Floating Solar Panels Market To Reflect Impressive Growth Rate By 2025 | Grand View Research, Inc.

February 28, 2019 Floating Solar Panels Market

The global floating solar panels market is expected to reach USD 2.70 billion by 2025, according to a new report by Grand View Research, Inc. The technology is expected to witness significant growth over the forecast period owing to rising demand for reliable renewable power generation. Furthermore, the ability to mitigate land cost is expected to favor demand over the projected period.

The growing focus of various governments towards the use of renewable energy for power generation coupled as well as lower environmental pollution by reducing the dependence on fossil fuels is expected to have a positive impact over the projected period.

Declining panel cost leading to lower per unit cost of generation is a key factor promoting the use of solar technology for power generation. Furthermore, lack of availability of suitable land for installation coupled with its ability to lower the impact of evaporation is a key factor driving the market over the forecast period.

Japan floating solar panels market revenue, by product, 2014 - 2025 (USD million)

         

Further key findings from the report suggest:

• The penetration of stationary floating solar technology is expected to grow, particularly in developing and emerging economies owing to the low cost of installation as compared to its counterpart.
• Tracking floating solar panels are expected to grow over the next nine years owing to the increased efficiency of the panels with tracking technology. The growing R&D investments by the installers and panel manufacturers to reduce the cost of this particular technology are likely to bolster market growth.
• Japan accounted for over 75% of the overall revenue share in 2015 owing to the low availability of land and favorable initiatives taken by the government to promote the use of renewable sources of energy. In addition, the industry is expected to grow substantially on account of the numerous plans sanctioned by the Japanese government.
• Europe is one of the leading installers of the technology owing to the rising market penetration in the UK with around six plants and an installed capacity of over 10,000 kW of the overall installations in Europe.
• Key players in the industry include Kyocera Corporation, Trina Solar, Sharp Corporation and Yingli Solar. Ciel & Terre is expected to be the largest installer of floating panels across the globe. The company accounts for over 50% of the overall floating panels installations.

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Solar Trackers Have The Ability To Increase The Direct Exposure By Around 20% - 30%

February 28, 2019 Solar Trackers

The global solar tracker market is expected to reach 26.77 GW installed capacity by 2025, according to a new report by Grand View Research, Inc. Rising demand for renewable energy in developing countries is expected to drive demand for the solar tracker. The product exhibits the ability to generate electricity in the same amount of space needed for fixed-tilt systems which make them an ideal product for optimum land usage. Solar trackers have the ability to increase the direct exposure by around 20% - 30% as they improve the precision in sunlight tracking. The major restraining factor is the high costs involved in the installation of solar trackers.

Prevalence of supporting regulations in North America is expected to be a key factor responsible for the high growth. Reduction in feed-in tariff rate has hampered market growth, however, the incentive schemes under the Italian legislative regime, highest global subsidies for RES (Renewable Energy Sources) is expected to drive market demand.

          Spain solar tracker market, by technology, 2014 - 2025 (Megawatt)

    

Further key findings from the report suggest

• Solar PV is the largest segment in the market growing at CAGR of over 18% in terms of capacity from 2016 to 2024 on account of simplicity in design and cost-effectiveness of the technology
• The demand for dual axis trackers is expected to grow rapidly at a CAGR of 18.7% from 2016 to 2024. The demand is driven by their ability follow the sun both horizontally and vertically.
• The demand from utility application is expected to grow at a significant CAGR reaching over 23.84 GW in 2025. These trackers are majorly used in wide areas, and therefore, it is more favorable to install them for large scale projects.
• The European capacity was 1.85 GW in 2015 and is anticipated to witness significant rise on account of numerous installations in France, Spain, Italy, Greece, and Germany.
• In April 2015, SunPower Corporation announced its plans to partner with Apple to construct two solar power projects totaling 40 MW in Qiang Autonomous Prefectures and ABA Tibetan, Sichuan Province in China.

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Air Core Drilling Market Is Anticipated To Reach USD 1.45 Billion By 2025: Grand View Research, Inc.

February 28, 2019 Air Core Drilling Market

The global air core drilling market value is anticipated to exceed USD 1.45 billion by 2025, according to a new report by Grand View Research, Inc. Rising investment in E&P activities across various unconventional energy sources to meet growing energy demand is expected to drive the market over the next nine years.

Air core drilling is widely used in soft rock and soil formations that do not need heavy machinery to drill to the desired depth. The samples produced are not damaged and can be easily analyzed which makes this method better thanrotary air blast drilling.The techniqueis primarily used by mining companies which are looking for minerals that are well below the surface as it can reach depths up to 300 meters.

Additional benefits of this method include instant switch between complimentary drill bits, continuous sample returns, and reduced times in moving between boreholes which maintain the ore grade of the mineral samples.

Air core drilling takes longer time than other conventional techniques as the process is more accurate.In addition,the technique functions at water devoid, mature geographical areas and hydrogen sulfide zones which is anticipated to limit its usability. 

           Global air core drilling market by application, 2014 - 2025 (USD Million)

      

Further key findings from the report suggest:

• The global air core drilling demand exceeded USD 900 million in 2015 and is estimated to grow at a CAGR of 5.0% from 2016 to 2025
• Nitrogen membrane drillingis anticipated to grow at the highest CAGR of 5.7% from 2016 to 2025 owing to the ability to reduce chances of down hole fires and operating costs.
• Dust drilling demand in the U.S. is estimated to exceed USD56.3 million by 2025. High demand for this technique may be attributed to a large number of mature sedimentary basins in the country.
• The Asia Pacific air core drilling industry is expected to grow at the highest CAGR of 5.9% from 2016 to 2024 owing to alarge number of upcoming E&P projects and the presence of huge untapped hydrocarbon reserves.
• Key players include Schlumberger, Atlas Copco, Baker Hughes, Weatherford, Allis Chalmers and Halliburton
• Harlsan is one of the primary suppliers of RC drill rods and air core bits to major mining players present in Asia, Africa,Canada,UK, and South America. Airdrill manufactures drilling and auxiliary equipment for oil&gas and mining industries

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BIPV And BIOPV Market Value Worth To Reach $31.14 Billion By 2024: Grand View Research, Inc.

February 28, 2019 BIPV And BIOPV Market

The global BIPV and BIOPV market size is expected to reach USD 31.14 billion by 2024, according to a new report by Grand View Research, Inc. Rising adoption of energy generation by renewable sources without comprising on the aesthetic appeal of buildings is expected to drive growth over the forecast period.

Increasing demand for integrated installations is expected to be driven by the growing disposable income of the consumers. In addition, rising concerns regarding averse environmental impact due to the use of non-renewable energy sources are likely to account for the growth of the industry over the next eight years.

The industry has witnessed increased adoption of the environment-friendly energy sources by the multi-national corporations to limit the carbon footprints. In addition, growing subsidies and tax reductions offered by the national governments is expected to bolster the demand for the product.

The demand for the product has stemmed from the increased adoption of the integrated roofs, walls and windows owing to superior aesthetic properties. In addition, the industry has witnessed increased efforts towards the research & development activities leading to the development of magnetic nanoparticles incorporated solar cells, leading to an enhanced efficiency of the overall installation.

         Germany BIPV market revenue, by technology, 2013 - 2024 (USD Million)

Further key findings from the report suggest

• Building integrated roofs accounted for over 61% of the overall revenue due to superior efficiency of the roof-integrated systems. In addition, improved aesthetic appeal coupled with the ease of the integration of the solar energy harnessing systems for rooftop installations.
• Thin-film building integrated photovoltaics is expected to witness highest CAGR of over 20% from 2016 to 2024 due to superior integration with the building envelopes in comparison to the crystalline silicon.
• The thin film is expected to grow owing to significant technology advancements leading to improved performance efficiency as well as superior aesthetic appeal as compared to its counterparts.
• The market in Asia Pacific is expected to account for USD 7.48 Billion by 2024 due to increasing demand for the technology from the rapidly developing building and construction industry in the region.
• The companies in the market are involved in significant research & development activities to produce advanced products, in a bid to increase the market share. Heliatek GmbH introduced the organic building integrated photovoltaic cells, with high band gap resulting in superior efficiency.

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Offshore Wind Energy Foundation Segment Is Expected To Witness Revenue Growth At A CAGR of 14.9% from 2016 to 2024

February 28, 2019 Wind Energy Foundation Market

The global wind energy foundation market is expected to reach USD 241.14 billion by 2024, according to a new report by Grand View Research, Inc. Increasing concerns over depleting petroleum resources has resulted in influencing growing demand for renewable energy. Increasing global population and industrialization have become major factors for moving towards non-conventional resources.

Wind energy is gaining momentum over the past few years on account of major capacity additions owing to the declining prices. Recently there have been dramatic reductions in costs on account of increasing research and development. Growing demand for expansion of electricity generation and access is expected to be a major driver for the industry over the forecast period.

Climate change and global warming are major factors responsible for the increasing focus on wind power and harnessing this power for the future generations. The demand for wind energy foundation was USD 73.46 billion in 2015.Approximately 100 countries have managed to build several commercial wind farms.

Strong government initiatives and subsidies for the development of renewable energy is expected to be crucial factor for growth of the industry over the forecast period. The Paris agreement of 2015 was a major step in moving towards harnessing sustainable and clean energy.

Global wind energy consumption estimates and forecast, 1990 - 2030 (Quadrillion Btu)

  

Further key findings from the report suggest:

• Offshore wind energy foundation segment is expected to witness revenue growth at a CAGR of 14.9% from 2016 to 2024. Offshore wind turbines have large power capacities and are now being installed even in deep water.
• In the offshore category, mono-pile foundation accounted for 35.6% of the global market share in 2015 and it was the largest in offshore category. Increasing need to secure energy security and growing concerns about onshore wind farms is a major factor propelling expansion.
• Onshore wind energy foundation market was valued at USD 52.01 billion. The onshore category has dominated the foundation market over the past several decades owing to reasonable cost for installation.
• Asia Pacific market was valued at USD 27.45 billion in 2015 and will witness significant gains over the forecast period on account of continuous increase in installation capacity in countries such as China, India and Japan.
• North America is a major market for foundations owing to the availability of best wind resources coupled with low prices as compared to other countries. Countries such as Brazil will open present new opportunities for propelling growth over the forecast period.

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Waste To Energy Market Is Estimated To Be Valued At $43.96 Billion By 2024: Grand View Research, Inc.

February 28, 2019 Waste To Energy Market

The global waste to energy (WTE) market is expected to reach USD 43.96 billion by 2024, according to a new report by Grand View Research, Inc. Stringent waste management regulations particularly in Europe and in the U.S. coupled with the rise in concern to improve the waste management systems is expected to remain a key driving factor for global waste to energy market. The shift in focus towards energy generation through alternative routes is also expected to shape the industry structure. 

Emerging economies such as India and China has been witnessing a sharp increase in energy demand on account of rapid industrialization and urbanization which has prompted energy producers to look for alternative energy sources. Since these countries generate a lot of industrial waste, they have become high potential markets for WTE technologies and are expected to provide ample opportunities to companies involved. 

Companies such as China Everbright International Ltd. and Babcock & Wilcox Enterprises, Inc.have adopted acquisition strategies to enhance their waste management services. Most of the companies have tie-ups with local municipal solid waste providers for the distribution of waste sources.

        Global waste to energy (WTE) market revenue by technology, 2014 - 2024

Further key findings from the report suggest:

• Thermal segment dominated the waste to energy technology in 2015 and accounted for over 80% of the total market revenue
• Processing of non-recyclable materials to produce electricity, heat, and fuel on account of less environmental impact is expected to boost the thermal technology market
• Thermal technologies including incineration, gasification, and pyrolysis are expected to lower the carbon emissions which in turn would lead to increase in the implementation of these WTE technology
• Biological segment is expected to grow at a significant rate of 9.4% over the forecast period
• Rising investment in waste to energy plant facilities, development and R&D of technologies is expected to propel the market over the coming years
• Major companies identified in the WTE market include Waste Management Inc., Covanta Energy Corporation, C&G Environmental Protection Holdings Ltd., and China Everbright International Ltd. among others.

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Pressure Vessel Market Is Anticipated To Reach $225.84 Billion By 2024: Grand View Research, Inc.

February 28, 2019 Pressure Vessel Market

The global pressure vessel market is expected to reach USD 225.84 billion by 2024, according to a new report by Grand View Research, Inc. Increasing investment in energy sector is anticipated to be the major driving factor for the industry growth.

These vessels are containers designed to hold liquids or gases at high pressure. They have wide applications across various industries including chemicals, oil & gas, petrochemicals, power in the form of compressed air receivers, distillation towers, hot water storage tanks, nuclear reactor vessels, and natural gas storage systems.

They form an integral part of industry infrastructure for safe handling of gases and liquids. Increasing investment to build high performance-infrastructure for oil exploration activities is expected to drive the industry. The tanks are also used to store propane which is a by-product of liquefied gas processing.

Their application as boilers in thermal energy production is further anticipated to augment the industry volume in near future. These boilers are also used for the domestic hot water system. Many companies need water in the purest form and use fractional distillation. Overall product usage in distillation towers is anticipated to provide great opportunities for overall industry growth.

        U.S. pressure vessel market revenue by end-use, 2014 - 2024 (USD Billion)

                  

Further key findings from the report suggest:

• Steel alloy dominated the market with an approximate share of 40% in 2015 and is expected to continue its dominance owing to easy availability of steel and superior qualities. The composite materials sector is anticipated to witness the highest growth over the forecast period. Some composite based vessels are expected to offer better performance than steel, which is expected to increase its preference in the near future.
• Boilers are anticipated to grow at significant rate over the forecast period on account of its wide industrial applications, especially in fractional distillation. Around one-fourth of the industry in 2024 is expected to be captured by in nuclear reactors on account of increasing atomic energy implementations.
• Power generation was the leading end-use segment and accounted for 33.5% of total market revenue in 2015. Increasing energy demand has been prompting increasing power generation which is expected to drive this segment over the forecast period.
• Chemicals manufacturing is anticipated to witness the highest growth rate of 5.8% on account of increasing chemical projects in developing regions including the Middle East and Asia Pacific.
• Asia Pacific was the leading regional market and accounted for 38.3% of total market revenue in 2015. Growth of power and chemicals industry in China and India coupled with government support to expand power generation capacities are anticipated to drive the regional market.
• Major players operating in the global industry include Mitsubishi, Larsen & Toubro, Bharat Heavy Electricals, Pressure Vessels India, Samuel Pressure Vessels, Doosan, Babcock and Wilcox, Barton Firtop, and Abbott.

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Natural Oil Polyols Market Growing At A CAGR Of 7.3% From 2016 to 2024

February 28, 2019 Natural Oil Polyols Market

The global natural oil polyols (NOP) market is expected to reach USD 11.30 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for environment-friendly polymers on account of volatile prices of conventional plastics/polymers is expected to drive global NOP market.

Regulatory support in the form of financial incentives from European Commission for the adoption of environment-friendly polymers is estimated to augment market growth. The growing use of NOP for metallic & plastic coatings and door foams & headliners in the transportation industry coupled with its increasing acceptance for cushioning in footwear, and for concrete & wood coatings in the construction sector is also projected to drive the NOP market growth over the forecast period.

U.S. natural oil polyols (NOP) market revenue by product, 2014 - 2024 (USD Million)

Further key findings from the report suggest:

• Global natural oil polyols market demand was 1.89 million tons in 2015 and is expected to reach 3.57 million tons by 2024, growing at a CAGR of 7.3% from 2016 to 2024
• Soy oil polyols emerged as the leading product segment and accounted for 36.2% of total market volume in 2015. The ease of processing and abundant availability of raw materials on account of increasing soy acreage particularly in the U.S. and Brazil is expected to drive this segment over the forecast period.
• Castor oil polyols and palm oil polyols are expected to witness above average growth rates over the forecast period. Increasing demand for high purity NOP at lower prices coupled with advancements in extraction technologies is expected to lead to the development of castor & palm oil-based polyols.
• North America was the leading regional market and accounted for 44.4% of global demand in 2015. The growing demand for bio-based polyurethane coupled with the availability of key raw materials such as soy in the U.S. is expected to drive the regional market.
• Asia Pacific is projected to witness the highest growth of 7.7% from 2016 to 2024. Increasing infrastructure spending in China and India coupled with the abundant availability of raw materials such as palm oil and castor oil in South East Asian countries is expected to have a positive influence on the regional market growth.
• Some leading companies operating in the global natural oil polyols market include BASF SE, The Dow Chemical Company, Cargill Inc, Huntsman Corporation, Jayant Agro Organics Ltd, BioBased Technologies LLC, Elevance Renewable Sciences Inc., Stepan Company, IFS Chemicals Group, Bayer MaterialScience, and Emery Oleochemicals.

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Dye Sensitized Solar Cell Market Grow At A CAGR Of Over 12% from 2015 to 2022

February 28, 2019 Dye Sensitized Solar Cell Market

The global dye sensitized solar cell market is expected to reach USD 130.6 million by 2022, according to a new report by Grand View Research, Inc. Growing concern regarding detrimental environmental impact associated with fossil fuel based power generation plants is expected to remain a key driving factor for global DSSC market. Governments across various countries have been promoting electricity generation through renewable energy sources. Favorable government initiatives to promote off-grid solar power installations particularly in developed economies of Europe and North America are also expected to have a positive influence on the market growth. 

European government has been providing incentives such as feed-in tariffs, cost subsidies and tax relief to promote renewable energy. High cost to performance ratio is another factor that is anticipated to positively impact DSSC market growth. Rising R&D in this field is expected to lead commercialization of on-grid DSSC modules. Currently, DSSC has high penetration in off-grid applications including portable charging and building integrated photovoltaics (BIPV). Presence of organic liquid electrolyte poses sealing and toxicity issues and is anticipated to hinder industry commercialization. 

Portable charging emerged as the largest DSSC application with global revenue exceeding USD 16 million in 2014. Third generation thin film PVs are increasing being used for portable battery charging solutions including solar chargers, solar bags and wireless keyboards owing to their ability to provide optimum wattage in these applications.

Further key findings from the report suggest:

• Global Dye Sensitized Solar Cell Market was worth USD 49.6 million in 2014 and is expected to reach  USD 130 million by 2022, growing at a CAGR of 12.4% from 2015 to 2022
• BIPV/BAPV is anticipated to be the fastest growing application segment at an estimated CAGR of 13.0% from 2015 to 2022. DSSC ability to provide optimum power for these applications is anticipated to raise product demand over the forecast period.
• Europe was the leading consumer and accounted for over 35% of total revenue in 2014. Favorable government initiatives to promote off-grid solar power installations particularly in UK, France, Germany and Italy are anticipated to drive regional market over the forecast period. European Commission has been providing incentives in the form of feed-in tariffs, cost subsidies and tax relief to promote renewable energy implementation.
• Asia Pacific is anticipated to witness the highest growth of 13.6% from 2015 to 2022. Favorable government initiatives in countries such as India, China and Taiwan to supply electricity to remote locations have encouraged government towards deploying off-grid systems using renewable energy sources. Rapid urbanization coupled with surging product demand in portable electronic products such as smart phones, portable charging products is expected to drive DSSC penetration in the region.
• Major companies operating in global DSSC market include Konica Minolta Sensing Europe B.V., Dyesol, Fujikura Ltd., G24 Power Ltd., Exeger Sweden AB, 3GSolar Photovoltaics, and Merck KGaA.

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Solar Pumps Market Growing At A CAGR of 38.1% from 2015 to 2022

February 28, 2019 Solar Pumps Market

The global solar pumps market is expected to reach USD 3,639.0 million by 2022, according to a new study by Grand View Research, Inc.  Strong shift in trend towards replacing diesel and electric pumps in order to reduce reliance on conventional energy is expected to drive the global solar pumps market. Increasing government support in the form of subsidies and tax benefits particularly in emerging markets of Asia Pacific and Africa is also expected to have a positive influence on the market growth over the forecast period. However, higher upfront investment cost compared to its conventional counterparts is expected to remain a barrier for market participants.

DC surface suction pump was the largest product segment and accounted for 83.4% of the total market volume in 2014. Increasing micro-irrigation activities coupled with continuous & clean drinking water supply in remote places with irregular electric supply is expected to drive this segment over the forecast period. AC submersible pump is expected to witness the highest growth of 40.7% from 2015 to 2022. Increasing adoption of AC submersible pumps particularly in high growth markets such as India and Bangladesh is expected to drive this segment over the next seven years.

             Global solar pumps market volume by product, 2012 - 2022 (Units)

                               

Further key findings from the study suggest:

• Global solar pumps market was 120,786 units in 2014 and is expected to reach 1,571,028 units by 2022.
• Agriculture was the largest application segment and accounted for 62.9% of total market volume in 2014. Agriculture is also expected to witness the fastest growth of 38.5% from 2015 to 2022. Increasing agricultural activities in emerging markets such as India, China, Bangladesh, Morocco and South Africa is expected to drive this segment over the forecast period.  
• Asia Pacific emerged as the largest regional market and accounted for 33.0% of total market volume in 2014. Asia Pacific is also expected to be the fastest growing regional market for solar pumps. The region is expected to grow at a CAGR of 43.4% from 2015 to 2022. Government support to the farmers in the form of subsidies particularly in China, India and Bangladesh is expected to drive the regional market over the forecast period. Middle East & African solar pumps market is expected to exceed USD 600 million by 2022.  
• Global solar pumps market is characterized by a mix of both large MNCs and small regional companies. Some major companies operating in the global market include Lorentz, TATA Power Solar Systems Ltd, SunEdison, CRI Group, Bright Solar, USL and Shakti Solar Pumping System.

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Wind Power Market To Reflect Impressive Growth Rate By 2020: Grand View Research, Inc.

February 28, 2019 wind power generation industry, Wind Power Market

Global wind power market is expected to reach 760.35 GW by 2020 on account of increasing regulatory support from governments particularly in Europe in order to reduce carbon emissions. Furthermore, financial incentives and tax benefits in countries such as U.K., Italy, Brazil, Spain, U.S. and China have fuelled growth leading to a significant market share in overall electricity generation.

Industrial applications accounted for more than 40% of the total market in 2014 and hence dominated the global market. In addition, industrial application is expected to witness fastest growth, growing at over 13% CAGR from 2015 to 2022.

Rising energy needs in countries such as China, Brazil and India, owing to rapid industrialization is expected to have a positive impact on wind power generation industry. Wind power finds extensive use in various sectors including commercial heating/lighting applications and residential.

Europe had a cumulative installed capacity of 130.85 GW in 2014 and was the leading market for wind power. Europe’s framework legislation and its target to reduce carbon footprint by 2020 is expected to ensure continuous growth of the industry over the forecast period. Furthermore, large investment opportunities in countries including Ukraine and Russia are expected to have a positive impact on market growth. Growing demand from countries including Spain, France, U.K., Italy, and Germany is expected to drive market growth over the forecast period. However, market saturation is a major restraint for the region and is expected to hamper growth over the next six years. 

Asia Pacific is expected to witness fastest growth going forward till 2022. Rising government initiatives undertaken by government of India and China to develop wind power generation as means to increase their renewable energy portfolio is likely to propel demand. Asia Pacific accounted for more than 34% of total installed capacity in 2012. Middle East and Africa is projected to be the fastest growing regional market at a CAGR more than 43%. 

North America was the third largest wind power market in 2012. Regional market is expected to grow on account of extension of Production Tax Credit as a part of fiscal cliff package by the U.S. Congress. U.S added a large capacity for wind power generation in 201 and emerged as the largest source of new electricity generation by accounting for over 40% of capacity added. 

Global wind power market is highly fragmented. Some of the major players operating in the global wind power industry include Gamesa, Sinovel, GE Wind, Vestas, Mingyang, Enercon, Goldwind, Suzlon Group, United Power and Siemen

Further Key findings from the study suggest:

• Europe emerged as the leading market for wind power with a cumulative installed capacity of 109.80 GW of the total market in 2012. Europe’s framework legislation and its target to reduce carbon footprints by 2020 are expected to ensure continuous growth of wind power market in the region

• Germany, UK, Italy, Spain and France represent some of the leading markets in Europe. However, huge investment opportunities exist in the Eastern European countries such as Russia, Ukraine etc.

• Owing to rapid strides taken by India and China to develop wind power generation, Asia Pacific is expected to overtake Europe to lead the global market by 2020. Asia Pacific accounted for 35.6% of the total installed capacity in 2012. Wind power accounted for a 2% of the total electricity produced in China up from 1.5% in 2011.

• North America emerged as the third largest wind power market in 2012. Extension of Production Tax Credit as a part of fiscal cliff package by the U.S. Congress is expected to be a key factor driving the regional market for wind power. The U.S. saw a record number of capacity addition in 2012 as wind power emerged as the largest source of new electricity generation by accounting more than 40% of new capacity added.

• Some of the key companies operating in the global wind power market include GE Wind, Vestas, Siemens Wind Power, Enercon, Suzlon Group, Gamesa, Goldwind, United Power, Sinovel and Mingyang.

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Solar Cell Market Is Exhibiting A CAGR Of 25.5% During 2015 to 2022: Grand View Research, Inc.

February 28, 2019 Solar cell market

Global solar cell industry is expected to reach over 1,087.0 GW by 2022 owing to increasing demand for electricity coupled with rising consumer awareness regarding environmental benefits of renewable energy sources. Stringent government regulations in various economies to encourage use of solar energy through incentives and feed-in-tariffs is also anticipated to drive demand over the forecast period. 

Technological advancements have led to efficient performance and reduction in manufacturing cost of the cells which is expected to fuel growth. Moreover, rising demand for eco-friendly energy sources in order to reduce dependence on fossil fuels and achieve energy security is expected to propel growth over the next seven years. 

Increasing demand for PV systems in residential, utility and commercial applications is expected to have a positive impact on the industry. Increasing government support coupled with rising R&D investments in the sector is projected to propel growth. In addition, rapid development in the industrial sector together with growing infrastructure improvements particularly in emerging economies is forecasted to fuel product utilization over the next seven years. 

       Germany solar cell market installed capacity, by product, 2012-2022 (GW)

Multicrystalline and monocrystalline which form the silicon wafer segment contributed to an overall market share of approximately 90.0% of aggregated installation capacity in 2014. 

In 2014, monocrystalline silicon wafer market reached over 57.0 GW. Industry players are expected to have ample growth opportunities in the market owing to increasing utilization of the product in developed nations. Properties of monocrystalline solar cells including stability, high efficiency and compact design is expected to propel demand over the next seven years. Research and development aimed at incorporating magnetic nanoparticles in manufacturing solar cells owing to enhanced performance is anticipated to open new avenues over the forecast period. 

Emerging economies including China, Indonesia, India and Japan are expected to experience significant growth inthe market owing to supportive government programs and policies over the next seven years. 

Multicrystalline silicon cells are projected to witness rapid growth exceeding 25.0% in the forecast period owing to simple production process leading to reduced costs. Asia Pacific is expected to be a major market for multi crystalline solar cell owing to rising demand for multi crystalline solar cells in residential and commercial applications and increasing consumer awareness regarding cost efficiencyof the product. 

UAE is one of the major markets for solar cells in MEA owing to reliable operation and cost benefits of the product.Impressive aesthetic exteriors and flexibility offered by photovoltaics is estimated to propel thin film solar cell market over the next seven years.

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