Asia Pacific to lead the global glycerol market with revenue estimations of USD 1.4 billion by 2022

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Biodiesel and Oleochemical manufacturing has expanded the Glycerol market which is forecast to cross a revenue of USD 3.04 billion by 2022, as per the study by Global Market Insights, Inc. In 2015, Biodiesel accounted for approximately 68% of the total glycerol production. Biodiesel is said to be the most significant production source for glycerol and is anticipated to produce 2700 kilo tons of glycerol by 2022. Besides, the other prominent source, the oleochemicals are anticipated to exceed 20 million tons by 2022.

Global Glycerol market is estimated to grow at a CAGR of 6.6% over the period of 2015-2022, mainly driven by its applications across various industries such as Personal Care & Pharmaceuticals, Alkyd Resins, Food & Beverages, etc. Glycerol applications in personal care & pharmaceuticals accounted for 38% of the total market share in 2015 and is anticipated to register a CAGR of 6.5% over 2015-2022. The growth will mainly be driven by healing and nutritional properties offered by glycerol along with the improved lifestyle and health awareness of the consumers.

Europe glycerol market size, by application, 2012-2022 (Kilo tons)

Europe glycerol market size, by application, 2012-2022 (Kilo tons)

Glycerol applications in Alkyd resin will also witness significant surge over the coming timeframe due to its wide set of applications in synthetic paints industry such as enamels, varnishes, protective coatings, etc. The glycerol market in alkyd resin application segment is likely to exceed USD 400 million by 2022.

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Food and beverage industry will also witness huge adoption of glycerol in the coming years owing to its use in food preservatives, solvents, sweeteners, and humectants. Glycerol applications in this sector is anticipated to exceed a volume of 500 kilotons by 2022, registering a CAGR of 7% from 2015-2022. The application has also seen significant growth after declaration of glycerol as food additive by European Union Food Standard Agency.

The Asia Pacific is expected to dominate the global glycerol market with revenue estimations of USD 1.4 billion by 2022. Increase in construction spending, growing alkyd resin demand, and presence of large oleochemical base are key factors to drive the regional growth. The glycerol production in APAC through fatty alcohol production source is estimated to grow at a CAGR of 8% over 2015-2022.

The U.S glycerol market size is projected to exceed 700 kilotons by 2022. The growth is mainly driven by huge demand from the personal care & pharmaceutical industries which accounted for 38% of the overall market share. Europe glycerol market is anticipated to surpass 1190 kilotons by 2022, with biodiesel being the prominent production source.

The market is consolidated and integrated owing to the high priced raw materials. Key market participants include Wilmar International, Emery Oleochemicals, KL Kepong, Dow Chemical, Solvay SA, P&G, BASF, Croda International, Godrej Industries, Evonik, Archer Daniel Midland, Vitusa Products, Inc, United Coconut Chemicals, and Ecogreen Oleochemicals.

Author NameShikha Sinha

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

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Developing economies to make substantial contribution towards the market growth

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

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

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

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

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

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

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

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

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

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

Author NameDhananjay Punekar

A succinct outline of solar street lighting market in terms of governmental initiatives, India to witness phenomenal proceeds in the regional landscape

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With solar power tending to hog most of limelight in the renewable energy mix, solar street lighting market finds itself amongst one of the most burgeoning industry spaces of recent times. Sharply declining component cost, growing manufacturing facilities, and the improving economic scenario outlines the business space’s key to opportunities and profitability. Statistics claim, in 2017 solar PV module prices experienced a decline of almost 80% from what it was recorded in the year 2010. Of course, the marketplace has observed a tremendous push from the rigorous initiatives undertaken by governmental organizations as well as private entities in sync with the global commitment toward climate change.

A couple of years back in 2016, Paris Climate Accord was signed under UNFCCC (United Nations Framework Convention on Climate Change) in a bid to address the increasing global temperatures. For the record, 195 countries as of now have voluntarily joined the sustainability agreement and promised to curtail GHG emissions. Not to mention, this kind of intercontinental clear energy projects is bound to generate a massive demand for advanced solar powered low energy consumed street lighting system, leaving a direct impact on the solar street lighting industry share.

Europe Solar Street Lighting Market size, by application, 2017 & 2024 (USD million)
Europe Solar Street Lighting Market size, by application, 2017 & 2024 (USD million)

In fact, the transformative trend has already made its presence felt in the business sphere, quite vividly conspicuous from the increasing number of initiatives undertaken worldwide with regards to its extensive deployment. For example, Central African country Gabon, has scarcely announced its plan of deploying nearly 5000 solar street lights across some of the rural as well as urban areas of the region. The project that made to the headlines this May recorded an initial installation in March (first phase) of nearly 50 solar power street lights across Libreville, Bitam, Avorbam, and Makokou, is reportedly shaping up rapidly. The initiative mainly comes on the heels of the country’s initiative to provide sustainable public lighting to rural belts, in the face of severe power shortcomings. In fact, if reports are to be relied on, the northern belt of Libreville claims to get benefitted from the project with almost 30 units of solar power. Envisaged by the regional government to produce electricity via renewable means, the project undoubtedly underlines the expansion of solar street lighting industry in recent years.

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India to significantly drive APAC solar street lighting market

Asia Pacific belt, of late, has emerged out to be one of the opportunistic hubs for the industry stakeholders. The region has exhibited tremendous proliferation in the renewable space, with solar energy at the pinnacle, which has also made it a potential contender in street lighting market. India, surprisingly is likely to standout in APAC solar street lighting industry, with an appreciable CAGR of 8% over 2018-2024. The growth can be primarily attributed to the regional governmental backing and investment in conventional street lighting refurbishment projects.

Unveiling the latest developments in India solar street lighting market:

  • The NABARD (National BANK for Agriculture and Rural Development) has given official sanction to Arunachal Pradesh with regards to LED solar street lighting deployment. For the record, under its Rural Infrastructure Development Fund, the Administrative body has granted the state a hefty sum of USD 87.83 lakh. The project which is supposed to get implemented across Tirap, Namsai, Longding, and Tawang, will have a considerable impact on the regional solar street lighting market.
  • Under the regional government’s initiative to electrify rural India, renowned lighting giant Philips won two extensive LED based solar street lighting contracts in India that has substantially boosted India solar street lighting industry share. The two projects, one for Manipur Renewable Energy Development Agency (MANIREDA) and the other for Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) mainly focus on conversion of energy based on renewable energy source. These two gigantic projects are deemed to light nearly 800 villages in Uttar Pradesh and some areas of Manipur with the deployment of nearly 76000 LED street solar lights.

Judging the aforementioned axioms, it wouldn’t be incorrect to state that solar street lighting industry is likely to witness remarkable monetary benefits across APAC. Other than India, China is claimed to be another potential revenue pocket, which held a valuation of USD 400 million in 2017. All in all, with appreciable number of countries inclining toward renewable space, in addition to the innumerable governmental efforts to deploy solar energy in public infrastructure, solar street lighting market is slated to exceed USD 5 billion by 2024.

Author NameSatarupa De

APAC oil storage market to amass substantial gains over 2018-2024, China to emerge as a chief revenue contributor

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The volatility of oil prices is a crucial factor that has tremendously impacted oil storage market in recent years. Indeed, oil prices have been a debatable topic over the last half a decade. The crude prices underwent a major decline from trading at USD 109.45/barrel in 2012 to USD 52.51/barrel in 2017, resulting in a supply-demand imbalance. The supply of crude oil has surpassed its demand leading to an overabundance of the crude oil worldwide. This has resulted in a surging demand for oil storage facilities across the globe, rapidly propelling oil storage market trends.

The declining crude oil prices have also built a tough competitive scenario in the O&G market. In accordance, oil companies have been focusing toward expanding their operations to increase their supply and storage infrastructure – a move that will commendably impact global oil storage market growth. Having once been the monopoly of the Gulf countries, oil storage industry as on today has established its footprint across myriad geographies. The emerging economies, mainly the Asia Pacific in fact, have been particularly proactive across this business space. Heavy import of crude oil across this region has resulted in an upsurge in the demand for storage facilities. As per the National Bureau of Statistics, Asia held 191 barrels of crude in its petroleum reserve in the year 2015.

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

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

Regional governments across the APAC have also been taking initiatives to augment oil storage market outlook across the continent, taking into consideration the national economic security as these oil reserves can be used at the time of energy crisis, safeguarding the national economy. For instance, the Petroleum Ministry of India announced its decision to increase its oil storage capacity taking the advantage of the reduced crude oil prices. The Government of India has set up three strategic crude oil reserves, each of 5 MMT capacity in Mangalore, Vishakhapatnam, and Padur. Rajasthan and Odisha are also under the pipeline for this set-up. Initiatives such as the aforementioned are certain to stimulate India oil storage market share in the ensuing years, inherently leading to the growth of this vertical across the Asia Pacific.

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It is noteworthy to mention that China has been a notable contributor toward APAC oil storage market. The country has been particularly keyed up with regards to crude storage and has been adopting various means to strengthen its stance in the geographical landscape of oil storage industry. In 2016 for instance, the Chinese government announced that it would be constructing additional 441 million barrels of strategic petroleum reserves by 2020. A year later, the China Energy Investment Corporation announced that it plans to invest more than USD 83 billion in the development of shale gas across West Virginia. This testifies that the increasing focus toward the expansion of refineries and the ongoing investments toward unconventional resources are certain to impel China oil storage market size.

The competitive landscape of oil storage market is inclusive of some heavy hitters such as CST Industries, Inc., Poly Processing, Snyder Industries, Red Ewald, Inc., Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites Inc., Zepnotek Storage Tank, Belco Manufacturing Co Inc, L.F. Manufacturing, Inc., Containment Solutions, Inc, Polymaster, Holvrieka, Tuffa Tanks, and Vopak. The coming years will witness the key players adopting strategic alliances and mergers & acquisitions as a major part of their growth strategy. Additionally, core oil companies are expected to involve themselves in the massive expansion of their supply and storage infrastructure in order to outbid their rivals. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Powered by the rising number of capital investments toward the development of storage units from domestic and foreign companies, in tandem with the growing demand for the refurbishment of existing storage units, oil storage industry size is anticipated to cross 1.2 billion cubic meters by 2024.

 

Author Name : Saipriya Iyer

Global Hydrogen generator market share to surpass USD 1.32 billion by 2024

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The vivid growth of industrial hydrogen applications across sectors such as chemical processing, fuel cells, refinery, and petroleum is soon going to result in hydrogen generator turning into a billion-dollar market. According to Global Market Insights, Inc., “The Hydrogen Generator market worth USD 800 million in 2015, is estimated to surpass a revenue of USD 1.32 billion by 2024.” Hydrogen generators are primarily the units installed to produce hydrogen. Depending on the requirements of the industrial process, the hydrogen generator deployment is mainly done either as an onsite generator or a portable generator.

The government initiatives towards a sustainable environment by reducing fuel emissions and dependency on non-renewable energy resources also play a vital role in increasing the hydrogen generator market size. The rising trend of green fuel use across the industrial, commercial, and residential sectors will also heavily boost the industry share. Hydrogen generator offers high operational reliability and is considered to be a convenient and secure hydrogen storage and delivery source free from the hassles of cylinder handling.

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

The expanding automotive industry will bring enormous growth prospects for the overall market. Increasing adoption of electric vehicles is encouraging the growth of hydrogen fuel stations in turn stimulating the market growth. The government is also encouraging the use of electric vehicles over the conventional means of transport owing to the eco-friendliness, reduced fossil fuel dependency, and operational cost-effectiveness of the former. Key automobile manufacturers such as Ford Motors, Nissan, GM, Mercedes-Benz, Honda, Toyota, and Tesla Motors are also significantly sharing the electric vehicle business space. It is estimated that the global electric vehicle sale will surpass 7 million units by 2024. This will in turn result in a comprehensive increase in the fuel cell demand. Hydrogen generator application in the fuel cell market is anticipated to grow at a CAGR of 6% over the period of 2016-2024.

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The refinery industry is another major growth prospect for the hydrogen generator market. It is estimated that the hydrogen consumption in refineries accounts for 12 billion standard cubic feet per day. The demand for hydrogen in the processing of crude oil into refined fuel such as gasoline and diesel and removing the impurities from these fuels are expected to catalyze the application growth. Hydrogen generator application in refineries is forecast to surpass USD 120 million by 2024. The food and beverage industry is also supporting the hydrogen demand owing to its application in removing contaminants such as bacteria and viruses from the food items.

The refinery, oil & gas, and chemical processing industries usually adopt the onsite installation method, which is predicted to dominate the industry with a CAGR of 5% over the timeframe of 2016-2024. Portable hydrogen generators are popular amongst the transportation and construction industries and are estimated to record an annual growth rate of 5.8% over the coming eight years.

“Global hydrogen generator market is anticipated to grow at a CAGR of 5% over the period of 2016-2024.” North America market accounted for USD 300 million in 2015, and is estimated to witness substantial gains over the coming period. The growth can be attributed to the rising demand across power generating plants & refueling stations and growing trend of green fuel across this region. The U.S. and Canada will be the major revenue pockets for the North America hydrogen generator market.

Asia Pacific, primarily led by South Korea and Japan, will also grow significantly over the coming years owing to rising demand across the refinery sector, growth in the petroleum industry, and stringent government regulations across this region. The Asia Pacific market is estimated to register a CAGR of 6% over the period of 2016-2024.

Some of the major players in this market are Linde AG, Air Products & Chemicals, Inc., Hydrogenics Corporation, Air Liquide SA, McPhy Energy, Airgas Inc., Praxair Inc., and Idro Energy.

                                                     Author NameShikha Sinha

Global Enterprise application market to surpass USD 287.7 billion by 2024

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Technological advancements and digitization is setting high goals for the enterprise application market, which is expected to hit a revenue of USD 287.7 billion by 2024, as per Global Market Insights, Inc. Enterprise application is a highly complex system deployed across corporate bodies to ensure real- time information flow along with smooth business operations. Growing demand for efficient IT infrastructure, rising internet connectivity, rapid adoption of cloud computing technologies, and growth in smartphones and mobile devices are the vital factors influencing the enterprise application market share worldwide.A huge adoption trend across various end-use industries such as Healthcare, BFSI, Manufacturing, Government, Retail, Telecom & IT, and Aerospace & Defense is boosting the global enterprise application market size. Enterprise application provides these industries with a wide set of solutions such as CRM, SCM, ERP, Business Intelligence [BI], Web Conferencing, BPM, EAM, and CMS. These solutions enable the users with better inventory management, quality management, customer engagement, and supply chain management.

Asia Pacific Enterprise Application Market Size, by end-use, 2013-2024 (USD Billion)

Asia Pacific Enterprise Application Market Size, by end-use, 2013-2024 (USD Billion)

ERP market which accounted for 20% of the overall enterprise application share in 2015, is anticipated to register a CAGR of 7.7% over the coming eight years. Website content management, which has become an integral part of any organization is driving the growth of the CMS (Content Management System) market. CMS market share is estimated to exceed USD 8.5 billion by 2024. Owing to the growing demand for customer engagement management, CRM segment will also witness significant growth over the coming years, accounting for over 25% of the overall enterprise application market share by 2024.

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Cloud based enterprise application, which accounted for 30% of the overall share in 2015, is gaining popularity among various sectors, particularly manufacturing and retail, due to increasing focus on cost optimization, growing internet connectivity and demand for enhanced accessibility. Also, on-premise deployment model is projected to witness a CAGR of 4.5% over the period of 2016-2024.

The implementation of enterprise application across various industries solely depends upon the requirements from the respective sectors. Enterprise application in the healthcare industry was worth USD 16.5 billion in 2015 and is forecast to grow at a CAGR of 8.9% from 2016-2024. The growth will primarily be driven by growing demand for real-time data transparency across this sector. Retail industry will also witness huge adoption of this system to ensure better customer management.

Global enterprise application market worth USD 150 billion in 2015, is forecast to register a CAGR of 7.6% over the period of 2016-2024. The North America market size is estimated to account for 30% of the overall revenue by 2024, driven by modern organizational structure and customer-centric approach of the companies across this region. The Asia Pacific market is anticipated to record a CAGR of 9.5% over the coming eight years, hitting USD 75 billion by 2024.  Technological advancements coupled with cloud-based solution demand by SMBs is likely to drive the regional demand.

Novel IT developments like Big Data and Internet of things will bring immense growth opportunities for the market players. The participants will spend largely on R&D to develop innovative products and solutions in order to meet growing technological needs and most importantly to sustain competition. Startups and small scale industries will also share decent business space over the coming timeframe. Key market participants are IBM, Oracle, , Microsoft, SAP, Epicor Software, IFS, Infor, Hewlett-Packard, and QAD.

Author NameShikha Sinha

Lignin market landscape to be characterized by highly enhanced research programs, global industry volume to exceed 1.5 million tons by 2024

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Over the recent years, lignin market has been traversing along a lucrative growth path owing to the rapid technological progressions in bioenergy and biofuel domains. Moreover, the rising environmental concerns pertaining to the worldwide increase in air pollution has favorably influenced the revenue share of the overall lignin industry. Apparently, the potential environmental benefits from finding alternative uses of lignin are humongous. Lignin can be used to substitute fossil based raw materials over an extensive range of products, from carbon fibers to plastics and individual chemical products. Furthermore, the demand for value-added products has been on the rise lately – a factor that would provide an additional economic incentive to the global lignin market stakeholders.

U.S. Lignin Market Size, By Application, 2016 & 2024 (Kilo Tons)
U.S. Lignin Market Size, By Application, 2016 & 2024 (Kilo Tons)

Elaborating further, it would be prudent to mention that numerous research projects have been undertaken by various lignin industry participants and universities to explore the commercial potential of lignin. Citing an instance of the same, Nordic Innovation Centre, ScanBalt Campus Knowledge Network Environmental Biotechnology, and a host of universities of Sweden had initiated a joint industry-academy project, named as LigniMatch, to address environmental challenges and study the economic prospects of lignin.

The ambitious project aimed at finding a basis for efficient upgradation of the lignin fraction from paper and pulp industry into commercially viable products that can replace fossil-based alternatives. Apparently, the project identified a wide range of probable lignin-derived products such as activated carbon, binders, phenol, carbon fibers, sorbents, plastic materials, and motor fuel. Moreover, the project laid out a roadmap to guide lignin industry players on how to successfully incorporate the emerging technologies in order to develop advanced lignin-based products in the Nordic region.

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Concurrently, the aforementioned instance goes on to demonstrate the significance of lignin, given that it could prove to be of immense help to conserve the ecological balance. Apparently, owing to the innumerable applications of lignin across various business domains, the global lignin market is bound to flourish in the ensuing years.

Speaking of the geographical growth outlook, lignin has found massive usage in European nations as a colorant in diverse industrial applications such as textile processing, printing inks, food processing, and wood stain. Moreover, the rising consumer awareness has led to an increased demand for bio-based products in this region which has subsequently boosted the overall Europe lignin market expansion in the recent times.

In addition to this, European Union has been proactive in enforcing strict regulations such as REACH (namely the registration, evaluation, authorization and restriction of chemicals) which aims to constrain the transportation of synthetically driven chemicals. Furthermore, it has been observed that dust collectors have gained prominence in this region, given that these systems lower the ill-effects of air pollutants.

Apparently, the presence of robust regulatory framework and the rising popularity of lignin derived products is certain to propel the fortunes of this business space. In fact, as per a report by Global Market Insights, Inc., the Europe lignin market, majorly driven by France, Italy, UK, and Poland, is anticipated to surpass an impressive remuneration portfolio of USD 350 million by 2024.

It is quite imperative to mention that crucial market participants including Domsjo Fabriker AB, Nippon Paper Industries, Ingevity, Domtar Corporation, Borregaard LignoTech, Burgo Group Spa, and Liquid Lignin Company have been focusing on developing new methodologies to ensure optimal production of lignin in terms of effectiveness and cost-efficiency. Add to it, the abundance of raw materials and rapid adoption of new technologies has favorably influenced the overall lignin industry share which is expected to exceed USD 960 million by 2024, as per reliable estimates.

Author NameSaif Ali Bepari