Wave and Tidal Energy Market will reach US$11,345.0 Mn at CAGR of 23.2% by 2024.

The ocean can prove to be one of the largest reserves of clean, sustainable energy thanks to more efficient ways of harnessing wave and tidal energy. Since wave and tidal power plants are still a relatively new technology, they provide ample scope for growth or development. These power plants enable power generation even in remote locations where grid connections are not feasible. The global wave and tidal energy market also receives strong support by governments worldwide. Several countries now have well-defined government policy frameworks and incentive schemes that encourage the adoption of these power plants.

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According to a report published by Transparency Market Research (TMR), the global wave and tidal energy market was valued at US$497.7 mn in 2014 and is projected to reach US$11,345.0 mn by 2024, expanding at a whopping CAGR of 23.2% between 2016 and 2024.

TMR analysts address three important questions that companies operating in the wave and tidal energy market have:

Q. Which regions will hold lucrative opportunities in the market?

Major developments in wave and tidal stream plants are expected to occur in Europe. South Korea is expected to witness massive growth in terms of tidal barrage operations. Wave energy development will be high in Australia in the Asia Pacific region. Commercialization of this technology to its fullest extent is expected to create a huge scope for growth in the market.

Q. What are the challenges hampering the adoption of wave and tidal power plants?

The high capital investment required for the infrastructure and installment of wave and tidal power plants is a major problem. The low maturity of this technology is another major factor dampening the lack of deployment of wave and tidal power plants.

A lack of funding channels is also impeding the market’s growth. A case in point would be Pelamis Wave Power Ltd. The company failed to secure the funding required for the development of wave energy technology in November 2014, as per reports. The company which developed P1, the world’s first offshore wave power converter to generate electricity into a national grid, is unable to further develop their product owing to insufficient funds.

Q. What are the recent developments in the global wave and tidal energy market?

Aquamarine Power Ltd. and the National University of Ireland, Maynooth have collectively secured an €800,000 EU Horizon 2020 grant to improve the performance of Oyster, a wave energy converter. The new program will enable researchers to explore ways to optimize the energy capture and the economic performance of Oyester, which is developed by Aquamarine Power.

In July 2016, wave energy developer Carnegie Wave Energy Limited announced the successful commissioning and deployment of a wave monitoring buoy in the South coast of Mauritius. Atlantis, a company based in Singapore, has entered into an agreement with SBS Intl Ltd. for the development of a 150MW tidal stream site in Indonesia. The plant is expected to be the first commercial scale tidal array in South East Asia.

Such successful deployments of wave and tidal stream plants are expected to continue to ensure the growth of the market and increase the deployment of these plants.

High Demand for Petroleum Products to Boost Installation of Subsea Manifolds, reports TMR

According to the report, the global market opportunity in subsea manifolds is expected to rise from US$2.83 bn in 2015 to US$3.71 bn by 2020. By application, the production manifold segment is expected to lead and account for 61.14% of the market by 2020. Europe, followed by the Middle East and Africa, is expected to lead the market by 2020.

The global subsea manifolds market is marked by the presence of a few major players. There is fierce competition in the market with regard to both technology and pricing. Advanced technologies play a crucial role in the industry and thus, leading players are investing heavily in R&D. The degree of competition is expected to remain medium in the coming years, states a new report by Transparency Market Research (TMR). The threat of new entrants will be low as they face problems such as lack of high capital and advanced technical expertise requirements. Uncertainty in crude oil prices and locational advantage of major players are other factors making it difficult for new players to enter in the market.

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Companies operating in the global subsea manifolds market include ABB Limited, Aker Solutions ASA, Baker Hughes Incorporated, and Dril-Quip Inc. The majority of these companies are adopting strategies of expanding their geographical presence and product portfolio. A case in point would be ABB Limited. The company launched the world’s most powerful underground and subsea power transmission cable system in August 2014.

Reduction in Capital Expenditure and Production Loss due to Subsea Manifolds to Fuel their Demand

Subsea manifolds are utilized in offshore hydrocarbon production activities. They form an essential part of subsea production systems as they enable operators to adapt to changing operating conditions. Subsea manifolds have the benefit of being flexibly designed. They can be customized as per the requirements of offshore operating companies.

Installment of subsea manifolds brings about significant reduction in capital expenditure and they also reduce the number of flowlines and umbilical used in offshore production activities. The number of risers is also reduced by making use of subsea manifolds, which in turn reduces the weight of floating production platforms. Subsea manifolds also reduce the impact of subsea interventions, thus reducing production loss.

The demand for subsea manifolds is high in the North Sea, West African Coast, Brazil offshore basins and the Gulf of Mexico, as these areas have an established offshore oil and gas industry. This is propelling the subsea manifolds market.

Fluctuating Crude Oil Prices Impact Subsea Manifolds Market

Fluctuations in crude oil prices cause E&P companies to vary their production accordingly. An increase in the price of crude oil enables E&P companies to increase their profit margins and vice-versa. The degree of risk and uncertainty regarding the returns increase with the uncertainty of crude oil prices. This impacts drilling activities and subsequently the subsea manifolds market.

Rise in Demand for Petroleum Products to Boost Investments in Offshore Hydrocarbon Reserves

“The demand for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) is expected to rise in the coming years,” states a TMR analyst. This will increase the investments of players in the offshore hydrocarbon reserves and boost the demand for subsea manifolds. The demand for oil and gas is growing, particularly in countries such as Brazil, China, and India, which will further push drilling activities in the coming years. Thus, the future for the subsea manifolds market looks bright.

The global subsea manifolds market is segmented as follows:

Application

• Production Manifolds
• Injection Manifolds

Declining Availability of Fresh Water to Shape Development of Atmospheric Water Generator Market

Transparency Market Research presents a new market study on the global atmospheric water generator market for the 2016-2023 period. The research report is an in-depth analysis of the market dynamics, growth trends, and development opportunities of this market during the aforementioned forecast period. The report’s title is “Atmospheric Water Generator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2023.”

Atmospheric water generation involves obtaining water of several purity grades from the atmosphere. The steady decline in the availability of fresh water, mainly due to human activities, has led to the increasing demand for atmospheric water generation over the past couple of years.

The global market for atmospheric water generators is primarily driven due to the increasing realization of the implications of climatic change on the availability of fresh water. Rapid industrialization and urbanization have had a considerable part in exacerbating global climatic change leading to the reduced availability of natural resources. To address this, several governments worldwide are striving to develop infrastructure for atmospheric water generation to serve residential and industrial needs.

However, the established use of water desalination for obtaining water from the atmosphere is restraining the growth of this market. Nevertheless, the cost advantage and higher output of atmospheric water generators over water desalination will lead to increased growth opportunities for the market for atmospheric water generators.

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By technique, cooling condensation and wet desiccation are the two segments of this market. Of the two, cooling condensation accounts for the larger market share due to ease of use and high efficiency of this system. The cooling condensation segment is expected to dominate the market until the end of the forecast period. However, the demand for wet desiccation systems is expected to be on the rise owing to a few operational advantages over cooling condensation systems. The lower electricity consumption of wet desiccation systems combined with R&D to improve the performance of substances to soak water is predominantly fuelling growth of the wet water desiccation systems. This is offering lucrative research opportunities for players in the global atmospheric water generator market.

Asia Pacific is expected to emerge as a significant market for atmospheric water generators. The rapid urbanization in this region, in conjunction with the rampant industrialization, has been instrumental in fuelling growth of the atmospheric water generator market in this region. The Middle East and Africa is also anticipated to emerge as a key market for atmospheric water generator. This is mainly due to the excessive water scarcity and high costs of setting up desalination plants to offset the limited availability of fresh water.

Some of the key players in the global market for atmospheric water generator are Saisons Technocom Pvt. Ltd., Atlantis Solar, WaterMaker India Pvt. Ltd., Dew Point Manufacturing, Island Sky Corporation, and Air2Water LLC.

Government Efforts to Distribute Potable Water Crucial for Water Treatment Systems Industry, says TMR

According to a new report from Transparency Market Research, the demand for water treatment systems is growing primarily due to the increasing global population, which leads to consistent demand for water, and the expanding global industrial sector, which also requires large volumes of water for various essential operations. The report, titled ‘Water Treatment Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,’ presents a detailed elaboration on the historical development of the global water treatment systems market. This offers a solid foundation for reliable forecasts about the market’s development forecasts in the coming years.

Water treatment systems can function on various principles, with filtration, reverse osmosis, electrolysis, disinfection, and water softening being some of the commonly used water treatment methods. Water treatment is made necessary by the abundant presence of harmful microbes in naturally occurring water, which renders it unpotable. The high mineral content of naturally occurring hard water also renders the water unusable for industrial purposes. As a result, the demand for various types of water treatment systems has grown rapidly in the last few years.

The growing demand for potable water for the ever-rising global population is the prime driver for the global water treatment systems market, illustrated by the government efforts observed across the world to enable easy access to clean drinking water for their population. In many emerging countries, water scarcity is becoming a major issue. Even prosperous countries such as the U.S. are not immune to the risks of water scarcity and water contamination, with the drought in California and water contamination controversy in Flint, Michigan, bringing the matters to a head in 2016. As a result, the growing awareness about water scarcity is likely to remain a key driver for the water treatment systems market in the coming years.

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The consistent economic development in emerging regions has also driven the demand for water treatment systems. Both agriculture and industry have made significant gains in countries such as China, India, and Brazil in recent years, leading to a growing demand for water.

The steady urbanization observed in the developing world has also led to a significant demand for residential water treatment units. The growing urban middle class is thus likely to remain a key consumer demographic for the global water treatment systems market in the coming years.

Geographically, the increasingly stringent government regulations supporting and even mandating the use of water treatment systems in North America and Europe have led to these two emerging as the leading contributors to the global market in the coming years. On the other hand, the booming demand in Asia Pacific, aided in no small part by government efforts to raise awareness about water treatment systems and incentivize indigenous production of the same, is likely to be the conspicuous feature of the global water treatment systems market in the coming years.

Key players in the global water treatment systems market include Honeywell International, Danaher Corporation, 3M Company, The Dow Chemical Company, and Pentair plc. The report provides comprehensive competitive profiles of the leading manufacturers of water treatment systems in order to aid readers in making informed decisions.

Ability to be Renovated, Modified, And Re-deployed at Reduced Rates to Improve Scope of FPSO Vessels

The rise in the demand for floating, production, storage, and offloading (FPSO) vessels is due to the growing investments in the offshore exploration of oil and gas in deepwater and ultra-deepwater. Exploration projects especially in Brazil and Africa are expected to create a greater demand for FPSO. The depletion of existing oil and gas fields is leading to increasing concerns regarding the exploration of new reserves in a bid to meet energy demands. Owing to this, oil and gas exploration companies are pushing the exploration from onshore to offshore, which is in turn driving the FPSO market. Since FPSOs can sustain harsh working environments, their demand is increasing.

According to a report published by Transparency Market Research (TMR), the FPSO market is expected to rise from US$15.9 bn in 2014 to reach US$43.4 bn by 2021, expanding at a 16.2% CAGR from 2015 to 2021.

Q. What are the factors challenging the growth of the market?

The FPSO industry is capital intensive in nature and requires high initial investments. Huge financing is required for the construction of a new FPSO. The construction of a single unit costs US$2.5 to US$3.0 bn, whereas the cost of conversion of an oil tanker is between US$1.5 bn to US$2.0 bn. The cost of deployment, testing, and operation is also high. Furthermore, inflation is causing a rise in the cost of labor and materials, which in turn affects the return of investments (ROI) of FPSO operators.

FPSOs are prone to accidents and leakages, thus causing oil spills. This causes significant damage to the environment. As a result of the damage caused to the environment companies have to bear cost compensation, lowering their ROIs on offshore projects. Thus, increasing concerns regarding environmental pollution act as a major restraint impacting the growth of the global FPSO market.

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Q. What are the recent developments by key players operating in the global FPSO market?

In February 2015, Hyundai Heavy Industries Co., Ltd finished the construction of GoliatFPSO. The GolaitFPSO is the world’s largest cylindrical FPSO, capable of storing one million barrels of crude oil per day.

In October 2015, SBM Offshore got a front-end engineering and design contract from TechnipS. A. for three large-scale turret mooring systems. These systems need to be designed for implementation in projects for FLNG vessels in Australia. Such developments and contracts are expected to ensure that players continue to grow in the market.

Q. What are the key opportunities in the global FPSO market?

Key opportunities in the market are expected to lie in the conversion of oil tankers, refurbishments, and upgradations of FPSOs. The capability of an FPSO to be renovated, modified, and be re-deployed at reduced rates as compared to a newly built FPSO is expected to make it an attractive and cost-effective solution.

Additionally, it is expected that strategic collaborations among players in different stages of the value chain will prove to be beneficial and crucial for meeting the complex requirements of building advanced FPSOs.

The evolving subsea processing technology enables FPSOs to produce oil from challenging offshore oil reserves, which will ensure its continued demand in the future. Additionally, the rising focus on a standardized approach to FPSO engineering will lead to faster deployments, thus boosting its demand.

Global Solar Wind Hybrid Market to Gain Impetus from Increasing Investments, Reports TMR

A new research study by Transparency Market Research (TMR), offers a comprehensive assessment of the global market for solar wind hybrid systems. According to the research report, titled “Solar Wind Hybrid System Market - Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2016 – 2023,” the rapid growth in energy consumption, propelled by the rising standard of living, and the growing concerns over fuel scarcity have stimulated the demand for solar wind hybrid systems remarkably across the world.

In the global energy scenario, the decreasing levels of fossil fuel in reservoirs have paved the way for renewable energy sources, with solar and wind energy at the fore. As solar wind hybrid systems are consolidated power generation units that employ both solar and wind sources for energy generation, their demand is increasing significantly across the world. The energy output of these units is relatively higher than traditional energy generation facilities, which adds considerably to the growing demand for solar wind hybrid systems.

Over the coming years, the global solar wind hybrid market is expected to be driven by the increasing investments for technical advancements in these systems. However, the high cost needed for the installation of solar wind hybrid systems may hamper their demand to some extent, states the report.

Based on geography, the report segments the worldwide market for solar wind hybrid systems in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, among these, is providing attractive growth opportunities to market players. The rapid urbanization in countries such as Japan, India, China, and South Korea is leading to a surging demand for solar wind hybrid systems in Asia Pacific. The rising number of government initiatives to encourage power generation from renewable energy sources, coupled with growing capital support for technical advancements in solar wind hybrid systems, is driving this market in Asia Pacific.

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Additionally, the abundant availability of sunlight and steady air currents in India, China, and a number of countries in Southeast Asia, thanks to their proximity to the Equator is projected to boost the usage of solar wind hybrid systems for energy generation in Asia Pacific over the next few years. Other regional markets are also expected to witness steady growth in the demand for solar wind and hybrid systems in the near future, reports the study.

The leading manufacturers of solar wind hybrid systems mentioned in this report are Alpha Windmills, Blue Pacific Solar Products Inc., New Ventures, Zenith Solar Systems, Unitron Energy Systems Pvt. Ltd., Alternate Energy Co., and UGE International Ltd.

Membrane Bioreactor Systems (MBR) market will exhibit an impressive 14.5% CAGR By 2019

Owing to their higher efficiency in treating wastewater and industrial discharges as compared to conventional waste discharge treatment methods such as activated sludge systems, membrane bioreactors are rapidly replacing the latter across a vast number of application areas globally. Rising global population and the increased demand for adequate quantities of clean and fresh water, the demand for membrane bioreactor systems across the wastewater treatment sector has seen a vast rise in the past few years.

Transparency Market Research states that the global membrane bioreactor systems (MBR) market will exhibit an impressive 14.5% CAGR over the period between 2013 and 2019. Expanding at this pace, the market, which held an opportunity of US$963.8 mn in 2012, is expected to rise to US$2,506.1 mn by 2019.

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In this blog post, Transparency Market Research analysts uncover some of the key facts and trends in the global membrane bioreactor systems market:

Which is the most influential regional market for membrane bioreactor systems presently?

Asia Pacific is presently the dominant regional market for membrane bioreactor systems, contributing 38% of the global market’s overall revenues in 2012. The key factors behind Asia Pacific’s dominant stance in the global membrane bioreactor systems market include the vast pace of urbanization and industrialization, which is leading to the vast rise in waste water production, and the rising awareness regarding the need to reclaim waste water.

The high urbanization rates in countries such as India and China have especially proved to be significant for the increased demand for clean water for agricultural and domestic purposes. This has bolstered the need for effective waste water treatment systems across industrial and municipal setups in the region, thus driving the membrane bioreactor system market. Enactment of several regulations and provision of subsidies have also helped in augmenting the overall growth prospects of the membrane bioreactor systems market in the region.

Membrane bioreactor systems are most prominently used in the municipal sector. Is the industrial sector lagging behind in exploiting this wastewater treatment technology?

It is true that out of the two broad end-use segments for the membrane bioreactor system market – municipal wastewater treatment and industrial wastewater treatment, the municipal sector is presently the largest contributor to the global market’s revenues. Nevertheless, the industrial sector is also increasingly adopting effective ways of recycling, reusing, or properly discarding wastewater that is generated every day across innumerous operations. Several strict environment-related regulations have necessitated the increased focus on effective treatment and reuse of industrial wastewaters. Apart from this, several companies are also undertaking increased efforts to efficiently and sustainably use water as a part of their corporate social responsibility missions.

The oil and gas refinery industry involves a vast range of extremely water-intensive processes and operations. Thus, companies in the field are under huge pressure to adopt effective water treatment technologies such as membrane bioreactor systems and are positively reacting to the scenario. Recently, the Canadian oil refinery Federated Co-Operatives Limited, located in Regina, Saskatchewan, Canada, has announced that it is planning to install GE Water’s advanced membrane bioreactor and reverse osmosis (RO) systems for a wastewater improvement project. The advanced water recycling technologies will allow the refinery to treat 100% of the wastewater generated onsite.