Technavio's latest report on the global non-metallic expansion joints marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global non-metallic expansion joints market from 2017-2021. (Graphic: Business Wire)
Infrastructural development is expected to drive the natural gas and oil pipeline industry, which, in turn, will transcend to the growth of the global market for non-metallic expansion joints. China alone needs to build cities to accommodate its new urban residents. India is no different. India needs to accommodate its new urban residents by the year 2030, which accounts for almost a similar number as in China. Africa too needs to accommodate millions of its new urban dwellers by the year 2028. All these will require umpteen number of new pipelines boosting the growth of the global non-metallic expansion joints market.
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The top three emerging trends driving the global non-metallic expansion joints market according to Technavio heavy industry research analysts are:
- Increasing use of combined cycle gas turbines
- Shift toward renewable sources of energy
- OPEC oil production curb set to revive US fracking
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Increasing use of combined cycle gas turbines
"A simple cycle gas turbine has only one power cycle and finds application in the oil and gas as well as aviation and power generation industries. A simple cycle gas turbine is less efficient than a combined cycle gas turbine. It is less expensive but costs much more to the plant in the long run due to its low efficiency. The electricity needed to run a simple cycle gas turbine is much more than that required for CCGT. This has led to increased operational cost and, therefore, paved the way for combined cycle gas turbines and its high demand," says Gaurav Mohindru, a lead analyst at Technavio for research on tools and components.
Many new gas power plants in Europe and North America operate on CCGT. It produces more power from the same amount of natural gas as used in a simple cycle gas turbine. CCGT also finds application in the automotive sector. More than 50% of the power generation plants in the US will implement CCGT by 2038, up from the present rate of nearly 20%. This is expected to lead to more natural gas production, calling for an expansion of the natural gas pipeline system. This, in turn, will account for the growth of the global non-metallic expansion joints marketin the future.
Shift toward renewable sources of energy
"The use of renewable sources of energy is increasing worldwide and attaining a mainstream status. The power sector is experiencing a transition from fossil fuels to renewables at a scale larger than any other sector. This is brought about due to several reasons such as increasing efficiency of renewables, growing environmental concerns, environment security, growing demand for energy from developing economies, better financing options," adds Gaurav.
Both the developed and developing economies are committing to the increasing use of renewables. The G7 and the G20 both resolved to accelerate the access to renewable sources of energy in 2015. The United Nations General Assembly too dedicated itself to promote the growth of sustainable sources of energy.
OPEC oil production curb set to revive US fracking
The Organization of Petroleum Exporting Countries (OPEC) has signed an agreement to cut production of crude oil from November 2017 onward. This indeed is good news for the US fracking industry. Shale drillers are taking up this opportunity for expansion seriously.
The US fracking industry will see light due to this growth and many new idle oil wells will turn functional soon. In 2014, US fracking kept adding to the number of barrels of oil produced per day, leading to the price crash. Furthermore, Saudi Arabia, the largest player of the OPEC, refused to curb oil production leading to the declining prices.
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