ENERGY

Hydraulic Fracturing Market to witness massive growth with rising shale gas demand, U.S. to be the major revenue contributor

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Hydraulic Fracturing Market has progressively evolved in the recent years as the production rate of conventional hydrocarbon is on a decline. Increasing reliance on crude oil, natural gas and other renewable energy sources, to meet up the growing energy demand is spurring the industry growth. A noticeable surge in world crude oil demand from 95.58 mb/d to 96.95 mb/d within a year span is expected to positively influence the overall market. As per a report by Global Market Insights Inc., “Hydraulic Fracturing Market is poised to record a revenue of USD 68 billion by 2024 at a CAGR of 12% over the period of 2016-2024.” With the increasing demand for hydrocarbons, hydraulic fracturing will continue to be an essential process to feed the energy requirements.

Russia Hydraulic Fracturing Market Size, by application 2013-2024 (USD Billion)

Russia Hydraulic Fracturing Market Size, by application 2013-2024 (USD Billion)

 

Favorable government initiatives taken by China and U.S., such as tax incentives, easy FDI provision in hydrocarbon sector as well as financial backing is catalyzing the market growth in these regions. However, hydraulic fracturing industry is not observing a global approval as environmental threat associated with it has made many countries ban this super fracking process. Governments worldwide are working together to asses and manage these environmental issues, which will prove to be beneficial for the overall market.

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Below is the in-depth analysis of the hydraulic fracturing market based on well design, technology, application, and region over the period 2016-2024:

  • Horizontal hydraulic fracturing process which is quite popular in extracting oil and gas from nonrenewable energy reserves is expected to show an upward curve owing to its better productivity than vertical drilled. Horizontal hydraulic fracturing market is projected to grow at a CAGR of 13% over the forecast time frame.
  • Technically, Plug and perforation based hydraulic fracturing industry dominated the global industry in 2015 with a volume coverage of 70% of the total market and will generate considerable revenue in times ahead. The lucrative growth prospect of this technology can be credited to its wide spread application in drilling horizontal wells. Sliding sleeves which is another promising technology affluent in the market, will also record moderate growth path. The cost effectivity and time efficiency are the two major factors driving the sliding sleeves based hydraulic fracturing market.
  • Hydraulic fracturing techniques are mainly associated with variety of applications related to oil extraction from non-renewable energy sources such as shale gas, tight oil, tight gas, and crude oil. Global hydraulic fracturing industry from shale gas application is expected to hit a revenue of more than USD 15 billion by 2024. U.S adequacy of unconventional resources especially shale basins is expected to spur the overall industry over the coming seven years. For instance, U.S. shale oil extraction in 2015, almost exceeded half of the total crude oil production of the region. Strict government regulation to curb carbon emission will fuel the U.S hydraulic fracturing industry from natural gas applications.
  • Both North and South America hydraulic fracturing market is expected to witness a tremendous growth prospect in future based on these two countries past years’ revenue contribution. South America driven by Argentina industry held a record of USD 2 billion in 2015 and is anticipated to witness a profitable market in future. Canada will be the main revenue contributor for North America’s industry share. Another prominent region partaking actively in the global market is Asia Pacific. China hydraulic fracturing industry alone accounted for more than 45% of the regional revenue in 2015, and is projected to prominently drive the regional market in future even. The growth projection can be credited to China’s unconventional energy resource abundance. A recent estimation shows that China consumes almost 1,115 trillion cubic feet of natural gas, which is around twice of U.S. Indonesia and Iran hydraulic fracturing market will also grow substantially over the coming seven years. Indonesia industry will generate a revenue of more than USD 300 million by 2024.

Key players in the industry include FTS, Calfrac Well Services, Weatherford International, and Superior Energy Services. Rigorous research to exploit more of untapped potential especially tight gas and shale will push the overall hydraulic fracturing market.

Author Name :Satarupa De

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Stationary Catalytic Systems Market to exhibit a CAGR of more than 6% over 2016-2024, rising global warming threats to push the industry growth

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Global awareness to maintain a green environment coupled with rising concerns over carbon emissions will spur stationary catalytic systems market size over the forthcoming years. The governments of various countries are establishing stringent regulations to eliminate industrial emissions. For instance, strict norms such as National Ambient Air Quality Standards are imposed on firms in the U.S., which will act as a key driver to propel regional growth. As per Global Market Insights, Inc., “Stationary Catalytic Systems industry revenue, worth USD 3 billion in 2015, is slated to surpass USD 6 billion by 2024.

U.S. Stationary Catalytic Systems Market Size, by Application 2013-2024 (USD Million)
U.S. Stationary Catalytic Systems Market Size, by Application 2013-2024 (USD Million)

Escalating requirement of oxidation catalysts for annihilating VOC, formaldehyde, and carbon emissions from gas turbine power generators will spur the industry expansion over the coming timeframe. Growing urge for power supply, rapid industrialization, and the exponential rise in population are also factors that are projected to boost the market trends in the near future.

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Stationary Catalytic Systems find wide applications in Manufacturing, Cement, Metals, Power Plants, Petrochemicals & Chemicals, Refining, and Food sectors. Stationary Catalytic Systems Market share in Petrochemicals & Chemicals sector is slated to hit USD 700 million by 2024, due to high demand for petrochemical products across the globe. High infrastructural expansion across emerging economies is forecast to propel the business landscape over the next few years.

Metal applications are anticipated to record a CAGR of 5% over 2016-2024, driven by proliferating demand for steel across construction and automobile sectors. Stationary Catalytic Systems industry size in power plants, estimated at USD 1 billion in 2015, will grow considerably over the coming timeframe. The evolving need of power supply across the residential, commercial, and industrial sectors will accelerate the industry expansion.

Based on the technology, stationary catalytic systems market is mainly divided into catalytic oxidation and selective catalytic reduction. Catalytic oxidation technology covered 36% of the global industry revenue in 2015 and will register substantial growth rate over the coming seven years, owing to its increasing requirement for rubber & polymer manufacturing, organic chemical production, and resin production. The selective catalytic reduction technology segment will exhibit a CAGR of more than 5% over the coming years of 2016 to 2024, prominently driven by its increasing demand to reduce NOx content.

Below are the geographical aspects of stationary catalytic systems market:

  • India stationary catalytic systems market was worth more than USD 300 million in 2015 and is predicted to generate noticeable revenue over the period of 2016 to 2024. The growth can be attributed to the increasing investment in the infrastructural development projects.
  • China stationary catalytic systems industry accounted for more than 30% of the regional market share in 2015 and will exhibit considerable annual growth rate of more than 4% over the coming years of 2016 to 2024, owing to the growing installation of coal power plants across this region.
  • Germany stationary catalytic systems market covered more than 25% of the regional industry contribution in 2015 and is anticipated to surpass a revenue collection of USD 320 million by 2024.
  • Peru stationary catalytic systems industry will generate a revenue of over USD 40 million by 2024. More than 60% of the mineral commodity is exported from Peru across the globe. This factor, coupled with the escalating mining activities across this region, will propel stationary catalytic systems market.

Key players in stationary catalytic systems market are DCL International Inc., Johnson Matthey, CORMETECH, Ducon Technologies, Babcock & Wilcox Enterprises, Amec Foster Wheeler, BASF, Hamon Corporation, APC technologies, and Air Clean LLC.

Author Name :Sunil Hebbalkar

Metal mining applications to drive mining equipment market, increasing popularity of fuel-efficient equipment to generate remunerative opportunities for industry magnates

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Prominent mining equipment market players have lately been looking forward to developing multi-tasking, durable, fuel-efficient mining machinery for lowering operating costs, reducing service time, and improving mine quality. Currently, various underground specialist mining equipment including diggers, loaders, and trucks are used extensively to excavate metals. However, mining activities across the globe, in the last few years, have increased remarkably owing to the surging involvement of companies in advanced exploration programs.

France mining equipment market, by product, 2017 & 2024 (USD Million)
France mining equipment market, by product, 2017 & 2024 (USD Million)

The excavation of a large amount of underground materials has led to a rise in air pollution which has become one of the major causes of the upsurge in the prevalence of respiratory diseases. Taking into account the surging need to curb the air pollution, mining equipment manufacturers have been thus investing in the development of cleaner and safer mining machinery, which has led to most of the companies establishing partnerships to come up with advanced versions of mining equipment.

Recently, the International Council on Mining and Metals revealed a plan to make mining vehicles safer and cleaner at the International Mining and Resources Conference held in Melbourne. At the conference, numerous renowned truck and mining equipment suppliers came together to accelerate the invention of next-gen mining equipment. In addition, the Innovation for Cleaner Safer Vehicles (ICSV) is also planning to launch GHG emission-free surface mining vehicles by the end of 2040. The increasing concerns about the depleting fossil fuel resources along with growing importance of emission-free vehicles are thus poised to observe a positive impact on the mining equipment market share.

In line with the ambitious clean vehicle development programs, in October 2018, Hitachi Construction Machinery signed an agreement with KTEG Kiesel Technologie Entwicklung GmbH to develop electric construction machinery. With this strategic agreement, it also looking forward to expanding its business across European countries owing to the deployment of strict regulatory norms for curbing GHG emission across Europe. KTEG will help Hitachi to commercialize electric construction equipment in the Europe mining equipment market.

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Aided by years of intense experience in the development of electric machinery, Hitachi is aiming to decrease life cycle costs of equipment and the burden they pose on the environment. The shifting focus of equipment manufacturers toward the development of highly innovative and fuel-efficient products is likely to proliferate the mining equipment industry size over the years ahead.

Over the last few years, in order to deal with the increasing number of mining activities, most of the countries have been planning to procure advanced mining equipment. The initiatives taken by the regulatory bodies have opened up new business opportunities for mining equipment industry players. Validating the aforementioned fact, in July 2018, Coal India Ltd has unveiled its plan to procure mining equipment of worth USD 2 billion over the coming three years. With the procurement of numerous mining equipment, it is looking forward to meeting the growing demand for coal in India. Coal India has also set an aim to produce 630 million tons of coal in 2018-19 and one billion tones in the coming years.

Similar to Coal India, the Zimbabwe Consolidated Diamond Company also has invested USD 100 million in the design and installation of complementary mining equipment. With the deployment of advanced equipment, the Zimbabwean diamond company aims to produce the best quality diamonds across the globe. In order to increase FDIs and contribute to strengthen the country’s economy, most of the diamond-producing companies have been investing heavily in the mining sector. The surging participation of the regional governments in the development of the mining industry for the betterment of economy will have a positive influence on mining equipment market size from metal mining applications.

The collaborative approach of mining companies and regulatory bodies to accelerate the number of mining activities will have a significant influence on the mining equipment industry growth. With the deployment of ambitious product development programs, global mining equipment industry is likely to traverse alongside a positive growth path. Driven by the growing investments in the mining and metal exploration activities, mining equipment market size will surpass USD 95 billion by the end of 2024.

Author Name :Sunil Hebbalkar

Power crises to propel Africa Off Grid Solar Lighting Market: Kenya to dominate the regional landscape over 2016-2024

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High electricity deficit across rural areas of Africa plus escalating requirement for clean energy will stimulate Africa Off Grid Solar Lighting Market expansion. Nearly, 590 million of the African population, encompassing 130 million urban base, are facing power supply problems. As per Global Market Insights, Inc., “Africa Off Grid Solar Lighting Industry revenue is forecast to hit USD 1.4 billion by 2024.” Furthermore, plummeting prices of off grid renewable energy systems, owing to technological innovations and growing economies of scale are predicted to further drive the industry trends. Even today, a major chunk of the African population depends on non-renewable energy sources such as candles and kerosene, which are responsible for greenhouse effects. Thus, growing concerns over fossil fuel emissions causing climatic changes as well as fluctuations in seasonal cycles is forecast to benefit market over the years to come.

Ghana Off Grid Solar Lighting Market Size, by application, 2013-2024 (Million Units)

Ghana Off Grid Solar Lighting Market Size, by application, 2013-2024 (Million Units)

Large Solar Home Systems, Solar Lanterns, and Solar Home Systems are the major products of Africa Off Grid Solar Lighting Industry. Solar Lanterns, which dominated the product landscape in 2015, are predicted to favor Africa Off Grid Solar Lighting market development over the coming years. High urge for inexpensive products and clean energy sources will support the growth. Solar Home Systems are projected to push Africa Off Grid Solar Lighting Market value over the coming seven years, by recording a CAGR of 17% over 2016-2024. High demand for mobiles and smart phones is expected to enhance the popularity of solar home systems.

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Off Grid Solar Lighting Systems find major applications across Residential, Industrial, and Commercial sectors. Residential application, worth USD 240 million in 2015, is projected to elevate Africa off grid solar lighting market revenue over the coming timeframe. Growing awareness about the benefits of solar lights usage over kerosene lamps will fuel the growth. Africa Off grid solar lighting market share in the commercial sector is expected to grow at a rate of 16% over the coming seven years, driven by its rising application across retail outlets to promote their business. Industrial application will hit USD 130 million by 2024, driven by continuous power supply demand for small firms to perform everyday business activities/functions.

Below are the regional trends impacting Africa Off Grid Solar Lighting market over 2016-2024:

  • Rwanda off grid solar lighting industry is projected to record a CAGR of 18% over the coming timeframe, driven by favorable government initiatives along with the presence of many retail stores.
  • Kenya industry, which dominated Africa off grid solar lighting market in 2015, is projected to grow substantially over the next few years. Supportive government policies inclusive of incentives, tax benefits, and subsidies will push the regional share.
  • South Africa off grid solar lighting industry will hit USD 65 million by 2024, owing to enhanced use of large solar home systems.

Market players will try to increase their ROI through product development, product benchmarking, introduction of new technologies, and heavy R&D investments. SunnyMoney, WakaWaka, Koninklijke Philips N.V., Suntech Power, BBOXX Limited, BareFoot Power, Nuru Light, ASE, and D. Light are the major players of Africa Off Grid Solar Lighting Industry.

Author Name : Dhananjay Punekar

Global power transmission component market to cross the coveted 100-billion-dollar frontier by 2024, driven by numerous government initiatives

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Uninterrupted & sustainable power, as on today, has an influential impact on the economic growth of a nation. Power transmission component market, in this regard, has witnessed massive expansion over the recent years, primarily driven by the demand to achieve grid security and smart grid infrastructure. In order to ensure uninterrupted electricity supply, regional governments have introduced supportive policy interventions that have played a crucial role in uplifting the overall power transmission component industry trends. In terms of revenue generation, global power transmission component market size was pegged at USD 60 billion in 2016, and is further expected to chart out a lucrative growth graph in the ensuing years. This billion-dollar industry primarily generates its revenue from the demand of power transmission components that are massively deployed in refurbishment and retrofitting projects of existing and new grid infrastructure across the globe.

U.S. Power Transmission Component Market Size, By Voltage Level (USD Million)

U.S. Power Transmission Component Market Size, By Voltage Level (USD Million)

Speaking of governmental refurbishment initiatives, it would be important to take note of one of the ambitious smart grid infrastructure initiatives that is currently underway in the US and China. Smart grids in these regions are seen as an effective way to increase efficiency of the electric network, reduce energy consumption, and better accomplish electricity generation from renewable sources. On these grounds, the US Department of Energy, in 2016, announced an investment of USD 3.3 billion in deploying smart grid technology to harness more flexible, resilient, reliable, secure, and efficient electrical power. Reports also reveal that the DOE invested an additional amount of USD 685 million in smart grid regional and energy storage demonstration projects, which resulted into significant power transmission component market demand. According to industry analysts, U.S. power transmission component market has been characterized as a favorable business sphere, having attained a valuation of over USD 5 billion in 2016.

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Delving deeper into the regional landscape of power transmission component industry, Korea, India, and Japan have also witnessed significant and long-term governmental initiatives where the deployment of smart meters and renewable energy power generation are the defining foundations of the energy domain. India’s recently established National Smart Grid Mission has outlined a deployment schedule of smart grids for the next ten years, in which the total investment was estimated to be raised around USD 44.9 billion for smart grid infrastructure deployment. According to industry experts, India is undergoing rapid transformation to develop its power sector and is therefore seen as one of the largest potential smart grid market for domestic as well as international vendors. Reports cite that, the initiatives taken by the NSGM will significantly propel the regional power transmission component industry share, as they broadly cover the deployment of smart grids, AMI, monitoring and control of distribution transformers, sub-station renovation and modernization, and distributed generation in terms of solar PV.

Analyzing the pace of smart grid-related developments and investments on a global scale, it has been speculated that the power transmission component industry players will exercise some tried-and tested growth strategies such as product development, M&As, joint ventures, and investment in R&D activities. Mitsubishi Electric Corporation, for instance, is investing millions of dollars in an effort to design & manufacture power transmission components that will reduce electric losses, which in turn would prove beneficial for the environment. Industry analysts deem such product development methods to emerge successful for companies to bolster their presence in power transmission component market. On the other hand, mergers & acquisitions and R&D investments within power transmission component industry will continue to reign supreme, as larger utilities are expected to meet their diversification and expansion goal through these strategies. For example, China’s Three Gorges Corp., has signed contracts and invested in 81 overseas projects, amongst which it expects five out of the ten largest hydropower stations across the world to be owned, built, and operated by the company. This mega hydropower generation project is further likely to draw tremendous demand for power distribution networks, in turn fortifying power transmission component industry share. In fact, it has been reported that the global power transmission component market size will exceed USD 100 billion by 2024, with an annual growth of 6% over 2017-2024. Analysts speculate such vibrant growth strategies and governmental interventions to be imperious in the generation of lucrative growth avenues that would further shape the future of power transmission component market in the worldwide energy sector.

Author Name :Ojaswita Kutepatil

Circuit breaker market to accrue substantial proceeds from the mining sector, global industry valuation to surpass USD 21 billion by 2024

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The increasing importance imparted to effective electricity distribution has been a major factor driving circuit breaker market size. That is to say, presently, if electricity supply experiences a letdown even for a day, the functioning of numerous commercial and industrial establishments comes to a standstill. The rising occurrence of workplace accidents at the power generation facilities and commercial industries due to the failure of electricity distribution systems has also raised importance for the use of circuit breakers. In this regard, the organizations like the Occupational Safety and Health Administration (OSHA) have also been deploying strict regulatory norms to improve the safety of employees at the workplace. In order to comply with a stringent regulatory scenario, most of the companies have heavily deployed circuit breakers that has impacted the product demand.

North America Circuit Breaker Market Size, By Rated Current (USD Million)
North America Circuit Breaker Market Size, By Rated Current (USD Million)

Taking into account the surging demand for circuit breakers from several commercial and industrial end-users, the players in the circuit breaker market have been focusing on the development of circuit breaking devices which are suitable for particular applications. For instance, recently, ABB has developed circuit breaking devices that can be suitable for all voltages and applications with a rated current between 160 A to 1600 A. It also integrates the features like wireless connection that helps simplify the commissioning and installation of devices.

Another circuit breaker industry contender, Schneider Electric has also invented a newer version of circuit breakers which allow for smartphone connectivity. Through the smartphone connectivity feature, the company can carry out maintenance work rather efficiently. As the world is moving toward the large-scale adoption of digitalized, electric, decarbonized, connected, and decentralized facilities, the advent of such smart products is becoming more popular. In addition to the development of next-generation products, Schneider has been incorporating new standards in air circuit breakers to improve the product’s capability to withstand short-circuits, overloads, and installation faults. Armed with a consistently developing product portfolio, companies have been striving to gain an edge in circuit breaker market.

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The introduction of new regulations along with the growing awareness among regulatory bodies about the failure of power distribution systems and its hazardous implications on the users has significantly transformed circuit breaker industry trends over the last few years. Regulatory bodies like OSHA have raised concern about the danger of arc flash which particularly occurs in industries and power sensitive environments where 125kVA and larger transformers are being used. The healthcare facilities like hospitals, large clinical laboratories have deployed these transformers on a large scale which is remarkably fueling the need for the deployment of arc flash prevention devices. The effective use of arc flash preventers and the presence of a strict regulatory spectrum have had a positive impact on the circuit breaker industry share.

The product demand from heavy industrial sectors like mining and construction have also imparted a considerable influence on the industry trends. In the mining industry, circuit breakers have been used in an environment where combustible gases are present. Circuit breakers are also used in the underground mining equipment to maintain safety while feeding electric power. The primary use of circuit breakers in the mining equipment for offering economic and safer load connections between an electric source and underground mining equipment is poised to augment the market size over the years ahead.

The innovation brought about in product development and the numerous R&D activities of electronic companies will have a remarkable impact on the future business trends in the circuit breaker market. In order to strengthen the market position in the strict regulatory scenario, companies have been setting newer standards to meet consumers’ demand. The emergence of new technologies will further generate lucrative opportunities for the industry contenders. For the record, by the end of 2024, circuit breaker market will surpass a revenue collection of USD 21 billion.

Author Name :Sunil Hebbalkar

Gas turbine market outlook: Power generation applications to augment the industry growth over 2016-2024

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Global Gas Turbine Market is expected to chart a stable growth graph over the coming seven years, owing to rapid industrialization and rising demand for power generation. Replacements of old coal fired plants with the recent gas-fired technology will be another factor driving the market size. Strict regulatory targets toward limiting greenhouse gas emissions will favor the demand for gas-fired power generation stations, in turn propelling the industry outlook. According to Global Market Insights, Inc., “Gas Turbine Market size is estimated to surpass USD 23 billion by 2024.”

Global gas turbine market size is poised to exceed 120 GW by 2024, as reported by Global Market Insights, Inc. The renewable energy sector, which is a full-fledged market in itself relies on specialized turbines to generate power. The end users of these gas turbines are the oil & gas, aviation, marine, and power generation industries. Power generation is the leading application of gas turbine industry, which is set to exceed 57 GW by 2024, having had over 40% of the total share in 2015.

Global Gas Turbine Market, By Application, 2013 – 2024 (MW)
Global Gas Turbine Market, By Application, 2013 - 2024 (MW)

Rising demand for low-cost, clean, and reliable technologies will boost the industrial applications in this industry. O&G turbine market is also witnessing a significant boost with an y-o-y growth of over 6% between 2016-2024.

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Gas turbine industry based on product type is bifurcated into heavy duty and aeroderivative. The rising demand of aeroderivative gas turbines for medium range capacity (70-300 MW) will showcase a significant boost in the industry trends. Aeroderivative gas turbine market size is estimated to witness a cumulative annual growth rate of over 9% over the period of 2016-2024. In addition, open cycle gas turbine market is expected to witness moderate growth over 2016-2024, owing to its rising preference for high energy and low fuel consumption output.

Increase in onshore and offshore oil & gas drilling activities in UAE will stimulate the gas turbine industry outlook. Saudi Arabia market accounted for revenue over USD 1 billion in 2015, and is estimated to foresee significant growth rate over the coming seven years.

U.K. gas turbine market is estimated to generate demand of over 1 Gigawatt by 2024, owing to increasing replacement in existing coal fired stations.

Initiatives on several electrification programs such as China Township Electrification Program will stimulate the China gas turbine industry share in the coming years. China market is projected to grow at an annual rate of more than 10% over the period of 2016-2024.

U.S. gas turbine market size was 8 GW in 2015 and is projected to register a CAGR above 8% over the period 2016-2024. The regional growth is influenced by the increasing exploration and petroleum extraction activities.

Rapid industrialization and urbanization in India have made it a land of immense potential and opportunities. India gas turbine market is anticipated to register an annual growth rate of 12% over 2016-2024, owing to the rise of numerous private sector investments to improve power generation competence.

Prominent leaders in this industry include Bharat Heavy Electricals, Mitsubishi Heavy Industries, Ltd., Solar Turbines, Harbin Electric, General Electric, Zorya-Mashproekt Corporation, Cryostar, Capstone Turbine Manufacturing company, MAN Diesel & Turbo, Kawasaki Heavy Industries, and Siemens.

Author Name :Ojaswita Kutepatil