are also gaining popularity across Kenya pertaining to their durability and simplicity, which would considerably stimulate solar water heater industry trends.

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For the record, the South Africa government has deployed the ETA Solar Water Heater Programme to enhance the use of solar water heaters for residential applications. In order to successfully implement this program, the government of the Republic of South Africa is providing considerable financial support to consumers, in addition to supplying and mounting SWHs (solar water heaters). Furthermore, the government has been encouraging people to replace existing water heating systems with SWHs. This step forward is certain to reduce fossil fuel consumption and the usage of grid-based electricity, resulting in minimized carbon emissions, which would subsequently propel solar water heater market share. The replacement of conventional water heaters with solar water heating facilities thus, is a pivotal factor that will drive solar water heater industry share in the years ahead.

The initial costs of a solar-powered system are one of the major hindrances for solar water heater market. In consequence, most of the giants in solar water heater market including A.O. Smith, Himin Solar Energy, Wagner Solar, Linuo Ritter, and Viessmann have been attempting to effectively combat these restraints and impel the business expansion.

The rising awareness to reduce carbon dioxide emissions will be one of the key factors pushing solar water heater market size over the years ahead. In addition, the changing construction and building norms and robust technological developments are certain to generate lucrative opportunities for players in solar water heater industry. According to Global Market Insights, Inc., solar water heater market size will surpass a revenue collection of USD 4 billion by the end of 2024.

Author Name : Sunil Hebbalkar

Distribution transformer market to traverse along a lucrative growth path over 2017-2024, driven by tech innovations and profitable M&As

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Primarily augmented by the massive refurbishment of aging electric networks, distribution transformer market has lately been witnessing a slew of innovative tech advancements. The exponential demand for transformers has been observed to be directly proportional to the requirement for uninterrupted power supply across the globe. As modern methodologies such as smart monitoring and control distribution units (CDUs) observes an exponential rise, so does the demand for transformers, which would eventually help propel distribution transformers industry share. Another noticeable factor witnessed across distribution transformer market is the exceptionally fierce competitive landscape. As the requirement for highly efficient and unique transformers is on the rise, companies have been striving to come up with a range of innovative products to score an edge over their competitors. In consequence, this is expected to create a profitable growth path for distribution transformer market in the years ahead.

North America Distribution Transformer Market Size, By Rating, 2016 & 2024 (USD Billion)
North America Distribution Transformer Market Size, By Rating, 2016 & 2024 (USD Billion)

A vital instance testifying the authenticity of the aforementioned statement is Larson’s all-new transformer. Recently, Larson Electronics LLC, a global leader in industrial lighting and equipment, has unveiled a single-phase explosion proof buck and boost step-up transformer that provides excellent efficiency, protection against equipment failure, increased reliability, and an isolated power source. Equipped with highly reliable characteristics, this NEMA 4X rated unit is expected to be ideal for flammable worksites and other hazardous applications, and as per experts, would have a massive influence on the product landscape of distribution transformer industry, which crossed a valuation of USD 18 billion in 2016.

Distribution transformer market, on account of its massive application spectrum and cutthroat competitive landscape, has witnessed numerous developments since recent times, and is expected to continue depicting similar trends in the years ahead. Below mentioned are three pivotal instances observed across distribution transformer industry this year – instances that may have a noticeable impact on the commercialization potential and popularity landscape of this business sphere.

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  • In May 2017, two prominent South Korean firms, namely, the Hyundai Electric & Energy System and POSCO DAEWOO, had gained an order worth USD 44 million from the UK’s National Grid. The deal would apparently supply 23 high-pressure transformers to the National Grid by 2020, which would allow both the firms to considerably strengthen their stance in distribution transformer market.
  • CG Power and Industrial Solutions, one of the most eminent players of distribution transformer market, announced in June 2017, that it intends to sell its US business to WEG for a valuation of USD 37 million. The agreement is plausibly a part of CG’s strategy to reduce its debt by selling some of its businesses overseas, post which it would focus exclusively on its core business. CG’s motive behind the sale is likely to have a considerable impact on the revenue scale of India distribution transformer industry, given that the firm intends to completely concentrate on its base business operations across the Indian sub-continent.
  • Recently in 2017, The Kaduna Electric Distribution Plc was reported to have spent N100 million for installing a 7.5 MVA transformer at the Usman Danfodio University, Sokoto. Apparently, the project is a part of the firm’s investment plans to make sure that the institution and the surrounding communities receive adequate power supply. While the investment may not have a massive impact on the revenue graph of distribution transformer market, it surely marks a significant step forward in this business space, given that providing uninterrupted power supply is a major driver for distribution transformer industry.

The renovation and upgradation of grid networks can be majorly credited for distribution transformer market growth, given how extensively transformers are used in these refurbishment projects. Say for instance, The African Development Bank (AfDB) has recently approved a massive loan worth USD 83.64 million and a grant of USD 14.15 million from the African Development Fund (ADF) to the Federal Democratic Republic of Ethiopia, in order to partially fund the AATDRUP (Addis Ababa Transmission and Distribution System Rehabilitation and Upgrading Project). The project is expected to be completed by the end of 2020, and would involve the replacement and installation of 582 distribution transformers among other works. The project, of a remarkably high magnitude, underlines how refurbishment projects have the ability to transform distribution transformer industry outlook. Furthermore, it is also prudent to mention that major companies partaking in distribution transformer market share have been attempting to bring forth a plethora of newer growth strategies to sustain their position in this business space. The robustly growing demand for electricity worldwide pertaining to the exponentially rising energy consumption, in tandem with the favorable inclination of regional governments toward micro-grid network expansions, are certain to fuel distribution transformer market size, slated to cross USD 30 billion by 2024.

Author Name : Saipriya Iyer

Offshore support vessel market to accumulate substantial revenue from the expanding O&G sector, shifting trends toward the development of fuel-efficient vessels to boost industry growth over 2017-2024

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The rapidly increasing exploration activities in the O&G domain have been favorably impacting offshore support vessel market trends. It is prudent to mention that macro-economy plays a significant role in energy demand, fueling the demand for offshore structures and vessels, inherently propelling offshore support vessel industry share. In fact, oil prices also play a crucial role in determining the demand for these vessels, pertaining to the relationship that exists between oil prices, number of profitable fields, exploration and requirement of offshore vessels. According to IEA (International Energy Agency), the global oil demand has increased noticeably as compared to 2013, which has had a considerable impact on offshore support vessel market outlook. Considering the increasing requirement of offshore vessels, in 2014, the OECD Council Working Party on Shipbuilding had even arranged a workshop on offshore and shipbuilding industry for government partners, industry experts, and marine equipment firms. Today, numerous giants in offshore support vessel industry are increasingly investing in development of energy efficient and green vessels, pertaining to environmental safety. The shifting trends toward the development of eco-friendly shipbuilding is thus slated to augment offshore support vessel market size, pegged at USD 40 billion for 2016.

U.S. Offshore Support Vessel Market, By Vessels, 2016 & 2024 (USD Million)

U.S. Offshore Support Vessel Market, By Vessels, 2016 & 2024 (USD Million)

Nowadays, many of the small-scale marine transportation companies and renowned giants in offshore support vessel industry are collaborating with oil production companies to supply long-term fuel sources. For instance, in November 2017, Harvey Gulf International Marine announced a deal with Shell Trading to transport LNG to the ports of Caribbean and Florida. In consequence, this is likely to encourage other offshore support vessel market players such as Solstad Farstad, Tidewater, Maersk, Vroon, REM Maritime, Edison Chouest, Swire, Seacor Marine, Island Offshore, Harvey Gulf, GulfMark Offshore, Inc., and Havila Shipping to establish joint ventures with oil and gas exploration companies. In addition, the acquisition of major shipping lines by reputed companies is also expected to propel offshore support vessel market size. For instance, recently, one of the largest suppliers of ship and supply vessels, Maersk successfully acquired the North Korean ocean trader, Hamburg Süd.

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Considering the lucrative business opportunities in offshore support vessel industry, many iconic automakers have been penetrating the domain of ship manufacturing. For instance, the British carmaker, Rolls Royce has revealed its concept of high-tech superyacht with a hybrid propulsion system that operates on the combination of LNG (Liquefied Natural Gas) and battery power. It has also implemented an intelligent dynamic locating system and improved radar system. Technological advancements of this degree are certain to help offshore support vessels be comfortably positioned near oil rigs, which is likely to propel offshore support vessel industry size over the years ahead. In addition, the Scotland based offshore engineering company, CDC Scotland Ltd., has also been involved in the development of revolutionary designs for offshore support vessels. A leading provider of advanced self-elevating and self-propelled support vessels for offshore gas, oil, and renewable energy sectors, Gulf Marine Services is also reported to be making strategic acquisitions to maximize vessel utilization – a strategic move on its part that would impact offshore support vessel industry trends.

Offshore vessel designers are looking forward to diversifying the design of support vessels. Recently, the Europe based OSD-IMT has signed an agreement with US-based Gibbs & Cox to provide innovative vessel designs for commercial applications across United States. Under this agreement, both the partners would be developing efficient and cost-effective vessels. The aforementioned instance strongly underlines the plethora of investments in offshore support vessel industry. The surging introduction of new products would thus catalyze offshore support vessel market size, which will surpass a revenue collection of USD 60 billion by the end of 2024.

Author Name : Sunil Hebbalkar

Europe Biogas Market to witness major gains via commercial & industrial applications over 2017-2024, Germany to majorly contribute toward the regional growth

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The shifting trends toward the anaerobic digestion of organic wastes and generation of energy from biogas are all set to impel biogas market in Europe. Having garnered a reputation of making substantial contributions toward the maintenance of green environment & energy conservation, biogas has found immense penetration across the food & beverages, waste-to-energy, power, and technology industries. Regional governments in Europe are encouraging the use of biogas across the region by providing tax benefits, feed-in-tariffs, and rebates to the end-users. Earlier this year, Germany has announced its goal of lowering carbon emissions by 40% till 2020 and by 95% up to 2050. It has been projected that renewable energy would account for 60% of the country’s overall energy consumption by 2050, thereby creating a favorable growth path for the country in Europe biogas market. Biogas power stations have also accounted for a major portion of Germany’s bio energy industry. The region possessed nearly 8900 of biogas power stations in 2015, which is another positive indicator that Europe biogas market would accrue lucrative gains in the ensuing years.

 Germany Biogas Market Size, By Feedstock, 2016 & 2024 (USD Million)

      Germany Biogas Market Size, By Feedstock, 2016 & 2024 (USD Million)

Firms such as Geotech and Ansyco have firmly established their presence across Europe biogas market through the launch of novel gas analysis technologies. Recently, in a bid to expand their product portfolios, both the firms have collaborated to develop an innovative system referred as BIOGAS 3000 capable of effectively & constantly monitoring and analyzing of biogas production processes. In an important breakthrough witnessed across the biogas industry in Europe, DuPont and Bock UK Limited have also made a strategic pact that will help the latter depict DuPont’s new biogas enzyme technology referred as OPTIMASH® AD-100 for its commercial sale across the U.K, which would certainly augment Europe biogas market.

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Biogas is inherently deployed across the residential, industrial, and commercial arenas. The mounting demand for power supply, environmental awareness, and the rising preference for renewable energy sources have resulted in commendable demand & large-scale deployment of biogas manufacturing plants in Europe. As per estimates, biogas applications across the industrial sector in Europe will surpass an annual installation of 600 MW by 2024. The escalating requirement for low-power & cost-efficient technologies for treating biodegradable wastes is slated to impel Europe biogas market from commercial applications.

With the rising trend of using sustainable energy across the continent, Europe biogas industry is expected to have bright growth prospects in the ensuing years. Effective government measures such as providing tax concessions and rewards for the biogas applications are expected to impel the growth of this business sphere in Austria, which would considerably augment the revenue graph of Europe biogas market as well. Germany, on the other hand, is expected to surpass 300 MW by 2024, subject to the rising need for curbing carbon emissions and maintaining a green environment. The numerous efforts undertaken by member countries are certain to stimulate the growth of Europe biogas industry.

Rising economies of scale are expected to encourage companies to make heavy investments across Europe biogas industry. With the continent touted to be the hub for renewable energy in the future, it comes as no surprise to note that Europe biogas market has been forecast to surpass a revenue of USD 2 billion by 2024.

Author Name : Dhananjay Punekar