Table Of Contents
Yerukola Eswara Prasad
Koyel Ghosh
Energy and Power: AMR’s Take on the Top 5 Emerging Markets in the Domain in Q3 2024
The increasing pace of industrialization in developed and developing countries has led to a surge in demand for power in residential and commercial spheres. Furthermore, the rising awareness regarding environmental sustainability has accelerated the shift toward renewable energy. Both these factors have contributed to the growth of the energy and power domain in recent times. Along with this, certain industries have strengthened the sector in the third quarter of 2024 . Allied Market Research has compiled a report on the top 5 emerging markets in the domain using its in-house ‘Title Matrix Tool’. The growth drivers, restraints, and opportunities in the landscape have been discussed in detail in the study.
Gas Lift Systems Market
Gas lift systems involve injecting gas into the well casing to lift the liquid to the surface through the tubing or pipes. The technology is used to reduce the bottom hole pressure and increase the flow of hydrocarbons, thereby increasing the production from oil and gas wells. The growing demand for petrol and petroleum products from individual consumers and end-use industries has provided a huge boost to the production and exploration activities at both onshore and offshore locations. As per a report published by Allied Market Research, the gas lift systems market is expected to gather a revenue of $3.8 billion by 2032. The industry accounted for $1.8 billion in 2022 and is projected to grow at a CAGR of 7.6% from 2023 to 2032.
top investment pockets in the gas lift systems Market: 2023 to 2022
Source: Primary & Secondary Research and AMR Analysis
In the past few years, several leading companies such as Weatherford International Inc., ChampionX, and Baker Hughes Company have used different growth strategies which have helped in the rise of the landscape. While countries in Asia-Pacific, LAMEA, and Europe have witnessed huge growth in the recent past, the North America region has performed exceptionally well in the third quarter of 2024. The product launches, mergers, acquisitions, and collaborations between major players have generated new avenues for growth in the province. Technological advancements and innovations in the field of gas and oil exploration have created investment opportunities in the market.
Cable Glands Market
According to a recently published report by Allied Market Research, the cable glands market is projected to reach $4.5 billion by 2032 and is expected to rise at a CAGR of 6.8% during 2023-2032. The industry accounted for $2.4 billion in 2022. The increasing rate of population growth in developing countries has led to a surge in infrastructure projects in these nations. Naturally, the expansion of the construction sector has escalated the demand for wires and cable glands, thus augmenting the growth rate of the landscape. The governmental regulations enacted by countries such as China, India, etc., have also compelled many end-use industries to use cable glands to reduce the risk of electrical failures. Major investments in several telecommunication technologies by several companies have strengthened the position of the market.
cable glands Market, by type: 2023
Source: Primary & Secondary Research and AMR Analysis
The AMR report classifies the industry based on various segments such as type, end user, cable type, material, and sealing technique. By type, the landscape is further categorized into industrial and hazardous. The industrial sub-segment dominated the market in 2022 on account of the growing industrialization and the rising demand for cable glands from sectors such as petrochemical, automotive, aerospace & defense, etc. Cable glands of different types have been used in various applications including insulation, earthing, bonding, etc. The launch of several innovative products and investments in R&D activities has brought in new opportunities for growth in Q3 2024.
Lithium-ion Battery Market
One of the most promising markets in the energy power domain is the lithium-ion battery industry. The growing awareness regarding the need to reduce vehicular emissions and the enactment of laws by several countries to promote EVs has led to an increased preference for electric mobility. The gradual transition toward green transport has been the primary reason behind the rise of the landscape. Along with this, several consumer electronic goods manufacturers have started using lithium-ion batteries in smartphones, laptops, tablets, etc., to increase the efficiency of the gadgets. The interplay of all these major factors is predicted to help the lithium-ion battery market garner a revenue of $189.4 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
lithium-ion battery Market by capacity: 2031
Source: Primary & Secondary Research and AMR Analysis
To help businesses focus on the key investment areas, the AMR report provides an in-depth segmental analysis wherein the industry is classified on the basis of component, capacity, and application. By capacity, the 3,000 - 10,000 mAh sub-segment has been dominant in 2022 due to the increasing demand for smart devices and wearables. The growing adoption of renewable energy storage solutions has also positively impacted on the landscape. Simultaneously, the study highlights that despite the hurdles created by geopolitical tensions, new product developments and business expansion strategies have created favorable conditions for the growth of the industry.
Offshore Wind Turbine Market
According to a report by AMR, the offshore wind turbine market, which accounted for $17.8 billion in 2021, is anticipated to gather a revenue of $39.2 billion by 2031, rising at a CAGR of 8.28% from 2022 to 2031. In the past few years, wind energy has been increasingly accepted as a non-polluting, environmentally sustainable source of power for different industries. The increasing investments in offshore wind resources are expected to help the industry expand its footprint in the coming period. The growing focus of governments across the world in several infrastructure development projects has augmented the CAGR of the market immensely.
The AMR study categorizes the market on the lines of capacity and application. Based on application, the industrial sub-segment is anticipated to have the highest revenue share by 2031. In the past few decades, many countries have started providing governmental subsidies to different industries for their seamless transition to wind energy. At the same time, the volatility in the prices of oil and other fossil fuels has led to a large section of the global industrial base shifting to renewable energy sources for production and manufacturing activities. Moreover, many small and medium-scale enterprises have started deploying offshore wind turbines to improve their operational efficiency and reduce their carbon footprint.
Floating Photovoltaics (FPV) Market
Floating photovoltaics are an innovative type of solar array that can be deployed on aquatic ecosystems and water bodies to make use of the incident sunlight for the generation of electricity. The Allied Market Research report studies all the important facets of the floating photovoltaics market and highlights that the industry is expected to gather a revenue of $106.0 million by 2031. The landscape accounted for $32.3 million in 2021 and is projected to grow at a CAGR of 12.9% in the 2022-2031 period. The growing energy requirement from different sectors and the rising awareness regarding the importance of clean energy are estimated to expand the scope of the market in the near future.
To help businesses understand the socioeconomic, cultural, political, administrative, and demographic factors impacting the industry in various regions, the AMR report covers the performance of the landscape in North America, Europe, Asia-Pacific, and LAMEA. The floating photovoltaics market is anticipated to witness huge growth in Asia-Pacific countries by 2031. Many leading companies in Japan and China have started producing advanced solar arrays that have high energy production capacities. Furthermore, the number of manmade water reservoirs has also increased in the past few years in these nations, which has led to a surge in investments in floating photovoltaic panels.
Summing up
To sum up, the ‘Title Tool Matrix’ developed by AMR highlights the five industries that are expected to showcase phenomenal growth in the third quarter of 2024. The primary aim of compiling this study is to aid businesses in understanding the changing dynamics of the energy and power domain and make investment decisions accordingly. The actionable data and market intelligence offered in these reports help companies formulate their strategies and gain a competitive advantage over their peers in the long run.
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