The energy and power industry plays a pivotal role in driving global development and sustainability. Innovations, sustainability initiatives, and advancements shape its trajectory, ushering in a transformative era of cleaner, more efficient, and resilient energy solutions. As per Allied Market Research, the energy and power sector witnessed a dynamic landscape in the third quarter of 2023, characterized by mergers and acquisitions, groundbreaking technological advancements, innovative partnerships, and transformative agreements. This industry outlook provides an in-depth analysis of key developments and trends that are shaping the industry, highlighting the impact on the sector’s growth and future trajectory.??
Shaping the Industry Landscapes: Mergers & Acquisitions?
- In September 2023, Repsol, a leading energy company, made a significant entry into the US onshore wind market
by completing the acquisition of ConnectGen, the renewable energy platform, from Quantum Capital Group. This move strengthens their renewable energy portfolio and showcases their commitment to clean energy transition.? ?
- In September 2023, Energy Transition and Environmental Management LLC (ETEM), a Texas-based energy transition and liability transfer company, successfully acquired fossil fuel portfolio from Energy Harbor Corp. and Sammis Power Plant, a 2,220-megawatt coal-fired power plant located in Stratton. This acquisition reflects their commitment to repurposing fossil-fired electric generation and transitioning to a reduced carbon footprint.? ?
- In September 2023, Chevron, a global energy company, completed the acquisition of a majority stake in the Advanced Clean Energy Storage Hydrogen Project in Delta, Utah. This demonstrates their focus on clean and sustainable energy solutions. This project holds tremendous potential for advancing hydrogen as an energy storage medium. The global hydrogen energy storage market
is projected to rise at a CAGR of 6.5% from 2020 to 2027.??
Elevating Industry Horizons: Product/Service Launches and Technological Advancements?
- In August 2023, AboitizPower, Philippines’ leading provider of renewable energy
, advancing business and communities, introduced its corporate electric vehicle (EV) fleet transformation program, in an event held at the Blue Leaf Cosmopolitan in Quezon City, signaling their commitment to sustainable transportation solutions. This initiative contributes to reducing carbon emissions and promotes the adoption of electric vehicles.? ?
- In September 2023, Nextracker, a global leader in solar tracker technology, inaugurated a new factory in Las Vegas. The new facility, operated and owned by Unimacts, will produce critical steel components especially for Nextracker used in ground-mount solar power generation plants. This new factory will primarily serve projects in Nevada and southwestern states. The global solar tracker market
size was valued at $8.9 billion in 2021 and is projected to reach $16.0 billion by 2031.? ?
- In September 2023, Bureau Veritas, a global leader in testing, inspection and certification services for various markets and industries, unveiled a certification scheme for renewable ammonia, a key component in decarbonizing various industries. This initiative facilitates the adoption of sustainable practices and fosters the growth of the ammonia industry.?
Forging the Future: Innovations, Partnerships, and Collaborative Agreements?
- In August 2023, Res, the world’s largest independent renewable energy company, completed the sale of Alberta Project to Acciona Energía. The largest RES-developed Wind project in Canada, Forty Mile will be constructed in two phases with phase 1 featuring 49 turbines for a total generating capacity of around 280MW, and the phase 2 with 21 turbines with an additional capacity of 120MW. This strategic move not only Acciona Energía’s presence in the region but also signifies a step towards sustainable energy sources. By 2030, the global wind turbine market
is projected to garner a revenue of $98.4 billion.? ?
- In September 2023, GreenGo Energy, an innovative Danish greentech company, and Encavis, a leading renewable energy company, entered into a 500 MW partnership to expand business in Germany’s renewable energy sector. This partnership enhances their capacity to generate clean energy and reinforces Germany’s commitment to renewable power.? ?
- In September 2023, The Asian Development Bank (ADB), a regional development bank, and GreenYellow Smart Solutions Vietnam Co. Ltd. signed a groundbreaking loan agreement to promote rooftop solar photovoltaic (PV) installations
in Vietnam’s commercial and industrial sectors. This collaboration fosters sustainable energy practices and contributes to Vietnam’s clean energy goals.?
Exploring Other Notable Developments?
- In September 2023, Volatus Aerospace Corporation, the leader in commercial drones and UAV technologies, announced plans to expand its oil & gas pipeline surveillance operations in the USA with the signing of an initial contract with an undisclosed leading energy company. This expansion will highlight their commitment to advancing oil & gas pipeline surveillance and optimizing operations.? ?
- In September 2023, RWE, a renowned renewable energy company, replaced 1.8 MW wind turbines with more powerful 5.7 MW turbines. This upgrade enhances energy production capacity and contributes to the efficient utilization of wind resources.? ?
- In September 2023, ABS, a leading provider of classification and technical services to the maritime industry, inaugurated a global electrification center in Singapore. The center is comprised of ABS engineers and technical specialists that will support a range of cutting-edge electrification projects for shipyards, shipowners, and other stakeholders across the Asia-Pacific region and across the globe. This center will support the maritime sector’s transition to net-zero emissions through electrification solutions.?
Maximizing Opportunities for Growth and Success?
According to Allied Market Research, it is evident that the sector has experienced significant transformations driven by mergers and acquisitions, technological advancements, and innovative partnerships. These developments reflect the industry’s commitment to sustainable practices and the transition to clean energy sources. With initiatives like rooftop solar PV installations, hydrogen energy storage medium, and expansion of renewable portfolios, the industry is poised for continued growth and a positive impact on the global energy landscape. The remarkable progress made in Q3 2023 sets the stage for an exciting future where clean and sustainable energy solutions play a central role in powering our world. To gain deeper insights about the industry’s current happenings, get in touch
with our analysts.?
