Currently, majority of the manufacturing and production facilities use heat intensive processes. The use of the process requires the burning of the fossil fuels. According to the Pew Research Center Survey conducted this year, 77% of Americans stated that it’s important for the United States to develop alternative energy sources.
The transportation sector is investing significantly in renewable energy vehicles, due to deplete sources of fossil fuels. Fuel prices around the world are increasing exponentially, which has compelled consumers to shift to electric scooters. A private electric scooter releases 250 grams of pollutants per kilometer traveled, which is predicted to drive the market growth.
A heat exchanger refers to a device that is designed to transfer heat from one medium to another. It consists of a solid wall of a thermally conductive tube or plate to prevent the mixture or direct contact of the two mediums. It is widely used for effectively controlling the temperature of a system or substance.
With the global supercapacitors market 2020 rattled by Covid-19 pandemic, the market has become a more attractive way to go globally. So far in 2020, new listings of factors have raised massive possibilities for the global supercapacitors market to accomplish $2.6 billion by 2023 at a pace of 21%. The expansion of the market would take place between 2017 and 2023.
Smart lighting consists of the lighting technology design to provide energy efficient lighting. Smart Indoor lighting deals with the in-house smart lighting. The lighting accounts for the around 20% to 50% of the global energy consumption and accounts for 40% of energy expenditure in commercial and industrial building. Hence the smart indoor lighting consumes less energy, hence offers cost saving measures.
Drilling and completion fluids facilitate oil and gas production and exploration. Drilling fluids, or drilling mud, are viscous fluid mixtures added to the wellbore to transport solids and stabilize exposed rock formations by coating the walls. An effectively planned and maintained drilling-fluid system significantly increases the penetration rate when drilling and protects the reservoir from damage.
Scientists from the National University of Singapore have come up with, assembled and tested a device that converts the contrast in illumination between light and shadow on its surface into electricity; a device called a generator that runs on the shadow effect (shadow effect energy generator — SEG).
The National University of Singapore is a national research university founded in 1905 as the Straits Settlements and Federated Malay States Government Medical School. NUS is the oldest higher education institution in Singapore.
If you have a house with multiple rooms that needs cooling, especially during summer, installing individual air conditioning units may not be a good idea. Each of these units is consuming energy that will lead to a high electricity bill.
In this case, you need a ducted air conditioning unit. A ducted air conditioner is a unit that is capable of cooling the entire home. It uses a central unit for air cooling, then distributing it to the rooms of a house through a series of ducts.
The Oak Ridge Laboratory announced a revolutionary project that includes using 3D printing technology to produce a state of the art nuclear reactor. The prototype of its core was printed in just three months. According to the standards of the nuclear industry, this is a super pace. The hexagonal structure took close to 40 hours to build, with temperatures reaching over 1,400 degrees Celsius around the melt pool where a laser heats and melts while adding a new layer.
The Global Natural Gas Generator Market is predicted to grow significantly at a CAGR of 8.1% over the forecast period (2017-2024), owing to factors such as the growing adoption of environment friendly solutions, growing disposable incomes of the global population and industries increasingly adopting green manufacturing practices across the world.
The global energy as a service market is projected to reach $87 billion by 2024 from an estimated $52 billion in 2019, at a CAGR of 10.8%. This growth can be attributed to the new revenue generation streams for utilities, increased distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects.
The global electrical SCADA market is expected to grow from an estimated $2.29 billion in 2017 to $3.29 billion by 2022, at a CAGR of 7.48%, during the forecast period. This growth is primarily driven by the increasing investments in electrical networks, adoption of remote monitoring and control solutions, digitalization of the power sector, need for automation in the power industry, and rising pressure to reduce losses in transmission and distribution. North America is likely to continue to hold the largest share in the electrical SCADA market. The second largest market share was held by Europe.
The bioliquid heat and power generation market is expected to grow from an estimated value of $1.67 billion in 2017 to $2.29 billion by 2022, at a CAGR of 6.54%, from 2017 to 2022. The bioliquid heat and generation market is driven by factors such as the easy availability of feedstocks and reduction in carbon emissions.
Russia just announced near completion of its own new tokamak prototype. Russia is one of the nations involved in the ITER experiment, the world’s largest fusion experiment. Each nation involved in the project has to have its own tokamak. The tokamak is one of several types of magnetic confinement devices being developed to produce controlled thermonuclear fusion power.
The switchgear monitoring system market is projected to reach $2.0 billion by 2023 from an estimated $1.4 billion in 2018, at a CAGR of 7.83% from 2018 to 2023. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgear monitoring system.
The global augmented reality market is estimated to generate revenue of approximately $30 billion by 2023 growing at a CAGR of 39% during the forecast period 2017-2023. Augmented reality market is estimated to exhibit high growth potential during the forecast period owing to its increasing demand across various industry verticals.
The floating LNG power vessel market is expected to grow from an estimated $860.1 million in 2018 to $931.6 million by 2023. In 2018, the Asia Pacific market is estimated to be the largest, followed by the Middle East & Africa. Factors such as growing population, industrialization and increasing urban business activities, and an increase in the demand for power generation are expected to drive the floating LNG power vessel market.
The solar backsheet market is expected to grow from an estimated $1.71 billion in 2018 to $2.40 billion by 2023, at a CAGR of 7.02%, from 2018 to 2023. This market growth is driven by increasing global solar PV installations as well as policy support from governments to enable the adoption of renewable technologies. Another factor driving the demand for solar backsheet is the need to reduce carbon emissions.
A heat pump is an electrical device that uses electricity to transfer heat from one place to another. A heat pump has four main components—evaporator, condenser, compressor, and expansion device. The refrigerant is the working fluid that passes through all these components. Heat pumps only transfer the heat and do not generate it.
Global modular substation market is estimated to be at $10.78 billion in 2015 and is projected to reach $16.48 billion by 2020, at a CAGR of 8.85% from 2015 to 2020. Modular substations replace the conventional substation with modernized equipment and better power distribution in the networks. Major advantages of these solutions are lesser land requirement, automated solutions with minimal human interference, can be employed at areas with extreme environmental conditions, and lesser power theft.
The global protective relay market is projected to reach $4.54 billion by 2021, growing at a CAGR of 6.5% from 2016 to 2021. The increasing investments in transmission & distribution infrastructure including substations and transmission & distribution lines, coupled with the increasing urbanization in developing nations, have propelled the growth of the protective relay market.
This week, Durig looks at an energy company that is making the transition from its historical focus on natural gas to be more focused on oil production. Chesapeake Energy (NYSE:CHK) has been making strides this year to transition towards a more oil focused production portfolio. Chesapeake has already increased oil in its production portfolio from 17% in 2018, to 24% as of the end of the second quarter. The company estimates it will exit 2019 with oil representing 26% of its production. Oil is a higher margin product, so Chesapeake is already seeing the fruit of its decision (see bullet points above).
Global transformer oil market is projected to reach $2.79 Billion by 2020 at a CAGR of 7.14% from 2015 to 2020. Global transformer oil market growth is driven by the increasing electric demand in developing economies such as India, Brazil, and South Africa, which are expected to enhance their grid infrastructure to increase the electricity accessibility to the region’s population. In addition, rapidly increasing demands from various application industries and regions are generating several exciting markets opportunities for transformer oil.
The industrial filtration market is expected to grow from an estimated $25.89 billion in 2018 to $35.47 billion by 2023, registering a CAGR of 6.50% during the forecast period. This growth is primarily due to the growing industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities.
The cryogenic valve market is expected to grow from an estimated $3 billion in 2018 to $3.75 billion by 2023, at a CAGR of 4.51%, from 2018 to 2023. This growth is primarily due to the rising production and trade of LNG to meet the LNG demand from various countries globally. High demand for industrial gases (nitrogen, oxygen, argon, helium, and others) from industries such as food & beverage, electronics, and chemicals is further expected to boost the cryogenic valve market.
The global power system simulator market is estimated to reach $836.1 million in 2017 and is projected to reach $1.18 billion by 2022, growing at a CAGR of 7.14% from 2017 to 2022. North America would continue to be the largest market for power system simulators followed by Asia Pacific during the forecast period. The booming power sector and augmented power generation capacities, rising adoption of IoT and cloud platforms, and reduced overall project time and cost are driving the power system simulator market globally.
The global small gas engines market is expected to grow from an estimated $2.38 billion in 2016 to $2.91 billion by 2021, growing at a CAGR of 4.15% from 2016 to 2021. North America and Europe are likely to be the largest markets for small gas engines. The growth is likely to be driven by a growth in the construction industry and a rise in demand for rented outdoor power equipment. The demand for outdoor power equipment is expected to rise as demand for residential and commercial construction increases. Contractors and homeowners are increasingly shifting towards renting outdoor power equipment due to lower costs and minimal costs of maintenance.
The electric insulator market is expected to grow from an estimated $10.17 billion in 2018 to $13.34 billion by 2023, at a CAGR of 5.58% from 2018 to 2023. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Increasing investments in T&D networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the electric insulator market. Increasing investments in smart grid projects and growing demand for HVDC transmission projects can lead to opportunities in the electric insulator market.
The meter data management system market is projected to reach $428 million by 2023 from an estimated $169 million in 2018, at a CAGR of 20.48% from 2018 to 2023. This growth can be attributed to the increased government policies and supportive mandates for smart meter installations and need for accurate utility bill generation.
Power quality can be defined as the consistency of the interaction of power with the electrical devices. In general terms, power quality is measured on the basis of parameters such as measurement of voltage, current, reactive power, harmonics, and others. Any deviations or fluctuations from the normal curve can be called as poor quality of power. Power quality problems can be defined as surges, spikes, transients, blackouts, and noises.
The distribution boards market is expected to grow from an estimated $4.33 billion in 2016 to $5.91 billion by 2021, Growing at a CAGR of 6.4% from 2016 to 2021. The market growth is driven by factors such as the growing need to protect electrical components and networks, increasing global electricity demand, increasing power generation, and increasing upgradation of transmission & distribution infrastructure, subsequent investments in renewable power plants, and increasing construction and infrastructural activities across the globe.
The electrical bushings market is expected to grow from an estimated $2.45 billion in 2018 to $2.96 billion by 2023, at a CAGR of 3.86%, from 2018 to 2023. Increasing power demand, investments in the renewable sector and expansion of transmission lines are the major factors driving the electrical bushing market globally.
The global arc flash protection market is projected to grow from an estimated $1.85 billion in 2017 to $2.41 billion by 2022, at a CAGR of 5.38% from 2017 to 2022. The market in North America is estimated to be the largest markets for arc flash protection system and equipment, followed by the market in Europe. This trend is expected to continue till 2022. The growth of the arc flash protection market is driven by increasing investments in electrical networks and growth of the manufacturing sector in South-East Asia.
The global surge arrester market is projected to grow from an estimated $1.56 billion in 2018 to $2.01 billion by 2023, at a CAGR of 5.11% from 2018 to 2023. The positive growth rate of this market can be attributed to investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure.
The global Power Distribution Unit Market is projected to reach $5.2 billion by 2024 from an estimated $3.7 billion in 2019, at a CAGR of 7.1% during the forecast period. The rising investments in data centers along with increasing cloud-based networking are driving the demand for power distribution units.
The global power management system market was valued at $3.77 billion in 2017 and is estimated to reach $5.26 billion by 2022, growing at a CAGR of 6.88% from 2017 to 2022. The increasing demand for energy efficiency in the manufacturing sector, increasing installation of renewables in the industry, and rising adoption of IoT and cloud-based platforms are driving the power management system market globally. The shale oil & gas boom in North America provides an opportunity for growth in the power management system market.
The global gas insulated switchgear market is projected to reach a market size of $28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.
The global digital utility market is expected to grow from an estimated $135.16 billion in 2017 to $244.31 billion by 2022, at a CAGR of 12.57%, from 2017 to 2022. North American market held the largest share in 2016 followed by the markets in Europe and Asia-Pacific. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.
The global virtual power plant market is projected to grow at a CAGR of 29.68% from 2016 to 2021, to reach a market size of $709.2 million by 2021. North America is estimated to be the largest market for virtual power plant, followed by Europe in 2016. This trend is expected to continue till 2021. The growth of the virtual power plant market is driven by increasing share of renewable energy in the power generation mix as well as shift from centralized to distributed generation and lowering costs for solar and energy storage.
The global gas turbines market is expected to grow from an estimated $17.51 billion in 2017 to $20.66 billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The shale gas boom in North America and decommissioning of nuclear plants in Europe are likely to boost the demand for gas turbines in these regions. The demand for gas turbines in the Middle East & Africa, Latin America, and Asia Pacific is expected to be influenced by the new gas-fired power plants and the upgrade of old existing thermal power plants in the regions.
The utility communication market is expected to grow at a CAGR of 15.55%, from 2016 to 2021, to reach a market size of $15.45 billion by 2021. Asia-Pacific is estimated to be the largest market for utility communication, followed by North America in 2016. This trend is expected to continue till 2021.
The diesel generator, a combination of diesel engine with electrical generator, is a reliable power supply device. It is used for generating electricity to provide continuous power supply during power interruptions. It is mostly used as a standby device during power outages or at places with no connection to a power grid.
The global Shore Power Market is projected to reach $2.7 billion by 2024 from an estimated $1.4 billion in 2019, at a CAGR of 13.3% from 2019 to 2024. This growth can be attributed to the reduction of low-frequency noise and emissions at ports, an increasing number of cruise liners in the shipping industry, and installation of retrofit shore power systems.
The power rental market is projected to grow from an estimated $14.5 billion in 2018 to $21.29 billion by 2023, growing at a CAGR of 7.89% from 2018 to 2023. The global power market is witnessing a significant growth, which is driven by the increase in power loss due to aging infrastructure and limited access to electricity in rural areas.
The global Gas Engine Market is estimated to be $3.54 billion in 2017 and is projected to grow $4.76 billion by 2022, at a CAGR of 6.12%, from 2017 to 2022. Europe is estimated to be the largest gas engine market, by region, followed by North America. This trend is expected to continue during the forecast period.
The blockchain in energy market is expected to grow from an estimated $394.3 million in 2018 to $7.1 billion by 2023, at a CAGR of 78.32% from 2018 to 2023. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.