Medium and high power electric motors contributed about ten percent of the overall electric motors size. It was responsible for greater than 90% of the electric power usage. These electric motors are used in valves, fans, process plants, pumps, compressors, machine tools, machine engineering and mechanical handling. The world wide medium and high power electric motors market is predicted to witness a CAGR growth of about 7.3 % during the forecasted period .
Superior benefits offered by photonic integrated circuits in terms of power consumption (energy efficiency), size, speed, and cost are collectively driving the photonic integrated circuits (PIC) market. In addition, escalating demand for high speed communication, especially in optical communication field have further fueled market momentum. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 25.2% during the forecast period 2015 – 2022.
Increasing electricity bills necessitating the need for optimum electricity management is identified as the major factor driving the energy management systems (EMS) market. This has further augmented the need for real-time monitoring and measurement of energy consumption patterns, especially in industries including manufacturing, power utilities, oil and gas, and mining among others.
Since years, photovoltaic panels have been deployed on free land space with a vision to generate energy. These solar systems were lately being reported with weaknesses such as solar cells fabrication & maintenance cost and requirement of large land space. However, with the advent of technology, these hurdles were vanished off with the introduction of floating solar panels. A number of solar systems have been installed on water bodies such as rivers, ponds, lakes, etc which are driving the growth of global floating panels market.
Changes in the present day energy markets are giving rise to new drivers and opportunities in the global energy market. In a competitive and market-driven economy, capacity to reduce cost of power generation is becoming a critical factor for success. As of the current market scenario in the energy sector, it is becoming increasingly important to explore solutions that offer rapid return on investment without sacrificing on reliability, sustainability and flexibility.
Power transmission cables are widely used in transmission and distribution of electricity to various residential and commercial consumers.Power transmission cables are insulated with various materials such as PVC (Poly Vinyl Chloride), XLPE (Polyethylene with cross-links), rubber, impregnated paper and varnished cambric.
Global power transmission cables market is projected to register significant growth over the forecast period.Increasing investment in renewable energy across the globe requires installation of new power transmission lines to connect with the existing grid.
Trackers direct solar modules or panels toward the sun to harness more sunlight. To accumulate maximize energy these trackers change their orientation during the day to follow the sun’s path. Solar trackers are rising in popularity, as it generates more electricity when compared to its stationery counterparts. Furthermore, favorable government initiatives are projected to augment the market growth. However, owing to the more complex technology and moving parts necessary for their operation solar trackers are slightly more expensive than their stationary counterparts which is one of the major factor restraining the market growth. Also, a solar tracker is more prone to be damaged in a rough weather when compared to the actual panels.
Energy harvesting which is also known as power harvesting is the process that capture minute amounts of energy from various naturally-occurring energy sources, accumulate them and store them for later use.
Rising demand for energy in major end-use industries are projected to drive the overall energy harvesting market. Furthermore, growth in infrastructure and industrialization spending is projected to have a direct impact on the global energy harvesting market. Shift in consumer preference towards energy saving technologies is projected to boost the market demand.
Air compressors are widely used in many applications across various industries like semiconductors & electronics, automobiles, food & beverage, chemical plants healthcare, home appliances, energy, oil & gas, manufacturing, etc. Increasing environment friendly compressor technology, oil-free lubrication processes, rising popularity of portable energy efficient models are main factors driving the demand for air compressors market in the near future.
Methane (CH4) is the main component in natural gas which is recognized as green and clean energy. Over the past decades, environmental pollution and energy consumption have become major concern along with increasing economical and technological development in the society. Natural gas is an efficient, clean and cost effective fuel as compared to other fossil fuels. Gas engines compared with diesel engine, have advantages in reducing emission of pollutants and reducing costs. Incessant in the gas engine market share demands new technologies and development in the gas engine.
The photovoltaic (PV) is also known as solar PV. There are two types of solar photovoltaic systems, organic PV and inorganic PV. Photovoltaic is a fast growing market over last couple of decades with exponential growth curve. During this period Solar Photovoltaic (PV) system, which was niche market has become mainstream electrical source for various applications.
Solar wind hybrid systems are hybrid power systems combining solar energy panel and wind mill. Solar wind hybrid systems contains solar panels, wind turbine, battery bank which is utilized to accumulate the energy generated from both the resources, inverter, hybrid controller and other components which provides higher output, stable and reliable energy for commercial and residential purpose.
Smart Grid refers to an electrical grid that uses digital information received from various equipments such as smart meters and appliances, renewable energy resource and communication technology. Smart grids use digital information and control various equipments to improve efficiency, reliability and security of the grid.
Generator refers to a device that converts mechanical energy to electrical energy. It uses various fuel source such as gasoline, diesel and gas as fuel to run the internal combustion engine. Generators are widely used as a source of power backup in various industries, commercial installations and residential buildings.
Growing disposable income and population across the globe is fueling growth of the consumer electronics market. Also, rising urbanization due to increasing migration from rural area to urban area is further increasing the uptake of high quality consumer electronic devices. This, in turn, is expected to boost growth of the market over the forecast period, 2016 – 2023.
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Global Energy Utilities Market Analysis
The worldwide industry for energy & power utilization is estimated to expand almost by fifty five percent by end of year 2035 as per the reports of US energy information administration international energy outlook 2011.The rapid growth rate in power consumption is represented by countries outside of OECD (Organization for economic co-operation and development) displaying signs of economic growth and expansion. Within the OECD, industry growth is predicted to remain less than 20% and outside the OECD it is estimated to increase by 85%.
In future, the global population will touch the nine billion margin. With growing population, the worldwide demand for energy & power will grow and expand constantly. Modernizations and up gradations in technology will influence more use of electricity. New and innovative techniques like smart meters are predicted to display strong expansion and growth. Similarly, diminishing natural resources of conventional energy like nuclear energy, oil and natural gas will push organizations to make more capital investments or business investments in sources of renewable energy like ocean thermal energy conversion, sun , wind, geothermal, tidal waves, water and biomass as well as sources of unconventional energy like coal bed methane gas, shale oil & gas and tight oil & gas.
Favorable government policies accompanied by heavy capital investments are supporting the alternate energy & power market sector all across the globe. Rising demand for global energy & power, high cost volatility of oil and gas, rise in complications in government rules and growing ecological pressure have put up a big deal for other alternate sources of energy & power today.
The pollution of the climate caused by the conventional sources of energy have created a demand for green energy. Also there is growing awareness about the significance of green energy consumption and its sources among the firms all across the globe.
The energy & power sector is usually government regulated in most of the BRICS nations. But dynamics of energy & power sector are continuously driven by the factors like changes in the government policies, growing privatization, relaxation of FDI rules in this section, new capital investments of energy & power projects by both private and public sectors, rising demand of electricity and use of smart grids & smart meters to effectively handle the transmission services.
Key Market Sections
Oil costs are still on rise owing to slow rate of supply growth and rapid growth rate in current market demand. Oil and coal sector today leads the energy & power industry contributing to 70% of the total market share of the energy & power market. Renewable energy sector contributed to only about 15% of the total market share of the energy & power market. This trend is projected to undergo drastic change in future. For example, wind energy contributed about 0.9% to the total market share of the energy & power market sector in year 2005. The use of wind as a source of renewable energy had increased nearly about 2.5% of the total energy & power consumption in year 2010.
Owing to enormous support from government for renewable energy & power projects across the world, a great increase in demand for solar & wind energy sector along with increase in capital investment in this sector is being witnessed today.
Geographical Market Share
The growing economies of regions of Latin America and Asia who lack the necessary infrastructure are now allotting a huge portion of capital from their yearly fiscal budgets for the growth, development, expansion, use and exploration of the energy & power sector infrastructure.
With the global population set to touch nine billion mark in next few years, the universal or worldwide demand for energy & power sector is predicted to grow. Growing political and climatic conditions are few of the aspects that are going to be responsible in measuring the growth rate of individual industry sections.
Today, governments across the globe are taking or displaying keen interest in investing their business capitals in clean energy & power sector. The reason being a warning issued by United Nations to the developed and developing economies of the world about the proposed 70% reduction in the carbon emissions in atmosphere within three decades to prevent hazardous or ill effects of environmental pollution on the nitrogen cycle , climate and e seasonal cycle.
Modernization in technology will impact consumption and use of electricity. Smart meters that permit two way consumption between central systems and household electricity are predicted to display strong expansion and growth across the globe in future.