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 advanced energy sector from solar PV market is anticipated to boost advanced energy demand over the next seven years. Rapid growth in electricity generation sector over has been driving the market and this trend is expected to continue over the forecast period. Growing applications in building envelope, lighting, HVAC, appliances and 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 appositive impact on advanced energy demand. In addition, increasing demand from building efficiency segment is expected to surge market growth over the forecast period. Advance energy market is anticipated to witness substantial growth over the next five years on account of advancement in energy storage systems and technologies.
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 hydro power markets. Transportation was the second largest segment. Increasing sales of hybrid vehicles and plug-in electric vehicles are anticipated o augment advanced energy market growth. Building efficiency was the fastest growing segment for advanced energy market owing to increased application in lighting for commercial and residential purposes. In addition, fuel production segment has been witnessing considerable growth over the past few years and 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 trend is expected to continue over the forecast period. 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 advanced energy storage systems market in Europe coupled with technological advancement is likely to propel 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.
