Categories
Energy

A Collaboration between Fiat Chrysler Automobiles and Kaluza to Innovate Smart Charging Services

Launched more than a hundred years back, for the same purposes that they were initially prevalent, electric vehicles have currently seen a surge in sales. Renewable sources like solar energy, wind power, and different forms of bioenergy would need to be implemented. Consequently, there are prospects for carbon reduction inside the automotive sector.   Ironically, it seems that the current transport industry could also offer an incentive for accelerated emissions reduction. Some innovations and policies mitigate transport pollution, like public transport, light-duty cars, start-up trains, advanced motor design, fuel replacement, and enhanced productivity. 

However, EV’s battery services form a significant disadvantage in innovation due to shorter distance coverage. Some electric vehicles can only cover 60 to 100 miles when fully charged, thus inconvenient for drivers with extensive commutes. Also, the charging time may take longer compared to conventional vehicles. For example, when a driver drops at a petrol station, it will take approximately ten minutes to fuel the car compared to an electric vehicle. Most electric cars’ charging time is about four hours for a full charge, while others take a whole day. Furthermore, there are fewer charging stations compared to petrol stations. 

The drawbacks have necessitated Fiat Chrysler Automobiles (FCA) and Kaluza collaborate to invent smart charging services. Conversely, the merger aims at providing cost-effective, sustainable, and simpler charging amenities. FCA clients will utilize Kaluza’s cloud platform. The collaboration will occur in distinctive phases seeking to smoothly incorporate the system to FCA’s customers using the Kaluza cloud platform. The first phase will entail innovating a smart charging service for the model Fiat 500 EV. The move will reduce the customers’ cost as the direct-to-car innovation will transmit data from local grid providers to translate car charging periods in low carbon intensity and cheap energy without separating the charging points.

According to FCA, a section of Fiat 500 EV clients will be nominated in the UK to try the services before the release. The clients will give feedback in designated forums at the beginning of 2021. On the other hand, Kaluza fully supports the smart charging technology as it utilizes its Artificial Intelligence (AI) technology that governs EV charging. The AI manages the vehicle-to-grid machines and intelligently balances and tabulate the price. The FCA manager, Roberto Di Stefano of the EMEA, stated that the collaboration would significantly lower the charging prices and ownership. Roberto further noted that the technology would facilitate the clients to encounter the advantage of using Fiat 500 EV without extra installation of charging devices.

Categories
Energy

Foreign companies dominate the Japanese renewable energy industry

Overseas companies have discovered that the Japanese renewable energy market is profitable and is narrowing down to enjoy these revenues. The European industries are penetrating this market with wind energy. On the other hand, China is expanding rapidly with the uptake and development of solar resources to obtain solar energy.

This development comes as Japan strategizes to achieve net-zero greenhouse gas emissions in the coming three decades. Additionally, the government has loosened its stand on the barriers to exploring offshore wind power to maximize renewables’ exploitation. While Europe and China have unbeatable potential in renewables, the local developers of renewable energy in Japan are contending against these experienced giants.

An excellent example is Siemens Gamesa Renewable Energy, which is preparing to establish its branch in Japan. This branch will facilitate the manufacture of wind turbines for the exploitation of this renewable in the country. Niels Steenberg, the general manager of the branch in Spain, stated that they expect the projects in Japan to perform efficiently.

Siemens Gamesa intends to initiate an assembly plant in Taiwan that will develop wind turbines to meet the country’s industry demands come next year. The company revealed that this is its strategy to acquire more contracts in the Asian continent. The firm explained that it hopes the facility starts gaining popularity in the Japanese market immediately it launches operations on the facility.

Similarly, Iberdrola, a Spanish company, acquired Japan’s Acacia Renewables to control the wind power production in this country through the firm. Iberdrola intends to revive this company’s offshore wind power segment to gain profits from both sides of the wind energy technology. Norway’s Equinor is also entering the Japanese wind energy industry, having developed its offices in the country two years ago. Denmark’s Orsted also ventured into the Japanese renewable energy industry in 2019, creating an offshore wind energy branch.

Ignacio Galan, the chief executive of Iberdrola, reported that they are working on the inception of their company into Japan’s wind energy market. Although wind power boasts of 15% market share in Europe, the Japanese renewable energy industry has less than one percent dependence on wind power. Japan has enough land and resources to support offshore wind farms.

Japan has been accepting long-term deals from companies to accelerate the transition to renewable energy. The government is keen to support renewables bypassing regulations that incentivize wind energy projects. In conclusion, Japan anticipates the renewable energy industry to create employment opportunities for the locals. Nevertheless, the country is evaluating methods that will ensure the profits remain in the country by supporting the local manufacturers of wind energy resources.

Categories
Energy

South Australia understands the essence of creating employment opportunities in the clean energy shift

2020 will be a historic year in which the coronavirus pandemic tumbled the economy. Nevertheless, climate expert Bill McKibben stated that this might also be the year of restructuring the world to prepare for the renewable energy transition. McKibben explained that this year had been loaded with various packages ranging from the pandemic to bushfires in Australia. Nevertheless, all these events have pioneered the transition towards clean energy, with China committing to realizing this plan by 2060. Other strategies that will catalyze net-zero emissions include the EU’s promise to implement the Green Deal and dash out Є100bn Just Transition Fund to accelerate the uptake of renewables in this region. On the other hand, the US milked over $15 trillion from conventional fuels.

Businesses and governments have realized that they must collaborate to complete the transition to clean energy in countries like Australia. The chair of Australia’s Business Council, Tim Reed, expressed his determination to help the government and businesses integrate and actualize the net-zero emissions plan. Many states have started committing to this noble course, with South Australia being at the forefront.

South Australia’s energy and mining minister, Dan van Holst Pellekaan, stated that his state would be focusing on realizing the transition to renewables by the end of this decade. They currently have wind, solar, and battery technology whose full exploitation will help the state become a leader in switching to this clean energy. Renewable energy transition covers beyond the types to the solar panels, turbines, scheduled targets, and technological adjustments.

Ben Jewell of CEPU South Australia stated that renewables’ exploitation would help recover the jobs that the residents lost to the Leigh Creek project. Initially, the project intended to generate 150 MW of solar power before the project came to a halt. The project managers stated that they could not obtain more capital to kickstart the project from the previous lamentable results.

The other projects which have progressed successfully include Bungala Aboriginal Corporation, which will create over 300 jobs and become a solar energy hub. However, Jewell lamented that the locals did not have enough opportunities in these new developments. Additionally, there are 35 turbines under installation in the 126 MW Lincoln Gap wind farm, which will form the core of the second stage of the project. This second stage will involve introducing 94 MW of power over 20 turbines and 10 MW of battery storage technology. The final step in this project is still waiting for authentication by the authorities. To conclude, these projects create a sense of growth in this state since the citizens’ lives will be transforming through employment. Additionally, they will be able to report cases where the installation process might interfere with the ecosystem.

Categories
Energy

EV Future a Likely Face-off between the US and China

China’s EV sector is growing at a relatively fast rate. This growth attributes to several factors working together to situate China as the upcoming global leader in all matters EV. The country currently holds the record for having two major EV battery manufacturers in the country and is on a roll to becoming the top authority in EV sales.

According to a UBS report, the Chinese EV industry has experienced massive growth with more EV start-ups than any other country. Experts speculate that this is the country’s strategy to dominate the EV industry. Tesla currently dominates the EV industry with records sales reaching 368,000 units in 2019

However, China is dedicated to upstage the S in the global EV market. According to A statement made by the Vice Chancer at IHS, China is on the way to becoming a global leader in EV manufacturing. He ascertains that EV’s assist the Chinese government in establishing dominance over the industry.

Referring to Yerghin’s statement, electronic vehicles provide three benefits to the Chinese government.  China gains a reduction in the oil demand, reduces pollution, and a chance to dominate a singular fundamental global market. The industry is a golden ticket for the Chinese government to become a global leader. 

Likewise, the Chinese government has a lot to gain from establishing itself as a global electronic vehicle manufacturer. Yergin affirms that the evil market is going to experience tough competition both parties drive to place themselves in the leading position

The evolution of the EV industry in the future will cover a significant portion of trade relations between the rivalries in economies. Historically the two countries have not been in good trading relations.  This is most evident in the trade sanctions from both sides that have affected significant activities.  The most notable example is the United States ban on text giant company Huawei from trading with hardware and software suppliers in the United States. 

Experts expect that future entries in EV generations are highly dependent on trade relations between the two countries. The future is set to have a multifaceted EV industry should both countries use previous relations to set a precedence for the upcoming global EV scene. Both countries instinctively benefit a good deal from their respective EV industry. The US EV industry contributes 3.5% of its national GDP while China gets 10% of all total sales from the established EV sector. With this in mind, it is safe to relate that the global EV market’s future depends on the interaction between the United States and China.

Categories
Energy News

COVID-19 Impact on Offshore Decommissioning Market – Global Industry Analysis and Forecast 2025

The demand within the global offshore decommissioning market is expected to apex to new heights in the years to follow. Advancements in the marine industry are responsible for the growth of this market. Furthermore, the use of offshore decommissioning to maintain sustained and manageable marine traffic has also aided market growth. Ships and vessels become defunct beyond repair after a point in time, and it becomes necessary to replace them with new vessels. Hence, the domain of offshore decommissioning has emerged as a key area of growth within the marine industry. Furthermore, the seriousness shown by port operators to decommission defunct ships has also driven market demand.

  • Digitalisation of the marine industry has made it easier to understand the workability of ships and vessels. Hence, vessel operators are quick to decide on the need for offshore decommissioning. The total volume of revenues within the offshore decommissioning market is projected to increase alongside improvements in marine services. Companies such as Deloitte offer digital services to convert ports into smart docks.
  • Ships and vessels that start consuming increased amount of fuels need to be reconsidered for sailing. Hence, the need for offshore decommissioning has become an important component of the decision-making process in the marine industry. Several experts have extended their opinions on the ratio of decommissioning that should ideally be followed by vessel operators.

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Environmental concerns related to the use of excessive number of vessels has also driven market demand. Vessel operators are required to decommission functional ships when the number of ships exceeds the permitted figure. Therefore, the global offshore decommissioning market holds bright prospects for growth and investment in the years to follow. Regions with well-established ports are the largest consumers within the offshore decommissioning market.

Decommissioning is the last phase of any offshore oil and gas project. The process of decommissioning involves safe plugging of the wellbore in the earth’s surface and disposal of equipment used in offshore oil and gas production. In the Gulf of Mexico, decommissioning of offshore oil and gas platform has become mandatory for oil and gas operator companies. Decommissioning operation helps maintain safety and sanity of the offshore environment. An offshore decommissioning operation requires 10 steps to be followed for successful completion of the project. These 10 steps are project management; engineering; and planning; permitting and regulatory compliance; platform preparation; well plugging and abandonment; conductor removal; mobilization and demobilization of derrick barges; platform removal; pipeline and power cable decommissioning; materials disposal; and site clearance. Companies operating in the decommissioning market either specialize in one of the aspects or may provide complete services mentioned above.

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The offshore decommissioning market can be segmented into two broader areas: decommissioning services or activities; and application in shallow water, deep water, and ultra-deep water.

The major driver for decommissioning market is strengthen & mandatory legal guidelines for offshore oil and gas operations setup by the regulatory bodies of respective nations. Presence of the aging oil reserves and abandoned wells in matured offshore oil fields across the world is another factor driving the decommissioning market. Major potential risk of oil spill or leakage through these abandoned oil and gas wells may cause ocean water pollution, thereby threatening the marine ecosystem. This poses difficulty in cleaning and recovery of oil spill and then decommissioning the well after any such incident. The cost involved in decommissioning of such disturbed oil wells or platforms is high. Technically, this poses various challenges. Discovery and development of new oil reserves in offshore (mostly deep water) areas around the world is another factor boosting the global offshore decommissioning market. New discoveries of offshore oil deposits such as Liza field in Guyana, Offshore Kutch basin in India, and Tupi offshore oil field in Brazil indicate the future oil production opportunity in these offshore fields, which are likely to require decommissioning services after their abandonment.

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Recent downturn in prices of oil is expected to be a key restraint to not only exploration and development activities of oil and gas but also decommissioning operations. Decrease in oil prices has caused a continued decline in cash inflow and rise or hike in debt levels could challenge the future of oil and gas industry.

The global offshore decommissioning market is expected to expand in the near future. North America is anticipated to be a major region of this market, owing to the presence of the Gulf of Mexico offshore oil reserves in the region. Europe is also estimated to contribute significantly to the offshore decommissioning market, as its North Sea offshore oilfields are & aging. Latin America has significant undeveloped offshore oil reserves in countries such as Venezuela, Brazil, and Guyana. Thus, the region is likely to be an attractive market for offshore decommissioning in the near future. Middle East & Africa has large fossil fuel wealth; thus, the region is expected to be a major contributor to the decommissioning market. The decommissioning market in Asia Pacific is anticipated to expand at a steady pace during the forecast period.

Key players operating in the decommissioning market are Petrofac Limited, Aker Solutions, TechnipFMC plc., Ramboll Group, Deepocean Group Holding B.V., Amec Foster Wheeler, PLC., AF Gruppen, Claxton Engineering Services, Ltd., DNV GL AS, and Allseas.

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The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

Categories
Energy News

Gas Detection Device Market To Touch US$337.6 Mn by 2025

The South East Asia gas detection device market features a highly consolidated vendor landscape, with the top five vendors collectively holding a massive 87.1% of the market in 2016, observes Transparency Market Research (TMR) in a recent report. These leading vendors, namely Honeywell International, Inc., Drägerwerk AG & Co. KGaA, Riken Keiki Co., Ltd., Mine Safety Appliances, and New Cosmos Electric Co., Ltd., have have been able to establish strong presence in South East Asian countries owing to their well-established distribution networks in the region.

The market is highly competitive and domestic and regional vendors run the benefit of close ties with government bodies. New entrants are expected to have least leeway in the market owing to the stringent regulations put in place by government and industrial bodies. The report also notes that the lack of product differentiation is one of the key challenges for companies operating in the South East Asia gas detection devices market. To make their way through this challenge, leading vendors are focused on the development of products with innovative features such as multiple channels and increased monitoring capacity. An instance is the BW Clip Real Time maintenance-free single gas detector launched by Honeywell International Inc. in March 2016. The device is said to operate continuously and provide real-time display of gas levels for gases such as hydrogen sulfide, carbon monoxide, oxygen, and sulfur dioxide.

Transparency Market Research estimates that the South East Asia gas detection device market will exhibit a promising CAGR of 9.2% during the period from 2017 to 2025, rising from a valuation of US$155.6 mn in 2016 to US$ 337.6 Mn by 2025.

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Thriving Petrochemicals Industry to Provide Massive Growth Opportunities

Of the key areas of application across a number of industries analyzed in the report, the South East Asia gas detection market is gain a large chunk of revenue from applications in the petrochemical industry in the next few years. The petrochemical industry in the region is expected to hold a 20.5% of the overall market in 2017 and continue strong growth over the forecast period as well, exhibiting a promising 8.4% CAGR from 2017 to 2025. However, the automotive and materials industries are expected to lead in terms of rate of growth over the forecast period, hinting towards the vast growth opportunities for players in the market.

In terms of geography, the market in Singapore accounted for a massive 51% of the overall market in 2016. The country continues to lead to strong demand for gas detection devices owing to the stringent workplace safety regulations in place. It is expected to account for a massive share of the South East Asia gas detection market over the forecast period as well.

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Stringent Workplace Safety Norms to Compel Installation of Gas Detection Devices in Industries

Some of the leading factors driving the South East Asia gas detection market are the rising demand for remote monitoring, increased focus on ways of reducing operational expenses, stringent policies and regulations put in place by government bodies to ensure worker safety at workplaces, and the rising demand for reducing facility downtime during turnaround operations. Workplace safety regulations and policies will remain the key driver of growth of the South East Asia gas detection market in the near future.

This analysis of the South East Asia gas detection market is based on a recent market research report by Transparency Market Research, titled “Gas Detection Device Market (Product Type – Fixed and Portable; Device – Detector, Transmitter, and Controller; Application – Mining, Steel Mill, Petro chemical, Construction, Automobile, Material (Fiber, Pulp, Rubber, Glass), Food and Beverage Making and Processing, Electronics, Marine, Utility Services, Government, Security, Medical, and Environment Detection) – South East Asia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”

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For the study, the market has been segmented as follows:

South East Asia Gas Detection Device Market, By Product Type

  • Fixed
  • Portable

South East Asia Gas Detection Device Market, By Device

  • Detector
  • Transmitter
  • Controller

South East Asia Gas Detection Device Market, By Application

  • Mining
    • Coal
    • Others
  • Steel Mill
  • Petro Chemical
    • Crude Oil
    • Oil Refinery
  • Construction
    • Tunnel
    • Subway
    • Others
  • Automobile
  • Material
  • Food & Beverage Processing & Making
  • Electronics
    • Semiconductor
    • Consumer Electronics
  • Marine
    • Ship Builder
    • Ship Owner
    • Ship Chandler
  • Utility Services
    • Electricity
    • Water
    • Gas
    • Tele-communication
  • Government
    • Fire Fighting
    • Police
    • Military
    • Border Control
  • Security
    • Building
    • Others
  • Medical
    • Hospitals and Clinics
    • Others
  • Environment Detection
    • Pollution
    • Others

In addition, the report provides analysis of the South East Asia gas detection device market with respect to the following country segments:

  • Singapore
  • Malaysia
  • Indonesia
  • Thailand
  • Vietnam
  • Myanmar
  • Brunei
  • Philippines
  • Rest of South East Asia
Categories
Energy News

Wireless Power Transmission Market to Reach US$ 20,000 Mn by 2026

The global wireless power transmission market derives significant growth from the usage of wireless power transmission in energy management and efficient transfer of power. It also gains remarkably from the technological advancements and the rise in digitization. The rising awareness about the benefits of wireless power transmission, such as providing clutter-free charging without cable, is fueling its demand substantially. Consumer electronic devices that need charging have become its key end users. Since wireless chargers can determine the amount of power required by every electronic device, avoiding overcharging of batteries, their usage has increased manifolds. Furthermore, as there is no AT&C loss, the loss in electricity is much less in wireless power transmission in comparison with wired power transmission. This factor is likely to fuel the application of wireless power transmission further, boosting the worldwide wireless power transmission market in the years to come, reports the research study.

According to this research report, the opportunity in the global wireless power transmission market will expand at a CAGR of more than 15% over the period from 2018 to 2026. In 2017, the overall valuation of this market was US$4,000 mn. Increasing at this pace, it will reach US$20,000 mn by the end of the forecast period. All these facts and figures points towards a healthy future of the worldwide wireless power transmission markets. However, the infrastructural challenges, especially in developing countries, may limit the growth of the wireless power transmission market in the years to come. The absence of common standards and the high cost of technology may also hamper the growth of the global market, notes the market study.

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Asia Pacific to Emerge as Most Promising Regional Market

In terms of the region, Asia Pacific has been reporting its dominance on global wireless power transmission market. The constant rise in the wireless power transmission in many Asian countries has enabled consumers to have an easy access to electricity even in remote areas. This trend has turned into a catalyst for the shift from traditional power transmission to wireless one. In 2016, Asia Pacific accounted for a share of 40% in the global market. However, North America will overtake Asia Pacific in the near future and hold the most prominent market share. The increasing investments by leading players in the energy sector will drive this regional market over the next few years, reports the research study.

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Leading Players Focus on Developing Distribution Facilities

The global wireless power transmission market displays a highly fragmented and competitive vendor landscape. The competition between Murata Manufacturing Co. Ltd., LG Electronics Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., and Texas Instruments Inc. demonstrates the competitive scenario in this market. The market is undergoing an influx of new players, which is expected to intensify the competition within this market over the next few years. The key companies are planning to increase their investments for the development of their distribution channels to remain in the competition. Local and small-scale players, on the other hand, are projected to gain through forming strategic alliances with leading technology players across the world in the near future, stated the research report.

The review is based on a report by Transparency Market Research, titled “Wireless Power Transmission Market (Technology – Inductive Coupling, Resonant Inductive Coupling, Capacitive Coupling; Range – Near Field, Far Field; Application – Automobile, Industrial, Consumer Electronics, Health Care) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”

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The Global Wireless Power Transmission Market is segmented into:

Technology

  • Inductive Coupling
  • Resonant Inductive Coupling
  • Capacitive Coupling

Range

  • Near Field
  • Far Field

Application

  • Automobile
  • Industrial
  • Consumer Electronics
  • Health Care
Categories
Energy News

Offshore AUV & ROV Market To Touch US$9117.01 Mn by 2025

The global offshore AUV and ROV market will likely reach an evaluation of US$9117.01 mn by 2025-end. The market stood at a merely US$2065.56 mn in 2016. However, promising infrastructure projects like underwater highway project in Norway will likely drive growth at a robust 18.2% CAGR in the near future. Moreover, the consolidate nature of the market also promises new opportunities for emerging players as technological innovation becomes key to new growth opportunities in the global offshore AUV and ROV market.

Among various applications, the AUVs are expected to register robust growth during 2016-2025. The rising demand for marine applications to navigate submerged terrains, and obstructions will drive growth. Moreover, marine applications to build sea-structures for clearing trade routes, construction of sea-structures to navigate rising sea levels, among others. Moreover, among private investment driven sectors, the growth of oil and gas industries and rising sea exploration activity will drive tremendous growth for the global offshore AUV and ROV market.

Among regions, Middle East & Africa promise new growth opportunities. The regional market reached US$ 658.14 mn in 2016. The market is home to large oil companies, and rising investment to explore new natural gas reserves as well as for oil will drive robust growth in the global offshore AUV and ROV market..

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Electric Propulsion Systems Promise New Opportunities for Growth

Based on propulsion system, the market is divided into electric systems, mechanical systems, and hybrid systems. Among these, the electric propulsion systems will witness highest growth during 2016-2025. Low emissions, low fuel usage, and low weight will drive robust growth for the segment. Additionally, the technological advancements in these systems have made way for smaller systems with more scope for improved imaging, while its reliability, and versality has also witnessed tremendous improvements.

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ROV Products Drive New Opportunities with Low Cost Development Options

Based on the produce, the global offshore AUV and SUV market has witnessed a bifurcation of competition with the AUV systems holding the lion’s share conventionally. However, these systems witness a challenge in growth due to their high costs while new applications like creating sea barriers and restoration of wetlands promise smaller opportunities. These new opportunities are likely to be lapped by innovations in ROVs, which are witnessing rising demand thanks to their portable, light weight capacities. The growth of oil and gas exploration will continue to provide new applications for AUV segment among others.

The review presented is based on the findings of a report by TMR, titled “Offshore AUV & ROV Market (Propulsion System – Electric System, Mechanical System, Mechanical System, and Hybrid System; Product – ROV(High Capacity Electric Vehicle, Small Vehicle, Heavy Work-class Vehicle, and Work-class Vehicle) and AUV (Man Portable, Light Weight Vehicle, Heavy Weight Vehicle, and Large Vehicle); Application – Oil & Gas, Commercial, Defense, and Scientific Research)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”

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The global offshore AUV and ROV market is segmented as follows:

Offshore AUV & ROV Market: Propulsion System Analysis

  • Electric system
  • Mechanical System
  • Hybrid System
  • Others

Offshore AUV & ROV Market: Product Analysis

  • ROV
    • High Capacity Electric Vehicle
    • Small Vehicle
    • Heavy Work-Class Vehicle
    • Work-Class Vehicle
  • AUV
    • Man Portable
    • Light Weight Vehicle (LWV)
    • Heavy Weight Vehicle (HWV)
    • Large Vehicle

Offshore AUV & ROV Market: Application Analysis

  • Oil & Gas
  • Commercial
  • Defense
  • Scientific Research
  • Others
Categories
Energy News

Needle Coke Market to reach US$ 5.18 Bn by 2026

According to the new research report by Transparency Market Research, the vendor landscape of the global needle coke market is a highly fragmented one. Because of the presence several leading players operating in the market, the fragmentation of the vendor landscape is high. Some of the leading competitors in the global needle coke market are Indian Oil Corporation Ltd., Baotailong New Material Co. Ltd., Mitsubishi Chemical Corporation, JXTG Holdings Inc., and Phillips 66 among others.

The research report states that the global needle coke market will exhibit a steady CAGR of 4% for the given projection period of 2018 to 2026. With this rate of growth, the market is expected reach the mark of US$5.18 bn by the end of 2026. In addition to this, the coke needle market will attain a valuation of 1.43 million tons in terms of volume sale by the end of the forecast period.

In terms of type of product, the segment of petroleum-based needle coke is projected to emerge as the biggest one. The segment will continue to be the leading contributor in the global market throughout the forecast period. On the other hand, in terms of product grade, the segment of super-premium needle coke will dominate the global market in the near future.

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Increasing Demand from Steel Industry to Propel Market Growth

There are numerous reasons behind the recent growth of the global needle coke market. One of the biggest driving factors for market growth is its extensive use across the manufacturing sector. The demand for needle coke for the production of graphite electrodes is immense. Graphite electrodes are mainly used in steel industries. With the current development rate of the steel market across the globe, it is natural that the needle coke market will benefit from it. In addition to this, there are several other benefits of using needle coke and thus its demand is high from the manufacturing sector. Such factors are thus expected to drive the overall growth of the global market in coming years.

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Asia Pacific to Emerge as Leading Regional Segment

From a geographical perspective, the global needle coke market is divided into five main regional segments viz. Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. The regional segment of Asia Pacific is projected to be the biggest contributor for the development of the global market. Countries such as India and China are experiencing high growth in their respective manufacturing and industrial sectors. This is in turn work in favor of the development of the global needle coke market.

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Market Segmentation is as follows:

Type 

  • Petroleum Derived
  • Coal Tar Pitch Derived

Grade 

  • Intermediate
  • Premium
  • Super Premium

Application 

  • Graphite Electrode
  • Lithium Ion Batteries
  • Others
Categories
Energy News

Microgrid Market Estimated to Reach US$ 118.8 Bn by 2026

With the constantly rising global population, the need for electrical energy has augmented substantially. End users are increasingly depending on utility grids to manage their power needs. According to a research report by Transparency Market Research (TMR), the existing macrogrids are unable to meet the increasing demand for affordable and consistent power caused by swift urbanization and industrialization. However, microgrids and distributed generation technologies can easily match up to these requirements. Along with this, constant advancements in renewable energy and the surging preference for clean source of energy among consumers are adding greatly to the demand for microgrids.

As per the research report, the opportunity in the global microgrid market, which stood at US$46.92 bn in 2017, will rise at an impressive CAGR of 11.07% during the period of 2018-2026. The total valuation of this market will reach US$118.8 bn by the end of the forecast period. The ecological, technical, economic, and social benefits, that microgrids offer, will continue to aid this market over the next few years. However, operational challenges, added with high initial cost, may restrict the market from growing smoothly in the near future. Nonetheless, the instability of macrogrids in severe climatic conditions offers a plethora of opportunities for microgrid operators across the world, which will balance out the impact of restraints in the long term, notes the market study.

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Demand for Off-Grid Connectivity to Increase

The report assesses the worldwide microgrid market on two main parameters: connectivity and application. Based on the connectivity, this market is classified into grid tied (grid connected) and off grid.

  • Among the two, the grid-tied segment led the global microgrid market in 2017 with an overall share of more than 55%.
  • The demand for off grid connectivity, however, is increasing in developing countries, thanks to its efficiency is bringing power to remote areas as well.
  • With continued advancements in technology, the off-grid connectivity segment will surpass the former in the years to come.

In terms of the application, defence and military, campus and institution, commercial and industrial, community and utility, and remote island have surfaced as the main application categories of microgrids.

  • With more than 38%, remote islands became the most prominent revenue contributor to the global microgrid market in 2017. However, it will lose ground to community and utility in the near future.
  • The governments and businesses in various countries are investing heavily in the grid infrastructure to attain grid stability by the means of microgrids and distributed energy generation. This will increase the stake of the community and utility segment in the global microgrid market.

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Asia Pacific to Remain Seated at Top Position

The report also presents a detailed analysis of the regional distribution of the global microgrid market. It considers North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa as key regional microgrid markets.

  • In 2017, Asia Pacific surfaced as the leading regional microgrid market with a share of more than 40%, globally.
  • The soaring demand for electricity, together with low grid connectivity and electrification rate, especially in rural areas, is boosting the Asia Pacific microgrid market significantly.
  • Going forward,his this regional market will be expanding at a substantial pace over the forecast period, retaining its dominant position.

Key players in this market are General Electric, Siemens AG, S&C Electric Co., Schneider Electric SE, and ABB Group.

The review is based on a report by Transparency Market Research, titled “Microgrid Market (Connectivity – Grid tied (Grid connected), Off grid; Application – Campus and Institution, Community and Utility, Commercial and Industrial, Defense and Military, Remote Island) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”

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The global microgrid market has been segmented as follows:

Connectivity  

  • Grid-tied (Grid-connected)
  • Off-grid

Application

  • Campus & Institution
  • Community & Utility
  • Commercial & Industrial
  • Defense & Military
  • Remote Island