The global advanced energy market is anticipated to witness high growth on account of growing demand from various end-use industries including wind, solar power, natural gas turbines, and building efficiency. Growing demand for the advanced energy sector from the solar PV market is anticipated to boost advanced energy demand over the next seven years. Rapid growth in the electricity generation sector over has been driving the market and this trend is expected to continue over the forecast period. Growing applications in the building envelope, lighting, HVAC, appliances, electronics propulsion systems, and fright logistics are further expected to complement market growth over the next seven years. Rising demand for hybrid and electric vehicles across the world particularly in Europe is likely to have a positive impact on advanced energy demand. In addition, increasing demand from the building efficiency segment is expected to surge market growth over the forecast period. The advanced energy market is anticipated to witness substantial growth over the next five years on account of advancements in energy storage systems and technologies.
The advanced energy market is broadly segmented into seven industries including electric generation, electricity delivery and management, fuel production, fuel delivery, building efficiency, transportation, and industry. Electric generation was the leading advanced energy segment in 2013 owing to strong growth in wind and hydropower markets. Transportation was the second largest segment. Increasing sales of hybrid vehicles and plug-in electric vehicles are anticipated to augment advanced energy market growth. Building efficiency was the fastest-growing segment of the advanced energy market owing to increased application in lighting for commercial and residential purposes. In addition, the fuel production segment has been witnessing considerable growth over the past few years and the trend is expected to continue over the projected period.
Europe has been the largest regional market for advanced energy over the past few years and the trend is expected to continue over the forecast period. The growing number of power generation companies in this region is one of the key factors that is anticipated to drive the advanced energy demand. In addition, rapid growth in the advanced energy storage systems market in Europe coupled with technological advancement is likely to propel the advanced energy market. North America was the second-largest market for advanced energy owing to strong growth in electricity generation and building efficiency segment. Within North America, the U.S. has been contributing major market share. Increasing demand for hybrid and electric vehicles is further expected to boost advanced energy demand over the foreseeable period. Asia Pacific market has been witnessing rapid growth over the past few years on account of increasing demand from the power generation sector and this trend is expected to continue over the next seven years.
Some prominent players in the advanced energy market include ENN energy holdings limited, Siemens AG, Brammo Inc., Clean Energy fuel Corp., BG Group, Silver Spring Networks, Ford, Schneider Electric SE, and Alstom among many others.
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