Europe microgrid market to procure remarkable gains over 2017-2024, driven by the rigorous government initiatives toward modernizing grid infrastructure
In an era where distributed energy sources are continually promulgated in power networks, microgrid market stands to gain remarkable prominence, given the systems’ exceptional credibility of ensuring reliable operation in distributed grids with robustness and high flexibility. As the energy demand in conjunction with the environmental concerns have increased dramatically since the past decade, experts believe, decentralized electricity supply through LT lines might not be an optimal solution to address the requirement, especially across remote areas. In fact, with the increasing penetration of renewable energy sources in mainstream electricity supply, the operational reliability of the grid network has become an intricate issue for the power giants. In a bid to address this critical aspect, eminent companies are highly banking on microgrids for a seamless integration of distributed generation systems into the network, ensuring highly efficient and reliable power delivery. Therefore, it goes without saying that the changing trend along with the dire necessity of reducing reliance on fossil fuels has provided a significant impetus to microgrid market.
Europe Microgrid Market Size, By Power Source, 2016 & 2024 (USD million)
Having recognized the stupendous potential of microgrid network in the renewable energy cosmos, various government entities of major economies are making rigorous efforts to exploit its maximum utilization, which, quite overtly is leaving a positive influence on the overall microgrid industry share. This is quite evident from the massive number of microgrid projects that are presently operational across the globe. According to some of the trusted reports, more than 1840 projects that represent a power capacity of almost 19280 MW are under development worldwide, with a proposed plan of over 170 new projects reported to come onboard soon. Speaking of the contribution of the regional governments, it has been observed that U.S., Europe, and China witness upper hand in the overall microgrid marketplace.
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Statistics depict that under the different framework programs such as FP5, FP6, FP7, initiated by European Commission, more than 80 projects are being funded by the regional government. Add to it, Horizon 2020, EU’s flagship initiative of research and innovation program spanning for a period of 2014-2020, with a funding of almost USD 77 million, has also spurred an interest for microgrid network, leaving a perpetual impact on the regional microgrid market share. Perhaps marred by the fact that this program mainly deals with an aim of modernizing European energy grid through integration of renewable energy sources, it is undeniable that it is bound to shed a positive light on microgrid industry share. So far, as per the record, INEA (Innovation and Networks Executive Agency) has sanctioned almost 14 projects worth of almost USD 135 million under the canopy of the EU’s Horizon 2020 program. These figures give a clear picture of the immense growth scope of Europe microgrid market in the coming years.
Other than Europe, China is also claimed to hold a strong ground in the global microgrid industry share. The exponential increase in power consumption in tandem with the growing investment by the regional government in rural electrification development can be primarily credited for the regional market demand. For the record, presently there are over 20 large-scale microgrid projects operational in China. Looking at the promising microgrid sector, big shot investors are betting big on the regional microgrid market. For instance, recently, Capstone Turbine, the renowned California based gas turbine manufacturer has inked a deal with the Chinese Government to supply microturbine for the country’s 10 MW microgrid network. With a strong pipeline of such encouraging initiatives, China microgrid market is slated to exceed a power generation capacity of 1 GW by the end of 2024.
The microgrid concept is aptly providing a platform that is proliferating distributed electricity generation and efficient power delivery with least compromise on environmental viability. However, in this regard, it is imperative to mention that microgrid market giants have been lately facing a wide array of daunting challenges such as establishing standards for microgrid design and extensive R&D requirement. Nonetheless, in the face of the severe energy crisis that has led to a subsequent penetration of renewable energy sources, microgrid market is set to amass exceeding proceeds from both industrial and commercial applications. In terms of commercialization, Global Market Insights Inc., forecasts overall microgrid industry to exceed a valuation of USD 19 billion by 2024.
Author Name : Satarupa De
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
Thin film solar cells market to register a phenomenal CAGR of 16% over 2016-2024, rising demand for sustainable energy will drive the industry growth
With a great deal of interest to improve the quality of solar power system due to fossil fuels rigorously getting drained, thin film solar cells market is speedily evolving with every passing year. Strong concerns regarding global environmental issues has brought a dramatic growth in the clean energy market, with solar energy at the pinnacle. Furthermore, the surging demand for electricity specially from off grid areas along with reducing renewable energy tariff subjected to the increase in competitive bidding will heighten the market demand in the coming timeframe. As per a report by Global Market Insights, Inc., “Global thin film solar cells market is expected to increase its revenue fourfold by surpassing USD 30 billion by 2024, having had a worth of USD 8 billion in 2015.”Technological progressions along with a large number of promising energy conservation programs that have been initiated worldwide have resulted in a decline in overall component cost. These adopted initiations will act as a catalyzer for the overall growth of the market. In this regard, India is already a step ahead. In 2016, the country has launched a target of deploying 20 GW grid connected solar power projects in half a decade, which will finally result in cost reduction of solar power generation of the country.
U.S. Thin Film Solar Cell Market size, by component 2013-2024 (MW)
The solar technology is witnessing a continuous evolution with technological progression. Three types of thin film cells that are predominant in the market are cadmium telluride thin film cells, amorphous silicon cells, and copper indium gallium diselenide (CIGD)solar cells. Amorphous silicon thin film solar cells market accounted for more than 13% of the total volume in 2015, and is expected to observe a surge due to increasing demand for solar wristwatches, garden lights, and electronic calculators. Cadmium telluride solar cells are largely adopted for generating terrestrial solar power in residential sector owing to the product’s cost effectiveness and high-level conversion efficiency. This second-generation thin film solar cells industry is estimated to grow stupendously at a CAGR of 17% over the period of 2016-2024. Copper indium gallium diselenide based film solar cells are the top performing cells till date, with an upper hand due to absorption of more sunlight than the other products. CIGD thin film solar cells market is anticipated to generate a revenue of USD 8 billion by 2024.
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Low toxicity, high efficiency, and comparatively affordable manufacturing cost are the leading factors driving thin film solar cells industry to penetrate a wide array of sectors. Thin film solar cells market is gaining a huge popularity across residential, utility and commercial sectors owing to its flexibility and light weight. Thin film solar cells industry from commercial application have collected a huge revenue of USD 1 billion in 2015, and is anticipated to be one of the prominent sectors driving the application landscape in the coming timeframe. Growing consumer claim for uninterrupted power supply is redirecting the focus toward sustainable and reliable energy sources, which in turn is influencing the market outlook. Driven by the handsome number of government solar projects that are continuously being launched, thin film solar cells market share from utility sector is slated to exceed a power capacity of 60 GW over the coming seven years.
Geographies that are anticipated to influence thin film solar cells market over 2016-2024 are listed below:
- US is one of the prominent regions which is actively involved in the market. Positive outlook toward relying more on renewable energy sources along with increasing installation of photo voltaic models is fueling U.S. thin film solar cells industry.
- Asia Pacific is expected to hold a considerable industry share in terms of revenue with China prominently driving the regional demand. China thin film solar cells industry accounted for more than 40% of the regional market in 2015 and will register a massive double digit growth rate of 15% over the forecast span. The growth can be attributed to the huge investment in the PV projects in China.
- UK thin film solar cells market covered more than 25% of the market share in 2015 and will cross 4GW power generation capacity by 2024, owing to the favorable government initiatives pertaining to sustainable energy production.
Market players are concentrating more on research activities to enhance the product quality along with improving the energy efficiency. However, lack of proper knowhow of the ongoing financial incentives related to non-conventional energy sources may act as a deterrent in the growth path of the industry. Prominent participants of thin film solar cells market include Hankey Asia Ltd., Ascent Technologies Inc., Hankey Asia Ltd., Global Solar, Inc., and First Solar.
Author Name :Satarupa De