Energy & Environment: Trends, Forecasts and Market Growth
This week, we have analyzed the advanced energy storage industry as well as the oil and gas market. We also evaluated the Waste-to-Energy technologies and market forecasts.
Check out the key upcoming developments selected by our top analysts.
The global market for Advanced Energy Storage is forecast to reach 103.8 thousand megawatts by 2024, driven by the speeding up of the decarbonization agenda in countries worldwide. Integrating renewable energy into grid operations is the first step towards reducing the energy industry’s carbon footprint.
The need of the hour for meeting renewable integration goals is the ability to store variable renewable energy for future use for meeting peak load demands. The growth in the market is therefore largely dependent on the provision of government funding and financing support for grid-level energy storage projects.
Future growth in the market will also be governed by cost competitiveness of energy storage technologies; validated reliability and safety of these technologies; and development of an equitable regulatory environment.
The United States represents the largest market worldwide. Rest of World, comprising Eastern Europe, Latin America, the Middle East and Africa, ranks as the fastest growing market with a CAGR of 64.9% over the analysis period.
The growth in the market is led by factors such as robustly growing regional economies; strong investments in new energy infrastructure build-outs; growing international pressure on emerging countries to reduce their per capita carbon dioxide emissions; and rich abundance of natural renewable energy sources such as sunlight, wind and water.
For more details, visit: Global Advanced Energy Storage Industry
The global oil and gas market had total revenues of $1,977,380.6m in 2017, representing a compound annual rate of change (CARC) of -13.2% between 2013 and 2017. The crude oil segment was the market’s most lucrative in 2017, with total revenues of $1,627,754.2m, equivalent to 82.3% of the market’s overall value.
The popularity of natural gas is growing in a number of countries across the globe and especially in the Asia-Pacific region.
India, Pakistan, South Korea and Malaysia being are some of the countries that have announced the establishment of new liquefied natural gas (LNG) terminals in their countries in the coming years.
Meanwhile Russia and Germany are on the verge of being connected by another natural gas pipeline namely the Nord Stream 2 pipeline. This too will boost growth in the natural gas segment of the global oil and gas market.
For more details, visit: Oil and Gas Industry Guide
It is estimated that the global waste to energy market will be progressing at a growth rate of 6.22% CAGR by the end of 2027. The increasing industrialization, urbanization and the variety in lifestyle that accompany the process of economic growth, also gives rise to the generation of enormous quantities of wastes leading to increased threats to the environment.
Therefore, waste-to-energy technologies are considered to be one of the most robust and effective alternative energy options to reduce CO2 emissions, replace fossil fuels, and further reduce the generated wastes in the current times.
Approximately 2/3 of household waste is categorized as biomass. So, the biological waste-to-energy technologies are expected to penetrate the market more vigorously than other WTE technologies. The strong shift in the trend toward energy security around the world, the depletion of conventional energy resources and increasing municipal waste generation are some of the circumstances that are driving the market growth throughout the world.
The global waste to energy market is geographically segmented into North America, Asia Pacific, Europe and the remaining countries forming the Rest of World segment. The Asia-Pacific market has emerged as a major hub for WTE development that is expected to provide numerous growth opportunities to market players over the forecast period.
The emerging economies of China and India have been developing their renewable resources to minimize their carbon footprints.
To get more insights, please refer to: Global Waste-to-Energy Market Forecast