Power Generation

APAC compressor oil market to accrue substantial revenue by 2025

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The escalating growth of compressor oil market can be attributed to the high-performance lubrication benefits provided by the product. Its properties such as excellent oxidation performance, resistance to rust and corrosion, wear protection, foam control, and rapid water separation expands the product’s area of usage to manufacturing, power generation, automobile, mining etc., augmenting compressor oil market share.

U.S. Compressor Oil Market Revenue, By End-use (USD Million)
U.S. Compressor Oil Market Revenue, By End-use (USD Million)

The revenue portfolio of compressor oil market is likely to gain traction owing to expansive product demand from mining applications in particular. The product finds usage in a number of portable compressors that are massively deployed for operations such as vertical drilling, soil nails, rock bolting, shotcreting, anchoring, grouting, and more, given the necessity for smooth compressor operations.

The rising efforts to enhance mining capacity will drive compressor oil market share. The National Mineral Development Corporation (NMDC) for example, last year, announced that it plans to increase the iron ore production capacity to 50 million tons by 2019-20, by forming a joint venture with Chhattisgarh Mineral Development Corporation (CMDC) named NCL. Compressor oil market will gain a fair advantage from mining sector via such operational tactics in the coming years.

In addition to mining, automotive sector is the world’s biggest consumer of lubricants. Apparently, automobile and truck engines consume close to 20 million tons per year, which is about half of total lubricant use. In 2018, approximately 95,706,293 motor vehicles were manufactured in the world and the figure is expected to grow substantially in the years ahead. As the production rate of automobile depicts a rise, compressor oil demand will also increase simultaneously, thereby propelling compressor oil market size.

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Regionally speaking, APAC holds the largest share in compressor oil market owing to the significant presence of various industry players and their efforts to expand their reach worldwide. Recently, independent lubricant manufacturer Fuchs Petrolhub made it to the headlines for opening a plant in the Wujiang district of Suzhou, China. The facility’s production portfolio is inclusive of numerous industrial and automotive oils, rolling oils, and metalworking fluids. The 80,000 m² plant has been constructed with an investment of around EUR 46 million with a capacity of 100,000 tons in phase 1. The rising efforts by industry contenders to enhance production capacity will augment China compressor oil market.

Another country that will consolidate its stance in APAC compressor oil industry is India, the growth of which is supported by the expansion plans of industry giants. In 2017, BASF India Ltd., a subsidiary of BASF SE, had apparently launched a new technical lab for lubricant and fuel solutions at its Innovation Campus Asia Pacific. The facility was developed with the intention to deliver modern lubricant formulations and high-performance fluids for industrial and automotive applications.

As more and more major companies invest huge amounts to improve their footprints, APAC compressor oil market size will rise significantly over the coming years. Regional expansions by the key players will also push the growth graph of global compressor oil market in the times to come.

The demand for compressor oil will increase due to the rising production of compression equipment. Recently, Atlas Copco made it to the headlines for launching a new high-efficiency oil-injected screw compressor. These next-generation compressors are particularly well suited for metal processing, power plants and mining applications. Innovations pertaining to screw compressors will also augment rotary screw compressor oil market size, slated to exceed $3.5 billion by 2025.

Compression equipment producing companies have been undertaking various other strategies to increase their customer base. For instance, the compression equipment manufacturing company Gardner Denver Holdings, Inc. has announced that it has signed a definitive agreement with Ingersoll-Rand plc to combine Ingersoll Rand’s industrial segment with the company. The merger will expand margins through increased efficiencies and allocate capital effectively, accelerating strategic priorities of both the companies. Such moves by leading companies will contribute to the growth of compression oil industry share.

Many oil giants reportedly follow collaborative strategies to expand their business and increase their footprints worldwide. For example, American multinational oil and gas giant ExxonMobil, owns around 37 oil refineries in almost 21 countries, and has recently announced that it has proceeded with an oil development plan in Bajo del Choique-La Invernada block of Argentina. The project is anticipated to produce around 55,000 oil-equivalent barrels a day within next 5 years. Such strategic moves by the oil majors are backing the growth graph of compressor oil market.

Governments worldwide have been planning to increase mining facilities to increase mining production, which will help enhance compressor oil market outlook substantially. With rising number of industry leaders undertaking strategic efforts to expand business reach and product demand increasing across myriad applications, compressor oil market share will increase majorly in the years to come.

Author NameAnchal Solanki

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How will thermal energy storage market penetrate the global landscape, ‘green economy’ vision to fuel the worldwide demand

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With the rising acceptance of renewable energy sources as a means to derive power, thermal energy storage market has emerged as one of the top-notch verticals of the sustainable ecosphere. The demand can also be cited to be driven by the reducing dependency on fossil fuels as an energy source, primarily due to their innumerable hazardous impacts on the environment. As per reliable reports, primary energy consumption is expected to rise by more than 45% by 2040. It is rather obvious that thermal energy storage which plays a balance between the growing energy demand and the need to address the environmental interruptions will constitute a major ratio of the sustainable energy mix.

Europe Thermal Energy Storage Market Size, 2013 – 2024 (USD Million)

Europe Thermal Energy Storage Market Size, 2013 - 2024 (USD Million)

Speaking of the widespread application portfolio, utility and electricity generation is one of the most lucrative end-use arenas for the thermal energy storage market. The technology has gained massive popularity via its adoption in CSP plants where solar heat is stored to generate electricity that can be used at night, providing relatively affordable, cleaner, and uninterrupted power supply.

It is prudent to mention that the residential and industrial sectors, where the technology is being widely utilized for cooling or heating applications as well as power generation, is yet another potential end-use avenue for the thermal energy storage industry. Reports from the International Renewable Energy Agency (IRENA) cite that, in Europe, around 1.4 million GWh/year of energy can be saved, and 400 million tons of CO2 emissions can be avoided, in residential and industrial sectors by extensively using heat and cold storage technologies, figures that identify the growth and profitability potential of thermal energy storage market over the coming years.

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The energy-saving potential by deployment of this technology is vivid globally, although the rate of penetration of thermal energy storage market varies with different geographies. A series of parameters including the demand ratio, regulatory mix, and infrastructure support are some of the vital parameters responsible for the change of dynamics related to thermal energy storage industry expansion across the regional spectrum.

Below is an outline of the thermal energy storage (TES) market trends with a regional frame of reference:

United States Thermal Energy Storage Market

With heavy R&D investments and high fuel costs, U.S. thermal energy storage market is estimated to register a lucrative growth chart over the coming years. In the year 2017, nearly 41.8MW of energy storage systems were installed across the region, which accounted for 46% of y-o-y growth. In addition, reportedly, 14 U.S. states have deployed around 2GW of energy storage into Integrated Resource Planning (IRP), highlighting the growing popularity of energy storage technology in the region. As per a report by Global Market Insights, U.S. thermal energy storage market share stood at USD 6 billion in 2017.

Europe Thermal Energy Storage Market

With heating and cooling using approximately half of Europe’s energy, the demand of thermal energy storage industry in the region is estimated to be substantially high over the coming years. As per European Association for the Storage of Energy, 50% of all final consumed energy in Europe is used to heat buildings or water. Out of this, 85% still comes from fossil fuels, hinting toward the potential opportunities which are yet unexplored in the region. Add to this, the regulatory landscape aggressively boosting the demand for renewable integration to attain the vision of a decarbonized economy will further provide a substantial impetus to Europe thermal energy storage market.

China Thermal Energy Storage Market

With the expanding infrastructure sector and rapid economic development, China is slated to be yet another profitable avenue for the thermal energy storage industry players. The region is actively investing in energy storage technologies with a vision to meet its energy as well as environmental sustainability demands. Reportedly in the first half of 2018, Henan, Qinghai, Jiangsu, and Guangdong provinces declared the construction of energy storage projects of varied capacities totaling 340.5 MW. In yet another instance, Suunpower, China’s CSP developer last year signed a partnership deal with Norway’s EnergyNest to deploy TES systems in China. The EnergyNest system would facilitate an affordable and eco friendly energy generation eliminating the hazardous impact of coal combustion on the environment.

In a nutshell, it is rather evident from the aforementioned facts and trends, that although the TES technology has penetrated appreciably at a global scale, its full potential is yet to be explored. A trend that is anticipated to change and characterize the dynamics of thermal energy storage market is the high technological developments and R&D investments focusing toward energy efficiency and environment sustainability. In terms of profitability matrix, analysts project the worldwide thermal energy storage industry to surpass a revenue of USD 55 billion by 2024.

Author NameMateen Dalal