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During the projection period, the solar tracker for the power generation market is expected to increase at a CAGR of 7.5 percent, from US$ 6 billion in 2021 to US$ 9.5 billion in 2027.

The increase in CAGR is due to the demand for solar tracker for power generation, which is expected to revert to pre-pandemic levels once the pandemic is over.

Rising investments in various utility-scale solar tracker projects throughout developing countries are expected to boost solar’s part of the renewable energy mix, boosting solar tracker for power generation market growth. Despite the epidemic, global shipments have climbed significantly, prompting large corporations to focus on expanding their supply networks to satisfy post-pandemic demand.

Environmental degradation, rising fuel prices, and growing public awareness of the benefits of renewable energy are projected to propel the worldwide solar tracking system market forward.

The global demand for solar tracker for power generation is likely to be restrained by high maintenance requirements, high costs compared to stationary competitors and a more sophisticated system than fixed racking. Government initiatives, reduced design complexity, and solar tracker research are expected to drive the solar tracker market forward.

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Power generation by solar panel market growth is threatened by high capital investment and a lack of required infrastructure. The initial large capital investments necessary to deploy these devices are the primary limitation for the sales of solar tracker for power generation. Another problem that inhibits power generation and distribution investment in the sector is a lack of critical infrastructure.

Lack of awareness of the benefits of fixed-tilt installations over tracker installations has impeded expansion in regions such as the Asia Pacific and Europe.

The investments in solar tracker for power generation are expected to be fuelled by green energy goals. Countries are contributing to the global effort to reduce carbon emissions by setting their own green energy goals. For example, by the end of 2023, Brazil wants 42.5 percent of its primary energy supply to be renewable.

The UK government plans to generate approximately half of its electricity from renewables by 2025, according to the quick carbon analysis. Germany is likewise on track to generate 65 percent of its total energy from renewable sources by 2030.

In Asia, China aims to generate 16% of its energy from renewable sources by 2030. Following the country’s investments in solar tracking system, the renewable energy sector is predicted to hold a 26 percent share, exceeding the aim.

Increased operational efficiency with tracker deployment is anticipated to boost the solar tracker for power generation market growth. Simple solar tracker circuit installations are less efficient than solar farms and individual solar installations with tracking systems.

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Furthermore, these systems tend to make better use of space, which is necessary for both fixed-tilt and moving systems. These features, together with the availability of single-axis and dual-axis solar trackers, give clients a variety of alternatives and are projected to fuel global market expansion.

Key Takeaways

• The single-axis solar segment is expected to develop at a 7% annual rate through 2028, owing to its improved uniformity and longer lifetime. The key aspects that are expected to improve the industry landscape are increased efficiency, cheaper costs, and ease of operation.
• In 2021, photovoltaic technology accounted for more than 99 percent of the solar tracker for power generation market. The solar PV industry’s service providers are concentrating on developing innovative products with increased power production, environmental compatibility, and unit optimization in order to increase product penetration.
• The solar tracker for power generation market in North America is predicted to grow at a 5% CAGR from 2022 to 2028, owing to the large-scale integration of clean energy resources into the energy mix. Fiscal incentives, federal tax credits, and leveraging schemes, as well as changing renewable energy grid connectivity requirements, will propel the power generation process scenario.
• As the number of new solar projects grows at a rapid rate and various market participants develop innovative products, photovoltaic (PV) technology will capture 99 percent of the market share in 2021.

Competitive Landscape

This solar tracker for power generation market is controlled by tracker manufacturers such as NEXTracker, Soltec, and Arctech Solar, according to the competitive landscape.

NEXTracker has the largest solar tracker project market share in the world, with contracts from governments all over the world. Other significant competitors in the industry, including Array Technologies, Exosun, and Solar Steel, are expanding their customer base and building a strong presence. In the next few years, this is projected to result in a competitive industry for tracker sales.

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Key Industry Developments

Trina Solar introduced the TrinaTracker Agile 1P Dual Row, a dual-row, one-in-portrait, single-axis tracker that works with modules ranging from 400 to 670 watts. After the Vanguard series debuted in December, the Agile series joined the TrinaTracker family.

To explain the cost and output of the additional solar tracking features, Mass Megawatts announced plans for a solar tracker trailer trip using modest solar units. The tour will begin at the end of 2021, according to the business. The mobile units should assist sell the new innovation to many potential consumers who would not be easily convinced to get engaged with the new technology, with one unit exhibiting the tracker and another unit being almost identical without the solar tracking system.

Key Market Segments

By Product:

• Single Axis
• Dual Axis

By Technology:

• PV
• CSP

By Application:

• Residential
• Commercial & Industrial
• Utility

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa

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The electrified aircraft propulsion market share is expected to reach US$ 6 Bn in 2021 and US$ 20 Bn by 2030, with a CAGR of 14.3% during the projected timeline. The adoption of cleaner and greener aircraft, advancements in sophisticated air mobility, and alternative energy sources are all driving the demand for electrified aircraft propulsion forward.

Owing to the announced lockdowns and government restrictions on public meetings owing to the COVID-19 epidemic, research and development in the electrified aircraft propulsion market have been impeded around the world.

The pandemic has slowed the production of components, including lithium-ion batteries and other power electronics parts. As the globe returns to normalcy, the sales of electrified aircraft propulsion will see a significant rise.

The shortage of replacement parts is hindering continued prototype research and development. Due to the current constraints, companies are unable to test their prepared prototypes, but this is expected to restart once the restrictions on aircraft propulsion are lifted.

With the growing size of the global aircraft fleet and increased airline travel, emission issues are expected to climb even more.

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As a result, there is a desire for electrified aircraft, which is likely to aid in the reduction of carbon emissions. Institutions and local authorities such as the International Civil Aviation Organization, the Federal Aviation Administration, and the European Union Aviation Safety Agency have called for viable aircraft fuel alternatives.

Manufacturers strive to change effectiveness by substituting hydraulically operated systems with electric systems in the electrification of aircraft.

The poor energy density of batteries is one of the most significant issues that electric aircraft manufacturers confront when it comes to long-distance flights. The watt-hours per kilogram (Wh/kg) unit of measurement for aircraft propulsion is commonly used.

The current lithium-ion batteries have an energy density of 250 Wh/kg, which is far lower than the 12,000 Wh/kg energy density offered by conventional jet fuel or kerosene. As a result, all-electric long-haul commercial flights are still a long way off, as fossil fuels are 14 times more energy-dense than battery-powered alternatives.

Some of the major factors driving the growth of the global aircraft electrification market are an increase in global government concerns about environmental pollution, stringent rules regarding carbon emissions through airplanes by the aircraft industry to reduce aircraft noise, and low operational costs.

Electric aircraft’s restricted range and capacity, on the other hand, are projected to hinder market expansion. On the other hand, advancements in superior power electronics components and Lithium-ion battery technology are expected to open up the attractive potential for the electrified aircraft propulsion market.

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 Key Takeaways

• With a market dominance of 24.3 percent in 2021, the battery sector is anticipated to drive the electrified aircraft propulsion market over the projected period.
• According to technology, the hybrid electric aircraft segment of the aircraft electrification market is expected to grow at the fastest rate during the forecast period.
• From 2021 through 2030, the North American market is expected to contribute the most. The increasing demand for new airplanes in North America is one of the main reasons for the region’s leadership in the electrified aircraft propulsion market.
• Turbogenerators for powering electric motors and batteries, electric actuators, and fly-by-wire are among the latest innovative technologies in the aviation electrification business.

Competitive Landscape

To consolidate their power in the electrified aircraft propulsion market, key players have used a variety of organic and inorganic techniques.

Safran, Thales Group, Raytheon Technologies, and GE Aviation have used a number of strategies to expand their market position, including acquisitions, contracts, new product launches, collaborations, and agreements.

 Recent Developments

GE Aviation chose Boeing in February 2022 to assist flying tests of their hybrid-electric propulsion system on a modified Saab 340B aircraft with CT7-9B turboprop engines.

GE Aviation will get airplane modification, system integration, and flight-testing services from Boeing and its affiliate Aurora Flight Sciences.

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MagniX and DESAER, a Brazilian aviation business, established cooperation in February 2022 to develop the ATL-100H, a hybrid-electric version of the ATL-100 regional aircraft.

Depending on the range of operation, the ATL-100H is predicted to save 25-40% of gasoline, which is a considerable reduction in carbon emissions. The hybrid-electric aircraft ATL-100H’s revolutionary design is the first step toward DESAER’s goal of developing an all-electric aircraft, addressing the world’s growing recognition of the need to advance sustainable aviation practices.

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The demand for solar district heating market exceeded USD 2.5 billion in 2021, and it is expected to increase at a CAGR of over 6.8% from 2022 to 2032.

The global solar district heating market is predicted to grow over the forecast period, as technology is a cost-effective and environmentally responsible way of providing heat and energy. Solar thermal is expected to meet 15–20 percent of worldwide district heat demand by 2022, according to studies.

The solar district heating market trends indicate that the industry will rise as more public and private actors participate in infrastructure development, as well as the lower operating and maintenance costs of solar district heating (SDH) systems. Their environmentally benign nature, combined with low greenhouse gas emissions and simplicity of access, will impact product uptake favourably. In addition, strong energy efficiency standards and rules are being implemented to help the sector expand.

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The emerging trends in the solar district heating market portray rapid industrialization as one of the main drivers of the industry. Globally, the number of industries is increasing. As a result, there is a significant demand for electricity and heat. This has significantly improved the sales of solar district heating systems. As a result, during the projected period, the worldwide solar district heating market is expected to be driven by increasing industrialization.

As per the solar district market report, district heating has recently emerged as one of the prospective markets for renewable energy, with solar energy likely to play a major role throughout the projection period. Solar thermal energy is widely employed in both industrial and residential settings.

Another important benefit is affordable heat, which is projected to boost the overall demand for solar district heating in the future. The global solar district heating market adoption trends are likely to be established as a prominent application category for electricity and heating.

Solar district heating market key trends & opportunities have established government rules that are aimed at lowering carbon emissions as a primary driver of the global solar district heating sector. Government incentive programmes that encourage the construction of solar district heating systems are also propelling the sector forward. Furthermore, due to environmental concerns, a majority of enterprises and government entities are switching to solar energy applications from traditional district heating systems.

Rapid urbanization is one of the primary drivers of the worldwide solar district heating market, as cities grow in size and demand for energy-efficient, low-carbon solutions increases. Solar district heating systems provide zero-emission solutions, propelling the solar district heating sector forward.

Over the projection period, the worldwide solar district heating market forecast is likely to be hampered by high initial costs associated with solar system installations. The overall market demand is projected to be hampered in the future by high heat distribution temperatures in district heating systems, resulting in low solar collector performance.

By 2025, the market for solar district heating is expected to have surpassed US$ 7 billion.

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Key Takeaways

• The Asia Pacific solar district heating system market is expected to be driven by favourable regulatory policies that encourage infrastructure development and an increase in renewable energy investments.
• Rapid urbanization and greater spending on solar district heating system development are expected to boost demand for solar district heating systems.
• Due to increased infrastructure expenditures and solar-based power generating projects, China and Japan are likely to account for a considerable proportion of the Asia Pacific solar district heating market over the forecast period.
• Due to the introduction of sustainable construction solutions as well as internal heat loads, the residential and central solar heating industry is expected to reach US$ 2 billion by 2028.
• During the forthcoming years, the solar district heating market in Latin America and the Middle East, and Africa is expected to grow at a rapid pace.

Competitive Landscape

Fortum, KELAG Energie & Wärme GmbH, Göteborg Energi, Korea District Heating Corporation, Keppel Corporation Limited, LOGSTOR A/S, rsted A/S, Ramboll Group A/S, RWE, NRG Energy, Inc., Shinryo Corporation, Statkraft, STEAG GmbH, Vattenfall AB, Savosolar, and Aalborg CSP are among the major players in the solar district heating market. Mergers, joint ventures, strategic ramifications, product innovations, and contracts, among other things, is likely to boost the corporate picture.

The global market study on solar district heating established that the market presence of well-established firms would be enhanced by strategic alliances and collaborations, as well as ongoing agreements.

Savosolar was awarded a contract by Fernwärme Ettenheim GmbH in July 2019 to install a solar district heating system in Germany. The company plans to deliver a 1,700 square metre solar collector field with a heat storage capacity of 200 cubic metres to the city southwest of Stuttgart. By the end of 2019, the deal is expected to be valued at more than US$ 904,000.

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The green building materials market size is likely to reach US$ 823 Bn by 2032, up from US$ 265 Bn in 2021, accounting for 11.8% CAGR through 2022-2032.

Green construction materials play an essential role in the growth of such structures. From design through demolition, green building materials are necessary for sustainability and efficiency.

Manufacturers are primarily concerned with creating conventional consumer goods. Customizations based on customer preferences, on the other hand, are predicted to be the way forward, boosting demand for green building materials market.

Due to Sustainable growth and a decrease in difficulties connected to environmental degradation and natural resource depletion, green construction materials are becoming increasingly popular, leading to the adoption of green building materials market.

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Low operational and maintenance costs and the pressure of environmental rules relating to emissions are the primary drivers of the global green building materials market.

Furthermore, governments in developed nations have implemented regulations and incentives to encourage green building, which has aided the market’s growth.

Key Takeaways

• Insulation is expected to be the fastest-growing application, rising at a pace of 11.7% during the projected period due to its excellent energy efficiency and increased emphasis on installing interior insulation solutions.
• Green construction materials are required to combat the health risks posed by climate change, pollution, and carbon footprints. It has been discovered that employing green building materials in the construction sector substantially reduces carbon dioxide (CO2) emissions.
• The Indian government has encouraged green construction, such as the Green Rating for Integrated Habitat Assessment (GRIHA). It has mandated that all central government and public-sector buildings receive at least a 3-star rating under GRIHA, enhancing the sales of green building materials.
• The future of green building technology provides several options to repair the damage that has been done to the world and the environment. Building materials that retain air cleansing materials, micro-grids, net-zero structures, and smart glass are just a few of them.
• North America owns a significant green building material market share. The rise of the green building material market in the area is being driven by strict rules on the use of environmentally friendly products in the construction sector.
• Exposed to extreme climate conditions and government initiatives, the Asia Pacific and Latin America are also seeing increased demand for green building materials market and are likely to be very attractive markets for green building materials.

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Competitive Landscape

Acoustical Surfaces, Cemex S.A., Green Build Products, Cold Mix Manufacturing Corp, Green Build Products, Green Fiber LLC, National Fiber Technology LLC, and Novagard Solutions are some of the key players in the green building materials market.

Some of the growth strategies identified include mergers and acquisitions, trends and analyses relating to strategic collaboration among partners, and mutual agreements and partnerships.

To enhance their geographical footprint, the top players are using novel product launch tactics.

• Sika announced its consumer purchase intention MBCC Group in November 2021 in order to accelerate its growth strategy and strengthen its position as a global sustainability champion in the construction sector.
• SmartLam North America and RedBuilt established cooperation in May 2020 to provide Cross-Laminated Wood (CLT) supplies and solutions to architects, engineers, and contractors working on projects utilizing the popular mass timber building technology.
• In the Pacific Northwest, West Coast, and Southwest, which encompasses nine states, RedBuilt will be the only distributor of SmartLam CLT.
• The use of natural resources has been strained by the rising global population and growing urbanization. Concept of sustainable growth and a drop in challenges connected to environmental degradation and natural resource depletion, green construction materials are becoming increasingly popular.

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Key Segments

By Type:

• Structural
• Interior
• Exterior
• Others

By Application:

• Framing
• Insulation
• Roofing
• Interior & exterior finishing

By End-user:

• Residential
• Commercial offices & buildings
• Institution

By Region:

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East & Africa

About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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The power management system market size is expected to expand significantly at a CAGR of 6.1% during the forecast period, owing to the increasing requirement for energy efficiency throughout the industrial landscape.

Integration of sophisticated technologies such as cloud-based platforms and IoT are likely to drive rapid industrial growth. Power management systems are dedicated microsystems designed to aid in the intelligent automation of industrial power grids.

Power management systems are designed to prevent blackouts and optimize the performance of operations and vital processes in load shedding and power system control applications.

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Another significant driver of the power management system market is an increase in electricity demand. Governments and businesses all around the world are investing in the installation of grids in remote locations. The need for power management systems is expected to rise as a result of this.

As a result, an increase in electricity consumption is expected to boost the power management system market throughout the forecast period.

The growing number of renewable energy installations is one of the most notable factors driving the growth of the power management system market. Renewables are rapidly becoming the world’s fastest-growing energy source.

Despite the COVID-19-induced economic downturn, renewable energy capacity exceeded previous predictions.

The pandemic triggered by the unique coronavirus outbreak has not only resulted in a catastrophic health catastrophe but has also ushered in a new period of economic instability across a wide range of industries. This is visible in a variety of ways, most notably in energy demand and consumption patterns.

Power monitoring and control sector in the power management system market demand is predicted to be strong in industries such as oil & gas, mining, data centers, and telecom & IT. These industries are concentrating their efforts on creating a more energy-efficient system. As a result, the power monitoring and control segment is expected to grow significantly in the near future.

The end-user segment of the power management system market, oil and gas and telecom, and IT are expected to grow at a substantial CAGR throughout the projection period.

Due to frequent improvements and the introduction of new energy management technologies, the software will emerge as a key segment in the power management system market by 2027.

The Asia Pacific area is a prosperous region for the power management system market. The market in the region is likely to grow at a rapid CAGR during the forecast period as a result of increased industrialization and government attempts to electrify all areas of their respective countries.

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In terms of electricity consumption in the Asia Pacific, China, India, and Japan are the leaders. The region’s need for power management systems is increasing as people become more aware of the benefits of conserving energy. During the predicted period, this tendency is likely to continue.

By 2027, Latin America is expected to account for a sizable part of the power management system market. This is mostly due to the region’s expanding grid construction and energy-related enterprises.

Key Takeaways:

• The power monitoring and control category led the market with a 23.68% share and is likely to retain its dominance during the forecast years.
• With a power management system market share of 25.8%, the oil and gas category leads.

Competitive Landscape:

Some of the leading players in the power management system market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), GE (US), ETAP (US), Wartsila (Finland), and Mitsubishi (Japan).

Contracts & agreements were the most commonly adopted strategy by top players in the power management system market. It was followed by new product developments, investments and expansions, and mergers & acquisitions.

• Eaton, a prominent power management company, will release its new Intelligent Power Manager (IPM) 2 software to the worldwide market in July 2021. The software, which was launched as a major component of the Eaton Brightlayer Data Centers package, was aimed to provide stronger power infrastructure control in edge computing or business applications to minimize costly outages.
• In June 2021, Chile will inaugurate Latin America’s first concentrated solar power facility, which will provide 100% renewable and clean electricity to over 380,000 households. Cerro Dominador is a first-of-its-kind hybrid solar thermal and photovoltaic system in Latin America, with a total capacity of 210 MW that will deliver green energy to Chile’s power grid.

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Key segments

By Type:

• Software
• Hardware
• Services

By Module:

• Power Monitoring and Control
• Load Shedding and Management
• Power Simulator
• Generator Control
• Others

By End Use:

• Marine
• Oil & Gas
• Data Centers
• Metals & Mining
• Others

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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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The residential solar PV inverter market is anticipated to register a CAGR of 4% during the forecast period 2022-2032.

The residential solar PV inverter market outlook will be bolstered by ongoing technological advancements, changing regulatory and consumer proximity, and the deployment of efficient inverter units.

As per the residential solar PV inverter market study, the growth of the residential solar PV inverter market is likely to be fueled by the increased deployment of solar PV modules to enhance the microgrid network.

The study also finds that the replacement of traditional storage technology and changes to existing techniques and cost-competitiveness will positively impact industry dynamics of residential solar PV inverter market trends.

In addition, sales of residential solar PV inverters spike due to the widespread adoption of renewable energy sources in the housing sector and the rise of net-metering schemes.

The residential solar PV inverter market future trends will be swayed by a paradigm shift toward adequate manufacturing precision, new product innovations, optimization, and standardized production processes for environmental compatibility, power output, and low installation costs.

Furthermore, smart communication will encourage the adoption of residential solar PV inverters by ensuring network reliability and balancing electricity demand and supply.

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The ability of these inverters to generate grid-matching power (AC) directly through the back of each solar panel will influence the demand for residential solar PV inverters.

The parallel connection of these systems across the PV module reduces panel and inverter failure, further preventing the string from going offline, thereby positively impacting the residential solar PV inverters adoption trends.

A wide array of residential solar PV inverters market opportunities opens up as string-based residential solar PV inverter deployments will be aided by rising regulatory concerns about effective interconnection to grid-tied solar installations.

The residential solar PV inverters market size is likely to be worth US$ 4.8 Bn in 2026.

Key Takeaways:

• Microinverter technology will grow in popularity in the residential solar PV inverter market due to its ability to operate as a plug-and-play device across solar arrays.
• By 2028, the single-phase residential solar PV inverters market is expected to exceed USD 5 Bn due to high operational feasibility and lower solar component costs.
• Central inverters are highly efficient and compatible with various grid features such as fluctuation management balancing and hence are expected to witness the fastest growth rate.
• By 2028, the Asia Pacific residential solar PV inverter industry is expected to have installed over 20 GW per year.

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“The Asia-Pacific region dominates the residential solar PV inverter market, and this trend is expected to continue in the coming years. The majority of the demand is expected to come from China, also the world’s largest solar energy producer. Product penetration in the region will be driven by favourable reforms such as FITs, soft loans, incentives, subsidies, and tax rebates, etc.” opines an FMI researcher.

Competitive Landscape:

The key player’s residential solar PV inverter market share will be bolstered by inorganic growth ventures, contracts, and new product innovations to expand the product portfolios of leading players.

SMA Solar Technology AG, Darfon Electronics Corp., General Electric, Schneider Electric, Enphase Energy, Sungrow, Siemens, Eaton, SolarEdge Technologies, Fimer Group, Huawei Technologies, Delta Electronics, Altenergy Power System, Hitachi Hi-Rel Power Electronics Private Limited and Fronius International GmbH are some of the major players in the residential solar PV inverter market.

Recent Developments in the Residential Solar PV Inverter Market are:

• The centralised inverters (model SG3125HV) and string inverters were introduced by Sungrow Power Supply Co. Ltd. (domestic model SG225HX; international model SG250HX). The 210 ultra-high-power modules are fully compatible with the newly launched investors.
• Tesla has announced the release of its own solar inverter. The Tesla solar inverter comes in two sizes: 3.8 kW and 7.6 kW, with two and four maximum power point trackers, respectively (MPPTs).

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Key Segments

By Type:

• String Inverter
• Micro-Inverter

By Application:

• Single Phase
• Three Phase

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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The global battery energy storage system market is poised to increase at a solid and robust CAGR of 26%, reaching US$ 44.86 Bn by 2032 from US$ 3.54 Bn in 2021.

The market’s expansion can be attributed to rising demand for grid energy storage systems due to ongoing grid modernization, increasing penetration of lithium-ion batteries in the renewable energy sector, and the rising trend of adopting a low-carbon fossil-fuel-free economy, as well as the ongoing renewable energy revolution.

The most common renewable energy kinds stored in grids are solar and wind energy. However, the energy generation process is disrupted when the sun is obscured by clouds or by changing wind currents. Moreover, the significant financial investment necessary to build battery energy storage devices, on the other hand, is limiting industry expansion.

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Such oscillations necessitate the deployment of flexible grid solutions for energy storage. Grid modernization is increasingly using battery energy storage technology.

However, utility application growth has been hampered by the abrupt breakout of a novel coronavirus. In 2021, there was a decrease in battery energy storage systems installed in various projects. In addition, the shutdown of manufacturing facilities throughout the world in the first and second quarters of 2020 contributes to the market’s fall in growth in 2020.

Various governments around the world, particularly in developing countries, are attempting to develop distant places like isolated rural areas and peri-urban areas and small islands cut off from national grids. Bringing electrical power to rural and remote locations is known as rural electrification. Rural electrification can benefit from battery energy storage devices.

Due to the aforementioned contributors, the battery energy storage systems market is likely to rise to US$ 15.1 Bn by 2027.

Key Takeaways:

• Lithium-ion batteries had the most significant market share in 2021, which is expected to continue throughout the projection period.
• In 2021, the on-grid category will hold the most significant share of thebattery energy storage systems market, with a substantial CAGR projected over the forecast period. The segment’s growth is likely to be fuelled by lower energy bills for clients who rely on the utility system for electricity.
• In 2021, the utility application market will be prominent. The necessity to meet peak electricity needs is a fundamental factor driving the growth of the utility sector.
• From 2022 to 2027, the APAC marketis predicted to develop at the fastest rate. In 2021, the region will have the most significant share of the battery energy storage systems market.

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Competitive Landscape

The battery energy storage systems market is dominated by BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).

The significant investment by the key players can be a positive contribution to the battery energy storage systems market.

• SAMSUNG SDI Co., Ltd. announced PRiMX, a new battery brand, in December 2021 to provide consumers with quality, performance, and a demonstrated advantage, which means user convenience attained by the company’s developed technology. In Korea and Europe, the brand has been trademarked, and it will be registered in the United States soon.
• LG Energy Solutions Co., Ltd. and Siemens AG signed a Memorandum of Understanding (MoU) in December 2021 for collaboration in battery manufacturing, specifically the digitization of the manufacturing process. LG Energy Solutions Co., Ltd. created smart batterymanufacturing methods at its factories using innovative technology due to this strategic relationship.

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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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The recycled carbon fiber market is expected to reach US$ 3.91 billion by 2032, up from US$ 1.26 billion in 2021, expanding at a high CAGR of 11.8%. This study explains how recycled carbon fiber price is directly proportional to increasing concerns over climate change and awareness around the use of biodegradable products.

As the demand for pro-performance, eco-friendly and energy-efficient products increases, the consumption of recycled carbon fiber is higher than ever. Countries like US, Germany and Japan are investing more in the research and development projects for recycled carbon fiber.

Factory shutdown, closed supply chains, and brutally damaged end-use industries restrict the recycled carbon fiber market. The damage done by covid-19 to the aerospace market has led to a steep decline in recycled carbon fiber.

Not enough awareness about the use of recycled carbon fibers in manufacturing units of multiple products. The number of manufacturing skills one requires to retain the mechanical traits of virgin carbon fiber and produce recycled carbon fiber is very crucial.

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European Union has allocated 85% of the materials used in manufacturing vehicles to be recyclable, as this recycled carbon fiber is the ideal material for transforming industries. This way, these industries produce eco-friendly, biodegradable and green products.

“The major challenge with the recycled carbon fiber market is the lack of composite waste and other scrap material availability. The ability to decrease erosion and increase the durability of products. Gaining higher volumes for the recycling processes of carbon fiber.”

Key Takeaway

• The increasing demand for lightweight materials to reduce the weight of the vehicle is also augmenting the demand for recycled carbon fiber applications.
• Europe holds the biggest portion in the global recycled carbon fiber market. The excessive growth in this region is attributed to the continued strategic development of the new-gen vehicle. The countries in Europe are initiating plats to transform the carbon fiber waste into products.
• On the basis of type, the chopped recycled carbon is in the highest demand in terms of value and volume, as it is used in multiple industrial mixing, injection modeling and other compounding processes. Recycled carbon fiber ltd and other companies like this do the work for you.
• Based on source, the aerospace scrap holds and supplies the most significant amount of scrape to the recycled carbon fiber industries that further produce products formed through these materials. E.g., the Pyrolysis carbon fiber global recycled carbon fiber market is segmented by type, source and end-use industries and further divided into small segments.

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Competitive Landscape

The major carbon fiber recycling companies are dominated by SGL Carbon SE, ELG Carbon Fibre Ltd, Procotex Corporation SA, Vartega Inc, Carbon Conversions Inc, Carbon Fiber Recycling Inc, Shocker Composites LLC, Alpha Recyclage Composites, HEXCEL CORP, CFK VALLEY STADE RECYCLINGGMBH & CO KG, Elevated Materials and Sigmatex (UK) Limited. These companies are adopting new organic and inorganic plans to increase their recycled carbon fiber market stronghold.

• In 2021, Procotex Corporation tied up with ELG Carbon Fibre, which allows the company to produce higher amounts of carbon fiber and feedstocks.
• ELG Carbon Fiber has developed the world’s first carbon fiber bogie(CAFIBO) by partnering with Railway Research.

What impact did COVID-19 have on the Recycled Carbon Fiber Market?

Due to the novel coronavirus (COVID-19) pandemic, the recycled carbon fiber industry is predicted to increase slowly in 2021. This deadly virus has caused havoc all across the world, especially in North America and Europe. Companies have shut down activities and industrial facilities across countries to prevent the virus from spreading further. As a result, the capacity for producing recycled carbon fiber has been reduced.

End-use industries such as automotive and aerospace, among others, have ceased production. As a result of the pandemic’s influence on the global economy, several automotive manufacturers, notably Volkswagen, BMW, and Ford, have declined their market shares.

Due to the lack of personnel and transportation, the global pandemic has had an impact on production, demand, suppliers, investors, and a variety of other factors. Overall, it can be concluded that the recycled carbon fiber industry is growing at a slower pace.

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However, essential firms’ continued efforts have aided the worldwide market’s delayed recovery from the pandemic. The worldwide market is forecasting a more significant percentage of recycled carbon fiber in the current context.

Key segments

By Type:

• Chopped
• Milled

By Source:

• Autospace Scrap
• Aerospace Scrap
• Others

By End Use:

• Automotive & Transportation
• Consumer Goods
• Sporting Goods
• Marine
• Industrial

By Region:

• North America
• Latin America
• Europe
• Middle East & Africa
• Asia Pacific

About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com