OIL AND GAS
Micro combined heat and power market to be characterized by the launch of technologically improved products, government initiatives to impel industry expansion over 2018-2024
Over the past few years, the global micro combined heat and power (CHP) market space has depicted remarkable growth owing to the outcomes of government mandates aimed at decarbonization of the economy and tackling climate change. The adverse impact of fossil fuel based transport systems coupled with industrial pollution are the most significant factors to have compelled governments across the globe to rely on renewables. Numerous countries have come up with a strict regulatory framework along with incentive programs to support alternative and more efficient energy sources, essentially fueling the micro CHP industry share expansion.
Europe micro combined heat and power market size, by fuel, 2017 & 2024 (USD Million)
While elaborating on the measures currently being undertaken by major economies around the world, it would be prudent to take note of the recently modified Combined Heat and Power (CHP) Act of Germany. In line with the stricter regulations, the new CHP act supersedes the Renewable Energy Sources Act of 2000 and focuses on revamping the highly-efficient CHP facilities across the country. Through this act, the owners of CHP systems would receive incentives for the electricity generated via their co-generation facilities. Moreover, the new act intends to push electricity generation from CHP facilities to a commendable 100-terawatt hour (TWh) per annum by 2020 and 120 TWh by 2025, indicating the humongous growth potential of micro CHP market in the nation.
Besides government initiatives and mandates, the increasing demand for improved CHP systems across commercial and residential sectors has also pushed the micro CHP industry revenue which stood at USD 2 billion in 2017. Speaking along similar lines, several well-known market players have been unveiling advanced CHP systems incorporated with reliable technologies that are cost effective and environment friendly. Enumerated below are a few prominent instances that depict how the launch of new CHP systems has been shaping the growth outlook of micro CHP market:
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- YANMAR America introduced a new EPA certified 35 kW micro CHP systems in 2016. Powered by natural gas, the CP35D1 and CP35D1Z models are 88% more efficient than the conventional power facilities. Especially, the CP35D1 has a built-in inverter instead of external inverters which makes it a true plug-and-play unit. With decreased carbon footprint, the new micro CHP system also operates like the previous 5 and 10 kW CHP systems from YANMAR. Improvements in installation, simplification of exhaust system, higher heat recovery efficiency, and reduction in the overall package size are amongst the many pathbreaking features of the newly launched micro CHP systems.
- The leading manufacturer of micro combined cooling, heating and power generation equipment M-TriGen Inc., recently unveiled three new models of its trigeneration product range. Apparently, the new models have received authorization by Intertek and an ETL label which is a testimony to its higher performance and compliance with recognized safety standards. The new CHP systems have been specifically designed for government, military, light industrial, commercial, and residential applications. Moreover, the new models are equipped with gas heat pumps that enable customers to reduce peak load power requirements and save significantly on their electric bills.
The indoor CHP systems installed 10 to 20 years ago are being replaced with new systems in the recent past. Therefore, the demand for co-generation systems that have better energy saving performance and are easy to transport has witnessed a remarkable rise. Needless to mention, the launch of the aforementioned high-grade and enhanced micro CHP systems that are well-suited for healthcare facilities, restaurants, hotels, offices or multi-unit housing has been instrumental in impelling the growth prospects of micro CHP industry.
Owing to the proactive measures and initiatives being rolled out by various governments across the globe, the micro CHP market is slated to witness an annual installation of more than 3 GW by 2024. In addition to this, the growing deployment of sustainable energy technologies along with improvements in micro cogeneration systems would boost the commercialization scale of micro CHP industry in the forthcoming years.
Author Name : Saif Ali Bepari
Electrical conduit market to garner commendable proceeds via residential and commercial applications, APAC to emerge as a profitable growth avenue
The global electrical conduit market, in the past few years, has witnessed a remarkable escalation in terms of revenue share owing to the extensive revamp of ageing grid infrastructure across developed and emerging economies. Increasing emphasis on installing energy-efficient distribution networks and the integration of varied frequency transmission networks have been instrumental in stimulating the growth prospects of electrical conduit industry, which commanded a total valuation of over USD 5 billion in 2017.
U.S. Electrical Conduit Market Size, By Classification (USD Million)
Sensing the dire need to install sustainable grid networks, government and private institutions have been investing heavily in electrification programs – a factor that has further intensified the pace of industry share expansion. In addition to this, the deployment of smart control networking technologies along with improved on-site electricity generation schemes have drastically enhanced the product demand across various residential and commercial applications. In fact, as per a research report compiled by Global Market Insights, Inc., the residential and commercial applications together accounted for more than 50 percent of the worldwide electrical conduit industry share in the year 2017. A favorable regulatory framework across various geographies is expected to assist the residential and commercial applications segment to keep up the pace of growth in the near future.
A brief overview of how developing nations in APAC have impelled electrical conduit market trends
Growing inclination toward clean energy coupled with massive investments in the renewable sector have necessitated a complete overhaul of the existing grid infrastructure across major economies. In this regard, Asian countries have taken the lead in reforming their respective power sectors by launching a number of effective programs, essentially stepping up the commercialization potential of electrical conduit industry in the region. Moreover, various new initiatives are being rolled out to electrify far-off areas and rural hinterlands in the emerging countries of Asia Pacific.
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- With the resolve to provide energy access to un-electrified rural and urban households, the Indian Government launched Pradhan Mantri Sahaj Bijli Har Ghar Yojana ‘Saubhagya’ in 2017. The ambitious scheme aims to attain the objective of universal household electrification throughout the nation, especially the underserved and unserved rural and urban pockets. With a total outlay of INR 16, 320 crores, the initiative intends to electrify nearly 300 lakh households across India.
- The state-owned power distribution companies (DISCOMs) in the nation are known to be financially distressed for years. This has reduced the overall operational efficiency and aggravated the crisis of power losses in the distribution network. To tackle these challenges and work toward financial and operational turnaround of DISCOMs, the Indian Government had unveiled the Ujwal DISCOM Assurance Yojana (UDAY) in 2015. Needless to mention, such reformative programs aimed at changing the power scenario in the nation have propelled the regional electrical conduit industry in the recent times.
Given that the smart grid networks are increasingly gaining prominence across industrial peripherals, China has proposed humongous projects to modernize its energy infrastructure. As per its three-stage plan, the Asian powerhouse had announced that it would invest USD 240 billion between 2016 and 2020 to incorporate smart grid technologies. As the world’s largest electricity consumer, the three-stage plan would assist the nation in meeting its escalating electricity demand which is anticipated to double over the upcoming decade. Moreover, the Chinese government has been focusing on revamping the power distribution infrastructure across major industrials regions which would fuel the growth potential of electrical conduit industry in the country.
Concurrently, the leading companies manufacturing electrical conduits such as Zekelman, ANAMET, Cantex, Wienerberger, Electri-Flex, Champion Fiberglass, Mexichem, Legrand, Hellermann Tyton, Atkore, Astral, Aliaxis, Hubbell, Schneider, and ABB have been concentrating on developing products equipped with highly-efficient technologies and expanding the current facilities to ensure economies of scale, essentially boosting the revenue graph of electrical conduit market.
Author Name : Saif Ali Bepari
U.S. energy storage market to be a part of the billion-dollar business cosmos by 2024, supportive government policies to add momentum to the regional industry
The U.S. energy storage market share has been surging year on year as renewable energy utilization comes to the forefront replacing fossil fuel energy sources. According to experts, energy storage can become a market disruptor as it is fast emerging as a new technology with enhanced capabilities and cost saving that no incumbent technology can even begin to approach. As a result, energy storage capacity across the U.S. seemingly surpassed 1,000 megawatt-hours in 2017, which is a record in itself and has nearly doubled in 2018 adding another 1,000 megawatt-hours of capacity.
U.S. Energy Storage Market Size, By Deployment, 2017 & 2024 (USD Million)
The U.S. energy storage market is anticipated to continue its exponential growth graph as storage continues to get cheaper, out-competing other resources, as a sea of change is registered in the mix of resources that run the power grid. Recent instances of contracts signed in the U.S. such as the NV Energy in Nevada and Xcel Energy in Colorado have also helped in furthering the prospects for U.S. energy storage industry.
While NV Energy has made it to the headlines with a contract to build 1000mega-watt of solar energy with 100 mega-watt of storage, Xcel Energy has set a new solar-plus-storage record with a median price of $36 per hour which is lower than the cheapest PV-plus-battery power-purchase agreement till date by as much as 20%. Many other such developments are in the pipeline that will allow solar production to extend past sunset and into the evening when demand peaks, making it competitive in respect to energy supplied by natural gas or fossil fuel resources.
Not only lowered cost for renewable energy resources but also state policies will also contribute towards the deployment of energy storage systems and consequently the expansion of U.S. energy storage market, with more batteries being installed in homes, businesses and along the power grid. A fact that deserves special mention is that the U.S. home energy storage in 2018 witnessed more deployment than the front-of-meter storage deployment in the last quarter of the year. According to the U.S. Energy Storage Monitor the residential segment led the way in energy storage deployment, growing tenfold year-over-year.
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Concentration for residential deployment of energy storage systems have been most noticeable in two states, namely, California and Hawaii, which have together accounted for 72% of megawatt-hours in the last quarter of 2018 while Massachusetts with its new SMART program and Arizona, is expected to see some new tariff structures, and is a key contender for the third spot in the residential segment of U.S. energy storage market.
The U.S. energy storage market has received a major boost from the fact that storage system costs have decreased roughly by two thirds over the last five years while more states have mandated utilities to procure storage systems. As consumers have come to realize that pairing batteries or energy storage with renewable energy projects improves reliability of power supply without creating greenhouse emissions, more homeowners and businesses are showing preference for power with backup energy storage and the option to capture and store excess energy produced in rooftop systems which can later be utilized after sundown, or when the wind is not blowing.
With large storage systems for utilities capturing a major portion of the U.S. energy storage industry and more utilities including storage in their solicitations for solar projects, U.S. energy storage market is expected to witness robust growth over 2018-2024. The U.S. energy storage market has been evaluated to amount to $4 billion by 2024 – a commendable upsurge from the $400 million worth in 2017.
Author Name : Paroma Bhattcaharya
Oil filled transformers market to surpass $45 billion by 2024, robust demand for energy-efficient solutions across urban locales to boost the industry growth
ABB recently grabbed headlines in the global oil filled transformers market for its development of a robot for internal inspection of oil filled transformers. Apparently, the TXplore robot designed by ABB can work inside the complex environment of oil filled transformers and carry out internal inspections, a task which is rather costly and dangerous to humans. Downtime during human inspection of oil filled transformers not to mention the risk it poses to the human team as well as the cost to operator can be effectively reduced and, in some cases, entirely eliminated with the use of the TXplore. Application of the TXplore for inspections will not only mean lowering inspection times but will significantly contribute towards the expansion of oil filled transformer market as the product will become more easier to maintain.
Germany Oil Filled Transformer Market Size, By Mounting, 2017 & 2024 (USD Million)
The oil filled transformer market is expected to register a major upsurge as the global population will continue to grow while economic advancements will increase the demand for electric energy around the world. According to the World Energy Council, global demand for energy per capita will reach its peak in 2030 and demand for electricity will double by 2060 which will lead to greater infrastructure investments and major upheaval of the current systems to promote energy efficiency. The United Nations estimates that the world population will reach 8.5 billion by 2030. With increasing innovations and the use of electronic gadgets becoming more widespread and common, it is expected that there will be an exponential demand for electricity which is turn will add a substantial impetus to the oil filled transformer market.
It is noteworthy to mention that global electricity demand witnessed a 3.1% jump in 2017 and India and China together accounted for 70% of this rise, according to the International Energy Agency. Economic growth, widening of electric grids, rapid urbanization and expanding demand for electronic devices besides the huge population have contributed to the increase in demand for electric energy. The Agency cites that in China warm summers and robust economic growth of over 7% has contributed towards the growth while in India, 12% economic growth has done the same. These countries also have the largest population in the world. The oil filled transformer market is expected to register massive growth across the emerging economies, where energy demand is rapidly swelling.
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Speaking of the emerging economies such as India and China, it is imperative to mention that these countries would also be the seat for urbanization. According to another United Nations report in 2014 54% of the world’s population lived in urban areas, a proportion that is expected to reach 66% by 2050. Over the same timeline the world will be adding 2.5 billion people to urban areas with Asia and Africa consisting of 90% of the population. Pervasive electric supply is an essential element of urbanization and with the extensive supply of electricity, oil filled transformer market will register significant progress.
With urbanization boosting the demand for electric supply, city planners are looking for greener and more efficient solutions which has led to the gradual rise of smart grids and an over hauling of the existing electric grid system. While cities like New York and New Jersey are in the process of building microgrids to support the mass transit systems, French public lighting firm, Citelum, has announced projects for smart street lighting. Older cities where the electric grid system is already established but out of date, are witnessing major upgradations not only to make newer technologies available to the city but also to install greener solutions which will eventually contribute to a greener future for the world by increasing energy efficiency and mitigating energy loss during transmission. With urbanization and increased population that demands better electric facilities, a robust path of growth will be paved forward for the oil filled transformer market over 2018-2024, which is expected to exceed $45 billion by 2024.
Author Name : Paroma Bhattacharya
Instant water heater market to be driven by a stringent regulatory landscape, emerging nations to come up as pivotal growth grounds over 2018-2024
The global instant water heater market is expected to register a major upheaval during 2018-2024 as regulatory forces across the globe are at work to increase energy efficiency in all devices. According to the U.S. Department of Energy, water heating accounts for the second largest energy expense in U.S. households, responsible for 14% to 18% of the utility bills. Instant water heaters are confirmed to be much more efficient that traditional water heaters with tanks and are also becoming water heaters of choice in most households as they deliver hot water without the delay associated with water heater with tanks.
U.S. Instant Water Heater Market Size, By Application, 2017 & 2024 (USD Million)
Additionally, regulatory measures in various countries and regions are dictating the minimum energy efficiency standards for energy consuming devices. Such legislative regulations are also adding an additional impetus to the growth of the instant water heater market as many older and energy inefficient water heaters are being replaced with technologically advanced ones.
Speaking of updated regulations to combat the effects of climate change, an instance that can be cited is that of the U.S. minimum energy conservation standards which were made official in 2015. According to the updated standards, known as the National Appliance Energy Conservation Act, water heaters with tanks have to be larger in storage capacity in order to comply with the new minimum energy efficiency standards, in turn requiring larger storage tanks and needing more space for installation.
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The new energy efficiency standards were made mandatory on all residential water heaters sold post April 16, 2015. Such regulations added a momentum for the expansion of instant water heater market as large storage tanks and more installation space posed a spatial challenge for many households. Instant water heaters entirely eliminate the need for added storage space as these water heaters are tankless and can be just hung on the wall in a bathroom where space is constricted.
Most storage type water heaters last for more than 10 to 15 years but instant water heaters can last for more than 20 years due to the fact that they are not corroded by water storage or bacterial growth. In most North American and European nations, where residential water heaters are more than 15 years old and consumers are looking to upgrade their largely energy consuming water heaters, the instant water heater market is expected to register a growth spike over 2018-2024 as consumer awareness regarding energy conservation has increased. In spite of instant water heaters being more expensive and considered complicated to install, they are anticipated to attract more customers are the cost savings in terms of lower energy bills eventually offset the higher installation costs.
Rapid urbanization is also increasing growth opportunities for the instant water heater market as space constraint is a major issue in most urban homes. Emerging economies like India and China are have come up to be major contributors to the growing instant water heater market as disposable incomes among the burgeoning middle-class population of these countries are increasing. According to reports, Indians, who have traditionally used solar water heaters, immersion rods and even boiling to obtain heated water, are increasingly turning to electrical water heaters for safety and energy conservation purposes. Significantly in 2015, Indians spent nearly $175 million on electric water heaters with sales spiking during the winter months. Easy and wider spread distribution of electricity also played a major part in the overall growth of instant water heater industry in the Asia Pacific region where the instant water heater market was valued at approximately $3 billion in 2017.
Some of the most notable participants in the instant water heater industry are A.O Smith, Haier Electronics, Bosch, Whirlpool, Jaquar, Ariston Thermo, Hubbell, Rheem, Linuo Ritter, Viessmann etc. who are engaged in continual research and development activities to bring newer and more energy efficient technologies to the market thus further increasing the growth scope for the instant water heater industry.
Author Name : Paroma Bhattacharya
U.S. geothermal heat pump market to amass significant returns from residential applications, increasing demand for sustainable energy alternatives to impel the industry expansion
Essentially pertaining to the rise in renewable energy solution investments, the U.S. geothermal heat pump market has been observing a remarkable growth over the last few years. The country often observes seasonal temperature changes from sub-zero cold in the winter to soaring heat in the summer that quite overtly demands the deployment of heating and cooling systems. The high energy cost and environmental hazards associated with fossil fuel based heating and cooling systems have also led to consumers inclining toward sustainable energy system installations, that have further impelled U.S. geothermal heat pump market.
North East GHP market size, by product, 2017 & 2024 (USD Million)
Merely a few meters below the surface of the earth, the temperature seemingly remains rather constant. On account of the same, energy companies have been deploying geothermal heat pumps for heat exchange during the winter and cool air during summer. The increasing installation of geothermal plants across the country for fulfilling residential as well as commercial energy need has been strengthening the U.S. geothermal heat pump industry size.
In order to accelerate the deployment of geothermal technologies, several governmental agencies have been proving sufficient funds to the energy companies. For instance, the Department of Energy’s (DOE) Geothermal Technology Office has unveiled that the eight projects will receive approximately USD 2.4 million funding from Beyond Batteries Lab. The objective of these new projects is to utilize geothermal energy to develop a modern grid. The investment in the number of geothermal projects has been generating new opportunities for the players in the U.S. geothermal heat pump industry.
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As the investment in geothermal power plants depicts an upsurge, the demand for heat pumps has also observed a remarkable rise. The increasing concern among the residential owners and businesses about the surging cost of energy with the use of other energy alternative has been pushing the need for sustainable and more efficient geothermal systems. In addition, the government is also encouraging people to use geothermal systems to heat and cool their buildings, by providing tax credits to the consumers who install more efficient geothermal heat systems. For instance, in order to receive 30% investment tax credits for residential consumers and 10% tax credits for businesses, a closed loop geothermal heat system should have at least 3.3 coefficient of performance.
Considering the growing public demand in line with the supportive regulatory scenario, most of the geothermal heat pump manufacturers have been investing heavily to launch a variety of products. Some of the manufacturers have positioned themselves in such way that they can supply a wide range of heat pumps as per the needs of consumers. The consumer-centric approach of the companies to create more business opportunities and enhance the customer base has been accelerating U.S. geothermal heat pump industry share over the last few years.
The U.S. Environmental Protection Agency (EPA) has recognized geothermal systems as the most environmentally friendly, energy efficient, and cost-effective cooling and heating technology. These systems also have a capability to reduce air pollution, threats of acid rain, and GHG effect which are directly linked to the combustion of fossil fuels. In fact, as per the report of EPA, the installation of single geothermal system is equivalent to the planting 750 trees. In this regard, the adoption rate of geothermal systems has increased over the last few years that has been propelling U.S. geothermal heat pump industry size.
Driven by supportive regulatory policies, federal funding, tax credits, and loan guarantees for the renewable energy facilities, U.S. geothermal heat pump market has been traversing toward future energy trends across the United States. Ranging from household applications to commercial complexes, the use of geothermal heat pumps for meeting energy needs will propel the product demand. For the record, by the end of 2024, U.S. geothermal heat pump market will generate a revenue of more than USD 2 billion.
Author Name : Dhananjay Punekar
North America gasoline genset market valuation to surpass USD 1.5 billion by 2024, surging product demand from the commercial sector to fuel the industry landscape
Owing to increased commercial activity and rapidly developing residential communities, the North America gasoline genset market can be expected to witness significant gains as more consumers will look to counter extended power outages. Evidently, most of these power cuts happen due to natural and weather-induced disasters such as tornados, hurricane, cyclones and the ensuing floods. Earthquake prone areas across the continent can often face infrastructure damage and impairment of transmission lines, becoming a consistent customer-base for the North America gasoline genset industry. Such external factors make it difficult to supply continuous power in remote of heavily affected disaster zones, propagating the importance of supplementary power generation.
U.S. Gasoline Genset Market Size, By End Use, 2017 & 2024 (USD Million)
Diesel generators have been the conventional go-to solution for power backup at homes, for supporting the use of floodlights in stadiums, running operations at a farm and extensively at construction sites. Extremely lucrative commercial sectors like mining and oil exploration have also been ideal growth avenues for the North America gasoline genset market, where any unplanned interruption in electricity supply can cause losses up to thousands of dollars a day. U.S. and Canada have been at the forefront of technology development, which has supported their ambitious mining and drilling activities. Ceaseless energy supply to power equipment used in these sectors will further boost the North America gasoline genset industry expansion.
Altogether, there are almost 28 million small business in the U.S. along with nearly 18,500 large companies. Canada also houses over 1.14 million SMEs, as well as more than 247,000 health Care and social assistance establishments that may need power backup at one time or another. Even if all enterprises do not face frequent power outages, the aforementioned figures represent the enormous opportunities for the North America gasoline genset market since a significant amount of them will need the assistance of generators due to unforeseen circumstances.
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Overview of North America gasoline genset market with regards to the commercial end-user segment:
North America is home to millions of small and medium sized businesses encompassing every industry vertical, ranging from grocery and retail outlets to auto dealerships, banks, farms, theme parks and hospitals. Coastal regions on the continent suffer yearly cycle of storms and hurricanes, which sometimes can reach massive scales and result in tremendous loss of property and lives. Businesses in these areas have to be prepared and purchasing generators that have capacity suitable to their power requirements is one of the first investments they make. A large number of farms and food & beverage production facilities can be hit by storms, requiring backup generators to avoid any stoppages.
Speaking further on the potential of the North America gasoline genset industry, one of the biggest U.S. states, Texas, witnesses on an average about 132 tornadoes every year with some cities in the state bearing the brunt of the strikes. Add to that the hurricanes it faces from its coast, threatening to disrupt innumerable businesses in Houston and nearby cities. For instance, in 2017 Hurricane Harvey had caused up to US$125 billion worth of damages, primarily in Southeast Texas. Escalating the prospects for the North America gasoline genset market, the eastern coast experiences 1 to 2 hurricanes every year, affecting thousands businesses in U.S. and Canada.
Mining and Oil & Gas Industries
In 2016, Canada’s mining industry had accounted for over US$42.81 billion of the country’s GDP and is displaying a steady growth rate, while the U.S., had accrued more than US$75.2 billion in revenues from the mining segment. Comprising both surface and underground mining activities, powering equipment like drills, lifts, conveyors and accommodations is a key application segment for the North America gasoline genset industry. The region is also going through an accelerated exploration phase, where companies are looking to mine new reserves of copper and other essential metals.
Apart from mining, the oil and gas segment been a critical commercial end-use of generators, as supplying electricity to offshore operations and remotely located independent oil refineries is not always easy. Citing data to highlight the significance of the O&G sector, Canada holds the third-largest oil reserves in the world. The U.S. had produced nearly 571 million metric tons of oil along with 734.5 billion cubic meters of natural gas in 2017, and has just recently found the biggest continuous oil and gas field in the world, demonstrating the colossal scale of energy exploration in the continent.
Effectively, with increasing commercial operations in the energy sector as well as the constantly looming threats to businesses and residences from weather-related calamities, the North America gasoline genset market revenues are expected to cross US$1.5 billion by 2024. Atlas Copco, Briggs & Stratton, Caterpillar, Cummins, Generac, Honda Motor, Honeywell and Kohler Power are prominent players constituting the North America gasoline genset industry’s competitive hierarchy.
Author Name : Pankaj Singh