Power crises to propel Africa Off Grid Solar Lighting Market: Kenya to dominate the regional landscape over 2016-2024
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)
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
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)
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
With each passing day, the demand for electricity has been increasing worldwide. Developing nations like Africa and Asia have been witnessing frequent cases of network breakdowns and power failures. Such growing instances has fueled the requirement for effective circuit breaker systems. Measures to curb operational dereliction, fire hazards and electrical supply faults has influence increased product adoption.
Moreover, there has been a rise in construction of renewable energy and smart grid infrastructures. The advent of such technologies has emphasized the need to restructure and revamp aging grid structure that offer safe and secure operations. Meanwhile, ongoing suburban migration has led to an exponential surge in power consumption, which has in turn driven the demand for efficient circuit protection equipments.
With growing consumer awareness and stern building norms focus on securing and safeguarding electrical networks, the circuit breaker market may accrue sizeable growth. Citing reports, a study conducted by Global Market Insights, Inc., suggest that the global circuit breaker market may record annual installation of 40 million units by 2024.
As per voltage rating, the < 70 kV circuit breaker market is anticipated to witness increased traction over the coming years. Ongoing development of power distribution systems coupled with rising energy demand across the primary and secondary electric infrastructure may influence segmental growth. The adoption of micro-grid action plans towards off-grid renewable grid network may further aid product demand.
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Notably, circuit breakers for gaining increased traction in various industrial spheres. From small scale residential grid network to large scale utility-aided distribution network, these products enable enhanced safety in overall business operations. With growing demand, industry participants and manufacturers are inclined towards achieving sustainable product distribution and development. Positive customer inclination towards safer operations and the product’s flexibility and cost-effectiveness may also stimulate the demand for circuit breakers in the industrial sector.
As per regional share, Europe circuit breaker market is slated to witness prominent growth owing to strict efficiency norms and growing implementation of renewable energy networks. With an aim to install strong energy mechanism, government authorities are also investing heavily to befit the region’s energy generation and distribution systems.
In essence, the global circuit breaker market is registering notable growth, driven by the addition of advanced, flexible and secure product configurations. Key market players operating in this industry include Mersen S.A., BEL Fuse, Meidensha, Fuji Electric, Hitachi, Siemens, Crompton Greaves, L&T, Hubbell, Powell Industries, Mitsubishi, Toshiba, TE Connectivity, Eaton, ABB and Schneider Electric.
Suppliers and manufacturers across the globe are investing heavily on research and development to enhance and expand their product portfolio. Moreover, additional funds are infused by companies to roll out advanced products which may compliment global circuit breaker market development.
Author Name :Abhijeet Kakade
Having served as a principal fuel source since many decades, natural gas still retains much of its prominence, stimulating gas turbine market trends. The last many years have witnessed a complete paradigm shift in energy perceptions – right from diesel and petrol to renewable energy sources. Despite the transformation however, it has been observed that gas will continue to play a game-changing role in power generation, more so as on today, on account of the deployment of new regulations.
U.S. Gas Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)
Taking into account the growing need for uninterrupted power supply, regional governments have been making investments in massive power projects, gradually paving the way for the transformation of gas turbine market outlook over the forecast period.
China has emerged as one of go-to regions for gas turbine industry growth, as the region is currently afloat with power plant development activities, predominantly generating new business opportunities for the gas turbine manufacturers. Recently, the China-based power provider, China Resources Power Group has given an order of H-25 gas turbines to Mitsubishi Hitachi Power Systems, Ltd (MHPS). The former will be an 80 MW Class Natural-Gas-Fired GTCC Project that will be operational by 2019. The heavy-duty gas turbine, H-25 is liable to be used be for its outstanding reliability and excellent operating hours and is in fact in huge demand as a standalone power source across various industrial sectors.
In addition to MHPS, Siemens has also secured an order for H-class gas turbines from China. Siemens will supply two gas turbines, four generators, and two steam turbines to the power plant at the Guangdong Province. With this order, it is likely that Siemens may further strengthen its position in China gas turbine market, which is expected to garner substantial returns by the end of the forecast period.
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The aforementioned instances are certainly remnant of one fact – that Chinese companies are extensively involved in power project developments across the globe, not only earning returns for the home ground, but also providing opportunities for global gas turbine industry firms. Continuing along the previous trail of instances, Siemens, one of the turbine suppliers of the Shanghai Electric Group Co. Ltd, has received an order from Panama to deliver six gas turbines that will provide 440 MW power as a part of a flexible combined cycle power plant. The plant will be fueled with LNG (liquified natural gas), which will provide a high degree of operational flexibility.
Despite gas power plants offering high operational flexibility, many gas turbine industry magnates continue to invest in research and development activities to brainstorm newer innovative products with higher capacities. For instance, GE has recently declared that its 7HA.01 gas turbine in the Nishi-Nagoya power plant in Japan accomplished a combined-cycle gross efficiency of 63.08% – a world record. At this plant, GE had deployed its H-class gas turbine capable of providing a power of more than 1,188 MW. With this achievement, GE has set a benchmark for other gas turbine market players, thereby encouraging them to pursue further R&D programs.
A slew of investments in power plants are likely to soon mark their presence across several geographies, thereby stimulating gas turbine market size. In Asia Pacific region, the governments of countries like India, China, Bangladesh, and many more are looking forward to investing in gas power plants to accomplish their future electricity requirements – a trend that is likely to fuel gas turbine market share in the ensuing years. The rising installation of gas power plants and the extensive capital poured in by regional governments are poised to massively impel gas turbine market size, slated to cross 34 GW by 2024.
Author Name :Sunil Hebbalkar
Unveiling photovoltaic (PV) inverter market outlook in terms of the competitive landscape, heavy investments by regional governments in renewable energy projects to stimulate industry share
The ongoing transformation in the global energy mix for a greener future has had a highly positive influence on photovoltaic (PV) inverter market. In the last few years, the installation of renewable energy facilities has been increasing on a large scale across the globe for reducing the dependency on non-renewable energy sources such as fossil fuels and nuclear energy. In addition, the growing concern among the regulatory bodies about the adverse impact of non-renewables on biodiversity has been increasing consistently, stimulating PV inverter industry trends. In this regard, many regional governments have been joining hands with product suppliers for deploying photovoltaic inverters across several regions on a large scale. In addition, they are implementing numerous renewable energy policies as well, for promoting the adoption of green energy.
North America Photovoltaic (PV) Inverter Market Size, By Nominal Output Power, 2017 & 2024 (USD Million)
OLC Energy Services-SMA Solar Technology deal gains ground in Namibia PV inverter market
Heavy investments are being made in the development of solar power plants across myriad geographies lately, generating lucrative opportunities for the players in photovoltaic inverter market. In this regard, for amassing a substantial remuneration and extending their regional reach, industry contenders have been intensively adopting new business strategies such as product enhancement and JVs. In fact, most of the local energy companies are dealing with global energy contributors to deploy renewable energy grids extensively.
Validating the aforementioned fact, in Namibia, a joint venture renewable company, OLC Energy Services has recently collaborated with a leading contributor of solar inverters, SMA Solar Technology which has been developing a wide range of advanced products for commercial as residential PV systems. With this partnership, OLC Energy Services will tap the expertise of this leading inverter manufacturer for the distribution and technical services of PV systems. Additionally, through this JV, both companies plan to increase the dependency of Namibia on renewable energy facilities. Reportedly, the Namibia government has already developed renewable energy projects of 55 MW and is currently developing a further 121 MW capacity worth of renewables.
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ABB’s contribution toward PV inverter industry
The rapid evolution in traditional inverters which are prominently deployed in commercial as well as residential applications is considerably influencing PV inverter industry trends. With the help of emerging technologies such as IoT and AI, many of the giants in photovoltaic inverter market are trying to improve the product quality and ease of usage. For instance, the world’s leading manufacturer of PV inverters, ABB has recently developed a range of smart inverters with the assistance of the Internet of Things. The newly invented software embedded in the inverters can be operated remotely with the help of smart devices, which offers cost-effectiveness in advanced monitoring and control. ABB’s involvement in enhancing product design and development depicts the efforts put in by industry leaders in the development of next-generation products, that is certain to fuel photovoltaic (PV) inverter industry share over the years ahead.
In the last few years, ABB has received many contracts across myriad geographies to install PV inverters. In 2017, the Indian Railway awarded a contract to ABB for installing solar invertors at 750 rail stations located in the Northern region of India. Currently, it has installed solar inverters of approximately 5 GW capacity across India. The surging acceptance of solar inverters across the Indian transportation sector is certain to impel the growth of the regional photovoltaic inverter market.
In addition to India, ABB also has also been installing its central inverter solutions in Jordan. The firm has collaborated with the leading utility-scale solar developer, FRV to supply central inverter solutions to solar power plants-based in the Mafraq region of Jordan. ABB’s move further validates that the commitment of leading contributors in photovoltaic inverter market toward the generation of greener and cost-effective sustainable energy products is poised to augment PV inverter market trends.
The increasing reliability of renewables such as solar, wind, and hydropower plants across the globe for fulfilling energy needs is likely to enhance the industry growth considerably. The supportive regulatory stance of regional governments for energy transformation across public as well as the private sectors has also been generating lucrative opportunities for OV inverter market contenders. Aided by innovative product development strategies and a supportive regulatory scenario, photovoltaic (PV) inverter market size is expected to generate a revenue of USD 11 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Middle East Cable Market Trends: Increasing demand for sustainable power supply to drive regional growth
Increasing number of construction projects and rising power requirement will fuel Middle East Cable Market. The need to address the large requirement for electricity across the globe has resulted in an increased number of power generation projects. Favorable government initiatives, investments in smart city development in the Middle East, rapid urbanization, tourism, and infrastructural development is also expected to catalyze Middle East cable market growth.
According to Global Market Insights, Inc., “Middle East Cable Industry is anticipated to register a revenue of more than USD 11.98 billion by 2023, at a CAGR of 8.4% over 2016-2023.”The rising necessity for replacing old transmission lines for safe transportation is one of the crucial factors to drive revenue. Furthermore, high power consumption across residential areas will lead to the implementation of more power generation projects, which will fuel product demand.
Saudi Arabia cable market size, by product, 2012 – 2023 (USD Million)
Middle East cable market size for the UAE was worth USD 1.6 billion in 2015. Increasing industrial applications powered by a surging demand for technologically advanced automated systems is likely to fuel regional growth.
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Middle East cable industry for Saudi Arabia is expected to register a revenue of USD 5 billion by 2023, growing at a healthy CAGR of 9% over the period of 2016-2023. This growth can be primarily attributed to a slew of construction projects, technological innovations, and highly developed infrastructure across the region.
Based on the product trends, Middle East cable market is segmented into low voltage, medium voltage, high voltage, and very high voltage cables. Low voltage cables find applications in low power transmission internal wiring and related electrical issues. Increased power requirement drives the need for automation, which in turn will fuel Middle East cable industry growth.
Low voltage Middle East cable market size was worth more than USD 1.84 billion in 2015, and is projected to be valued at approximately USD 3 billion by 2023. This growth can be primarily credited to the booming construction and real estate sectors.
Medium voltage Middle East cable industry contributed to the highest share in 2015, and is majorly driven by a huge consumer base and increased applications across the railway sector. The target market size is expected to grow at a substantial CAGR of 8% over 2016-2023.
High voltage Middle East cable industry, having accounted for more than 20% of the overall share in 2015, is estimated to record a CAGR of 10.5% over 2016-2023. Growing number of offshore wind projects and rising penetrations across submarine use cases will complement market growth.
Middle East cable industry for industrial applications is slated to grow at a CAGR of 8.5% over 2016 to 2023 and is a highly lucrative application segment.
Increased consumer spending and rapid infrastructural development will be the key factors driving Middle East cable market for commercial applications. Having generated a revenue of USD 3.81 billion in 2015, this industry is projected to witness a surging growth and will continue to be a major contributor in the years to come.
Major industry players include Riyadh Cables, Oman Cables, Elsewedy Electric, Saudi Cables, and Ducab. LS Cable & System, International Wire Group, Belden, Southwire company, Sumitomo Electric Industries, Finolex, Encore Wire, Fujikura, Nexans, The Okonite Company, KEI, General Cable, Furukawa Electric, and Prysmian are other notable participants.
Rising demand for power transmission across the globe has forced companies to stress on the manufacture of high voltage and extra high voltage cables. High profit margin being the prime focus of the companies, the coming years will witness heavy emphasis on vertical integration and investments in R&D as the major growth strategies.
Author Name : Saipriya Iyer
Lithium ion battery market to gain major traction with rising popularity for green technology, increasing demand for EVs and renewable power storage to augment the industry growth
The lithium ion battery market has registered trends of exponential growth as the demand for lithium has soared with its increased application in battery operated electronics like smartphones, tablets and laptops as well as in electric vehicles which are being hailed as the revolutionary component for the electric automotive industry. According to estimates, by 2040 there will more electric vehicles than traditional fossil fuel ones. Lithium ion battery industry outlook is thus expected to ascend with almost every automaker striving to introduce its own line of electric vehicles. For the record, the global lithium ion battery market size is expected to surpass $60 billion by 2024.
Asia-Pacific Lithium Ion Battery Market Size, By Application, 2016 & 2024 (USD Million)
Aiding the growth of the lithium ion battery market will be a huge surge of research and development programs that are being encouraged by the significant demand for improving the capacity of lithium ion batteries. For instance, researchers at Department of Energy Technology of Norway have found a means to improve the capacity of conventional lithium ion batteries almost phenomenally. So much so that the new batteries can keep phones and laptops running for several days without charging and electric cars can travel as much as 1000 km with a single charge. The technology has exploited the proportion of silicon in graphite present in lithium batteries, an experiment that has been for long attempted by battery manufacturers as silicon can dramatically increase battery capacity. Nanotechnology has made it possible to introduce silicon in lithium batteries in such proportions that the battery capacity can now be improved 3 to 5 times.
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In the near future the lab test results are expected to be made perfect for industrial use and many research groups and companies are already trying to overcome the problem of lithium ion batteries limitations. Such a move will be essential in an era where the demand for electric vehicles has been rising exponentially. According to the International Energy Agency there were more than 3 million electric vehicles across the globe by the end of 2017. China had the largest volume of EVs at 1.2 million and the country offers financial incentives to manufacturing and buying the vehicles. Other major economies including UK, France, India and Norway also have fixed target dates to reach a specified percentage of EVs on the road. Such policies are expected to increase the number of electric vehicles to approximately 125 million across the globe by 2030.
With the demand for electric vehicles, the lithium ion battery industry is also anticipated to witness commendable growth as automakers have started to strive in securing supplies with the increasing number of eco-friendly customers switching from their fossil fuel dependent, carbon emitting vehicles to an electric alternative with significantly lower maintenance and operating costs.
The expanding demand and use of renewable energy resources has led to the rise in demand for potent storage of the power sourced from solar and wind energy. The lithium ion battery industry has forged a major growth avenue thorough this demand as this battery has emerged as a clean, quick and dependable option for storing additional power generated by renewable resources. Compared to lead acid batteries, lithium ion batteries have a significantly longer life cycle leading to a greater number of charge/discharge cycles before their capacity drops to under 80%. When consumers consider buying a solar battery, size matters because after the source of the energy is gone the household of the facility using renewable energy depends entirely on the stored energy to sustain them during the absence of the energy source. During such times the reliability of the energy storage unit is of crucial importance and lithium ion battery has been able to fulfil expectations very sufficiently, adding to the lithium ion better market growth.
Some of the vulnerabilities of lithium ion batteries include volatility, protection required to keep them within safe operating limits, high cost and transportation restrictions. Also, lithium ion batteries are still an area of developing technology, indicating the frequent inflow of advancements in lithium ion battery industry. Driven by innovation and development adding continuous momentum to the business, the lithium ion battery market is expected to witness over 12% CAGR over 2017-2024.
Author Name : Paroma Bhattacharya