Overview of the global inverter market
Technavio’s market research analyst predicts the global inverter market to grow steadily at a CAGR of 6% by 2021. One of the primary drivers for this market is the rise in the consumption of wind energy. Due to the depleting conventional sources of energy and growing concerns about greenhouse gas (GHG) emissions, countries across the world are shifting their focus toward the use of renewable sources to produce power. Among all renewable sources of energy, wind power is the most efficient source of power generation. It is also one of the most abundant sources of alternative energy. Growing awareness about the benefits of wind energy is fueling the demand for wind turbine inverters, this is because they can increase the rotational speed and energy output while ensuring a high rate of return for investors from wind projects. Moreover, the rising cost of fossil fuels is compelling consumers to shift towards renewable wind energy solutions. As a result, wind turbines will witness a rapid growth rate, this will propel the growth for wind turbine inverters during the forecast period.
One of the latest trends gaining traction in this market is the increasing demand for clean power. Climate change policies and improvements in technology have shifted generation of power to low-carbon or no-carbon technologies such as solar, wind, and hydropower. With a growing number of countries implementing renewable targets and policies, there has been an increase in renewable power production, which necessitates the presence of adequate and reliable power transmission, such as that provided by a smart grid. Also, end-users have embraced alternative forms of energy instead of
Overview of the global carbon capture and storage (CCS) market
Market research analysts at Technavio predict that the global CCS market will grow steadily during the next four years and in terms of carbon captured and stored, will post a CAGR of more than 9% by 2021. This market research analysis identifies the over-dependence on fossil fuels as one of the primary growth factors for the CO2 capture and storage market. It has been observed that in the coming years, the demand for energy will increase by about 30% and will mainly arise from the non-OECD countries such as India and China. This will subsequently increase the dependence on fossil fuels for power generation. This in turn, will lead to the increased emission of greenhouse gases such as CO2 in the environment, aiding global warming. The rising concerns to reduce GHG emissions from the power plants and making them environmentally sustainable, will drive the implementation of CCS in the power generation sector, fuelling the growth of the carbon capture and storage market in the coming years.
This market research and analysis estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the predicted period. Analysts predict that North America will account for the major market shares in this region, where the introduction of stringent regulations by various governments in this region towards curbing GHG emissions, will propel market growth.
Competitive landscape and key vendors
The market is currently at its infant stages and has significant potential for growth. The market is competitive and is dominated by major carbon capture companies such as Babcock &
Overview of the global direct drive wind turbine market
Technavio’s market research analyst predicts the global direct drive wind turbine market to grow steadily at a CAGR of above 11% by 2021. One of the key factors responsible for this market growth is the increasing R&D in direct drive generators for wind turbines. In order to achieve higher efficiency with lesser losses, the industry players have been experimenting with multiple technologies. One such technology gaining traction over the last few years is the direct drive generators. The wind turbine direct train technology offers various advantages compared with conventional turbines. The former can operate without a wind turbine gearbox and has fewer moving parts compared with geared drive trains. In the absence of the gearbox, direct drive wind turbines run with the help of a generator and rotor, which rotate as an integrated unit. Better technological advances and the rise in R&D is expected to increase the demand for direct drive turbines, which in turn will propel the growth of the global direct drive wind turbine market in the next few years.
One of the latest trends gaining traction in this market is the rising support of government policies to promote the usage and generation of energy from wind. Wind is considered to be one of the cheapest renewable energy sources compared with other similar energy sources such as solar, nuclear, and even natural gas. Governments worldwide are realizing the potential and long-term benefits of using the wind energy. To induce growth in the wind energy sector, governments are setting up favorable policies to help establish and sustain the wind power against cheaper alternatives. Feed-in tariffs (FITs) are being provided in almost all countries with
Overview of the global wind tower market
Technavio’s market research analyst predicts the global wind tower market to grow steadily at a CAGR of around 10% by 2021. One of the key drivers for this market is the rise in wind energy consumption. With the depleting conventional sources of energy and growing greenhouse gases (GHG) emissions, countries worldwide are slowly shifting their focus toward renewable sources to produce power. Among all the renewable energy sources, wind power is considered to be the most efficient source of power generation among all renewable energy sources. It is also one of the most abundant sources of alternative energy. Moreover, the rising cost of fossil fuels is making the wind power an economical source of renewable energy. The rising cost of conventional energy sources and the growing environmental concerns will augment the growth of this market during the forecast period.
One of the latest trends gaining traction in this market is the increase in demand for clean power. As there is a rise in the number of countries implementing climate change policies, the shift towards low-carbon or no-carbon technologies such as solar, the wind, and hydropower has gained pace. With the help of these technologies, countries are able of generating power and achieve their respective power emission goal at the same time. Moreover, a growing number of end-users are embracing alternative forms of energy instead of depending on power generators that operate on fossil fuels. This transformation of user preference from fossil fuels to renewable energy sources will propel the growth prospects for the wind tower market in the coming years.
Competitive landscape and key vendors
At present, the wind tower market is well diversified by the presence of international and regional vendors. Regional vendors dominate the market in both the developing and developed
Global outlook of the smart water meter market
Technavio’s market research analysts predict the global smart water meter market to grow steadily during the forecast period and post an impressive CAGR of more than 20% by 2021. This industry research report identifies the evolution of sustainable water management systems to be one of the major factors that will have a positive impact on the growth of this market in the coming years. It has been observed that that increasing losses in the water pipeline system such as leakages and illegal tapping are the major reasons for water scarcity in several countries across the world. For instance, due to leakages in pipelines in the water distribution system, the utilities sector in the US suffers a loss of more than a trillion gallons of water every year. The adoption of smart water meter technology will help operators detect leaks in pipelines enabling utilities reduce water losses, in turn, significantly reducing the consumption of water and energy.
In terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the predicted period. Factors such as the introduction of stringent regulations by the government, rise in the evolution of smart cities, and the rapid development of water infrastructures, will propel the demand for smart meters for water management in this region.
Competitive landscape and key vendors
The market is characterized by the presence of well-diversified international, regional, and local water meter
Overview of the global power rental accessories market
Technavio’s market research analyst predicts the global power rental accessories market to grow steadily at a CAGR of more than 3% by 2021. The increasing demand for power from the utility and industrial sector is considered to be one of the primary growth drivers in this market. Temporary power supply across utilities and industries is bridging the gap between the demand and supply of electricity. As the governments are failing to provide sufficient power, industries are shifting towards temporary power supply options. Also, industries require a constant power supply to achieve optimum operational capacity and avoid financial losses due to outages. For instance, Uruguay was importing electricity from the neighboring countries to meet the country’s growing power requirement in addition to its domestic hydropower. However, to gain energy independence, the government resorted to the use of rental power. The growing demand for power by various utility and industries will augment the growth of this market during the forecast period.
This market research analysis identifies the increasing number of power purchase agreements to be one of the major trends that will gain traction in this market during the forecast period. Utilities or industries suffering power deficit or the supplied power is not in pace with the required power needs, are signing a long-term purchase power agreement with rental power companies to supply power over a period of years. Rental power companies mobilize the required equipment, take care of the operation and maintenance, and the utility only pays for the power supplied. The power purchase agreements are also expected to drive the power rental accessories market as they are taken up as a turnkey solution.
Competitive landscape and key vendors
At present, the power rental accessories market is a
The power industry is in a state of flux — declining fossil fuel reserves are driving energy security concerns, which is boosting prospects for alternative energy sources. Globally, thermal power is steadily losing ground as renewable power like wind, solar, biomass, biogas, geothermal, and tidal power gain traction and more and more renewable sources achieve grid parity.
Integration of renewable energy sources with smart grids has also facilitated the growth of the power industry as a whole. Hydroelectric power and nuclear power are also gaining prominence, as they are cleaner sources of power generation.
As power generation sources are being increasingly diversified, there is a need to strengthen the power transmission and distribution network to support increased generation. Governments globally are making huge investments to upgrade and build new transmission infrastructure.
Distributed generation, micro-grids, and next-generation energy storage are some of the new technologies that are gaining prominence across the industry.