The Future of Thermal Energy Storage Market

Global thermal energy storage market is projected to reach $7,472.9 million by 2023, according to P&S Intelligence.

The market growth is mainly driven by government incentives to promote the adoption of thermal energy storage solutions and increasing demand for balanced power supply.

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APAC is expected to be the fastest-growing market, globally

During the forecast period, the thermal energy storage market is expected to witness the fastest growth in APAC, with 44.7% CAGR in terms of value. The market in the region is mainly driven by the increasing energy demand resulting from population growth. With fast depleting fuels such as oil and natural gas, renewable energy sources have gained traction in the APAC region in recent years. Often, the most overlooked aspect of renewable energy generation is the task of storing the energy produced. To address this, governments of countries such as China and India are focusing on technologies and solutions that help store the power generated from renewable sources.

New technologies such as seasonal thermal storage and molten salt thermal storage allow for the storage of energy for the entire day. Due to this, the adoption of these technologies is increasing at a rapid pace in the region, which, in turn, is contributing to the growth of the thermal energy storage market.

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Development of underground thermal energy storage (UTES) technology is creating lucrative opportunities for market players

UTES is a new technology developed for storing thermal energy. The technology is gaining traction in Europe and North America owing to the high presence of aquifers and salt caverns in these regions. The technology is widely used for underground energy storage and power generation purposes. Thus, the development of the UTES technology can be viewed as a growth opportunity for the players operating in the thermal energy storage market.

The thermal energy storage market has also been categorized into sensible heat, latent heat, and thermo-chemical technologies. Sensible heat storage technology held the largest share in the market during the historical period. The market for this technology is primarily driven by the growing adoption of molten salt-based storage systems for CSP plants.

In terms of application, the thermal energy storage market has been categorized into combined heating and cooling, power generation, and others. The commercial and residential category held the largest share in the market during the historical period, accounting for more than 65.0% installed capacity in 2017. This can be attributed to the high demand for energy storage solutions from the commercial and residential sectors for heating and cooling purposes.

GLOBAL THERMAL ENERGY STORAGE MARKET SEGMENTATION

By Type

Concentrated Solar Power (CSP)

Pumped Heat Electrical Storage (PHES)

Others (Chilled Water Thermal Energy Storage and Ice Thermal Energy Storage)

By Technology

Sensible Heat

Latent Heat

Thermo-Chemical

By Application

Combined Heating and Cooling

Industrial

Commercial and residential

Others (domestic and civic facilities)

Power Generation

Industrial

Commercial

Others (Micro-Grid, and Research and Development Activities)

By Geography

North America

U.S.

Canada

Europe

Spain

France

Italy

Rest of Europe

APAC

India

Australia

China

Rest of APAC

Latin America (LATAM)

Chile

Rest of LATAM

Middle East and Africa (MEA)

South Africa

U.A.E.

Morocco

Rest of MEA

Blockchain in Healthcare Market to Reach $890.5 Million by 2023

Blockchain in healthcare market is expected to reach $890.5 million by 2023, according to P&S Intelligence.This growth is primarily attributed to stringent regulations for safeguarding consumer data, increasing funding and investments in the blockchain arena, and rising adoption of blockchain technology in the healthcare and pharmaceutical industries.

Insights into the market segments

On the basis of application, the blockchain in healthcare market is categorized into clinical data exchange and interoperability, claims adjudication and billing management, drug supply chain management, drug discovery and clinical trials, prescription drug abuse, and others. Among these applications, the market for clinical data exchange and interoperability is expected to reach more than $400.0 million by 2023, registering a CAGR of over 70.0%. This can be ascribed to the fact that the blockchain technology can potentially transform the way of clinical information, and data storage and sharing across healthcare partners, payers, and patients.

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Based on end user, the blockchain in healthcare market is classified into pharmaceutical companies, healthcare providers, healthcare payers, and others. Healthcare providers, as an end-user category, dominate the market and expected to maintain this trend throughout the forecast period. This can be ascribed to the fact that the blockchain technology is gaining acceptance among healthcare providers, globally. Due to several advantages offered by this technology such as data security and integrity, its adoption is expected to further increase in the coming years.

Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is primarily attributed to the growing focus on blockchain technology in this region as well as unmet need in areas of clinical data exchange and interoperability, and drug supply chain management. For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), Singapore’s government-owned technology development firm, invested in MediLOT Technologies, a blockchain and healthcare analytics start-up.

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Global blockchain in healthcare market is Witnessing growing number of partnerships and collaborations

Given the fact that the technology in its nascent stage of development, the companies interested in adopting blockchain technology are partnering and collaborating with various technology providers to exploring the potential applications of the blockchain technology, so that they can streamline their operational processes. For instance, In January 2018, Guardtime AS, an Estonian blockchain pioneer, finalized a deal with NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, to bring the technology in the country.

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GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET SEGMENTATIONBy Application

  • Clinical Data Exchange and Interoperability
  • Claims Adjudication and Billing Management
  • Drug Supply Chain Management
  • Drug Discovery and Clinical Trials
  • Prescription Drug Abuse
  • Others

By End User

  • Pharmaceutical Companies
  • Healthcare Providers
  • Healthcare Payers
  • Others

By Geography

  • North America Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – U.S. and Canada
  • Europe Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Germany, U.K., France, Italy, Spain, Sweden, Estonia, and Rest of Europe
  • Asia-Pacific (APAC) Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Japan, China, India, Australia, and Rest of APAC
  • Latin America (LATAM) Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Brazil, Mexico, and Rest of LATAM
  • Middle East and Africa (MEA) Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Saudi Arabia, South Africa, and Rest of MEA

Enhanced Oil Recovery Market Growth and Demand Forecast to 2024

The major trend being observed in the global enhanced oil recovery market is increased investments by companies to boost the production of oil and gas. Owing to the large-scale consumption of oil and gas, many market players are focusing on expanding their production capacity, mainly through the upgradation of existing wells, exploration of new wells, and expansion in new geographies.

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Crude oil can be obtained from reservoirs through three methods: primary recovery, secondary recovery, and tertiary (enhanced) recovery. In primary recovery, the natural pressure of the reservoir drives the oil into the wellbore. The method can also be carried out with the help of an artificial lift to bring the oil to the surface. However, most of the oil that can be recovered from this method has already been recovered by producers. Hence, oil-producing companies are now using tertiary or enhanced oil recovery techniques of oil extraction.

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On the basis of technology, the enhanced oil recovery market is categorized into gas enhanced oil recovery, thermal enhanced oil recovery, and chemical enhanced oil recovery. Of these, the most widely used technique for extracting heavy viscous crude oil from reservoirs is thermal enhanced oil recovery, in which oil recovery is carried out by injecting thermal energy into the reservoir to decrease the viscosity and increase the temperature of the crude oil.

Since most of the oil reserves are heavy-oil reserves, thermal enhanced oil recovery is the widely employed technique around the world. In-situ and steam injection methods are primarily employed for thermal injection. Steam flooding, steam-assisted gravity drainage, and cyclic steam stimulation are some common steam injection methods. Steam flooding is used for light-oil reservoirs having depth less than 3,000 feet, whereas in-situ method is generally used for heavy-oil sandstone reservoirs.

The enhanced oil recovery market is expected to witness significant growth in emerging oil-producing regions, particularly Africa and the Pacific Ocean. These regions have vast unexplored reserves of oil and gas, which are sufficient to meet the growing energy demand. The untapped oil reserves in these regions, therefore, offer lucrative opportunities to the players operating in the market.

Know the growth opportunities about Gas Meters Market

The growing utilization of gas (by residential and commercial installations) over conventional sources of energy, such as oil and fossil fuels, is identified as a major trend in the gas meters market. This shift is likely to open new areas of application for these meters as well as growth opportunities in related services, such as support and logistics, and data management.

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A gas meter is a specialized flow meter that measures the volume of fuel gases, such as natural gas and liquefied petroleum gas (LPG). These are employed in residential, commercial, and industrial installations to measure the flow and volume of gases. In the report, the gas meters market is segmented on basis of type, technology, application, and region.

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The gas meters market is bifurcated into standard gas meters and smart gas meters on the basis of technology. Smart gas meters provide precise consumption percentage or volume of gas, thereby offering benefits such as easy disbursed gas measurement, leakage check, and computation of bills to both the gas disbursing authority and the consumer. Furthermore, these meters allow the end users to plan their gas consumption, adhere to energy targets, and monitor expenditure.

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Based on region, the gas meters market is categorized into North America, Europe, APAC, Latin America, and the Middle East and Africa (MEA). Globally, North America is expected to continue holding the largest share in the market in the coming years. This is primarily attributable to the growing demand for these meters from residential as well as industrial consumers in the region. Moreover, this demand is also expected to increase on account of recent advancements in exploration and production (E&P) of natural gas across gas fields in the North American region.

The MEA region is witnessing a steady increment in investments in the energy sector. Furthermore, several countries in the region are diversifying their energy portfolios to reduce dependence on oil. This could translate into growth opportunities for the companies operating in the gas meters market, thereby encouraging the deployment of these meters in the commercial, industrial, and residential sectors.

Explore the Growth Potential of Biogas Market in coming years

Prominent market trends identified in the global biogas market include mergers and acquisitions between market players, and technology transfer by major companies to sustain or strengthen their market share. A number of these activities are supported by governments in order to reduce dependency on conventional energy sources and to reduce the threat from global warming and harmful effects of greenhouse gases.

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Biogas is produced by anaerobic fermentation of biodegradable materials or by the action of anaerobic organisms (bacteria) on organic matter. Mostly, the gas is produced by decomposing municipal waste, plant materials, food waste, and manure. In this process, organic matter is biologically broken down in the presence of oxygen. Anaerobic fermentation allows manufacturers to convert unwanted gases such as nitrous oxide and methane into biogas. The gas is a mixture of approximately 50–70% methane and 30–40% carbon dioxide. The biogas market is segmented on the basis of application and geography.

The biogas market is driven by factors like high amount of carbon and greenhouse gas emissions from conventional energy sources, rapid growth in demand for energy sources, depleting conventional sources, and volatile crude oil prices.

Power generation and automobiles are the foremost sectors where most of the energy being used. Additionally, these sectors emit a large volume of greenhouse gases. The high-volume emission levels have led governments to develop favorable regulatory policies toward incentivizing adoption of greener fuels while reducing the dependency on fossil fuels. Across the globe, governments are giving subsidies to encourage the production of biogas and in response to it, many companies are venturing into this growing market and setting up new plants. All these factors are anticipated to contribute to growth of the biogas market.

On the basis of application, the biogas market is classified into power generation, domestic fuel, and vehicle fuel. Among these, power generation category holds the significant share in the market.

On the basis of region, the biogas market is categorized into APAC, North America, Latin America (LATAM), Europe, and Middle East and Africa (MEA). Europe is expected to hold significant share in the market during the forecasted period. Several European countries work together in the European Biogas Association, whose directives are to curb carbon emissions. Major biogas producing countries in the region are Germany, Italy, France, and Switzerland. Furthermore, other countries such as Belgium, Slovakia, Hungary, and Czech Republic are strengthening their production levels for biogas. The rapid industrial growth along with increasing importance of renewable power generation in China and India is expected to increase the demand for the gas in APAC region.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.Contact:P&S IntelligenceToll-free: +1-888-778-7886 (USA/Canada)International: +1-347-960-6455Email: enquiry@psmarketresearch.comWeb: www.psmarketresearch.com

Research Study of Distributed Energy Generation Systems Market

Distributed energy generation system is a term which encompasses a diverse array of generation, storage, and energy monitoring and control solutions. This includes power generation, combined heat and power, energy storage (including electric vehicles), and distributed energy management systems. These systems can be tailored to meet specific requirements including cost reductions, energy efficiency, security of supply, and carbon reduction. The distributed energy generation systems market is segmented on the basis of technology, end user, and geography.

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Prominent trend identified in the global distributed energy generation systems market is increasing investment for micro grids due to lack of proper macro grid connectivity in several countries. In November 2016, International Energy Agency (IEA), estimated that 1.2 billion people, around 17% of the world’s population have no or a very limited access to electricity with the majority of this population located in Sub-Saharan Africa and East Asia.

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Based on region, the distributed energy generation systems market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and the Middle East and Africa (MEA). Europe holds a significant market share, owing to increase in energy consumption mainly by commercial and industrial sectors, financial support by local governments in Europe, and investments by distributed energy generation manufacturers. Additionally, the APAC market is expected to grow at a high rate during the forecast period, owing to financial incentive schemes by governments and availability of cheap labor in the region.

The demand for distributed energy generation systems is increasing gradually, owing to factors such as volatile crude oil and natural gas prices, increasing concerns regarding energy consumption and greenhouse emissions, and grid connectivity. For instance, crude oil prices rose up to $85/bbl in October 2018 and fell down to $50/bbl in December 2018. Likewise, natural gas prices are also fluctuating on season basis, where natural gas prices rise in winters and fall down in summers. These fluctuating prices have subsequently increased focus toward the adoption of renewable energy sources such as solar, biomass, wind, and hydroelectric power.

On the basis of end user, the distributed energy generation systems market is differentiated into residential, commercial, and industrial. Commercial and industrial together hold a significant share both in terms of value and volume, owing to re-usability of accessible resources such as industrial waste and heat energy. Additionally, government initiatives toward green solutions, growing demand for reliable power, and easy availability of energy resources are expected to boost the growth of the market during forecast period.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact:

P&S Intelligence

Toll-free: +1-888-778-7886 (USA/Canada)

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Know the Growth factor about high voltage cables market

The major trend identified in the global high voltage cables market is the growth in energy infrastructure, coherent integration of energy efficient systems, and projects for centralization and decentralization of grids. This is likely to offer traction to the market.

A high-voltage cable (HV cable) is used for electric power transmission at high voltage. The cable includes a conductor and insulation, and is suitable for being run overhead, underground or underwater. This cable has a wide array of applications including in ignition systems, instruments, and for direct current (DC) and alternating current (AC) power transmission. In the report, the high voltage cables market is segmented on the basis of installation, product type, voltage, and region.

By voltage, the high voltage cables market is classified into seven categories: 72.5 kV, 123 kV, 145 kV, 170 kV, 245 kV, 400 kV and above 400 kV. These cables are employed in oil and gas, power (offshore and onshore projects), and telecommunication industries.

The high voltage cables market is classified on the basis of installation into overhead, underground, and submarine. Overhead HV cables are long conducting wires for power transmission that are held tightly over high towers with the help of fittings and fixtures. In the underground and submarine HV cables, cable joints and terminations are the two major accessories needed to connect cable splices to another cable or a terminal equipment.

Based on region, the high voltage cables market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Several developing countries have an old power transmission infrastructure that offers inefficient power supply and eases power theft. Countries across regions are in process to overhaul/upgrade grid infrastructure to provide continuous power supply, combat power thefts, and avoid power shortages. For instance, the U.S. and China are investing in infrastructure for renewable power generation. This in turn increases application of HV cables in integrating power generating sources (both, offshore and onshore projects) to centralized power grids, thereby demonstrating the demand for HV cables.

Upcoming renewable energy projects such as onshore and offshore solar farms and winds farms are likely to necessitate the demand for HV cables, and generate application avenues for HV cables. Additionally, these projects are likely to receive support and investment by private and governmental agencies for development and enhancement of the infrastructure to meet power transmission requirements.