Energy and Power
Global LPG Tanker Market is expected to witness strong growth over the forecast period on account of increasing LPG trade across various countries. Strong growth of shale gas production is further expected to boost LPG tankers demand over the next seven years. Volatile crude oil prices coupled with improvements in horizontal drilling and hydraulic fracturing techniques resulted in major industries to shift their focus towards the production of oil & gas from shale rock. Shift in focus towards Shale gas production is further expected to augment market growth over the projected period. Increasing demand for LPG gas for residential purpose for cooking and heating applications is one of the key factors to drive the market over the past few years and the trend is expected to continue over the forecast period. Increasing trade relationships for shale gas between the U.S. and Asia Pacific region owing to decreased transportation cost is expected to spur demand for LPG tankers over the projected period. Volatile crude oil prices resulted in increasing demand for LPG from petrochemical industries, which is expected to fuel LPG tankers demand over the forecast period. However, volatile crude oil prices resulted in increased LPG prices resulting in weaker demand, which is expected to inhibit market growth over the forecast period.
Based on size, LPG tankers market can be segmented into very large gas carriers (VLGC), large gas carriers (LGS), medium gas carriers (MGC) and small gas carriers (SGC). Based on refrigeration and pressurization levels, LPG tankers are further segmented into ethylene (extra refrigeration), fully refrigerated, semi refrigerated, and fully pressurized. VLGCs are extensively used in shipping LPG gas for longer distances and across the countries. Increasing LPG trade relations between various countries including Middle East and Asia, West Africa and the U.S. and Europe, is the key factor to drive VLGC market. Increasing shale gas production and domestic LPG shipping is the key factor to drive MGC and LGC markets. Demand for SGCs is expected to witness lucrative growth over the next seven years owing to increasing LPG demand from residential applications.
North America, West Africa, The North Sea and Middle East are the major regional markets for LPG tankers owing to increasing exports of LPG to various countries including Asia Pacific and Europe. Middle East emerged as the largest market for LPG tankers followed by Asia Pacific. Asia Pacific market is expected to witness significant growth owing to strong demand for LPG from Japan, India, South Korea and China. Europe market is expected to witness considerable growth owing to increasing butane and propane gas imports for domestic heating.
Global Gas Meter Market is expected to be driven by growing gas consumption over the forecast period. These meter play a key role in measuring consumption across various application areas such as domestic, commercial, and industrial. Growing energy demand and environmental concerns have resulted in a shift towards natural gas consumption owing to its inherent characteristics.
Characteristics such as low emission, higher calorific value, and easier operability are presumed to play a key role in shaping the industry in future. Such a shift in consumer trend is expected to aid the gas meter market over the next seven years. This results in low operating expenditures and easier data management across multiple departments.
Such advantages are expected to assist the global gas meter market over the forecast period. Meter data management systems provide a centralized data management system that incorporates consumption of various departments or utilities and makes it available for real-time decision-making. Such advantages are presumed to positively impact the market over the forecast period.
However, inability to manage large data volumes generated from smart gas meter is anticipated to hamper market growth and development. Transition from old to new intelligent ones results in added costs and integration difficulties for companies. Such hindrances are presumed to hamper industry growth and development.
Technological advances have resulted in the introduction of smart gas meter. R&D initiatives to develop superior innovative products in line with customer specifications and reduce manufacturing as well as operating costs offer many opportunities for the industry participants. Smart gas meter are not widely accepted across the end-use industries at present, but are projected to witness rapid growth in future. Such growth prospects offer abundant opportunities for market growth and development.
Product types include basic conventional gas meter and smart & intelligent gas meter. Smart gas meter are gaining wide acceptance across various end-use industries in the recent past and are expected to continue this trend in future. Regulations phasing out old conventional ones for new intelligent products are expected to play a key role in shaping the market over the forecast period.
Growing cement and power generation industries is expected to drive the global petroleum coke market over the forecast period. The growth of Petroleum Coke industry is directly linked to the petroleum refining, cement and power industry. Growing power and cement industry in emerging economies such as India, China and Vietnam are anticipated to drive the petroleum coke market over the forecast period. Approval to use petroleum coke in industrial applications by agencies such as EPA and CRS is anticipated to drive the petroleum coke market over the foreseeable future on account of its non toxic nature.
On the basis of product type, petroleum coke market has been segmented into fuel grade coke and calcined coke. Fuel grade coke dominated the market and is expected to witness rapid growth over the forecast period on account of high calorific value associated with the product. Fuel grade coke finds application in cement and power industry on account of low product costs and high calorific value. Growing cements and power industries in emerging economies such as India, China and Japan is anticipated to drive the product market over the foreseeable future. Calcined coke finds application in paints and colorings, aluminum, steel and fertilizer industries for titanium dioxide production. Rising demand from aluminum and steel industries is anticipated to propel petroleum coke demand over the forecast period. Calcined coke is anticipated to witness significant growth over the forecast period on account of increasing application scope of needle calcinated coke in battery electrodes.
Asia Pacific dominated the petroleum coke market and is expected to remain the largest regional market in terms of demand in near future. Emerging economies such as India and China employ a large percentage of petroleum coke in power plants and cement kilns. Majority of petroleum coke in China is used mainly in the generation of electricity in power plants. India employs a large amount of the product in cement industry owing to rapid industrialization in the country. Growing cement and power industries in the region is anticipated to augment product demand over the foreseeable future. Europe is anticipated to witness high growth rate in petroleum coke market over the forecast period on account of low costs associated with electricity production. Petroleum coke is becoming a preferred fuel over natural gas and coal on account of easy and abundant availability. Growing infrastructure development in Middle East & Africa is expected to drive the petroleum coke demand in the region over the forecast period. Crude oil refining companies are setting up delayed coking units to produce petroleum coke domestically. North American petroleum coke market is mature and is expected to witness average growth rate over the forecast period and has been the major exporter of petroleum coke.
Major companies operating in global petroleum coke market include Chevron Corporation, BP, Essar Oil Ltd., HPCL – Mittal Energy Limited, ExxonMobil Corporation, Indian Oil Corporation Limited, Royal Dutch Shell Plc, Reliance Industries Limited, Saudi Arabia Oil Company, Valero Energy Corporation and Conco Philips.
The Renewable Energy Market is poised for high growth over the forecast period on account of several factors such as depleting fossil fuel supplies, increasing cost of production, and environmental & ethical concerns. Increased Green House Gas (GHG) emissions from conventional energy sources are expected to increase renewable energy sources’ utilization. Key renewable energy sources include wind, solar, hydro, geothermal, and biofuel. Increasing aid from governmental institutions, coupled by favorable policies and regulations has played a pivotal role in market growth.
Solar and wind sources together account for a significant share of produced energy. The solar renewable energy market can be bifurcated on the basis of cell material into crystalline silicon and amorphous thin-film. Several inhibitors such as high cost of solar panels and lack of uniform sunrays’ incidence is expected to play a deterrent role in solar energy adoption. Liberalization of energy policies in Spain has resulted in high solar photovoltaic cell demand in the country. Key applications of solar photovoltaic electricity include automotive, consumer electronics, grid connected power supply, residential & commercial power supply, space applications, and water pumping. The wind power market can be segregated based on windmill axes orientation into horizontal and vertical wind turbines. The U.S., China, Germany, Italy, India, and Spain constitute key regions in the wind renewable energy sector.
Increasing energy demand coupled with rapid urbanization in emerging markets of Asia Pacific and Latin America is expected to drive global clean coal technology market over the next seven years. Coal is the major source for energy in emerging markets of Asia Pacific and Latin America, which in turn is expected to augment global clean coal technology market growth. Clean coal technologies are referred to environmental emission reduction technologies from coal power plants using gasification or combustion process. Clean coal technology development is expected to result in reduced emissions from coal-fired thermal plants. Coal-fired thermal plants dominate global power generation mix and are expected to positively influence clean coal technology market growth. Power generation from coal fired plants releases carbon footprints into the atmosphere resulting in negative environmental impact. Clean coal technologies include carbon capture & storage, flue-gas desulfurization, integrated gasification combined cycle, low nitrogen oxide burners, selective catalytic reduction and electrostatic precipitators. Growing environment friendly technology demand owing to rising pollution rate and increasing industrialization is expected to drive demand clean coal technologies and in turn augment global market growth.
Governments and environmental agencies in North America & Europe such as EPA and EIA have taken up initiatives towards clean environment and are slated to positively impact clean coal technology market growth. Global clean coal technology is expected to grow significantly over the forecast period owing to fuel cost savings coupled with capital investments & technology in existing and new plants. High installation cost of clean coal technology is expected to hamper market growth and pose challenges to industry participants. Lack of public awareness coupled with inadequate financial and economic capability is expected to pose further challenges for market players. Extensive R&D and innovation for reducing nitrogen oxide and sulfur dioxide emissions is expected to provide lucrative opportunities for industry participants.
Read Full Market Insight Details Here: Clean Coal Technology Market Analysis
Global gas pooling mechanism market has received a tremendous boost in recent years on account of burgeoning energy needs that is driven by economic development, industrialization and population expansion. Gas pooling mechanism involves techniques that combine gas produced from domestic fields into liquefied natural gas (LNG), thus creating inexpensive gas that is likely to gain considerable market share. Gas stations have major advantages such as ease of facility set up and minimum carbon emissions as compared to conventional fuels, which are key factors driving the gas pooling mechanism market. High LNG pricing is also easily absorbed into the market after coalescing low-cost domestic gas into it, further enhancing the global gas pooling mechanism market growth. Increased power availability and subsequently reduced reliance on fertilizer imports is another factor expected to augment the global market. Implementation of Gas Utilization Policy ensures that gas is allocated appropriately to the various industrial sectors on a priority basis, which is further expected to complement the demand for gas pooling mechanism techniques for industrial applications. Upcoming and existing re-gasification terminals that can be utilized for gas pooling are expected to provide imperatives for the global market growth. Stable pricing is expected to encourage long gestation investments based on gas, thus providing opportunities for the global market growth.
On basis of application, natural gas can be classified into power generation, transportation, industrial, fertilizers, hydrogen production and other purposes. Maximum growth potential is likely to be achieved in the power generation and fertilizer sectors, which is expected to accentuate the gas pooling mechanism market growth. Gas pooling however, is linked to crude oil, which is likely to result in price volatility. This factor could hamper the global market growth over the forecast period. Other restraining components are increasing regulations against depletion of conventional resources such as fossil fuels. These could further negatively impact the global gas pooling mechanism market. LNG suppliers are also likely to encounter high risks by entering into unattractive commercial contracts as re-gasified and high priced LNG is easily consumed in the Indian market, leading to further complexities for growth of gas pooling mechanism.
The global installed capacity for solar PV market is expected to reach 489.8 GW by 2020, according to a new study by Grand View Research, Inc. Growing push for sustainability has led to increased focus on renewable energy forms such as solar PV. In addition, favorable regulatory policies such as Feed in Tariff (FIT) is expected to further increase installed capacity, particularly along the Sunbelt countries. The reduction in price of PV modules is expected to lower the cost of energy generated by solar PV to USD 0.07 – USD 0.16, making it competitive to oil or gas fired peak power plants.
Countries with large PV potential such as Brazil, Chile and Saudi Arabia have not expanded as expected and this is expected to hamper the development of the market over the next six years. Aggressive capacity addition, particularly in China is expected to make the market oversupplied resulting in further lowering of prices. Product differentiation and innovation is extremely crucial with companies diversifying in both upstream and downstream markets, with expansion in project development and building strategic partnership. There are widespread opportunities in the form of new emerging markets and the link between reduced prices and unlocking of new markets is expected to be the key to market development.
Further Key findings from the study suggest:
- Utility scale solar PV was the largest end use segment for the solar PV market and accounted for over 45% of the global installed capacity. This segment is also expected to witness fastest growth on account of the growing need for power coupled with competitive prices offered by solar PV modules for power generation.
- The use of solar PV for non residential application is also expected to show significant growth over the next six years with major Sunbelt countries looking to harness the potential of solar energy and employ it as a substitute to conventional forms of energy. The segment is expected to grow at a CAGR of over 20% from 2013 to 2020.
- Europe had the largest installed base of solar PV in 2012 primarily due to installations in countries such as Germany, Italy, Spain and France. The total installed capacity for Europe exceeded 70 GW as of 2012. However, the region is expected to lose share owing to the rapid development of solar PV market in China and countries of Asia pacific such as India, South Korea, Taiwan and Australia.
- China is expected to show the fastest growth over the next six years due and is expected to grow at a CAGR of over 35% from 2013 to 2020. The regulatory support in the country in addition to the low cost of raw materials is expected to fuel the aggressive development.
- Yingli Green Energy (China) and First Solar (USA) are two of the largest companies operating in the market. The other key companies manufacturing solar PV systems include Canadian Solar, Sharp, REC, Trina Solar and Hareon Solar among others.