Global outlook of the property insurance in oil and gas market
Technavio’s market research analysts predict the global property insurance in oil and gas market to grow steadily during the forecast period and post a CAGR of more than 3% by 2020. This industry research report identifies the need for hedging expensive oil and gas assets to be one of the major factors that will have a positive impact on the growth of the industrial property insurance market in the coming years. Due to the highly specialized nature of operations in the oil and gas industry, the machinery associated is extremely expensive. Since these expensive machineries are used in highly hazardous operations, oil and gas companies find it imperative to buy insurance policies that cover losses. Moreover, the cost of cleanup and debris removal is also high, which will again compel companies to develop risk management strategies and take up property risk insurance covers.
One of the major trends that will gain traction in this market is the emergence of engineering services. Oil and gas operations involve high temperatures, flammable liquids, high-pressure gases, and several other extreme conditions, which create a high probability for fire accidents or explosions. Realizing the value of engineering services in ensuring the success of the overall risk management process, insurance providers have started developing teams of engineers and technically experienced professionals to help them make better-informed underwriting decisions. Since the insurance premium mainly depends on the risks associated with the facilities, oil and gas companies will start focusing on developing and adopting advanced engineering services.
Competitive landscape and key vendors
The market is characterized by the presence of
Overview of the global renewable energy investment market
Technavio’s market research analyst predicts the global renewable energy investment market to exceed USD 350 billion by 2020. Investments in renewable energy generation have risen significantly in recent years due to the rising instances of power crisis and the growing need for cleaner power resources. Renewable resources, such as wind and sunlight, enable power generation with minimal greenhouses gasses emissions. Such a high demand for renewable power has triggered a flurry of investments in renewable power generation by companies across the globe. The US Supreme Court decision to remove legal objections to the environmental protection agency's clean power plan will positively boost investments in renewable power generation during the forecast period. Moreover, rising investments in solar power from the oil and gas industry will further enhance the growth opportunities for this market in the coming years.
As per this market analysis, there will be an increased spending on utility-scale renewable energy projects as they benefit from state and local policies and programs. Renewable energy projects that are more than 10 MW are termed as utility-scale renewable energy projects. The utility-scale renewable energy projects are considered to be highly individualized energy projects where the most effective countries have integrated renewable portfolio standards with financial mechanisms such as tax benefits and clean energy fund grants. Such facilities help in encouraging and supporting the development of large-scale projects within their borders by implementing transparent measures.
Competitive landscape and key vendors
The competition is intense among vendors in the market as they are trying to shift towards a hybrid
Overview of the global off-grid energy storage system market
Market research analysts at Technavio predict the global off-grid energy storage system market to grow steadily during the forecast period and estimate the market to post a CAGR of almost 7% by 2020. This market research analysis identifies the growth in demand from the telecom sector as one of the primary growth factors for this market. The recent years have seen an exponential growth of the telecom sector across the globe. To support the rapid explosion in traffic and provide better coverage, telecom operators have started installing new base transceiver stations (BTS). This has led to the installation of telecom towers in remote locations, which resulted in the adoption of diesel generators due to unreliable grid connections. Diesel accounts for more than 40% of the total operating expenditures and also pollutes the environment, which in turn, will induce telecom operators to use off grid energy storage systems to power their BTS. Some of the major telecom operators such as Bharthi Airtel and Eltek have already announced the installation of off grid power storage systems such as lithium-ion batteries and hybrid solar photovoltaic systems for powering their telecom towers.
Focusing on making advancements in the battery storage technology, companies will start increasing their R&D investments to develop new technologies that can considerably reduce battery costs. Aqueous solar flow created by the researches at Ohio State University that involves the integration of solar and lithium-iodine technology, the replacement of silicon anodes for Li-ion batteries with reed leaves, and the adoption of crystal
Overview of the global automatic generation control (AGC) market
Market research analysts at Technavio predict that the global automatic generation control market will grow steadily during the next four years and will post a CAGR of almost 3% by 2020. This market research analysis identifies the changes in grid structure that drive the demand for IT implementation as one of the primary growth factors for the power generation control market. Utilities and energy companies are constantly making changes to the functioning of the grid to accommodate power generation resources such as fossil fuel. To improve each part of the value chain, companies have started focusing on implementing new IT technologies. These IT systems help in transforming the grid to accommodate low carbon polluting technologies, in turn, making power generation multi-dimensional. This will increase the complexities of grid operation and will lead to the adoption of power management systems such as AGC which allows the seamless integration of power generation resources and services.
The rise in integration of power resources will be one of the major trends that will gain traction in this market. Realizing the need to reduce GHG emissions, countries around the globe have started reducing their dependency on fossil fuel and started focusing on cleaner fuel sources such as nuclear and renewable energy. This addition of new resources will make electrical grids more complex and multidimensional. And as a result, companies will start using power control systems such as AGC which help in ensuring the stability of power grids.
Competitive landscape and key vendors
Characterized by the presence of
Overview of the global crude oil pipelines market
Market research analysts at Technavio have predicted that the global crude oil pipelines market will grow moderately during the next four years and estimate the total length of crude oil pipelines to reach almost 538 thousand miles by 2020. The major hydrocarbon-rich regions identified in the early 20th century have started to change significantly, which will induce the exploration and production (E&P) companies to start oil and gas exploration activities in unconventional avenues. This market research analysis identifies this shift in the base of crude oil reserves as one of the primary growth factors for this market. The recent years have seen a significant reduction in the rate of production in the established areas such as the Middle East, the Gulf of Mexico, and the North Sea. As a result, crude oil companies have moved their exploration activities to relatively new areas such as the Yamal basin in Russia, the Andaman Sea in the Indian sub-continent, and most significantly regions in the Arctic and Antarctic. This will subsequently lead to the need for linking the producing regions to the consumer bases, in turn, fueling the growth of the market.
The transportation of heavy crude through pipelines is one of the major challenges faced by crude oil pipeline operators. The high density of these crude oils and rapid cooling makes their transportation through the long distance pipelines very cumbersome resulting in several operational issues in the pipeline system. This will lead to the increasing adoption of heated pipeline technology among oil and gas pipeline companies in the next four years. With the upstream oil and gas areas moving into hostile environments and the global change in climatic conditions, this technology will play a significant role in the growth of the market.
Competitive landscape and key
Overview of the global natural gas pipeline market
Market research analysts at Technavio predict that the global natural gas pipeline market will grow moderately during the next four years and will reach a natural gas pipe length of more than 2651 miles by the end of the forecast period. This market research analysis identifies the decline in steel prices as one of the primary growth factors for this market. Steel is one of the major raw materials used in manufacturing natural gas pipelines and studies have shown that the cost of steel amounts to almost 16% of the total cost for manufacturing one mile of gas pipeline. As a result, the current trend of decreasing steel prices will signifiacntly drive the growth of the natural gas pipeline market in the next few years. Though the rise in energy prices increases the manufacturing costs, the reduction in prices of Iron ore and steel scrap, which are used as raw material to make steel, will fuel the growth of the natural gas pipleine market over the forecast period.
The need to rationalize the flow of data, make real-time choices, improving asset performance, and product quality, will soon result in the adoption of Internet of Things (IoT) by the oil pipeline industry. Through regular monitoring, tracking, controlling, and asset management, IoT will provide a detailed diagnostics and will also allow real-time data sharing. Moreover, IoT can also be used to report preventive maintenance directly at the source, which will allow immediate corrective responses that aids in minimizing leakages.
Competitive landscape and key vendors
The natural gas pipeline market plays a significant role in the global oil
The energy industry is in a state of flux. Declining fossil fuel reserves are driving energy security concerns, which are boosting prospects for alternative energy sources. Globally, thermal power is steadily losing ground as renewable power, like wind, solar, biomass, biogas, and tidal, is gaining traction and more and more renewable sources achieve grid parity.
Additionally, smart grids have emerged as a key growth driver in this segment and are helping transform the way we obtain and use energy. Integration of smart grids with renewable energy sources has also facilitated the growth of the energy industry as a whole.
Distributed generation, microgrids, and next-generation energy storage are some of the new technologies that are gaining prominence across the industry.
Technavio’s energy reports are extensive in coverage and include markets like smart grid, oil and gas, power, energy storage; and water and waste management.