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Energy is one of the basic needs of households and industrial enterprises. Energy industry accounts for the largest share in the economic as well as social development of a country. On the basis of source, the energy industry mainly includes coal, oil, natural gas, uranium and nuclear, hydropower, bio-energy, solar, geothermal, wind and marine energy. The energy industry utilizes available resources to generate easy access to energy (mainly electricity and fuels). The past 15 years have seen extraordinary changes in the consumption of energy resources due to urbanization. Unexpected growth in the renewables market in terms of investment and capacity, particularly in emerging economies is favoring the energy industry.
Rising demand for cleaner energy to reduce environmental impact has led to the adoption of non-conventional energy sources.
Opportunities
The coal, oil and natural gas segments have dominated the energy market in the last few years by contributing a market share 85%. According to the World Energy Council, crude oil has the largest demand and accounts for 32.9% of the global energy consumption. Crude oil prices recorded the largest percentage decline of 73% since 1986. Natural gas is the second largest energy source which accounts for 22% of the overall power generated across the globe. Coal consumption has reduced due to global climate impact and there has been a transition towards cleaner energy sources which hold 40-45% share in the electricity generated across the globe. Asia Pacific is the largest coal consumption market due to bulk availability of resources.
Solar industry accounts for only 1% of the global electricity generated. The price of solar panels decreased by 30% in the international market in 2016. Majority of the installation of solar panels was witnessed in Europe, China, and Africa and Middle East. Due to continuous improvement in the conversion efficiency of photovoltaic (PV) cells, concentrated photovoltaic (CPV) segment is expected to lead to a rapid increase in solar energy efficiency which has recently reached 46% for solar cells. 0.5 GW global commercial marine energy generation capacity is established. The total theoretical wave energy potential is said to be 32 PWh/y, but it is heterogeneous and geographically distributed, technology costs for marine energy are still very high. Uranium and Nuclear production is increased by 40% in last 15 years due to rising demand of alternative resources. Two-third of global nuclear industry volume is in Asia-Pacific region. Hydropower is the leading renewable source for electricity generation, supplying 71% of the global renewable electricity. The global hydropower capacity increased by more than 30% in the last 15 years. Global wind power generation reached around 7% of the total global power generation capacity. The total investment in the global wind sector was US$ 109 billion in 2015. Geothermal global output is estimated to be 75 TWh for heat and 75 TWh for power, but is concentrated on geologic plate boundaries. Bioenergy is the largest renewable energy source and supplies 10% of the global energy supply.
Factors such as the Paris Agreement, rising demand and growth of renewable energy sources compared to non-renewable energy sources, falling global oil market price, decreased coal consumption due to a less energy intensive society, and shale gas boom along with implementation of CCS technologies in North America, growing global electrification, rapidly falling prices of solar and wind power generation are driving the growth of the global energy market.
Energy - Regulatory scenario
Key challenges in global energy industry
Energy – Key Global Conferences
Key global players in Energy
Some of the leading key players in the global energy market are Duke Energy, U.S., Engie, SA, National Grid PLC, NextEra Energy, Inc., EDF SA, Enel Italy, Dominian Resources, Iberdrola SA, Southern Company, Georgia, Hanergy, China, Endesa SA, ExxonMobil, Royal Dutch Shell, LukOil, and Rosneft Oil.
Published Date : Mar 2024
The zinc-air battery market is estimated to be valued at USD 2.22 Bn in 2024 growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031. Zinc-air batteries are environment-friendly electric batteries that have a zinc anode and an air-breathing cathode. ... View more
Published Date : Mar 2024
The Power SCADA Market is estimated to be valued at USD 2.71 Bn in 2024 and grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031. Power SCADA systems refer to the Supervisory Control and Data Acquisition systems that are used for gathering and analyz... View more
Published Date : Mar 2024
The diesel generators market is estimated to be valued at USD 20.02 Bn in 2024 and, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. The diesel generator market has seen steady growth over the past few decades driven by the demand from the co... View more
Published Date : Mar 2024
Global oilfield services market is estimated to be valued at USD 134.0 Bn in 2024 and, exhibiting a compound annual growth rate (CAGR) of 3.35% from 2024 to 2031. Global oilfield services market has been witnessing growth significantly over the past few decades due to... View more
Published Date : Mar 2024
Global Overhead line product market is a rapidly growing sector in the global electrical industry. Overhead lines are an essential component of power transmission and distribution systems that enables the efficient transfer of electricity over long distances. These li... View more
Published Date : Mar 2024
Scrubber systems are a crucial component in various industries, especially in the maritime sector, where they play a significant role in reducing harmful emissions from ships. These systems are efficient in removing pollutants such as sulfur oxides (SOx) and particula... View more
Published Date : Mar 2024
The thermal power plant market is estimated to be valued at USD 1,532.34 Bn in 2024 growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031. Thermal power plants create steam to drive turbines that generate electricity. They convert heat from the com... View more
Published Date : Mar 2024
The utility communication market is estimated to be valued at USD 23.09 Bn in 2024, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031. The utility communication market involves technologies and services that... View more
Published Date : Feb 2024
Global offshore wind energy market has witnessed significant growth over the 2022. Growing concerns regarding climate change and focus on transitioning to cleaner sources of energy have been the key driver in boosting investments and installations of offshore wind tur... View more
Published Date : Feb 2024
Surge protection devices (SPDs) are electrical devices designed to protect electronic equipment and appliances from voltage spikes and surges caused by lightning strikes or power fluctuations. These devices play a crucial role in safeguarding sensitive equipment, such... View more
Published Date : Feb 2024
Global crude tall oil market has been witnessing significant growth owing to wide range of applications across various end-use industries such as construction, automobile, and paints & coatings industries. Crude tall oil is a by-product of the kraft pulping proces... View more
Published Date : Feb 2024
Global green energy market has witnessed significant growth in 2021 recent years and is expected to grow steadily during the forecast period from 2024 to 2031. Factors such as rising environmental concerns due to the increasing effects of climate change, supportive go... View more
Published Date : Feb 2024
Liquefied natural gas (LNG) as a bunker fuel refers to the use of LNG to power ships. LNG is a natural gas that has been cooled to liquid form for ease and safety in non-pressurized storage or transport. As a bunker fuel, LNG offers various benefits compared to conven... View more
Published Date : Feb 2024
Drilling bits play a crucial role in extracting oil and natural gas from reservoirs deep underground. They are designed to drill through various types of rock formations to reach hydrocarbon deposits. Advances in material science and drilling technologies have led to ... View more
Published Date : Feb 2024
Camping power banks are portable and rechargeable devices that serve as a convenient source of power for campers. These power banks can store energy and supply it to electronic devices when needed, thus ensuring a continuous power supply even in remote camping locatio... View more
Published Date : Feb 2024
The global energy landscape is continuously evolving, with a growing demand for efficient and sustainable power generation solutions. In this context, single shaft turbines have emerged as an innovative technology that offer significant advantages in terms of performa... View more
Published Date : Feb 2024
Nickel metal hydride (NiMH) batteries have gained significant popularity in recent years as a power source for various applications. These rechargeable batteries are known for their high energy density, long cycle life, and environmental friendliness. NiMH batteries o... View more
Published Date : Feb 2024
Wave energy has significant potential as a renewable energy resource. As concerns over carbon emissions and climate change continue to rise, wave energy converters that can harness the predictable and vast power of ocean waves present an attractive opportunity. Wave e... View more
Published Date : Jan 2024
Biofuel is a type of fuel that is derived from biomass, which can include plant or algae material, or animal waste. It is considered a renewable energy source, unlike fossil fuels such as petroleum, coal, and natural gas, as the feedstock material can be readily reple... View more
Published Date : Jan 2024
Absorbent Glass Mat (AGM) batteries have become increasingly popular in various industries due to their superior performance and versatility. These batteries are a type of valve-regulated lead-acid (VRLA) battery, which means they are maintenance-free and can be used ... View more