Gear oils are required for the smooth functioning and maintenance of this equipment. They are designed to satisfy certain performance criteria, such as temperature resistance, load-bearing capability, and wear protection. The gear oil industry is extremely competitive, with several global and regional firms participating.

Gear oil, often known as gear lubricant, is a lubricating oil that is particularly designed for use in gearboxes, differentials, and other gear systems. They are intended to decrease friction, wear, and heat generation inside gear assemblies, resulting in smooth operation and increasing the life of gears and bearings.

Companies in this industry prioritize product innovation, distribution channel growth, and strategic collaborations to increase market share and remain competitive. The gear oils market is likely to expand in the next years, driven by rising demand for high-quality lubricants in a variety of sectors, technical improvements, and a shift towards energy-efficient and ecologically friendly lubricants.

Gear oils come in a variety of viscosity grades, which manufacturers normally specify based on the gear system’s working circumstances and needs. The oil’s viscosity impacts its flow resistance as well as its capacity to maintain a lubricating coating between moving surfaces under varying loads and temperatures.

According to the International Organization of Motor Vehicle Manufacturers, global sales of all types of automobiles rose from 78.79 million in 2020 to 1.63 million in 2022. Thus, the substantial increase in car sales contributes to the increasing demand for gear oils.

Figure 1:  Global Vehicle Sales in Million, 2020-2022

vehicle sales

Source: International Organization of Motor Vehicle Manufacturers

Wind turbines use gear oils to lubricate their primary gearboxes and other gear motor components. This is due to the high temperatures, heavy loads, oxidation and corrosion, and bearing wear that occur throughout the power production process.

The usage of performance additives in synthetic oil formulation to satisfy particular criteria has resulted in a rise in demand for synthetic gear oils in wind turbines due to their better properties over mineral-based alternatives.

Globally, the quantity of electricity generated by wind energy is rapidly increasing, and the installed capacity of wind turbines grows year after year. The drop in offshore industry pricing has helped to boost the wind power production market by stimulating investments in Europe, North America, and Asia-Pacific. This is expected to drive up demand for gear oils during the projected period.

According to the Global Wind Energy Council, 78 GW of wind generation capacity is to be added to electricity networks in 2022, which will further increase to 115 GW in 2023. It is expected to reach 125 GW in 2024, 135 GW in 2025, 150 GW in 2026, and 157 GW in 2027.

GWEC estimates 680 GW of additional worldwide wind capacity between 2023 and 2027, with 130 GW offshore. China leads with 300 GW, followed by Europe with almost 100 GW. Offshore wind will play an important role, with over 60 GW installed between 2023 and 2025 and 68 GW in 2026-2027.

Figure 2:  Global New Wind Power Capacity Installation in GW, 2022-  2027

new wind power capacity installation

Source: Global Wind Energy Council

Gear systems are becoming more difficult since they have very accurate cut teeth and nicely polished surfaces. Furthermore, because they are smaller, the teeth and bearings are subjected to more stress. These stresses, along with vibration and shock, can cause frequent gear pitting (particularly micro pitting) in surface-hardened gears.

Furthermore, the systems work at high temperatures. For all of these reasons, utilizing a quality lubricant is critical. While current mineral oil lubricants perform well, synthetic gear oils have various advantages. These include increased viscosity-temperature for greater performance and wear prevention at severe temperatures, as well as improved thermal and oxidation resistance, allowing for considerably longer oil life and deployment at high temperatures. It also improves low-temperature performance, resulting in lower churning losses and better wear protection.

As industrial gear oil provides better lubricity and prevents rust and corrosion in gears, it is widely used in construction machinery and equipment such as bulldozers, cranes, excavators, and concrete mixers.

Industrial gear oil is essential for smooth gear changes in manual transmissions and differentials because it provides load resistance, anti-oxidation, anti-corrosion, and anti-foam qualities. It is also utilized in hydraulic excavators’ travel and swing reduction gears to improve machine performance, making it a critical component of industrial and construction equipment in a fast-developing industry.

The rising trend of energy efficiency in numerous sectors is predicted to generate demand for gear oils that may minimize friction and energy consumption. This has resulted in the creation of gear oils that can improve fuel efficiency and lower carbon emissions.

The US Environmental Protection Agency (EPA) estimates that transportation fuel use accounts for approximately 29% of total US greenhouse gas emissions. As a response, the EPA has put in place restrictions like the Corporate Average Fuel Efficiency (CAFE) requirements to increase fuel efficiency and minimize vehicle emissions. This has resulted in the creation of gear oils that can improve fuel efficiency and lower carbon emissions.

The base oil in gear oils might be mineral oil, synthetic oil, or a combination of the two. Mineral-based gear lubricants are generated from crude oil and provide enough lubrication at a reduced cost. Synthetic gear oils, on the other hand, are chemically developed to give greater performance, such as a higher viscosity index, increased thermal stability, and enhanced wear prevention, particularly in harsh environments.

According to the International Energy Agency, the year-on-year change in worldwide electricity demand has directly or indirectly influenced the market for gear oils. In 2023, the electricity demand was 2.60%, which increased to 3.10 in 2024. It is further forecasted that the electricity demand will increase to 3.30% in 2025, according to the research.

Figure 3:  Global Year-On-Year Electricity Demand in Percentage, 2023-2025

year-on-year electricity demand

Source: International Energy Agency

Environmental regulations should govern the selection and disposal of gear oils to minimize their impact on ecosystems and human health. Some gear oils may contain additives or base oils that are biodegradable or environmentally friendly, making them suitable for applications where environmental stewardship is a priority.

It is a critical component in vehicle gearboxes, differentials, and transfer cases. It lubricates the gears and bearings, providing smooth shifting and protecting them from wear and damage. Differentials transfer power from the engine to the wheels, guaranteeing smooth functioning. In transfer cases, power is transferred between the front and rear axles, depending on the terrain.

These oils contain additives that form protective films on metal surfaces, preventing direct contact between mating parts and reducing wear. Anti-wear additives, such as zinc dialkyl dithiophosphate (ZDDP), are commonly used to provide additional protection under high-pressure conditions, especially in gears subjected to heavy loads and sliding contact.

Gear oils are designed to resist the high pressures and stresses encountered by gear teeth during operation. Extreme pressure (EP) additives, such as sulfur-phosphorus compounds, are used in gear oil formulations to generate chemical coatings that prevent metal-to-metal contact and reduce wear, especially in gears working under strong or shock loads.

Viscosity is an important feature of gear oils because it affects their capacity to maintain a lubricating coating between moving surfaces under varying operating circumstances. Gear oils are available in a variety of viscosity grades, which are normally determined by equipment manufacturers depending on load, speed, temperature, and gear type. Choosing the right viscosity grade enables optimal lubrication and prevents excessive friction and wear.

Asia Pacific is experiencing exponential expansion. The region’s key emerging nations, notably China, India, and ASEAN, are driving demand for gear oils. Because of continuing development projects and population expansion, power consumption has increased over time.

The gear oil market is highly competitive, with numerous manufacturers, suppliers, and distributors competing based on product quality, performance, price, and brand reputation. Key players in the market often invest in research and development activities to innovate and differentiate their product offerings.

The need for gear oils is intimately related to industrial operations such as manufacturing, building, mining, and electricity generation. As companies develop and modernize, there is an increased demand for efficient and dependable gear lubrication solutions to maintain smooth operation and reduce equipment downtime.

In conclusion, the gear oil market is predicted to rise gradually, propelled by industrial expansion, automobile production, infrastructural development, technical improvements, and regulatory compliance. However, market dynamics, economic conditions, and geopolitical considerations might all have an impact on the gear oil industry’s growth trajectory in the next years.

Table 1:  Key Developments

 

Year Development
November 2023 ExxonMobil had begun production at Payara, Guyana’s third offshore oil development, bringing its total production capacity to 620,000 barrels per day. The Prosperity vessel projected to achieve 220,000 barrels per day in the first part of next year, marked the third key step towards achieving a total production capacity of over 1.2 million barrels per day on the Stabroek Blocked by the end of 2027.
August 2023 Chevron finalized its acquisition of PDC Energy, Inc. with shareholder approval. The acquisition comprises 275,000 net acres in the Denver-Julesburg Basin, which added over 1 billion barrels of oil equivalent proven reserves, as well as 25,000 net acres in the Permian Basin that was then in production.

Source: Knowledge Sourcing Intelligence Analysis

The coagulation analyzer market is forecasted to expand at a compound annual growth rate of 5.91%, with an estimated value of US$5.144 billion by 2029, up from US$3.441 billion in 2022.

As per the report, the market for coagulation analyzer is expected to surge during the forecast period.

A coagulation analyzer is utilized to measure blood platelet levels and blood samples in order to determine the coagulation time of blood. Coagulation analyzer typically includes semi-auto coagulation analyzer, full-auto coagulation analyzer which are used in diagnosing and evaluating bleeding disorders like hemophilia, as well as in monitoring patients undergoing anticoagulant therapy.

The market expansion has been driven by the increasing number of elderly individuals. For instance According to United Nations report 2023 the global population of individuals aged 65 years or above is forecasted to surpass double, increasing from 761 million in 2021 to 1.6 billion in 2050. The demographic of individuals aged 80 years or above is experiencing an even more rapid growth. In 2021, the proportion of individuals aged 65 or above worldwide stood at 1 in 10. However, projections indicate that by 2050, the age group will make up 1 in 6 people on a global scale.

The coagulation market has been categorized based on type, test, technology, end-user, and geography.

As per the type category, the market has been classified into semi-auto coagulation analyzer full-auto coagulation analyzer, other. Fully automated analyzers demonstrate exceptional efficiency and precision. By minimizing the need for manual intervention, decrease the likelihood of errors, making well-suited for handling large sample volumes. Moreover, functions such as auto-calibration and data management contribute to improved accuracy and facilitate streamlined record-keeping.

As per the test category, the market has been classified into fibrinogen testing, d-dimer testing platelet function tests, others. It is crucial to consider all three tests when assessing an individual’s health. Fibrinogen testing is used to analyze clot formation, D-dimer testing aids in ruling out blood clots, and platelet function tests are essential in evaluating the risk of bleeding.

As per the technology category, the market has been classified into optical technology, mechanical technology, electrochemical technology, others. Optical technology stands out among other methods in coagulation analyzers because of its multitude of benefits. It provides accurate and unbiased measurements by detecting alterations in light, reducing the chances of human error, and enabling the early detection of clots.

As per the end-user category, the market has been classified into hospital, diagnostic centres, others. Coagulation analyzers play a vital role in hospitals as they make invaluable contributions to patient care. These analyzers assist in the diagnosis and monitoring of blood clotting disorders, providing crucial guidance for important decisions such as transfusions and surgeries. With their rapid and precise results, they facilitate timely interventions, and their extensive capabilities allow for comprehensive evaluations of different clotting factors.

The North American coagulation analyzer market is anticipated to experience substantial growth in the forecasted timeframe. escalating healthcare costs enhances coagulation analyzer market. According to Centers for Medicare and Medicaid Services published article in December 2023 health care spending in the United States increased by 4.1% in 2022, totalling $4.5 trillion. The growth rate was higher than the 3.2% increase in 2021, but significantly lower than the 10.6% surge observed in 2020. The rise in spending for 2022 was primarily driven by substantial increases in Medicaid and private health insurance expenditures. In 2022, retail sales of various non-durable medical items, including over-the-counter medications, medical tools, and surgical dressings, rose by 8.5% to reach $115.4 billion. This growth rate was lower compared to the 12.3% increase observed in 2021.

As a part of the report, Roche, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthcare GmbH, Abbott, Beckman Coulter Diagnostics, Helena Laboratories Corporation, Meril Life Sciences Pvt. Ltd., Trivitron Healthcare, Symex are the major players in the coagulation analyzer market.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/coagulation-analyzer-market

This coagulation analyzer market has been analyzed into the following segments:

  • By Type
    • Semi-Auto Coagulation Analyzer
    • Fully-Auto Coagulation Analyzer
    • Other
  • By Test
    • Fibrinogen Testing
    • D-Dimer Testing
    • Platelet Function Test
    • Others
  • By Technology
    • Optical Technology
    • Mechanical Technology
    • Electrochemical Technology
    • Others
  • By End User
    • Hospitals
    • Diagnostic Centers
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

An induction motor works on the principle of electromagnetic induction, in which an alternating current is passed through coils wound around a stationary component called the stator, and a rotating magnetic field is generated within the motor. It is a type of alternating current (AC) electric motor used in various applications, such as household appliances and industrial machinery.

Induction motors have several qualities that make them widely used in many applications, such as reliability, ruggedness, and simplicity. A variety of induction motors are available based on different types and designs, including various sizes and power ratings to suit different requirements, squirrel cage and wound rotor designs, and single-phase and three-phase configurations.

Global Production Trends

The production of induction motors is growing with the rise in infrastructure development and industrialization across the globe in several emerging economies. The growth of industrialization can be seen most in the Asia Pacific region, with emerging economies like China and India, where production units are rapidly increasing with the launch of programs like Make in India by the Indian government, which is closely related to the need for induction motors for efficient production processes.

In recent years, there has been a notable increase in the regulations by the government for the need for energy efficiency to reduce harmful impacts on the environment. These regulations have driven several major manufacturers to switch to producing more energy-efficient and advanced induction motors. The regulations have also led to several major industries adopting these highly efficient induction motors in their production processes.

As technology advances across several industries, induction motor technology is also advancing with time by improving the motor design, materials, and manufacturing processes, which results in improved performance, reliability, and lifespan. Several advancements are made in induction motors such as the integration of smart technologies for predictive maintenance and condition monitoring, variable frequency drives or VFDs, and advanced control systems.

There is a significant increase in the adoption of renewable energy technologies across the globe with the growing need for energy efficiency and reduced footprint to save the environment. This includes several sources, such as wind and solar power, which have grown the demand for induction motors used in renewable energy systems and are commonly used in wind turbines and solar tracking systems due to their reliability and ability to operate in harsh environments.

The major growth in the automotive industry across several countries has also contributed to an increase in the demand for induction motors especially with recent growth in the popularity of EVs or electric vehicles. The growth in demand for EVs has influenced the production trends of induction motors proportionally as they are used in EV propulsion systems. For instance, in 2022, sales of EVs in Canada hit a six-month record, with nearly 56,000 units sold.

Induction Motors Use Case

The induction motors have several use cases that are boosting their production and market around the globe for their reliability, simplicity, and cost-effectiveness. The use cases include industrial applications where induction motors are used for their ability to operate in harsh environments, low maintenance, and robust construction and are used for conveyor systems, fans, compressors, driving pumps, and other machinery present in the industrial setting.

There is a growth of urbanization across several countries in emerging economies where there are a lot of new commercial buildings, industrial facilities, and residential complexes being constructed, and they all need Heating, Ventilation, and Air Conditioning (HVAC) systems. These HVAC systems use induction motors in the production process to power air handlers, blowers, and pumps and use their energy efficiency and reliability that contribute to the overall performance of HVAC systems.

These induction motors are used in EVs to offer high torque density, smooth operation, and reliability. They are also used in several household appliances such as washing machines, refrigerators, air conditioners, and kitchen exhaust fans to provide efficient and reliable operation, in wind turbines for electricity generation as they can face harsh environmental conditions, and in water treatment plants for processes such as filtration, sedimentation, and disinfection.

Moreover, in mining operations, the induction motor is significant as they drive equipment such as crushers, conveyors, and hoists and handle heavy loads that make them suitable for demanding mining environments, these are also used in the oil and gas industry to power pumps for crude oil extraction, pipeline transportation, and refining processes, they are used in drive machine tools such as lathes, milling machines, and grinders in manufacturing facilities, and used in agricultural equipment such as irrigation pumps, grain augers, and feed mixers as they provide increased productivity and efficiency.

Furthermore, renewable energy is being promoted globally and will help in the growth of induction motors as they are used in renewable energy production for electricity generation and for their ability to withstand harsh environmental conditions. For instance, according to the government of India, the estimated potential for renewable energy was around 14,90,723 MW from solar, wind, small hydro, and biomass renewable energy resources in 2022.

Figure 1:  Segmentation of Potential for Renewable Energy in India (MW or Megawatts of Energy), 2022

segmentation of potential for renewable energy

Source: data.gov.in

Market Dynamics and Drivers

Several factors drive the induction motor market, including a rise in the application of Induction motors in several industries like automotive, mining, agriculture, energy, and several other industrial applications in recent times. The rise in demand for electric vehicles (EVs) with the growing amount of global environment awareness among the general public and several governments promoting energy efficient alternatives across the globe has contributed significantly to boosting the overall induction motor market.

The rapid growth in industrialization and urbanization in emerging economies and the developing markets in those regions has raised the need for induction motors. For instance, in Asia-Pacific, Latin America, and Africa, they have an increasing demand for induction motors, which is driven by industrial growth in the regions. The widespread adoption of induction motors is due to the cost-effective and reliable solutions they provide for a wide range of industrial applications. Therefore, with a rise in urbanization and industrialization in emerging economies, the induction motor market is anticipated to grow.

The development and innovation in induction motor technology to enhance efficiency across several industries is one of the growth factors in the induction motor market. There are several advancements made in induction motor technology, which attract a variety of industries to adopt them in the production process, such as advanced motor controls, sensor technology, and predictive maintenance systems. The need to replace the aging or inefficient motors with newer and more efficient induction motors also drives the induction motor market growth over the forecast period.

The popularity of electric vehicles will significantly drive the market growth of induction motors as they are used in EV propulsion systems and are used for high torque density and efficiency, which is suitable for the smooth operations of electric vehicles. Several countries have shown significant growth in EV sales in recent years. For instance, in India, the EVs registered in the year 2022 were 10,20,678, which is a significant increase from 2021, where the number of EVs registered was 3,29,808.

Figure 2:  Year-Wise Number of Registrations for Electric Vehicles in India

number of registrations for electric vehicles

Source: data.gov.in

Market Constraints

Despite the huge advantages and use cases of induction motors, the companies that manufacture them face a lot of challenges with significant improvements being made in motor technology like alternative motors, which makes it hard to keep up with that improving technology. Energy efficiency regulations around the globe are also increasing the demand for induction motors with higher efficiency ratings, and making such improvements in induction motors can increase manufacturing costs. Several problems, like raw material shortages, transportation delays, and geopolitical tensions, are anticipated to hinder the induction motor market growth over the forecast period.

Emerging Opportunities and Innovations

Despite the challenges, the induction motor market presents numerous opportunities for innovation and growth. Advances in its applications across various industries are the major reason for that. Also, the use of smart technologies, such as sensors, connectivity, and data analytics, in induction motors and innovations in motor design, such as advanced winding configurations, optimized magnetic circuits, and improved cooling techniques, are some of the factors that influence the market growth. The use of VSDs or variable speed drives that enable induction motors to operate at optimal speeds under varying load conditions will further enhance their productivity and efficiency.

Key Developments

  • In March 2024, the International Electrotechnical Commission (IEC) published the first global standard to classify energy efficiency for high voltage or HV AC induction motors and defined four efficiency classes ranging from IE1 to IE4.
  • In February 2024, ABB announced that the AMS 1250 6-pole synchronous motor achieved an impressive efficiency of 98.95%, which was very close to the world record of 99.05%.
  • In September 2021, GM revealed new motors to power EVs or electric vehicles, providing 255-kW rear- and front-drive motors.

In conclusion, the induction motor market presents significant opportunities for growth and innovation, driven by the increasing popularity of electric vehicles and applications across various industries like renewable energies and the HVAC industry. While facing challenges such as growing advancements in motor technologies and huge investments needed to develop induction motor technology to make it more energy efficient, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for induction motors.

In the final stages of semiconductor manufacturing, when integrated circuits are assembled and packaged, the machinery and tools used for that process are called semiconductor back-end equipment. These back-end equipment are required for several processes, such as wafer dicing, die bonding, wire bonding, encapsulation, and testing. In several back-end semiconductor manufacturing processes, servo drives are used because of their repeatability and performance.

The technology that is required for developing the back-end process of semiconductor manufacturing consists of high throughput and extreme precision and accuracy. The flip chip or solder bump is a modern alternative for the wire bonding process as it provides better manufacturing speed and a smaller overall package size.

Global Production Trends

The production of semiconductors is growing with the rise in applications across several industries. These industries include consumer electronic devices such as wearables and smart home devices like smart TVs and PCs. The demand for these products raises the demand for efficient, high-processing-power, and smaller-footprint semiconductor chips in the market. The semiconductor back-end equipment is necessary for the production process of semiconductors; therefore, it is predicted to contribute to its market growth.

In recent years, there has been a notable increase in the popularity and penetration of smartphones. These devices are becoming more important in the consumer’s daily life, and they require integrated circuit semiconductor chips during the manufacturing process. This is achieved by increasing the production of semiconductor chips using better back-end equipment for faster production and matching the growing demand for these devices.

As this semiconductor device has so many applications in several industries and with the rising popularity of AI technology in the market and chipsets required for its implementation, the demand for increasing semiconductor production has seen rapid growth. For instance, several key players in the semiconductor production industry are taking initiatives to invest heavily in back-end equipment to increase the rate of production and match the growing global demand for semiconductors.

Semiconductor back-end equipment use case

The semiconductor back-end equipment has several use cases that are boosting their production and global market. These use cases include the assembly and packaging of semiconductors integrated circuits in the final stages of the production process of semiconductors. This is an important part of the manufacturing process and needs high efficiency and accuracy to assemble the integrated circuits in the semiconductors. The demand for semiconductors is rising due to their various application across several industries.

The growing popularity of several industries that demand high-efficiency semiconductors is leading key players in semiconductor manufacturing processes to increase production speed by using high-quality and efficient back-end equipment in the manufacturing process. The high-quality back-end equipment is efficient, precise, high-speed, and accurate during the manufacturing process. This increase in the production speed of semiconductors matches the growing global demand for semiconductors. For instance, according to SIA or Semiconductor Industry Association, the global sales of semiconductors for August 2023 reached US $44 billion.

The global sales of semiconductors positively affect the semiconductor back-end equipment as they increase the production rate of semiconductors significantly. For instance, the global sales of semiconductors in the year 2021 were US $102.5 billion and reached US $ 117.5 billion in 2022.

Figure 1:  Global Semiconductor Sales Growth in US$ Billion, 2021-2023

semiconductor sales growth

Source: semi.org

Market Dynamics and Drivers

Several factors drive the semiconductor back-end equipment market, including a rise in the application of semiconductors in several consumer electronics, the automobile industry, and AI chipsets in recent times. This, coupled with the rise in demand for efficient and high-speed back-end equipment to match the growing amount of global demand for semiconductors, has contributed significantly to boosting the overall market. Additionally, with the rapid growth in popularity of electric vehicles (EVs) and AI technology in recent years the need for semiconductors is rising proportionally. The back-end equipment is used for packaging and assembling the integrated circuits in semiconductors. Using these back-end equipment for high accuracy and precision benefits the overall production growth. Therefore, with a rise in demand for these consumer electronics products in the market, the market is anticipated to grow.

The development and innovation in electric vehicles across the automotive industry is one of the growth factors in the semiconductor back-end equipment market. The introduction of electric vehicles has significantly grown the number of semiconductors needed for the electric components of the vehicles and features like auto lane parking and integration of AI assistants into the vehicle. The rising popularity of these EVs is going to positively affect the overall market growth. Furthermore, AI technology has been gaining popularity across the globe, and the implementation of AI technology needs AI chipsets, which require semiconductors to make. Therefore, with these contributing factors, the semiconductor back-end equipment market is anticipated to grow.

The variety of applications of semiconductors across several industries is a major market driver for the global back-end equipment market for high and efficient semiconductor production. For instance, the segmentation for the use of semiconductors in the market is 42% for the automotive industry, 18% for healthcare, and 6% for consumer electronics.

Figure 2:  Semiconductor Users by Primary Market Segment in %

semiconductor users by primary market

Source: commerce.gov

Market Constraints

Despite the huge advantages and use cases of semiconductor back-end equipment, the companies that manufacture them face a lot of challenges with significant improvements being made in manufacturing techniques and keeping up with that improving technology which is getting complex. The requirement for the right skillful labor that can understand the complex process of manufacturing semiconductors can also be a huge hindrance to market growth.

The process of manufacturing semiconductors requires knowledge and skills to transform raw materials into finished products, and several manufacturing units are facing a shortage of the right skillful labor. Therefore, these high complexities of the production process and shortage of skillful labor can hinder overall semiconductor back-end equipment market growth.

Emerging Opportunities and Innovations

Despite the challenges, the semiconductor back-end equipment market presents numerous opportunities for innovation and growth. Advances in its applications across various industries, such as automotive and consumer electronics, are the major reason for that. Therefore, semiconductor manufacturers require new facilities to match the rising global demand and are investing heavily in new manufacturing units to expand the production of semiconductors. The production process involves complex network firms that design these semiconductor chips as they can power several consumer electronics. Therefore, these new production units for semiconductors are fueling semiconductor back-end equipment market growth.

Key Developments

  • In February 2023, Intel announced their plan to increase the initial investment the company made in Vietnam of US $1.5 billion to expand the semiconductor chips testing and packaging operation in the southeast Asia region.
  • In December 2022, Canon Inc. announced the launch of the FPA-5520iV LF2 option for the semiconductor lithography system back-end process, which can enable the mass production of dense circuitry with exposure fields of up to 100 mm x 100 mm.
  • In April 2022, ASML announced the installation of its HMI eScan 1100, which can increase throughput by up to 15 times and provide high-volume manufacturing.

In conclusion, the semiconductor back-end equipment market presents significant opportunities for growth and innovation, driven by the increasing popularity of consumer electronics and applications across various industries, like the growing popularity of AI technology and electric vehicles. While facing challenges such as growing advancements and complexity in the manufacturing process of semiconductors and the high precision and accuracy needed for manufacturing, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for semiconductor back-end equipment.

Increased illumination is ideal for agricultural situations. LED grow lights are one means of providing artificial illumination to farms. They utilize less energy and, as a result, this industry is commonly known as the LED grow lights or agricultural lights market.

LED lights are highly energy-efficient compared to traditional lighting sources such as incandescent or fluorescent bulbs. They produce more light per watt of electricity consumed, resulting in lower energy costs and reduced environmental impact.

These lights allow growers to customize the spectrum of light emitted, which can be tailored to meet the specific needs of different plant species and growth stages. By adjusting the light spectrum, growers can optimize plant growth, improve crop yields, and enhance the quality of produce.

These lights also help prolong regular agricultural hours beyond daylight hours, increasing production. They have applications in four types of farming: vertical farming, indoor farming, commercial greenhouses, and turf and landscaping. Because of their plastic covering, LED grow lights are more durable than traditional light bulbs.

LED lighting is particularly well-suited for indoor farming, including vertical farming, hydroponics, and aeroponics. It allows growers to control light intensity, spectrum, and duration to optimize plant growth regardless of external conditions.

The adoption of ecologically friendly procedures for fruits and vegetables, as well as growing food product demand, are the primary drivers of market growth. Controlled environments in LED farming help reduce the incidence of pests and diseases, thereby minimizing the need for chemical pesticides. This contributes to healthier, more sustainable agricultural practices and reduces the risk of pesticide residues in the final product.

The market is also growing as a result of more urban gardening, vertical farming, and consumer acceptance of ecologically friendly fruit and vegetable production. The global population is rising at an unprecedented rate, which has raised the demand for urban agriculture.

Additionally, the sector is rising due to vertical farming, which includes producing food in a vertically stacked layer within an abandoned skyscraper, warehouse, or shipping container. LED farming is particularly suitable for urban agriculture initiatives, where land availability is limited, and there is a growing demand for locally grown, fresh produce. By utilizing indoor spaces such as warehouses, shipping containers, or vacant buildings, urban farmers can produce food closer to consumers, reducing transportation costs and carbon emissions.

The effectiveness of new LEDs continues to climb, but it has to increase by around 30% by 2030 to correspond with the Net Zero Scenario. LEDs have become more efficient than any other commercially viable option. Improved LED modules or continual optics upgrades might accomplish additional gains. Because LEDs operate on direct current, direct current grids can decrease conversion losses.

LED efficiency has increased dramatically in recent years, with household LEDs often achieving effectiveness levels of more than 100 lm/W. Since 2010, average efficacy has grown by around 4 lm/W every year. The best-in-class technologies produce more than 200 lm/W but are more costly. New LEDs must achieve 140 lm/W by 2030 to meet the Net Zero Scenario, which is 30% higher than the 2022 average.

Increased lighting efficacy by technology in the net zero scenarios due to increased demand for efficient lighting options especially LED lighting across the globe from 2020 to 2022 is as follows: 104 lumens/watt in 2020, 108 lumens/watt in 2021, and 111 lumens/watt in 2022 which expected to reach 141 lumens/watt by 2030.

Figure 1:  Lighting Efficacy by Technology in the Net Zero Scenario Lumens/Watt, 2020-2030

lighting efficacy by technology

Source: International Energy Agency

The rising use of controlled environment agriculture, which includes vertical farming and indoor farming, has significantly increased demand for LED agricultural goods. Another element leading to rising demand is the world’s growing population. The need for agricultural produce will expand exponentially as the population grows.

LED farming enables growers to create ideal growing conditions by controlling factors such as temperature, humidity, and light intensity. This level of control is particularly beneficial for crops that are sensitive to environmental fluctuations or require precise growing conditions.

However, with limited land resources, alternative farming methods, such as vertical and indoor farming, are needed. These methods use smaller sections of farmed land, including indoor farms, to create a larger crop. LED farming is well-suited for indoor or vertical farming systems where space is limited. By utilizing vertical stacking or compact layouts, growers can maximize the use of available space and increase crop yields per square foot.

LED lights contribute to improving the quality and quantity of such harvests by improving energy efficiency, increasing visibility and durability, and lowering long-term expenses. Cannabis is one such plant that is mostly produced in controlled environments, and the legalization of cannabis in many nations will increase demand for LED lights for farming purposes. As a result of such efforts, key enterprises in this industry have increased their income in recent years.

According to data from the International Energy Agency, global electricity consumption in lighting in the net zero scenario services has increased from 1219.24 TWh in 2020 and 1242.18 TWh in 2021 to 1268.68 TWh in 2022 while for the residential it decreased from 476.82 TWh in 2020 and 471.76 TWh in 2021 to 466.96 TWh in 2022.

Figure 2:  Global Electricity Consumption in Lighting in the Net Zero  Scenario in Twh, 2020-2022

electricity consumption in lighting

Source: International Energy Agency

The rising adoption of vertical farming, which allows farmers to plant crops in a controlled environment with less water and no soil, is one of the important factors driving the LED farming industry. Vertical farming relies heavily on LED lighting since it delivers the appropriate light spectrum for plant development.

The increased use of smart lighting systems allows farmers to monitor and regulate lighting settings remotely to increase production and efficiency. With the introduction of vertical farming, light-emitting diode (LED) technology has undergone a revolutionary shift.

With the introduction of low-cost and effective LED lighting pushing the agricultural technology industry, Controlled Environment Agriculture (CEA) has witnessed a rapid change from focusing solely on high-value crops like cannabis to various crops such as microgreens and vegetables.

In July 2022, Crop One, Emirate, inaugurated Dubai’s “world’s largest vertical farm.” The roughly 330,000-square-foot complex is located in Dubai, United Arab Emirates, near Al Maktoum International Airport and Dubai World Central. It can produce more than 2 million pounds of leafy greens every year. ECO 1 will focus on expanding supply chain constraints and food security concerns while also educating millions of new customers about the benefits of vertically farmed produce.

Energy efficiency is presently receiving considerable worldwide emphasis from policymakers, who see its importance in improving energy security and affordability, as well as speeding up renewable energy transitions.

However, the predicted 2023 rate of development in energy intensity – the primary parameter used to assess the world economy’s energy efficiency is 1.3% from a robust 2% the previous year. The lower rate of energy intensity improvement is mostly due to a 1.7% rise in energy demand in 2023, up from 1.3% the previous year.

Figure 3: Global Annual Primary Energy Intensity Improvement in Percentage, 2021-2023

annual primary energy intensity improvement

Source: International Energy Agency

Demand for urban horticulture and vertical farming is predicted to increase in the next years as the population grows and ecologically friendly fruit and vegetable production becomes more popular. Due to a lack of arable land and population expansion, the business may profit from growing knowledge of alternative farming.

LED farming is the most recent technology in the agriculture industry, providing low-cost client solutions and installation. Agricultural lighting is currently in high demand for applications such as urban farming, supplementary illumination, and daylight agriculture.

Greenhouse farming is becoming increasingly popular, as it employs LED lighting to supplement natural light and provide plants with the entire spectrum of light they require to develop. The cost of LED lighting systems for greenhouse farming is determined by the greenhouse’s size and the level of customization required.

LED lighting systems for indoor farming are normally more expensive than greenhouse farming, but they can provide considerable long-term cost savings due to their better production potential and increased energy efficiency.

In conclusion, the LED farming business offers considerable prospects for innovation, investment, and growth as agriculture shifts towards more sustainable and efficient techniques. However, market dynamics, technology improvements, and regulatory issues will continue to influence its course in the coming years.

Table 1: Key Developments

Year Development
November 2023 AMS OSRAMMED introduced its OSTAR® Projection Compact LED family with red, green, and blue colors, boosting its high-powered illumination capabilities. These LEDs, with their high current density and brightness, were perfect for high-power lighting applications. The True Green variant shines the brightest at 520 nm and provides 1000 lm at 6 a.
April 2022 California LightWorks, a leading manufacturer of horticultural lighting systems, announced today that Nipomo aG, a licensed 70,000-square-foot cannabis greenhouse in San Luis Obispo County, had implemented the latest MegaDrive LED system. Nipomo Ag switched from cultivating roses to cannabis some years ago. The firm realized that to compete in the market, particularly during the winter months, it needed to install high-tech supplementary lighting.

Source: Knowledge Sourcing Intelligence Analysis

A battery management integrated circuit (IC) is an electrical device that regulates and monitors various batteries’ discharge and charging capacities. It is commonly used in applications like electric vehicles, renewable energy storage systems, and portable gadgets.

A battery management IC’s primary function is to ensure the battery’s safe and efficient operation by controlling the charging and discharging processes using sensors, microcontrollers, and other electronic components to monitor the battery’s voltage, temperature, and current.

The ability of battery management IC to assure the safe and efficient operation of batteries in a variety of applications is driving up demand in various sectors like healthcare, automotive, and electronic devices.

Furthermore, the addition of enhanced monitoring and protection capabilities to battery management ICs to help optimize battery performance and extend their lifespan is driving market demand by resulting in cost savings and increased customer satisfaction.

Automotive lithium-ion (Li-ion) battery consumption climbed by around 65% to 550 GWh in 2022, up from roughly 330 GWh in 2021. This was owing mostly to an increase in electric passenger vehicle sales, with new registrations up 55% in 2022 compared to 2021.

In China, battery demand for cars surged by more than 70%, while electric car sales jumped by 80% in 2022 compared to 2021, with battery demand rise partially offset by an increase in the percentage of PHEVs.

The growth in battery demand pushes up demand for essential elements. Despite a 180% increase in output since 2017, lithium demand in 2022 outpaced supply (as it did in 2021). In 2022, EV batteries consumed around 60% of lithium, 30% of cobalt, and 10% of nickel.

Accelerating innovation can assist, such as better battery technologies that require fewer key minerals, as well as initiatives to encourage the adoption of car models with optimized battery size and the development of battery recycling.

Increased battery demand for vehicles in various regions across the globe from 2020 to 2022 is as follows: 53 GWh/year in 2020 to 127.7 GWh/year in 2022 in Europe, 84.9 GWh/year in 2020 to 312 GWh/year in 2022 in China, 18.6 GWh/year in 2020 to 70.6 GWh/year in 2022 in the United States, and 11.2 GWh/year in 2020 to 40.3 GWh/year in other regions.

Figure 1:  Battery Demand by Region Gwh/Year, 2020-2022

battery demand by region

Source: International Energy Agency

The increased need for battery storage systems is increasing the demand for battery management integrated circuits (BMICs), which play an important role in these systems. Battery management ICs are used in BSS to monitor and control the safe and efficient charging and discharging of batteries, hence extending battery life by preventing overcharging or over-discharging.

Battery management ICs provide real-time data on battery performance, allowing operators to optimize the BSS’s functioning and identify possible difficulties before they become significant problems.

The growing need for BSS, driven by the increased adoption of renewable energy and the need for grid stabilization, is encouraging the development of innovative battery management integrated circuits to meet its demands.

The increased usage of EVs and their manufacture by major firms such as Tesla are boosting demand for battery management ICs. These ICs are a vital component of the battery management systems (BMS) used in EVs. The BMS is in charge of monitoring and maintaining the health, performance, and safety of EV batteries, which rely on massive battery packs to power their operations.

Despite sustained EV sales growth in China, Europe, and the United States, electric vehicles are not yet a global phenomenon due to higher purchase costs and a lack of charging infrastructure in developing and emerging countries, and CO2 emissions from automobiles can be reduced to net zero by 2050.

According to data from the International Energy Agency, sales of electronic vehicles have increased in recent years, with China selling 3.3 million cars in 2021 and increasing to 8 million in 2023, Europe selling 2.3 million in 2021 and 3.4 million in 2023, the United States selling 0.6 million in 2021 and 1.6 million in 2023, and other regions selling 0.3 million in 2021 and increasing to 0.9 million in 2023.

Figure 2:  Electric Car Sales in Million Based on Regions, 2021-2023

electric car sales in million

Source: International Energy Agency

Leading automotive companies are extending their EV product offering, which is expected to fuel growth in the battery management IC market throughout the forecast period. For example, in March 2023, BMW said that it would launch six new battery EV vehicles by the end of 2025.

Battery management integrated circuits are utilized in a variety of applications in the communication sector, including wearable and wireless communication devices, which rely on batteries for power. Furthermore, smart energy management is critical to ensuring extended battery life and improved device performance for communication devices.

Rapid developments in wireless communication, as well as the growing deployment of 5G networks, are predicted to increase the communication industry’s consumption of battery management integrated circuits.

The worldwide expenditure on electric automobiles increased by 50% in 2022 compared to 2021, reaching around USD 425 billion. The majority of money was spent directly by customers when they purchased a car, while governments spent around USD 40 billion on direct purchase incentives. These include subsidies and tax breaks such as VAT exemptions, as well as weight, CO2 emissions, and range incentives.

The increase in worldwide electric vehicle investment is lowering auto manufacturers’ reliance on ICE vehicle sales to fund EV manufacturing, R&D, and new model development. Regardless of the lengthy road ahead, this is a critical step towards EV growth and the transition to completely powered road transport.

Figure 3: Global Spending on Electric Cars in Billion USD, 2020-2022

spending on electric cars

Source: International Energy Agency

The expanding manufacturing of consumer electronics and the increasing use of EVs in key Asian nations such as South Korea, China, and India are likely to boost the region’s battery management IC market.

The increase in consumer electronics production activities in the area is driving market growth, as fuel gauge ICs, battery charger ICs, and authentication ICs are widely used in this sector. A gasoline gauge IC indicates the battery’s remaining capacity, whereas a battery charger IC controls the charging process. Furthermore, authentication ICs are used to ensure the legitimacy of a battery or other component.

In conclusion, the Battery Management IC market is poised for significant growth driven by the increasing demand for portable electronics, electric vehicles, energy storage systems, and stringent safety requirements across various industries.

Table 1:  Key Developments

Year

Development

February 2024 Renesas Electronics Corporation agreed to acquire Altium through a Scheme Implementation Agreement. Renesas will pay A$68.50 per share for all existing Altium shares, totaling A$9.1 billion in equity and A$8.8 billion in enterprise value. This purchase will enable the development of an integrated electronics system design and lifecycle management platform, which will coincide with Renesas’ digitalization agenda while also improving user experience and innovation for electronics system designers.
September 2023 Richtek launched the RTQ7882-QT, a Next Generation automotive USB Type-C PD Charger IC. This integrated MCU was compatible with USB PD 2.0/3.1 and China’s rapidly charged standards. It provided a communication protocol, sophisticated PWM converter management, firmware programmable hardware safety, and user-programmable features for charged systems with output power ranging from 27 to 100W.

Source: Knowledge Sourcing Intelligence Analysis

Packaging materials intended for direct contact with food products are called “food contact paper” to maintain hygienic standards, safety, and legal compliance. Food-grade materials that are non-toxic, odorless, and devoid of dangerous compounds or impurities that could contaminate food are used in the production of these papers. They are frequently used to preserve freshness, stop contamination, and lengthen the shelf life of perishable foods, baked goods, sandwiches, and other food products. Food contact paper is an essential part of the food packaging business that helps to guarantee the safety and quality of food products for consumers since it is subject to strict regulations from food safety authorities.

The food industry’s growing need for safe and environmentally friendly packaging options is fuelling the market for food contact paper, which is expanding steadily. Growing consumer awareness of food safety, consumers’ desire for environmentally friendly packaging materials, and developments in paper technology are important factors driving market expansion. Furthermore, food manufacturers and retailers across the globe are adopting food contact papers due to their ease, affordability, and recyclability, which is influencing the market’s growth trajectory.

Fast food demand is one of the main factors driving the food contact paper market. Fast food and quick-service restaurants are becoming more and more popular among consumers due to their hectic lifestyles and on-the-go dining habits. The necessity for packaging materials, such as food contact paper, that can efficiently retain and preserve fast food items, guaranteeing freshness and safety during storage and transit, has expanded due to this development. Furthermore, the growth of food delivery services increases the need for dependable and long-lasting packaging, which is why food contact paper is essential to satisfying the packaging requirements of the fast-food sector.

Another major factor driving the market for food contact paper is the rising need for environmentally friendly packaging. Packaging materials that are recyclable, biodegradable, and have little environmental impact are preferred by customers who are becoming more and more environmentally concerned. Food contact paper satisfies these requirements and is in line with the worldwide emphasis on sustainability because it is eco-friendly and renewable. The use of environment-friendly packaging materials is also encouraged by regulatory organizations, which promote the use of food contact paper in the food and beverage sector. The market is expanding as a result of the growing demand for eco-friendly food contact paper brought on by consumers’ and businesses’ increased emphasis on environmental responsibility.

The market for food contact paper is mostly driven by technological improvements. Novelties in the production of paper have resulted in food contact materials possessing improved moisture resistance, barrier qualities, and durability. High-quality branding and images on food packaging are made possible by advanced printing techniques, which draw consumers’ attention. The development of antimicrobial coatings for food contact sheets, which extend their shelf life and guarantee food safety, is another way that nanotechnology has helped. Additionally, traceability and transparency are provided throughout the supply chain via smart packaging solutions, such as RFID tags and QR codes on food contact paper, which also meet regulatory standards and increase consumer trust.

The market for food contact paper is expanding significantly in the kraft paper category. Due to its eco-friendly qualities, kraft paper—which is renowned for its strength, durability, and natural appearance—is becoming more and more popular in food packaging. Being biodegradable, recyclable, and composed of renewable materials, it satisfies the rising need for environment-friendly packaging options. Because it can be used for so many different food applications, including wrapping, pouches, bags, and containers, the kraft paper market benefits from its adaptability.

Furthermore, improvements in barrier coatings and other aspects of the kraft paper manufacturing process make it more suitable for applications involving food, which promotes market expansion and adoption. Additionally, food expenditure is increasing every year. According to the USDA, food and alcohol expenditure in full-service restaurants increased from US $2,71,569.75 in 2020 to $ 4,62,884.99 in 2022. $3,48,981.59 in 2020 to $4,68,450.13 in 2022 in Limited-service restaurants.

Figure 1:  Nominal Food and Alcohol Expenditure, With Taxes and Tips for All Purchasers in the US (US$ Million), 2020-2022

nominal food and alcohol expenditure

Source: USDA

The food contact paper market in North America is expanding significantly due to several important factors. Safe and sustainable packaging materials are in high demand due to strict laws and growing consumer awareness of food safety. The transition to recyclable and environmentally friendly packaging options has sped up market expansion even more. Additionally, new food contact papers with improved barrier qualities and durability have been developed as a result of technological developments in paper manufacturing methods. Food contact paper is a thriving market segment in North America due in part to consumers’ growing desire for convenience foods and online meal delivery services.

In conclusion, growing awareness of food safety, sustainability issues, and regulatory compliance are driving the market for food contact paper. In response to consumer expectations for packaging that is ecologically friendly, manufacturers are concentrating on creating novel solutions, such as food contact sheets that are recyclable and bio-based. Convenience foods, the growing use of online meal delivery services, and the expansion of the food packaging sector as a whole all contribute to the market’s growth. The food contact paper market has a bright and sustainable future because of ongoing developments in materials and technologies and strict laws governing products that come into contact with food.

Key Developments:

Year Development
February 2024 Through the expansion of EcoWicketBag production at its Szada, Hungary, facility, Mondi is able to further capitalize on the Group’s integrated value chain, which encompasses internal paper manufacturing, coating, and converting. EcoWicketBags are constructed with FunctionalBarrier Paper 95/5 from Mondi, an incredibly durable kraft paper that can be tailored to have particular barrier and protective qualities to satisfy a range of product requirements.
October 2022 Mondi’s €400 million investment in a new paper machine at its Štětí mill in the Czech Republic underscores its commitment to sustainable packaging and growth. This strategic move aligns with Mondi’s broader €1 billion expansionary capital investment program aimed at accelerating its position in the market.
January 2022 Paper carrier bags are increasingly being found in the dumpsters as plastic bags are gradually being phased out at the businesses. However, the paper bags are not designed to handle leftover waste from homes, which poses issues for garbage collectors, energy companies, and families alike. Four actors in Värmland are currently collaborating to find a solution to the problem of assigning a specific location for the paper bag in the waste system.

Baby toiletries are a variety of items made especially for the personal hygiene and skincare of infants. These items, which are all made with mild ingredients ideal for sensitive infant skin, include baby wipes, body wash, lotion, and shampoo. Growing disposable budgets, a growing inclination for natural and organic products, and parents’ greater understanding of infant care are some of the drivers driving the baby toiletry market. To satisfy the needs of parents who are concerned about safety, manufacturers are also concentrating on innovations like hypoallergenic formulas, environmentally friendly packaging, and dermatologist-tested goods.

The market is growing as a result of shifting lifestyles, rising disposable incomes, and consumer interest in natural and organic products. Furthermore, novelties like hypoallergenic formulas, environmentally friendly packaging, and dermatologist-tested goods are becoming more and more popular. The market for infant toiletries is anticipated to continue expanding, satisfying the changing demands of parents across the globe, as safety, effectiveness, and convenience become increasingly important factors. All things considered, the baby toiletries market is still booming and meeting the demands of babies all over the world.

The growing awareness of infant hygiene and care among parents is driving the market for baby toiletries, which is expanding steadily. The use of goods designed especially for the sensitive skin of infants has become more popular among parents, as evidenced by the rise in demand for diaper cream, wipes, body wash, shampoo, and lotion for babies. This consciousness also includes a desire for hypoallergenic, natural, and organic formulas that protect their children’s health and safety. In response to this trend, producers are launching cutting-edge goods with mild ingredients and environmentally friendly packaging to meet the changing demands of parents who are concerned about safety throughout the world.

Moreover, Diaper blowouts can be a new parent’s worst nightmare; in fact, these can terrify even the most seasoned parent or caregiver. According to a recent poll, parents in the US experience 13 million diaper blowouts per week. Additionally, 60% of parents worry about possible blowouts, and 35% of parents constantly worry that a blowout could occur at any time. For this reason, Pampers is launching its most significant innovation since 2018—a redesigned line of Pampers Swaddlers that includes the brand-new Blowout Barrier. Parents now have one less worry as the new Blowout Barrier helps prevent up to 100% of leaks, including blowouts.

One of the main factors propelling the infant toiletry market is the rising demand for travel-sized products. For buying baby care goods, parents are becoming pickier about mobility and convenience, especially whether they’re on the road or traveling. Travel-sized versions of diaper cream, body wash, shampoo, wipes, and lotion provide a convenient and portable option for working parents, meeting their demands and guaranteeing that their infants are well taken care of wherever they travel. The market for infant toiletries is expanding and becoming more diverse as a result of the trend for travel-sized products, which helps satisfy the needs of contemporary parenting methods.

The market is expanding due in large part to the growing interest in natural and organic infant toiletries. As a result of their growing awareness of the components in baby care products, parents are looking for formulas that are mild on sensitive skin and devoid of harsh chemicals. Growing knowledge of the possible dangers of synthetic substances and a desire for greener solutions are driving this trend. In response, producers are catering to parents who are concerned about the environment by providing an extensive selection of natural and organic baby amenities, such as wipes, lotion, shampoo, and diaper cream. This is helping to propel market growth in this particular niche.

The increasing infant population also drives the infant toiletries market. According to the CDC, in 2022, 36,67,758 births were registered in the United States, and in 2021, 36,64,292 births were registered. The general fertility rate declined by 1% in 2022 to 56.0 births per 1,000 females aged 15–44, following an increase of 1% from 2020 to 2021.

Figure 1:  Number of Live Births in the United States, 2020 – 2022

number of live births

Source: Centre of Disease Control and Prevention.

The market for baby toiletries is being driven in large part by creative packaging options. Producers are concentrating on designing packaging that is not only eye-catching but also practical and easy for parents to use. Consumers are beginning to favor features like resealable closures, eco-friendly materials, travel-friendly sizes, and simple dispensers. These advances in packaging improve user experience, guarantee product life and freshness, and encourage sustainability—all of which are in line with the desires of parents who care about the environment. Because of this, there is an increasing need for infant toiletries that are packaged in creative and useful ways, which is fuelling the market’s overall growth.

Due to increased awareness of newborn cleanliness and the availability of a large selection of baby toiletry items, industrialized countries have greater adoption rates for these goods. It is anticipated that the high adoption rate in developed nations will persist since parents in these nations are progressively searching for solutions that will support them in preserving their infants’ health and well-being. The rising disposable income of customers and increased awareness of baby cleanliness are driving up the adoption rate of baby toiletry products in developing nations. Since manufacturers are increasingly focusing on these markets with new and creative goods, it is anticipated that the growing acceptance rate in developing countries will propel market expansion.

The market for infant toiletries is expanding significantly in the Asia-Pacific region for several reasons. In nations like China, India, and Japan, rising birth rates, rising disposable income, and rapid urbanization are driving up demand for baby care items. Furthermore, shoppers in the region are starting to favor luxury and organic baby toiletries. The industry is growing even more as a result of e-commerce platforms making a variety of baby toiletry goods easier to obtain. The Asia-Pacific area offers producers and retailers in the infant toiletry market substantial potential, with a focus on safety, quality, and convenience. Websites like FirstCry, are providing a variety of products at affordable prices, hence driving the market.

Key Developments:

 

Year Development
March 2024 With a program that will start in time for Mother’s Day 2024, Baby2Baby, a nationwide nonprofit organization, and Huggies Diapers are teaming together to offer vital support to new mothers and babies. Huggies, through the Kimberly-Clark Foundation, has pledged to double the reach and impact of Baby2Baby’s project with the Department of Health and Human Services (HHS) to address the tragically rising maternal death rate and the rising need for diapers in America. This program will assist maternity and baby health, especially in vulnerable communities, by providing postpartum pads, wipes, and diapers in kind, along with funding through a multi-million-dollar grant.
May 2021 Pampers developed the first ever partially reusable and partially disposable diaper system: Pampers Pure Protection Hybrid Diapers. Using dependable Pampers technology, the Pure Protection Hybrid Diaper offers exceptional dryness and leak protection1 from a diaper that uses 25% fewer disposable materials.

 

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The market for pet monitoring cameras has expanded quickly as a result of the growing need among pet owners to remotely watch their animals and the global pet adoption trend. These cameras provide real-time video and audio streaming, so pet owners can use their laptops or cell phones to monitor their pets’ surroundings, behavior, and general well-being from anywhere.

Two-way voice communication, motion detection, night vision, and reward dispensers—which offer interactive experiences for both humans and pets are among the key features propelling the industry. The camera’s capabilities are further improved by the use of AI and machine learning technologies, which provide automated alerts for possible problems, behavior analysis, and pet activity tracking. Two-way audio communication is one of the most sophisticated features that enables pet owners to converse with and listen to their animals from a distance. For owners and pets alike, this function offers interactive experiences, comfort, and assurance.

The two-way video functionality products segment is indeed expected to experience rapid growth within the pet monitoring camera market. These products offer a comprehensive solution for pet owners, allowing them to visually interact with their pets in real-time, monitor their activities, and provide essential care remotely. The ability to feed pets at appropriate times, engage them in play, and entertain them contributes to their popularity among consumers.

Moreover, motion detection features improve security and surveillance by allowing cameras to recognize activity and notify owners. Motion detection and alerts notify owners of any unusual activities or potential concerns, enhancing security and safety. With the use of night vision technology, continuous monitoring is possible even at night, ensuring clear visibility in low light. Certain cameras have treated dispensers built in that let owners distribute treats from a distance.

Remote monitoring and connectivity are significant drivers propelling the pet monitoring camera market’s growth. With advancements in technology and the rise of smart home ecosystems, pet owners increasingly seek ways to stay connected with their pets and monitor their well-being from anywhere. These cameras offer real-time video streaming, allowing owners to observe their pets’ activities, behaviors, and surroundings remotely.

Since pet monitoring cameras easily interact with other smart devices and platforms, the market is additionally helped by the growing trend of smart homes and IoT devices. The market for pet monitoring cameras is anticipated to expand overall as more people own dogs and give their well-being, safety, and health priority. Moreover, the integration of pet monitoring cameras with smartphones and other devices enables seamless connectivity and control. Pet owners can access camera feeds, receive notifications, and even dispense treats or engage in play remotely, fostering a deeper bond and fulfilling pets’ physical and emotional needs.

The market for pet monitoring cameras is expanding as a result of the notable increase in pet ownership seen throughout the world. As more people accept pets as essential members of their families, there is a significant need for creative ways to watch over and take care of them. When their favorite animals aren’t there in person, pet owners look for ways to make sure they’re secure, happy, and healthy.
Pet owners now have an easy and efficient way to watch over and engage with their animals in real-time from a distance, thanks to pet monitoring cameras. These cameras improve the whole pet ownership experience with capabilities like motion detection, night vision, two-way audio communication, live video streaming, and even treat dispensing. The need to manage separation anxiety, maintain a relationship with pets, and keep an eye on pets.

According to the North American Pet Health Insurance Association, the number of pets (cats, dogs) insured in the United States increased by 22.1% in 2022. Since 2018, Insured Pets have grown at an average yearly growth rate of 22.5%. With dogs accounting for 80.1% of insured pets and cats for 19.9%, dogs continue to be the most common type of pets.

Figure 1:  Total Increase in Pet Ownership in the United States, 2019- 2022

total increase in pet ownership

Source: North America Pet Health Association

The convenience, peace of mind, and enhanced pet care capabilities offered by remote monitoring and connectivity drive the growing adoption of pet monitoring cameras among tech-savvy pet owners worldwide.

The market for pet monitoring cameras is expanding due in large part to the introduction of cutting-edge features and technology that meet the changing demands and tastes of pet owners. Pet monitoring cameras are becoming more and more popular and widely used because of these cutting-edge features that improve their usefulness, practicality, and efficacy.

Moreover, additional features like behavior analysis, automated notifications for possible problems, and tracking pet activities are made possible by the integration of AI and machine learning. As a result of these technological developments, pet owners who are tech-savvy and looking for all-inclusive solutions for pet care and monitoring are adopting pet monitoring cameras since they are becoming more intelligent, responsive, and personalized.

The online distribution channel is poised for rapid growth in the pet monitoring camera market due to several key factors. Firstly, the increasing digitalization and convenience of online shopping have led to a surge in consumers preferring to purchase products online. Additionally, the wide availability of pet monitoring cameras from various brands on e-commerce platforms provides consumers with a diverse range of options to choose from. Moreover, online channels offer competitive pricing, discounts, and convenient delivery options, further driving their popularity among tech-savvy pet owners seeking efficient and accessible ways to purchase pet monitoring cameras.

The Asia-Pacific region is experiencing significant growth in the pet monitoring camera market due to several factors. Rising pet ownership rates, particularly in countries like China, India, and Japan, are driving demand for innovative pet care solutions. The increasing adoption of smart home technologies and the growing awareness of pet health and well-being among consumers also contribute to market expansion. Furthermore, the presence of key market players focusing on product development and strategic partnerships in the region further boosts growth. Overall, the Asia-Pacific region presents substantial opportunities for the pet monitoring camera market with its expanding pet ownership and tech-savvy consumer base.

In conclusion, several factors, including the rise in pet ownership, technological advancements, the growing need for remote monitoring solutions, and the incorporation of cutting-edge features like two-way video functionality, are driving the market for pet monitoring cameras. These cameras give pet owners easy ways to keep an eye on, engage with, and take care of their animals from a distance, strengthening the link between them and improving their well-being. The market also gains from IoT integration, the expanding trend of smart homes, and the accessibility of online distribution channels. The pet monitoring camera industry seems to have a bright future as it continues to innovate new products and broaden its customer base to meet the demands of pet owners who are digitally aware all over the world.

Key Developments:

 

Year Development
November 2022 The brand-new Furbo 360° Dog Camera was introduced by Furbo, the leader in the interactive pet camera market. With the most cutting-edge technology available, this best-in-class camera can take care of your pet in the following ways: it can see in a crystal-clear rotating 360° view, play with an interactive feather wand toy, throw treats to your dog to kill boredom and provide peace of mind with AI-powered Smart Alerts that keep you informed about activity in your home around-the-clock.

 

 

Hard disk drive or HDD is used in several consumer electronics like laptops, personal computers, and others for data storage purposes.  It uses magnetic storage to store and retrieve digital data and is also known as an electro-mechanical data storage device. This storage device has one or more platters coated with magnetic material and is rapidly rotating. The hard disk drive can read and write data on the magnetic platter surface. The data stored in the hard disk drive is accessed randomly, which means individual data blocks can be accessed and stored in any order.

Global Production Trends

The production of HDDs is growing with the rise in demand for consumer electronics and the increase in penetration of electronic devices. These electronic devices are becoming more important in the consumer’s daily life and these devices require storage services to store consumer’s important data. This is achieved by the use of HDDs as secondary storage in these devices.

In recent years, there has been a notable increase in the production of HDDs in emerging economies due to technological advancements in consumer electronics. They have a diverse set of applications in several consumer electronics and can cater to all their needs. With the rise in production of these consumer electronics in developing economies and the rising global population, the demand for HDDs is anticipated to grow significantly.

As HDD magnetic storage device has so many applications in several consumer electronics, the demand for them has seen rapid growth. For instance, various emerging economies are taking initiatives to produce these consumer electronics on their own by boosting their manufacturing hubs. They will have to be less reliable on exports that will directly boost the overall production growth of HDDs around the globe. The Make in India initiative by the Indian government is an example of increasing manufacturing hubs in India.

Hard Disk Drives use case

The HDDS has several use cases that are boosting their production and market around the globe. These use cases include consumer electronics for secondary storage, the growing use of smartphones in the daily life of consumers is increasing global data and the need for data storage, and the introduction of 5G technology with increased speed and low latency has increased the demand for data storage services. The growing amount of data centers around the globe are also contributing to the growing demand for data storage, and this is anticipated to fuel demand for HDDs production.

The growth in data centers is important in fueling the demand for HDDs. These data centers are being widely adopted by several enterprises for storage of enterprise data, data recovery, data management, and backing up that data.  For instance, Microsoft announced its plan to establish a new data center in Hyderabad, India, in October 2022. This was one of the world’s largest cloud infrastructures. This data center’s focus is on providing excellent data management services for various government agencies, start-ups, education institutions, corporations, and developers all around the globe.

Furthermore, data centers around the globe in several major countries are being built with the growing need for data storage. These data storage needs will be matched by the growing production of HDDs. For instance, in the year 2021, there were 8000 data centers globally from which the USA had 33% of total global centers, the UK had 5.7%, and Germany had 5.5% of total global centers.

Figure 1:  Percentage Share of Major Countries of Total Global Data Centers in the Year 2021

percentage share of major countries

Source: usitc.gov

Market Dynamics and Drivers

Several factors drive the hard disk drive or HDD market, including a rise in the application of HDDs in recent consumer electronics. This, coupled with the rise in demand for storage devices with the growing amount of global data, has contributed significantly to boosting the overall hard disk drive market. Additionally, with the rapid growth in data storage technology and the popularity of data centers, the need for HDDs or hard disk drives is rising proportionally.

HDDs provide storage services using magnetic storage to store and retrieve data at the consumer’s convenience. Using HDDs as secondary storage in consumer electronics benefits overall production growth, with the rise in the popularity of smartphone devices. Therefore, with a rise in demand for these consumer electronics products, the hard disk drive market is anticipated to grow.

The development and innovation in communication technology across the tech industry is one of the growth factors in the HDDs market. The introduction of 5G technology has significantly grown the amount of global data with its fast speed and reduced latency which in turn is driving the demand for more efficient and fast data storage. The global adoption of 5G technology in mobile services is positively impacting the market and therefore, the HDDs market is anticipated to grow in the forecast period.

For instance, in the USA, a large portion of the total population owns a smartphone. The growing population is raising the demand for smartphones, which in turn is anticipated to boost the market for HDDs as storage services. The percentage of adults in the USA who say they own a smartphone has grown from 85% in 2021 to 90% in 2023.

Figure 2:  Percentage Growth of Adults in the USA Who Own a Smartphone

percentage growth of adults

Source: pewresearch.org

Market Constraints

Despite the huge advantages and use cases of HDDs, the companies that manufacture them face a lot of challenges, with significant improvements being made in storage services and keeping up with that improving technology. Although data centers around the globe that use HDDs have experienced rapid growth, these data centers require a lot of power consumption and are not energy efficient. Therefore, this advancement in storage technology and high-power consumption is predicted to hinder market growth over the forecast period.

Emerging Opportunities and Innovations

Despite the challenges, the hard disk drive market presents numerous opportunities for innovation and growth. Advances in its applications across various industries are the major reason for that. Also, the demand for network-attached storage HDDs is growing significantly and positively affects the HDD market growth. These network-attached storage services allow several users and clients of an enterprise to store and retrieve data from a centralized data storage location. This makes data management efficient and fast for data retrieval and storage.

Key Developments

  • In January 2024, Seagate announced the breakthrough in their Mozaic 3+ hard drive platform, which can provide unparalleled areal densities of 3 TB plus per platter.
  • In November 2023, Western Digital announced that it began shipping large volumes of the 24TB CMR HDD as the widespread new applications, use cases, and connected devices multiply across the industry.
  • In September 2023, Toshiba Electronics Devices and Storage Corporation announced the launch of a 22TB MG10F series hard disk drive. It delivers 10% more capacity than Toshiba’s prior generation 20TB model.

In conclusion, the hard disk drive market presents significant opportunities for growth and innovation, driven by the increasing popularity of consumer electronics and applications across various industries like growing data centers and network-attached storage HDDs. While facing challenges such as increasing advancements in storage services technologies and huge power consumption of data centers for storage and management of data, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for hard disk drives.