Power & Energy Trends

With the falling prices of micro inverters and implementation of supportive government initiatives in several countries, the demand for photovoltaic installations is surging sharply. Moreover, the high cost-effectiveness, safety features, and optimal performance of solar micro inverters are further boosting their sales across the globe. Besides, the soaring need for power is also fueling the expansion of the global solar micro inverters market across the world. These energy storage systems can decentralize energy reserves and use energy during the time of peak demand, thereby assisting users in operating the grid more effectively and efficiently. Furthermore, the increasing affordability of these energy storage devices for solar power systems is also expected to drive the market at a CAGR of 15.3% from 2016 to 2026. According to the estimates of the market research company, P&S Intelligence, the value of the market will grow from $431.6 million in 2015 to $1,968.7 million by 2026.

The soaring investments being made for the production and upgradation of the transmission and distribution network in many countries around the world is one of the main factors causing the rise in the requirement of pad-mounted transformers across the globe. In addition to this, rapid advancements in technology, wide-scale application of information technology (IT) t machines, and improvement in process control are further boosting the demand for pad-mounted transformers all over the world. The other important factor responsible for the surging sales of pad-mounted transformers is the rising consumption of energy throughout the world, on account of the increasing population levels and changing lifestyles in several regions. Due to these factors, the global pad-mounted transformer market is expected to exhibit exponential growth in the years to come. A pad-mounted transformer basically refers to a special style of enclosure for bigger transformers that can be easily installed in the re

The expansion of the automotive industry is driving the demand for adhesive tapes across the world. This is because tapes having adhesive characteristics are extensively used in the automotive industry, primarily in the form of protection tapes and double-sided tapes. Moreover, automobile manufacturers are increasingly preferring to use automotive tapes having adhesive properties over the conventionally used mechanical fasteners in order to reduce the weight of the automobiles. As mechanical fasteners such as screws and bolts increase the automobile’s weight, they are being rapidly replaced by lightweight adhesive tapes. Besides the aforementioned factor, the development of recyclable adhesive tapes is also creating lucrative growth opportunities for the players operating in the adhesive tapes market. Many countries are restricting or banning the use of hazardous chemicals, which are generally needed for producing adhesive solutions. Additionally, various end users are preferring eco-f

The Technical Standards and Specifications laid down by the Petroleum and Natural Gas Regulatory Board, India, states the standards for the design, material, and safety of pipelines used in the oil and gas sector. The Schedule 1E of this regulation compels oil and gas companies to control corrosion and the Schedule 1D mandates the testing of pipeline equipment. Likewise, the Pipeline and Hazardous Materials Safety Administration (PHMSA) of the U.S. government assess the safety and performance of pipelines in the oil and gas sector to avoid unprecedented situations. Thus, the increasing need for oil and gas companies to comply with stringent government safety regulations will help the fiber reinforced plastics pipe market exhibit a CAGR of 8.4% during 2017–2023. According to P&S Intelligence, the market was valued at $2,134.4 million in 2016 and it will generate $3.8 billion revenue by 2023. As these pipes have a high strength-to-weight ratio, excellent resistance to corrosion and

The Asian Infrastructure Investment Bank (AIIB) committed $60 million to the STIC Asia Infrastructure Innovation Fund in November 2021. The fund will help small and medium-sized companies involved in smart city, transport and logistics, green energy infrastructure, social infrastructure, and digital infrastructure development prosper in the Republic of Korea, Southeast Asia, and South Asia. Likewise, the Government of Canada signed the Integrated Bilateral Agreement for the Investing in Canada Infrastructure Program (ICIP) with British Colombia in 2018 to invest $3.917 billion for the next 10 years in the infrastructure of the latter.  Thus, the increasing investments being made in infrastructure development will help the polymer concrete market witness a CAGR of 7.1% during forecast period. According to P&S Intelligence, the market revenue will rise from $1,975.8 million in 2017 to $2,964.0 million by 2023. Additionally, the rising focus on repair and rehabilitation of existing s

After energy production, transportation is the biggest source of greenhouse gas (GHG) emissions. The population boom is being accompanied by the rising automotive sales. And, since most of the automobiles are still fueled by gasoline (petrol) and diesel, the air pollution problem continues to worsen. Therefore, the world is now focusing on electric vehicles (EV), and till the time the entire transportation sector of the world doesn’t transition to EVs, other steps are necessary to check GHG emissions. One of the ways most countries have adopted is making the engines, fuel, and exhaust systems of conventional automobiles cleaner. As a result, P&S Intelligence expects the diesel exhaust fluid market size to increase to $20,518.0 million by 2023 from $12,191.5 million in 2017, at an 8.8% CAGR during 2018–2023. This is because diesel exhaust fluid, abbreviated as DEF and also known as AdBlue, accomplishes the selective catalytic reduction (SCR) of diesel, to convert harmful nitrous ox

The International Organization of Motor Vehicle Manufacturers (OICA) records that 1,427,074 units, 2,014,055 units, 3,394,446 units, 257,187 units, and 1,435,335 units of automobiles were manufactured in Thailand, Brazil, India, Argentina, and Russia, respectively, in 2020. The rising vehicle production creates an enormous requirement for electroceramics, as they are employed in spark plugs, oxygen sensors, knock sensors, and combustion sensors. Automakers deploy these sensors in internal combustion engine (ICE)-powered vehicles to monitor their major qualitative and performance indicators. Additionally, the booming healthcare industry, on account of the mounting demand for healthcare services, soaring number of public and private partnerships in this industry, and rising expenditure, is expected to drive the electroceramics market at a CAGR of 5.9% during the forecast period (2018–2023). According to P&S Intelligence, the market revenue will grow from $8,590.9 million in 2017 to

The U.S. Energy Information Administration (EIA) states that Organisation for Economic Co-operation and Development (OECD) countries and non-OECD countries produced 30.71 million barrels per day and 63.48 million barrels per day of crude oil, respectively, in 2020. Furthermore, the EIA estimates that non-OCED countries and OECD countries consumed 50.40 million barrels per day and 42.02 million barrels per day, respectively, of crude oil in 2020. Additionally, the organization states that global production and consumption of crude oil stood at 94.19 million barrels per day and 92.42 million barrels per day, respectively, in 2020. Further, Our World in Data, a project of the Global Change Data Lab, estimates that gas production in the U.S. and Russia surged from 8,359 Terawatt-hours (TWh) in 2018 to 9,209 TWh in 2019 and 6,691 TWh in 2018 to 6,790 TWh to 2019, respectively. The increasing production and consumption of oil and gas are expected to drive the centralizers and float equipment

Valued at $2,197.8 million in 2018, the global polytetrafluoroethylene market is expected to generate a revenue of $2,953.6 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 5.0% from 2019 to 2024 (forecast period). The market is being propelled by the burgeoning requirement for PTFE in the electrical and electronics industry and cosmetic products, such as anti-aging creams, blushes, and pressed powders. PTFE is being increasingly used in barb insulators, brush holders, circuit breakers, cable ties, connectors, battery binders, and fabrication of various semiconductor devices. According to the Semiconductor Industry Association (SIA), more than one trillion units of semiconductors were shipped across the globe in 2018. In addition, in China, the sales value of semiconductors grew by more than 20.5% from 2017 to 2018. Besides, the mushrooming use of PTFE in cosmetics is also predicted to create lucrat

From 8.687% in 2000, the global healthcare spending as a percentage of the gross domestic product (GDP) steadily increased to 9.857% in 2018, says the World Bank. The reasons for this are plenty, including people’s rising disposable income, governments’ efforts to modernize their medical sector and make healthcare affordable to all, and the surging prevalence of all kinds of health issues. This has been driving the demand for all kinds of medical products and the components and materials used in their manufacturing. P&S Intelligence considers this factor to play a key role in the growth of the medical adhesives market value from $8,714.9 million in 2019 to $16,367.2 million by 2030, at a 2.3% CAGR between 2020 and 2030. Adhesives might not appear in healthcare settings as prominently as multiparameter monitors, syringes, and other common equipment, but they are vital to this sector. This is because all such medical devices and a lot of other associated products use adhesives in on

From $3,713.3 million in 2019, the low strength proppants market revenue is expected to surge to $5,294.8 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 9.8% from 2020 to 2030 (forecast period). The market is being propelled by the surging oil and gas exploration and production (E&P) activities and rapid technological advancements and innovations in crude oil recovery.  The players operating in the Asia-Pacific (APAC) and North American regions are making huge investments to improve exploration of new oil and gas reserves. Additionally, power production, especially in the U.S., is predicted to surge massively in the coming years, owing to the development of novel and improved technologies. This is subsequently predicted to propel the use of low-density proppants, which will, in turn, drive the progress of the low strength proppants market.  U.S. oil and gas explorers are increasingly focusing

Factors, such as the rising number of geriatric patients and the booming pharmaceutical sector, especially in the Asia-Pacific (APAC) region, are expected to fuel the acetic anhydride market at a CAGR of 2.3% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $3,476.1 million in 2019, and it will generate $4,950.4 million revenue by 2030. At present, the market is consolidated in nature due to the presence of eminent players, such as Jubilant Life Sciences Ltd., Eastman Chemical Company, Saudi International Petrochemical Company, Jiangsu Danhua Group Co. Ltd., and Celanese Corporation. The demand for acetic anhydride is primarily driven by the flourishing pharmaceutical industry in developing countries of the APAC region, such as India, Indonesia, Thailand, and China. The growth in the pharmaceutical industry in such countries can be ascribed to the mounting investments being made in research and development (R&D) activities in the

Derivatives of levulinic acid, such as diphenolic acid, succinic acid, methyltetrahydrofuran (MTHF), hydroxymethylfurfural (HMF), sodium levulinate, and ethyl levulinate, are being increasingly used in the personal care, fuel, and food and beverages industries. For example, personal care product manufacturers are increasingly using sodium levulinate as a skin conditioning agent in cosmetics. Thus, the booming food and beverage, personal care products, and fuel sectors will accelerate the consumption of levulinic acid in the upcoming years. Additionally, the rapid commercialization of bio-based production methods will drive the levulinic acid market at a CAGR of 8.8% during 2020–2030. According to P&S Intelligence, the market revenue is projected to rise from $27.2 million in 2019 to $60.2 million by 2030. As the market is still in its nascent stage, it holds immense potential, as this acid and its derivatives help in reducing manufacturing costs and achieving economies of scale. H

The mushrooming sales of automobiles, especially in emerging economies, such as India, Mexico, Brazil, and China, owing to the surging disposable income of people, are fueling the demand for lubricants. This is because lubricants are heavily used in the crankcase of an automobile engine in order to ensure the smooth and efficient operation of the vehicle. In addition, these by-products of crude oil assist in reducing friction in vehicles, which subsequently leads to lesser wear and tear and longer lifespan. Furthermore, the soaring public awareness about the various benefits of utilizing lubricants in vehicles and machinery is also driving the sales of these crude oil by-products across the world. Many lubricant producers are increasingly adopting different customer-oriented methods for raising brand awareness via visual and print media. Some of the major examples of these methods are trade shows and promotional campaigns. With the help of these platforms, companies are offering free

A number of factors, such as the expanding electronics sector, burgeoning steel production, and soaring lithium-ion (Li-ion) battery demand, are expected to fuel the graphite market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $19,092.9 million in 2019 to $36,889.1 million by 2030 . In recent years, the increasing usage of graphite in pebble-bed nuclear reactors, for generating electricity from uranium fuel, has become a prominent market trend. The burgeoning production of crude steel, on account of the surging need for steel and steel products in the oil & gas, residential, automotive, and construction sectors, is one of the key contributors to the market growth, globally. According to the World Steel Association, 1,864.0 million tons of steel was manufactured across the globe in 2020. The consumption of graphite in the steel industry is increasing, owing to its excellent durability, exceptional stre

All through the first wave of the COVD-19 pandemic in 2020, there was a disinfectant and hand sanitizer procurement frenzy around the world. The virus is well understood to last a significant time on hands and other surfaces, from where it easily enters the lungs through the nose. This is why due to the rising mortality and case burden, sanitizer and disinfectant sales burgeoned last year and continue to remain high still. P&S Intelligence credits this reason while forecasting that the benzalkonium chloride market revenue will rise from $525.0 million in 2019 to $1,301.1 million by 2030, at a 9.6% CAGR between 2020 and 2030 (forecast period). This is because the chemical is a key ingredient of hand sanitizers and disinfectants, to which it gives the ability to destroy viruses and bacteria. The SARS-CoV-2 virus, which is behind the pandemic, is enveloped by a layer of fat (lipids). Benzalkonium chloride destroys this lipid membrane and kills the virus, which is why its usage in san

The adhesives industry uses a large volume of crotonic acid for the formulation of adhesives. Crotonic acid-based adhesives are derived from vinyl acetate, which uses the acid as a comonomer. For example, hot melt adhesives are usually prepared by grafting crotonic and acrylic acids onto metallocene ethylene–octene copolymers. Additionally, technological advancements in this sector have resulted in the formulation of advanced adhesives that exhibit excellent flexibility, performance, and bond strength under a wide range of temperatures. Moreover, the surging awareness about different types of advanced adhesives and their benefits will also fuel the consumption of this acid in several industries. Furthermore, the burgeoning demand for paints and coatings will also help the crotonic acid market demonstrate a CAGR of 7.9% during 2021–2025. The market was valued at $592.0 million in 2020 and it is expected to generate $853.7 million revenue by 2025. Crotonic acid is one of the primary ing

The petrochemical industry uses methanol to manufacture methyl methacrylate (MMA), dimethyl ether (DME), methyl tert-butyl ether/tert-amyl methyl ether (MTBE/TAME), acetic acid, solvents, and formaldehyde. These petrochemical products are widely used in the construction and automotive sectors. Thus, the boom in these industries, primarily, on account of the rising disposable income of people, will create a huge requirement for methanol in the forthcoming years. Moreover, the increasing globalization will accelerate the establishment of petrochemical manufacturing facilities in different parts of the world, owing to which the consumption of this chemical will rise exponentially. Additionally, the burgeoning demand for clean fuel, due to the surging air pollution levels caused due to vehicular and industrial emissions, will propel the methanol market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated ~$20 billion in 2020. In recent yea

A number of factors such as the escalating adoption rate of concentrated solar power (CSP) systems and the soaring demand for energy solutions for heating, ventilation, and air conditioning (HVAC) systems will drive the thermal energy storage market at a CAGR of 15.9% during the forecast period. The market revenue stood at $3,000.9 million in 2017 and it is projected to reach $7,472.9 million by 2023. A thermal energy storage system allows the storage of extra thermal energy, thereby ensuring the availability of energy during periods of peak demand. The burgeoning electricity demand, owing to the rapid urbanization across the world, has led to the installation of different types of power production systems, such as CSP plants. In recent years, Asia-Pacific (APAC) installed and operationalized the largest number of CSP plants in the world. For instance, at present, China has around 111 operational CSP plants. Furthermore, India aims to establish 500 MW capacity CSP plants during the ph

Factors such as surging construction activities and flourishing tourism industry are expected to accelerate the Saudi Arabian facility management market at a CAGR of 11.1% during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at $31,264.1 million in 2020 and it is projected to reach $87,216.0 million by 2030 . The market growth is also supplemented by the increasing investments in infrastructure development. Moreover, the trends of energy monitoring, robot usage, and heating, ventilation, and air conditioning (HVAC) optimization are also supporting the market growth. The bolstering infrastructure industry, primarily on account of rising number of ongoing and upcoming construction plans, will support the demand for facility management services in Saudi Arabia in the coming years. Also, increasing investments in the infrastructure sector and rising government support for infrastructure development will fuel the market growth. For instance, in Ja