Energy & Power Dynamics: Allied Market Research’s Top 10 Markets in Q4 2023

energy and power sector

The energy and power sector is a dynamic and ever-evolving industry that plays a critical role in shaping the future of our planet. It helps in meeting the world’s growing demand for electricity, ensuring the lights stay on, homes stay warm, and industries keep running. From renewable energy sources to innovative battery technologies, this sector is at the forefront of driving sustainable and efficient solutions. Allied Market Research has identified the top 10 markets in the energy & power sector for the fourth quarter of 2023, showcasing the most promising areas of growth and investment.

Concentrated Solar Power: Growing Emphasis on Renewable Energy Sources Worldwide

Concentrated solar power (CSP) is a revolutionary technology that uses mirrors or lenses to concentrate sunlight, generating heat that drives steam turbines and produces electricity. With its immense potential to provide clean and renewable energy, the concentrated solar power market is witnessing rapid growth. With a focus on reducing carbon emissions and mitigating climate change, governments and industries are turning to CSP as a viable alternative. By 2032, the global concentrated solar power market is expected to reach $28.2 billion, increasing from $6.1 billion in 2022.

Green Hydrogen: Surging Transportation Demands for Sustainable and Low Carbon to Play a Vital Role

The global green hydrogen market was valued at $2.5 billion in 2022 and is projected to grow at a CAGR of 50.3% from 2023 to 2032. Green hydrogen, produced through electrolysis using renewable energy sources, is gaining traction as a clean and versatile fuel. The growing demand for green hydrogen across various sectors, including transportation, power generation, and industrial applications is boosting the market growth. Besides, governments and industries are investing heavily in electrolysis technology to produce hydrogen from renewable sources.

Battery Scrap: Continuous Advancements in Recycling Technologies

As the demand for batteries continues to rise, the management and recycling of battery waste have become crucial. With the adoption of electric vehicles skyrocketing, the market for recycling and reusing battery components is witnessing substantial growth. Besides, the need for proper disposal and recycling of batteries is driving innovations in battery scrap management. Moreover, the advances in recycling technologies, the rising awareness of environmental benefits of battery disposal, and the expansion of sustainable practices are all driving the growth of the battery scrap market.

energy and power industry

Waste to Energy: Stringent Environmental Regulations to be Crucial for Industry Growth

The waste to energy market offers a sustainable solution by converting waste materials into valuable energy sources. The primary goal of the waste to energy method is to generate energy from waste while simultaneously addressing waste management challenges. The global waste to energy market size was valued at $35.6 billion in 2022 and is projected to reach $56.0 billion by 2032. Factors such as increasing urbanization, population growth, and stringent environmental regulations are fueling the growth of the market.

Floating Power Plant: Expansion of Offshore Wind Projects

Floating power plants provide flexible and efficient energy solutions for remote areas and offshore operations. During the forecast period from 2023 to 2032, the global floating power plant market is projected to grow at a CAGR of 10.5%. Factors such as land scarcity, coupled with the ability to deploy these power plants in remote or offshore locations, are driving market growth. The integration of various renewable energy sources, including solar, wind, and wave energy, on floating platforms enhances their efficiency. The expansion of offshore wind projects provides a significant opportunity for floating power plants.

Southeast Asia Photovoltaic Glass: Rising Demand for Cleaner and More Sustainable Energy Sources

Photovoltaic glass, which integrates solar cells into building materials, holds immense potential for the Southeast Asia region. The initiatives taken by governments to promote solar energy adoption along with the favorable economic conditions are propelling the Southeast Asia photovoltaic glass market growth. Besides, photovoltaic glass is witnessing increased demand as solar energy projects are gaining momentum in the Southeast Asia region. Moreover, advances in glass technologies, such as anti-reflective coatings and enhanced durability, are further boosting the growth of this market.

Green Energy: Growing Environmental Consciousness and Technological Innovations

The global green energy market was valued at $1.0 trillion in 2022 and is projected to reach $2.4 trillion by 2032. The market encompasses a wide range of renewable energy sources, including solar, wind, hydro, and geothermal power. Increasing awareness of environmental issues, coupled with supportive government policies and incentives, is propelling the adoption of green energy. Solar, wind, hydropower, and bioenergy are among the key contributors to the market's expansion. The competition among manufacturers has increased significantly in the market, majorly due to the development of photovoltaic-based power distribution systems.

energy and power market

Forklift Battery: Ongoing Advancements in Battery Technologies

Forklift batteries are crucial for powering material handling equipment in various industries. By 2032, the global forklift battery market is estimated to generate a revenue of $11.2 billion. With a focus on reducing emissions and enhancing operational efficiency, industries are transitioning from traditional internal combustion forklifts to electric forklifts. This shift is driving the demand for advanced forklift batteries with improved energy density and longer operational lifespans. As sustainability becomes a top priority, the forklift battery market is poised for significant growth in the coming years.

Second Generation Biofuels: Advancements in Biofuel Production Technologies to Play a Vital Role

Second-generation biofuels, derived from non-food feedstocks, offer a sustainable alternative to traditional fossil fuels. The growth of the second generation biofuels market growth is fueled by advancements in biofuel production technologies, including cellulosic ethanol and advanced bio-diesel. Government mandates and incentives to reduce greenhouse gas emissions are driving investments in research and development within the biofuel sector. The growing concerns about the hazardous effects of greenhouse gas emissions, caused predominantly by the combustion of fossil fuels into the environment, are anticipated to help in the surge in installation of biofuels generation plants worldwide.

Battery Technology: Growing Electric Vehicles Industry to be a Major Driving Factor

The battery technology market is experiencing a revolution, driven by advancements in energy storage, electric vehicles, and portable electronics. The global battery technology market was valued at $102.9 billion in 2022 and is projected to reach $185 billion by 2032. Factors such as the rapid growth in the usage of electric vehicles, integration of renewable energy sources, and the need for grid stability are propelling advancements in battery technology. The scalability and versatility of battery technology position it as a key enabler for a more resilient and decentralized energy infrastructure.

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Powering a Sustainable Future

The top 10 markets highlighted by Allied Market Research in the energy & power sector for Q4 2023 present a diverse range of opportunities for investors, innovators, and stakeholders. From harnessing the sun's energy to recycling battery components, each market plays a unique role in shaping the future of energy. The growth witnessed across these diverse sectors not only reflects a global commitment to cleaner and more efficient energy solutions but also paves the way for a sustainable and resilient energy future. As the world transitions towards a low-carbon economy, these markets hold the key to powering a sustainable future, ensuring energy security, and mitigating the impacts of climate change. For deeper insights into the markets in the energy & power sector, get in touch with our esteemed analysts.

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