Residential Energy Storage Market Outlook 2023 – Huge Growth, Trends, Revenue And In-Depth Analysis 2028

According to a new market research report, the residential energy storage market is anticipated to reach a value of USD 898 million in 2023 and is expected to expand to USD 2,081 million by 2028, exhibiting a CAGR of 18.3%. The market growth is propelled by the decreasing costs of lithium-ion batteries and significant government investments, which contribute to the market's positive trajectory.

By technology, the residential energy storage market is divided into two segments: lithium-ion and lead-acid. The segment expected to witness the highest growth rate during the forecast period is lithium-ion. This growth can be attributed to factors such as the cost effectiveness of lithium-ion technology and the increasing number of manufacturing sites established by various companies, including Tesla (US) and BYD Company Ltd (China).

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By operation type, the residential energy storage market is segmented into standalone systems and solar and storage systems. Among these, the solar and storage systems segment holds the largest market share and is projected to grow at the highest rate during the forecast period. This growth can be attributed to the increased installations of solar PV systems, which drive the demand for combined solar and storage solutions.

By ownership type, the residential energy storage market is segmented into customer-owned, utility-owned, and third-party-owned. Among these segments, the utility-owned segment is expected to witness the second-highest growth rate in the forecast period. This growth can be attributed to the expiration of feed-in-tariff contracts, which incentivize utilities to invest in and own residential energy storage systems.

The report is divided into sections for the 3-6 kw, 6-10 kw, and 10-20 kW power ratings in the residential energy storage market. Due to the demand for emergency backup power during natural disasters and prolonged power outages, 3-6 kW is anticipated to grow at the second highest rate during the forecast period.

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According to connectivity, the report divides the residential energy storage market into on-grid and off-grid categories. Due to lower upfront costs and frequent power outages, the on-grid segment, which accounted for the largest market share, was anticipated to experience the fastest growth.

During the forecast period, Asia-Pacific is anticipated to have the residential energy storage market with the fastest growth. China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific, which includes the Philippines, Indonesia, and Thailand, are the countries into which the region has been divided. The dominance of the Asia Pacific region is due to the rapidly declining cost of batteries and growing demands for improved grid infrastructure and dependability.

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Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Produced Water Treatment Market Size, Share, Trends and Future Growth Predictions till 2029

According to a research report "Produced Water Treatment Market by Application (Onshore, Offshore), Source (Conventional, Unconventional), Treatment (Primary treatment, Secondary treatment, Tertiary treatment) and Region - Global Forecast to 2029" published by MarketsandMarkets, the produced water treatment market is forecast to reach USD 13.4 billion by 2029 from an estimated USD 10.7 billion in 2024, at a CAGR of 4.7% during the forecast period (2024-2029).

Produced water, which is a byproduct of oil and gas exploration process, requires active treatment to meet environmental regulations and helps in reuse or safe disposal. This produced water is a mixture of injected water, Natural formation water, and any other chemicals used in the exploration and drilling process.

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By Source, the Conventional segment is estimated to be the largest segment during the forecast period.

Based on source, the produced water treatment market has been split into Conventional and Unconventional. The Conventional segment in the produced water treatment market is anticipated to be the largest because it is experiencing rapid growth due to the increasing exploration and production activities.  The conventional segment for produced water treatment is growing due to the increase in established oil and gas fields that require constant maintenance to remain effective.

By Application, Onshore segment is expected to remain largest during the forecast period.

Based on Application, the produced water treatment market has been split into Onshore and Offshore. The Onshore segment in the produced water treatment market is anticipated to be the largest because the onshore drilling operations are generally less expensive compared to offshore projects. The onshore segment experienced considerable growth due to the cost advantages, technological advancements, better infrastructure, and increased exploration and production activities.

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By treatment type, Tertiary treatment is expected to grow fastest during the forecast period.

This report segments the produced water treatment market based on various treatment methods: Primary treatment, secondary treatment, and tertiary treatment. Tertiary treatment is expected to be the fastest growing segment during the forecast period due to the usage of advanced methods such as reverse osmosis and advanced oxidation. These processes provide high levels of impurities removal to make the treated water suitable for reuse as portable water as well as in industrial applications.

Middle East & Africa is expected to be the Second fastest region in the produced water treatment market.

Middle East & Africa is expected to be the second fastest growing region after Asia-Pacific in the produced water treatment market during the forecast period. The region's increasing focus on produced water treatment is due to the Geopolitical stability, Abundant oil and gas reserves, and expanding Exploration & Production activities. The MEA region is home to some of the world's largest oil and gas reserves, particularly in countries like Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates. The MEA region has significant offshore oil and gas reserves, particularly in the Persian Gulf, Red Sea, and offshore West Africa.

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Key Market Players

Some of the major players in the produced water treatment market are SLB (US), Baker Hughes Company (US), Siemens Energy (Germany), Veolia Environnement SA (France), TechnipFMC (UK). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

Solar Encapsulation Market is Expected to Experience a Swift Development by 2028

According to a latest research, the solar encapsulation market is projected to reach USD 7.2 billion by 2028 from an estimated USD 4.9 billion in 2023, at a CAGR of 8.0% during the forecast period. Solar encapsulation is the technique of sealing and protecting solar cells with a layer of materials, most often polymers such as ethylene-vinyl acetate (EVA) or polyolefins (POE). This protective layer is important to the longevity, durability, and efficiency of solar panels. Encapsulants of excellent grade are highly transparent, allowing maximum sunlight to enter the cells and improve their power generation. They can also improve light trapping within the cell and reduce optical losses. Rising growth in the demand for solar energy along with increasing adoption of photovoltaics technology solutions are the factors expected to drive the demand for the solar encapsulation market.

Key Market Players

Some of the major players in the solar encapsulation market are Mitsui Chemicals, Inc. (Japan), Elkem ASA (Norway), Dow (US), 3M (US), and DuPont (US). The major strategies these players adopt include new product launches, contracts, agreements, partnerships, and investments & expansions.

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The Thermoplastic polyurethane (TPU) segment, by materials, is expected to grow at the highest CAGR during the forecast period.

Based on materials, the solar encapsulation market has been segmented into Ethylene-vinyl Acetate (EVA), Polyvinyl Butyral (PVB), Polydimethylsiloxane (PDMS), Ionomer, Polyolefin, Thermoplastic Polyurethane (TPU).  The Thermoplastic polyurethane (TPU) segment is expected to be the fastest growing segment during the forecast period. TPU boasts excellent mechanical properties like abrasion resistance, high elasticity, and good low-temperature performance. Compared to EVA, TPU shows less yellowing and degradation under UV exposure, potentially leading to a longer lifespan for the solar panel. Currently, TPU is more expensive than EVA, making it less commercially viable for large-scale solar module production.

The Crystalline Silicon, by technology, is expected to be the largest segment during the forecast period.

This report segments the solar encapsulation market based on technology into crystalline silicon and thin-film solar technology. The crystalline silicon technology segment is further sub-segmented into mono crystalline and polycrystalline silicon solar technology. The thin-film solar technology segment is sub-segmented into Cadmium telluride (CdTe), Copper-Indium-gallanium-selenide (CIGS) and Amorphous Silicone. The crystalline silicon of the solar encapsulation market based on technology is expected to be the largest segment during the forecast period. Crystalline silicon has a reasonably high energy conversion efficiency, reaching up to 25% in laboratory settings and ranging from 18% to 22% in commercially available modules. This means that it produces more electricity per unit area of sunlight than many other technologies. Ongoing R&D efforts continue to push the efficiency limitations of crystalline silicon, making it a viable option even against newer technologies.

This research report categorizes the solar encapsulation market based on materials, technology, application, and region.

On the basis of materials:

• Ethylene Vinyl Acetate (EVA)
• Thermoplastic Polyurethane (TPU)
• Polyvinyl Butyral (PVB)
• Polydimethylsiloxane (PDMS)
• Ionomer
• Polyolefin

On the basis of technology:

• Crystalline Silicon Solar
• Thin-Film Solar

On the basis of application:

• Ground-mounted
• Building-integrated photovoltaic
• Floating photovoltaic
• Others (Automotive, Construction, and Electronics)

Based on region:

• Europe
• Asia Pacific
• North America
• Rest of the World

The Ground-mounted, by application, is expected to be the largest segment during the forecast period.

This report segments the solar encapsulation market based on application into four segments: Ground-mounted, Building-integrated photovoltaics, Floating Photovoltaics and others. The Ground-mounted segment is expected to be the largest segment during the forecast year. The ground-mounted PV systems market is predicted to increase significantly during the forecast period, owing to an increasing number of utility-scale projects worldwide. According to the Solar Energy Industries Association (SEIA), solar installation has increased by over 33% globally, with ground-mounted systems accounting for the largest share. Additionally, Ground-mounted ones can be adjusted according to the season or support a solar tracker that follows the sun's path throughout the day. A ground-mounted system with a tracker can be 10% to 45% more efficient than a rooftop solar system.

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Asia Pacific is expected to be the largest region in the solar encapsulation market.

Asia Pacific is expected to be the largest solar encapsulation market during the forecast period. Governments in Japan, South Korea, and China are actively actively promoting the advancement and integration of solar technology as a critical component of their strategies to reduce carbon emissions and encourage the adoption of sustainable energy solutions. In particular, Japan and South Korea have made significant investments in solar technology, directing their efforts toward diverse applications such as building-integrated photovoltaics.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Inverter Market SWOT Analysis, Competitive Landscape and Massive Growth 2028

According to a research report "Inverter Market by Type (Solar Inverters, Vehicle Inverter), Output Power Rating (Upto 10 kW, 10-50 kW, 51-100 kW, above 100 kW), End User (PV Plants, Residential, Automotive), Connection, Voltage, Sales Channel & Region - Global Forecast to 2028" published by MarketsandMarkets, the Inverter market is projected to reach USD 39.6 billion by 2028 from USD 18.9 billion in 2023, at a CAGR of 16.0% during the forecast period.

The simplicity of installation for both string and micro inverters is the main factor propelling the global market's expansion. The industry has grown as a result of increased investment in the development of renewable power infrastructure and the rise in demand for electricity from diverse uses. It is projected that the renewable energy and rural electrification sectors would see a sharp increase in investment, which will present profitable prospects for industry participants. The business is growing globally as a result of the increased use of big-sized string inverters in the utility system and other commercial and industrial sectors. These inverters make it easier to install huge solar systems since they can link many solar panels.

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Above 500 V, by output voltage, is expected to be the second fastest growing segment during the forecast period.

Based on output voltage, the Inverter market has been split into 100-300 V, 300-500 V, and above 500. The above 500 V is expanding mostly as a result of its use in utility-scale renewable energy projects and large-scale industrial applications. For the purpose of converting and controlling the significant power outputs of wind and solar farms, these high-voltage inverters are essential. The global adoption of large-scale renewable energy programmes and high-capacity industrial operations is driving up demand for inverters that operate above 500V. The expansion of this market is a result of the worldwide trend towards large-scale clean energy production and the requirement for strong, high-capacity inverters to enable these powerful and far-reaching applications.

The above 100 kw segment, by output power rating segment, is expected to be the fastest segment during the forecast period.

This report segments the Inverter market based on output power rating into below 10 kw, 10-50 kw, 50-100 kw, and above 100 kw . The above 100 kW output power rating segment in the inverter market is growing due to the escalating demand for high-capacity inverters in large-scale industrial and commercial applications. Industries and enterprises increasingly seek powerful inverters to handle substantial energy loads efficiently. This trend aligns with the expanding adoption of renewable energy solutions, where solar and wind projects demand inverters with capacities exceeding 100 kW to accommodate higher power outputs. As industries prioritize sustainable practices, the growth in this segment reflects the need for robust, high-power inverters to support large-scale clean energy initiatives.

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North America is expected to be the second largest region in the Inverter market

Considering many of factors, North America is the second-largest region in the inverter industry. An expanding market for renewable energy, especially in the US and Canada, drives up demand for inverters for solar and wind power systems. The market for inverters is growing as a result of supportive government policies and incentives that encourage the use of renewable energy. Increased inverter deployment is also a result of the region's concentration on grid upgrading and the electrification of numerous sectors. Furthermore, the need for inverters is being driven by a shift towards clean energy and a greater awareness of sustainability, which is why North America is a major player in the worldwide inverter market.

Some of the major players in the Inverter market are Huawei Technologies Co., Ltd. (China), SUNGROW (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (Spain), and Fimer Group (Italy).The major strategies adopted by these players include sales contracts and agreements.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

 Contact:
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MarketsandMarkets™ INC.
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Sustainable Fuel Market Soaring at 9.1% CAGR to Reach 299.9 million USD by 2025

According to a research report "Sustainable Fuel Market by Type (Renewable Fuels, Low Carbon Fossil Fuels), Fuel Type (Biofuels, E-Fuels, Hydrogen, Biomethane, CNG), End User (Road transportation, Marine, Aviation), State (Liquid, Gas) and Region - Global Forecast to 2029" published by MarketsandMarkets, the global Sustainable Fuel Market is projected to reach USD 299.9 billion by 2029 from an estimated USD 193.8 billion in 2024, at a CAGR of 9.1% during the forecast period.

Globally, stronger environmental regulations and policies need a reduction in carbon emissions. Governments enforce this through carbon price, emissions trading networks, and transportation-specific regulations. These approaches promote the use of sustainable fuels in order to satisfy regulatory responsibilities. Furthermore, governments throughout the world are establishing blending regulations, which mandate a certain percentage of sustainable fuels to be combined with traditional fuels. These regulations drive the market for sustainable fuels by assuring a steady demand. Furthermore, individuals are increasingly selecting environmentally friendly products and services. This shift in customer behavior puts pressure on businesses to adopt sustainable practices, such as the use of renewable energy.

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E-fuels, by Fuel type, are expected to be the fastest-growing segment during the forecast period.

Advances in e-fuel production technology, such as more effective electrolysis and carbon capture systems, reduce production costs and improve the viability of large-scale e-fuel production, making it more appealing to investors and customers. E-fuels may be generated domestically using renewable resources, lowering reliance on imported fossil fuels and improving national energy security. This characteristic is especially enticing to countries seeking greater energy independence. Many businesses are implementing environmental initiatives to minimize their carbon footprints. Using e-fuels allows these firms to satisfy their sustainability goals and improve their environmental image, which supports market growth. As manufacturing methods develop and scale up, the cost of e-fuels falls, making them more competitive with conventional fossil fuels. This cost reduction fosters broader use throughout various Sectors.

Low Carbon Fossil Fuels, by type, is expected to be the fastest-growing segment during the forecast period.

The expansion of low-carbon fossil fuels is driven by rising consumer and industrial demand for greener energy sources. This demand stems from environmental awareness and a need for sustainable energy alternatives. Aside from that, when economies of scale are attained and manufacturing techniques grow more efficient, the cost of low-carbon fossil fuels falls, allowing them to compete with traditional fossil fuels. Significant investment and finance from both the public and private sectors support research, development, and infrastructure for low-carbon fossil fuel initiatives, promoting market innovation and growth. Furthermore, supportive government policies, such as subsidies, tax breaks, and renewable energy requirements, promote investment in low-carbon fossil fuel projects and drive market expansion.

Asia Pacific is expected to be the fastest-growing region during the forecast period.

Governments in the Asia Pacific are enacting legislation and regulations to promote the use of sustainable aviation fuels (SAF). These policies include incentives, subsidies, and requirements to use SAF, all of which encourage market growth.  Consumers and companies are becoming more conscious of traditional aviation fuels' environmental effects. This knowledge pushes stakeholders to seek sustainable alternatives, resulting in the rapid rise of the SAF industry. Collaboration among governments, industrial businesses, research institutes, and other stakeholders promotes innovation and market expansion. These ties facilitate information sharing, technology transfer, and collaborative efforts to address challenges to SAF implementation. Investments in infrastructure for sustainable fuel production, delivery, and consumption are important for Asia Pacific's SAF market expansion. Developing good infrastructure makes SAF more accessible and inexpensive, encouraging greater usage.

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Key Players

Some of the major players in the sustainable fuel market are ADM (US), Shell plc (UK), Siemens Energy AG (Germany), Saudi Arabian Oil Co. (Saudi Arabia), and Chevron Corporation (US) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
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newsletter@marketsandmarkets.com

Biofuel Market Analysis Of Opportunities Offered By High Growth Economies

The global biofuel market is projected to reach USD 225.9 billion by 2028 from an estimated USD 167.4 billion in 2023, at a CAGR of 6.2% during the forecast period. The demand for biofuels is expected to grow in developing countries due to certain key factors such as increased investments in to encourage the use of biofuels and implementation of national policies that support higher biofuel blends.

Key Market Players

Prominent companies in this market include ADM (US), Chevron (US), Valero (US), Neste (Finland), and Cargill, Incorporated (US).

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This report segments the biofuel market based on fuel type into four categories: ethanol, biodiesel, renewable diesel, and biojets. Ethanol is expected to hold the largest market share in the biofuel market during the forecast period. Ethanol is often higher in demand owing to its long history of manufacturing and use and its versatility as a gasoline additive. Ethanol is produced from a variety of agricultural feedstocks, including corn and sugarcane. The widespread availability of these feedstocks, as well as established supply chains, contribute to the adoption of ethanol.

Based on the generation, the biofuel market is segmented into first-generation, second-generation, and third-generation. The second-generation segment is expected to be the fastest-growing market during the forecast period. Second-generation biofuels are produced from non-food biomass feedstocks, such as agricultural waste, forestry residues, and energy crops. They offer a number of advantages over first-generation biofuels, which are produced from food crops. Second-generation biofuels are more sustainable, as they do not compete with food production for land and water resources. Increasing global awareness of climate change and the need to reduce greenhouse gas emissions has driven interest in advanced biofuels.

Based on end use, the biofuel market is segmented into transportation, aviation, and others. The aviation segment is expected to be the fastest-growing market during the forecast period owing to the large-scale decarbonization activities in the aviation sector in North America and Europe. The US, Norway, the Netherlands, and the UK are contributing significantly to the long-term sustainability plans by funding the biojet fuel infrastructure. In addition, the production of bio jet fuel is expected to scale up rapidly in the coming decade due to growing research and developments in technological pathways to commercialize the use of alternative jet fuels.

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Europe is expected to be the fastest growing region in the biofuel market during the forecast period. The European region comprises major economies such as France, UK, Germany, and Poland. The biofuel market in Europe is primarily fueled by the three main types of biofuels, namely ethanol, biodiesel, and renewable diesel. Europe has actively fostered the use of biofuel through various policies and initiatives. The European Union (EU) has established targets for member states to enhance the utilization of renewable energy in transportation, including biofuels like biofuel. The Renewable Energy Directive (RED) and its subsequent revisions have played a pivotal role in shaping biofuel production and consumption in Europe.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Hydrogen Compressors Market: An Exclusive Study on Upcoming Trends and Growth Opportunities

According to a research report "Hydrogen Compressors Market by Lubrication Type (Oil-based, Oil-free), Type (Mechanical, Non-mechanical), Application (Hydrogen Infrastructure, Industrial (Oil Refining, Chemicals & Petrochemicals), Design Region - Global Forecast to 2028" published by MarketsandMarkets, the global hydrogen compressors market is projected to reach USD 2.6 billion by 2028 from an estimated USD 2.1 billion in 2023, at a CAGR of 4.5% during the forecast period. The growth of the hydrogen compressor market is propelled by various factors. A significant driver is the rising demand for hydrogen across diverse sectors, including energy generation, transportation, petrochemicals, and chemicals. This demand surge is a pivotal force behind the market's expansion. The push for clean energy solutions and the establishment of more hydrogen production plants and pipelines further contribute to the market's upward trajectory. Additionally, advancements in technology and the emergence of innovative hydrogen production methods, such as electrolysis using solar and wind power, present growth opportunities for the market. The Asia Pacific region is anticipated to take a leading role in the hydrogen compressor market, driven by substantial demand from countries like China, India, and Japan. Despite the initial high costs associated with compressors, the increasing global demand for hydrogen and the ongoing development of hydrogen technology are key factors propelling the market's growth.

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The Industrial application by end-use application, is expected to be the largest segment during the forecast period.

Based on end-use application, the hydrogen compressors market has been split into Hydrogen Infrastructure, and Industrial Application. The hydrogen compressors market for industrial application is anticipated to have the biggest market share over the forecast period. In industrial Applications Hydrogen compressors are used in variety of applications such as Oil & gas, petrochemical, Food & beverages, pharmaceutical industries. Hydrogen compressors are used in the food & beverage industry for various applications, such as chemical processing, hydrogenation, and petroleum refining, to compress the hydrogen gas to the required pressure for these processes. Hydrogen compressors are used in petroleum refining processes to compress hydrogen gas to the required pressure for refining operations.

The Oil-free compressor, by lubrication type, is expected to grow at the highest CAGR during the forecast period.

This report segments the hydrogen compressors market based on lubrication type into two segments: Oil-free and Oil-based. Oil-free compressors align with environmental regulations as they eliminate the risk of oil leakage and contamination. Oil-free compressors generally have lower maintenance costs compared to oil-lubricated counterparts. This cost-effectiveness makes them attractive to industries seeking efficient and economical solutions, further driving their growth in the hydrogen compressors market. Industries like food and beverage, pharmaceuticals, and electronics, where the purity of compressed hydrogen is crucial, prefer oil-free compressors.

Asia Pacific is expected to be the fastest growing region in the hydrogen compressors market.

Asia Pacific is expected to be the fastest growing region in the hydrogen compressors market during the forecast period. The Asia Pacific region is undergoing rapid industrialization, resulting in the expansion of various sectors such as manufacturing, chemicals, oil, gas, and automotive industries. This surge in industrial activities is fostering a heightened demand for hydrogen compressors. Notably, the food processing and manufacturing industries play pivotal roles in the GDP of countries like South Korea and Australia, further contributing to the increased need for hydrogen compressors. The region hosts key players in the hydrogen compressor market, including Atlas Copco AB, Burckhardt Compression AG, and Howden Group. Additionally, the Asia Pacific region is witnessing a notable shift towards energy transition and decarbonization, aligning with the rising demand for hydrogen as an alternative fuel and renewable energy source. This collective emphasis on sustainable practices is propelling the growth of the hydrogen compressor market in the Asia Pacific region.

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Key Players

Some of the major players in the hydrogen compressors market are Atlas Copco AB (Sweden), Linde plc (Ireland), Siemens Energy (Germany), Air Products and Chemicals, Inc.  (US), and Ingersoll Rand (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com