Directional Drilling Services Market Size, Growth, Application Analysis and Forecast, 2015 to 2025
17 January 2019, the global Directional Drilling Services Market size is expected to reach USD 13.45 billion by 2025. Increasing oil and gas exploration activities owing to high demand for energy in light of growth in manufacturing sectors is expected to drive the market over the forecast period. Technological advancements, which are attracting service providers, are also likely to contribute to the market growth. For instance, Motive Drilling Technologies, Inc. designed an automated decision-making through directional drilling bit guidance system and has applied it to 2 million feet drillings for various companies in North America. The system used provided better efficiency and accuracy in lesser time.
The drilling operators are increasingly investing in research and development to deliver innovative software drilling technologies in terms of instruments and software tools and services. NABORS has developed various drilling software including Navigator Directional Platform, which improves directional drilling process through visualization, tracking, and steering program. It provides data acquisition and supports modelling and visualization of the drilled and planned well paths from remote operating centers, thereby improving operational safety and efficiency and drilling performance. Thus, the advent of such systems is expected to have a positive impact on the directional drilling services market over the forecast period.
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The directional drilling services have gain momentum over time owing to the unconventional reserves with more complex well geometries. To enhance the rate of penetration in certain harder-to-reach reserves are driving the demand for rotary steerable systems. Various benefits including longer laterals and greater intermediate reaches of these systems have revolutionized the drilling process. The RSS technologies service segment accounted for about USD 3.5 billion of the directional drilling market in 2012 and is expected to witness significant growth during the next few years. The RSS technology enables the use of Logging While Drilling (LWD) to provide full borehole images. This factor is also expected to drive the segment.
Owing to the precise directional control, the RSS technology has been widely used for various projects across the globe, such as in water-injection wells in Abu Dhabi and Saudi Arabia. In terms of technology, Measurement-While-Drilling (MWD) is expected to gain momentum over the forecast period owing to unique requirements from the land-based drilling applications. This technology offers reliable and precise wellbore placement along with high drilling efficiency, which is expected to be the key driving-factor for the segment. Moreover, technological advancements in MWD are projected to drive the market directional drilling services. For instance, NABORS AccuSteer MWD system provides various innovative features, such as near-bit continuous inclination, torque- and bend-on-bit, resistivity weight, and azimuthal gamma.
Other innovations, such as features facilitating reduction in side tracks and solutions for geological challenges, are also expected to drive the MWD segment, which in turn is expected to boost the demand for directional drilling services. Offshore is expected to be the major application segment in near future owing to the exhaustion of onshore sources. The oil and gas manufacturers have increased their spending to discover oil and gas resources in offshore areas.
For instance, in August 2018, the Woodside Energy Ltd. discovered natural gas in offshore Myanmar with its Aung Siddhi prospects. In the same year, Exxon Mobil Corp., stated a rise in resource estimation for offshore Guyana owing to the discovery of recoverable resources. The above-mentioned trends in the oil and gas sector are expected to drive the market further.
Hexa Research has segmented the directional drilling services market report based on system, technology, application and region:-
Segmentation by System
• Conventional
• Rotary Steerable System (RSS) & Others
Gear Pump Market Size, Share, Growth and Trend Analysis, 2015 to 2025
17 January 2019, the global Gear Pump Market size is projected to reach USD 2.32 billion by 2025. The growth is driven by increasing scope of application in construction, automotive, and agriculture industries. In addition, growth of oil and gas industry is expected to be a key factor driving the market, especially in U.S. and the Middle Eastern countries. Gear pump is predominantly used for displacement, transfer, and extraction of fluids in the oil and gas industry.
Technological advancements play a strategic role in fostering demand for gear pumps in different industries. Various innovations, such as development of double gear pumps with minimal number of parts and axial gauge, are reducing the production cost while increasing the process reliability.
The integrated adaptive systems use computer assisted manufacturing, which increases the production quality and reduces the production time. For instance, Sumitomo Electric Industries, Ltd. designed Parachoid and Megafloid motors for improving efficiency of gear pumps. The advent of high-efficiency internal rotors has increased the efficiency and reliability of industrial operations.
External gear pump held 80.09% of the total market share in 2017. These are widely used as oil pumps in engines and as lubrication pumps in machine tools and fluid power transfer units. Favorable government policies in India and China to encourage investments in petrochemical and agrochemical production are expected to open new growth avenue over the forecast period.
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Oil and gas segment led the global market in 2017 and is projected to expand at the highest CAGR of 4.4% during the forecast period. To meet the growing demand for oil, many companies are adopting techniques, such as microbial Enhanced Oil Recovery (EOR), CO2 injection, and thermal injection among others to increase oil production. This trend is expected to boost demand for technological advanced gear pump over the forecast period.
Growing global population and demand for food are driving growth of agriculture industry. Nevertheless, changing lifestyle and increasing disposable income are creating a huge demand for residential construction and passenger cars. Thus, rapidly expanding construction, automotive, and agriculture sectors, especially in emerging economies including China and India, would drive the market.
The Europe gear pump market is expected to register a CAGR of 3.3% from 2017 to 2025. Increasing government initiatives for minimizing energy consumption and CO2 emission coupled with demand for cost-effective solutions and quality products are expected to propel the growth. Moreover, rising focus on R&D activities by key companies is expected to provide substantial business opportunities.
In emerging economies, such as China and India, lower product penetration and extensive applications are the key growth opportunity drivers. Many prominent large- and medium-scale enterprises are investing in manufacturing positive displacement pumps. Therefore, certain economies within the Asia Pacific and Middle East and Africa regions are anticipated to be lucrative markets for gear pumps over the next few years.
Major manufacturers in the gear pump market are Eaton Corp. PLC; Bosch Rexroth AG; Kawasaki Heavy Industries, Ltd.; Haight Pumps; Viking Pump, Inc.; Parker Hannifin Corp.; Albany Pumps. These companies engage in manufacturing internal and external gear pumps. Each of these companies has a broad product portfolio wherein different series and models of gear pumps are featured with various combinations of specifications.
Hexa Research has segmented the global gear pump market report based on product type, application and region:-
Segmentation by Product Type
• Internal
• External
Segmentation by Application
• Construction
• Automotive
• Chemicals
• Agriculture
• Oil & Gas
• Pulp & Paper
• Food & Beverages
• Others
Segmentation by Region
• North America
• U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Central and South America
• Middle East and Africa
U.S. Hydraulic Fracturing Market Size, Share, Outlook and Analysis Report, 2015 to 2025
27 December 2018, The U.S. Hydraulic Fracturing Market to reach USD 13.91 billion by 2025, owing to the rise in the oil and gas exploration and extraction activities in the country over the forecast period. There is a rise in the demand for primary energy resources owing to the rise in population and industrialization. To meet these demands and ensure the continuous supply of natural resources in the country, the market for unconventional techniques such as hydraulic fracturing is expect to grow over the forecast period. This technology was first employed in in the U.S.in 1947 and has been constantly upgraded since then. In 2015, around 67% of natural gas was produced from hydraulically fractured wells in the country.
The U.S. hydraulic fracturing market is expected to grow significantly owing to the rise in the recent developments and innovations such as using hydraulic fracturing in combination with horizontal drilling during shale formations. This has revealed new sources for huge amount of natural gas supplies, which is fulfilling the energy needs of the nation and is expected to transform the energy future. The use of this technology was first employed around the year 2000 after which it was continuously being used in the oil and gas production and extraction processes.
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There is a significant rise in the domestic oil and gas production from hydraulically fractured oil and gas production wells. In 2015, the production of oil from hydraulically fractured reservoirs accounted for more than 50% of the total oil production and the gas production accounted for around 70% of the total gas production in the country. This combination technology of directional drilling and hydraulic fracturing allows the oil and gas reservoirs to be punctured directionally or horizontally alongside the foundation of targeted rocks, giving exposure to the rock formation bearing oil and gas in the production well, which is expected to drive the growth for this market over the forecast period.
The hydraulic fracturing segment dominated the market in 2017 and is expected to maintain its dominant position over the forecast period owing to the use of hydraulic fracturing and horizontal drilling activities in conventional and unconventional reservoirs. Oil & gas industry recently has been experiencing a decline in the production rates from the present conventional reservoirs. In order to meet the demand for energy resources the industry participants are focusing on the development of unconventional oil & gas reserves by using various technologies such as hydraulic fracturing and other methods.
The use of hydraulic fracturing in the oil and gas extraction increases the yield of the resource from the well owing to which this widely used and is expected to grow over the forecast period. When hydraulic fracturing is used in combination with horizontal drilling, non-yielding wells and nonprofit rock formations are frequently rehabilitated into productive fields which yield a good amount of natural gas. The technology is majorly responsible for the growth and development of shale gas fields in the U.S. such as the Haynesville Shale, Barnett Shale, Marcellus Shale, and Fayetteville Shale gas fields. It has also been employed in yielding gas from tight rock units such as Niobrara Shale and Bakken Shale.
The various process chemicals used during the employment of hydraulic fracturing technology is a huge cause of concern to the environmental activists in the natural gas industry. A regulatory environment is obligatory while commissioning these techniques where drilling occurs to ensure the environmental safety and protection of water supplies and people living in the zones.
The market for hydraulic fracturing is fragmented and competitive in nature. There are several players in the market delivering services in the U.S. and the competition is expected to grow over the forecast period. With the rise in the oil and gas extraction activities in the country the players are also focused on increasing their market share by providing efficient and effective services over the forecast period.
Hexa Research has segmented the U.S. hydraulic fracturing market report based on type and end-use:
Segmentation by service type, 2015 - 2025
• Hydraulic fracturing
• Other auxiliary services
Segmentation by end-use, 2015 - 2025
• Oil & gas extraction
• Others
Key players analyzed
• Halliburton
• Schlumberger
• Baker Hughes
• Superior Well Services
• United Oilfield Services
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Quantum Dot Solar Cell Market Size, Application Analysis and Competitive Strategies, 2015 to 2025
24 December 2018, The Global Quantum Dot Solar Cell Market size is expected to witness substantial growth over the forecast period due to surging demand for efficient and environment-friendly sources of energy. Growing demand for the product in the medical sector and solar cell harnessing devices is also expected to drive the market. Upswing in the demand for quantum dot solar cell (QDSC) over the past few years can be attributed to its increased efficiency and higher brightness. However, stringent regulations on use of cadmium and other heavy metals used in manufacturing the product are estimated to act as a restraining factor for the growth of the market.
Increasing expenditure towards research and development activities for producing spray-on solar cells and improved laser and weather satellites is poised to stoke the growth of the market over the forecast period. Quantum dots have a wide tunable range of operations due to their high bandwidth. Owing to this, they are widely used in manufacturing single junction and multi-junction solar cells that are used in bandgap engineering and satellite components. Furthermore, rising emphasis on nanotechnology is projected to benefit the market during the forecast period.
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Some of the common product type of QDSC are quantum dot solar cells, quantum dot hybrid solar cells, and quantum dot with nanowire in solar cells. Technological advancements have resulted in production of quantum dot solar cells that exhibit high power conversion efficiency (PCE) coupled with modified band tuning using dipole, density, and orientation of the self-assembled monolayers (SAMs). The demand for such QDSCs is slated to rise over the forecast period. Increasing demand for highly efficient and low-cost quantum dots in hybrid solar cells in various applications is also likely to propel the overall QDSC market.
Quantum dot solar cells are primarily used in the residential and commercial sectors. Increased power conversion ratio coupled with environment-friendly option for electricity generation is boosting the dependence on the product across the residential sector. Furthermore, technological advancements in development have enabled companies to reduce the overall cost of the significantly, which led to an increase in demand from medium to high-income households. It also finds use in heat absorbing films for roof tiles, windows, walls, and heat sensors.
Furthermore, small quantum dot photovoltaics can be used to recharge small batteries, which are used in mobile phones, tablets, and wearable electronic. QDSCs are also being employed in military applications such as off-grid stand-alone PV powered solar cells and radar equipment. They absorb the whole spectrum of light i.e. from ultra-violet to infrared, providing significantly high efficiency than currently used silicon-based technology. As a result, they are widely used for generation of electricity.
Stringent environment regulations regarding power output and significant investments for development of alternate environment-friendly source of energy are leading to surge in the demand for the product in Europe. Increase in the demand for quantum dot solar cells can also be attributed to use of environment-friendly production techniques such as low-cost screen printing and inkjet instead of using rare earth elements such as indium or high-cost silicon, further reducing the price of the product. As a result, Europe is expected to witness high growth in the quantum dot solar cell market over the coming years.
Increasing demand for efficient and environment-friendly source of generation of electricity is anticipated to stimulate the growth of the market in developing countries such as India and China. Increasing government expenditure for research and development activities to harness solar energy in India is estimated to stir up the demand for QDSC in the region.
In North America, advancements in technology are resulting in increase in usage of solar energy devices in the U.S. and Canada. Moreover, widening scope of applications of QSDC such as chromatic windows and heat proof tiles is likely to augur well for the market in the region.
Companies in the market emphasize on joint ventures and product development as a means of consolidating their position in the arena. For instance, in January 2016, Solterra Renewable Technologies, a subsidiary of Quantum Materials Corporation (QMC), entered into a joint venture with Guanghui Technology Group to launch quantum dot solar cells production in China. Apart from this, in August 2014, QMC acquired five patents on QDSC technology from Bayer Technology Services to expand its technology portfolio in production of the product.
Furthermore, in Feb 2015, Natcore Technologies Inc. produced first germanium dot based solar cells, which can be used in space applications. Key market players include Quantum Material Corporation, Natcore Technologies, QDsolar, and Solterra Renewable Technologies.
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Microbial Enhanced Oil Recovery (MEOR) Market Size, Share, Trend Analysis and Research Report , 2014 to 2024
29 November 2018, the global Microbial Enhanced Oil Recovery (MEOR) Market is estimated to be worth USD 1.32 billion by 2024 driven by the depleting levels of recoverable crude oil in existing wells. The increasing depth at which crude oil can be extracted coupled with the limited technology for direct extraction has paved the way for such advanced techniques.
Companies such as Titan, BP, and DuPont have been focusing on refining the technology owing to its several benefits including low cost and compliance with environmental protection laws. Products patented by these companies is expected to result in these companies gaining the leading position in the market over the next few years.
Several oilfields across the U.S., China, India, and Saudi Arabia have been implementing MEOR to optimize profits with minimum set-up cost and fewer compliance violations. Several oilfields in North America have been applying the technology making it the largest market in 2016 valued at over USD 650 million. Conducive environmental conditions resulting in the maximum action of microbes and nutrients has led to the successful implantation of MEOR over the past few years, and the dominating trend is expected to continue over the forecast period.
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The mode of injection of microbes depends on the terrain surrounding the oilfield. For instance, cyclic microbial recovery and microbial selective plugging are the most viable choices for MEOR in India, while microbial flooding recovery shows zero effect on the wells in the country.
R&D to develop microbes suiting varying environmental conditions is expected to result in Asia Pacific exhibiting an inclination towards utilizing the technique. Although contributing to 7.4% of the global microbial enhanced oil recovery market share in 2016, the region is expected to witness the fastest growth over the next few years.
The maximum level of activity of microbes in onshore fields has resulted in the segment contributing to the highest revenue share in 2016. The focus of companies on developing microbes for offshore oilfields is expected to lead to opening new opportunities for the growth of the market over the projected period. Companies such as Statoil are focusing on developing solutions for offshore oilfields. The successful trial of their products is expected to result in them gaining a monopolistic lead in the MEOR market.
Hexa Research has segmented the global global microbial enhanced oil recovery (MEOR) market based on Application, Injection Method, and region:
Segmentation by Region, 2014 - 2024 (USD Million)
• North America
• U.S.
• Canada
• Asia Pacific
• China
• India
• Europe
• Romania
• Poland
• Norway
• Middle East & Africa
• Oman
• Saudi Arabia
• Central & South America
• Ecuador
• Peru
Key players analyzed
• Titan Oil Recovery, Inc.
• Chemiphase
• DuPont
• GULF ENERGY SAOC
• Environmental BioTechnologies Inc.
• Statoil ASA
• ONGC TERI Biotech Limited
• RAM Biochemicals, Inc.
• Micro-Bac International
• Microbial Energy Inc.
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Global Flame Arrestors Market Size, Share, Growth and Trend Analysis, 2015 to 2025
16 November 2018, the global Flame Arrestors Market size to reach USD 412.8 million by 2025. Rising importance of fire protection systems in multiple markets including paper and pulp, oil and gas, chemical processing, power generation, and mining is anticipated to drive market growth. Also, growing production of unconventional sources such as, shale gas and tight oil in North America as a result of extensive Exploration and Production (E&P) activities by companies such as Exxon Mobil, Shell, and Apache will add to demand growth in the coming years.
Flame arrestors fall within the purview of regulations by the U.S. Environmental Protection Agency (EPA) and European Commission advocating usage of the product to ensure fire safety. The use of flame arrestors and conservation vents on process vessels and storage tanks in U.S. is approved by Occupational Safety and Health Administration (OSHA 1910.106) and National Fire Protection Association (NFPA).
In-line flame arrestors are expected to expand at a CAGR of over 5.0% from 2017 to 2025. They are used in oil & gas industry to control flame propagation which can cause shock waves in gas if not controlled effectively. Flame can propagate farther down the pipe and can cause a transient and unstable condition. Arresters typically obstruct flame propagation in pipelines, where the deployment is expected to remain strong during the forecast period.
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Demand from North America and Europe is expected to remain buoyant, while Asia Pacific is anticipated to make a significant contribution in terms of demand. In the forthcoming years, Asia Pacific is expected to expand at a CAGR of over 5.5%. Countries such as India and China are expected to be among the leading demand generators. Growth opportunity for in-line flame arrestors will be relatively strong compared to end of line arrestors.
Asia Pacific is expected to reach around USD 150.0 million by 2025. Implementation of Open Acreage Licensing Policy (OALP) and First Shale Gas Policy by the governments of India and China, respectively is projected to expand the scope of oil & gas sector at the domestic level. This favourable regulatory support towards oil and gas industry is projected to promote the usage of flame arrestor as a key tool of fire protection.
The global market is fragmented in nature due to the presence of multiple manufacturers. Over the years to come, manufacturers will focus on power generation and pharmaceuticals markets for growth. Asia Pacific is expected to witness rise in demand. As a result, manufacturers are expected to strengthen their presence in the region. Manufacturers are also anticipated to focus on new product launches. Some of the key players in the flame arresters market include PARKER HANNIFIN CORP, Pentair Plc, BS&B Safety Systems, L.L.C., PROTEGO - Braunschweiger Flammenfilter GmbH, Elmac Technologies Ltd. and Emerson.
Hexa Research has segmented the flame arrestors market report based on product, application, end user and region:-
Segmentation by Product
• In line
• End of line
Segmentation by Application
• Pipeline
• Incinerator
• Ventilation System
• Storage Tank
• Others
Segmentation by End User
• Power generation
• Oil & gas
• Pharmaceuticals
• Mining
• Chemicals
• Others
Segmentation by Region
• North America
• U.S.
• Canada
• Europe
• Germany
• Asia Pacific
• China
• India
• Central & South America
• Middle East & Africa
Hydropower Market Overview and Forecasts, 2012 to 2020
Global Hydropower Market capacity is expected to grow to 1,525 GW by 2020. Although fossil fuels continue to be the most popular form of generating electricity, their reserves are fast depleting. Moreover, this type is associated with environmental damage. This has contributed to the development of alternative energy sources such as hydropower.
Hydropower does not lead emit greenhouse gases and toxic waste. It is one of the cheapest sources and offers a huge cost advantage to vendors. The IEA (International Energy Agency) foresees use to hydropower to reduce carbon emissions by about one billion tones, by 2050.
Flowing water is readily available due to the natural phenomena of rainfall and snow. Based on the requirement, turbines are conveniently adjusted to control the flow of water. These factors are expected to prove favorable for market growth. A significant part of this growth would be through run-of-river and pumped storage hydropower projects.
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Hydropower plants vary in generation capacity. They can be categorized into pico-hydro, micro, small, & large. Pico and micro have a capacity of less than 100 KW. While small encompass those with capacities between 100 KW to 30 MW, large include those having installed capacity of over 30 MW.
The worldwide hydropower market is split according to applications and geographies. Applications consist of residential, industrial, & commercial. Industrial applications held about 41% of the total installed capacity in 2012. They would account for 695 GW of hydropower by 2020.
Geographical segmentation comprises North America, Asia Pacific, Europe, & RoW (Rest of the World). Brazil was the largest regional market in Latin America. Asia Pacific could grow to lead the worldwide industry by 2020. China is projected to grow at a CAGR of 6.1% from 2013 to 2020. This can be attributed to several hydropower projects being developed in this nation. The most prominent ones include the Baihetan dam, the Xiluodo project, and the Wudongde & Xiangjiaba dam. China’s installed capacity should exceed 400 GW in 2020, rendering it the most-dominant market.
Key players of the global hydropower market are China Hydroelectric Corporation, Andritz AG, China Three Gorges Corporation, & American Hydro Corporation. Alstom Hydro, ABB Ltd., & The Tata Power Company are some of the other well-known suppliers.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Solar PV Market Analysis and Competitive Players Report, 2014 to 2020
As per the findings of a study conducted by Hexa Research, the total worldwide Solar PV (photovoltaic) installed capacity for 2020 will be more than 480GW. Key factors contributing to growth are higher global emphasis on clean energy production coupled with governmental support in the form of beneficial policies for development of Solar PV Market. Sunbelt countries will particularly gain from regulations like Feed in Tariff which is a preferential rate program.
Hexa Research foresees falling prices of energy generated using Solar PV in future, chiefly due to huge increase in capacity, especially in China. The global Solar PV market demands that companies employ innovation and differentiation strategies as a way to grow. Alliances and partnerships are crucial for gaining competitive edge.
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Non-residential applications of Solar PV are likely to grow at a CAGR higher than 19% from 2013 to 2020 owing to substitution of conventional energy forms by solar energy in Sunbelt regions. Hexa Research observed that Utility Solar PV, with more than 44% share in the total installed capacity, was the biggest end use segment in the global Solar PV market in 2012. The study forecasts that this segment will experience fastest growth in coming years.
Countries like Germany, France, and Spain, among others led to Europe hosting the largest capacity of Solar PV i.e. more than 68GW, in 2012. However, in future, most demand will be generated from rapidly developing Asia Pacific markets like China, India, Taiwan, etc. China, with factors like low raw material costs and supportive regulations will experience exponential growth at CAGR of more than 34.5% from 2013 to 2020. Lower than expected development of Solar PV in high-potential nations like Brazil and Chile in Latin America and Saudi Arabia in the Middle East may hinder market growth.
Key operators in the global Solar PV industry are Yingli Green Energy from China and First Solar from US. Other notable participants are Trina Solar, Sharp, REC, etc.
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Flare Gas Recovery System Market Size, Industry Analysis Report, Competitive Market Share & Forecast To 2020 | Hexa Research
The Flare Gas Recovery System Market for the gas and oil sector is predicted to rise from around USD 930 million in 2014 to approximately USD 1, 020 million in 2020. It is all set to record a CAGR of about 13.7 percent in the forecast phase. During the distillation and generation of natural gas, significant volumes of natural gas are flared into the environment. The same is accomplished for maintenance and security purposes.
Flare gas is recognized by various terms like unmarketable natural gas and allied gas in regions across the globe. Natural gas flaring increases carbon ejections by a great deal. Moreover, it also contributes towards energy and connected fiscal losses for manufacturers. Flare gas recovery systems (FGRSs) assist the recovery of this waste gas and turn it for power production both for coproduction or confined utilization.
These systems also aid in re-infusing this waste gas in the production well so that optimal pressure in the well is ensured. Based on recovery capacities, the flare gas recovery system market is fragmented on account of large, medium, small, and very large capacity systems. Accessibility to funds, recovery need, place of installation, and installation complications are few factors which decide the FGRS capacity chosen.
Some of the propellers of the market include the rising significance of ecological preservation in industries and escalating attempts by gas and oil firms for making sure that energy is utilized to the best of its ability. The worldbank’s objectives towards decreased flaring are also steering the income of the flare gas recovery system market. The other important market driving factors are ecological contamination concerns, safe energy delivery, and regulatory policies.
Conversely, less consciousness among consumer segments, and huge capital costs would hinder market development. The global market is sliced in view of three categories. These are recovery capacities, components, and geographical regions. Recovery capacities have been explained above. The components include gaskets, separators, and heat exchangers. The geographical regions include Asia Pacific, Europe, North America, and rest of the world.
Some of the companies investing in the flare gas recovery system market are Gardner Denver Nash, Zeeco, and John Zink Hamworthy Combustion.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Concentrator Photovoltaic Market Size, Industry Analysis Report, Competitive Market Share & Forecast To 2024 | Hexa Research
The global Concentrator Photovoltaic (CPV) Market is estimated to grow at a CAGR around 14% from 2016 to 2024 (forecast period). It will reach nearly USD 2.1 billion by 2024. The market had a size of around USD 790 million in 2014. Wider ‘CPV’ adoption can boost industry demand. Installation of low concentration photovoltaic (LCPV) & high concentration photovoltaic (HCPV) systems is predicted to generate decent returns in the near future.
Price wars within the industry and reliability of CPV systems may further market growth. Withdrawal of governmental subsidies and costs associated with CPV installations should hinder the concentrator photovoltaic market. But nations with high direct normal irradiation support the industry by signing power purchase agreements (PPA) with local manufacturers & consumers.
CPV junctions rely on curved mirrors or lenses to lead sunlight onto solar cells. Solar cells are paired with expensive optics made of glass or acrylics to increase their efficiency. They are grouped in a series of 3, 4, or 5 cells stacked on each other. These cells are known as multi-junction solar cells.
Future customers will opt for CPV systems due to their high efficiency. The global concentrator photovoltaic market is split according to concentration levels, technologies, applications, and regions. By concentration levels, the industry is bifurcated into high and low. High led with respect to demand in 2014. It should exhibit ‘greater than average’ growth over the next eight years.
Refractors and reflectors constitute the technologies. The former is further divided into fresnel lens and luminescent concentrators. Reflectors and parabolic mirrors are the sub-segments of reflectors. Fresnel lenses in circular shapes have a concentration ratio of 500, while lenses in cylindrical shapes have lower concentration ratios. Luminescent concentrators use refraction to direct the light towards solar cells.
SolFocus has achieved a concentration ratio of 500 using parabolic mirrors on dual-axis tracking systems. Reflectors have a concentration ratio of 1.5-2.5.
Applications comprise utility-scale, commercial, and others. Commercial is predicted to grow the fastest due to high demand for power across Asia Pacific. Utility-scale CPV plants can supply power to businesses at peak hours. This could facilitate the growth of solar energy industry.
Regions encompass Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa (MEA). China and Southeast Asia are projected to reign during the forecast period. Both these regions accounted for energy consumption between 80-90 MW (megawatt) in 2015. They were followed by the U.S., South Europe, and Central America.
Combined installations of the U.S., South Europe, and Central America added up to nearly 110 MW the same year. Europe dominated the concentrator photovoltaic market in 2014, with Spain at the forefront. Spain received high direct normal irradiance (DNI) in 2014. Delay in the construction of energy plants by ‘Tenaska Solar’ has led to low demand in the U.S.
Some of the prominent players in the worldwide concentrator photovoltaic market are Morgan Solar, Amonix Inc., Zytech Solar, SunPower Corporation, and Semprius Inc. Mergers & acquisitions and collaborations are common expansion strategies employed by them. For instance, ‘Morgan Solar’ has allied with 'Enbridge’ to build a solar plant (in Alberta) with a capacity of 10 MW. The project is said to raise the company’s annual capacity to 100 MW.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Carbon Capture and Sequestration Market Size, Industry Analysis Report, Competitive Market Share & Forecast To 2024 | Hexa Research
The worldwide Carbon Capture & Sequestration Market is projected to grow at a CAGR of 25% from 2016 to 2024 reaching nearly USD 19 billion by 2024. This industry could witness significant growth over the next few years owing to high investments in emission reduction technologies. Moreover, in-depth research and exploration activities may also propel demand.
Factors attracting investment are popularity of clean power technologies and implementation of discharge compliance norms. Regulations from the U.S. transportation department & the EPA for medium and heavy-duty vehicles can improve the demand for carbon capture technology. Since this market is in the nascent stage, there is no clarity on the price of stocked up carbon. This may hamper demand in the forthcoming years.
The global Carbon Capture & Sequestration Market is divided into applications, technologies, and regions. Based on applications, the industry is segmented into industrial, agriculture, and Enhanced Oil Recovery (EOR). The EOR segment witnessed the highest demand and contributed to more than 50% of the overall revenues in 2015. Volatile prices of crude oil may propel market penetration in EOR applications in the forthcoming years.
Significant technological improvements in non-power sectors can positively influence overall demand. For example, metal foundry and cement manufacturing in developed countries, like the United States have been experiencing the implementation of these technologies in small phases. Such positive initiatives regarding the application of latest technologies could benefit the global market in the long run. Moreover, greater awareness among policy makers about the importance of limiting carbon discharge can attract substantial investments.
The various technologies are pre-combustion, post-combustion, oxy-firing, and industrial. Demand for pre-combustion technology in the United States may witness robust growth. The post-combustion technology is projected to expand significantly over the forecast period. A growth spurt in energy generation and the newly developed heat integration & advanced amine systems can fuel its demand during the forecast period.
Based on geographies, the global Carbon Capture and Sequestration Market is divided into Europe, North America, Asia Pacific, Central & South America, and the Middle East & Africa. North America has been leading the global market over the past couple of years. Strict regulatory framework for a cleaner environment can propel this market. The Asia-Pacific region is anticipated to register the highest CAGR over the forecast period. Regional growth could be attributed to the focus of developing economies (such as Indonesia) on cleaner environment.
Major companies operating in the global Carbon Capture and Sequestration Market are Mitsubishi Heavy Industries Ltd.; The Linde Group; Sulzer Ltd.; AkerSolutions ASA; and Statoil ASA. The worldwide market is characterized by a large number of gas & oil companies. These market participants focus on developing newer & more competent CO2 capture processes & technologies. “Post Cap” is one such technology that is based on AAS (Amino Acid Salt) solution as solvent. It is mainly applied in natural gas-fired power plants and in coal-fired power stations. This technology can not only be incorporated in new power plants but also in the existing ones.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Intumescent Coatings Market Size, Share, Application and Forecasts to 2024
Intumescent coatings have the capability to protect materials from fire and its resulting damage. These coatings, when exposed to fire produce a separate layer called ‘char’ to protect the material by cutting off the oxygen. Its applications include fire-stopping pillows, window casings, and gasketing.
The Intumescent Coatings Market is poised to grow due to demand from various industries. It is estimated to exhibit a 4.6% CAGR over the forecast period (2016-2024). A common regulatory standard is an effective barrier against market players attempting to invest in other regions.
The global market is segmented according to raw material, end-users, and regions. Raw materials dependent on producing these coatings are hydrocarbon or cellulosic based. The former have large market shares, while the latter will exhibit a high growth rate due to its application across marine, automotive, and construction industries. Hydrocarbon coatings have significant returns in terms of revenue due to their increased use in oil & gas sector.
End-users entail automotive, construction, and oil & gas sectors. Oil & gas led the intumescent coatings market due to the exploration & production activities of shale gas and other fossil fuels. Construction sector will see an upsurge due to the increase in infrastructure projects in South America and Asia Pacific. Car safety laws are likely to augment market demand in the automotive sector in the next seven years.
Regions covered under the market are Latin America, North America, Asia Pacific (APAC), Middle East & Africa (MEA), and Europe. Asia Pacific and Europe currently have maximum shares of the market, but Europe will face dull growth in the coming years. North American market is market by product developments and innovative breakthroughs. MEA will experience significant growth due to the growing infrastructure sector and concurrent interest in the oil & gas sector.
Prime companies dominating the market are Akzo Nobel N.V.; Hempel Marine Paints; The Jotun Group; and Rudolf Hensel GmbH. They have been reigning on account of procuring raw materials at low cost. Products with better performance and a longer shelf life will garner maximum market shares. But a stable distribution cycle ranging from manufacturer to end-user will pose a challenge to new market players.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
