Advanced Materials and Devices for Renewable Energy Market: Description
Renewable energy sources are now finding a firm footing in many applications that were hitherto almost entirely reliant on conventional fuels. Some of these applications are space heating, electricity generation, off-grid energy, and vehicles. This gradual but unmistakable shift has set the demand for advanced materials and devices for renewable energy rolling. Although the advanced material mix today is characterized by the dominance of photovoltaics, wide scope is now developing for the introduction of other varieties of advanced materials and devices for renewables. Sophisticated forms of composites, elastomers, polymers, powder metals, high-temp alloys, and thin films currently constitute much of the advanced materials and devices market for the renewable energy industry.
Transparency Market Research projects that advanced materials and devices for renewable energy will post steady gains in terms of both value and sales. In terms of revenue, the market is expected to log a high single-digit CAGR from 2016 to 2024, which is the forecast period of the report. The report studies the factors that that will bring about this change and then goes on to provide recommendations regarding how to harness the potential opportunities that lie beneath the surface of these factors. By studying regional and national markets to study the current trends defining advanced materials, the report presents a specific yet unified assessment of the advanced materials and devices market for renewable energy.
Advanced Materials and Devices for Renewable Energy Market: Trends and Drivers
Demand for advanced materials and devices for the renewable energy industry will largely be driven by the shrinking fossil fuel reserves and mounting government pressure on commercial entities to add renewables to their energy mix. Although currently, it is the traditional markets in North America and Europe that stand as the leading consumers of renewable energy, and indirectly, advanced devices and materials for renewables, emerging markets are catching on rapidly. Nevertheless, through the forecast period of this report, it will be difficult to see developing economies steal a march over their developed counterparts.
Recognized as hubs of renewable energy innovation, several Nordic countries are expected to generate high-value opportunities for companies in the global market for advanced materials and devices for renewable energy. The already strong presence of renewables in the energy mix of developed countries will further aid this growth. It is thus expected that the growth of some national markets within the advanced materials and devices for renewable energy will be higher than the global market.
A remunerative opportunity in the advanced materials and devices for renewable energy market lies in exploring materials beyond photovoltaics. Although solar cells will continue to remain one of the most promising product segments in the global advanced materials and devices for renewable energy, the demand for composites, elastomers, and high-temperature alloys is also projected to post strong gains.
Advanced Materials and Devices for Renewable Energy Market: Competitive Landscape
This report describes and analyzes the main manufacturers, suppliers, and buyers of advanced materials and devices for renewable energy. The advanced materials being commercially developed by these companies, along with their development status, are assessed in the report. The most important companies in the advanced materials and devices for renewable energy market are profiled in the report. Currently, the market is dominated by The Boeing Company, Antec Solar Energy Ag, Conergy AG Daystar Technologies Inc., BP Solar International LLC, Evergreen Solar, Kyocera Solar Inc., Dow Corning Corp., G24 Innovations Ltd., First Solar LLC, Konarka Technologies Inc., Marine Panasonic Electric Works Ltd, and Nanosolar Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.