#Energy Market Size

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Energy Market - Forecast (2024-2030)

Overview

The Global Energy market size is forecast to reach USD XXX billion by 2029

, after growing at a CAGR of 14.6%

 during the forecast period 2024-2029. The global energy market refers to the network involving the production, distribution, and consumption of energy resources and services on a worldwide scale. It encompasses various energy sources, including fossil fuels (such as oil, natural gas, and coal), renewable energy (such as solar, wind, hydro, biomass, and geothermal), nuclear energy, and emerging technologies. Economic development and industrialization drive energy demand, particularly in emerging economies experiencing rapid growth and urbanization. Growing awareness of environmental issues, including air pollution, climate change, and resource depletion, drives the transition to cleaner and more sustainable energy sources and practices.Report CoverageThe report“Global Energy Market– Forecast (2024-2029)”

, by IndustryARC, covers an in-depth analysis of the following segments of Global Energy.By Type:

 Thermal or Heat Energy, Mechanical Energy, Chemical or Fuel Energy, Electrical Energy, OthersBy Energy Source:

 Renewable Energy (Wind, Solar, Hydropower, Geothermal), Nuclear Energy, Fossil Energy (Oil, Coal, Natural Gas) By End User:

 Transportation, Residential, Industrial, Agriculture, Commercial, and OthersBy Geography:

  North America, South America, Europe, APAC, RoW

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Key Takeaways

•

There is a global shift towards renewable energy sources such as solar, wind, and hydropower, driven by climate change concerns, technological advancements, and cost competitiveness.

•

Digital technologies are transforming the energy sector, enabling the deployment of smart grids, advanced metering infrastructure, and demand response systems. These innovations enhance grid efficiency, reliability, and resilience while enabling greater integration of renewable energy resources and empowering consumers to manage their energy consumption.

•

According to the statistics, India had the biggest year-on-year growth in renewable energy additions in 2022, at 9.83%. The installed solar energy capacity has increased by 30 times in the preceding nine years, reaching 75.57 GW as of February 2024.By Type- Segment Analysis

Thermal Energy occupies a major share of the global energy market in 2023. This typically includes energy generated from sources like coal, natural gas, oil, and biomass. One of the primary drivers of thermal energy in the global market is the abundance of fossil fuel resources. Coal, natural gas, and oil are found in numerous regions worldwide, providing a reliable and readily available source of energy. The infrastructure for extracting, refining, and distributing thermal energy sources is well-developed and extensive.

In 2021, The Ministry for the Ecological Transition will provide financial support for 42 innovative renewable energy projects that produce thermal energy. In particular, EUR 13 million would be allocated as assistance for investments in thermal energy production plants using renewable energy sources. The measure is co-financed by the European Union through the European Regional Development Fund (ERDF). The project's overall investment is EUR 66.5 million, with a total power generation capacity of 176 MW. 

According to the US Energy Information Administration, In 2022, the United States consumed around 32.31 trillion cubic feet (Tcf) of natural gas, which is equivalent to 33.41 quadrillion British thermal units. This represented around 33% of total primary energy use in the United States.  Compared to other fossil fuels like coal and oil, natural gas emits lower levels of greenhouse gases and pollutants when burned for energy generation. This relative cleanliness contributes to its widespread use, especially in power generation, where it helps reduce emissions of pollutants

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By Energy Source - Segment Analysis

Fossil Energy occupy a major share of the global energy market in 2023. Fossil fuels, including coal, oil, and natural gas, have been abundant and easily accessible energy sources for many decades. This accessibility has driven their widespread use across various sectors, including transportation, electricity generation, and industrial processes. According to the International Energy Agency(IEA), In 2019, coal remained the dominating fuel for power generation, accounting for 37% of worldwide energy output, 10 percentage points ahead of renewables.

Many countries have relied on domestic fossil fuel resources to enhance energy security and reduce dependence on imports. This strategic consideration has led to policies and investments supporting the development and utilization of domestic fossil energy sources. For instance, According to the Ministry of Coal, overall coal production in India in 2022-23 was 893.19 MT, representing a 14.77% increase. In India, Coal is the most important and plentiful fossil fuel. It accounts for 55% of the country's energy requirements. The country's industrial legacy is based on indigenous coal. Fossil fuels have historically been relatively inexpensive compared to alternative energy sources, making them economically attractive for consumers and businesses. This cost-effectiveness has further solidified their position as key drivers in the energy market.By End User – Segment Analysis

In 2023, the Industrial segment held the majority of the global energy market. Industrial activities often involve energy-intensive processes such as manufacturing, refining, mining, and chemical production. These processes require significant amounts of energy to operate machinery, heat materials, and power equipment. Industrial energy consumption varies depending on factors such as the size of the industrial base, the level of industrialization, and energy efficiency measures. Industrial production is a cornerstone of the global economy, with manufacturing facilities located around the world. The expansion of industrial activities in emerging economies, such as China, India, and Southeast Asia, has led to a substantial increase in energy consumption by the industrial sector.

According to the U.S. Energy Information Administration,  In 2022, the industrial sector consumed around 32% of total natural gas in the United States, with natural gas accounting for approximately 41% of the industrial sector's end-use energy consumption. Natural gas is used by industry for a variety of reasons, including as a feedstock (raw material) for product manufacturing and energy generation.By Geography - Segment Analysis

The North American region in the global energy market is anticipated to hold a major share during the forecast period (2024-2029). North America is endowed with abundant energy resources, including fossil fuels such as oil, natural gas, and coal, as well as renewable energy sources like wind, solar, and hydroelectric power. The United States, Canada, and Mexico collectively possess vast reserves of these energy resources, making the region a significant player in the global energy landscape. Approximately 79% of the US energy comes from fossil fuels, 8.0% from nuclear, and 13.1% from renewable sources. Renewables surpassed coal as the primary source of energy in the United States in 2019, and this trend is expected to continue through 2022. Wind and solar are the most rapidly developing renewable sources.

According to U.S. Energy Information Administration, Crude oil production in the United States, averaged 12.9 million barrels per day (b/d) in 2023, above the previous U.S. and world record of 12.3 million b/d established in 2019. In December 2023, average monthly crude oil output in the United States reached a monthly record high of more than 13.3 million barrels per day. North America is a leading producer of oil and natural gas, particularly due to the shale revolution in the United States. This increased production has positioned North America as a key supplier of energy on the global market.

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Drivers – Global Energy Market

• Population Growth And Urbanization Propels The Market Growth: 

As the global population increases, so does the demand for energy. More people mean more homes, more transportation needs, more industries, and more consumption overall. This drives up the demand for various forms of energy, including electricity, fossil fuels, and renewable energy sources.

Urbanization refers to the increasing concentration of people in urban areas. As more people move from rural areas to cities, the demand for energy tends to rise significantly. Cities are hubs of economic activity, industry, and infrastructure, all of which require energy to function. Urbanization also leads to increased demand for transportation services, such as public transportation and personal vehicles, further driving energy consumption. For Instance,  Urbanisation has accelerated across China in recent years, with the rate reaching 64.72%, according to the National Bureau of Statistics. By the end of 2022, there were 914 million living in urban areas, a 12.05 million increase from the previous year.

• Government Policies And Regulation:

Many governments worldwide have set renewable energy targets and implemented incentives to encourage the adoption of clean energy sources such as wind, solar, and hydroelectric power. These policies drive investment in renewable energy projects and technologies, reshaping the energy market by diversifying energy sources and reducing dependence on fossil fuels. For Instance, As part of the Union's 2021-22 Budget, the Indian government announced an extra capital administration of Rs. 10 billion for the Solar Energy Corporation of India and Rs. 15 billion for the Indian Renewable Energy Development Agency (IREDA). The Rs 10 billion financial infusion would allow SECI to tender for 15,000 MW of additional solar energy-producing capacity per year.

Government subsidies and support programs can influence the development and deployment of various energy technologies. Subsidies for renewable energy, research and development grants, and incentives for energy conservation initiatives impact market dynamics by making certain energy options more financially attractive. In March 2021, the DOE announced new plans to reduce the cost of solar energy by 60% over the next ten years, from $46.5 per megawatt-hour (MWh) to $20/MWh.

Governments often invest in research and development initiatives to support the advancement of energy technologies. Funding for research institutions, public-private partnerships, and technology demonstration projects can drive innovation and accelerate the adoption of new energy solutions. For Example, the University of Maryland has been granted %1.5 million by the National Science Foundation, and scientists have initiated new multidisciplinary research that could contribute to substantial improvements in the control, modeling, design, sensing, and reliability of power electronic interfaces for solar energy conversion systems.Challenges – Global Energy Market• Resilience and Security in the Face of Geopolitical and Technological Risks:

The reliable functioning of critical energy infrastructure is vital for maintaining stability in the global energy market and ensuring economic prosperity worldwide. However, this infrastructure is increasingly vulnerable to disruptions caused by a combination of geopolitical tensions, natural disasters, major accidents, and emerging technological threats. Geopolitical instability in key energy-producing regions can lead to supply disruptions and price volatility, impacting global energy markets. For instance, Europe's energy energy has faced an unparalleled crisis. Supply of Russian gas—critical for heating, industrial operations, and power—has been reduced by more than 80% in 2022.

Natural disasters, such as hurricanes, earthquakes, and wildfires, pose risks to energy infrastructure, disrupting production, transportation, and distribution networks.  Major accidents, including oil spills and pipeline ruptures, further compound these challenges, threatening both energy supply and environmental sustainability. Additionally, advances in information technology and connectivity have introduced new risks, such as cyber threats targeting critical energy infrastructure.

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Market Landscape

In 2023, the Major players in the global energy market are Shell plc, Saudi Aramco, Chevron, BP p.l.c., Total Energies, China National Petroleum Corporation, Gazprom, Reliance Industries Limited, Adani Green Energy Limited, Tata, and Others.Developments:

On December 12, 2023, To help accelerate its growth in the energy industry, Total Energies acquired three start-ups that have benefitted from its Total Energies On acceleration program, which is situated at STATION F in Paris.

Aramco, one of the world's top integrated energy and chemicals businesses, signed formal agreements to purchase a strategic minority position in Mid Ocean Energy for $500 million. Mid Ocean Energy is a liquefied natural gas company founded and managed by EIG, a major institutional investor in global energy and infrastructure on September 28, 2023.

On February 20, 2023, Shell acquired Nature Energy, Europe's largest producer of renewable natural gas (RNG), as well as its portfolio of operating facilities, feedstock supply, and infrastructure.

We also publish more than 100 reports every month in "Energy and Power", Go through the Domain if there are any other areas for which you would like to get a market research study.

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Digital Power Utility Market - Global Growth, Share, Trends, Demand and Analysis Report Forecast 2022-2029

Of late, digital technologies such as Internet of Things (IoT) has left a significant impact across the spectrum of industries. To this end, the power utility sector is no exception. IoT has enabled power grids to work more efficiently, resulting in improved performance and productivity enhancements. Notably, adoption of IoT has enabled companies in power utility industry to optimise their processes to accomplish the sustainable development goals. Such a landscape has paved the way for incorporation of digital power utility solutions. These solutions facilitate systematic distribution of power with real-time management of assets. Leveraging cloud and IoT, these solutions are becoming more advanced and sophisticated, resulting in their paced adoption. Against this backdrop, the digital power utility market is projected to experience exponential growth. 

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/digital-power-utility-market

Growing Energy Demands Amid Surging Urbanisation to Augur Well for Digital Power Utility Market

A rampant rise in urbanization has put forth a substantial demand for energy and power. Considering the rapid depletion of fossil fuels, companies are increasingly opting for renewable energy sources. Meanwhile, the adoption of renewables in power utility can significantly help in curtailing the carbon emissions. Therefore, governments around the world are promoting the use of renewable energy sources such as wind and solar to meet the growing energy requirements. These solutions are also expected to enhance the storage, flexibility, and security of processes involved in power utility. Furthermore, cloud-enabled applications can further optimise the delivery process. This created tremendous headways for the global digital power utility market to flourish in the upcoming years. 

Soaring Demand for Hardware in Next-Gen Equipment to Boost Market Growth 

The adoption of digital devices across the power generation, transmission, and distribution industries is consistently increasing.  This is mainly accredited to their provided benefits such as improved plant productivity, reliability, and protection. As a result, the demand for hardware has surged at a record pace. Its demand is further augmented by the increased adoption of hardware in EV charging and smart metering is further fueling the demand. Hardware is being extensively used in next-generation equipment. Such digital systems provide the business and the consumer with a real-time, accurate and precise details of power consumption. This in turn is anticipated to fuel the overall digital power utility market expansion.  

Favourable Government Policies to Place Asia Pacific as Key Regional Market

The Asia Pacific region is expected to exhibit lucrative growth opportunities for the digital power utility market. This is due to growing energy consumption and favourable government policies in the region. Moreover, various countries in the region are experiencing an inadequate distribution and transmission of power. Therefore, emerging economies in the region are focusing on developing transmission networks. This in turn pushes for the adoption of digital power utility solutions. The cumulative forces of these factors are projected to propel the growth of the digital power utility market in the region. 

Prominent Market Players 

Some of the major players in the digital power utility market include Cognizant Technology Solutions, ABB Ltd., Microsoft Corporation, GE, IBM Corporation, Siemens AG, Infosys Ltd, Wipro Ltd and Accenture. 

For More Information Visit: https://www.fairfieldmarketresearch.com/report/digital-power-utility-market

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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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The Global Containerized ESS (Energy Storage System) Market size is expected to grow at a CAGR of approximately around 7.8% during the forecast period.

A technology known as an Energy Storage System (ESS) allows energy to be generated once to be used later. As it can lessen the variability and intermittency of renewable energy sources, this technology is crucial in allowing the integration of those sources into the electrical grid.

For More: - https://reedintelligence.com/market-analysis/global-containerized-ess-energy-storage-system-market/request-sample

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Energy Efficiency for Commercial Buildings Market Market Future Trends, Developments, and Growth Opportunities 2024-2032

Energy Efficiency for Commercial Buildings Market Insights

Reed Intelligence has recently added a new report to its vast depository titled Global Energy Efficiency for Commercial Buildings Market. The report studies vital factors about the Global Energy Efficiency for Commercial Buildings Market that are essential to be understood by existing as well as new market players. The report highlights the essential elements such as market share, profitability, production, sales, manufacturing, advertising, technological advancements, key market players, regional segmentation, and many more crucial aspects related to the Energy Efficiency for Commercial Buildings Market.

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Energy Efficiency for Commercial Buildings Market Share by Key Players

Johnson Controls

Siemens

Honeywell

Eaton Corporation

Carrier (UTC)

Schneider Electric

Fujitsu General

Emerson Electric

General Electric

Trane

Bosch Thermotechnology

Hitachi

Carel

Danfoss

Technovator International

GridPoint

Coolnomix

Spacewell

Cylon Controls

Logical Buildings

Important factors like strategic developments, government regulations, market analysis, end users, target audience, distribution network, branding, product portfolio, market share, threats and barriers, growth drivers, latest trends in the industry are also mentioned.

Energy Efficiency for Commercial Buildings Market Segmentation

The report on Global Energy Efficiency for Commercial Buildings Market provides detailed segmentation by type, applications, and regions. Each segment provides information about the production and manufacturing during the forecast period of 2024-2032. The application segment highlights the applications and operational processes of the industry. Understanding these segments will help identify the importance of the various factors aiding to the market growth.

The report is segmented as follows:

Segment By Type

HVAC

Lighting

Energy Management

Segment By Application

Hotels and Restaurants

Offices

Retail Chains

Stadiums

Hospitals

Energy Efficiency for Commercial Buildings Market Segmentation by Region

North America

U.S.

Canada

Europe

Germany

UK

France

Asia Pacific

China

India

Japan

Australia

South Korea

Latin America

Brazil

Middle East & Africa

UAE

Kingdom of Saudi Arabia

South Africa

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The market research report on the Global Energy Efficiency for Commercial Buildings Market has been carefully curated after studying and observing various factors that determine the growth, such as environmental, economic, social, technological and political status of the regions mentioned. Thorough analysis of the data regarding revenue, production, and manufacturers gives out a clear picture of the global scenario of the Energy Efficiency for Commercial Buildings Market. The data will also help key players and new entrants understand the potential of investments in the Global Energy Efficiency for Commercial Buildings Market.

Key Highlights

It provides valuable insights into the Global Energy Efficiency for Commercial Buildings Market.

Provides information for the years 2024-2032. Important factors related to the market are mentioned.

Technological advancements, government regulations, and recent developments are highlighted.

This report will study advertising and marketing strategies, market trends, and analysis.

Growth analysis and predictions until the year 2032.

Statistical analysis of the key players in the market is highlighted.

Extensively researched market overview.

Buy Energy Efficiency for Commercial Buildings Market Research Report @ https://reedintelligence.com/market-analysis/global-energy-efficiency-for-commercial-buildings-market/buy-now

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Email: sales@reedintelligence.com

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https://www.marketwatch.com/press-release/battery-energy-storage-system-market-worth-25-6-billion-by-2029-exclusive-report-by-marketsandmarkets-tm-e68cb7e3

Battery Energy Storage System Market Size & Share

[276 Pages Report] The global battery energy storage system (BESS) market size is estimated to be USD 7.8 billion in 2024. It is projected to reach USD 25.6 billion by 2029, at a CAGR of 26.9% during the forecast period.

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Global Energy Storage Battery Management System Bms Market Conditions and Future Expectations 2024 - 2031

The Battery Management System (BMS) plays a crucial role in managing and optimizing the performance of energy storage systems. As the demand for energy storage solutions increases, the BMS market is set to grow significantly, driven by technological advancements and the rise of renewable energy sources.

Market Overview

Growth Projections

The global Battery Management System (BMS) market is estimated to reach USD 12.0 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.35% from 2024 to 2032. This growth is largely attributed to the increasing demand for efficient energy storage solutions across various sectors.

Key Drivers

Rising Adoption of Renewable Energy: With a shift towards sustainability, there is an increased need for effective energy storage solutions.

Technological Advancements: Innovations in BMS technology enhance efficiency, safety, and reliability, further driving market growth.

Applications of BMS

Industrial Applications

BMS is widely used in industrial applications to manage large energy storage systems, ensuring optimal performance and safety.

Consumer Electronics

The integration of BMS in consumer electronics like smartphones and laptops helps extend battery life and improve safety.

Electric Vehicles (EVs)

As the EV market expands, the demand for sophisticated BMS solutions that can enhance battery performance and longevity continues to rise.

Challenges and Opportunities

Market Challenges

High Initial Costs: The high cost of advanced BMS can be a barrier for widespread adoption.

Complexity in Integration: Integrating BMS with existing systems can pose challenges for manufacturers.

Opportunities

Emerging Markets: Growing economies are increasingly investing in renewable energy projects, providing opportunities for BMS suppliers.

Conclusion

The Global Energy Storage Battery Management System market is poised for substantial growth in the coming years. With the increasing emphasis on energy efficiency and sustainability, BMS will play a pivotal role in shaping the future of energy storage solutions.

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Geothermal Energy for District Heating Market Industry Forecast, Share, Trends, Report | 2024 to 2032

The Reports and Insights, a leading market research company, has recently releases report titled “Geothermal Energy for District Heating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global Geothermal Energy for District Heating Market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the Geothermal Energy for District Heating Market?

The global geothermal energy for district heating market was valued at US$ 2.3 Billion in 2023 and is expected to register a CAGR of 5.2% over the forecast period and reach US$ 3.63 Bn in 2032.

What are Geothermal Energy for District Heating?                                                                                                                                                                            

Geothermal energy for district heating utilizes heat from the Earth's core to supply thermal energy for heating large-scale residential, commercial, or industrial zones. This renewable resource harnesses the natural heat from geothermal reservoirs, which is distributed through a network of insulated pipes to deliver hot water or steam for space and water heating. By providing a sustainable and efficient alternative to traditional fossil fuel-based heating, geothermal district heating systems help lower greenhouse gas emissions and offer a reliable, cost-effective energy solution with minimal environmental impact.

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What are the growth prospects and trends in the Geothermal Energy for District Heating industry?

The geothermal energy for district healing market growth is driven by various factors and trends. The geothermal energy market for district heating is growing swiftly, fueled by the rising need for sustainable and efficient heating solutions. As urban and industrial areas strive to cut carbon emissions and improve energy security, geothermal district heating systems are becoming increasingly popular for their ability to deliver reliable, low-emission thermal energy. This growth is driven by technological advancements in geothermal systems, supportive government policies, and increasing investments in renewable energy infrastructure. Regions with substantial geothermal resources, including Europe, North America, and parts of Asia, are leading this market expansion by harnessing geothermal energy to effectively address both environmental and heating requirements. Hence, all these factors contribute to geothermal energy for district healing market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

By Heating Type

Dry Steam

Flash Steam

Binary Cycle

By Plant Type

Direct Use Plants

Combined Heat, Power (CHP) Plants

Binary Cycle Power Plants

Others

By Energy Source

Deep Geothermal Energy

Shallow Geothermal Energy

Hot Water Reservoirs

Geothermal Steam Reservoirs

Others

By End Use

Residential Heating

Commercial Heating

Industrial Heating

Agricultural Heating

Public Buildings Heating

Others

North America

United States

Canada

Europe

Germany

United Kingdom

France

Italy

Spain

Russia

Poland

Benelux

Nordic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

ASEAN

Australia & New Zealand

Rest of Asia Pacific

Latin America

Brazil

Mexico

Argentina

Middle East & Africa

Saudi Arabia

South Africa

United Arab Emirates

Israel

Rest of MEA

Who are the key players operating in the industry?

The report covers the major market players including:

Ormat Technologies, Inc.

Enel Green Power S.p.A.

Reykjavik Energy

Innergex Renewable Energy Inc.

Green Energy Group Kft.

Star Energy Geothermal

ThermoSystems GmbH

Enel Spa

Exergy S.p.A.

View Full Report: https://www.reportsandinsights.com/report/Geothermal Energy for District Heating-market

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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Offshore Wind Energy Market - Forecast(2024–2030)

Offshore Wind Energy Market Overview

The Market for Offshore Wind Energy is forecast to reach $42bn by 2025, growing at a CAGR of 13.6% from 2020 to 2025. The offshore wind energy market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. Offshore wind energy generation process is a renewable form of producing energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, due to absence of multiple barriers. Ongoing saturation of sites close to the shore, along with growing demand for high operational Capacity Utilization Factor (CUF) for offshore projects is projected to drive industry growth. Ongoing improvements in installation capabilities and availability of high wind speeds far from shore are major factors fuelling the installation of offshore platforms at higher depth levels. Additionally, regulatory frameworks, government policies and mandates are in favour of the global offshore wind energy market which in turn is estimated to drive the overall growth of the market.Offshore Wind Energy 

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Market Report Coverage,The report: “Offshore Wind Energy Market– Forecast (2020–2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Offshore Wind Energy Market.

By Component — Turbine (Nacelle, Rotors and Blades, Tower), Substructure (Monopile, Jacket and Gravity Based, Others), Electrical Infrastructure and OthersBy Water Depth — Shallow Water (< 30m Depth), Transitional Water (30m — 60m Depth), Deep Water (> 60m Depth)Installation — Fixed Structure and Floating StructureBy Capacity — Upto 3 MW, 3MW to 5 MW and Above 5 MWBy Application — Electric Power, Oil and Gas, Aviation, Transport and Others,By Geography — North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)

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Key Takeaways

The Offshore Wind Energy Market is estimate to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions.

In 2019, turbines accounted for maximum revenue share of the Offshore Wind Energy Market across the component segment.

Majority of the projects were installed in the shallow waters i.e., up to 30 meters due to ease of installation and low capital requirements in 2019.

Offshore Wind Energy Market was dominated by Europe with a share of 37.9% in 2019. The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020–2025.

Offshore Wind Energy Market Segment Analysis — By Component Type

In 2019, turbines accounted for maximum revenue share of the Offshore Wind Energy Market across the component segment. Re-structuring across power markets along with swift technological developments related to the field of aerodynamics, and material composition are some of the key factors fuelling the wind turbines market. Additionally, industry operators manufacturing wind turbines are focusing on incorporating innovative and standardized product processes involving low installation costs, leading to rise in market demand of wind turbines.

Offshore Wind Energy Market Segment Analysis — By Water Depth

The market is segmented by the depth of water into shallow water (< 30m depth), transitional water (30m — 60m depth), deep water (> 60m depth). In 2019, majority of the projects were installed in the shallow waters i.e., up to 30 meters. Industry operators prefer shallow waters primarily due to ease of installation and low capital requirement. However, over the next few years, the market is expected to witness growth in the deep-water projects wherein the depth of water is more than 30 meters.

Offshore Wind Energy Market Segment Analysis — By Geography

Offshore Wind Energy Market was dominated by Europe with a share of 37.9% in 2019. The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020–2025. Since 2015, the country has added over 5 GW of offshore wind energy in its renewable portfolio. Different policies and regulations have been implemented by the government of the UK such as Contracts for Difference to ensure stable long-term returns from electrical infrastructure projects, thus minimalizing the barriers to entry for new industry participants.

Offshore Wind Energy Market DriversTechnological advancement driving market growth

Industry operators are focusing on increasing energy production from renewable sources such as wind and solar power in order to reduce emissions. The Offshore Wind Energy Market players are allocating significant budgets toward project installation and R&D activities aimed toward enhancing the operational efficiency and product portfolio. The ongoing incorporation of advanced technologies to improve existing infrastructure is projected to further boost the market growth.Surge in initiatives by the government

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Government institutions and policy makers globally are increasing efforts to successfully achieve the emission reduction targets. Respective governments and market players are investing aggressively towards clean energy sources. This has fuelled the industry growth as demand for installation of high capacity offshore wind energy projects is anticipated to witness significant growth during the forecast period, 2020–2025. Governments are focused on creating policies and regulations to fuel the growth of Offshore Wind Energy Market. In 2019, the U.K. government agreed to offer $739.3 million of state subsidies to industry players who agreed to invest in offwind energy projects $331.8million over the next 11 years. Additionally, supportive regulatory framework, government policies and mandates along with rapidly declining process for wind turbines will drive the North America industry growth.

Offshore Wind Energy Market ChallengesNegative impact on the landscape

One of the major challenges faced by the Offshore Wind Energy Market is the impact of offshore wind energy farms on the landscape. As these farms are installed in shallow waters and are near the coast it brings a lot of issues in terms of feasibility. However, with technology advancements, the wind farms are likely to move farther from the coast. Furthermore, these farms negatively impact sea life especially during the construction phase, and can be damaging to sea mammals. However, this issue can be solved by using bubble screens that also helps in reducing noise pollution caused by these wind energy farms.

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Offshore Wind Energy Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Offshore Wind Energy Market. The Offshore Wind Energy Market is dominated by major companies such Sinovel, MHI Vestas Offshore Wind, Prysmian Group, Nexans, Siemens Gamesa, Enercon, General Electric, Ming Yang Smart Energy, Doosan Heavy Industries, , Areva and Clipper Windpower.

Acquisitions/Technology Launches/Partnerships

In March 2020, Enercon installed a new prototype E-138 EP3 for their E2 wind turbines at the Janneby site which is situated in Schleswig-Holstein, Germany. The new prototype is estimated to increase the nominal power of E2 wind turbines from 3.5 MW to 4.2 MW.In January 2020, Siemens Gamesa Renewable Energy announced the acquisition of Senvion’s European Service assets and Intellectual Property (IP).

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Energy Storage as a Service Market is Estimated to Witness High Growth Owing to Technological Advancements in Energy Storage Batteries

Energy storage as a service (ESaaS) involves delivering energy storage systems and services to end users on a subscription basis. Energy storage batteries are used to capture excess electricity from renewable sources like solar panels and wind turbines to provide power during times of high demand or grid outages. These batteries help reduce carbon emissions by supporting greater adoption of clean energy sources. The global energy storage as a service market is expected to exhibit strong growth over the forecast period owing to technological advancements in energy storage batteries that have improved their lifecycle, performance and cost competitiveness.

The Global Energy Storage as a Service Market is estimated to be valued at US$ 1.81 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the energy storage as a service market are Fluence Energy Storage Company, Ambri Energy Storage Company, Stem, Inc., Swell Energy, Sunrun, Sonnen, Generac Power Systems, Engie Storage, Eos Energy Storage.

The Energy Storage As A Service Market Trends for utilities to generate new revenue streams and defer capital expenditures on grid upgrades through energy storage subscriptions. Energy storage also provides homeowners and businesses opportunities to achieve energy independence and cost savings.

Technological advancements like lithium-ion batteries with higher energy density and lifespans are driving down costs and making energy storage a commercially viable alternative for residential, commercial and utility applications. Advanced battery chemistries such as solid-state batteries promise even better performance.

Market Drivers

Growing emphasis on integrating renewable energy into the power grid is a key market driver. Energy storage helps overcome the intermittent nature of renewables like solar and wind by storing excess energy when production is high for use when supply is low. This makes renewable energy a reliable alternative to fossil fuels. Declining costs of lithium-ion batteries is another major factor enabling cost effective long duration storage needed to balance renewables on the grid. Supportive government policies and incentives for energy storage projects are further promoting the adoption of ESaaS solutions.

Current Challenges in Energy Storage as a Service Market

The Energy Storage As A Service Market Size And Trends is still in a nascent stage. Traditional power generation still relies heavily on fossil fuels which poses various environmental challenges. The energy storage solutions still need to bring down costs to achieve grid parity with traditional sources. Regulatory and policy frameworks around energy storage are still evolving. Standards around safety, performance and grid integration of these solutions need more focus. Consumer acceptance of new technologies also remains a key challenge. Utilities need to modernize their systems to facilitate seamless integration of decentralized energy resources. Overall, challenges around technology development, cost reduction, policy support and grid modernization need to be addressed for the market to reach its full potential.

SWOT Analysis

Strength: Energy storage solutions provide flexibility and resilience to the power grid. They help integrate more renewable energy by addressing issues around intermittency. Weakness: High upfront capital costs of battery systems. Performance and lifespan concerns for some chemistries under extreme operating conditions. ​ ​Opportunity: Favorable policies around decarbonization of energy and transportation sectors. Rising demand for ancillary grid services to optimize costs. Threats: Slow pace of regulatory reforms in some markets. Transition risks from disruption in conventional generation and distribution business models. Cost advantages of competing alternatives like demand response programs.

Geographical Regions

North America accounts for the largest share of the global energy storage as a service market currently, owing to supportive policies and initiatives around clean energy goals. The US market is a major driving force led by states like California, Texas, Massachusetts and New York.

Asia Pacific region is identified as the fastest growing regional market for energy storage as a service. Rising electricity demand, capacity additions of renewable energy and smart city initiatives are spurring new deployments across China, Japan, India, Australia and Southeast Asian countries. Get More Insights On, Energy Storage as a Service Market About Author: Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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Energy shortage concerns amid trade recovery

European gas reserves are full, with regional demand declining, but gas prices remain high amid concerns that military conflicts will affect supplies, according to Bloomberg.

Gas storage facilities were 90% full of total capacity as of 19 August. That is 10 weeks ahead of the official target of 1 November. Theoretically, that should be enough, but experts advise to be cautious.

Natural gas surpluses have been dwindling since early spring as Europe has been unable to attract liquefied natural gas (LNG) cargoes at the same pace as it did in 2022 and 2023. However, the EU can buy this LNG from anywhere in the world, compensating for the loss of Russian pipeline gas supplies.

Europe bought a lot of LNG in 2022 and 2023, benefiting from lower demand in China. However, this year Europe faces tougher competition, not only from Beijing but also from smaller buyers in Asia. As a result, European LNG imports this summer were 15-25 per cent lower than in the same periods of the previous two years.

Winter is coming

Over the past two years, the El Niño phenomenon of rising global temperatures has helped reduce the impact of the energy crisis on the continent. However, El Niño is fading fast, and meteorologists say that from October or November, the opposite weather trend, called La Niña, is likely to prevail. In that case, Europe could face a normal or even colder winter.

Moreover, Europe still buys Russian natural gas, including via a pipeline through Ukraine. Even more than three years after the war in Ukraine broke out, Austria, Slovakia, Hungaryб and Italy are still heavily dependent on Russian gas. When the pipeline’s key transit contract expires at the end of 2024, the continent could be at risk.

Current gas prices are much lower than in 2022, but still double the pre-war level. If all goes well, Europe will have enough gas. But it would not be enough if anything went wrong, experts warned.

EU overcoming trade crisis

Despite energy challenges, the EU is showing a steady recovery in its trade balance, according to Eurostat data. In the second quarter of 2024, the EU’s trade surplus reached €40.4bn, marking the fourth consecutive quarter with a positive result.

The turning point came in the third quarter of 2023, when the EU posted a surplus of €18bn for the first time. Since then, the trend has strengthened, indicating the successful substitution of Russian supplies with alternative sources.

The bloc will reportedly tighten control over companies with Russian participation, following US demands. According to Moody’s, there are about 46,000 firms in the EU with more than 40 per cent Russian ownership, most concentrated in the Czech Republic, Bulgaria, and Germany.

However, analysts warn of possible losses, staff cuts and risks for European companies doing business with Russia.

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The global thermal energy storage market size was valued at USD 4.1 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027. 

Shifting preference towards renewable energy generation, including concentrated solar power, and rising demand for thermal energy storage (TES) systems in HVAC are among the key factors propelling the industry growth. Growing need for enhanced energy efficiency, coupled with continuing energy utilization efforts, will positively influence the thermal energy storage demand. For instance, in September 2018, the Canadian government updated a financial incentive plan “Commercial Energy Conservation and Efficiency Program” that offers USD 15,000 worth rebates for commercial sector energy upgrades.

Gather more insights about the market drivers, restrains and growth of the Thermal Energy Storage Market

The market in the U.S. is projected to witness substantial growth in the forthcoming years on account of increasing number of thermal energy storage projects across the country. For instance, in 2018, the U.S. accounted for 33% of the 18 under construction projects and 41% of the total 1,361 operational projects globally. Presence of major industry players in the country is expected to further propel the TES market growth in the U.S.

The U.S. Department of Energy (DoE) evaluates thermal energy storage systems for their safety, reliability, cost-effective nature, and adherence to environmental regulations and industry standards. It also stated that Europe and the Asia Pacific display higher fractions of grid energy storage as compared to North America. Rising need for a future with clean energy is prompting governments across the globe to take efforts towards developing innovative energy storage systems.

The primary challenge faced by the thermal energy storage sector is the economical storage of energy. An important advancement in this sector has been the usage of lithium-ion batteries. These batteries exhibit high energy density and long lifespans of 500 deep cycles, i.e. the number of times they can be charged from 20% to their full capacity before witnessing a deterioration in performance. They can also be utilized in electric vehicles, district cooling and heating, and power generation.

Thermal Energy Storage Market Segmentation 

Grand View Research has segmented the global thermal energy storage market report on the basis of product type, technology, storage material, application, end user, and region:

Product Type Outlook (Revenue, USD Million, 2016 - 2027)

• Sensible Heat Storage

• Latent Heat Storage

• Thermochemical Heat Storage

Technology Outlook (Revenue, USD Million, 2016 - 2027)

• Molten Salt Technology

• Electric Thermal Storage Heaters

• Solar Energy Storage

• Ice-based Technology

• Miscibility Gap Alloy Technology

Storage Material Outlook (Revenue, USD Million, 2016 - 2027)

• Molten Salt

• Phase Change Material

• Water 

Application Outlook (Revenue, USD Million, 2016 - 2027)

• Process Heating & Cooling

• District Heating & Cooling

• Power Generation

• Ice storage air-conditioning

• Others

End-user Outlook (Revenue, USD Million, 2016 - 2027)

• Industrial

• Utilities

• Residential & Commercial

Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America

o U.S.

o Canada

o Mexico

• Europe

o U.K.

o Russia

o Germany

o Spain

• Asia Pacific

o China

o India

o Japan

o South Korea

• Central & South America

o Brazil

• Middle East and Africa (MEA)

o Saudi Arabia

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• The global energy storage for unmanned aerial vehicles market size was estimated at USD 413.25 million in 2023 and is expected to grow at a CAGR of 27.8% from 2024 to 2030. 

• The global heat recovery steam generator market size was estimated at USD 1,345.2 million in 2023 and is projected to reach USD 1,817.0 million by 2030 and is anticipated to grow at a CAGR of 4.5% from 2024 to 2030.

Key Companies & Market Share Insights

Industry participants are integrating advanced technologies into the existing technology to enhance the product demand through the provision of improved thermal energy management systems. Furthermore, eminent players are emphasizing on inorganic growth ventures as a part of their strategic expansion. Some of the prominent players in the global thermal energy storage market include:

• BrightSource Energy Inc.

• SolarReserve LLC

• Abengoa SA

• Terrafore Technologies LLC

• Baltimore Aircoil Company

• Ice Energy

• Caldwell Energy

• Cryogel

• Steffes Corporation

Order a free sample PDF of the Thermal Energy Storage Market Intelligence Study, published by Grand View Research.

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Directed Energy-Based Surgical Systems Market Size, Analysis and Forecast 2031