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Market Overview
The Global Micro
Turbine Market was worth US$ 0.12 Billion in 2022 and
is anticipated to reach US$ 0.28 Billion by 2032, with a notable CAGR of 10%
during the projection period from 2023 to 2032.
One
of the key factors driving the expansion of the Global Micro Turbine Market is
the rising need for sustainable energy. Another significant driver of the
market's growth is the creation of micro-turbines that can utilize different
types of fuels.
The
rising need for energy resources is another aspect promoting industry
expansion. Due to the widespread acceptance of climate change, non-polluting
energy sources are now prioritized above traditional fuels like crude oil,
natural gas, and other fossil fuels, which emit large volumes of greenhouse
gases.
Travel
restrictions were put in place by governments around the globe during the
COVID-19 Pandemic to stop the virus from spreading, which reduced the demand
for and price of crude oil. Due to falling oil prices and the global lockdown
imposed by governments, there was a decline in the demand for micro turbines.
At the same time, electricity demand fell dramatically because businesses and
institutions were not allowed to operate.
Key
Players:
·
Capstone Turbine Corporation (US)
·
FlexEnergy, Inc. (US)
·
Ansaldo Energia S.p.A. (Italy)
·
Brayton Energy, LLC (US)
·
Eneftech Innovation SA (Switzerland)
·
Microturbine technology BV (the Netherlands)
·
Wilson Solarpower Corporation (US)
·
ICR Turbine Engine Corporation (US)
·
Calnetix Technologies LLC. (US)
·
Toyota Motor Corporation (Japan)
·
Bladon Jets (Isle of Man)
Market Segmentation
The Global Micro Turbine Market is
segmented by power rating, application, and end user.
Based
on power rating, the Global
Micro Turbine Market is divided into 12 kW – 50 kW, 50 kW
– 250 kW, and 250 kW – 500 kW. The 50-250 kW category is anticipated to hold a
significant proportion of the market share during the forecast timeframe.
Microturbines with power ratings ranging from 51kW to 250kW are highly favored
by the commercial and industrial sectors globally.
Based
on application, the market is divided into standby power and combined heat and
power (CHP). The combined heat and power (CHP) sector dominates the global
micro turbines market. CHP is a widely used technology, and investment in this
sector is also increasing. Significant growth in the standby power category is
projected during the forecasted period.
Based
on the end-user, the Global
Micro Turbine Market is segmented into residential,
commercial, and industrial sectors. The industrial segment is projected to have
a significant market share over the projection period.
Regional Classification
The Global Micro Turbine Market is
segmented into five major regions: North America, Europe, Asia Pacific, the
Middle East, and Africa, and Latin America.
The
North American region dominated the Global
Micro Turbine Market in 2021. The United States holds a
significant Global Micro Turbine Market share in North America. The country's
government has also enacted stringent pollution regulations, which has prompted
the widespread installation of these turbines, particularly in CHP
applications.
Europe
is expected to dominate the Global
Micro Turbine Market because of its geographic location,
which restricts the application of solar energy, and poor hydroelectric
generation.
The
Asia Pacific region is expected to rise at a significant CAGR during the
projection period. The market is projected to expand because of the region's
increased power demand and weak grid connectivity.
Industry News
Many
businesses are engaging in an increasing number of development projects in
order to improve their global market share.
The
leading companies in the Global Small
Gas Turbines Market are Bladon Jets, Microturbine
Technology BV, Capstone Turbine Corporation, ICR Turbine Engine Corporation,
Calnetix Technologies LLC, Eneftech Innovation SA, Toyota Motor
Corporation, Flexenergy, Inc, NewEnCo, Ansaldo Energia S.P.A., Brayton Energy
LLC, and Wilson Solarpower Corporation.
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Offshore Energy Storage Market
Distribution Feeder Protection System Market
The global mechanical
energy storage market is expected to exhibit a strong 7.31% CAGR over the
forecast period till 2030, according to the latest research report from Market
Research Future (MRFR). The report provides a greatly detailed profile of the
global mechanical energy storage market and gives readers an all-inclusive
overview of the market. The past, present, and future of the market are studied
in the report, with detailed historical analysis, present statistics, and
future projections.
Historical statistics revealing the market’s
historical growth trajectory are studied in detail in the report. Based on
these statistics and a study of the major drivers and restraints affecting the
market, future projections can be made for the mechanical energy storage
market. Based on this platform, future projections for the mechanical energy
storage market’s growth trajectory over the forecast period are provided in the
report.
A comprehensive analysis of the leading players in
the mechanical energy storage market is also provided in the report, which
profiles the major players operating in the market. The major factors and
trends affecting the global mechanical energy storage market are assessed in
the report. The impact of the COVID-19 pandemic on the mechanical energy
storage market is also assessed in the report.
Mechanical energy storage is one of the major
ways of storing energy for later use. The growing demand for backup power in
industrial, commercial, as well as residential sites is the major driver for
the global mechanical energy storage market. As the industrial sector has
grown, the demand for power in the sector has grown correspondingly.
Increasing industrial operations in emerging
regions such as the Middle East and Asia Pacific have been a major driver for
the demand for electricity. This has driven the demand from the mechanical
energy storage market over the last few years. The increasing demand for backup
power from the residential sector is also likely to be a major driver for the
mechanical energy storage market over the forecast period.
On the other hand, reluctance from governments
to initiate capital-intensive projects is a major restraint on the global
mechanical energy storage market. The high costs of pumped hydro storage
infrastructure are also likely to be a key restraint on the global mechanical
energy storage market over the forecast period.
Competitive Leaderboard:
·
Voith GmbH (Germany)
·
Sulzer Ltd.
(Switzerland)
·
DeWalt (U.S)
·
Ingersoll Rand (U.S)
·
Hitachi Ltd. (Japan)
·
Porter-Cable (U.S)
·
Kirloskar Pneumatic Co
Ltd. (India)
·
Atlas Copco AB
(Sweden)
·
Active Power Inc.(U.S)
·
Beacon Power (U.S)
·
Powerthru (Canada)
·
Schwungrad Energie
Limited (Ireland)
Segmentation:
The global mechanical energy storage market is
segmented on the basis of type, end use, and region.
By type, the global mechanical energy storage
market is segmented into pumped hydro storage, compressed air energy storage,
and flywheels. Pumped hydro storage and compressed air energy storage systems
differ significantly from flywheel systems. In terms of short term range,
flywheel storage is positioned somewhere in between electric storage systems
and batteries. Their capacity is considerably higher, and their discharging
times are slightly longer than electric storage systems. Pumped hydro storage systems,
on the other hand, can contain several gigawatt-hours of stored capacity.
The dimensions of pumped hydro storage systems may
vary based on the geographical specifics of the site. Historically, pumped
hydro storage systems have typically been used as short-term storage facilities
for balancing energy fluctuations through a day. They have mid-length
discharging durations of six to eight hours. However, some pumped hydro storage
facilities are also used for long-term storage with discharging durations of
several days.
By end use, the global mechanical energy storage
market is segmented into industrial, commercial, and residential.
Regional Analysis:
Asia Pacific is the leading regional Kinetic
energy storage market and is likely to retain the position over the
forecast period. The growing industrial sector in Asia Pacific is likely to be
a major driver for the mechanical energy storage market in the region. The
growing urbanization in the region is also likely to drive the demand for
mechanical energy storage systems from commercial and residential consumers in
the coming years.
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Global Offshore Cranes
Market
Potential Oilfield
Discoveries Worldwide offer Significant Growth Opportunities
The global offshore
cranes market is growing at a rapid pace. The market growth
predominantly attributes to increasing ports, shipyards, and offshore
construction activities needing lifting equipment.
The oil and gas industry has been
growing enormously, witnessing rapid discoveries of reservoirs. Innovations in
offshore cranes have assured reduced labor and time.
With the increasing uses of
innovative and technologically advanced offshore cranes, the market is expected
to garner significant gains over the next few years. In this regard, Market
Research Future (MRFR) confirms that the offshore cranes market is projected to
reach USD 36.35 Billion in revenues by 2032, growing at a CAGR of 9.70% during
the assessment period (2023-2032).
Favorable Government
Policies for EnP Development Projects are Major Market Trends
The offshore cranes market outlook
looks extremely promising. Growing mining and power industries worldwide and
huge R&D investments made by manufacturers to develop advanced offshore
cranes drive the market growth. Emerging regions present many untapped
opportunities for the offshore cranes market.
Additionally, the spurring rise in
mining industries across the world and the booming demand for removing rare
earth elements drive the offshore cranes market shares. Furthermore, growing
government mandates & policy updates in developing countries offer
significant opportunities to market players.
COVID-19 Impacts
The offshore cranes industry was
severely affected by the COVID-19 pandemic. Lockdown mandates worldwide
initiated to control the spread of the virus disrupted the production and
sales, hampering the supply chain on a global scale. Besides,
the pandemic disrupted and halted exports of the raw materials required for
production, affecting the market landscape.
Moreover, the changing consumer
purchasing patterns due to economic uncertainties affected the market demand
vastly. However, the market is rapidly returning to normalcy as the demand for
offshore cranes is gradually picking up. Further, the market is estimated to
witness a speedy recovery with the gradual reopening of major EnP
activities.
Segmentation
The offshore cranes market analysis
is segmented into types, design types, lifting capacity, duty cycle, end-use,
and regions. The type segment is sub-segmented into mobile cranes, fixed
cranes, and marine & port cranes. The marine & port crane segment
accounts for the largest market share due to increasing subsea construction
activities.
The design type segment is
sub-segmented into telescopic, knuckle boom, lattice, and others. Of these, the
knuckle boom segment holds the largest market share due to its designing
features, including internal and external lifts functions, helping in adverse
weather conditions with stability, better operability, and reduced workload on
operators.
The lifting capacity segment is
sub-segmented into up to 500 mt, 500 – 3,000 mt, and above 3,000 mt. The duty
cycle segment is sub-segmented into production duty, intermediate duty, and
drilling duty. Of these, the drilling duty segment holds the largest market
share in the offshore Cranes market due to increasing offshore E&P
activities.
The end-use segment is sub-segmented
into oil & gas, mining, and others. Of these, the oil & gas segment
holds the largest market share due to a large number of production and
exploration (PnE) activities and significant discoveries of oil & gas
reservoirs. The region segment is bifurcated into Asia Pacific, Americas,
Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the
global Offshore
lifting equipment market. Factors such as increasing offshore exploration
and production (EnP) activities, growing subsea construction vessels, and
increased offshore spending contribute to the offshore cranes market growth.
Besides, the rising demand from the oil and gas industries witnessing
significant discoveries in the offshore basin in Australia, Gulf of Thailand,
South China Sea substantiate the offshore cranes market size.
Competitive Analysis
The offshore cranes market is about
to witness several strategic initiatives, such as collaborations, mergers &
acquisitions, expansions, and product launches. Key industry players make
substantial strategic investments to drive their research and development
activities and expansion plans.
For instance, recently, on Sep.03,
2021, Handal Cranes Sdn Bhd announced receiving an offshore crane maintenance
contract extension from SEA Hibiscus. The company has received a letter of
extension from SEA Hibiscus to extend its offshore crane maintenance
services.
The new agreement extends Handal
Crane's original contract with SEA Hibiscus to provide offshore crane
maintenance services. SEA Hibiscus has issued a work order to Handal Crane
based on their activities schedule and rates throughout the contract duration.
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Circuit Breaker Market Analysis
Drivers and Restraints
The function of manifolds is to merg
the flow from the multi-well system and move the flow to the flow lines of
production and to control the delivery of injected water , gas and chemicals.
Any field under development process for producing oil from the subsea beds will
provide the subsea
manifolds market. Manifolds are among the largest cost-effective and
operating efficient oil field development systems while reducing subsea
pipeline and riser demand.
The subsea collectors are designed to
combine, distribute, control and monitor fluid flow from the wells. The subsea
manifolds are either installed in deep sea beds by conventional methods
involving cable installation and drilling risers, or by non-conventional
methods including sheave installation method and pendulous installation method.
Facts such as the increasing number of
offshore oil detections, more multi-well templates in the subsea beds and
severe geography drilling in offshore basins drive the subsea manifold market.
Five of ten new oil discoveries were made in deep-water setting in 2017. The
subsea beds are physically tougher than onshore. So it needs superior
infrastructure.
The types of subsea manifolds that
include template manifolds, cluster manifolds and end manifolds of pipelines
are designed to withstand harsh and ultradeep conditions. Subsea manifold
industry is expected to have a sharp rise in technology advances over the
forecast period due to ongoing oil industry developments along with an
increasing number of offshore location projects. In addition, due to the focus
on offshore field development infrastructure, the market is expected to
experience high expansion activities by major players. However, the lower crude
oil prices are hindering the subsea manifold market.
Key Players
·
ABB (Switzerland)
·
Aker Solutions ASA (Norway)
·
Baker Hughes Incorporated (U.S)
·
TechnipFMC Technologies Inc. (U.S.)
·
General Electric (U.S.)
·
ITT Bornemann GmbH (Germany)
·
One Subsea (U.S.)
·
Subsea 7 S.A. (U.K.)
·
Schlumberger (U.S.)
·
Halliburton (U.S.)
·
Siemens AG (Germany)
Segmental Analysis
Global Subsea Manifolds market has
been segmented on the basis of products, application and regions. Based on the
products, the market is further segmented as cluster manifold, template
manifold, and pipeline end manifold. Among this classification, cluster
manifold segment is expected to lead the market for subsea manifolds. Cluster
manifolds are superior to template manifolds as they provide flexibility in the
segregation of wells, may include chemical injection, unlike the typical
manifolds, and may allow the reuse of wells for explorations. The market is
bifurcated as production and injection based upon application. The injection
application can also be classified among these segments as gas injection, water
injection and chemical injection.
Regional Overview
The market is segmented in the four
regions of North America, AsiaPacific, Europe and the rest of the world,
geographically speaking.
During the forecast period the global
Subsea
production systems market is expected to witness remarkable growth. Europe
region is expected to dominate the forecast period with the largest market
share. In April 2018 Norwegian oil major Statoil began installing the first
topside for offshore Norway's Johan Sverdrup field development. A higher number
of projects in the North Sea deep locations are likely to boost the subsea
manifold market.
The region of North America is likely
to take market share with discoveries in the Gulf of Mexico. W&T Offshore
Inc. and GE's Baker Hughes have signed a strategic partnership for W&T's
Gulf of Mexico exploration and development plan in 2018. A greater number of
projects are also coming from Africa 's Mediterranean Sea region, which will
drive the subsea manifold market in the African region.
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Market Overview
The VOC
Concentrator Market is expected to grow at a CAGR of 6.87% during the
forecast period. VOC concentrators are primarily used to gather and eliminate
volatile organic compounds that, after a complex reaction with nitrous oxide
and other advanced molecules in the atmosphere, can transform into large
dangerous compounds, which is bad for the global environment. These key factors
will have a significant impact on the market's expansion or growth throughout
the forecast period.
COVID 19 has impacted 215 countries, as well as
the VOC concentrator Market Size. Countries have implemented lockdowns to
combat the harmful consequences, which has had a detrimental impact on the VOC
concentrator Market Share. The epidemic poses several issues for the industry,
as it affects people all around the world.
Many variables have influenced continued demand
and supply, including the risk of interrupted manufacturing, supply chain,
distribution, a lack of workforce employees, and significantly reduced
development efforts. People are not as active as they were previously. There
are major strategic shifts taking place. MNCs are boosting their investments in
VOC concentrator Market Trends study due to rising customer demand around the
world.
Key Players
·
Seibu Giken Co. Ltd. (Japan)
·
Anguil Environmental (US)
·
TKS Industrial Company (US)
·
CECO Environmental (US)
·
The CMM Group LLC (US)
·
Munters (Sweden)
·
Filtrační technika (Czech Republic)
·
Cycle Therm LLC (US)
·
Gulf Coast Environmental Systems (US)
·
Condorchem Envitech (SpainShip and Shore
Environmental Inc (US)
·
Catalytic Products International Inc. (US)
·
Tecam Group (Spain)
·
Teledyne Technologies (US)
·
Sang Won Machinery Co. Ltd. (South Korea)
Market Segmentation
Based on the division of adsorbents, the global
VOC concentrator market has been segmented into advanced zeolite and carbon.
Based on the division of application, the global
VOC concentrator market has been segmented into advanced paint finishing, the
latest printing electronics & advanced semiconductors manufacturing units,
chemical processing units, the pharmaceuticals manufacturing industry, and
others.
Based on region, the global VOC concentrator
market has been segmented into North America, Europe, Asia-Pacific, South
America, and the Middle East & Africa.
Regional Classification
The global VOC
removal technology market will be dominated by North America. North America
is predicted to be the largest market in terms of profit contribution due to
the rising usage of diverse cloud-based services through production systems and
various distribution channels. The Asia-Pacific is expected to grow at the
fastest rate in the global VOC Concentrator Market.
Asia Pacific countries are likely to see
considerable growth in the VOC concentrator market as a result of increased
investment. In addition, demand in major developing countries has surged. India
and China, for example, are likely to stimulate growth in several Asia Pacific
VOC concentrator markets. India, China, and Brazil are just a few of the
emerging markets linked with VOC concentrators that are likely to rise rapidly
in the coming years.
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According to MRFR analysis, the global Solar Water Pumps marketis expected to register
a CAGR of ~9.50% from 2023 to 2030 and hold a value
of over USD 2.83 Billion by 2030.
Solar water pumps are
pumps powered by photovoltaic (PV) panels that convert sunlight into electrical
energy.
These
pumps are typically used for irrigation, drinking water, and livestock watering
in rural areas where there is limited access to electricity. Solar water pumps
have several advantages over traditional fossil fuel-powered pumps, including
lower operating costs, zero emissions, and reduced dependence on grid
electricity.
The
pandemic has caused delays in the construction and deployment of new projects,
as well as disruptions to supply chains. On the other hand, the economic
downturn caused by the pandemic has resulted in lower prices for PV panels,
making solar water pumps more affordable for customers.
Additionally,
the need for decentralized and sustainable solutions in rural areas has become
even more important during the pandemic, driving demand for solar water pumps
in some regions.
Key Players
·
Lorentz (Germany)
·
Pumps Private Limited
(India)
·
Tata Power Solar Systems
Ltd (India)
·
Shakti Pumps (India) Ltd
(India)
·
Wenling Jintai Pump
Factory Limited (China)
·
Bright Solar Limited
(India)
·
Grundfos (Denmark)
·
Symtech Solar (Oman)
·
com (Australia)
·
Urja Limited (India)
·
Kavita Solar Energy
Private Limited (India)
Regional Analysis
The Asia-Pacific region is the
fastest-growing market for solar water pumps, driven by increasing demand for
clean and sustainable solutions in rural areas, as well as supportive
government policies and growing investment in renewable energy.
Countries such as India, China, and
Bangladesh are leading the way in terms of the deployment of solar water pumps,
and the region is expected to continue to play a major role in the growth of
this market in the coming years. The Asia-Pacific region is also home to some
of the world's largest populations of small-scale farmers and rural
communities, which are major target markets for solar water pumps.
Market Segmentation
The
Global Photovoltaic
water pumping systems market Size has been segmented into the water pump and
application.
Based
on the water pumps, the market has been segmented into Submersible Pumps and
Surface Pumps.
Based
on the application, the market has been segmented into Agriculture, Drinking
Water, and Others.
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Introduction
In the world of alternative
energy, fuel cells have gained significant attention as a promising technology
for generating electricity with minimal environmental impact. Among various
types of fuel cells, Phosphoric Acid Fuel Cells (PAFCs) have emerged as a
prominent option due to their efficiency and versatility. In this article, we
will delve into the Phosphoric Acid Fuel Cell Market,
exploring its advancements, applications, and future prospects.
What
are Phosphoric Acid Fuel Cells (PAFCs)?
Phosphoric Acid Fuel Cells,
commonly known as PAFCs, belong to the category of proton-exchange membrane
fuel cells. They use a phosphoric acid electrolyte to facilitate the
electrochemical process of converting hydrogen and oxygen into electricity,
heat, and water. The use of phosphoric acid as an electrolyte sets PAFCs apart
from other fuel cell types, providing several distinct advantages.
Advancements
in PAFC Technology
Over the years, significant
advancements have been made in PAFC technology, enhancing their efficiency,
performance, and overall reliability. Some notable advancements include:
1.
Improved Catalysts
Researchers and engineers have
developed more efficient and durable catalysts for PAFCs, which have led to
improved electrode performance. This has contributed to higher energy
conversion rates and prolonged cell lifespan.
2.
Reducing Platinum Content
Platinum is a precious metal
often used as a catalyst in fuel cells, including PAFCs. Researchers have made
strides in reducing the reliance on platinum or finding alternatives, making
PAFCs more cost-effective and sustainable.
3.
Enhanced Durability
Advancements in materials
science have resulted in the development of more durable components for PAFCs.
This has increased the overall lifespan of fuel cells, making them more
attractive for long-term applications.
Applications
of PAFCs
PAFCs find applications in
various sectors, owing to their unique characteristics and advantages. Some of
the key applications include:
1.
Distributed Power Generation
One of the primary applications
of PAFCs is in distributed power generation. They are used in small-scale power
plants to generate electricity for individual buildings, communities, or remote
locations.
2.
Combined Heat and Power (CHP) Systems
PAFCs are well-suited for
Combined Heat and Power (CHP) systems, also known as cogeneration. These
systems produce electricity while capturing and utilizing the waste heat
generated during the process, increasing overall energy efficiency.
3.
Backup Power for Critical Infrastructure
Due to their reliable operation
and rapid start-up capabilities, PAFCs are used as backup power sources for
critical infrastructure, such as hospitals, data centers, and emergency
response facilities.
4.
Transportation
PAFCs also show potential in
transportation applications, particularly in buses and other heavy-duty
vehicles. Their ability to provide clean and efficient power makes them a
promising option for reducing emissions in the transportation sector.
Future
Prospects of the PAFC Market
The future of the Phosphoric
Acid Fuel Cell Market looks promising, with several factors driving its growth
and adoption:
1.
Sustainability and Environmental Concerns
As the world becomes
increasingly conscious of environmental issues, there is a growing demand for
clean and sustainable energy solutions. PAFCs, with their low emissions and
high efficiency, align perfectly with these requirements.
2.
Technological Advancements
The ongoing research and
development in fuel cell technology, including PAFCs, are likely to lead to
further improvements and cost reductions. This will make them more competitive
and attractive in the energy market.
3.
Energy Resilience
PAFCs offer a reliable and
resilient power generation option, particularly in areas prone to natural
disasters or grid failures. The ability to operate independently from the grid
makes them an essential component of energy resilience strategies.
4.
Government Support and Incentives
Many governments worldwide are
actively promoting the adoption of clean energy technologies, including fuel
cells. Various incentives, subsidies, and supportive policies are expected to
drive the PAFC market's expansion.
Conclusion
The PAFC
Market Sizeis witnessing steady growth, driven
by advancements in technology, diverse applications, and the increasing focus
on sustainability. As research and development continue, PAFCs are likely to
become even more efficient and cost-effective, further solidifying their
position as a key player in the global energy landscape. With their numerous
advantages, PAFCs hold the potential to shape a cleaner and more sustainable
future.
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The fixed
tilt solar PV marketis growing at a rapid pace.
The market growth majorly attributes to the price decrease driven by falling
costs of the overall solar generation systems. Especially, costs of crystalline
silicon axis-based tracking panels saw a heady decline over the past couple of
years, witnessing multiplying installations.
Fixed tilt solar PV is an advanced solar panel
technology that can easily help to generate more electrical energy.
The market is poised to garner exponential
traction over the next couple of years. In this regard, Market Research Future
(MRFR) asserts that the global fixed tilt solar PV market is set to witness
significant growth by 2030, registering an impressive CAGR during the forecast
period (2023 -2030).
Fixed Tilt Solar PV Market - Segmentation
The report is segmented into technologies,
applications, and regions. The technology segment is sub-segmented into
crystalline silicon, thin-film, and others. Of these, the crystalline silicone
segment holds the largest market share due to the increasing installation of
solar systems in residential sectors across the globe. The application segment
is sub-segmented into on-grid and off-grid.
Among these, the on-grid segment holds the largest
market share, while the off-grid segment grows at the highest CAGR due to
increasing installations in remote areas. At the same time, the thin film
segment demonstrates the fastest growth rate due to the decreasing cost and
increasing efficiency of the equipment. The region segment is sub-segmented
into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Fixed Tilt Solar PV Market -
Geographical Analysis
The Asia Pacific region dominates the fixed tilt
solar PV market, mainly due to the increasing adoption of solar systems in
residential setups. Additionally, numerous government initiatives introduced to
increase the adoption of solar energy boost the region’s fixed tilt solar PV
market size. The strong presence of notable market players in the region,
alongside government initiatives to promote renewable energy, also contributes
to the fixed tilt solar PV market shares.
The skyrocketing demand for energy, rapid
depletion of non-renewable energy sources such as fossil fuels, and scarcity of
land are other major fixed tilt solar PV market growth drivers. Furthermore,
rapid growth in the utility sector and flourishing solar panel manufacturing
facilities in this region influence the fixed tilt solar PV market industry.
Fixed Tilt Solar PV Market - Competitive
Landscape
Highly competitive, the fixed tilt solar PV market
looks fragmented with the presence of several well-established market players.
These players incorporate strategic initiatives to gain a larger competitive
advantage, such as acquisition, collaboration, expansion, and technology
launch. Market players continually strive for new ways to utilize their
expertise and explore opportunities in the new energy industry.
Major Players:
Players leading the global Photovoltaic
technology market Sizeinclude Engie, Canadian
Solar, First Solar, Solar FlexRack, Unirac, Trina Solar, JinkoSolar, Yingli
Solar, SolarCity Corporation, and Wuxi Suntech Power Co., Ltd, among others.
Industry/ Innovation/ Related News
Aug. 12, 2021 – GameChange Solar (the US), a global leader in fixed-tilt
structures and trackers, announced the completion of its Genius Tracker project
in India. This 394 MW PV tracker is the largest solar project utilizing
single-axis trackers in India. The solar racking solutions provider supplied
its single-axis Genius Tracker equipment to this 394 MW PV project by Tata
Power in Gujarat. The solar plant is likely to generate
an amount of enough electricity to power around 376,000 households.
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The global Sodium Sulfur Battery Marketis estimated
to be worth USD 1.4 Billion by 2032, registering a 15.50% CAGR during the
forecast period (2022- 2030).
A molten-salt battery comprised of liquid sodium
and sulfur is named as a sodium-sulfur battery. This battery has a massive
energy density, good charge or discharge efficiency, and a long life cycle.
This kind of battery is made up of low-cost materials.
This battery is part of a sodium-sulfur battery
system that is an energy storage device based on electrochemical
charge/discharge interactions between a positive electrode made of molten
sulfur and a negative electrode made of molten sodium (Na). Peak shaving,
time-shifting, and stabilization of wind farms and solar power plants are some
of the most common applications for this sort of battery.
Because of the different applications where these
batteries are used, it has been a main component of the whole power generation
and distribution system.
Some of the prominent drivers driving the
sodium-sulfur battery market are boosted renewable energy investment, expense
reductions due to technological breakthroughs, and augmented deployment. Due to
the culturing trend of combining renewables and energy storage systems, the
Sodium Sulfur Battery Market is expected to increase significantly during the
forecast period. Market development opportunities thrive as a result of
research and innovation efforts.
As the government attempts to advance the
electrification rates in Southeast Asian nations, such forms of power
generation and distribution are getting increasingly popular. Further, the
electricity produced is mainly derived from renewable energy sources such as
wind, solar, and hydropower, among others. The energy storage device is a
pivotal component of any isolated grid. As a result, battery storage has been a
popular alternative utility in the energy storage system
Key Players
·
NGK Insulators Ltd.
·
KEMET Electronics Corporation
·
GE Energy Storage
·
Eagle Picher Technologies LLC
·
Ceramatec Inc.
·
Sieyuan Electric Co. Ltd.
·
FIAMM Group
·
POSCO
Regional Analysis
The global Sodium Sulfur Battery Market is divided
into five regions; North America, Asia Pacific, Europe, Latin America, and the
Middle East & Africa.
The sodium-ion batteries industry in North America
is expected to be lucrative. Poor power distribution networks exist in certain
Latin American countries, especially those in the Caribbean Islands, Venezuela,
Columbia, and Chile. Local governments in the nations, as well as Uruguay and
Brazil, are focusing on increasing solar capacity to fulfill the region's
rising requirement for electricity.
The European Union is stressing the switch to
renewable energy sources and assisting local governments in putting electric
car infrastructure into place.
A solid and quick culturing market for renewable
energy appears to exist in the Asia Pacific region. One of the main reasons
thrusting the expansion of the region's renewable energy industry is capacity
expansions in China, Japan, and India.
Market Segmentation
The global Sodium-ion
batteries Market Sizeis segmented into the
following types;
By Product
By Technology
By Application
By Industry Vehicle
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Market Research Future Insights
According to MRFR analysis, the global Low-Voltage Circuit
Breakers marketis expected to register a CAGR of ~ 4.54% from 2023 to 2032 and hold a value of
over USD 1.6 billion by 2032.
Low-Voltage
Circuit Breakers (LVCBs) are electrical switches that are used to protect
electrical systems and equipment from damage caused by overloading, short circuits,
and ground faults. They are commonly used in residential, commercial, and
industrial applications and are designed to automatically interrupt the flow of
electrical current in the event of an electrical fault.
The
economic slowdown caused by the pandemic has led to a decrease in demand for
these products, as consumers and businesses reduce their spending. On the other
hand, the demand for low-voltage circuit breakers has been supported by the
need to modernize and upgrade electrical infrastructure, particularly in developing
countries where electrical grids are often outdated and in need of improvement.
Additionally,
supply chain disruptions have caused difficulties for manufacturers, resulting
in price hikes and reduced availability.
Key Players
·
ABB (Switzerland)
·
Schneider Electric
(France)
·
Mitsubishi Electric
Corporation (Japan)
·
Siemens AG (Germany)
·
Eaton Corporation
(Ireland)
·
Shanghai Liangxin
Electrical Co. Ltd. (China)
·
DELIXI (China)
·
HangShen Electric (China)
·
CHINT Group (China)
·
Hyundai Electric &
Energy Systems Co. Ltd. (South Korea)
·
Fuji Electric FA
Components & Systems Co. Ltd. (Japan)
·
Changshu Switchgear Mfg
Co. Ltd. (China)
·
Hager Group (Germany)
·
China People Electric
Appliance Group Shanghai Co Ltd (China)
Regional Analysis
The
Asia-Pacific region is the fastest-growing market for low-voltage circuit
breakers and holds the largest market share globally. This is due to several
factors, including the rapidly growing economies in the region, the increasing
demand for energy, and government initiatives to modernize and upgrade
electrical infrastructure.
The
region is home to some of the largest and fastest-growing populations in the
world, which is driving the demand for energy and the need to upgrade
electrical infrastructure. Additionally, many countries in the region are
actively investing in the development of their renewable energy infrastructure,
which is further fueling the demand for low-voltage circuit breakers. The low
cost of labor and raw materials in the region has also made it attractive for
manufacturers to set up production facilities, further contributing to the
growth of the market.
Market Segmentation
The
Global LV
circuit breakers market size has been segmented into type, application.
Based
on the type, the market has been segmented into Miniature Circuit Breakers
(MCB), Molded-case Circuit breakers (MCCB), and Air Circuit breakers (ACB).
Based
on the application, the market has been segmented into Energy Allocation,
Shut-off Circuits, and Others.
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