Global superhard materials market to witness augmented demand from oil and gas drilling activities, escalating number of mining projects to propel the industry trends
Rapid expansion of the automobile, manufacturing and other industrial sectors have consistently provided a positive impetus to the overall superhard materials market revenue, which reached nearly USD 4.5 billion in 2017 owing to the high performance characteristics of these materials. Superior strength, resistance to wear against tough surfaces and better mechanical performance have made different superhard materials ideal for utilization in cutting as well as shaping and scratching of any parts or objects.
China Super-hard Materials Market Size, by End-user, 2014 – 2025 (USD Million)
The superhard materials industry has been thriving on account of the extensive drilling, mining, grinding and turning activities across various segments and also in protective coatings for metal surfaces. Widescale oil drilling and mining activities have created immense opportunities for the superhard materials market, where drilling hard onshore and offshore surfaces for oil, natural gas and minerals necessitate the use of unbreakable drill bits and equipment.
Superhard materials such as polycrystalline diamond are vastly used for drilling operations throughout the world, as they enable exploration of oil and natural gas near remote areas of the earth. The huge revenue potential for the superhard materials market can be surmised from the fact that the daily consumption of oil globally is expected to reach 109 million barrels by 2035, with the continuous evolution of the transportation and manufacturing industries. Drilling operations are largely carried out in the Gulf and near desert regions in the Middle East, in different areas of the Asia-Pacific, Northern parts of Europe, near the U.S.-Mexico Gulf coasts and other resource-rich sites. Distinct surface features and weather conditions present challenging tasks for oil companies to perform drilling activities and the superhard materials market has benefited from the enormous requirement of sturdy drill rigs.
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OPEC has predicted that the oil industry will need to spend around USD 11 trillion by 2040 to meet the future global demand for oil, when the crude consumption could reach up to 112 million barrels per day. The estimates suggest a prolific next two decades for the superhard materials industry from ventures in oil, natural gas and mineral exploration, which in turn will be encouraged by the positive forecasts related to the expanding vehicle fleet and auto parts production worldwide. Citing evidences supporting the oil industry development, Saudi Armco, touted as one of the largest petroleum & natural gas companies in the world and also the most profitable company, had recently announced that it will direct almost USD 133 billion on oil and gas drilling over the next ten years.
The announcement by Saudi Aramco, emphasizing the gradual recovery of oil prices around the globe, is supposedly aligned with the targets and compliance of the grand Saudi Vision 2030 which is aimed at an overall development of the region. Similar missions and goals followed by other oil conglomerates across different regions will further advance the superhard materials market over the coming years. Other factors will affect the industry growth as well, for instance the increasing frequency of natural disasters striking the U.S. and other American coasts. The National Ocean Industries Association in the U.S. has been propagating offshore oil drilling away from the Gulf of Mexico, since most of the offshore drilling by U.S. is done in hurricane prone areas.
As nearly 94% of the U.S. Continental Shelf is not yet allowed to be drilled, the U.S. administration’s January announcement, which revealed a five-year plan to expand the drilling in U.S. continental waters, will generate additional demand for the superhard materials industry. The remarkable growth of the mining sector will also contribute towards the earnings of the superhard materials market, as high-level technologies and majority of industries support the mining of minerals and metals ores. Countries like Russia, Finland and Turkey in Europe have prime mining locations of the region, where the industry has become one of the most modern and innovative sectors. Efforts to boost the industry, such as Turkey’s USD 1.06 billion funds allocation for the energy and mining sector, will provide notable returns for the superhard materials market.
Development of improved materials that rival the hardness of diamond or boron nitride products will drive innovations in the superhard materials industry, for cutting and drilling in situations where the above materials could fail. With accelerated progress of the oil & gas drilling sector along with the highly critical mining industry, the superhard materials market is estimated to witness a robust 5.5% CAGR from 2018 to 2025. Companies like Sandvik, FUNIK, Element Six, Zhongnan Diamond, Zhengzhou Zhong Peng, ILJIN Diamond, Huanghe Whirlwind and Besco Superabrasives are some of the key players sustaining the dynamic landscape of this industry.
Author Name : Pankaj Singh
The world is heavily treading toward the adoption of renewable energy sources, which will lucratively impel solar PV module market. There has been an increase in public awareness levels regarding the effects of GHG, released into environment after the burning of fossil fuels, which has prompted manufacturers to come up with suitable sustainable alternatives. This initiative will provide a push to solar PV module market growth. Several technological developments and the increasing number of manufacturing facilities has also resulted in reduced product cost, which will fuel the industry trends. According to Global Market Insights, Inc., “Worldwide Solar PV Module Market was valued USD 20 billion in 2016 and will surpass a revenue collection of USD 30 billion by 2024.”
North America Solar PV Module Market Size, By Product, 2016 (MW)
Many of the market players are engaged in collaborations with research institutes to bring about innovative technologies that will enhance the industry expansion. Growing investments in R&D activities, flexible integration, and better efficiency will boost the demand for thin film technology integrated products. In 2016, thin film covered more than 20% of the revenue share of technology segment in solar PV module market. The noteworthy participants in solar PV module market are First Solar, Canadian Solar, Trina Solar, JA Solar, Hanwha Q CELLS Co., Jinko Solar, SunPower, Yingli, ReneSola, Moser Baer, SFCE, Shine Solar, and Lanco.
Growing industrialization across the globe will fuel the need of renewable energy. Favorable government initiations in terms of financial support will prompt industry giants to adopt solar PV modules to enhance the growth of Solar Energy Market. Ground mounted systems are being deployed increasingly across the utility and commercial sectors subject to their numerous benefits. The ground mounted segment will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024.
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The governments of various countries have lately been making huge efforts to enhance the grid connectivity of their nations. Speaking of which, the on-grid segment dominated the connectivity landscape of solar PV module industry by accounting for more than 55% of the revenue share in 2016. It is expected to record substantial growth rate over the coming timeframe.
Rural areas have witnessed a heavy deployment of micro-grids to fulfill the escalating need of off grid electricity, subject to which solar PV module market from off grid connectivity segment will generate a significant revenue over the coming seven years. To accomplish the need of sustainable energy, the U.S. has been installing micro grids on a large scale. U.S. solar PV module industry will register a CAGR of more than 6% over the coming years of 2017 to 2024. The attributing factor toward the market growth is deployment of stringent rules and regulations to control GHG emissions along with huge investments in power plants to increase the grid capacity.
To reduce carbon emissions in the environment, the government has been promoting the usage of roof top mounting system. Government support and favorable subsidies will propel solar PV module market from roof top mounting systems. The Asia Development Bank recently granted a subsidy of US 500 million for the development of roof top systems. Escalating installation of these systems across the residential sector will also influence the product demand.
Solar PV module industry from the residential sector collected a revenue of USD 4 billion in 2016 and is predicted grow lucratively over the years ahead. Monocrystalline products are also deployed across this sector, subject to which monocrystalline solar PV module market will grow at an annual growth rate of more than 6% over the period of 2017 to 2024. Additionally, the surging need to maintain energy efficiency will augment the product demand.
China covered more than 60% of Asia Pacific solar PV module market share in 2016 and will generate considerable revenue over the coming seven years. Shifting preference toward the adoption of renewable technology is likely to impel China solar PV module market.
Market players are focusing toward strategies such as product innovation and differentiation to gain more profit. The efforts of these companies coupled with government norms to promote clean energy will suitably impel global solar PV module market.
Author Name :Sunil Hebbalkar
Solar Panel Recycling Management Industry to earn significant revenue from thin film PV cells, Chile to emerge as a major ground for market growth over 2016-2024
U.S. Solar Panel Recycling Management Market size, by process 2013-2024 (USD million)
Ideally, solar panels have a regular shelf life of 30 years. Post this 3-decade period, these panels will need to be disassembled and recycled for further use. Strict government directives regarding solar panel recycling and environmental maintenance will propel solar panel recycling management industry, which is anticipated to grow at a CAGR of more than 35% over 2016-2024. As per the report by Global Market Insights, Inc., “Having registered more than USD 20 million in 2015, Solar Panel Recycling Management Industry will cross USD 360 million by the year 2024.”
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Solar panels can suffer normal losses or early losses. In case of the former, the panels function until the end of their shelf life, after which they are decommissioned, accumulated, and recycled. Solar panel recycling management market share from normal losses is expected to cross USD 300 million by 2024. When solar panels cease to function efficiently due to maintenance issues, technical problems, and unfavorable weather conditions, they are said to suffer early losses, in which case, they are decommissioned earlier than their usual shelf life and then recycled. Solar panel recycling management market from early losses is said to grow at a CAGR of 35% over 2016-2024.
Global solar panel recycling management industry is slated to be fiercely competitive owing to the existence of several companies involved in the manufacture of solar panels and the increasing preference toward sustainable energy sources. Key players include Canadian Solar, PV Recycling, LLC, PV Recycling, LLC, Envaris, Reiling Glass Recycling, First Solar, Rinovasol, Silcontel, ECS Refining, Silcontel, Eiki Shoji Ltd, Chaoqiang Silicon Material, Cellnex Energy, REMA PV Systems, IG Solar Private, Darfon Electronics Corporation, and Suzhou Shangyunda Electronics. Companies engage in tactics such as product innovation and enhanced recycling procedures to sustain their position in solar panel recycling management market.
Solar panels can be recycled by means of thermal, laser, and mechanical processes. The mechanical recycling process is deemed to be one of the safest, owing to which solar panel recycling management industry share from mechanical process will surpass USD 300 million by 2024. Solar panel recycling by thermal process places a strain on the environment due to the presence of excess silicon in the panels. However, with companies striving to innovate environment-friendly thermal procedures, solar panel recycling management industry from thermal process, worth more than USD 1 million in 2015, will grow substantially over 2016-2024.
Thin-film PV cells are extensively adopted for solar panels subject to their excellent quality and affordability, which will in turn, fuel thin film solar cells industry over 2016-2024. Increasing adoption rate of these cells coupled with their most favorable property of longer shelf life will also drive solar panel recycling management market from thin film PV cells, which is anticipated to witness a y-o-y growth rate of more than 40% over 2016-2024.
Polycrystalline solar cells possess excellent properties such as high efficiency and enhanced battery power. High adoption of sustainable energy resources coupled with the aforementioned properties will fuel solar panel recycling management market from polycrystalline cells, which is slated to cross USD 220 million by 2024.
In Germany, the number of dismantled panels amounted to more than 75,000 tons in 2015. An exponential rise in the number of decommissioned panels annually, strict government norms, and the establishment of solar farms will propel Germany solar panel recycling management market, which is expected to cross USD 24 million by 2024.
Chile is anticipated to hold a volume of more than 45,000 tons of decommissioned solar panel waste, which makes it a lucrative market for panel recycling. Chile solar panel recycling management industry is expected to observe a CAGR of more than 40% over 2016-2024.
High volume of decommissioned solar panels in the U.S. (30,000 tons in 2016) and rising adoption of solar panels will drive U.S. solar panel recycling management market size over the next seven years, which was worth more than USD 5 million in 2015.
Solar energy is one of the most widely-adopted renewable energy sources globally. The increasing implementation of solar panels, government directives regarding waste disposal, and the increase in the number of decommissioned panels will significantly propel solar panel recycling management industry over the years to come.
Author Name :Saipriya Iyer