Renewable Power Generation Market Demand To Reach 12,630.9 TWh By 2027

The global renewable power generation market demand is expected to reach 12,630.9 TWh by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% over the forecast period. Switching from conventional fossil fuels to renewable sources is underway to achieve economic, social, and environmental developments. Moreover, such investments in renewable and clean resource sectors are estimated to generate commercial opportunities as well as new jobs.

The world economy will be in the expansion mode after the COVID-19 pandemic, therefore demand for power is expected to increase exponentially in the coming years. This is a result of the higher living standards and economic growth. Fossil fuels currently dominate the present power supply, accounting for almost 60% of the energy increase until 2035. However, the shift towards low carbon fuels, coupled with stringent environment regulations in most of the developed countries, has provided a major boost to renewable energy.

The renewable energy market has witnessed a surge in installation capacity over the past few years on account of growing environmental concerns, coupled with the aim to reduce the harmful effects of greenhouse gasses. This has been a major factor for the expansion of wind energy. Government support to save energy and improve the efficiency will result in propelling growth over the forecast period.

Renewable energy is clean, silent, and freely available. This source of power has also become aesthetically appealing after the implementation of solar panels in residential and commercial buildings. The recent dip in the solar panel prices on account of hardware cost reductions as well as rising focus on tackling soft costs is further projected to augment the installation rates. Despite the extensive research & development costs associated, the major providers of solar panels have successfully reduced design, along with overhead costs.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/renewable-power-generation-market

Further Key Findings from the Study Suggest:

By product, the hydropower segment held the largest share of almost 63% in 2019 due to its wide availability and low cost
The solar segment is anticipated to expand at the fastest CAGR of 9.5% from 2020 to 2027 on account of declining prices of solar panels and technological upgradation
Asia Pacific led the renewable energy generation market in 2019 and is anticipated to reach 5,311.3 TWh by 2027 owing to presence of numerous end-use industries, such as automobile, electronics, manufacturing, and pharmaceutical
In Asia Pacific, China accounted the largest share of 66.5% in 2019. Rapid industrialization and growing population over the past few years has resulted in increased demand for clean energy in this country
Research & development activities, partnership with local governments, and technological collaborations are some of the strategic initiatives taken up by leading companies.

Europe Building-integrated Photovoltaics Market Size Worth $20.4 Billion By 2027

The Europe building-integrated photovoltaics market size is expected to reach USD 20.4 billion by 2027, expanding at a 27.2% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising demand for crystalline silicon (C Si) based Building-integrated Photovoltaics (BIPV) generated the premier revenue share on account of the high strength of the product.

Increasing demand for facade integration stems from the growth of building and construction industry, primarily in the developing economies in European region. The introduction of ventilated photovoltaic facades provides superior benefits such as greater yield in low irradiation and high temperature conditions, reduction of acoustic pollution, elimination of thermal barriers, and superior insulation performance.

The demand for building-integrated photovoltaics in Europe is anticipated to grow on account of the rising demand for aesthetically appealing solar energy-harnessing systems. According to a report published in Netherlands titled The Relative Importance of Aesthetics in the Adoption Process of Solar Panels in the Netherlands, aesthetic value of a solar panel is the greatest variable for 40% of buyers once the price is in a reasonable range. Hence, consumer preference towards BIPV products having good aesthetic value is gaining momentum which is anticipated to drive the market for black colored panels in the region during the forecast period.

Germany is one of the top country level market for the Europe accounting for 25.11% of the market share in 2019. The demand for building-integrated photovoltaics in roofs accounted for the highest market share driven by ease of product installation. BIPVs can be installed easily in the building roofs post-construction of the building as it requires minimal renovations. Besides, the segment has realized high technological advancements, which is expected to result in a decline in the overall installation costs leading to market growth over the forecast period.

Rising concerns regarding environmental pollution caused using non-renewable sources of energy are anticipated to drive the Europe BIPV market over the forecast period. The demand for the integration of photovoltaics stems from the superior aesthetic properties they impart. Building-integrated photovoltaics can replace regular roofs, windows, and building walls without compromising the aesthetics of the building, thereby leading to an increased adoption.

The presence of significant industry participants such as AGC Inc.; Canadian Solar; UAB GLASSBEL BALTIC; Onyx Solar Group Inc.; BiPVco; ISSOL sa; Heliatek GmBH; Polysolar; Flisom; ertex solartechnik GmbH; and Hanergy Mobile Energy Holding Group Limited will further aid market penetration.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/europe-building-integrated-photovoltaics-market

Further key findings from the study suggest:

The Italy building-integrated photovoltaics market revenue was valued over USD 613.8 million in 2019 and is projected to register a CAGR of over 29% over the projected period
Roofs-mount photovoltaics held the largest market share of over 39% in terms of revenue in 2019
Improved aesthetic appeal due to its transparent nature along with significant technological advancements in glass integrated installations is expected to drive the glass segment over the forecast period
Residential segment led the market due to efforts made by end users to limit their reliance on conventional sources and increase their adoption of greener sources of power generation
Spain is expected to witness the highest CAGR of 30.9% over the forecast period
Some of the major market players are AGC Solar, BIPV Ltd., Belectric Holding GmbH, and Heliatek GmbH. The companies are utilizing merger and acquisition strategy to enhance their global reach

Flywheel Energy Storage Systems Market Worth $552.1 Million By 2027

The global flywheel energy storage system market size is expected to reach USD 552.1 million by 2027, escalating at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for energy storage systems across various industries along with the implementation of favorable regulatory policies regarding clean power generation and reducing dependence on fossil-fuel based power sources is likely to drive the market over the forecast period.

Flywheel serves as a reliable energy storage solution in developing areas with less reliable grid infrastructure and high electricity costs, and in island areas where grids are reliant on biofuels and diesel generators. In these remote areas, flywheel storage is set up in integration with renewable wind and solar power, thereby combating the intermittent nature of renewable power while providing a continuous power supply to the grid or other facilities.

The technology offers several advantages over batteries to store energy. Some of the advantages include unlimited daily cycling capacity, no chemical reaction, zero capacity degradation, and high round-trip efficiency. However, parameters such as high cost and short duration of flywheel power are among the critical factors expected to hamper market growth over the forecast period.

Industry participants are heavily investing in research and development activities in order to find a solution to the high maintenance cost incurred by technology. Manufacturers are focusing on optimizing the geometry and metallurgical properties of flywheel rotor including the chemical composition and processing refinement of low-carbon steel alloy. Moreover, large market players are tying up with small regional companies in order to enhance their foothold in the market globally.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/flywheel-energy-storage-market

Further key findings from the report suggest:

Others segment occupied the largest market share in 2019 in terms of revenue. Flywheel energy storage providing frequency regulation in grid balancing operations is set to be driving the market across this segment
The distributed energy generation segment is anticipated to be the fastest-growing application segment owing to the rising demand for isolated grids across remote communities and remote industrial operations
The data centers segment occupied a significant market share and is projected to witness a high growth rate over the forecast period. This growth can be attributed to the large number of IT companies deploying the technology at their massive data centers
North America accounted for the largest regional market share in terms of revenue, owing to the growing number of projects to reserve power across the region, mainly the U.S.
In Asia Pacific, the market is expected to witness significant CAGR over the forecast period owing to the growing demand for continuous power supply along with government efforts to supply clean power across end-use markets.