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A brief overview of transformer oil market with regional frame of reference, global industry valuation to cross the 3 billion-dollar mark by 2024

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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)
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:

China:

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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United States:

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.

United Kingdom:

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 NameAkshay Kedari

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Lead acid battery market to garner massive remuneration from the automobile segment, applications in renewable energy storage to boost the industry progression

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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)
 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 NamePankaj Singh

Europe oil filled distribution transformer market to surpass the billion-dollar frontier by 2024, ambitious energy efficiency targets to boost product demand

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Europe oil filled distribution transformer market has observed a dramatic surge in the recent years. The chief factors to have propelled the regional industry growth are the regulatory inclinations toward network expansion and the appreciable financial backing to support such projects. Citing a relevant instance – The European Investment Bank in 2017 announced an investment of USD 5 billion for upgradation of distribution networks and renewable energy integration. Add to this, in 2016, ENTSO-E in its 10-year network development plan, assigned around 150 billion dollars toward refurbishing T&D networks. As inferred from the industry trends, such investments are projected to be one of the highly implemented strategies in Europe oil filled distribution transformer market.

Europe Oil Filled Distribution Transformer Market Size, 2017 & 2024 (USD Million)
Europe Oil Filled Distribution Transformer Market

Not to mention, the investments come on the heels of the sustainability and clean energy trends, of which Europe is a major beneficiary. Speaking of the industry verticals swayed by this carbon-free environment drive, power sector tops the list. The stringent energy efficiency norms across the region have fortified the demand for replacement of existing electric grid with energy efficient systems. With European sub-continents realizing the crucial role that energy efficient T&D systems play in lowering GHG emissions and climate change mitigation, the demand for oil filled distribution transformer is certain to escalate. In the year 2017, Europe oil filled distribution transformer industry registered a valuation of USD 1,100 million.

The modernizing of aging electric structure and deployment of new power infrastructure in the economically matured regions such as Germany, Italy, France, and Spain have set the ground lucrative for potential stakeholders to make massive investments in these geographies. Reports, in fact claim that the positive outlook toward energy conservation will be the leading factor stimulating the regional landscape of Europe oil filled distribution transformer industry in the years ahead. Enumerated below is a brief outline of how the regional trends will be faring in the ensuing years.

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  • Massive proliferation of renewable energy in tandem with decentralized generation technologies have magnetized commendable growth avenues for Germany oil filled distribution transformer industry. Reportedly, the ambition goals of energy transformation laid by the Energiewende has made Germany one of the most significant leaders in harnessing renewable energy sources. For the record, Energiewende, Germany’s energy policy aims to integrate renewable energy across 50% of all the electricity supply network and make a shift from coal & nuclear toward green power sources.
  • France is another prominent region fueling Europe oil filled distribution transformer market growth, with rapid expansion of smart & microgrid networks. Reports claim that initiatives toward substituting overhead electric lines with underground network and aerial bunched cables is likely to augment product demand. In terms of profitability potential, France oil filled distribution transformer industry is projected to be worth USD 200 million by the year 2024.
  • Similar scenario is also observed across Italy, where the regional government has laid favorable grounds for the massive proliferation of energy efficient networks. With annual installations anticipated to exceed 20,000 units by 2024, Italy oil immersed distribution transformer market is expected to have a rather considerable impact on the overall Europe oil filled distribution transformer industry share.

ABB’s preeminence in Europe oil filled distribution transformer industry

ABB, being a leading company in the distribution transformer industry, has made significant investments pertaining to its production plants located in Europe. Recently in 2016, the company announced to expand its transformer production facilities both in terms of scope and capacity in Poland. Reports reveal that ABB’s 10,000 sqm manufacturing plant in Lodz produces components for power & distribution transformer. The units manufacture power transformers of up to 300 megavolt amperes with 500 kilovolts voltages and oil filled distribution transformer of range 30 to 2,300 kVA. Following the construction of factories, reports claim that this has been ABB’s third investment in Poland in the recent years.

Analyzing these investment trends, experts believe that ABB’s factories upgradation and production units with myriad range of products will serve largely to the Europe oil filled distribution transformer industry. In fact, similar trends and growth strategies adopted by other emerging leaders in the region such as SGB-SMIT, Eaton, Mitsubishi, and Crompton Greaves are likely to strengthen their stance in the rapidly expanding Europe oil filled distribution transformer market. With these aforementioned trends analyzed to be more enduring in coming years, it won’t be wrong to quote that Europe oil filled distribution transformer market will emerge as one of the most momentous verticals of the energy domain. A presumption validating the same is of Global Market Insights, Inc., that claims Europe oil filled distribution transformer market to be a 1.4-billion-dollar industry by 2024.

Author NameOjaswita Kutepatil

Middle East water heater market to surpass the billion-dollar benchmark by 2024, Kuwait to emerge as major revenue pocket

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Harnessing the global trend of energy efficiency and optimized space heating, Middle East water heater market is emerging as one of the most profitable investment grounds in the global energy space. Given the region’s effective geographical positioning for harnessing solar & wind energy, the countries across this belt have been trying to make significant investments away from their dominant O&G-derived ones. The countries across the Middle East are also witnessing rapid urbanization and transformation in their economic growth in the recent years which have propelled the growth of Middle East water heater industry.

UAE Water Heater Market Size, By Application, 2017 & 2024 (USD Million)
 UAE Water Heater Market Size, By Application, 2017 & 2024 (USD Million)

The recent instance of Ariston Thermo, an Italian company producing heating systems, that has inaugurated its very first water heater manufacturing plant in the Middle East, validates the popularity of this belt as a viable region for investments. According to reports, the water heater production facility located in the Bahrain International Investment Park (BIIP) will have a production capacity of 250,000 electric water heaters every year. The company has further unveiled that the water heaters that will be manufactured at the plant will be chiefly marketed in the Middle East and North Africa.

If industry analysts are to be believed, the company’s decision in establishing a manufacturing plant in BIIP throws light on the fact that Middle East water heater industry is not only exhibiting robust product demand but is also tendering the competitive advantage the region has to offer to the global companies. The plant’s opening further reinforces the region’s position as the ideal hub to serve the growing demand for water heaters.

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Speaking of the regional demand, the World Bank claims that more that 64% of the population in the Middle East will be migrating and residing in urban areas by 2020. The rising construction spending across the Middle East countries to develop commercial establishments such as stadiums, hotels, shopping malls, commercial spaces, and hospitals will significantly drive the regional industry growth. The construction output of Saudi Arabia, one of the largest countries in the Middle East, amounted to over USD 40 billion in 2015, according to Statista. UAE construction output, with Dubai at its forefront further accounted for USD 36 billion for the same year.

It has also been reported that the UAE government is expected to invest USD 8.4 billion toward the development of hotels across the nations. The data significantly highlights that the surge in construction spending and development of smart cities has necessitated that adoption of necessary appliances, in turn having a positive impact on the commercial Middle East water heater market outlook.

Kuwait is another eminent region of the Middle East water heater market that is poised to witness significant investment potential for global companies. According to the estimates provided by the World Population Review, in 2018, around 98% of the population in the region is urbanized with a remarkable urbanization rate of 2.1% per year. Infrastructure development, rise in disposable incomes, and improvement in standard of living have indeed complemented the product demand. The Kuwait government is also investing USD 160 billion in the island development project over the next two decades that will encompass the construction of hotels, new amusement parks, shopping & business centers. Estimates claim that Kuwait being a key region of Middle East water heater market, will exceed the deployment of 750,000 units by 2024.

The robust product demand across the Middle East has also impelled the industry players to bring about a pathbreaking innovation in water heater mechanism and sustainability credentials. The regional governments are further supporting the green growth strategies that is fueling the demand for solar water heaters in the Middle East. ECOTHERM, Emitech, Linuo Ritter, Rheem Manufacturing, Hubbell, and Himin Solar among others are some of the prominent Middle East water heater industry players that have taken note of the sustainable energy shift and are upgrading water heaters technology. Characterized by such competitive scenario the Middle East water heater market is anticipated to surpass valuation of USD 1.5 billion in 2024, with annual deployment slated to surpass 9 million units in the coming seven years.

Author NameOjaswita Kutepatil

Marine engines market to be strongly characterized by regulatory supervision, APAC to drive the regional landscape

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Thriving on the cusp of the fierce stringency in regulatory framework, marine engines market today stands as one of the most challenging yet remunerative business spaces. One of the various supervisory measures swaying the marine engine industry trends is the mandatory roll outs enforced by the IMO (International Maritime Organization) under MARPOL Annex VI, with regards to limiting NOx and Sulphur oxides emission from ship exhausts. In response to these protocols, engine manufacturers are brainstorming innovative solutions that are not only efficient but also environmentally viable.

U.S. Marine Engines Market Size By Fuel, 2017 & 2024 (USD Million)
U.S. Marine Engines Market Size By Fuel, 2017 & 2024 (USD Million)

In a recent turn of events across the marine engines market, Wärtsilä, the Finnish tech giant has recently made to the headlines with the news of its recent order regarding environmentally viable dredger for Damen Shipyards Group. Reportedly, Wärtsilä would manufacture these engines deploying SCR (selective catalytic reduction) technology to limit the toxic emissions, making it absolutely in compliance with IMO’s Tier III regulatory standards. Boasting of a portfolio of 103-meter length and 4975 gross tonnage, Wärtsilä’s dredger is likely to be one of the most sustainable ships of its kind in the marine industry.

Increasing maritime trade activities is yet another vital factor having a strong impact on shaping the marine engines market trends. As per estimates, overall sea borne container trade accounted for almost 60% world seaborne trade in 2017, having held a valuation of nearly USD 12 trillion. In fact, the United Nations Conference on Trade & Development claims that the shipping industry, in 2017, almost procured 70% of the world trade share by revenue and 80% in terms of volume. In effect, it is quite apparent that the robust expansion in trading activities have catapulted marine engines industry size, which recorded a valuation of USD 10 billion in 2017.

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Regionally, Asia Pacific has emerged to be one of the most lucrative growth grounds for marine engines market expansion, given the presence of large number of engine manufacturers in the region. Add to it, increased R&D budget toward enhancement of shipping industry in tandem with increased maritime trade across China and Indonesia has further proliferated APAC marine engines market share. In 2017, Asia Pacific procured almost 60% of the global marine engines market size.

Endorsed with an upper hand in terms of technology interventions, the United States marine engines market is also anticipated to witness lucrative gains in the ensuing years. The regional industry share is forecast to surpass USD 1 billion by 2024. Increased shale production along with the nation’s commitment toward installing eco-friendly systems will boost the regional demand. For the record, the country in 2015 implemented IMO tier III norms to curtail NOx emissions.

All in all, marine engines industry growth seems to be humongous with the sustainability and go-green notions vividly encompassing the industry vertical. Add to it, the phenomenal maritime tourism industry which was a huge 7.6 trillion business in 2016, also depicts the rich scope the marine engines market is ought to witness in the coming years. Highly innovative products with technological advances and regulatory protocols remain the two anticipated trends majorly shaping the business in the coming timeframe. In terms of remuneration, the worldwide marine engines industry share is forecast to surpass a valuation of USD 13 billion by 2024.

Author NameSatarupa De

Supportive regulatory norms to stimulate wind turbine market, industry expansion to be driven by innovative product development tactics over 2018-2024

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A highly remunerative recipient of the changing sustainability landscape, wind turbine market has emerged as one of the most lucrative verticals of the energy industry. The growing awareness among the regulatory bodies and regional governments about the benefits of deploying renewable energy facilities over non-renewable ones is one of the primary factors fueling the installation of wind energy power plants. In addition, since last few years, a supportive regulatory spectrum has been set up by most regional governments in order to encourage the masses to adopt renewable energy facilities.The establishment of a regulatory frame of reference has also proved useful for the proprietors of this business space, who incidentally comply with the mandated norms to brainstorm a slew of advanced products and strive to increase the dependency on wind energy. The rapidly increasing rate of wind turbine installations installation of wind energy plants across the globe is thus slated to boost overall wind energy turbine industry share.

Europe Wind Turbine Market Size, By Installation, 2017 & 2024 (USD Million)
Europe Wind Turbine Market Size, By Installation, 2017 & 2024 (USD Million)

Taking into account the widespread expanse of this vertical, prominent contenders have been adopting tried-and-tested as well as unique growth strategies to contribute toward carbon emission reduction. Say for example, recently, in order to consolidate its presence in the green energy industry, GE Renewable Energy Business acquired the WMC test facility center based in Netherlands. At this facility, GE will test wind turbine rotor hubs and provide the research facilities to other wind turbine firms in Netherlands and other European countries. In addition, this well-known green energy contributor is looking forward to carrying out design and manufacturing advancements in wind turbines. A proactive approach like that of GE is certain to expedite wind turbine market trends.

A latest observation in the wind power dynamics is that the energy output from the wind energy plant remains unmatched with the investment cost, due to an excess of energy transformation losses. Having considered the energy-economic imbalance and the requirement of developing advanced wind energy technology, many regulatory bodies are encouraging industry contributors to carry out extensive, technology oriented research and development activities. Validating the aforementioned fact, recently, the Wind Energy Technologies office of the Department of Energy (DOE) provided funds for the advancement of wind turbines and aims to encourage a spate of research activities with the same. The research plausibly targets cost reduction and lowering the environmental impact of off-shore and land-based wind turbines.

In fact, through the Funding Opportunity Announcement (FOA), the Wind Energy Technologies Office plans to provide funds of approximately USD 6 million, which will be distributed as per the development categories. The continuous involvement of regional governments and regulatory bodies in R&D development activities is thus slated to push wind turbine industry share over the years ahead.

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Speaking about offshore wind turbine deployment, it would be imperative to state that as on today, companies need more capital for testing and maintaining these systems. In this regard, most of the energy companies are looking forward to using new technology trends including IoT, AI, and automation. In addition, some of the firms have also gone ahead and signed agreement contracts with several technology companies in the automation sector to maintain the energy consistency.

Citing an instance justifying the aforesaid statement, the leading developer of offshore wind farms, Ørsted recently collaborated with the renowned robotics solutions provider for wind energy industry, SkySpecs, that will inspect Ørsted’s offshore wind turbine installed at the Irish sea. SkySpecs will provide its robust and precise software-based inspection facilities, which will take approximately fifteen minutes to test turbine blades. The use of advanced analytics dashboards and repair planning workflows will reduce the overall maintenance cost of wind energy plant.

Considering the costs associated with the project installation and repair, wind turbine market contenders have been adopting numerous product development tactics in order to reduce construction expenditure and increase profits. The adoption of such strategies have apparently been proving beneficial for both – industry contributors as well as end-users.

It is quite plausible that the energy scenario across the globe may undergo a tremendous change of dynamics in the future, driven by a plethora of investments and a supportive regulatory framework. Numerous revenue generating opportunities for the players in wind turbine market seem to be on the radar, as many regional governments look forward to investing in the development of wind energy farms. With the surging investment in renewable energy facility deployment, wind turbine industry will surpass revenue collection of USD 70 billion by the end of 2024.

Author NameSunil Hebbalkar

APAC oil refining market to witness massive proceeds over 2018-2024, with China as the leading revenue pocket

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Oil refining market has consistently been in a state of flux since the past few years. Continuous profiling of environmental regulations, fluctuating natural gas price trends, and sharp decline in crude oil price are some of the major determinants influencing the commercialization potential of this marketplace. It was in the period 2008-2009, post the economic crisis, when the industry faced a severe gap in the supply demand trends. While the global demand for oil products observed a severe downturn, refining capacities continued to grow at a considerable pace. In the face of this sheer dichotomy of growing overcapacity and descending pressure on utilization, oil refining industry players were prompted to bring a consequential transformation in the operational model. This in effect, has significantly improved the financial dynamics of oil refining industry which pegged a valuation of USD 6 trillion in 2017.

China Oil Refining Market Size By Fuel (MBPD), 2017 & 2024
China Oil Refining Market Size By Fuel (MBPD), 2017 & 2024

Asia Pacific has become the nerve center for the growth of global oil refining market demand, primarily led by emerging nations like China and India. The economic growth in these regions has had a linear impact on the demand for light products like diesel and gasoline. According to the Organization of the Petroleum Exporting Countries (OPEC), global diesel demand is expected to reach 10 million barrels per day by 2030. Stimulated by the rapid industrialization across APAC belt, China has seen an outright demand for petroleum products over the recent years, which by extension has strengthened its position in APAC oil refining market.  As per reports, in December 2017, China exported approximately 1.6 million barrels per day on an average, which is an increment of 6.6% from what it recorded in November 2017.

Another vital trend fueling the growth of oil refining market is the robust investment in construction of new oil refineries as well as upgradation of the existing ones across the world. Recently, a Chinese investment firm announced to invest approximately USD 2 billion for the construction of a new oil refinery in the Northern Iranian province of Mazandaran. It is prudent to mention that Chinese and Russian oil giants of late, have been increasingly investing in Iran oil refining market, in a bid to actually benefit from U.S. withdrawal from Iran nuclear deal.

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The oil refining industry is indeed replete with many such investments that are anticipated to enhance the business outlook over the forthcoming years. Just few months back, Saudi Aramco, one of the phenomenal oil industry giants made its way to the frontpage with its announcement of investing around USD 44 billion in constructing integrated refinery complex in India. Citing yet another instance, Kuwait government has recently announced an investment of USD 17 billion in Mina Abdullah and Mina Al-Ahmadi refineries for upgradation purposes.

Ongoing sustainability measures is yet another prominent factor underling the expansion graph of oil refining industry. Emission abatement targets, in particular, have had a considerable influence of the regional business trends, especially in the road transport and aviation sectors.

International Maritime Organization (IMO), in this regard has set the latest benchmark by declaring its target of curtailing carbon emission by almost 50% by 2050. Also, in yet another instance, MARPOL, as per its revised regulations, has set the international shipping fuel criteria to less than 1% sulfur content. Experts speculate that if these laws are properly implemented, this would ultimately eliminate residual fuel oil demand of around ~3 million bpd, while adding the same in marine diesel demand.

Experts speculate that if these laws are properly implemented, this would ultimately eliminate residual fuel oil demand of around ~3 million bpd, while adding the same in marine diesel demand. All in all, the severe stringency in regulatory framework regarding the usage of conventional petroleum-based fuels is certain to add a dynamism of sorts to the oil refining industry expansion. Speaking of the remunerative portfolio, global oil refining market is set to exceed a valuation of USD 7 trillion by 2024.

Author NameSatarupa De