Turbine

Strict government norms to foster marine turbocharger market share between 2019-2026

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Marine turbocharger market is projected to witness exponential growth due to the introduction of strict government regulations that are focused on alleviating environmental concerns and tackling climate change. Additionally, numerous technological advancements in the field of propulsion technologies are also likely to foster industry outlook.

Moreover, increasing economic development and growing customer expenditure on recreational activities are positively influencing adoption of recreational boats that use the latest of propulsion technologies to get around.

In fact, with growing demand for faster speeds and higher power throughputs in recreational sports activities, the market is likely to witness a rise in product sales during the projected study period.

According to a recent research report by Global Market Insights, Inc., global marine turbocharger market is expected to surpass $780 million by 2026.

Rising seaborne trading as well as favorable trade regulations are fueling the demand for new commercial ships. This has influenced several shipping companies to increase the cargo carrying capacities. It has also impelled the increase in ship sizes to address increasing seaborne trade.

Additionally, there is an increasing demand for improved turbocharger and engine efficiencies from ship operators to meet the IMO regulations and EEDI targets. These demands are set to emerge as the key factors that would push the marine turbocharger market trends over the forecast timeframe.

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Meanwhile, several advancements in propulsion technologies would possibly drive the market share in the forthcoming years through product advancements. One such advancement, the CFD (Computational Fluid Dynamics) technique is used in turbine blades and compressor wheels to examine the secondary and primary flow structure across impeller blades.

Likewise, use of advanced tools such as ANSYS and FEA techniques results in adaptable development processes. Due to this flexibility, turbochargers can be modified at later stages. In the projected timeframe, techniques like CFD, ANSYS and FEA are likely to positively influence the turbocharger market.

Additionally, technological advancements have also innovated marine turbocharger diversification. Products can now be designed specific to different industry demands. Advanced marine turbochargers provide improved efficiency and higher pressure ratios which reduces their environmental impact. With these benefits product adoption is likely to witness a sizable shift in coming years.

The adjustable vanes turbochargers are anticipated to experience high growth due to their ability to contribute towards the alteration of the aspect rations. This further changes turbine’s effective area.

Moreover, improvement in pressure ratios and reduced lag time are few of the benefits that enhance overall engine efficiency, it also allows flexible air management to optimize combustion. Such value-adding features would push product adoption in the industry.

With regards to the technological landscape, electric-assist turbocharger is anticipated to witness immense growth. The projected growth is being attributed to the numerous advantages it offers.

Incorporation of electric assist turbochargers offers lower level of specific fuel consumption at high speed and helps maintain variations of speed in low load conditions. Optimum fuel usage and maintenance of speed at low loads are the key factors which would positively impel the market outlook.

Companies are using methods and materials to develop lightweight structures and higher-pressure ratios. Citing an instance, in 2016, Kompressorenbau Bannewitz GmbH launched its ST27 turbocharger series. the new product is capable of delivering a pressure ratio of about 5:5:1.

Today, service providers play a crucial role in the upgradation and modernization of existing systems. These efforts are focusing on optimizing operational flexibility and reliability. With these efforts the marine turbocharger market is set to chalk out a lucrative outlook for industry expansion.

Author Name : Bhushan Tambe

Offshore wind energy market to witness massive gains in China and UK over 2018-2024

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The global offshore wind energy market has been ablaze with a number of projects that have lately commenced power production. Recently, for instance, following the installation of its first 7 MW turbines, Scotland’s biggest offshore wind farm has sent power to the National Grid for the first time towards the end of July 2018. The whole project is scheduled for completion by spring of 2019, and is expected to generate enough power to supply the equivalent of 450,000 households.

The Race Bank offshore wind farm in the U.K. and reportedly the fifth-largest windfarm on the planet has also officially opened recently in the month of June. This 91-turbine facility is expected to produce 573 megawatts (MW) of electricity and is capable of powering more than half a million homes every year.

 

Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)
Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)

Considering the above-mentioned instances, there is no doubt that the fledging offshore wind energy industry is finally reaching maturity, promising gigawatts of reliable and clean energy and billions in economic and investment opportunities. In fact, wind is touted as one of the fastest-growing renewable energy sources in the world and has become a viable electricity generating source in more than 80 countries worldwide. Analysts deem that the developments in technology have paved the way for more reliable and effective equipment and machinery, which has resulted in the growth of the global offshore wind energy market.

China to emerge as one of the world’s largest offshore wind energy markets

Quietly surpassing the U.S., China’s wind energy market had emerged as one of the largest in the world in 2010. From being a mere player in 2001, the country, on the basis of strong government support and investments, has transformed its position as a market leader. As per reports, China had an installed offshore wind capacity of more than 1.6 GW in 2016. As a part of its five-year plan, the country plans to have 5 GW grid-connected by 2020. In fact, China is on a target to install 13 GW over 2017-2026, bringing its total capacity to nearly ten times as of its level in 2017.

Furthermore, in order to increase rural electrification and lower its carbon footprint, China is expected to continue to promote wind power, in turn stimulating the regional offshore wind energy industry. The country in 2016 outpaced Denmark and secured a third place in the global offshore wind energy rankings with the UK and Germany holding the top two positions.

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Accounting for over one-third of the total European offshore wind potential, the UK offshore wind energy market is another potential hotspot for wind developments. The region constitutes the world’s largest offshore wind farm – London Array, producing 630 MW of clean electricity that is enough to power more than half a million of homes a year. The 500 MW Greater Gabbard offshore wind farm, touted as the second largest offshore wind farm in terms of installed capacity, is also located in the UK.

Ørsted, a renowned Denmark based energy firm, has recently announced that the construction has begun on an even bigger wind farm, officially called as Hornsea Project One, which is slated to be operational by 2020. Upon completion, this plant will be capable of supplying clean energy to more than 1 million homes. Quiet overtly, such robust investments in the UK & Germany offshore wind energy market has impelled Europe to contribute substantially to the global offshore wind power, while simultaneously establishing itself as a lucrative hub for investments. Reportedly, the UK offshore wind energy market was worth more than USD 8 Billion in 2017.

Analyzing these regional trends, it would not be wrong to quote that China, U.S., UK, Germany, Taiwan, and the Netherlands are the biggest offshore wind energy market in the world, with number of current projects both under construction and planning phase.

Offshore wind energy industry is further gaining exceptional traction from the tech behemoths showing their interests in harnessing clean energy. Microsoft, for instance, has recently signed an agreement with GE to purchase electricity from its wind farm and power its cloud data centers in Ireland. The Silicon Valley bigshots Apple & Facebook are already in this league harnessing clean power and pledging its operations to be 100% from the renewable energy sources. Moreover, Google in the year 2010 has also thrown its financial clout behind new wind farms off the U.S East Coast.

This changing competitive scenario is further likely to enrich the growth dynamics of global offshore wind energy market in the coming years. A presumption standing as a substantiation to the same is of Global Market Insights, Inc., that claims the global offshore wind energy market to surpass USD 60 billion by 2024.

 

Author Name :Ojaswita Kutepatil