Energy & 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 increase in investment and automation across all process industries such as oil & gas coupled growing energy demand is expected to remain a key driving factor for control valves market over the next seven years. Automation drivers include energy saving demand, higher productivity, better process control and conditional marketing. Control valves market is also expected to benefit from growing industrial infrastructure along with high energy demand over the forecast period. Growing energy demand is expected to create need for focusing on operational efficiency across process industry. Investment inflow owing to government regulations and awareness among producers to avoid wastage is anticipated to fuel control valves market over the forecast period. Servicing requirements is also expected to augment control valve market demand. Global valve market demand is slated to grow owing to U.S. becoming energy independent and replacement of older valves with the upgraded ones as a result of technological upgradation. Control valves market can be segmented based on motion, component, application and geography.Use of control valves ranges from controlling process in industries to controlling water for irrigation and pressure control in residential use.
control valve market serves to end-use industries such as oil & gas, chemicals, energy & power, water management, pulp and paper, mining and food & beverages. Oil and gas industry is anticipated to be the biggest influencer of valve market owing to growing shale gas production and exploration activities. food and beverages coupled with pharmaceuticals being the fastest growing in valve market. Increased number of pipeline installations and booster stations are slated to have significant investments fuelling control valve market growth. Urbanization in developing countries like India and China coupled with producer awareness for industrial waste control is expected to be the key driving factor to fuel market growth. Power generation, oil & gas and water industries are expected to be the key end user segments in emerging economies. Niche application of valves is expected in these segments compared to traditional techniques. Resource requirement across the globe is also expected to be the key driver of control valve market growth. Competition among manufacturers coupled with complex process design is slated to pose challenges to control valve market. Inefficient logistics and supply system across the globe is expected to be the biggest challenge for control valve market over the forecast period. Adapting to changing needs and requirements of consumers coupled with innovation might also pose challenges to control valve market. Worsening situation of price, availability and demand in key end-user segments such as oil & gas is also expected to affect control valve market growth and pose challenges to industry players. Long time span of new projects and time lags in delivery might also pose challenges to control valve market over the forecast period. Better and effective process control coupled with strategic business intelligence is expected to create lucrative opportunities for control valve industry operators over the forecast period. Integration of value chain of entire process industry is anticipated to create opportunities for industry players.
Changing consumer dietary habits is projected to positively influence the global fats & oils market over the forecast period. Increasing processed food consumption coupled with high quality edible oil demand is expected to have a positive impact on the global fats & oils market. Growing health awareness and rising disposable income in emerging markets are presumed to further bolster the global market. Growing fast food and convenience food consumption is expected to fuel fats & oils demand over the forecast period. Food industry dominated the fats & oils applications while a shift towards industrial, chemical, personal care, animal feed and pharmaceutical applications is expected to gain momentum over the future. Increasing health concerns owing to excessive fats & oils consumption are anticipated to hamper the global market growth. Regulations governing food safety and labeling issues are presumed to further retard the market growth. High raw material prices are expected to negatively influence market growth prospects. Increasing R&D to develop trans fat substitutes and innovative applications such as bio-diesel production promise ample opportunities for the market participants.
Asia Pacific dominated the regional fats & oil market and is presumed to witness rapid growth over the next six years. Emerging economies such as China, India, Indonesia and Malaysia are characterized by rising disposable incomes, higher processed food & edible oil consumption and growing consumer awareness regarding health & wellness. North America and Latin America have witnessed a major shift towards alternative industrial applications of fats & oils in the recent past. Biodiesel production from fats & oils, along with other chemical and pharmaceutical applications are widespread in countries such as Brazil, Argentina and the U.S.
Prominent industry participants are expected to engage in strategic alliances, joint ventures and acquisitions to garner a larger market share and increase profitability. Huge investments in R&D to meet consumer demand by introducing newer products and gain competitive edge offers vast opportunities to industry participants. Key fats & oils industry participants include Archer Daniels Midland Company, Associated British Food Plc, Cargill Incorporated, Unilever Plc, Conagra Food Inc., United Plantations Berhad, International Foodstuff Company Holdings Ltd., Bunge Limited and Ajinomoto Co. Inc.
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.
Global Building Applied Photovoltaics Market is expected to witness tremendous growth owing to favorable government regulations and continuous R&D in terms of renewable energy over the forecast period. In addition, application of building applied photovoltaics helps in reducing fossil fuel use to a great extent which is estimated to increase the market share in the next six years. Increasing awareness regarding renewable energy sources in the wake of reducing CO2 emissions is expected to increase demand for building applied photovoltaics over the forecast period. High initial cost and lack of consumer awareness are expected to hinder building applied photovoltaics market development in the next six years. However, increasing financial incentives from various industries, supportive government norms and low maintenance costs are likely to aid in overcoming challenges thus propelling market growth. Feed-in-tariff rates and cost effectiveness of the zero net energy building concepts are poised to offer growth opportunities for the market, thereby increasing demand for building applied photovoltaics. Introduction and implementation of new norms and policies concerning renewable energy use and solar energy subsidies are expected to drive the commercial segment in the building applied photovoltaics market over the forecast period.
North America dominated the building applied photovoltaics market in 2013 on account of monetary support provided by the Brazilian and U. S government in order to facilitate production and use. Europe was the second largest market for building applied photovoltaics products over the past five years, owing to supplementary government incentives for photovoltaics use in addition to stand-alone solar systems subsidies. Europe and North America have implemented “Feed-in-Tariff” schemes which help in assured inflation-linked tax-free income. This factor is anticipated to promote market growth over the next six years. Rapid industrialization and stringent government regulations in emerging economies of Asia Pacific are expected to propel building applied photovoltaics market over the forecast period. Energy generated from building applied photovoltaics has wide applications in several sectors including residential, commercial and industrial sectors.
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.
Incinerators are used for incineration of solid waste. Incineration is a waste treatment process that consists of combustion of organic waste materials into ash, flue gas and heat. In some cases, the heat produced could be used to generate electricity. Incinerators reduce the solid waste mass by 80-90% and the volume by almost 95%, depending on the composition of waste and the degree of recovery of materials post incineration. Global incinerators market is expected to be driven by increasing waste generation. Growing industrial and municipal waste across, has led to increased focus on disposal, which is expected to mirror in the global incinerators market. Growth waste-to-energy conversion technologies such as generating electricity through thermal treatment i.e., incineration is expected to drive the market growth. However, environmental concerns regarding the emission of flue gases might pose challenges to the market growth. Manufacturers in the market are developing better incineration technologies that provide cleaner emissions. Such technological advancements might provide newer opportunities to the market participants over the future period.
North America and Asia Pacific are key regions for the incinerators market. Regulatory initiatives to promote waste-to-energy technologies such as incineration are expected to boost incinerators market in these regions. Furthermore, increasing industrial and municipal waste is expected to drive the market in the region over the forecast period. Availability of landfill sites for the disposal of combusted waste is another factor that is expected to complement the market growth. Europe has a ban on landfilling of untreated waste, which has given rise to use of incinerators in the region over the past. Additionally, generation of energy through this process is also expected to drive the incinerators market growth in the region. Replacement of older incinerators with newer technologies is expected to boost the demand for incinerators in the region. Asia Pacific is expected to exhibit significant growth owing to rapid industrialization in emerging economies of India and China coupled with increasing industrial waste. Furthermore, scarcity of land in Japan has driven the government to adopt incineration processes to reduce the impact of waste on landfills. This is expected to further drive the growth of the market in this region.