Offshore Wind Global Market Report 2023 – By Component (Turbines, Electrical Infrastructure, Substructure, Other Components), By Location (Shallow Water, Transitional Water, Deep Water), By Capacity (Upto 3MW, 3MW to 5MW, Above 5MW), By Application (Electric Power, Oil and Gas, Aviation, Transport, Other Applications) – Market Size, Trends, And Global Forecast 2023-2032

Wind electricity, which is produced by wind power, refers to the process by which the wind is used to generate mechanical power or electricity. Wind turbines convert the kinetic energy in the wind into mechanical power. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations and to distribution systems, which are used for short distances to transport electricity to customers locally. The main connectivity types in the wind electricity market are on-grid and off-grid. A solar power generation system that is connected to the utility grid is known as an on-grid solar power system. The electricity generated by the system is fed into the grid and used to power various gadgets. The different locations include onshore, and offshore and are implemented in industrial, commercial, and residential sectors. The global wind electricity market is segmented - 1) By Connectivity: On-Grid, Off-Grid 2) By End-User: Industrial, Commercial, Residential 3) By Location: Onshore, Offshore The global wind electricity market size will grow from $129.22 billion in 2022 to $147.35 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global wind electricity is expected to grow to $239.24 billion in 2027 at a CAGR of 12.9%. Growing investments in the clean energy sector are contributing to the growth of the wind electricity market. Clean energy is energy derived from renewable, zero-emissions sources that do not pollute the environment. Solar, hydro, and wind energy are the primary sources of clean energy. For instance, in 2020, according to 'Africa Business Communities', the UK invested over $66.7 million (£50 million) in clean energy projects in Africa. The UK government has invested in advanced, clean technology and is partnering with African countries to develop sustainable energy sources to meet the African energy demand, which is set to increase by 60% by 2040. Growing investments in the clean energy sector to meet energy demand are driving the wind electricity market growth. Major players in the wind electricity market are Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC., Pacific Hydro Pty Ltd., Shell WindEnergy, Inc., TransAlta Corporation, Xinjiang GoldWind Science & Technology Co., Ltd., Berkshire Hathaway Energy, Pattern Energy, IBERDROLA Renewables, EON Climate & Renewables, Alstom, ABO-Wind, Vattenfall, A2 Sea, Tradewind Energy, Geronimo, ReGen Powertech, Leitwind, Doosan Heavy Industries & Construction, Northland Power Inc., Duke Energy Corporation, Electricité de France S.A., American Electric Power (USA), Orsted A/S, DeWind Inc., Dongfang Electric Corporation Limited, Enel Green Power S.p.A., Wind World (India) Limited, Eurus Energy Holdings Corporation, and Guodian United Power Technology Company Limited. Weather conditions have always been a major challenge in the wind electricity market. Weather change is related to the most extreme weather conditions from around the globe. For instance, in 2021, SSE PLC., a UK-based energy company, updated that its renewable assets produced 32% less power than expected as low speeds and dry conditions hit the wind and hydro output. Adverse weather conditions have a negative impact on wind electricity, resulting in a decline in wind power generation. In the wind energy power generation market, hybrid wind-hydro power generation systems have emerged as a key trend. Hybrid wind-hydro power generation systems generate electricity by combining wind turbines and pumped storage. Using these systems, electric power from wind energy is generated around the clock, and electric power from water movement is generated when the water flows down from the reservoirs. When there is surplus energy, the additional water is pumped back into the reservoirs, acting as a large-scale battery. Due to the simultaneous work of wind turbines and hydro turbines, there is a continuous supply of electricity from the plant. For instance, in 2020, India introduced a 30 GW hybrid solar and wind power project in the Kutch district. By 2022, the country intends to increase renewable energy capacity to 175 GW and by 2030, to 450 GW. Power generation companies should consider embracing the hybrid wind-hydro turbine model to improve their electricity generation outputs. In July 2021, Mahindra & Mahindra (M&M), an India-based automotive manufacturer, acquired a 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL's solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India-based wind energy power generation company. Asia-Pacific was the largest region in the wind electricity market in 2022. Western Europe was the second largest region in the global wind electricity market share. The regions covered in the global wind electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the wind electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia. The wind electricity market includes revenues earned by entities by horizontal-axis turbines and vertical-axis turbines. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The wind electricity market research report is one of a series of new reports from The Business Research Company that provides wind electricity market statistics, including wind electricity industry global market size, regional shares, competitors with a wind electricity market share, detailed wind electricity market segments, market trends and opportunities, and any further data you may need to thrive in the wind electricity industry. This wind electricity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wind turbine refers to a power-generating device that has been driven by the kinetic energy of the wind. A wind turbine turns wind energy into electricity using the aerodynamic force of the rotor blades, which work like an airplane wing or helicopter rotor blade. When wind flows across the blade, the air pressure on one side of the blade will decrease. The main types of wind turbines are the rotator blade, gearbox, generator, nacelle, and others. Rotor blades are the most important parts of a wind turbine for the performance and cost of the wind power system. The shape of the rotor blades has a direct impact on performance as it will determine the conversion of kinetic energy related to the wind to mechanical energy. The axis of a wind turbine is horizontal and vertical and can be deployed onshore and offshore. They can be grid-connected or stand-alone for industrial, commercial, residential, and utility applications. The global wind turbine market is segmented – 1) By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components 2) By Axis Type: Horizontal, Vertical 3) By Location of Deployment: Onshore, Offshore 4) By Connectivity Type: Grid Connected, Stand Alone 5) By Application: Industrial, Commercial, Residential, Utility The global wind turbine market grew from $79.13 billion in 2022 to $78.43 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of wind turbine is expected to grow to $104.50 billion in 2027 at a CAGR of 7.4%. Increasing demand for renewable energy sources is contributing to the growth of the wind turbine market. A renewable energy source refers to an energy source that is repeatedly replenished without running out. Most of this energy will come from fossil fuels like coal, oil, and natural gas. The wind is a renewable energy source. Overall, using wind to produce energy has fewer effects on the environment than other energy sources. Wind turbines will not release emissions that will pollute the air or water and they do not require water for cooling. Wind turbines will also reduce the amount of electricity generation from fossil fuels, which results in lower total air pollution and carbon dioxide emissions. For instance, according to IEA data 2021, Paris-based autonomous intergovernmental organization, renewable energy use increased by 3% in 2020 as demand for all other fuels declined. Moreover, the amount of electricity generated from renewables is set to increase too by 8% in 2021 and more than 6% in 2022. Increasing demand for renewable energy sources drives the growth of the wind turbine market. Major players in the wind turbine market are Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Sinovel Wind Group Co Ltd., Suzlon Energy Ltd., Vestas Wind Systems A/S, Nordex SE, Senvion, Northern Power Systems, Clipper, Bergey, Impsa, Hitachi Ltd., Vergnet, Xinjiang Goldwind Science And Technology Co Ltd., Eaton Corporation PLC, Windey Co Ltd., Dongfang Electric Corporation, Bilfinger Offshore Wind Energy, ZF Wind Power Antwerpen, Leitwind, Wobben, and LM Windpower. Technological enhancements are a key trend gaining popularity in the wind turbine market. The technology on the offshore direct drive platform allows for the re-use of most components from previous generations. In September 2022, Vestas, a Danish manufacturer of wind turbines, launched an onshore wind turbine tower with a hub height measuring 199 meters, the world’s tallest onshore tower. It is designed to be used by Vestas’ V172-7.2MW turbine. In January 2020, Siemens Gamesa, a Germany-based company that manufactures wind turbines and provides onshore and offshore wind services acquired Senvion for an undisclosed amount. This acquisition of Senvion Siemens Gamesa Renewable Energy’s Service Unit will strengthen its competitive position in Europe by adding approximately 9.0 GW serviced fleet and operations in 13 countries, and by increasing the total serviced fleet to approximately 69 GW globally. Senvion is a Germany-based manufacturer of wind turbines. Asia-Pacific was the largest region in the wind turbine market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in wind turbine market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The wind turbine market consists of sales of single blade horizontal-axis turbines, two-blade horizontal-axis turbine, three-blade horizontalal-axis turbines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The wind turbine market research report is one of a series of new reports from The Business Research Company that provides wind turbine market statistics, including wind turbine industry global market size, regional shares, competitors with a wind turbine market share, detailed wind turbine market segments, market trends and opportunities, and any further data you may need to thrive in the wind turbine industry. This wind turbine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The transformer winding machines are machines used to produce coils for transformers. Transformers winding machines or coil winding machines has application in winding of coil on the bobbin (the cylindrical platform on which the copper coil is winded) to make a transformer. They are also used for winding coils for toroidal transformers that have copper wire wrapped around a cylindrical core. The main types of transformer winding machines are automatic, semi-automatic, and manual. Automatic transformer winding machines are digitally controlled winding machines that are efficient. These automatic transformer winding machines help to cut down on electricity waste. The different applications of transformer winding machines include power, automobile, electrical, electronics, healthcare, aerospace and defense, and others. The global transformer winding machines market is segmented - 1) By Type: Automatic, Semi-Automatic, Manual 2) By Application: Power, Automobile, Electrical, Electronics, Healthcare, Aerospace And Defense, Others The global transformer winding machines market size grew from $0.9 billion in 2022 to $0.96 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of global transformer winding machines is expected to grow to $1.19 billion in 2027 at a CAGR of 5.6%. The increase in demand for electric vehicles is contributing to the growth of the transformer winding machines market over the coming years. In electric vehicles, the auxiliary battery provides electricity to power the vehicle, and the car charger port is used to connect to an external power source to charge the vehicle. Charging stations are connected to the grid, which requires transformers to efficiently operate the power supply. The increased demand for transformers propels the requirement for transformer winding machines. For instance, according to the annual Global Electric Vehicle Outlook 2022, an annual report published by the International Energy Agency (IEA), an intergovernmental organization, the sales of electric cars including fully electric and plug-in hybrids doubled in 2021 to reach a new record of 6.6 million. In 2021, electric car sales nearly tripled to 3.3 million in China, accounting for about half of the global total. Therefore, the increasing demand for electric vehicles propels the growth of the transformer winding machines market. Major players in the transformer winding machines market are SILMEK SRL, ACME Electronics, Synthesis Winding Technologies, Sagar Industries, Specific Mechatronics, Transwind Technologies, Tesca Technologies, Keshav Precision Products, KB Machineries, Young Technocrafts, Formertron Engineering Pvt Ltd., Transwind Technologies, Sanghani Electricals, Associated Technocrats, and H. K. Enterprises. The growing technological advancement is a key trend gaining popularity in the transformer winding machines market. Major companies operating in the transformer winding sector are focused on developing technological solutions for the transformer winding machines market to strengthen their position. For instance, in 2021, BTSR International, an Italy-based manufacturer of electronic sensors for quality control in manufacturing, launched its CWF 2000 device based on multi-patented system technology. Its design and execution enable it to feed the wire consistently and uniformly, regardless of the wire's speed, which is linked to the machine speed and coil size, as well as the coil section or shape. In June 2021, KAMIC Group AB, a Sweden-based company that manufactures communication equipment acquired Talema Group for an undisclosed amount. Through this acquisition, KAMIC Group AB expands its geographical presence which adds value to the existing business. Talema Group is a US-based manufacturer of magnetic components such as transformers, toroids, inductors, and chokes with associated design work. North America was the largest region in the transformer winding machines market in 2022. The regions covered in the transformer winding machines market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the transformer winding machines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The transformer winding machines market consists of sales of manual transformer winding machines, programmable transformer winding machines, and automatic transformer winding machines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The transformer winding machines market research report is one of a series of new reports from The Business Research Company that provides transformer winding machines market statistics, including transformer winding machines industry global market size, regional shares, competitors with a transformer winding market share, detailed transformer winding machines market segments, market trends and opportunities, and any further data you may need to thrive in the transformer winding machines industry. This transformer winding machines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Renewable energy refers to energy produced from natural energy sources, such as the sun and wind that are constantly replenished. Renewable energy is used for space and water heating and cooling, electricity generation, and transportation. Renewable energy causes less global warming, improved public health, inexhaustible energy, stable energy prices, reliability, and resilience. The main type of renewable energy is solar energy, wind energy, bioenergy, hydro energy, and geothermal energy. The solar energy type of renewable energy is an energy form that uses solar energy for powering a home, building, water heating, and solar lights, that comes in various capacities such as 0-1,000kwh, 1,100-5,000kwh, more than 5,000kwh, used by residential, commercial, industrial and utility. The global renewable energy market is segmented – 1) By Type: Solar Energy, Wind Energy, Bio Energy, Hydro Energy, Geothermal Energy 2) By Capacity: 0-1,000KWH, 1,100-5,000KWH, More than 5,000KWH 3) By End User: Residential, Commercial, Industrial, Utility The global renewable energy market size will grow from $952.85 billion in 2022 to $1035.69 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global renewable energy is expected to grow to $1404.48 billion in 2027 at a CAGR of 7.9%. An increase in power consumption is expected to propel the growth of renewable energy. Global energy demand is rising due to increased industrial activity and technological advancements in developing and developed countries. Additionally, there is a rapid increase in energy consumption because of the growing world population, which implies growing energy requirements. Due to such an increase in the use of power, there is a need to produce renewable energy because of its improved energy security and reduced risk of fuel spills that emits no greenhouse gases from fossil fuels and decreases certain types of air pollution. For instance, According to Enerdata, the world energy, and climate statistics, the 2022 report states that global electricity consumption increased by +5.5% in 2021, after contracting by 0.7% in 2020 owing to the COVID-19 crisis. Furthermore, according to International Energy Agency, an intergovernmental organization, worldwide electricity demand will increase by about 5% in 2021 and 4% in 2022. Therefore, an increase in power consumption will drive the renewable energy market. Major players in the renewable energy market are ABB Ltd., Acciona Energia SA, EDF SA, Enel Group, General Electric Energy, Geronimo Energy, Innergex, Tata Power Company Limited, Xcel Energy Inc., Invenergy, Siemens Gamesa, First Solar Inc., Vestas Wind Systems AS, Duke Energy Corporation, National Grid Renewables, Iberdrola SA, Jinko Solar Holding Co Ltd., Canadian Solar Inc., and Orsted A/S. Technological advancement is a key trend gaining popularity in the renewable energy market. Renewable technologies are recognized as green energy sources. The effective utilization of these resources minimizes environmental consequences, produces minimal secondary waste, and is sustainable in light of present and projected economic and societal needs. Recently, the market has witnessed the use of bio-mass energy and dual-module solar systems that can significantly reduce greenhouse gas emissions. Major companies in the renewable energy market are advancing in their new technologies and research and development to sustain their market position. For instance, In March 2022, Gautam Solar, an India-based Solar panels manufacturer, launched a G-2X dual-generation monocrystalline technology solar modules. This Gautam Solar module provides power from both the front and back of the module, making it ideal for use in rooftop and ground-mounted solar power plants, creating an additional 10%- 30% extra power generation. The solar module's combined front and back efficiency go up to 25.72%. This G-2X mono series will save BOS and installation costs while increasing electricity generation by up to 30% in the same available space. In February 2022, Chevron Corporation, a US-based energy industry company, acquired Renewable Energy Group, Inc., for $3.15 billion. This acquisition enhances REG's rising renewable fuel production and superior feedstock capabilities combined with Chevron's significant production, distribution, and commercial marketing. Renewable Energy Group, Inc., is a US-based biodiesel production company. Asia-Pacific was the largest region in the renewable energy market in 2022. North America is expected to be the fastest-growing region in the renewable energy market share during the forecast period. The regions covered in the renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the renewable energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The renewable energy market includes revenues earned by entities by nuclear energy, biomass and bioenergy, and applied energy. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The renewable energy market research report is one of a series of new reports from The Business Research Company that provides renewable energy market statistics, including the renewable energy industry global market size, regional shares, competitors with a renewable energy market share, detailed renewable energy market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy industry. This renewable energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Power generation refers to electricity production using different types of technologies in order to supply power to the electrical grid for society's electrical needs. It includes electricity produced in electricity-only plants and in combined heat and power plants. The main types of power generation are hydroelectricity, fossil fuel electricity, nuclear electricity, solar electricity, wind electricity, geothermal electricity, biomass electricity, and other electricity. Hydroelectricity, also known as hydroelectric power or hydroelectric energy, is a type of energy that generates electricity by harnessing the power of moving water, such as water running over a waterfall. Energy for power generation is derived from both conventional (non-renewable) and renewable sources. The different types of grids include off-grid and on-grid, which are used by the residential, commercial, and industrial sectors. The global power generation market is segmented - 1) By Type: Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity 2) By End-User: Residential, Commercial, Industrial 3) By Sources Of Energy: Conventional/Non-Renewable Source, Renewable Source 4) By Type of Grid: Off Grid, On Grid The global power generation market size will grow from $1,776.61 billion in 2022 to $1,913.39 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The size of power generation market is expected to grow to $2,543.23 billion in 2027 at a compound annual growth rate (CAGR) of 7.4%. The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries; the setting up of public transportation networks such as rapid metro transit systems; and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. For instance, to attain net-zero carbon emissions, the Office of Rail and Road (ORR) estimates that 13,000 track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK, and 179 km kilometers were electrified between 2020 and 2021. According to the Edison Electric Institute (EEI), annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050. Major companies in the power generation market include Enel SpA, Electricite De France SA, State Power Investment Corporation, E.ON SE, Engie, Huaneng Power International, Inc., Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, and Inter RAO UES. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the power generation market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally. Many manufacturing facilities globally halted operations to contain the spread of viruses among their workforce, thereby limiting the need for utility services such as electricity and wastewater treatment. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lock down. The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the power generation market will recover from the shock across the forecast period as it is a black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Electric power generation companies are using batteries to store solar energy during daylight hours. The energy storage sites consist of large lithium-ion batteries. Storage of energy in batteries is also getting more popular in other types of power generation. These batteries store enough energy to serve as a backup in case of a power shortage due to disruptions in fuel supply. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital-intensive power generation plants, enhance transmission and distribution efficiencies, and reduce operational costs. By 2025, the World Bank Group aims to fund 17.5-gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations. Asia-Pacific was the largest region in the power generation market in 2022. Western Europe was the second-largest region in the power generation market. The regions covered in the power generation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the power generation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The power generation market includes revenue earned by entities by thermal energy generated from fossil fuels, coal, petroleum, natural gas, solar thermal energy, chemical energy, and potential energy from falling water. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The power generation market research report is one of a series of new reports from The Business Research Company that provides power generation market statistics, including the power generation industry global market size, regional shares, competitors with a power generation market share, detailed power generation market segments, market trends and opportunities, and any further data you may need to thrive in the power generation industry. This power generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advanced energy storage systems refer to advanced devices that convert electrical energy from power systems and store it to supply electrical energy when needed later. The advanced energy storage systems enable to use and manage the electrical energy efficiently. The energy can be used to produce semiconductors, data storage devices, solar cells, and electricity. The main technology of advanced energy storage systems are pumped hydro storage, electrochemical storage, electromechanical storage, and thermal storage. Electrochemical energy storage encompasses all secondary batteries. Batteries use an electrochemical oxidation-reduction reverse reaction to convert the chemical energy contained in their active materials into electric energy. Batteries are currently manufactured in a variety of sizes for a wide range of applications. Advanced energy storage systems are applied in transportation, grid storage, and other applications. These are used by residential and non-residential. The global advanced energy storage systems market is segmented – 1) By Technology: Pumped Hydro Storage, Electrochemical Storage, Electromechanical Storage, Thermal Storage 2) By Application: Transportation, Grid Storage, Other Applications 3) By End-User: Residential, Non-Residential The global advanced energy storage systems market size grew from $16.56 billion in 2022 to $17.89 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of advanced energy storage systems is expected to grow to $24.31 billion in 2027 at a CAGR of 8.0%. The increasing investments in renewable energy are expected to propel the growth of the advanced energy storage systems market. Renewable energy, also known as clean energy is in high demand as it is a non-polluting source of energy and is replenished by nature. The governments and private sectors globally are significantly investing in renewable energy as it is beneficial for minimizing pollution while conserving natural resources. This rise of investments in renewable energy will create a significant demand for advanced energy storage systems as these are essential to store and manage the energy generated as well as supply for use when needs arise. For instance, according to the estimates by the autonomous intergovernmental organization the International Energy Agency (IEA), the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021. The remaining amount was invested in grids and storage. A dollar spent on wind and solar photovoltaic (PV) deployment currently generates four times the electricity of a dollar spent on the same technologies a decade ago, owing to rapid technological advancements and cost reductions. Therefore, the increasing investments in renewable energy will drive the growth of the advanced energy storage systems market. Major players in the advanced energy storage systems market are ABB, LG Chem, Samsung SDI, General Electric Company, Tesla, Toshiba, Panasonic, Siemens, Saft Groupe, EOS Energy Storage, AES Corporation, EDF Renewables, Schneider and Maxwell Technologies. Technology advancement is a key trend gaining popularity in the advanced energy storage systems market. Key players in the market are focusing on implementing technological advancements such as software integration in advanced energy storage systems. These advanced energy storage systems enable advanced features such as improved controls, monitoring, and forecasting abilities, resulting in efficient use of energy. Companies offering these systems can gain a competitive edge in the market. For instance, in June 2021, Honeywell, a US-based global advanced-technology company introduced its battery energy storage system (BESS) platform technology with integrated controls, monitoring, and forecasting capabilities. The new BESS Platform will target large commercial and industrial (C&Is) users, independent power producers (IPPs), and utilities. It provides customers with asset monitoring, distributed energy resource management, supervisory control, and analytics capabilities to forecast and optimize energy use, made possible with software integration. In May 2022, Bhago Mobility Solutions Private Limited, an Indian green energy company of Modern Automotive Limited, an Indian Next-Gen Technology Startup acquired a stake in Pastiche Energy Solutions (P) Ltd for an undisclosed amount. This stake acquisition will leverage the expertise of both the companies to make a footprint in advanced energy storage and green mobility by producing solid-state batteries, lithium batteries, and allied products for applications such as energy storage, electric mobility, defense, and others. Pastiche Energy Solutions (P) Ltd is an Indian manufacturer of batteries for advanced energy storage. Asia-Pacific was the largest region in the advanced energy storage system market in 2022. The regions covered in advanced energy storage systems market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the advanced energy storage systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The advanced energy storage system market consists of sales of mechanical storage systems, hydrogen energy storage systems, advanced chemistry batteries, flow batteries, and capacitors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The advanced energy storage systems market research report is one of a series of new reports from The Business Research Company that provides advanced energy storage systems market statistics, including advanced energy storage systems industry global market size, regional shares, competitors with a advanced energy storage systems market share, detailed advanced energy storage systems market segments, advanced energy storage systems market trends and opportunities, and any further data you may need to thrive in the advanced energy storage systems industry. This advanced energy storage systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the advanced energy storage systems industry.

The energy as a service market consists of sales of energy as a service solutions and services by entities (organizations, sole traders, and partnerships) that are used for the management of energy usage to deliver the desired energy service. Energy-as-a-service (EaaS) is a business concept in which clients pay for energy services without having to spend any money upfront. EaaS models often take the form of a subscription for a service company's electrical devices or energy usage management to supply the desired energy service. The main types of energy as a service are solutions and services. Energy supply services are used to deliver energy such as fuels, electricity, and thermal energy that suppliers can deliver to end consumers. It includes service such as supply, demand, and energy optimization, that include different end users such as commercials and industries. The global energy as a service market is segmented - 1) By Component: Solutions, Services 2) By End-User: Commercial, Industrial The global energy as a service market size grew from $57.32 billion in 2022 to $64.28 billion in 2023 at a compound annual growth rate (CAGR) of 12.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global energy as a service is expected to grow to $100.17 billion in 2027 at a CAGR of 11.7%. The increase in renewable energy generation is expected to propel the growth of the energy as a service market going forward. Renewable energy is energy generated from naturally renewing but flow-limited sources that are essentially infinite in length but limited in energy accessible per unit of time. The usage of renewable energy is increasing, and this will increase the energy as a service market. For instance, according to the International Energy Agency, a France-based intergovernmental organization, the share of renewables in global electricity generation jumped to 29% in 2020, up from 27% in 2019. Also, renewable electricity generation in 2021 increased by more than 8% to reach 8,300 TWh. Therefore, the rising demand for an increase in renewable energy generation drives the energy as a service market. Major players in the energy as a service market are Schneider Electric SE, Engie SA, Siemens AG, Honeywell International Inc., Veolia Environnement S.A, Enel X, EDF Renewable Energy, Johnson Controls International, Bernhard Energy, Edison Energy, SmartWatt, Entegrity , Enertika, Ameresco, Centrica, Ameresco, Duke Energy Corporation , Solarus, Spark Community Investment Co, and Contemporary Energy Solutions. Partnerships and agreements among companies are key trends gaining popularity in the energy as a service market. The companies operating in the energy as a service market are undergoing partnerships and agreements to meet consumer demand. For instance, in August 2021, the Engie group signed an agreement with Google LLC, a US-based multinational technology company, to provide carbon-free electricity in Germany. The agreement will help Google meet its carbon-free energy goals for its data centers, cloud regions, and offices throughout the world by 2030. Engie will assemble and negotiate an energy portfolio to supply Google with renewable energy (solar and wind) to ensure that all of its German activities are approximately 80 percent carbon-free by 2022. Engie SA is a France-based utility company that operates in the fields of the energy transition, electricity generation, distribution, natural gas, nuclear, renewable energy, and petroleum. Also, in August 2020, Schneider Electric partnered with Huck Capital to deliver energy-as-a-service, enabling commercial buildings to easily convert to renewable energy. The partnership provides a unique approach for building owners and operators that wish to migrate to renewable energy to reduce emissions, boost resiliency, and lower costs without investing in renewable energy assets or relying on specialists to operate the microgrid. Schneider Electric is a France-based company that provides energy and automation digital solutions. In July 2021, OY Nofar Energy, an Israel-based energy company, acquired Blue Sky Utility for a deal amount of $91 million. Through this acquisition, Nofar would represent its entry into the US market, and the company's goal is to expand its operations into new markets. Blue Sky Utility is a US-based company that specializes in developing renewable energy solutions for retail real estate landlords and tenants. North America was the largest region in the energy as a service market in 2022. Middle East and Africa are expected to be the fastest-growing regions in the energy as a service market during the forecast period. The regions covered in the global energy as a service market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the energy as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The energy as a service service market includes revenues earned by entities by providing cloud-based energy services and solutions to monitor and manage energy requirements based on real-data collections and also procuring, storing, and producing energy solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The energy as a service market research report is one of a series of new reports from The Business Research Company that provides energy as a service market statistics, including energy as a service industry global market size, regional shares, competitors with an energy as a service market share, detailed energy as a service market segments, market trends and opportunities, and any further data you may need to thrive in the energy as a service industry. This energy as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

Utilities are essential services that are utilized for homes, apartments, businesses, and others to make them comfortable and function properly such as electricity, water, natural gas, and others. The main types of utilities are water and sewage, natural gas distribution, electric power generation, transmission, and distribution. Sewage water is the waste of a community’s residents. Wastewater is the water that is expelled from homes after being used for various reasons such as dishwashing, laundry, and toilet flushing. The different operator types include public operator; private operator and are offered on fixed rates and variable rates. The global utilities market is segmented - 1) By Type: Water And Sewage, Natural Gas Distribution, Electric Power Generation, Transmission, And Distribution 2) By Type of Operator: Public Operator, Private Operator 3) By Pricing: Fixed Billing, Variable Billing Subsegments Covered: Water Supply & Irrigation Systems, Sewage Treatment Facilities, Steam & Air-Conditioning Supply, Industrial And Commercial Natural Gas Distribution, Household Natural Gas Distribution, Electric Power Transmission, Control, And Distribution, Power Generation The global utilities market size will grow from $6,000.19 billion in 2022 to $6,416.54 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of utilities is expected to grow to $8,314.78 billion in 2027 at a compound annual growth rate (CAGR) of 6.8%. The rapid growth in investments in renewable power generation capacities is expected to drive the utilities market during the forecast period. A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries. For instance, EDF Energy announced an investment of more than €25 billion in solar power and green electricity tariffs. Governments globally are also promoting renewable energy sources by offering incentives and subsidies to solar power generation companies. For instance, according to the Clean Energy Australia 2022 Report, 9 GW of new large renewable energy capacity was introduced to the network in 2021, representing 68 large-scale projects under construction worth $18 billion in investment and about 35,000 new jobs. This is expected to boost electric power generation and subsequently drive the utilities market during the forecast period. Major companies in the utilities market include Electricite De France SA, Enel SpA, E.ON SE, Tokyo Electric Power Co Holdings Incorporated, Korea Electric Power Corporation, Uniper, Engie, State Power Investment Corporation, Exelon Corp, and Iberdrola. The outbreak of COVID-19 disease (COVID-19) has acted as a significant restraint on the utilities market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally. Many manufacturing facilities globally halted operations to contain the spread of the virus among their workforce, thereby limiting the need for utility services such as electricity and wastewater treatment. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lockdown' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the utilities market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. Digital technologies are increasingly making their way into the power generation, transmission, and distribution industry to enhance productivity, efficiency, and safety associated with power plants. Digital technologies such as smart grids, sensors, and smart meters provide the company and the customer, with more accurate and real-time accounts of power usage. These technologies help to improve productivity, efficiency, safety, compliance, and reliability in power generation and distribution. This results in better asset management, planning, and execution, and a faster level of service with higher customer satisfaction. For instance, in Ireland, Whitegate Power Station has installed 140 sensors throughout the plant to digitize vibrations, temperature, and other data to monitor and optimize operations in real-time and minimize downtime. For Instance, some of the major companies that adopted digital technologies include Duke Energy, Engie, National Grid, and NextEra Asia-Pacific was the largest region in the utilities market in 2022. Western Europe was the second-largest region in the utilities market. The regions covered in the global utilities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the utilities market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The utilities market consists of revenues earned by entities by providing electric power, natural gas, steam supply, water supply, and sewage removal services. The market excludes waste management and remediation services that collect, treat, and dispose of waste materials. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.