Technavio is set to publish a new report on the global advanced energy market, which takes an in-depth look at key application areas for advanced energy technologies globally.
What is advanced energy?
Advanced energy constitutes a board range of products, services, and technology that helps generate secure, reliable and clean power. Continuous innovation through R&D and dynamic government policies are enabling faster growth and adoption of new technology, thereby changing the way energy is produced and used. Advanced energy technologies are paving the way for sustainable and affordable energy by reducing costs through innovations and energy-efficient practices.
Technavio expects the global advanced energy market to nearly double by 2019, reaching a value of $2,058 billion and growing at a CAGR of 10.74%.
Despite a lack on industry-wide standards, high initial costs and inadequate infrastructure posing major challenges to market growth, advanced energy technology is still expected to see big gains in the coming years.
Rise of energy efficient technologies key for market growth
One of the biggest reasons for market growth is also one of the most obvious—development of energy efficient technologies.
According to BP, the global energy demand is set to grow by 36% between the year 2011 and 2030 due to overall growth in global economy, which will eventually lead to energy shortages globally.
Energy efficiency is being promoted as the most effective way to reduce energy consumption, since it is more economical than buying additional power from reserve plants.
In addition, integration of IT in energy management has enabled real time data analysis, web monitoring and peak pricing, which helps utilities optimize power generation based on available data.
IT has also changed in the way power is consumed in the residential sector, especially with the advent of devices like smart thermostats, efficient lighting and HVAC systems. These systems are connected to an energy dashboard, which keeps consumers informed about their power consumption, which generally leads to better energy management.
Energy efficient buildings, new lighting systems like solid-state lighting, and the emergence of zero-emission building systems are also contributing to increased energy efficiency.
The new advanced energy report comes close on the heels of a slew of energy-related offerings from Technavio, including:
- Global Biomass Power Generation Market 2015-2019
- Global Oilfield Equipment Market 2015-2019
- Global Environmental Sensing and Monitoring Market 2015-2019
- Advanced Energy Market in the US 2015-2019
