A Look at the Top 5 Emerging Markets in the Energy and Power Domain: Q2’24 by Allied Market Research

The energy and power domain has witnessed transformative growth in the second quarter of 2024 with the emergence of innovative products and services. The ongoing electrification of residential and transport sectors, rising electricity generation from renewable energy sources, and surging investments in grid modernization have contributed to the expansion of the domain.

Allied Market Research has conducted a study aimed at aiding companies within the energy and power domain in analyzing the evolving landscape. The study focuses on the top five emerging markets in Q2’24. AMR utilizes its in-house 'Title Matrix Tool' to identify and rank markets by utilizing predefined parameters derived from research analysts and parallel teams. Reports are assessed based on criteria such as relevance, current importance, ongoing developments, Compound Annual Growth Rate (CAGR), increasing client demand, significance of key stakeholders, market size, and other relevant parameters.

The primary objective of these reports is to address various business inquiries, including current market size and forecasts, key driving factors and opportunities, notable market players and their strategies, challenges and potential risks, regional landscape, and the competitive landscape within the industry. Furthermore, these reports incorporate retrospective analysis and historical data to provide a comprehensive understanding of market dynamics.

Energy Storage System Market

Energy storage systems (ESS) are essential in modern energy management, specifically for integrating energy, stabilizing grids, and supporting the transportation sector. The development of microgrids, the trend of decentralization, regulatory incentives and support, and renewable energy integration have highlighted the importance of energy storage systems. The energy storage system market is estimated to display a noteworthy CAGR of 5.2% with an absolute revenue growth of $329.1 billion from 2023 to 2032.

The segmental analysis in the research assists new entities in understanding profitable growth opportunities and key investment pockets. Additionally, it predicts the highest revenue generating and the fastest growing segment among each category. The market is segmented based on application, technology, and end-use. By application, the stationary segment dominated the industry in terms of revenue due to the reliability, broad applicability, and versatility of stationary energy storage systems across various sectors.

Carbon Capture, Utilization, and Storage (CCUS) Market

The report on the carbon capture, utilization, and storage market by Allied Market Research states that the industry is projected to hold an absolute revenue of $10.3 billion with a notable CAGR of 13.3% by 2032. The market is experiencing growth due to a surging demand for CO2-EOR technology, supportive government policies for reducing CO2 emissions, and a rising emphasis on minimizing CO2 emissions. Moreover, ongoing investments in innovative technologies and upcoming projects in Asia-Pacific and Europe are estimated to provide lucrative opportunities for the growth of the market in the future.

The report offers a detailed competitive study along with profiles of the top entities in the industry. It also covers strategic moves taken by them to dominate the market. The leading players profiled in the report include Aker Solutions, Honeywell International Inc., Mitsubishi Heavy Industries, Ltd., Schlumberger Limited, Fluor Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, JGC HOLDINGS CORPORATION, Linde PLC, and Halliburton Company. The information regarding leading players in the industry offers businesses valuable insights for well-informed decision-making.

Distributed Energy Generation Market

AMR's study on the distributed energy generation industry offers a quantitative analysis of market segments in terms of value, current trends, estimations, growth analysis, Porter's Five Forces analysis, and market share analysis from 2022 to 2033. This report states that the market is expected to generate $919.6 billion by 2030. The industry is expanding rapidly due to rising focus on greenhouse gas reduction, government policies, and heightened environmental awareness. However, grid functionality and system balance will open new avenues for the market in the upcoming era.

Porter's Five Forces analysis of the market highlights the importance of financial factors in shaping businesses' growth strategies. It also emphasizes the impact of suppliers and buyers in enabling stakeholders to enhance their supplier-buyer network and make profit-oriented business decisions.

In addition to examining the growth drivers of the landscape, the study also delves into its performance across various regions including North America, LAMEA, Europe, and Asia-Pacific. As per the regional analysis, the Asia-Pacific region is experiencing the most rapid growth in the distributed energy generation market, primarily due to the increasing adoption of solar PV rooftop installations in both commercial and residential sectors.

Grid-scale battery market

Grid-scale batteries are in high demand due to their cost benefits, energy transition goals, renewable energy integration, and demand for energy flexibility. The grid-scale battery market is estimated to display a growing CAGR of 18.2% with an absolute revenue of $31 billion from 2023 to 2032. During grid outages or emergencies, grid-scale batteries serve as backup power sources for important facilities, ensuring the continuity of essential services.

The segmental analysis included in AMR reports helps businesses pinpoint key investment opportunities within the market. Moreover, this analysis helps companies in predicting the outlook of the industry. This section also highlights the highest revenue-generating and fastest-growing segments in each category. As per the segmental analysis, the market is classified into battery type, application, and deployment network.

Industry segmentation by deployment network

By deployment network, the distribution network segment is projected to showcase promising growth with an 18.4% CAGR. The distribution network provides the advantage of battery-supported demand response programs, which encourage consumers to lower energy usage during peak periods by offering incentives. Research on the grid-scale battery industry is strategically important due to its key role in electrification and renewable energy integration.

Aviation Fuel Market

A report published by Allied Market Research on the aviation fuel market states that the industry generated an absolute revenue of $179.2 billion in 2018. The increase in air passengers choosing flight travel over other modes of transportation is a key factor fueling the expansion of the aviation fuel market. Most military aircraft and commercial airlines primarily utilize aviation fuel to enhance fuel efficiency and reduce operational costs.

The global aviation fuel market report uses diverse research methodologies, including surveys, interviews, and social media, to collect data. Porter's Five Forces analysis underscores the significance of financial factors in shaping businesses' growth strategies. Additionally, the research offers a detailed competitive scenario of the industry with top market players. This study also comprises the strategies adopted by these entities to sustain the competitive market. The leading players shortlisted in the report are INDIAN OIL CORPORATION LTD., Sinopec Corp., Chevron Corporation, Oman Oil Company SAOC., TOTAL S.A., Petróleo Brasileiro S.A. (Petrobras), Royal Dutch Shell plc, EXXONMOBIL, Public Joint Stock Company Gazprom, and British Petroleum (BP) plc.

A promising future of the energy and power domain

The primary objective of Allied Market Research in releasing the list of the top five emerging markets in the energy and power domain is to help businesses in recognizing the transformative nature of the sector and comprehending the structural changes it has experienced. For instance, the carbon capture, utilization, and storage (CCUS) market report encourage organizations to integrate sustainable methods in their operations to reduce greenhouse gas emissions.

Furthermore, these market reports help investors and stakeholders make informed business decisions by providing valuable insights. They include data on market size in terms of value, along with additional details like pricing analysis, regulatory analysis, and Porter’s five forces analysis. Each report's competitive analysis highlights key market players and their strategies for enhancing their market position.

Summing up

AMR reports provide actionable data that helps businesses formulate their operations to evolving industry dynamics. The regional analysis in each report assists stakeholders to make well-informed investment decisions. Additionally, these reports emphasize market restraints and guide investors and companies in avoiding challenges that could impact profit maximization.

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