2019 Energy and Resources Research Review
- The global market for exploration and production should grow from $387.8 billion in 2018 to $530.8 billion by 2023 with a compound annual growth rate (CAGR) of 6.5% for the period of 2018-2023.
- The global market for solar power technologies should grow from $143.3 billion in 2018 to $286.3 billion by 2023 at a compound annual growth rate (CAGR) of 14.9% during the forecast period of 2018-2023.
- The global hydrogen plant and equipment investments market should reach $26.8 billion by 2024 from $16.1 billion in 2019 at a compound annual growth rate (CAGR) of 10.7% for the period of 2019 to 2024.
Energy industry greatly impacts the lives of everyone, and every nation strives to achieve energy independence by utilizing the natural resources, be it conventional fossil fuels or renewable sources. Advancements in technology has changed the landscape of the energy industry, for example the shale revolution has made US a net exporter of oil from being one of the largest importers of the commodity. Likewise, concerns about the depleting resources in the form of oil reserves, gas reverses, and ill effects of dependence on fossil fuels like coal has given a renewed thrust on researching renewable energy technologies to reduce the harmful impact on the environment as well as create energy sustainability for long term.
In 2018, according to EIA, the global energy consumption increased to twice of the average consumption in 2010. The increased energy consumption is driven by a robust global economy and increasing needs of heating and cooling in some parts of the world. As per EIA, the world energy consumption will grow by nearly 50% between 2018 and 2050. Most of this growth comes from countries outside the Organization for Economic Cooperation and Development (OECD), and this growth is focused in regions where strong economic growth is driving demand, especially in Asian regions.
The present energy review tries to put light on few of the important topics that have been researched by BCC Research in a concise way by summarizing the key facts from the reports published in 2019. This Research Review include portions of several market research studies and is an efficient way for market professionals to keep up with the general market developments of 2019.
This 2019 Energy and Resources Review includes excerpts from the following reports:
- EGY055E Global Hydrogen Economy: Merchant Hydrogen and Hydrogen Purification Technologies.
- EGY162A Oilfield Exploration & Production Markets: A BCC Research Outlook.
- EGY165A Solar Energy Markets: A BCC Research Outlook.
- EGY166A Global Markets for Vehicle Light Weighting Technologies.
- EGY168A Global Markets for Offshore Wind Turbines (Special Report).
We hope you find this Research Review valuable, and we look forward to serving our customers market research needs.
BCC Publishing Staff
BCC publishing staff comprises expert analysts who are skilled in conducting primary research, secondary research and data analysis and have decades of combined experience covering a wide range of industries, including healthcare, advanced materials and emerging technologies. Collectively, the team represents a diverse set of educational achievements with individual graduate work completed in fields such as electronics and semi-conductors, automotive, industrial automation, ICT, petroleum, electrical engineering, business administration, among others.
- The global market for perovskite and other thin film solar module should grow from $3.7 billion in 2017 to $5.2 billion by 2022 at a compound annual growth rate (CAGR) of 7.0% from 2017 to 2022.
- The global market for process oils should grow from $5.1 billion in 2017 to $6.0 billion by 2022 at a CAGR of 3.5% from 2017 to 2022.
- The U.S. market for fracking fluids should grow from $10.7 billion in 2017 to $15.1 billion by 2022 at a CAGR of 7.0% from 2017 to 2022.
- The global photovoltaic (PV) modules market was valued at $32.6 billion in 2013 and $34.6 billion in 2014. This market is expected to decrease to $27 billion by 2019, with a compound annual growth rate (CAGR) of -4.8% from 2014 to 2019.
- The yearly and cumulative investment spending by separation technology was$ 6.8 billion in 2014. It is estimated that the spending will be $6.8 billion in 2015 and $1 billion in 2019, with a compound annual growth rate (CAGR) of -32%.
- In terms of revenue, the global renewable energy market (excluding biofuels) reached $432.7 billion in 2013 and $476.3 billion in 2014. This market is expected to increase to $777.6 billion in 2019, with a compound annual growth rate (CAGR) of 10.3% from 2014 to 2019.
- Global natural gas storage volume reached 643 million cubic feet in 2011 and 657 million cubic feet in 2012. Total natural gas volume is expected to reach 720 million cubic feet in 2017 for a compound annual growth rate (CAGR) of 1.9%.
- The U.S. market for smart grid technologies was worth about $41.6 billion in 2012. The market is projected to decline to $35.4 billion in 2013 due to a temporary disruption of wind turbine sales, but it should rise again to $68.7 billion by 2018, a compound annual growth rate (CAGR) of 14.2% from 2013 to 2018.
- The global enhanced oil recovery market totaled $21 billion in 2012 and is projected to increase to nearly $22.6 billion in 2013; the market should total $34.4 billion by 2018, with a five-year compound annual growth rate (CAGR) of 8.8% from 2013 to 2018.
- A granular analysis of the market for energy harvesters based on parameters like principal energy sources, end applications, regional dynamics, key markets within countries and changes in average selling prices (ASPs).
- Analysis of the market for natural gas–fired electricity generation on a global basis including industry trends, impact of different fuel types on natural gas, government regulations, competetive structure and forecast iniformation about the markets for electricity generation.
- Information on unconventional natural gas extraction technologies like vertical and directional drilling, horizontal drilling, hydrofracture equipment, hydrofracture chemicals and well completion and operation equipment.
- The total market for conventional retrofits including the energy retrofit technologies examined in this study—heating, ventilating, and air-conditioning (HVAC) equipment, energy efficient lighting and lighting design, electricity sub-meters, and green roofs—is estimated to increase from $35.5 billion in 2010 to $60.7 billion in 2015 at a compound annual growth rate (CAGR) of 11.3%.
- The global alternative electrical power storage market in 2011 will be worth more than $325 million, including more than $236 million worth of electrochemical batteries. This market is expected to grow at a compound annual growth rate (CAGR) of 5.4% between 2011 and 2016 under a consensus scenario resulting in a $423 million global market in 2016, including $322 million worth of electrochemical batteries.
- Building-integrated photovoltaics (BIPV) currently make up a small but noticeable part of the world PV market. The global market was valued at 1,201 megawatts in 2010 and is expected to increase at a 56% compound annual growth rate (CAGR) to reach a capacity of 11,392 megawatts in 2015.