Power & Energy Market Reports | Global Market Analysis of Power & Energy Market Industry

Boom Predicted in Asia-Pacific Offshore Wind Turbine Market in Future

2020-12-03T22:20:00.001-08:00

In 2019, the global offshore wind turbine market attained a value of $24,683.3 million. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market would generate a revenue of $68,869.3 million by 2026. The key factors driving the progress of the market are the rapid technological advancements and innovations in offshore plants and the surging investments being made in renewable energy development across the world.

The rapid technological advancements being made by the offshore wind turbine manufacturing organizations for developing advanced offshore foundations are massively propelling the advancement of the market across the globe. Moreover, these advancements are making the setting up of wind energy farms possible in complex and inaccessible geographical regions. The worldwide offshore wind energy pipeline reached a capacity of 4,888 MW in 2018, with as many as 38 announced projects and operating projects having a capacity of 46 MW.

Additionally, the offshore wind turbine industry is developing rapidly. For example, Hywind, which is the first 30 MW demonstration project and was commissioned in October 2017, is now successfully operating in the U.K. These advancements have unleashed the true potential of deep-water wind energy, which is extremely beneficial for the countries having a limited land area. The ability of these turbines to reduce the reliance on land for power production is another important factor driving the progress of the market.

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Depending on water depth, the market is divided into transitional water, deep water, and shallow water. Out of these, the shallow water division is predicted to register the highest growth in the market in the forthcoming years. This is ascribed to the high convenience, the ease of access to these wind farms for regular maintenance and repair works, and their high feasibility, especially in the countries having limited land availability.

When installation is taken into consideration, the offshore wind turbine market is categorized into floating and fixed. Between these, the fixed offshore wind turbine category recorded higher growth in the market in the past years and this trend is predicted to continue in the upcoming years as well. This is credited to the various advantages of fixed installations over the floating ones such as their lower costs, easier decommissioning and installation procedures, and higher compatibility with several foundation types.

Globally, the offshore wind turbine market is predicted to be very prosperous in the Asia-Pacific (APAC) region in the upcoming years. This would be because the governments of various emerging economies in the region such as India, Vietnam, and China are focusing strongly on the development of renewable energy sector, primarily for meeting the soaring energy requirements. Moreover, many organizations are making huge investments in the development of offshore wind turbines in this region.

Hence, it is safe to say that the market would demonstrate huge expansion all over the world in the years to come, mainly because of the growing popularity of renewable energy sources such as wind and the surging demand for advanced power generating methods that can lower the reliance on land in various countries.

Why Is Genset Market Growth Owed to Developing Countries?

2020-12-03T00:25:00.001-08:00

From 7.7 billion in 2019, the worldwide population will reach 10.9 billion by 2100, as per the United Nations World Population Prospects 2019 report. This is leading to the rising demand for all kinds of infrastructure, which, in turn, is resulting in the surging requirement for electricity. Sadly, most of the developing countries and even a few developed ones are not equipped to provide the adequate amount of power for the booming population via the grid.

The increasing number of people on this planet and the inability of national grids to cater to them have been cited by P&S Intelligence as the key reasons for the genset market growth. In 2019, providers of such power generation systems made a combined $17,592.6 million, which is expected to increase at a 5.8% CAGR between 2020 and 2030 (forecast period), to reach $27,863.0 million in 2030. In the absence or unreliability of grid connectivity, generators have for long been the ideal solution to producing electricity.

The internal combustion engines (ICE) of generator sets are majorly fueled by gasoline (known as petrol in Commonwealth countries), natural gas, and diesel. Among these, diesel has been the choice of fuel for gensets, as it is easily available around the world. Though gas-fueled generators, especially those rated for lower power, are more cost-effective than low-power diesel variants, natural gas isn’t that easily available, which has discouraged customers to purchase natural gas generator sets.

Under the power rating segment, the genset market is categorized into 5 kilovolt-Ampere (kVA)–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA. Among these, the 76 kVA–375 kVA category held the largest value share in 2019 on account of the high installation rate of these gensets at offices, small factories, hotels, and telecom towers. Till 2030, the 375 kVA–750 kVA category will grow the fastest due to the rising requirement for high-power-rating systems at superstores, large office complexes, and residential complexes in urban areas.

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Around the world, the number of data centers is increasing with the growing adoption of cloud computing and smartphones. Data centers allow companies to store their applications and data on somebody else’s servers, thus leading to reduced operational costs for companies. The systems used at data centers, including servers, backup controls, security systems, and heating, ventilation, and air conditioning (HVAC) systems, cannot tolerate power cuts and voltage spikes, which is why gensets are important for a consistent electricity supply.

Another factor driving the installation of gensets is the expanding construction industry. Residential, commercial, and industrial infrastructure development is picking up to cater to the booming population. Construction sites are mostly not connected to the grid, but require electricity to power machinery and tools, which requires generators. Similarly, after the commercial complexes, housing units, factories, and other infrastructure is commissioned, generators are important to keep them functional in the event of power outages.

Asia-Pacific (APAC) generated the highest revenue in the genset market during the historical period (2014–2019), as its manufacturing sector is prospering owing to government support, which is leading to the construction of factories. Similarly, the government of China, India, and Japan are adding telecommunication towers for smoother and wider connectivity; telecom towers are an important end user of generators. The highest CAGR during the forecast period will be witnessed in the Middle East and Africa, due to the swift industrialization and urbanization in Saudi Arabia, the U.A.E., Turkey, and Egypt.

Therefore, as the increasing population propels the demand for electricity, which is not being adequately provided by the grid in numerous countries, the installation rate of generator sets will continue to surge.

Rapid Construction of Data Centers Fueling Progress of U.S. Diesel Genset Market

2020-12-02T01:22:00.001-08:00

The U.S. diesel genset market generated a revenue of $2,187.4 million in 2019 and is predicted to progress at a CAGR of 7.2% between 2020 and 2030. According to the estimates of the market research firm, P&S Intelligence, the market would attain a valuation of $3,797.6 million by 2030. The rising incidence of power outages, the rapidly expanding construction industry in the country, and the increasing establishment of data centers are the main factors driving the progress of the market.

In recent times, there has been a sharp surge in the establishment of data centers in the country. This has massively pushed up the demand for adequate backup power as these data centers require a continuous supply of power for efficient functioning. The huge investments being made in data center development are also contributing toward the market expansion. For instance, Alphabet Inc. made an investment worth $9 billion in the development of data centers and offices in 2018.

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The company increased its budgetary allocation to as much as $13 billion in 2019. Moreover, with the swift advent and usage of advanced technologies such as the internet of things (IoT), 5G connectivity, and edge computing in the U.S., the requirement for additional data storage space is rising quickly. This is, in turn, boosting the sales of diesel gensets in the country, thereby causing the expansion of the U.S. diesel genset market.

Another major factor fueling the progress of the market is the growing incidence of power outages in the country, because of overloading and the presence of an aging power grid infrastructure. As per the U.S. Energy Information Administration (EIA), around 127 instances of power outages were recorded in the country in 2018. This was a drastic rise from the 95 power outage instances that were observed in the country in 2017.

This increasing uncertainty in power supply is propelling the sales of diesel gensets, which is, in turn, driving the advancement of the U.S. diesel genset market. Depending on power requirement, the U.S. diesel genset market is divided into backup power and prime power. Between these, the backup power category recorded higher growth, both in terms of revenue and volume, in the market in the past years and this trend is predicted to continue in the forthcoming years as well.

When application is taken into consideration, the U.S. diesel genset market is classified into industrial, commercial, and residential. Amongst these, the commercial category registered the highest growth in the market in the past and will dominate the market in the future as well, as per the forecast of the market research firm, P&S Intelligence. This is credited to the rising demand for continuous power, especially due to power cuts, at telecom facilities, manufacturing units, commercial complexes, construction sites, and offices.

Hence, it can be said with complete certainty that the market would exhibit huge expansion in the coming years, mainly because of the growing incidence of power cuts and the rapid development of data centers in the country.

Global Floating Solar Panels Market Predicted to Generate Over $2,000.0 Million Revenue by 2026

2020-11-30T22:37:00.002-08:00

The global floating solar panels market attained a value of $685.2 million in 2019 and is predicted to generate a revenue of $2,301.8 million by 2026. The rising concerns being raised in several countries over the utilization of fossil fuels for producing power and the rapidly increasing demand for energy are the main factors driving the progress of the market. Additionally, the soaring investments being made by various organizations in research and development (R&D) are fueling the market growth.

The surging population and the reducing availability of land are the other major factors propelling the advancement of the floating solar panels market. Furthermore, the usage of ground-based solar power plants that require large land areas for generating huge amounts of power is causing a sharp reduction in the availability of land for other purposes. This is boosting the demand for floating solar panels as these panels don’t need land for functioning.

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Furthermore, various countries such as India, Brazil, Australia, France, the U.K., the U.S., and Japan are rapidly implementing initiatives for developing floating solar panels. For example, India announced in 2018 that it intends to develop 10 GW capacity floating solar panels in the coming years. This initiative would massively boost the expansion of the market in the country in the future. Depending on type, the floating solar panels market is divided into solar and stationary tracking panels.

Globally, the floating solar panels market would demonstrate the highest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This would be a result of the huge potential of the industry in various developing nations such as China, Indonesia, Vietnam, and India. In these countries, many plant development organizations are predicted to make huge investments in the future years.

Thus, it is quite clear that the market would boom all over the world in the coming years, mainly because of the rising popularity of solar energy and the reducing availability of large land areas in several countries.

How Adoption of Renewable Energy Resources Will Drive Energy Storage Market?

2020-11-26T01:42:00.002-08:00

The energy storage market size is likely to advance at a CAGR of 3.3% during the forecast period of 2020–2030. This advancement will be driven by the international concern over the pollution from conventional energy sources, increasing focus on unconventional sources of energy, high costs of securing energy supply, and decreasing prices of batteries. The market had a storage capacity of 171,039.3 Megawatts (MW) in 2019, and it is projected to increase by 69,917.6 MW by 2030.

The energy storage market will grow during the forecast period because of the quick shift toward unconventional sources of energy. However, solar panels cannot produce energy at night, dams are ineffective during droughts, and the wind speed is not always favorable. Hence, the output of these renewable sources of power is variable, and storing the energy generated can be a good solution. In addition, storage technologies can discharge the power to the grid quickly, which will cater to the increasing demand for electricity.

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Additionally, the higher costs of power than before have led to the adoption of energy storage technologies. The cost of power generation is increasing gradually due to the high-volume demand for energy, which coerces power plants to run at full capacity. Irregular fuel supply and high costs of downstream services and logistics add to the fluctuating prices of power. The issues of volatile costs and conservation of energy necessitate the adoption of storage systems. These technologies are deployed to store excess energy, which can be used when the price of power rises.

Geographically, the Asia-Pacific (APAC) region held the largest market share during the historical period because of the high-volume project equipment, procurement, and construction (EPC) activities across Japan, China, and India. The increasing focus of governments on smart grids and rising demand for stable grids will boost the growth of the APAC energy storage market during the forecast period. APAC countries will add the highest storage capacity in the future because of the increase in the investments in the market.

Why is Demand for Mechanical Energy Storage Exploding in Asia-Pacific?

2020-11-23T02:26:00.002-08:00

The lower per kilo watt hour (kWh) costs of energy installation of mechanical energy storage systems than other types of energy storage methods are pushing up the popularity of mechanical energy storage. The installation costs of compressed air energy storage (CAES) and pumped hydro storage (PHS) types of mechanical energy storage are $53/kWh and $21/kWh respectively. Furthermore, the increasing concerns being raised over the environmental damage caused due to fossil fuels is adding fire to the mechanical energy storage popularity.

According to the International Energy Association (IEA), by 2030, the world will require as much as 266 GW of energy storage for keeping global warming below 2 °C. This is a huge jump in energy storage requirement from the recorded 176.5 GW in 2017. Mechanical energy storage systems use gravitational and kinetic forces for storing inputted energy. The technologies that power the effective and efficient usage of these forces are highly advanced.

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In various real-world applications, these systems are made feasible by cutting-edge computer control devices, technologically advanced materials, and innovative designs. Flywheel, compressed air energy storage, and pumped hydro storage are the most commonly used mechanical energy storage systems across the world. Out of these, the usage of the pumped hydro storage systems is currently observed to be the highest. This is because the PHS technology is comparatively more well-established than the other technologies.

For example, according to the World Energy Council, over 95% of the total worldwide energy storage requirements are met by PHS-driven mechanical energy storage systems. Moreover, these systems have offered a highly cost-effective method for supporting grid balancing services and providing large-scale storage solutions. Commercial, utility, industrial, and residential are the major application areas of mechanical energy storage systems. Out of these, the demand for energy storage is considerably high from utilities.

This is because numerous energy storage services are needed by utility projects such as ancillary services, bulk energy services, renewable energy adoption and grid support services for reducing network congestion during those hours when the energy demand is very high. This subsequently helps utility companies extend the lifespan of assets and enhance the resilience of systems, which, in turn, improves the system’s energy generation efficiency. Globally, the Asia-Pacific (APAC) mechanical energy storage market is currently recording rapid advancement.

As per the findings of P&S Intelligence, a market research company based in India, the biggest factor responsible for the growth of the industry in this region is the soaring investments being made by the governments of regional countries, especially India and China, in energy storage solutions. For example, as per the estimates of the India Energy Storage Alliance (IESA), industry will reach a capacity of more than 300 GWh in 2025 and will require an investment worth $3 billion.

Hence, it can be safely concluded that the demand for mechanical energy storage systems would rise tremendously across the world in the upcoming years, mainly due to the rising requirement for energy storage in the commercial, industrial, residential, and utility sectors and the increasing adoption of renewable energy sources for power generation all over the world.

Construction of Data Centers To Drive Growth of Genset Market

2020-11-20T01:26:00.003-08:00

An increase in the construction of data centers, uncertainties in the grid, and low production of power in several countries are the major driving forces behind the expansion of the genset market. Standing at $17,592.6 million in 2019, the global market is expected to witness a 5.8% CAGR during the forecast period of 2020–2030. At this rate of growth, the market is expected to reach $27,863.0 million by 2030. A genset comprises a fuel-driven engine connected to an alternator, along with other components, such as the exhaust piping and controls.

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The genset market growth will be driven by the increase in the construction of data centers. In contemporary times, there is a huge demand for infrastructure supporting data access, collation, and analysis. Owing to the increasing usage of the internet of things (IoT), digital currencies, autonomous cars, intelligent personal assistants, and digital accounting services, the number of data centers will grow. Facilities such as servers, backup controls, heating, ventilation, and air conditioning (HVAC) systems, and security systems in these data centers require an uninterrupted supply of power.

The construction industry also contributes to the growth of the genset market. Construction activities will increase significantly in developing nations, such as India, Indonesia, and China, due to rapid industrialization. The construction industry of developed countries, such as the U.S. and the U.K., is also expected to witness growth, with a recovery in their economy. The market will also be driven by the strengthening construction industry in the Gulf Cooperation Council (GCC) countries, on account of the integration of technology in business practices, reduced geopolitical uncertainties, fiscal reforms, and recovery in oil prices.

Geographically, the Asia-Pacific region generated the maximum revenue for the genset market players during the historical period of 2014–2019. The poor power infrastructure in many APAC countries contributes to the increasing demand for generators. The demand for power backup from residential complexes and developing telecommunications infrastructure contributes significantly to the expansion of the market in this region. The dominance of the APAC region is also driven by government industrial initiatives, such as Making Indonesia 4.0, Made in China 20250, and Make in India.

Lithium-Ion Battery Recycling Market Explosion Predicted in Asia-Pacific in Future

2020-11-20T00:38:00.003-08:00

The global lithium-ion battery recycling market reached a value of $165.3 million in 2019 and is predicted to advance at a CAGR of 18.3% between 2020 and 2030. The prominent factors driving the progress of the market are the rapidly rising sales of electric vehicles (EVs) and the lack of abundant availability of lithium around the world. Moreover, many countries are implementing restrictions on lithium mining, owing to its environmental consequences.

The lack of abundant availability of lithium is one of the biggest factors boosting the popularity of lithium-ion battery recycling across the world. The severe environmental damage caused due to its mining, usually in the form of water pollution because of the leakage of toxic chemicals into water bodies, is also fueling the advancement of the lithium-ion battery recycling market. Additionally, the absence of suitable alternative materials that can provide similar functional characteristics to lithium is boosting the market growth.

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The surging deployment of electric vehicles is another important factor propelling the expansion of the market around the world. With the rapid environmental degradation and deteriorating air quality, the governments of many countries are increasingly focusing on implementing policies that boost the usage of electric vehicles. Moreover, people nowadays are preferring the eco-friendly electric vehicles over the conventionally used fossil fuel-powered automobiles. This is further pushing up the sales of electric vehicles across the globe.

However, due to the limited availability of the metal, the automobile manufacturing companies are adopting recycled batteries and various salvaged raw components and materials in electric vehicle manufacturing. Geographically, the lithium-ion battery recycling market would demonstrate the highest growth in Asia-Pacific (APAC) in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the ballooning usage of electric vehicles in several regional countries such as Indonesia, the Philippines, China, and Vietnam.

Asia-Pacific (APAC) Leading Global Renewable Energy Revolution

2020-11-19T03:20:00.001-08:00

“Greenhouse gas emissions increased 70 percent between 1970 and 2004.”, says National Geographic. The organization further says that the amount of carbon dioxide (CO₂) in the atmosphere presently is the highest in the last 650,000 years! Such greenhouse gases (GHGs) have been punching holes in the ozone layer, which has led to more sunlight reaching the earth’s surface, in turn, resulting in global warming. According to NASA, the average temperature of the earth has risen by 1.14 °C since the late 19^th century.

Painting an even grimmer picture for the future, NASA says, “Based on plausible emission scenarios, average surface temperatures could rise between 2°C and 6°C by the end of the 21^st century.” Since the major reason behind such catastrophic events is the combustion of crude oil, natural gas, and coal to generate electricity, efforts are being taken to shift away from such resources to cleaner alternatives. This is why P&S Intelligence predicts huge growth in the renewable energy market in the coming years.

Solar energy, wind energy, hydropower, and bioenergy are the most popular forms of renewable energy, among which solar power remains at the helm of the clean energy revolution. National Geographic says that the total installed capacity of solar power plants around the world exploded by a humongous 4,300% during 2007–2017! In 2019 alone, solar power plants with a cumulative capacity of more than 100 Gigawatts (GW) were commissioned, according to the International Energy Agency (IEA).

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Still, the largest renewable energy market is Asia-Pacific (APAC), led by China, Japan, and India. According to the International Renewable Energy Agency (IRENA), in 2018, China generated the highest amount of low-carbon electricity, of 1,844,073.561 GWh. Also on the list of the largest clean energy producers were India and Japan, with figures of 240,671.895 GWh and 183,958.653 GWh, respectively. In addition, China, India, and Japan also accounted for the highest, fifth-highest, and sixth-highest installed capacity of clean energy plants across the globe, thus reflecting their commitment to sustainable practices.

Hence, with carbon emissions taking a toll on the world and fossil fuel resources depleting fast, renewable electricity would become even more important in the coming years.

Why Are Electromechanical Energy Storage Systems Becoming Popular?

2020-11-17T23:10:00.001-08:00

An increasing number of people around the world are waking up to gray skies and weak sunlight, even in the height of summers. This is what air pollution does to the environment, besides leading to climate change. Another way pollutants in the air harm the world is by leading to respiratory diseases, such as lung cancer, asthma, and chronic bronchitis. The major reason behind the existence of such pollutants is the burning of fossil fuels for producing electricity and running vehicles.

The usage of fossil fuels can theoretically be reduced, but the 21^st-century world cannot live without energy and automobiles. Still, something must be done, which is why initiatives are being taken around the world to reduce the burning of coal, natural gas, and crude oil. This, according to P&S Intelligence, will help in driving the energy storage market from 171,039.3 Megawatts (MW) in 2019, in terms of the storage capacity added, by 69,917.6 MW by 2030, at a 3.3% CAGR between 2020 and 2030.

This is because the only solution to surviving, while reducing the consumption of fossil fuels to create power and run automobiles, is to use renewable sources for the same. As per the International Energy Agency (IEA), in 2018, renewable sources already accounted for 26% of the total energy generated. Moreover, between the first quarters of 2019 and 2020, “Renewable electricity generation increased by almost 3%, mainly because of new wind and solar PV projects completed over the past year.”, as per the IEA.

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In the past, the most-productive energy storage market was Asia-Pacific (APAC), which, led by China, Japan, and India, is already the largest green energy producer on earth. In addition, these countries also account for some of the highest EV sales, which, coupled with their massive renewable energy output, lead to a high demand for energy storage systems. Further, if the vehicle-to-grid (V2G) initiatives take off as expected by the IEA, almost 600 Gigawatts (GW) of electricity stored in automotive batteries in the U.S., China, India, and the European Union (EU) could be fed back to the grid by 2030.

Hence, with renewables becoming the global energy trend, the demand for energy storage systems is only bound to boom.

Why is Defense Industry Making Use of Flywheel Energy Storage Systems?

2020-11-17T01:41:00.005-08:00

The consumption of energy has risen considerably all across the globe, which can be attributed to the rapidly rising population. The conventional energy resources, however, are not capable of fulfilling this growing demand for energy. Fossil fuels, which are currently the major source for producing power, are declining swiftly because of excessive use. In addition to this, their increased use has also negatively affected the environment. Owing to all these factors, the focus has now shifted to renewable sources, such as solar and wind energy.

Such resources, however, have variable energy output, which is why, energy storage systems are important for maintaining the supply and demand. One of the energy storage technologies that is being adopted widely is the flywheel energy storage system. These systems are being integrated in traditional energy generating plants, which are finding it hard to adapt to the changes that are taking place, for meeting the excessive demand for power. This is predicted to result in the growth of the flywheel energy storage market in the years to come.

Flywheels assist in the penetration of solar and wind energy in power systems by enhancing the system stability. The fast-response attribute of these systems make them a viable option for applications involving renewable energy systems for grid frequency balancing. Flywheel energy storage systems are being used in defense industry as well. A number of military operations, such as weapons, ships, ground vehicles, communications, navigation, and associated intelligent systems, need electricity.

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The key end-use sectors of flywheel energy storage systems are defense, transportation, aerospace, and renewable energy. Out of all these, the demand for these systems has been high in the renewable energy sector in the sector, which is further projected to create high demand for flywheel energy storage systems in the coming years. The swift adoption of wind and solar energy for energy production and for decreasing carbon emissions are leading to the increasing demand for these systems.

Hence, the market is growing due to the increasing demand for energy and utilization of flywheels in renewable energy and defense sectors.

U.S. Diesel Genset Market Size, Share, Industry Demand, Growth, and Forecast to 2030

2020-11-10T01:39:00.003-08:00

The growth of the construction sector is being driven by the huge investments being made in construction activities and infrastructural development projects in the country. For example, the second round of the Infrastructure for Rebuilding America (INFRA) discretionary grants program was announced by the U.S. Department of Transportation in December 2018. Under this program, the agency would invest nearly $900 million in various infrastructure development, improvement, and renovation projects in the country.

Apart from the aforementioned factors, the rising number of data centers in the country is also positively impacting the sales of diesel gensets. This is because the data centers need a regular supply of power, which is only possible with the usage of power backup systems such as diesel gensets. The rapid incorporation of advanced technologies such as IoT, 5G connectivity, and edge computing is augmenting the requirement for proper data storage space.

The growing demand for data storage facilities is fueling the development of data centers all over the country. As a result, many companies are making huge investments in the development of data centers and data storage facilities in the country. For example, in 2018, Alphabet Inc. made an investment worth $9 billion in office and data center construction in the U.S. The organization further invested $13 billion in data center development in 2019.

Hence, because of the above-mentioned factors, the power requirements are shooting-up in the U.S., which is, in turn, driving the demand for diesel gensets in the country. As a result, the revenue of the U.S. diesel genset market is predicted to grow from $2,187.4 million to $3,797.6 million from 2019 to 2030. Furthermore, the market will progress at a CAGR of 7.2% from 2020 to 2030. Depending on power requirement, the market is divided into backup power and prime power.

Between the two categories, the backup power division recorded higher growth, both in terms of revenue and volume, in the U.S. diesel genset market in 2019. This category is predicted to dominate the market in the future years as well, because of the rising need for backup power in the country, for continuing business operations in commercial and industrial facilities such as manufacturing plants, retail outlets, hospitals, and commercial complexes without any hindrances.

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When application is taken into consideration, the U.S. diesel genset market is classified into commercial, industrial, and residential categories. Out of these, the commercial category recorded the highest growth in 2019 and this trend will continue in the forthcoming years as well, as per the estimates of the market research firm, P&S Intelligence. This would be because of the rising demand for continuous power, especially at telecom facilities, construction sites, manufacturing units, commercial complexes, and offices in the country.

Hence, it can be said without any hesitation that the sales of diesel gensets will rise enormously in the U.S. in the upcoming years, mainly because of the growing incidence of power outages and the rising need for a continuous power supply in commercial, industrial, and residential settings in the country.

Solar Panel Recycling Market to Grow due to Limited Lifespan of these Devices

2020-11-09T01:18:00.003-08:00

The global solar panel recycling market is expected to generate a revenue of $269.8 million by 2023, increasing from $80.7 million in 2017, advancing at a 22.0% CAGR during the forecast period (2018–2023), as per a study conducted by P&S Intelligence. Favorable government regulation that support sustainable development and the rising adoption of solar power as a source of energy are the major driving factors of the market. On the basis of process, the market is divided into laser, thermal, and mechanical.

Out of these, the mechanical process accounted for the major share of the market in the past, holding more than 55.0% share of the market in 2017. The eco-friendly and economical nature of this recycling process is leading to its high demand. In terms of type, the market is categorized into thin film, polycrystalline, and monocrystalline, out of which, the monocrystalline type dominated the market in the past, accounting for over 50.0% market share in 2017.

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These solar panel are preferred widely, owing to their beneficial features, such as superior grade material, greater efficiency, longer shelf life, relatively higher space efficiency, and excellent heat resistance. The thin-film category is expected to register the highest CAGR in the solar panel recycling market during the forecast period. The adoption of these solar panels is projected to rise due to their flexibility, temperature resistance, and light weight in the coming years, thereby driving the market during the forecast period.

Geographically, the European region dominated the solar panel recycling market in the past, contributing over 40.0% value share to the market in 2017. The stringent regulations regarding solar panel waste management is majorly leading to the growth of the regional domain. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to increasing concerns regarding environmental sustainability and cost advantages of solar panel recycling in developing countries, including India and China.

Why Genset Market Growth Depends on Developing Countries?

2020-11-04T23:27:00.003-08:00

The genset market is advancing on account of the low electricity production and grid uncertainty in numerous parts of the world and increasing demand for these systems for data centers. Compared to $17,592.6 million in 2019, the sales of these power-producing devices will be worth $27,863.0 million by 2030. Additionally, during 2020–2030 (forecast period), the industry is expected to display a CAGR of 5.8%. In a genset, the rotating shaft of an engine is connected to an alternator, in order to create energy.

The major growth drivers for the genset market are the grid uncertainties and low power production in numerous developing nations. Countries such as Ghana and Nigeria witness a huge demand–supply gap, owing to the poor grid infrastructure, which often suffers losses. Even in developed countries, including the U.S., the grid infrastructure is aging and natural disasters regularly wreak havoc, which drives the demand for generators. These systems are cost-effective and easily available around the world, which is why they are popular as off-grid electricity solutions.

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The booming construction industry is set to offer lucrative opportunities to generator manufacturers and suppliers. In China, India, Indonesia, the U.S., and the U.K., the rising population and increasing urbanization rate are boosting the construction sector. From start to finish, every construction project has to install generators, until it gets connected to the grid. Gensets are used to power machinery and light up the construction area at night. Further, areas within the building need to be lit up 24/7, in order for laborers to be able to work non-stop.

Presently, the Asia-Pacific (APAC) region is the largest genset market, because of the expanding manufacturing industry, supported by the Made in China 2025, Make in India, Making Indonesia 4.0, and other such government initiatives. Similarly, the demand for backup power in residential units is increasing, while heavy sums are being poured in for the advancement of the telecommunications infrastructure. During the forecast period, the highest CAGR in the industry will be witnessed by the MEA region, driven by grid uncertainties and the rapid urbanization in Saudi Arabia, the U.A.E., Turkey, and Egypt.

Hence, with the increasing demand for power and need to counteract the grid uncertainties and inadequate electricity production, gensets will see widespread installation around the world.

Technological Developments Projected to Drive Offshore Wind Turbine Market

2020-11-01T22:47:00.002-08:00

The global offshore wind turbine market is predicted to attain a revenue of $68,869.3 million by 2026, increasing from $24,683.3 million in 2019, according to a research conducted by P&S Intelligence. The market has been registering growth due to the rising investments in renewable energy resources, favorable government policies, and technological advancements. When water depth is taken into consideration, the market is divided into deep water (>60 m), transitional water (30 m to 60 m), and shallow water (up to 30 m).

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Among all these, the shallow water division dominated the market in 2019 and is projected to account for the major share of the market during the forecast period as well. Shallow-water regions are ideal for setting the foundation for wind towers, since they offer more convenience as compared to deep water and transitional water installations. The maintenance and repair of devices is easier to take care in shallow water, owing to which, the division is predicted to register significant growth in the years to come.

On the basis of installation, the offshore wind turbine market is bifurcated into floating and fixed, between which, the fixed category held the larger share of the market in 2019. This is due to the various benefits of fixed installations, as opposed to floating installations, such as easier decommissioning and commissioning processes and economic feasibility. In addition to this, the cables of fixed installations retain their positions, as the impact of current and waves is weaker.

Geographically, the Asia-Pacific region is projected to register the highest number of wind turbine projects in the offshore wind turbine market, owing to the rising government initiatives regarding the promotion of offshore installation of windmills. The surging energy demand and high dependence on fossil-fuels for power generation are further creating the high need for eco-friendly and cost-effective wind turbine installations on oceans, lakes, and seas. These factors are leading to the growth of the regional market.

Smart Solar Market Growth, Demand, Trends, Size, Share, and Future Scope

2020-10-27T03:20:00.003-07:00

The surging need for clean and renewable energy in the industrial and residential sectors is massively pushing up the demand for monitoring and tracking the consumption, production, and transmission of solar energy to improve the overall efficiency. Due to this factor, the adoption of smart solar solutions is soaring rapidly across the world as these solutions play a major role in reducing the electricity expenditure and increasing the efficiency of the components used for producing solar power. This is achieved by the real-time monitoring of these devices.

Besides monitoring the solar panels, the smart solar solutions also help in reducing energy wastage, which, in turn, assist in attaining optimum usage of solar energy. In addition to this, these solutions enhance the functional capabilities and characteristics of the solar devices. Furthermore, the increasing production of solar power panels and other devices, on account of the rapid advancements in the electronics and information technology (IT) sectors, is boosting the demand for these smart solutions all over the globe.

Apart from the advancements in the IT and electronics sectors, the surging initiatives being taken by the governments of various countries are also fueling the rise in the sales of solar power panels. For example, the U.S. government recently launched the investment tax credit (ITC) or the federal solar tax credit for promoting the adoption of solar panels in the country. Under this tax credit, the citizens of the country are provided a subsidy of 26% of the total cost of installing a solar energy system from the federal taxes.

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The other major factor contributing toward the rising sales of solar power devices is the declining costs of the photovoltaic (PV) panels throughout the world. Hence, with the growing usage of solar energy and the increasing adoption of smart solar solutions, the global smart solar market will exhibit tremendous growth in the future years. These solutions are widely incorporated in generators, invertors, and photovoltaic cells. Amongst these, the integration of these solutions is currently being observed to be the highest in photovoltaic cells, due to the rapid technological advancements and the subsequent reduction in the prices of these cells.

The major application areas of the smart solar solutions are the commercial and industrial and residential sectors. Out of these, the adoption of these solutions is presently being observed to be the highest in the commercial and industrial sector. This is credited to the fact that the smart solar solutions and services have very high costs of deployment and are thus not extensively used in residential applications. Moreover, the high costs of these solutions make them unaffordable for many residential applications.

Across the globe, the North American smart solar market is currently the most lucrative, as per the findings of the market research company, P&S Intelligence. This is primarily attributed to the rapid technological advancements and the early integration of smart solar solutions and services in this region. Apart from North America, the Asia-Pacific (APAC) region is also observing large-scale usage of these services, on account of the rising popularity of renewable energy in the region and the increasing government initiatives being taken in the various APAC countries such as India, Japan, and China for encouraging the adoption of solar energy.

Therefore, it is clear from the above paragraphs that the demand for smart solar solutions will surge across the world in the coming years, mainly because of the growing adoption of solar energy in the commercial, industrial, and residential sectors throughout the globe.

Why Is Asia-Pacific (APAC) Largest Floating Solar Panels Market?

2020-10-25T23:39:00.004-07:00

The major reasons the world is now adopting floating solar panels are that they do away with the need to acquire large tracts of land and the government policies and initiatives that support their usage. Owing to these factors, the floating solar panels market, which generated revenue of $685.2 million in 2019, is predicted to advance to $2,301.8 million by 2026. Such photovoltaic (PV) panels are fixed on top of a buoyant structure, which floats on water.

On the basis of type, the industry is bifurcated into solar-tracking and stationary panels, of which the stationary bifurcation held the larger share in 2019. This is because these variants are not affected much by water currents, and they are also cheaper than solar-tracking panels. Moreover, if a panel is damaged, it is easier and more cost-effective to restructure a stationary variant. This is the reason the stationary bifurcation will keep generating the higher revenue during the forecast period (2020–2026).

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The floating solar panels market is also advancing on account of the increasing investments in renewable energy. Huge amounts of greenhouse gases (GHG) are released into the atmosphere during the combustion of gas, crude oil, and coal at power plants for generating electricity. This has been the biggest cause of air pollution, global warming, climate change, and ozone depletion. To curb environmental degradation, sustainability initiatives aimed at utilizing cleaner sources for creating electricity are being taken. This is leading to the increasing investments in renewable technologies, including floating PV plants.

Asia-Pacific (APAC) is the largest floating solar panels market presently, and it is expected to continue being so till 2026. Due to the strong government support for renewable energy, APAC is already the largest producer of solar power in the world. In addition, the strict emission-control regulations, huge demand for land for various purposes, and rising requirement for cheap electricity are driving the installation of PV panels in regional waterbodies. In most of the APAC countries, there is extremely less land to spare, on account of the booming population and expanding cities here.

Therefore, with advancements in renewable energy technologies and population explosion, the installation of floating solar panels will keep increasing.

Diesel Genset Market To Cross $17,500.0 Million by 2024

2020-10-21T00:28:00.001-07:00

Diesel generator set sales are growing around the world due to the increasing demand for electricity for backup and primary purposes, itself owing to the burgeoning population, urbanization, and industrialization. As a result, from $12,656.2 million in 2018, the diesel genset market is projected to advance to $17,821.3 million in 2024, at a 5.8% CAGR during 2019–2024 (forecast period). In such systems, a diesel engine drives an alternator to create electric power; these gensets also consist of a canopy or enclosure, fuel delivery system, cooling and exhaust system, and control panel.

The categories, when the market is segmented by power rating, are 5 kilovolt-Ampere (kVA)–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA. Among these, the 5 kVA–75 kVA category held the largest share in the diesel genset market, in terms of volume, during the historical period (2014–2018). This is because generator sets of this power rating are immensely popular in small commercial installations, residential complexes, retail establishments, and telecom towers.

The diesel genset market is also booming on account of the grid uncertainties and inadequate production of electricity in emerging economies. Apart from these two factors, considerable transmission losses in Ghana, Nigeria, and several other African nations lead to a wide gap in the demand and supply of power. This is resulting in the rising need for alternative electricity generation sources, most commonly diesel generator sets, in residential, commercial, and industrial settings.

This market research report provides a comprehensive overview of the Diesel Genset Market

    Historical and the present size of the Diesel Genset Market
    Future potential of the market through its forecast for the period 2019–2024
    Major factors driving the market and their impact during the short, medium, and long terms
    Market restraints and their impact during the short, medium, and long terms
    Recent trends and evolving opportunities for the market participants
    Historical and the present size of the market segments and understand their comparative future potential

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Ultra-Thin Solar Cells Market to Witness 56.9% CAGR during 2020–2030

2020-10-20T02:42:00.003-07:00

The global ultra-thin solar cells market generated a revenue of $30.0 million in 2019 and is predicted to grow at a 56.9% CAGR during the forecast period (2020–2030). The increasing requirement for renewable energy and decreasing prices of photovoltaic (PV) panel components are expected to drive the ultra-thin solar cells market in the coming years. In terms of technology, the market is divided into gallium arsenide (GaAs), cadmium telluride (CdTe), and copper indium gallium diselenide (CIGS), among which, the demand for CdTe was the highest, in 2019.

This is owing to the fact that on-grid cells provide various advantages over off-grid cells. Moreover, the grid connectivity around the world, except for some underdeveloped and developing countries is still good. The electricity grid acts as a battery in on-grid systems, and helps situations where consumer needs external power. Based on application, the ultra-thin solar cells market is categorized into aerospace, building-mounted, and automotive. The market was dominated by the building-mounted application in 2019, attributed to the fact that these devices are extensively installed on residential and commercial units.

When geography is taken into consideration, the Asia-Pacific (APAC) region held the largest share of the ultra-thin solar cells market in 2019. This can be ascribed to the fact that PV panel manufacturers in the region are increasingly engaging in research & development (R&D) activities for enhancing the efficiency and reducing cost of these devices, while still being able to make a profit. The developed ultra-thin solar cells are already being utilized by various automakers in APAC for manufacturing solar-powered electric vehicles, which is further driving the market.

The increasing number of R&D activities across the globe is a key driving factor of the ultra-thin solar cells market. The devices can produce about 75% electricity as compared to the traditional PV cells of equal surface area. In addition to this, the technology has exhibited 30% energy efficiency during trials but is only 15% efficient when commercial scale is considered. Therefore, in order to overcome these limitations and to reduce the cost of ultra-thin solar cells, manufacturers are increasingly engaging in R&D activities.

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Premium end-users, such as spacecraft, automotive, and aerospace, and low-load-bearing building are expected to open up wide opportunities for the players operating in the ultra-thin solar cells market. As compared to the traditional silicone-based PV cells, ultra-thin solar cells are being considered a better option, owing to their cost-effective and environment-friendly nature. In addition to this, these devices are able to generate a high power output, considering their weight, owing to which, they are ideal for automobile batteries and other auxiliary energy storage devices and wearable sensors.

In conclusion, the growing R&D activities and advantages of ultra-thin solar cells are driving the market.

Popularity of Solar Panel Recycling Set to Soar in Asia-Pacific in Future

2020-10-15T23:56:00.003-07:00

With the rising environmental damage and the growing energy crisis in several countries, because of the ballooning costs of fossil fuels and their depleting reserves, the demand for renewable energy sources such as solar energy is rising rapidly. Moreover, as the signs of climate change are becoming more and more prevalent, sustainability and eco-friendly power generation are gaining traction all over the world. This is one of the biggest factors fueling the popularity of solar panel recycling across the globe.

Governments and industries are increasingly focusing on reusing and recycling solar panels and their various parts and components for reducing waste generation and promoting sustainable energy production. The governments of many countries are rapidly implementing stringent policies such as the European Waste Electrical and Electronic Equipment (WEEE) Directive that lay down effective methods of reusing and managing wastes related to solar plants and panels. Such directives are being enacted for boosting the popularity of green projects.

As a result, the market would witness a sharp growth in its valuation from $80.7 million to $269.8 million from 2017 to 2023 and progress at a CAGR of 22.0% between 2018 and 2023. Depending on the method of recycling, the solar panel recycling market is divided into mechanical, laser, and thermal processes. Amongst these, the mechanical category recorded the highest growth in the market in the past, because of the highly environment-friendly and economical nature of the mechanical process.

Globally, the European solar panel recycling market exhibited the highest growth in the years gone by. In the near future, the market would demonstrate the highest growth in the Asia-Pacific (APAC) region, as per the estimates of P&S Intelligence, a market research firm based in India. This would be a result of the implementation of strict government regulations regarding waste management and rapid technological advancements in recycling and waste management in the region.

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Demand for Energy Storage Technology Expected to Skyrocket in Asia-Pacific in Future

2020-10-11T23:12:00.001-07:00

The rapid environmental degradation, global warming, and deteriorating air quality levels in many countries are fueling the usage of renewable sources of energy such as wind and solar in industries, residential buildings, and commercial settings. As these energy sources have variable power outputs, their growing usage is pushing up the demand for energy storage technologies. These storage technologies smoothen out the power supply from the sources and ensure that the power requirements are met at all times.

These technologies also provide several other benefits such as the ability to discharge power quickly to the grid, which are not possible in the conventional energy systems involving fossil fuels. The traditional systems take longer to ramp up and deliver power to the grid. The rapid power delivering characteristic of the energy storage systems plays a major role in ensuring the stability of the grid during peak hours or when the energy demand suddenly increases.

Apart from the aforementioned factors, the escalating power prices in several countries are also pushing up the requirement for energy storage systems and technologies. The increasing energy demands have made the power plants run at full capacities, which is, in turn, causing a sharp surge in the power prices. In addition to this, the lack of a regular fuel supply and numerous constraints associated with logistics are augmenting the costs of power across the world.

As a result, the capacity of the market is predicted to grow from 171,039.3 Megawatts (MW) to 240,956.9 MW from 2019 to 2030. The energy storage market will add a capacity of as much as 69,917.6 MW by 2030, exhibiting a CAGR of 3.3% between 2020 and 2030. Based on type, the market is divided into mechanical, electrochemical, thermal, and chemical. Amongst these, the mechanical category recorded the highest growth in the market in the past.

This was mainly because of the large-scale project equipment, procurement, and construction (EPC) activities in countries such as China, Japan, and India in the past years. In the coming years, the APAC market would witness the highest increment in storage capacity across the world. This is credited to the rising requirement for smart grids and the surging investments being made by the governments of regional countries in the development of smart grids.

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Demand for Ultra-Thin Solar Cells Highest in Asia-Pacific

2020-10-06T01:44:00.009-07:00

As people are increasingly getting aware regarding the adverse effects of excessive utilization of fossil fuels for energy generation on the environment, the demand for renewable energy sources is increasing rapidly. Owing to this, the adoption of solar energy has increased considerably across the globe. Solar energy is one of the cleanest sources of energy, and its increased usage can aid in reducing carbon dioxide emissions significantly. Governments of various countries are also taking initiatives for increasing the adoption of renewable energy sources for curbing the surging levels of pollutions. All these factors are leading to the increasing demand for ultra-thin solar cells.

According to a study conducted by P&S Intelligence, the global ultra-thin solar cells market attained a value of $30.0 million in 2019 and is predicted to exhibit a 56.9% CAGR during the forecast period (2020–2030). These solar cells are of three types when it comes to technology, namely gallium arsenide, copper Indium gallium diselenide, and cadmium telluride (CdTe). Since CdTe technology provides efficiency both in terms of power generation and cost, their demand has been the highest up till now.

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The adoption of these solar cells is further projected to be the highest in the coming years as well, which can be ascribed to the fact that the other two technologies are in the testing phase and are just being utilized in laboratories for the time being. Ultra-thin solar cells can be utilized off-grid or on-grid, however, the requirement for on-grid solution is predicted to rise significantly in the years to come. Grid connectivity in a number of countries is good, except for some underdeveloped and developing countries, and on-grid cells offer various advantages over their counterparts. In these systems, the electricity grid functions as a battery and aids in situations where external power is needed.

Geographically, the ultra-thin solar cells market is being dominated by the Asia-Pacific region at the present time, and the demand for these devices is further expected to be the highest in this region in the near future as well. This is because, PV panel manufacturers in the region are increasingly engaging in research & development activities for improving the efficiency and decreasing the cost of these devices, without losing the profit margin. Such efforts are leading to the development of ultra-thin solar PV cells and the automotive industry in the region has already started making use of these devices.

Smart Grid Technology Market Size, Share, Growth, Demand and Forecast to 2024

2020-09-30T02:58:00.005-07:00

The increasing electricity wastage and the rising carbon footprint being produced during power production are becoming major issues in several countries with each passing day. Apart from over-burdening the public utilities sector, these factors are also responsible for the rapid environmental degradation across the world. Moreover, these factors are massively accelerating the depletion of fossil fuel reserves, on account of their overexploitation. Because of these reasons, smart grid technologies are increasingly being adopted in the utilities sector of many countries.

Grid connectivity is normally a one-way communication between the end users and power transmission companies. However, the integration of smart grid technologies converts this one-way communication into two-way communication, which allows the transmission companies to take back extra power from the end users who are generating electricity at their commercial and residential installations. As per the estimates of the International Energy Agency, the U.S. government will invest $2.1 trillion in the development of smart grid technology infrastructure by 2035.

Besides reducing electricity wastage, the adoption of smart grid technologies also helps mitigate the carbon footprint by reducing the overconsumption of electricity. This is done with the help of smart meters, which allow the consumers to know about their power consumption levels. Additionally, the usage of superconducting cables significantly reduces losses during power transmission. Furthermore, this technology helps majorly in optimizing and monitoring peak loads and ensures the safe delivery of power by detecting faults in the transmission line.

Due to the above-mentioned factors, the demand for smart grid technology will rise enormously in the coming years, which will, in turn, cause the surge of the global smart grid technology market in the upcoming years. The installation of smart grids is usually very expensive, but, in the long run, these grids will help reduce over expenditure and financial losses. Moreover, the installation of grids will drastically reduce the pollution levels over a significant period of time.

Some of the major software components of these grids are— advanced metering infrastructure (AMI), network management system, distribution management system, substation automation, grid asset management, billing and customer information system, and grid security. Out of these, the usage of the distribution management systems is currently being observed to be quite high, due to the ability of these systems to provide sage, proficient, and consistent power with the help of advanced analytics via the integration of various systems and solutions.

Some of these systems and solutions are— energy management systems (EMSs), advanced fault and network analysis, supervisory control and data acquisition (SCADA), and outage management systems (OMSs). According to the forecast of P&S Intelligence, a market research firm based in India, the North American smart grid technology market exhibited huge expansion during the last few years. Furthermore, this market will be very prosperous in the future years, on account of the early adoption of various smart grid projects.

In addition to the aforementioned factor, the huge investments being made by Canada and the U.S. in smart grid technology will massively augment the sales of these systems in the North American region in the coming years. The industry will also grow explosively in the Middle East and Africa (MEA) region in the future, on account of the abundant availability of various renewable and conventional energy resources and the growing implementation of community-based micro smart grids in the rural areas.

Therefore, it can be said with surety that the requirement for smart grid technology will soar all over the world in the coming years, primarily because of the rising concerns being raised in several countries over the increasing electricity wastage and carbon footprints and the rapid depletion of fossil fuel reserves around the world.

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Why are Lithium Ion Batteries Ideal for Electric Vehicles?

2020-09-26T02:09:00.004-07:00

The adoption of electric vehicles has risen considerably all over the world, which can be majorly ascribed to the increasing concerns regarding the adverse condition of the environment. Consumers are increasingly becoming aware regarding the negative effects of conventional vehicles on the environment, which is why they are now increasingly preferring vehicles that cause less harm to the environment. Moreover, governments of several countries are also encouraging people to opt for electric vehicles for curbing the surging pollution levels.

A major part of electric vehicles is the battery, which is the major power source. Presently, lithium-ion (Li-ion) batteries are majorly being utilized in electric vehicles, which is why, the increasing demand for these vehicles is creating high demand for Lithium-ion batteries as well. Since these batteries have excellent energy density, they are being considered the standard battery technology for electric vehicles. It is owing to all these factors that the global Lithium ion battery market is predicted to advance at a considerable pace in the years to come.

The global Lithium ion battery market is expected to reach a value of $106,493.0 million by 2024, increasing from $33,720.8 million in 2018, advancing at a 21.8% CAGR during the forecast period (2019–2024). The market is categorized into industrial, medical, telecom, aerospace & defense, automotive, and consumer electronics, when the application segment is taken into consideration. Out of these, the consumer electronics category held the major share of the market in 2018, in terms of value.

Geographically, the Li-ion battery market was dominated by Asia-Pacific (APAC) during the historical period (2014–2018), according to a report by P&S Intelligence report. The surging demand for portable electronic devices, rising requirement for electric vehicles, and the presence of key players are resulting in the growth of the regional domain. The region is further predicted to grow at the fastest pace during the forecast period, owing to technological advancements in these energy storage devices.

In conclusion, the market is being driven by the growing demand for electric vehicles and advancements in the Li-ion battery technology.

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Offshore Wind Turbine Market Trends, Growth, Revenue Estimation and Forecast Report 2026

2020-09-25T02:38:00.004-07:00

The focus on renewable energy has increased considerably recently, since there is a pressing need to reduce the utilization of fossil fuels for generating energy. Governments of various countries are also implementing several regulations for encouraging the adoption of renewable energy. Moreover, investments in the renewable energy sector are also increasing, further leading to the growing adoption of renewable energy. The future energy demands cannot be met by just utilizing fossil fuels, therefore, countries are trying their best to increase the utilization of renewable energy resources.

This is a major factor resulting in the growth of the global offshore wind turbine market. Offshore wind turbine technology is quite similar to that of the onshore wind turbine technology. The energy capture with offshore wind turbines though is significantly higher than that of onshore wind turbine. This technology is further fiercer than its counterpart and has the potential for higher average wind speeds. Also, offshore wind turbines need to be more rugged than onshore machines, since the conditions at sea are more challenging.

Technological advancements in offshore foundations is further predicted to drive the adoption of offshore wind turbine technology in the years to come. Larger geographical areas are also being allotted for establishing wind energy farms, which is further predicted to drive the growth of the market in the years to come. The worldwide pipeline for offshore wind energy reached 4,888 MW in 2018, with 46 MW of operating projects and 38 announced projects.

In 2019, the offshore wind turbine market generated a revenue of $24,638.3 million in 2019, and it is projected to reach a value of $68,869.3 million by 2026. On the basis of water depth, the market is divided into deep water (>60), shallow water (up to 30 m), and transitional water (30 m to 60 m), among which, the shallow water division held the major share of the market in 2019. The division is further expected to dominate the market during the forecast period, as these regions are ideal for setting up the foundation for wind towers.