OIL AND GAS

String inverter market outlook: Rising demand for uninterrupted power supply to augment the industry growth over 2016-2024

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The surging requirement for continuous electricity supply will stimulate string inverter market value over the coming timeframe. Favorable features such as light weight, compact size, ability to increase power density, and ease of installation will notably influence the demand for string inverter. As per the report by Global Market Insights, Inc., “Global String inverter market is predicted to grow at an annual growth rate of 15% over the period of 2016 to 2024.” Government rules and regulation regarding usage of renewable energy resources, owing to the depleting fossil fuel storages will also drive the worldwide string inverter industry share over the next few years.

Single and three phase are the two key types of the string inverter. Three-phase string inverter market share, which was worth over USD 1 billion in 2015, is anticipated to exhibit significant growth over the coming years. The growth can be attributed to its increasing demand across the commercial and utility sectors.

Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)

Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)

The commercial, residential, and utility are the prominent application areas of the string inverter market. The commercial application covered more than 70% of the overall market share in 2015 and is projected to exhibit noticeable growth rate, driven by the growing urbanization along with huge investment in infrastructure development. The utility and residential applications also make substantial contributions towards the string inverter industry share.

Based on the power rating, string inverter industry is primarily segmented into over 80KW, 41KW-80KW, 11KW-40KW, and 10KW.  The string inverter of capacity 11KW to 40KW collected a revenue of over USD 700 million in 2015 and is anticipated to record a considerable growth rate, due to its surging demand from commercial complexes and small scale industries.

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On-grid and standalone are the two main products of the string inverter market size. Standalone product occupied more than 35% of global revenue share in 2015 and is expected to grow significantly over the coming period, mainly driven by the escalating installation of decentralized systems in the rural areas. On-grid string inverter market revenue will exceed USD 5 billion by 2024 with an annual growth rate of more than 20% over the coming seven years. The growth can be attributed to the strict norms regarding industrial emissions along with high demand for renewable energy.

Based on the geographical outlook, China accounted for more than 40% of the worldwide string inverter industry share in 2015 and will exhibit lucrative growth over the coming years, driven by the large-scale installation of photovoltaic voltage projects. Furthermore, growing demand for clean electricity along with supportive government initiatives will stimulate India string inverter market size.

Chile is expected to install a solar power plant of capacity more than 800MW by 2024. This, in turn, will generate heavy revenue over the coming timeframe. Additionally, the country has set a goal of producing 70% of electricity through renewable energy resources by 2050, which will noticeably influence the industry growth.

UK string inverter market will surpass a revenue of USD 500 million by 2024, driven by the rising implementation of the rooftop solar system in residential as well as commercial sectors. U.S. is projected to boost North America string inverter industry size, owing to its supportive government policies along with high demand for renewable energy technologies.

The market players will invest heavily in R&D activities to enhance product features, which will help them in retaining   their industry positions. The key players in the string inverter market are Advanced Energy Industries, Huawei Technologies, KOSTAL Solar Electric, Growatt New Energy Technology Co., Ltd., SolarMax, SMA Solar Technology, ABB, Samil Power, KACO New Energy, Schneider Electric, Ginlong Technologies, Delta Energy System, Sungrow Power Supply, and Fronius International GmbH.

Author NameSunil Hebbalkar

Hybrid solar wind market outlook: Rising global warming concerns coupled with energy crisis to stimulate the industry growth

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High urge for reliable power supply along with strict legislations to curb the release of GHG in the atmosphere will push hybrid solar wind market growth. Moreover, favorable government policies encouraging the use of renewable energy along with strict regulation executions for reducing power consumption is expected to positively influence the industry growth. According to a report by Global Market Insights, Inc., “Hybrid solar wind market value is forecast to hit USD 1.47 billion by 2024.” Furthermore, declining manufacturing costs of the components such as wind blades, solar panels, and wind turbines are expected to contribute considerably towards the market growth.

U.S. Hybrid Solar Wind Market size, by product, 2013 -2024 (MW)
U.S. Hybrid Solar Wind Market size, by product, 2013 -2024 (MW)

Hybrid solar wind systems find key applications across industrial, residential, and commercial sectors. High requirement for continuous electricity supply is anticipated to drive the hybrid solar wind industry revenue across the commercial sector. Hybrid solar wind market size in industrial sector worth USD 224 million in 2015, is anticipated to witness a significant growth over the coming years. Government efforts to minimize carbon emissions is expected to drive the growth. The rise in the number of electrification programs across the emerging economies, primarily concentrating on decentralizing the power generation, will boost the industry growth across the residential sector.

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Standalone and grid connected are the major products through which hybrid solar wind systems are deployed. Grid connected hybrid solar wind industry size is expected to record a CAGR of 10% over the period of 2016-2024. Net metering, low deployment costs, and feed in tariff are the key growth drivers. Standalone hybrid solar wind market revenue is expected to grow significantly over the coming years, owing to its cost-effectiveness as compared to grid connected products.

Below are the regional trends influencing hybrid solar wind market over 2016-2024

  • Growing investments across renewable energy projects is projected to drive Australia hybrid solar wind industry size over the next few years. The government of Australia has allocated USD 1 billion funds for clean energy technology projects.
  • Chile hybrid solar wind market revenue is anticipated to grow at a rate of 11% over the period of 2016-2024.
  • Shortage of power supply and high demand for off grid electricity will favor Nigeria hybrid solar wind industry outlook over the next few years.
  • South Africa hybrid solar wind industry revenue is expected to hit USD 12 million over the coming timeframe.
  • Government policies encouraging the use of sustainable energy along with rural electrification programs are expected to boost India hybrid solar wind market trends.
  • S. hybrid solar wind industry will grow considerably over the coming years, driven by heavy focus on consumption of renewable energy along with beneficial government policies supporting energy conservation.

Market participants will try to enhance their ROI through product differentiation as well as technological innovations. Key industry participants include Blue Pacific Solar Product Inc., Alpha Windmills, Alternate Energy Company, ReGen Powertech, Unitron Energy System Private Limited, Polar Power Inc., Zenith Solar Systems, Gamesa, Grupo Dragon, and Supernova Technologies Private Limited.

Author NameDhananjay Punekar

Drill pipe market outlook: Escalating demand from oil & gas industry to boost the market growth over 2016-2025

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Increasing demand for energy and intensive investments in the oil and gas projects will stimulate the drill pipe market share. Increasing exploration of alternative resources and production activities within countries such as Russia, U.S., China, Canada, Saudi Arabia, UAE, Brazil, Iran, and Mexico will drive the global drill pipe industry trends.  According to Global Market Insights, Inc. “Drill Pipe Market size is estimated to witness a CAGR of 2% over the period of 2016-2025.”  Moreover, introduction to the latest technological advancements in the drill pipe industry such as horizontal drilling and pad drilling have gradually amplified the drilling effectiveness complementing the industry growth.

 U.S. Drill Pipe market size, by grade, by revenue (USD Million), 2013-2025 
U.S. Drill Pipe market size, by grade, by revenue (USD Million), 2013-2025 

Petroleum manufacturing organizations conduct a tally process of counting active or inactive rigs. This rig count helps in analyzing and collecting data, which indicates the status of drilling activities.  A rig count lists all the oil and gas rigs that are active or operational at various locations including both onshore and offshore sites. An increasing number of rigs indicate increase of production and exploration, which in turn will augment the global drill pipe industry.

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Below are the major global rig count data of 2016

  • The global rig count of July 2016, increased by 74 units in comparison with June 2016.
  • Canada rig counts raised by 31 units to 94 rigs.
  • Argentina rig counts increased by 9 units.
  • S rig counts raised by 32 units to 449 rigs.
  • Mexico rig counts raised by 3 units.

In addition to this, advancements in technology and facilities such as directional drilling, drill bit technology, and wells completion & intervention are likely to complement the industry growth. Growing deployment of artificial lift systems in the oil production reservoirs will further boost the requirements for drill pipes in the coming eight years. Rising demand for natural gas and crude oil has further resulted into significant growth of Artificial Lift Systems Market accounting for a growth rate of 8.9% over the period of 2016-2023.

Taking into account the end-user trends, onshore drill pipe market is projected to surpass 1.15 million tons in terms of volume by 2025. The growing undertaking of contracts worth millions for the onshore drilling segments will further propel the onshore drill pipe industry. Furthermore, offshore drill pipe market is anticipated to grow at a rate of 3.2% over the period of 2016-2025. Heavy investments in deep water offshore grounds along with rising offshore production projects near Norway, Canada, and North America will fuel the industry growth in the coming timeframe.

Drill pipe market is segmented by product grade into API grade drill and premium grade drill. API grade drill pipe is projected to grow at a rate of 2.5%, owing to its cost effectiveness. Moreover, premium grade drill pipe market is estimated to witness significant growth due to increasing offshore production. The ability of these drill pipes to withstand under high pressure and temperature will generate heavy demand, stimulating the market share.

Considering the regional trends, the drill pipe industry is witnessing huge adoption over the globe. Increasing crude oil demand worldwide and increasing exploration of oil and gas in offshore fields will provide lucrative growth opportunities across various regions.

Below are the regional highlights pertaining to the drill pipe industry over the coming eight years.

  • Africa drill pipe market size worth USD 195 million in 2015, is anticipated to register a CAGR of 3.5% over the period of 2016-2025.
  • Russia drill pipe market is projected to grow at an annual rate of 3% over the period of 2016-2025. High investment in developed fields will continue to generate demand for drill pipes in the region.
  • Kazakhstan market is estimated to grow over a CAGR of 3.5% and generate revenue exceeding USD 37 million by 2025.
  • Rising demand for oil and gas across the globe will stimulate the Saudi Arabia drill pipe industry share anticipated to grow at a rate of 3% from 2016-2025.
  • Canada market worth USD 130 million in 2015 is projected to register a CAGR of 2.1% over the analysis period.
  • Angola drill pipe market will attain significant growth rate, owing to intensive investments in contracts and bidding for the tenders.

Notable participants in the drill pipe industry include National Oilwell Varco, Vallourec S.A., Tenaris S. A, Hilong Group of Companies, Drill Pipe International, Texas Steel Conversion, Inc., Oil Country Tubular Limited, Tejas Tubular Products, Inc., TMK Group,etc.

Author NameOjaswita Kutepatil

 

In Line Process Viscometer (ILPV) market trends: Asia Pacific to drive the industry growth over 2016-2023

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Global expansion of the refinery industries will significantly drive in line process viscometer (ILPV) market share over the coming six years. According to Global Market Insights, Inc., “Global In Line Process Viscometer (ILPV) market is anticipated to record a revenue of over USD 225 million by 2023.” ILPV is primarily used to measure viscosity of fluid across pharmaceutical and food& beverages industry, which is projected to enhance the in line process viscometer industry outlook. Additionally, growing demand for petroleum products across the APAC region, owing to the large population along with favorable FDI policies will further generate heavy opportunities for ILPV market.

MEA In Line Process Viscometer (ILPV) market size, by application, 2012-2023 (USD Million)

MEA In Line Process Viscometer (ILPV) market size, by application, 2012-2023 (USD Million)

Petroleum, pharmaceutical, chemicals, and food & beverage are some of the key application sectors for in line process viscometer market. Petroleum will dominate the application landscape by collecting a revenue of more than USD 85 million by 2023, owing to the powerful crude oil business competition. Pharmaceutical application is anticipated to register an attractive growth rate of more than 6.8% over the period of 2016 to 2023, driven by its growing demand in ophthalmic products due to expanding healthcare industry.

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In line process viscometer market share in the chemical application will gather a revenue of over USD 54 million by 2023. The major growth attributing factor is growing automation in the manufacturing sector.

Based on technology, in line process viscometer market is segmented into acoustic wave (solid state), torsional oscillation, vibration, rotational, dynamic fluid pressure, Coriolis, and moving piston. Acoustic wave technology is predicted to record an attractive growth rate of more than 7.3% over the period of 2016 to 2023. The growth can be attributed to its surging demand for automotive and petroleum applications. Vibration based technology market exhibited a heavy demand over the past few years and is projected to collect a revenue of over USD 48 million by 2023, owing to its extensive demand in oils, chemicals, adhesives, paints, shampoos, plastics, paper, foods, coatings, refineries, and inks applications.

Torsional oscillatory viscometer (TOV) industry share will witness a CAGR of over 6.8% over the coming period of 2016 to 2023, driven by the growing adoption of this technology in the healthcare sector to measure human blood viscosity. In addition, this technology is widely used in the polymer, petrochemical, oil refining, and adhesives applications.

Asia Pacific in line process viscometer market size dominated the regional landscape and is expected to exhibit an income of more than USD 66 million by 2023, owing to its growing requirement for the refineries & chemical industries, which are established on large scale across the APAC. India and China will be the major regional revenue contributor.

MEA ILPV industry is anticipated to grow at a CAGR of over 6.9% over the coming six years. The growth can be attributed to the large-scale presence of chemical industries. The demand for ILPV for pharmaceutical and food & beverages applications are growing significantly across North America, with an estimated annual growth rate of more than 6.1% over the coming years of 2016 to 2023.

Brookfield Engineering, Anton Paar GmbH, ProRheo, and Cambridge Viscosity, Inc are the major players having shared 12% of the global business space in 2015. Vectron International, Marimex America, Lamy Rheology, Fuji Ultrasonic, Bartec Group, Norcross Corporation, and VAF Instruments are other prominent industry participants in the in line process viscometer market.

Author NameSunil Hebbalkar

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

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Developing economies to make substantial contribution towards the market growth

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

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

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

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

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

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

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

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

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

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

Author NameDhananjay Punekar

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

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

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

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

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

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

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

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

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

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

Author NameShikha Sinha

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

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

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

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

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

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

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

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

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

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

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

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

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

Author NameShikha Sinha