Increasing Government Support Fostering Solar Panel Recycling Market

The rising adoption of solar power as a renewable energy source and the increasing support from several governments toward sustainable development will drive the solar panel recycling market at a CAGR of 22% during the forecast period (2018–2023). The market value stood at $80.7 million in 2017, and it is expected to reach $269.8 million by 2023. Solar panels are made up of silicon, glass, synthetic materials, aluminum, and other metals, which can be separated through recycling after the completion of the lifecycle of panels. The recycled constituents can be reused in the production of other products.

The increasing focus of governments on sustainable development is one of the key growth drivers of the solar panel recycling market. Sustainable development is the controlled and optimized use of resources to preserve them for future generations. The rising sustainability concerns, owing to the energy crisis being witnessed by several nations, are accelerating the use of renewable solar power as an electricity source.  The reuse of solar panels reduces the environmental impact of the waste generated by the disposal of these products.

According to P&S Intelligence, Europe held the largest share in the solar panel recycling market in 2017. Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the market during the forecast period. This can be attributed to the accelerating environment sustainability concerns and increasing government support being provided for the adoption of renewable energy sources and solar panel waste management in the region. Moreover, the cost advantage of solar panel recycling in India and China will also facilitate the market growth in APAC in the foreseeable future.  

Thus, the rising installation of solar panels for energy generation and the soaring emphasis of governments on sustainable development will supplement the market growth in the foreseeable future.

Source: www.psmarketresearch.com

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Lubricant Sales Set To Explode in Middle East & Africa in Near Future

With the mushrooming sales of automobiles, especially in the developing nations such as China, Mexico, India, and Brazil, due to the increasing per capita income of the inhabitants, the demand for lubricants is growing rapidly. This is because lubricants are extensively used in the crankcase of a vehicle engine for ensuring its efficient operation. Additionally, these crude oil by-products assist in reducing friction, which, in turn, leads to lesser wear and tear on the vehicle. 

Through these methods, companies provide free samples and gifts to customers for creating curiosity and generating awareness about lubricants. Apart from this, the expansion of the automobile industry in several countries is also positively impacting the sales of lubricants. This is consequently causing a sharp surge in the global lubricants market. As a result, the market is predicted to progress at a CAGR of 2.3% from 2020 to 2030 and generate a revenue of $115,350.6 million by 2030. 

The lubricants market is also classified, on the basis of product type, into transmission and hydraulic fluid oil, engine oil, gear oil, grease, general industrial oil, metalworking oil, and process oil. Out of these, the engine oil category held the largest share in the market in 2019. This was primarily because of the huge demand for engine oils, on account of the huge sales of new automobiles all over the world.

Globally, the lubricants market will exhibit the fastest growth in the Middle East & Africa (MEA) region in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the presence of several oil wells in the region. Moreover, owing to the availability of crude oil and its by-products at affordable prices, lubricants are extensively used by manufacturing industries in the regional countries.

Hence, it can be said with confidence that the sales of lubricants will surge in the upcoming years, mainly because of the ballooning sales of automobiles, especially in the emerging economies, and the growing public awareness about the advantages of using these products in vehicles and factory equipment across the world. 

Source: www.psmarketresearch.com

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Why will Demand for Heat Transfer Fluids Skyrocket in Asia-Pacific in Coming Years?

With the rise in concentrating solar power (CSP) activities in North America and Europe and the expansion of heating, ventilation, and air conditioning (HVAC), petrochemical, and chemical industries, the demand for heat transfer fluids is surging sharply across the world. Moreover, the high substitution rates of synthetic aromatic heat transfer fluids are creating a huge positive impact on their worldwide sales, which is, in turn, driving the advancement of the global heat transfer fluids market. 

Heat transfer fluids are usually required in heat exchangers for transferring the heat produced from one place to another. According to the requirements of industries and the specifications of a heat transfer system, there are many types of heat transfer fluids sold across the world. These fluids consist of additives and one critical chemical ingredient. The additives present in these fluids help in reducing their corrosive effect or their fouling nature. 

According to reports, the demand for CSP has grown massively, especially in the south-western U.S. As per the International Energy Agency (IEA), in North America, the total CSP capacity is predicted to rise to 50 GW by 2020. This will create huge growth opportunities for the heat transfer fluid producing organizations focusing on producing synthetic, molten, and aromatic salts. Globally, the demand for heat transfer fluids will rise rapidly in the Asia-Pacific region in the future years.

According to the estimates of P&S Intelligence, a market research company based in India, the mushrooming sales of these fluids in the APAC region will be because of the boom in the manufacturing sector in regional countries such as India, Indonesia, Vietnam, Malaysia, and Thailand. As per various surveys and reports, 117.9 kilotons of heat transfer fluids were consumed in this region in 2015. Moreover, this number will rise to 179 kilotons by 2021, as per various estimates.

Hence, it is safe to say that the demand for heat transfer fluids will soar all over the world in the forthcoming years, primarily because of their ballooning requirement in various industries such as chemical, petrochemical, manufacturing, and HVAC.

Source: www.psmarketresearch.com

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Sales of Solar Control Glass Set to Explode in Asia-Pacific in Future

 The increasing provision of government subsidies, tax benefit schemes, and investment tax credits and the implementation of FIT programs in several countries are positively impacting the demand for solar control glass across the world. Moreover, the enactment of favorable government policies and laws such as tax reliefs to construction companies and the provision of 100% FDI for infrastructural development projects are boosting the sales of solar control glass in emerging economies such as India.

In addition to the above-mentioned factors, the rapid construction of residential and non-residential buildings in various countries, on account of the increasing urbanization and industrialization rates, is also propelling the demand for solar control glass around the world, which is, in turn, driving the advancement of the global solar control glass market. Solar control glass contains a coating that directly reflects a significant portion of the sunlight falling on it, thereby reducing the amount of heat entering a building.

This makes the indoor spaces and interiors cooler and brighter. The mushrooming utilization of glass in modern buildings and automobiles is pushing up the requirement for solar control glass in automotive and residential sectors. This is fueling the expansion of the global solar control glass market. Commercial buildings, residential buildings, and the automotive sector are the major application areas of solar control glass. Amongst these, the requirement for this material was the highest in commercial buildings in the past.

Moreover, this trend is predicted to continue in the coming years as well. This is because of the ballooning usage of solar control glass in glass walkways, conservatories, atria, and skylights. The rising usage of building-integrated photovoltaic (BIPV) materials in the construction of buildings and the rapid advancements being made in BIPV materials such as colored, transparent, and insulated are creating lucrative growth opportunities for the solar control glass producing companies all over the world

Hence, it can be said with full certainty that the demand for solar control glass will shoot up all over the world in the upcoming years, mainly because of the rising popularity of solar energy and the increasing implementation of favorable government policies regarding these materials in several countries around the world.

Source: www.psmarketresearch.com

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How Is Economic Diversification in Qatar Fueling Facility Management Service Adoption?

The increasing awareness among the enterprises in Qatar about the protection of the physical assets has led to a high demand for facility management services. Since physical assets require huge investments, effective asset protection minimizes the operational expenditure on them and helps companies in achieving profitability. The surging requirement for asset protection has encouraged facility management service providing companies to integrate infrastructure, sustainable environment, real estate, technology, and people to achieve optimum efficiency.

Moreover, the surging focus of the government on the diversification of its economy will drive the Qatar facility management market at a 16.4% CAGR during the forecast period (2020–2030). The market was valued at $4,613.0 million in 2019, and it is expected to reach $21,975.1 million by 2030. The government plans to boost its economic growth through the Qatar National Vision 2030, which is based on four key aspects, namely environment development, economic development, social development, and human development. Qatar essentially aims to reduce its economic dependence on the oil and gas industry through this plan.

In addition, the upcoming FIFA World Cup 2022, which will be hosted by the country, will increase the requirement for facility management services in the coming years. Qatar aims to spend around $220 billion on a wide range of infrastructure to host the upcoming sports event. On average, the country is spending over 10.0% of its annual national output on creating infrastructure for this global event. As part of the preparations, the nation is constructing a 40,000-seat stadium with concession stands, shops, media boxes, bathrooms, and other facilities.

The burgeoning service demand in the Qatar facility management market is met by companies such as Darwish Interserve Facilities Management W.L.L., Al Tamyoz Business Group, Conservo Facility Management Co. W.L.L., AKTOR Qatar W.L.L., Confident Enterprises W.L.L., Al-Asmakh Facilities Management W.L.L., CBM Qatar L.L.C., The Maintainers, COMO Facilities Management Services, and Mosanada Facilities Management Services. The market players are strongly focusing on winning contracts to gain an edge over their competitors.

Thus, the growing awareness regarding asset protection and rising focus of the government on economic diversification will fuel the demand for facility management services in Qatar in the foreseeable future.

Source: www.psmarketresearch.com

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Infrastructural Development Projects Predicted to Fuel Diesel Generator Set Sales in Nigeria in Future

Due to the surge in upstream exploration and production (E&P) activities and the expansion of the refining industry, because of the huge investments made by both foreign and domestic organizations, the sales of diesel gensets (or generator sets) are rising rapidly in Nigeria. Additionally, various proposed construction projects such as the building of airport terminals, bridges, and the Lagos–Calabar coastal railway lines are predicted to propel the sales of diesel gensets in Nigeria in the coming years.

Apart from the aforementioned factors, the increasing usage of renewable sources of energy such as photovoltaic (PV) modules for fulfilling the domestic power needs is also fueling the sales of diesel gensets in the country. In addition to this, the implementation of several government policies and initiatives aimed at enhancing the domestic renewable power capacity is massively boosting the sales of diesel gensets in the country. This is being done for reducing the demand-supply gap in the country.

Due to the above-mentioned factors, the sales of diesel gensets are climbing in Nigeria. This is fueling the expansion of the Nigeria diesel genset market. The value of the market is predicted to grow from $410.9 million in 2018 to $527.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.1% between 2019 and 2024. Residential, industrial, and commercial sectors are the biggest application areas of diesel gensets in the country. 

When power rating is taken into consideration, Nigeria diesel genset market is categorized into above 750 kVA, 376 kVA–750 kVA, 76 kVA–375 kVA, and 5 kVA–75 kVA. Amongst these, the 5 kVA–75 kVA category recorded the highest growth in the market in the past, as per the observations of the market research company, P&S Intelligence. This was because of the huge requirement for these gensets in residential facilities, telecom towers, and retail and small commercial establishments. 

Hence, it can be said with surety that the demand for diesel gensets will soar in Nigeria in the future years, primarily because of the existence of a poor power infrastructure and grid uncertainties and the growing adoption of renewable energy sources in the country.

Source: P&S Intelligence

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