Frost & Sullivan finds declining capital cost of solar and wind, rise in battery energy storage adoption, disruptive start-ups contributing to competition, and increases in mergers and acquisitions will drive growth opportunities
SANTA CLARA, California, May 18, 2018 /PRNewswire/ -- Frost & Sullivan's recent analysis Global Power Industry Outlook, 2018 reveals that a combination of factors led by renewables is set to transform the current power landscape. Increased battery energy storage capabilities, surges in merger and acquisition activities, and the advent of disruptive energy start-ups are contributing to tremendous growth and transformation in the sector. In early 2017, global solar photovoltaics (PV) capacity surpassed nuclear capacity, driven by high investment levels. The analysis indicates that this growth will continue through 2020 as solar PV is likely to surpass wind capacity, making solar the fourth largest generation type followed by coal, gas and hydro.
The outlook also covers investment and capacity trends for all major generation types through 2021, while also highlighting innovations, challenges facing the industry, and leadership thought points.
For further information on this analysis, please visit: http://frost.ly/2gc
"To navigate through current trends and challenges, organizations must start embracing business models that enhance operational and process efficiency while reducing costs. Adopting disruptive digital solutions that focus on consumer needs will bring the organization closer to technological and efficiency transformation," said Vasanth Krishnan, Energy & Environment Analyst at Frost & Sullivan.
Chief highlights and growth opportunities include:
"Analyzing long-term scenarios and defining positioning strategies should be key focus areas for industry participants in the long term," noted Krishnan. "Also, as the renewable and distributed energy markets mature, a large installed capacity of equipment will need to be serviced, offering attractive growth prospects within the operations and maintenance sector."
Global Power Industry Outlook, 2018 is part of Frost & Sullivan's Power Generation Growth Partnership Service program.
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Global Power Industry Outlook, 2018
MDAF-14
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