LOOKOUT! the independent research and insights organisation based in Manchester city centre is celebrating the release of the POWER-GEN Europe Confidence Index for 2016. Working with renowned international publisher, PennWell, LOOKOUT! was responsible for designing, developing, undertaking and producing the report. The results identified the sector’s confidence levels on a range of key topics as well as highlighting key issues and opportunities that the European energy sector is facing.
PennWell, the owners of POWER-GEN Europe, as well as its co-located event Renewable Energy World Europe, is one of the leading international publishers and conference organises in a number of strategic B2B markets including Energy, Oil & Gas and Lighting.
LOOKOUT! has produced the report for the second year, which has quickly developed a reputation as a key tool for industry leaders to gain strategic insights into the market. This year’s survey was completed by just under 850 energy professionals throughout Europe, and is expected to surpass the download record set by last year report (which was just under 1,000 in the first 10 days).
Nigel Blackaby, Conference Director, PennWell International stated.
“PennWell is proud to be launching the second annual POWER-GEN Europe Confidence Index report, reflecting opinions and sentiment among European power industry professionals. This study was underpinned by a comprehensive survey carried out by LOOKOUT!, whose specialist skills in this arena have made it possible to produce such a unique and valuable report.”
Eugene Tansey, Founder, LOOKOUT! commented.
“It’s fair to say that since LOOKOUT! and PennWell initiated this concept two years ago, the reception from the European power industry has been overwhelming. Building on the success of last year, with close to 850 power professionals completing the survey, this year’s report has highlighted a number of challenging issues which the European power industry is facing, at a time which is possibly the most exciting and turbulent in its history.”
Key Findings Included:
- Despite sluggish growth expected for the European economy, 60% of respondents predict that demand for electricity will continue to increase – by around 3%
- Investment in research and development (R&D) is expected to continue, provided the economy does not shrink by more than 1-2%
- However, jobs are felt to be at risk, and respondents think the economy would have to grow by as much as 3% before new roles are created
- Germany’s status as the European energy powerhouse is confirmed, both on current scenarios and looking forwards
- 47% of respondents think the UK will be a strong power equipment and services market, with 33% expecting a surge in renewable project investment
- Poland’s importance to the conventional power market is confirmed and Turkey’s rise for all forms of generation is recognised
- 38% see energy storage as ‘vital’ over the next 10 years, but only 26% were ‘very confident’ that the industry is ready and able to implement this technology
- Cybersecurity is high on the agenda and expected to be a dominant industry theme for the next two decades
- 10 and 20-year forecasts see smart cities and electric vehicles rise significantly in importance too
- Wind power stands out as the source for the future according to respondents – offshore wind scores highly on 10 and 20-year scenarios while onshore climbs even higher over the 20-year period
- Wave, tidal and carbon capture, and storage are still viewed as low impact in the short-term with less than 10% of respondents seeing them as important within 10 years. However, their long-term potential is recognised – more than 20% thought they would be important within 20 years
The index was revamped this year to improve sensitivity and to better focus on future trends. This means that not all data is directly comparable to the first edition in 2015, however several clear differences and valuable comparisons do emerge:
This year, the industry feels that jobs are at risk, whereas last year, the prevailing mood was that they would increase
- Ranking different technologies’ importance to the sector in 20 years’ time, energy storage and plant modernisation remain resolutely at the top of the list whilst certain technologies, such as carbon capture and storage, wave and tidal still languish near the bottom…
- …however, cybersecurity threats, closer integration of heat and electricity and solar CSP do all appear to have gained ground
- Big data has moved from a long-term issue, to an agenda item for now and the near-future
To download the complimentary 2016 POWER-GEN Europe Confidence Index report please visit