Global Electrification Market Report 2022 with a Projected Electrification Roadmap Until 2050
DUBLIN, May 16, 2022 /PRNewswire/ -- The "Global Electrification Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
This study explores the role of electrification in the transition to decarbonization. The study examines the key enablers in terms of achieving electrification across 6 main sectors, that is, industry, buildings, maritime, aviation, agriculture, and transportation.
The study presents a comprehensive analysis of existing electrification technologies across these sectors. Furthermore, the study offers a projected electrification roadmap for each industry until 2050.
Governments across the world are looking for solutions to mitigate climate change and pave the way for decarbonization. The route to decarbonization requires supportive regulatory frameworks that mandate energy efficiency and emission reduction measures across all sectors. To achieve a low-carbon future, significant economic investments in renewables, hydrogen, bioenergy, CCUS, and electrification are required.
Electrification refers to the replacement of systems that use fossil fuels with systems that run on electricity generated from a renewable energy source (RES) or other low-carbon generation systems. Electrification delivers greenhouse gas (GHG) reductions in 2 ways; first, it shifts energy use from fossil fuels to RESs and low-carbon energy sources, thereby reducing the carbon intensity, and, second, it enables energy efficiency improvements and the increased adoption of digital technologies, thereby creating smart connected hubs. Despite this significant potential to reduce carbon emissions, the adoption of electrification is still nascent. Supporting policies and regulatory frameworks from governments will boost adoption.
Most electrification technologies are commercially available in the market. However, the high capital costs associated with the replacement of existing fossil fuel-based infrastructure, the high electricity prices, the lack of government incentives, and the poor awareness are significant barriers to the uptake of electrification. In terms of grid operations, the increased adoption of electrification across business sectors means increased pressure and load on systems.
The growing number of electrification activities across all business sectors will enable grid investments to expand electricity transmission and distribution networks. It will also lead to the development of aggressive and sustained supportive policies for R&D, demonstration, and new electrification technologies to run intensive thermal processes and meet net-zero carbon emissions goals.
At present, transportation is a critical sector for electrification as many governments are pushing it as a priority in their decarbonization strategies. Buildings and industry have similar scope for electrification.
Agriculture, maritime, and aviation remain the challenging segments as they rely on alternative measures (synthetic feedstock, synthetic fuels, and alternative agricultural/livestock practices) for decarbonization. Hybrid energy systems can efficiently supply electrification solutions and help decarbonize business segments.
In addition, hybrid energy systems can operate round-the-clock and improve the energy efficiency of operations through the rising share of the electricity generated from RESs, thereby reducing power costs and increasing system reliability.
Key Issues Addressed:
- What is electrification? What role does electrification play in driving the transition to decarbonization?
- What are the key drivers and restraints influencing electrification?
- What does the global electrification scenario look like today? Which initiatives are driving the trend of electrification?
- Which regions will show the highest growth potential, going forward? What does the electrification roadmap look like for the 6 business segments?
- Who are the key stakeholders influencing technology development and the adoption of electrification technologies across the business segments under study
- What are the different growth opportunities in this space?
Key Topics Covered:
1. Strategic Imperatives
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top Three Strategic Imperatives on Electrification
- Growth Opportunities Fuel the Growth Pipeline Engine
2. Growth Opportunity Analysis
- Key Findings
- Scope of Analysis
- Geographic Scope
- Business Segment Scope
- Key Questions this Study will Answer
- The 5 Pillars of Global Decarbonization
- Electrification - An Introduction
- Electrification - The Key Benefits
- Electrification - Enabling the Growth of Hybrid Energy Systems
- Electrification - Accelerating Digitalization and Enabling Smart Connected Hubs
- Growth Drivers
- Growth Restraints
3. Growth Opportunity Analysis - Industry
- Global Industry Sector
- Key Benefits of Industrial Electrification
- Key Enablers of Industrial Electrification
- How Can the Industrial Sector be Electrified?
- Industrial Electrification Technologies
- Summary of Electrification Technologies, Applications, and TRL
- Summary of Electrification Pathways for Hard-to-Abate Industries
- Key Strategies to Accelerate the Electrification of Industry
- Electrification of Industry - Key Technology Participants
- Electrification of Industry - A Roadmap
4. Growth Opportunity Analysis - Buildings
- Global Buildings Sector
- Key Benefits of Building Electrification
- Key Technologies and Solutions in Building Electrification
- Electrification of Buildings - Key Technology Participants
- Electrification of Buildings - A Roadmap
5. Growth Opportunity Analysis - Transportation
- The Electrification of the Transportation Sector
- Key Enablers of the Electrification of the Transportation Sector
- Infrastructure Requirements for the Electrification of the Transportation Sector
- Electrification of Transportation - Key Stakeholders
- Electrification of Transportation - A Roadmap Improved energy storage, electric motors, and power electronics (IGBT) will enhance the benefits of hybridization and electrification
6. Growth Opportunity Analysis - Aviation
- The Electrification of the Aviation Sector
- The Need for Electrification in the Aviation Sector
- Electrification of Aviation - Key Enablers
- Current Limitations for Aviation Electrification
- Aviation Electrification - Key Stakeholders
- Electrification of Aviation - A Roadmap
7. Growth Opportunity Analysis - Agriculture
- The Electrification of the Agriculture Sector
- Key Enablers for the Electrification of the Agriculture Sector
- The Electrification of Agriculture Enables Increased Digitalization
- Five Strategies to Accelerate the Electrification of Agriculture
- Electrification of Agriculture - Key Technology Participants
- Electrification of Agriculture - A Roadmap
8. Growth Opportunity Analysis - Maritime
- Global Maritime Sector
- The Electrification of the Maritime Sector
- Challenges in the Electrification of the Maritime Sector
- Key Enablers for the Electrification of the Maritime Sector
- Marine Electrification to Boost Digitalization
- Electrification of Maritime - Key Technology Participants
- Electrification of Maritime - A Roadmap
9. Regional Analysis
10. Growth Opportunity Universe
- Growth Opportunity 1: Increased DER and BESS Integration to Drive the Adoption of Electrification Technologies
- Growth Opportunity 2: Connected Digital Hubs for a Faster Route to Net Zero
- Growth Opportunity 3: Growth of VPPs and DR to Regulate Electricity Usage and Accelerate the Adoption of Electrification
- Growth Opportunity 4: Mergers, Collaborations, and Partnerships to Drive the R&D of Novel Electrification Technologies
- Growth Opportunity 5: New Service Models for Utilities and ESCOs to Reduce the Load on Utilities due to Electrification
For more information about this report visit https://www.researchandmarkets.com/r/wewi3a
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