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Global Electrification Growth Opportunities
Global Electrification Growth Opportunities
Regulatory Frameworks, Disruptive Technologies, and the Growth of Renewables and Smart Grid Management Technologies will Drive Electrification
29-Mar-2022
Global
Market Research
Description
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.
This Frost & Sullivan 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.
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?
Author: Swagath Navin Manohar
Table of Contents
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on Electrification
Growth Opportunities Fuel the Growth Pipeline Engine™
Key Findings
Key Findings (continued)
Key Findings (continued)
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
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
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
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 RoadmapImproved energy storage, electric motors, and power electronics (IGBT) will enhance the benefits of hybridization and electrification
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
The Electrification of the Agriculture Sector
The Electrification of the Agriculture Sector (continued)
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
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
Market Analysis—North America*
Market Analysis—Europe*
Market Analysis—Asia-Pacific*
Market Analysis—Latin America*
Market Analysis—The Middle East and Africa*
Growth Opportunity 1: Increased DER and BESS Integration to Drive the Adoption of Electrification Technologies
Growth Opportunity 1: Increased DER and BESS Integration to Drive the Adoption of Electrification Technologies (continued)
Growth Opportunity 2: Connected Digital Hubs for a Faster Route to Net Zero
Growth Opportunity 2: Connected Digital Hubs for a Faster Route to Net Zero (continued)
Growth Opportunity 3: Growth of VPPs and DR to Regulate Electricity Usage and Accelerate the Adoption of Electrification
Growth Opportunity 3: Growth of VPPs and DR to Regulate Electricity Usage and Accelerate the Adoption of Electrification (continued)
Growth Opportunity 4: Mergers, Collaborations, and Partnerships to Drive the R&D of Novel Electrification Technologies
Growth Opportunity 4: Mergers, Collaborations, and Partnerships to Drive the R&D of Novel Electrification Technologies (continued)
Growth Opportunity 5: New Service Models for Utilities and ESCOs to Reduce the Load on Utilities due to Electrification
Growth Opportunity 5: New Service Models for Utilities and ESCOs to Reduce the Load on Utilities due to Electrification (continued)
Appendix—List of Acronyms
Appendix—List of Acronyms (continued)
List of Exhibits
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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
Author: Swagath Navin Manohar
| Deliverable Type | Market Research |
|---|---|
| Author | Swagath Navin Manohar |
| GPS Codes | 9307-A4,9343-A4,9851,GETE |
| Industries | Energy |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | MG58-01-00-00-00 |