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Global Power & Energy Decarbonization Technology Innovation Growth Opportunities

Global Power & Energy Decarbonization Technology Innovation Growth Opportunities

  • June 2022
  • 77 pages
  • ID: 6290211
  • Format: PDF
  • Frost & Sullivan

Summary

Table of Contents

Effort toward restricting the world’s temperature increase to 1.5°C has been on the global agenda ever since the Paris Agreement in 2015. However, the United Nations’ recent COP26 conference highlighted the fact that although we have taken enormous initiatives, the work still falls short of achieving the target.Both corporations and governments have made notable efforts, whether mandated or voluntary, to accelerate their net-zero transition. Top global companies’ voluntary initiatives to arrive at carbon negative from carbon neutral are laudable.Specifically, generating power through renewable sources, developing energy storage to increase renewables penetration, improving energy efficiency, electrifying industry, and managing carbon/methane are the top areas of focus in driving down carbon emissions to achieve climate change targets. This report highlights advancements in each of these areas and profiles prominent companies that have contributed to decarbonization and have commercialized these technologies. For instance, methane is 28 to 36 times more potent in its global warming potential than CO?. Advanced technologies help players in the oil and gas industry quickly identify the source and location of fugitive emissions and then fix them in their gathering, transmission, and distribution lines. Similarly, advanced technologies in steel production now make zero-carbon, 100% steel possible, which has the potential to reduce about 9% of global CO? emissions. In fact, the top 5 players in the steel industry are already in various stages of deploying this technology. Advanced materials in solar power generation and storage technologies that no longer rely on rare earth materials drive investment in renewables by addressing existing challenges that may have hindered growth.In addition, innovative business approaches, like as-a-Service models, that let customers focus on their core operations while leaving the details of a decarbonization strategy to the experts boost decarbonization initiatives and increase uptake where they otherwise are not sufficiently incentivized or where financing such projects has been an issue. This research also presents the market potential, where quantifiable, of these advanced emerging technologies and the growth opportunities that market entrants and industry players can capitalize on in this space.

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