In 2023, Kate Crawford estimated the value of the emotional AI sector to be approximately $22 billion, with projections indicating a doubling of this figure by the year 2024.

Figure 1:  Emotional AI Market, in US$ Billion

emotional ai market

Source: PubMed Central

In today’s digital age, artificial intelligence (AI) continues to reshape the way we interact with technology. From voice assistants to recommendation algorithms, AI permeates various aspects of our lives, offering convenience, efficiency, and personalized experiences. However, as technology evolves, so do our expectations. In recent years, there has been a growing emphasis on imbuing AI systems with emotional intelligence, leading to the emergence of Emotional AI, also known as affective computing. This groundbreaking field seeks to bridge the gap between humans and machines by enabling computers to recognize, interpret, and respond to human emotions. In this article, we will delve into the transformative potential of Emotional AI, exploring its applications across industries, recent developments, and ethical considerations.

In February 2024, EIT Digital, along with 12 other prominent European institutions in education, research, and technology, introduced “EMAI4EU,” a significant four-year endeavor aimed at educating professionals in the realm of artificial emotional intelligence. EIT Digital, renowned as a leading force in digital innovation across Europe, unveiled EMAI4EU, a fresh initiative spanning four years to enrich education in emotional artificial intelligence throughout Europe. This collaborative effort unites 13 esteemed European institutions to craft innovative degree programs and learning modules tailored to equip participants with advanced AI skills.

Understanding Emotional AI:

At its core, Emotional AI encompasses the integration of algorithms, machine learning techniques, and sensor technologies to enable machines to perceive and understand human emotions. This involves analyzing various cues, including facial expressions, vocal intonations, body language, and textual sentiment. By deciphering these emotional signals, Emotional AI systems can infer users’ mental states and tailor responses accordingly.

One of the key challenges in developing Emotional AI lies in creating algorithms capable of accurately recognizing and interpreting complex human emotions. This requires a multidisciplinary approach, drawing insights from psychology, neuroscience, computer vision, natural language processing, and other fields. Researchers leverage datasets comprising labeled emotional expressions to train machine learning models, enabling them to recognize patterns and make predictions about users’ emotional states.

Applications Across Industries:

The potential applications of Emotional AI span a wide range of industries, each with unique opportunities to leverage emotional intelligence in human-machine interactions:

1. Customer Service:

In the realm of customer service, Emotional AI holds the promise of revolutionizing the way businesses engage with their customers. Chatbots and virtual assistants equipped with Emotional AI capabilities can understand users’ emotions, empathize with their concerns, and provide tailored assistance. For example, a chatbot integrated into a retail website can detect frustration in a customer’s tone and offer personalized solutions to address their issue, thereby enhancing customer satisfaction and loyalty.

2. Healthcare:

Emotional AI has significant implications for the healthcare sector, particularly in the realm of mental health. By analyzing patients’ emotional cues during therapy sessions, AI-driven systems can provide valuable insights into their psychological well-being and facilitate personalized interventions. For instance, a virtual therapist equipped with Emotional AI can detect signs of anxiety or depression in a patient’s speech patterns and offer coping strategies or recommend further treatment.

3. Education:

In the field of education, Emotional AI has the potential to revolutionize personalized learning experiences. Adaptive learning platforms powered by Emotional AI algorithms can gauge students’ emotional responses to educational content and adjust the curriculum accordingly. For example, if a student exhibits signs of frustration or confusion while solving a math problem, the system can offer additional explanations or alternative learning resources tailored to their needs, thereby optimizing learning outcomes.

4. Automotive:

In the automotive industry, Emotional AI is poised to transform the driving experience by enhancing safety and comfort. In-car systems equipped with emotion recognition capabilities can monitor drivers’ emotional states and intervene when necessary to prevent accidents or mitigate risks. For instance, if a driver displays signs of drowsiness or distraction, the system can issue alerts, adjust the vehicle’s settings, or even initiate autonomous driving mode to ensure safe navigation.

Recent Developments and Examples:

In recent years, there have been notable advancements in Emotional AI research and development, leading to innovative applications and technologies:

1. Amazon’s Alexa Emotions:

Amazon, a leading player in the voice assistant market, is exploring Emotional AI capabilities for its popular Alexa virtual assistant. By integrating emotion recognition algorithms into Alexa-enabled devices, Amazon aims to make interactions with the assistant more empathetic and human-like. For example, Alexa may adjust its tone of voice or response based on the user’s emotional state, providing a more personalized and engaging experience.

2. IBM Watson’s Tone Analyzer:

IBM Watson offers a Tone Analyzer tool that leverages Natural Language Processing (NLP) techniques to evaluate textual content and discern emotional tones. Businesses can use this tool to analyze customer feedback, social media posts, and other text-based data to gauge sentiment and tailor their communication strategies accordingly. For instance, a company may use the Tone Analyzer to identify areas of customer dissatisfaction and address them proactively, thereby improving brand perception and customer satisfaction. IBM Watson Assistant handles 62% of telephone calls, 68% of chats, and 56% of other queries received by IBM, in each month.

Figure 2:  Percentage of Queries Handled by IBM Watson Assistant Monthly

percentage of queries handled

Source: IBM Report

3. Affectiva’s Automotive AI:

Affectiva, a pioneer in Emotional AI, collaborates with automotive manufacturers to develop in-car systems that recognize and respond to drivers’ emotions. By integrating emotion recognition sensors into vehicles, Affectiva’s Automotive AI technology can detect a range of emotional states, including stress, fatigue, and distraction. For example, if a driver displays signs of road rage or frustration, the system may activate calming music, adjust the ambient lighting, or provide soothing voice prompts to help alleviate tension and promote safe driving.

On May 25, 2021, Smart Eye revealed its acquisition of Affectiva, merging the two entities to spearhead advancements in the automotive sector. Through the integration of their respective technologies, these two trailblazers aim to accelerate the delivery of automotive-grade AI solutions to meet the demands of the evolving interior sensing market.

Ethical and Privacy Considerations:

While Emotional AI holds immense promise to humanize technology and improve human-machine interactions, it also raises important ethical and privacy considerations:

1. Data Privacy:

Emotional AI systems rely on vast amounts of personal data, including facial images, voice recordings, and textual content, to analyze and interpret users’ emotions. Safeguarding this data and ensuring user privacy are paramount to building trust and fostering widespread adoption of Emotional AI technologies. Companies must adhere to strict data protection regulations and implement robust security measures to prevent unauthorized access or misuse of sensitive information.

2. Algorithmic Bias:

Like all AI systems, Emotional AI algorithms are susceptible to bias, which can manifest in various forms, including gender, racial, and cultural biases. Biased algorithms may lead to unfair or discriminatory outcomes, exacerbating existing societal inequalities. To mitigate bias in Emotional AI systems, researchers and developers must carefully design and evaluate algorithms, prioritize diversity and inclusivity in training datasets, and implement transparency and accountability measures to address bias-related issues.

The burgeoning market for emotion recognition is projected to reach $3.8 billion by the year 2025. Emotional AI represents a paradigm shift in the field of artificial intelligence, enabling machines to understand and respond to human emotions in increasingly sophisticated ways. As advancements continue and ethical frameworks evolve, Emotional AI has the potential to enrich human-machine interactions across various domains, from customer service to healthcare and beyond. By harnessing the power of Emotional AI, we can create more empathetic, personalized, and inclusive technologies that enhance our lives and improve our well-being. As we embark on this transformative journey, it is essential to prioritize ethical considerations, uphold privacy rights, and ensure that Emotional AI serves the best interests of humanity.

The oilseed market is expected to grow at a CAGR of 6.72% during the forecasted period, with a market valuation of US$305.526 billion in 2022 and is expected to reach US$481.683 billion by 2029.

Oilseeds and oilseed meals can supply nutrients that aid in milk production and growth. When employing heat-treated oilseeds or oilseed meals, it is critical to use the right heat treatment to preserve amino acids against ruminal enzyme degradation and block organically present enzymes that restrict intake.

Most oilseed meals are protein-based and include significant quantities of critical amino acids. Oilseeds are used in a variety of industrial applications, including biodiesel, fertilizer, pharmaceuticals, cosmetics, animal feed, fibers, paint, buttons, and so on. Growing demand for animal nutrition, along with usability in many applications and the adoption of a healthy lifestyle, has fuelled market expansion on a worldwide scale.

As per the report, the oilseed market is expected to grow at a significant pace.

Oilseed crops are used to provide sustainable aviation fuel, lowering overall carbon emissions. The increased emphasis on limiting conventional kerosene in attempts to decrease the global carbon footprint has hastened the demand for sustainable aircraft production, which is projected to pave the way for future growth in the oilseed industry.

For instance, In December 2022, the US Department of Energy awarded Michigan State University researchers $2 million to produce cleaner, more sustainable biodiesel and jet fuels from Camelina sativa, a plant related to cabbage and cauliflower. The financing will help to better understand the plant’s oilseed output and make it a viable alternative to petroleum-based aircraft fuels.

There are many product launches and developments that are taking place in the oilseed market during the forecast period. For instance, Chevron USA, Bunge, and Corteva Inc. signed a strategic agreement in March 2023 to develop winter canola hybrids for use in low-carbon plant-based oil production. The increased output intends to address the rising demand for low-carbon renewable fuels.

The global oilseed market, based on different crop types is categorized into- canola, rapeseed & and mustard, soybean, sunflower, and others. Canola seeds are an oilseed that is widely grown for its high-quality oil, which is low in saturated fat but high in unsaturated fats, notably omega-3 fatty acids. Canola oil is widely used in cooking, frying, and baking, as well as in food processing and biodiesel production.

Rapeseed and mustard seeds belong to the Brassicaceae family and are grown largely for their oil content. Rapeseed oil is used in a variety of culinary applications, including frying and salad dressings, whereas mustard oil is prominent in Indian cuisine and also has medicinal benefits.

Soybeans are one of the world’s most frequently farmed oilseeds, providing a large supply of vegetable oil and protein. Soybean oil is widely used in culinary goods, including cooking oils, margarine, and salad dressings, as well as in industrial uses such as biodiesel manufacturing.

Sunflower seeds are an important oilseed crop noted for their high oil content and nutritional value. Sunflower oil is widely used in cooking, frying, and salad dressings due to its mild flavor and high smoke point. It is also used in the manufacturing of margarine and mayonnaise.

The global oilseed market, based on different types is categorized into- GMO, and Conventional. GMO oilseeds have been genetically altered with biotechnology to include desired features like herbicide resistance, insect resistance, disease resistance, or improved nutritional profiles. GMO oilseeds include soybeans, canola, and corn.

Conventional oilseeds are types that have been established using traditional breeding procedures and farming practices without the application of genetic manipulation. These types may have been selectively bred to boost yield, oil content, disease resistance, or other characteristics during decades of crop development initiatives.

North America accounts for a significant portion of the global oil seed industry as a result of increased oilseed production and increased use of edible oils in Americans’ everyday lives. Furthermore, the US soybean crop was produced in bigger numbers, which resulted in increased soybean oil consumption and hastened market expansion. According to the World Trade Organisation, the United States is the world’s second-largest soybean exporter and one of its main producers.

As a part of the report, the major players operating in the oilseed market that have been covered are BASF SE, Bayer AG, Bunge Limited, KWS SAAT SE & Co. KGaA, Syngenta, Corteva, and Cargill.

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

The analytics report categorizes the oilseed market using the following criteria:

Segmentation:

  • By Crop Type
    • Canola
    • Rapeseed & Mustard
    • Soybean
    • Sunflower
    • Others
  • By Type
    • GMO
    • Conventional
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East And Africa
      • Saudi Arabia
      • Israel
      • Other
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

Genetically Modified Seeds Market

Genetically modified (GMO) seeds are produced by laboratories by biological engineers that use contemporary biotechnology techniques known as genetic engineering, which consists of the selection of individual genes and transferring them from one organism to another using recombinant DNA techniques, which further results in the genetically modified organism that cannot be produced through natural or crossbreeding techniques.  Genetically modifying crops and seeds can help raise the degree of crop protection by strengthening the crop’s resilience or resistance to pesticides, infections and other pathogens, and also natural disasters and weather conditions, which include droughts, floods, extreme heat or cold, and many others. Some Genetically modified seeds or crops are also known to have increased yield production capabilities, which further lowers the cost of production and increases overall crop production in a short period. Genetically Modified seeds enhance harvest capabilities, allowing for more crop rotation and are known to be able to withstand several conditions such as drought, high salt concentrations, heat, or the presence of aluminium elements. Some of the various growth factors that drive the growth of the global genetically modified seeds market include the increasing growth in nutrition concerns, which is further influenced by the increase in the urbanization rate, and the increase in crop production, especially corn production, which is known for having a wide variety of GMO types.

Rise in nutrition concerns coupled with rapid urbanization propel the GMO seeds market.

Genetically Modified seeds are known to provide an increase in yield and nutrients for various types of crops in the market. The increase in the growth of the market can also be linked to the increasing need for animal feeds and the growing use of biofuels that are produced from GMO crops such as corn, soybeans, wheat and sugarcane. For instance, the OECD Agricultural Outlook 2023-2032 displayed the percentage use of crops in the production of biofuels in the market and also showed the increase in demand for biofuel production and feed in the market. The projected increase in the use of cereal crops such as wheat, maize, rice and other crops, accounts for 217 billion tonnes by 2032, which is further distributed into wheat with 5%, rice with 1%, maize with 93% and other crops with 2% contributions in the production of biofuels.

Figure 1:  Projected Increase in Usage of Cereal Crops in Biofuel Production, Global, 2023-2032

biofuel production
(in percentage of total biofuel production)
Source: OECD Agricultural Outlook 2023-2032

Coupled with the increase in growth of crop production, the increasing urbanization rates drive the growth of global GMO seed production during the forecasted period. The increase in the global urban population gives rise to an increase in demand for better nutrition and yield in crop products, which include rice, wheat, corn, and many others, which are further processed for the production of products such as oil, and many others. As per the World Bank, the global urban population accounts for 56% of the total global population, which accounts for an estimated 4.4 billion people in 2023. It has been projected by the World Bank that the global urban population is expected to reach an estimated 6 billion by 2045 and is expected to double in size of the current urban population by 2050, which accounts for an estimated 6 billion and 8.8 billion respectively. The increasing urban population gives rise to an increase in the number of health-conscious consumers in the market, further influencing the increase in the production of food with increased nutrition.

Figure 2:  Projected Urban Population Growth, Global, 2023-2050

projected urban population growth
(in billions of people)
Source: World Bank

Increasing growth of crop production, especially corn production, propels the growth of the GMO seeds market.

Corn accounts for the majority of genetically engineered crops existing in the market. The increasing demand for corn for ethanol production and livestock feed drives the growth of the global GMO seeds market during the forecasted period. GMO seeds are known to contain several properties that help in the increase of yield and the reduction of cost of production in agriculture, significantly improving the growth of the agricultural industry. As per developmentaid.org, corn, also commonly known as maize, was expected to increase to reach 1.17 billion metric tons in 2023. The top countries that account for the global increase in the production of corn include the United States, Argentina, the EU, and China. The United States accounts for the majority of corn production globally, accounting for an estimated 390 million metric tonnes and an annual production of 90 million acres of corn. China accounted for an estimated 280 million tonnes, which accounts for 23% of the global corn production. Brazil accounted for an estimated 129 million metric tonnes, which accounts for 11% of the global corn production. The EU and Argentina account for an estimated 64 million metric tonnes and 54 million metric tonnes respectively, which accounts for 5% and 4% of the global corn production respectively.

Figure 3: Top Corn Producing Countries, Global, 2023

top corn producing countries
(in 1000 metric tonnes)
Source: The United States Department of Agriculture

Key Developments:

March 2023: Corteva Agriscience announced the launch of their plant breeding innovation that can combat corn disease by adding protection to elite corn hybrids by advancing through the company’s R&D pipeline. The increase in the prevalence of plant diseases in agriculture increased the concern of farmers, which further boosted the need for multi-disease resistance concepts and also increased the need for additional crop protection product applications in the market. This innovation makes use of gene editing to combine and reposition disease-resistance traits that had already existed within the corn genome to bolster the disease’s tolerance and minimize production stress in corn. This technological innovation also offers healthier plants and increases yield potential even further. This allows farmers to have more freedom in the selection of performance characteristics that are more in line with their yield goals than having to worry about disease resistance.

The sunscreen market is witnessing significant growth worldwide as consumers become increasingly aware of the importance of protecting their skin from the harmful effects of UV radiation. Sunscreens play a crucial role in preventing sunburns, premature aging, and skin cancer, making them an essential part of daily skincare routines. In this article, we will explore the latest trends, innovations, and consumer preferences shaping the sunscreen market.

Sunscreen is not just a summertime essential; it’s a year-round necessity for maintaining healthy skin. As we soak in the warmth of the sun’s rays, it’s crucial to shield our skin from the damaging effects of ultraviolet (UV) radiation. In this comprehensive guide, we will delve into the importance of sunscreen, how it works, tips for choosing the right sunscreen, proper application techniques, and dispelling common myths surrounding its use. By understanding the significance of sunscreen and adopting proper sun protection practices, we can safeguard our skin against sunburns, premature aging, and the risk of skin cancer.

Skin cancer stands as the prevailing form of cancer in the United States, with current statistics suggesting that one out of every five Americans will experience a skin cancer diagnosis in their lifetime. Each day, an estimated 9,500 individuals in the U.S. receive a skin cancer diagnosis, underscoring the widespread impact of this disease. Research indicates that nonmelanoma skin cancer (NMSC), encompassing basal cell carcinoma (BCC) and squamous cell carcinoma (SCC), affects over 3 million Americans annually. Over 1 million individuals in the United States are currently coping with melanoma. It was anticipated that 197,700 new instances of melanoma emerged in the U.S. during 2022, comprising 97,920 cases classified as noninvasive (in situ) and 99,780 deemed invasive. Invasive melanoma is forecasted to rank as the fifth most frequently diagnosed cancer for both males, with 57,180 cases, and females, with 42,600 cases, in the year 2022.

Figure 1:  Number of Cases of Invasive Melanoma in the USA, in 2022

number of cases of invasive melanoma

Source: American Academy of Dermatology Association

In Canada, over 80,000 instances of skin cancer are identified annually. This significant number underscores the urgency of adopting preventive measures against this pervasive health concern. Given that exposure to ultraviolet (UV) radiation is linked to approximately 80% to 90% of skin cancer cases, the importance of sunscreen in blocking UV radiation is heavily emphasized.

Figure 2:  Percentage of Skin Cancer Cases in Canada

percentage of skin cancer

Source: PubMed Central

Sunscreen serves as a pivotal tool in not only preventing skin cancers but also in reducing the incidence of sunburns and skin photoaging. By shielding the skin from harmful UV rays, sunscreen plays a crucial role in safeguarding individuals from the adverse effects of sun exposure, promoting overall skin health and well-being. It serves as a cornerstone in comprehensive sun protection strategies, alongside other preventive measures such as seeking shade, wearing protective clothing, and limiting outdoor activities during peak sun hours.

The sun emits two types of harmful UV radiation: UVA and UVB. UVA rays penetrate deep into the skin, leading to premature aging, while UVB rays primarily cause sunburns and contribute to the development of skin cancer. Sunscreen is a barrier between our skin and these harmful rays, reducing our risk of sun damage and long-term skin issues. By applying sunscreen daily, we can significantly lower our chances of developing skin cancer, including melanoma, the deadliest form of skin cancer.

Research indicates that consistently applying SPF 15 sunscreen every day, following the recommended guidelines, can significantly decrease the likelihood of developing squamous cell carcinoma (SCC) by approximately 40 percent. Moreover, it can also reduce the risk of melanoma, a more aggressive form of skin cancer, by as much as 50 percent. These findings underscore the importance of incorporating sunscreen into daily skincare routines as a proactive measure against skin cancer. By diligently applying sunscreen with at least SPF 15, individuals can substantially mitigate their risk of both SCC and melanoma, promoting long-term skin health and well-being.

Figure 3:  Percentage of Reduction in the Risk of Development of SCC and Melanoma by the Use of Sunscreen

percentage of reduction in the risk of development

Source: PubMed Central

Sunscreen works by absorbing, reflecting, or scattering UV radiation before penetrating the skin. Chemical (organic) sunscreens contain active ingredients that absorb UV rays, while physical (mineral-based) sunscreens create a protective barrier on the skin’s surface, reflecting and scattering UV radiation. Both types of sunscreens offer effective protection, but individuals with sensitive skin may prefer mineral-based sunscreens, as they are less likely to irritate.

Selecting the right sunscreen is essential for ensuring adequate protection against UV radiation. When choosing a sunscreen, consider factors such as skin type, SPF rating, and broad-spectrum protection against both UVA and UVB rays. Individuals with fair or sensitive skin may benefit from higher SPF ratings, while those with darker skin tones should still opt for sunscreen to prevent long-term damage. Additionally, look for water-resistant formulas, fragrance-free options, and non-comedogenic formulations if you have acne-prone or sensitive skin.

The American Academy of Dermatology advises the consistent application of sunscreen with an SPF of 30 or higher for individuals of all skin types, despite the higher incidence of skin cancers among White individuals compared to those with darker skin tones. However, there is a lack of research assessing the efficacy of regular sunscreen use in reducing skin cancer risk among non-White populations. For children older than 6 months and adults, the Canadian Dermatology Association recommends the use of broad-spectrum sunscreens with an SPF of 30 or higher. Studies comparing sunscreens with SPF 100 to those with SPF 50 have demonstrated the superiority of the former in preventing sunburns in real-world settings, including beach and high-altitude skiing environments.

Proper application of sunscreen is key to its effectiveness. Apply sunscreen generously to all exposed skin areas, including the face, neck, ears, and hands, at least 15 minutes before sun exposure. Don’t forget often overlooked areas like the lips, scalp, and tops of feet. Reapply sunscreen every two hours, or more frequently if swimming, sweating, or engaging in activities that cause sunscreen to wear off. Remember, no sunscreen offers 100% protection, so it’s crucial to combine sunscreen use with other sun protection measures, such as seeking shade and wearing protective clothing.

Despite the widespread use of sunscreen, many myths persist surrounding its effectiveness and safety. One common misconception is that sunscreen is unnecessary on cloudy days. However, UV radiation can penetrate clouds, so sunscreen is still essential even when it’s overcast. Additionally, some people believe that a “base tan” offers protection against sunburns, but this is untrue. Any change in skin color indicates damage from UV radiation. Another myth is that higher SPF ratings provide significantly more protection than lower ones. While higher SPF ratings do offer slightly more protection, no sunscreen can block all UV rays completely.

Safety concerns regarding sunscreen often revolve around its chemical ingredients. However, extensive research supports the safety and efficacy of sunscreen in protecting against sun damage and skin cancer. The benefits of using sunscreen far outweigh any potential risks associated with its chemical ingredients. Nevertheless, individuals concerned about chemical ingredients may opt for mineral-based sunscreens, which contain zinc oxide or titanium dioxide and provide effective protection without chemical additives. Ultimately, sunscreen should be viewed as an essential component of a comprehensive sun protection strategy, alongside protective clothing, hats, and seeking shade during peak sun hours.

The prevalent adverse reactions associated with sunscreens typically involve subjective discomfort such as stinging and burning sensations without visible rash, as well as irritant contact dermatitis and the potential for clogging pores. In rare cases, chemical sunscreen components may provoke allergic reactions, including allergic contact dermatitis and photoallergic contact dermatitis. Among the ingredients most frequently linked to these allergic reactions are octocrylene, oxybenzone, and octyl methoxycinnamate.

Key Developments

In September 2023, BASF introduces TinomaxTM CC, a novel sunscreen ingredient catering to the rising need for versatile solutions featuring enhanced SPF and UVA protection. TinomaxTM CC addresses customers’ increasing demand for multifunctional products while offering improved sensory perception due to its homogeneous particle shape. Moreover, the product profile aligns with customers’ sustainability objectives, further enhancing its appeal in the market.

In January 2023, Beiersdorf’s research and development department, the team behind the NIVEA brand, utilized their extensive knowledge of skin and research capabilities to create a customized cosmetic sunscreen product for Charlotte, a young girl with a rare light condition known as EPP. Through research findings on visible, high-energy light, it was determined that the cosmetic sunscreen needed to incorporate special light-scattering pigments to prevent light penetration into Charlotte’s skin. This adaptation allowed Charlotte to safely enjoy brief periods of sunlight exposure, ultimately improving her quality of life.

In 2023, La Roche-Posay continued its partnership as the exclusive Official Sunscreen Partner of the US Open for the second consecutive year. Individuals who played outdoor sports experienced significantly higher exposure to ultraviolet radiation, thereby increasing their risk of skin cancer.

In May 2022, L’Oréal, a cosmetics company, unveiled a new UV filtering technology, heralding it as the most significant breakthrough in sun care over the last three decades. Named UVMune 400, this innovation aims to provide efficient protection against ultra-long UVA radiation, which constitutes 30% of previously unfiltered sun rays. The first brand under the L’Oréal umbrella to incorporate this technology into its product range is La Roche-Posay’s Anthelios franchise.

In May 2022, Eucerin, a skincare brand under Beiersdorf, revealed its plans to enter the sun protection market in the United States with the introduction of its Eucerin Sun line. The Eucerin sun care range features a holistic antioxidant complex comprising five active components, aiming not only to provide sun protection but also to enhance the appearance of skin health.

In February 2022, Beiersdorf established an innovation center in the United States to expedite local innovation and establish itself as the primary hub for excellence in therapeutic over-the-counter (OTC) and sun care products.

In conclusion, sunscreen is a vital tool for protecting our skin from the harmful effects of UV radiation. By incorporating sunscreen into our daily skincare routines and following proper application techniques, we can significantly reduce our risk of sunburns, premature aging, and skin cancer. Remember to choose a sunscreen that suits your skin type, apply it generously and regularly, and combine its use with other sun protection measures for optimal skin health. With the right precautions, we can enjoy the sun safely and maintain healthy, radiant skin for years to come.

With the increasing global shift towards renewable energy sources, the solar energy industry has experienced unprecedented growth in recent years. As solar panels reach the end of their lifespan, proper disposal and recycling become paramount to minimize environmental impact and maximize resource efficiency. This article delves into the emerging market of solar panel recycling, exploring its significance, challenges, technological innovations, and prospects.

The solar panel industry has witnessed remarkable expansion worldwide, driven by factors such as declining costs, supportive government policies, and growing environmental awareness. As a result, the installation of solar energy systems has surged, leading to a corresponding increase in the number of decommissioned solar panels requiring proper disposal or recycling.

In the third quarter of 2022, the US solar market added 4.6 GWdc of solar capacity, marking a 17% drop from the same period in 2021 and a 2% decrease from the previous quarter. The industry remains constrained by supply issues, notably stemming from import detentions. Solar energy constituted 45% of all newly added electricity-generating capacity to the US grid during this quarter, surpassing other sources. Notably, the residential sector experienced a significant quarter, with 1.57 GWdc installed, reflecting a 43% increase from Q3 2021 and a 16% rise from Q2 2022. California accounted for 36% of this total, as installers aimed to capitalize on current net metering rates before potential changes.

Commercial solar installations reached 340 MWdc, up 3% compared to the previous year but down 10% from the previous quarter. Community solar installations amounted to 212 MWdc, down 17% both year-over-year and quarter-over-quarter. Utility-scale solar deployment stood at 2.5 GWdc in Q3 2022, registering a 36% decrease from the same period in 2021 and a 9% decrease from Q2 2022. These lower installation numbers are attributed to past project delays and ongoing supply chain challenges.

Figure 1:     Increased Solar Energy Estimates for Q3 2022, in Gigawatt Direct Current

increased solar energy estimates

Source: Solar Energy Industry Association

Solar power is a prominent renewable energy source in Australia, with rooftop solar photovoltaic (PV) systems installed in over 3.3 million households across the country.

While solar energy offers numerous environmental benefits, including reduced greenhouse gas emissions and dependence on fossil fuels, the disposal of end-of-life solar panels poses environmental challenges. Solar panels contain materials such as glass, aluminum, silicon, and various metals, along with small amounts of hazardous substances like lead and cadmium. Improper disposal can result in these toxic materials leaching into soil and waterways, posing risks to ecosystems and human health.

Recognizing the need for responsible management of solar panel waste, governments and regulatory bodies worldwide have implemented laws and regulations governing their disposal and recycling. These regulations aim to ensure the safe handling, treatment, and recycling of solar panels to minimize environmental contamination and promote resource recovery.

Advancements in solar panel recycling technologies have opened new avenues for efficient and cost-effective end-of-life management. Innovative processes, such as mechanical shredding, thermal treatment, and chemical extraction, allow for the recovery of valuable materials from decommissioned solar panels. For instance, silicon, aluminum, and silver can be reclaimed and reused in the manufacturing of new solar panels or other products.

The solar panel recycling market is poised for significant growth in the coming years, driven by the increasing volume of decommissioned solar panels and the growing emphasis on sustainability. Market trends indicate a rising demand for recycling services and solutions, creating opportunities for companies specializing in solar panel recycling and resource recovery. Projections suggest that the solar panel recycling market will continue to expand as awareness of environmental issues grows and regulatory requirements become more stringent.

According to a report from MIT released in August 2021, approximately 8 million metric tons of retired solar panels may accumulate worldwide by 2030. By 2050, this figure could escalate to 80 million metric tons. Recycling these panels presents an opportunity to obtain materials that would otherwise require mining, potentially under hazardous or exploitative labor conditions. This practice could enhance the sustainability of solar energy, contributing positively to the clean-energy landscape.

Figure 2:     Estimates of Retired Solar Panels by 2030 and 2050, in Million Metric Tons

estimates of retired solar panels

Source: MIT Technology Review

Several companies and organizations are at the forefront of solar panel recycling efforts, developing innovative technologies and initiatives to address the challenges associated with end-of-life solar panels. Leading players in the industry include recycling firms, equipment manufacturers, and research institutions. Collaborative initiatives between industry stakeholders, government agencies, and environmental organizations aim to promote best practices in solar panel recycling and drive sustainable solutions.

While the upfront costs of solar panel recycling may seem daunting, the economic benefits of resource recovery and environmental protection outweigh the expenses in the long run. Recycling solar panels allows for the recovery of valuable materials, reducing the need for virgin resources and lowering production costs for new solar panels. Additionally, recycling incentives, government subsidies, and extended producer responsibility programs can help offset recycling costs and encourage responsible end-of-life management.

Looking ahead, the solar panel recycling market is poised for continued growth and innovation. Technological advancements will drive improvements in recycling efficiency, resource recovery rates, and environmental sustainability. Regulatory frameworks will evolve to address emerging challenges and promote standardized practices across different regions. As solar energy continues to play a pivotal role in the transition to a sustainable energy future, the importance of responsible end-of-life management will only increase.

Key Developments

In December 2023, EDP Renewables North America, a renewable energy developer, owner, and operator, introduced a new initiative following its collaboration with Solarcycle, a solar power recycling company. The program aims to explore alternative applications for solar power equipment once it reaches the end of its operational lifespan.

In September 2023, Greenbacker Renewable Energy Company LLC, an independent power producer and prominent investment manager focused on climate initiatives, revealed an exclusive, enduring collaboration with SOLARCYCLE, a solar recycling company driven by technology. The partnership aims to ensure efficient and cost-effective recycling solutions for retired solar panels.

In July 2023, Marubeni Corporation and HAMADA Co., Ltd. joined forces to establish a fresh entity named “Rexia Corporation.” This new company has commenced operations focused on offering services related to the reuse and recycling of used solar panels, encompassing activities such as buying, selling, and disposing of these panels.

On May 5, 2022, SOLARCYCLE, Inc officially announced the launch of its new technology-driven recycling platform aimed at maximizing solar sustainability. The company, headquartered in Northern California, was established by experts in solar energy, sustainability, and advanced recycling technologies – individuals who were pioneers in their respective fields from esteemed institutions such as Solaria, NEXTracker, Sierra Club, and the University of New South Wales. SOLARCYCLE aimed to become the preferred partner for solar asset owners seeking a comprehensive, cost-effective, and sustainable solution for their end-of-life system requirements. At its launch, SOLARCYCLE partnered with Sunrun (NASDAQ: RUN), the leading provider of home solar, battery storage, and energy services in the nation. Both companies shared a strong commitment to developing a solar industry that embraced a more sustainable, circular, and domestically sourced supply chain. SOLARCYCLE utilized second-life panels from Sunrun to explore and develop innovative methods for testing, reusing, and upcycling retired solar panels in Sunrun’s project portfolio. This collaboration laid the groundwork for a scalable solution that would be made available to the entire industry by the end of the year.

In conclusion, the solar panel recycling market represents a vital component of the broader renewable energy landscape, ensuring that the environmental benefits of solar energy are maximized while minimizing its ecological footprint. With continued advancements in technology, regulation, and industry collaboration, the solar panel recycling market holds tremendous potential to drive positive environmental and economic outcomes, contributing to a more sustainable and resilient energy future for generations to come.

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The global aviation fuel market is estimated to grow at a CAGR of 14.72% to reach US$271.015 billion by 2028.

Increasing military expenditures in various nations and persistent efforts to minimize environmental impact are key drivers propelling the growth of the aviation fuel market.

As per the report, the aviation fuel market is expected to grow significantly.

Aviation fuel, also known as aviation gasoline or avgas, is a specialized type of fuel designed for use in aircraft engines. It is a crucial component for powering airplanes and helicopters, providing the energy necessary for flight. Aviation fuel undergoes stringent quality control measures to ensure its purity and reliability, as even small variations in fuel quality can have significant safety implications in aviation. Aviation fuel is typically derived from refined petroleum products and comes in different grades to accommodate various types of aircraft engines and performance requirements. Jet fuel, a type of aviation fuel, is commonly used in turbine engines found in commercial airliners, while avgas is used in piston-engine aircraft. The aviation fuel industry plays a vital role in the global economy, supporting commercial air travel, cargo transportation, military operations, and emergency services. However, the industry also faces challenges related to environmental sustainability and carbon emissions. Efforts are ongoing to develop alternative fuels, such as biofuels and sustainable aviation fuels, to reduce the environmental impact of aviation and promote a more sustainable future for air travel. In November 2023, Neste and ENOC Group, a prominent global energy company, announced a partnership to investigate the potential of supplying and buying sustainable aviation fuel (SAF) in Dubai and the broader Middle East North Africa (MENA) region in the future. Both companies are dedicated to aiding the reduction of greenhouse gas emissions from aviation in the area and acknowledge the significant contribution SAF can make towards this goal.

The aviation fuel market can be categorized into two main types: conventional fuel and sustainable fuel. Conventional fuel refers to traditional aviation gasoline derived from refined petroleum products and has been the primary source of energy for aircraft engines for many years. On the other hand, sustainable fuel, also known as biofuel or sustainable aviation fuel (SAF), represents a newer and more environmentally friendly alternative. Sustainable fuel is produced from renewable sources such as plant-based feedstocks, algae, or waste materials, and it offers the potential to significantly reduce carbon emissions compared to conventional fuel. This shift towards sustainable fuel reflects the aviation industry’s increasing focus on environmental sustainability and reducing its carbon footprint. Governments, airlines, and fuel suppliers are investing in research and development to expand the production and adoption of sustainable fuel, aiming to make air travel more eco-friendly and reduce its impact on climate change. As concerns about climate change continue to grow, the demand for sustainable fuel in the aviation sector is expected to rise, driving further innovation and investment in this promising area.

The aviation fuel market can be segmented based on the type of aircraft it serves, namely fixed-wing and rotorcraft. Fixed-wing aircraft encompass a wide range of vehicles, including commercial airliners, cargo planes, private jets, and military aircraft, all of which rely on aviation fuel for propulsion. These aircraft typically have wings that generate lift as they move forward, allowing them to achieve sustained flight. Rotorcraft, on the other hand, include helicopters and other aircraft with rotary wings, which enable vertical take-off and landing capabilities. While fixed-wing aircraft dominate long-distance travel and cargo transport, rotorcraft are often utilized for shorter flights, emergency medical services, search and rescue operations, and military missions. Despite their differences in design and functionality, both fixed-wing and rotorcraft rely on aviation fuel to power their engines, highlighting the essential role of fuel in sustaining air transportation across various sectors. As advancements in aviation technology continue to evolve, the demand for specialized fuels tailored to the specific needs of fixed-wing and rotorcraft aircraft is expected to drive innovation and growth in the aviation fuel market.

The aviation fuel market can be segmented based on its end-users, which primarily consist of military and commercial sectors. The military sector encompasses the fuel needs of armed forces worldwide, including air forces, navies, and other defence agencies, which rely on aviation fuel to power their aircraft for various missions, including combat operations, training exercises, and logistical support. On the other hand, the commercial sector comprises airlines, cargo carriers, charter companies, and other entities involved in providing passenger and freight transportation services. Commercial aviation relies heavily on aviation fuel to operate fleets of aircraft that transport passengers and goods across domestic and international routes. With the global demand for air travel steadily increasing, driven by factors such as population growth, economic development, and globalization, both military and commercial end-users are expected to continue driving demand for aviation fuel. As technological advancements and regulatory pressures push the industry towards greater efficiency and sustainability, end-users are increasingly exploring alternative fuels and adopting measures to reduce emissions and minimize environmental impact. Therefore, the aviation fuel market’s growth trajectory is closely intertwined with the evolving needs and priorities of its military and commercial end-users.

The Asia Pacific (APAC) region is expected to experience significant growth in the aviation fuel market, largely due to the rapid expansion of the travel and tourism industry in APAC countries. Increased investments in tourism by countries like India, China, and Southeast Asian economies have contributed to this growth. Both international and domestic tourism numbers are on the rise in the region, driven by factors such as rising disposable incomes, improved living standards, and a desire for regular vacations amidst busy work schedules. Additionally, globalization has increased business air travel, further boosting passenger numbers across the region and globally. This surge in air travel demand is fueling the growth of the aviation fuel market in the Asia Pacific region. Moreover, supportive government policies aimed at building new airports to accommodate the growing number of tourists are also playing a significant role in driving market growth in this region.

The market for aviation fuel is supported by key players such as Shell Plc, Neste Corporation, Total Energies, BP PLC, Chevron Corporation, Exxon Mobil Corporation, PJSC Gazprom, LUKOIL, Petroleo Brasileiro S.A. (Petrobras), Indian Oil Corporation Ltd. and Global Partners LP.

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

This analytics report segments the aviation fuel market on the following basis:

  • By Fuel Type
    • Conventional Fuel
    • Sustainable Fuel
  • By Aircraft Type
    • Fixed Wing
    • Rotorcraft
    • Others
  • By End-User
    • Military
    • Commercial
    • Private
  • 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
      • UAE
      • South Africa
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Vietnam
      • Australia
      • Indonesia
      • Others

Lithium is a widely expanding element in market demand among different end user industries. Here are the 5 countries that have significant lithium production.

1. Australia: Lithium plays a multifaceted role in both chemical and technical industries. It’s different variants, such as lithium carbonate, lithium hydroxide, and lithium chloride, are utilized across a spectrum of applications including lubricant greases, pharmaceuticals, catalysts, air treatment, and prominently, in batteries. These batteries span both non-rechargeable (primary) lithium metal batteries and rechargeable (secondary) lithium-ion batteries.

The rising global need for lithium-based power offers a significant yet time-sensitive opportunity for Australia’s resources sector. As nations and corporations delineate their roles in the battery supply chain, present decisions are shaping the future dynamics of the global industry into the 2030s.

Additionally, Lithium-ion batteries are extensively utilized in mobile consumer electronics such as smartphones and laptops due to their exceptional energy density and efficiency, surpassing other energy storage solutions. They boast a favorable power-to-weight ratio, impressive high-temperature performance, prolonged lifespan, and minimal self-discharge. Although numerous components of lithium-ion batteries are recyclable, the industry faces a notable obstacle in managing the costs linked with material recovery, representing a substantial challenge.

The surging demand for lithium-based power mirrors the swift expansion of the electric vehicle (EV) market. Tesla’s forecasts project a demand of approximately 1,000 kilotons of lithium carbonate equivalent (LCE) per year by 2030, representing a sixteenfold increase from 2022 and surpassing current global production levels by 30%. The passenger EV market, heavily reliant on lithium-based batteries, is expected to grow at a robust annual rate of 26% until 2030.

Figure 1:  Australia Forecasts Lithium Export Earnings, in US$ Million, in 2021-22, and 2022-23

australia forecasts lithium export earnings

Source: Resources and Energy Quarterly (REQ)

As per the December 2022 edition of the Resources and Energy Quarterly (REQ) by Australia’s Department of Industry, Science and Resources, it is projected that lithium export earnings will exceed $16 billion in 2022–23, experiencing substantial growth from $5 billion in the preceding year (2021–22). This expansion is anticipated to position lithium as Australia’s sixth-largest resource and energy commodity export.

2. Chile: Chile is positioned within the Lithium Triangle alongside Bolivia and Argentina, featuring extensive salt flats in the Atacama Desert and nearby arid areas. Notable sites include Salar de Uyuni in Bolivia, Chile’s Salar de Atacama, and Argentina’s Salar del Hombre Muerto.

SQM and Albemarle presently hold sway over Chile’s lithium production sector. Nonetheless, there’s a looming potential transformation as Chile’s announcement in April 2023 to nationalize its lithium industry has sparked considerable disruption within the market.

Figure 2: Lithium Production in Chile, in Metric Tons (MT), in 2021, and 2022

lithium production in chile

Source: United States Geological Survey (USGS)

According to the US Geological Survey (USGS), Chile’s lithium production surged from 28,300 metric tons (MT) of lithium content in 2021 to 39,000 MT in 2022. The majority of Chile’s lithium is sourced from lithium brine deposits.

Additionally, Lithium Chile has significant ownership interests in the world’s largest high-grade lithium reserves, covering 110,000 hectares in Chile and 20,800 hectares in Argentina. The company is currently advancing its Phase Two Exploration & Development Program in Arizaro, Argentina, with the goal of expanding the existing resource base of 3.32 million tonnes (LCE) as outlined in the 43-101 report. According to the Preliminary Economic Assessment (PEA), the project boasts an after-tax Net Present Value (NPV) of US $1.1 billion, alongside an impressive Internal Rate of Return (IRR) of 24%.

3. China: China, is one of the foremost global importer and processor of lithium, has positioned itself as a pivotal player in the worldwide lithium supply chain, significantly influencing the transition to cleaner energy sources. With more than half of its lithium sourced from international markets, China primarily supplies processed lithium to battery manufacturers, critical for the production of electric vehicles (EVs).

Recognizing lithium’s strategic importance, China has designated it as a key mineral and is focused on enhancing domestic production in regions like Qinghai, Tibet, Sichuan, and Jiangxi. To ensure a secure and reliable supply, numerous Chinese firms have pursued overseas investments, particularly in African lithium mines and South American brine operations.

In China, the main regions with lithium ore reserves are Sichuan and Jiangxi provinces. In Yichun, Jiangxi, the substantial rise in lithium prices over the last two years sparked an increase in unregulated mining and trading of the metal. Consequently, many local ceramics firms redirected their production efforts towards manufacturing lithium mica.

Figure 3:  Electric Car Sales in China, in Million Units

electric car sales in china

Source: International Energy Agency

China’s electric vehicle market witnessed a remarkable upswing, with sales escalating from 1.1 million units in 2020 to 3.3 million units in 2021. This positive trajectory persisted through 2022, as sales surged to 6.0 million units, followed by continued growth in 2023, reaching 8.0 million units. This trend highlights China’s substantial advancement and dedication to the electric vehicle sector, driven by both rising consumer demand and governmental efforts to foster clean energy transportation initiatives.

4. Argentina: Argentina’s lithium mining industry is rapidly expanding, signaling robust growth potential. Projections indicate that by 2030, Argentina could emerge as a leading lithium producer in Latin America, potentially rivaling or surpassing Chile.

This increased industry activity has attracted a competitive influx of global operators and investors aiming to secure their position in this lucrative market. The moniker “white gold” underscores lithium’s substantial market value, underlining its pivotal role in the global transition to sustainable energy sources.

According to the International Energy Agency (IEA), Latin America accounts for approximately 35% of global lithium production, with Chile and Argentina being the primary contributors at 26% and 6%, respectively. Additionally, this region holds more than half of the world’s lithium reserves, with Argentina and Chile jointly possessing 21% and 11% of the total reserves, respectively.

5. Brazil: Lithium production is on the rise in Brazil due to the growing demand for lithium-ion batteries. Furthermore, there has been a notable increase in the sales of electric vehicles (EVs) within the country. For example, EV sales surged from 3,970 units, constituting 0.16% of the total automotive industry in Brazil in 2018, to 67,047 units, in 2023, representing 3.85% of the total automotive sector in the country.

Figure 4:  Brazil Electric and Non-Electric Vehicle Sales as a Percentage (%) of Total Sales, in 2022

brazil electric and non-electric vehicle sales

Source: Brazilian Association of Electric Vehicles (ABVE)  

The Brazilian Association of Electric Vehicles (ABVE) reports a significant surge in electric vehicle sales within the country. In 2022, electric vehicles accounted for 41% of total automotive production, while non-electric vehicles comprised 56%. With the escalating advantages of EVs, there is anticipated growth in demand in the forthcoming years.

In the country there are several acquisitions and mergers taking place, for the mineral rights which are further expected to boost the market in the projected period. For instance, in November 2023, Armada Metals Limited has announced the formalization of a Binding Term Sheet with Antares Minerais Estratégicos Ltda. (Antares Minerais), a Brazilian exploration entity. This agreement involves securing legal ownership and title rights to specific Exploration Permits and Applications for Exploration, encompassing a total expanse of 16,750.28 hectares in the eastern precinct of Minas Gerais State, Brazil.

The acquisition encompasses 14 mineral rights segmented into four blocks, notably including the Agua Boa Project, where pegmatite formations have been detected, alongside the Rio Doce Project, the Resplendor Project, and the Mendes Pimentel Project.

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Biotech is a subset of technology that produces products for the food, pharmaceutical, and energy sectors using biological and cellular processes. With advancements in science and technology, the biotech industry has emerged as one of the most inventive sectors. Recent advancements in biotechnology are focusing on trends such as artificial intelligence (AI), data analytics, and automation to optimize production. As a result, consumer biotech and biotechnology products—as opposed to those produced by biopharmaceutical or healthcare companies—have become more prevalent. Startups are working on solutions ranging from food and materials to environmental monitoring, even though the industry still primarily focuses on medicine.  Join us as we explore the “Top 5 Biotechnology Trends ” in this article that have changed industries and provided many advantages.

Top 5 Biotechnology Trends

  • Artificial Intelligence (AI)
  • Big Data
  • Biomanufacturing
  • Precision Medicine
  • Tissue Engineering

Let’s discuss each one in detail.

1. Artificial Intelligence (AI)

AI in biotech is vital to encouraging innovation not only in labs but also in the entire lifecycle of a chemical compound or medication (to the point of commercialization). AI-based tools and applications aid in the development of molecular structures based on the target market. A branch of artificial intelligence called machine learning assists in figuring out the optimal combination of chemicals by computing their permutations and combinations, eliminating the need for labour-intensive manual lab procedures. Artificial intelligence in biotechnology is bringing about innovations that can support predictive analysis in predicting market demand for specific chemicals or medicines. For instance, NVIDIA invested $50 million in Recursion in July 2023, a leading clinical-stage TechBio company that uses biology to industrialize drug discovery. The investment was made through a private investment in public equity (PIPE) mechanism. Additionally, Recursion revealed plans to quicken the development of its AI foundation models for chemistry and biology, which it hopes to optimize and provide to biotechnology companies via NVIDIA cloud services in partnership with NVIDIA.

There is a broad range of adoption, with some pharmaceutical companies leading the way in AI-driven drug discovery and “AI-first” biotechs that have centred their R&D workflow and value proposition around AI tools. For instance, an analysis of the roughly 200 “AI-first” biotechs revealed that they have invested over $18 billion in total over the previous ~10 years. But this has been extremely targeted; the top 20 funded “AI-first” biotechs have received 60% of all investments. 80% of this elite group concentrates on disease understanding and small molecule use case families; there are currently few indications that this group is expanding into vaccines or antibodies.

Figure 1:  Investment per Use Case of Top 20 Biotech Companies, in US$ Billion, 2023

investment per use case

Source: CMS.wellcome.org

2. Big Data

Biotech analysts have never had access to so much data. Biotech scientists now have unprecedented access to data thanks to the integration of sensors and the Internet of Things. Big data and the healthcare sector are now tackling the issue of managing and preserving EHRs. $19 billion was invested by the US government to hasten the adoption of electronic medical records. The medical community has access to a wealth of data to enhance diagnosis and treatment due to the directory-based storage of medical records. Moreover, nearly all non-federal acute care hospitals (96%) and nearly 4 out of 5 office-based physicians (78%) had implemented certified electronic health records by 2021. Since 2011, when 28% of hospitals and 34% of physicians had adopted an EHR, there has been a significant 10-year progress.

Figure 2:  National Trends in Hospital and Physician Adoption of Electronic Health Records, 2021

national trends in hospital

Source: HealthIT.gov

Big data is becoming more and more important in biotechnology as new experimental techniques like sequencing and high-throughput technologies continue to advance, making it necessary to use it for the development, testing, and marketing of new and improved goods and services. The Center for the Fourth Industrial Revolution in Serbia (C4IR Serbia) was inaugurated at the Biotech Future Forum, which brought government agencies, progressive companies, and academic institutions together to discuss and advance the growth and application of biotechnology, particularly in the fields of medicine and healthcare. Moreover, encouraging significant domestic investment in science and technology infrastructure, talent, and transformation can attract foreign investment and attention. This year, the nation’s ICT sector has grown from €3.7 million in earnings to €2.5 billion due to a focused strategy to drive digital transformation.

3. Biomanufacturing

Biomanufacturing is the use of biological systems to produce food and drink, speciality chemicals, biomaterials, and medical products and therapies. To make biomanufacturing more affordable and scalable, startups are developing various technologies related to cell culture, fermentation, and recombinant production.

In comparison to other manufacturing paradigms, it is also relatively more sustainable due to the utilization of biological raw materials. Automation and machine learning are also being incorporated into the industry’s production models. Biotechnology startups provide bioprocessing 4.0 to optimize every stage of the production process by incorporating Industry 4.0 models. For instance, an insect-based production platform is being developed by US-based startup Proteinea for next-generation biomanufacturing. To produce recombinants, the startup InsectaPro technology uses insect larvae that are mass-produced as miniature bioreactors. It cultivates them in vertical farms powered by data, which makes the process predictable and ecologically friendly. The method makes it possible to replace traditional bioreactors with one that is more reliable and scalable.

Further, the U.S. Department of Agriculture (USDA) plays a pivotal role in propelling the economy by offering guidance and conducting scientific research to support American farmers and foresters in maintaining their competitiveness in the global market and enabling American companies to generate inventive goods. The three themes that make up USDA’s ambitious vision for bioeconomy research and development (R&D) are enhancing agricultural productivity and sustainability while conserving resources; enhancing food quality, nutrition, and consumer choice; and safeguarding plants and animals from environmental stressors.

4. Precision Medicine

Precision medicine, another name for personalized medicine, is completely changing the way to think about healthcare. Personalized medicine has the potential to improve patient outcomes and lower healthcare costs by adjusting treatments and preventive strategies to each individual’s unique characteristics, including their genes, environment, and lifestyle.

Personalized medicine is being explored by a wide range of businesses, including academic institutions, biotech startups, and major pharmaceutical companies. A few biotech businesses are becoming well-known in this particular field: for instance, the biotech business Agilent Technologies offers a variety of tools and services for research, such as DNA sequencing and analysis. They are working with the Mayo Clinic to develop a liquid biopsy test for early cancer detection, one of their many personalized medicine initiatives. Moreover, in March 2023, Agilent Technologies Inc. and Proscia®, a pioneer in digital pathology, signed a multi-year distribution deal that will enable Agilent to provide a full digital diagnostic pathology system. By integrating Proscia’s Concentriq® Dx enterprise pathology platform with Agilent’s reliable pathology staining solutions, pathology labs will be able to improve patient outcomes by transforming diagnostic quality and efficiency. A new wave of adoption is occurring in digital pathology as labs try to meet the increasing demands of precision medicine in the face of an increasingly severe pathologist shortage and an increase in the volume of biopsies.

5. Tissue Engineering

The number of tissue engineering startups has increased significantly in recent years, largely due to advancements in microfluidics and bioprinting. It makes it possible to create autologous tissue grafts for regenerative medicine, organ transplantation, and burn treatment.

Tissue engineering has historically concentrated on biomedical applications, but it is currently investigating sustainable substitutes for animal products like meat and leather. Nonetheless, it’s imperative to reach a scale where food products are equally expensive as those derived from animals. Treating heart disease may also benefit from cardiac tissue engineering, which addresses the drawbacks of conventional transplant procedures. For instance, an Israeli startup company called Aleph Farms makes cultured meat. The company grows healthy cow cells that have been isolated to create a sustainable and moral meat substitute. It creates perfectly authentic beef steaks without requiring the killing of animals or emitting carbon dioxide. The method developed by the startup provides a means of growing food in space missions in a sustainable manner.

Moreover, a US-based startup called LyGenesis is creating a technological platform for organ regeneration. Converting lymph nodes into functional ectopic organs makes it possible to treat numerous patients with a single donor organ. The startup uses outpatient endoscopic ultrasound to transplant its cell therapy, obviating the need for surgery.

Artificial Intelligence has created an atmosphere that bolsters creativity and promotes efforts to adopt next-generation technological innovations whose applicability is slowly gaining traction. Such a creative solution is slowly navigating the functional activities ranging from industrial to normal day-to-day. Join us as we explore the “Top 5 AI Emerging Trends in 2024 ” in this article that have changed industries and provided many advantages.

Top 5 AI Trends

  • Generative AI (Next Generation)
  • Augmented Working
  • AI Legislation
  • Multimodal AI
  • Agentic AI

Let’s discuss each one in detail.

1. Generative AI

The Generative AI concept goes way back to the 1950s when researchers introduced machine learning, but as time & technology picked up pace new trends in AI technology such as text-to-image conversion, text-to-video conversion, language processing started to emerge and with the launch of “ChatGPT” in 2022, this trend was given major boom. In various industrial sectors be it media & entertainment, BFSI, healthcare, or manufacturing, the emphasis on exercising innovations to improve productivity coupled with the “Industry 4.0” initiative undertaken by countries resulted in positive investments.

Furthermore, new updates and launches of generative AI by major tech giants are expected to increase the prevalence of generative AI adoption. For instance, in November 2023, Tata Consultancy in collaboration with Amazon Web Service launched a generative AI practice that enables sectors to optimize AWS generative AI services to generate higher business outcomes.

Likewise, in September 2023, CM.com launched its generative AI engine which is based on LLM (Large Language Models) and provides various in-depth business-specific knowledge sources to its business customers. The recent launch showcased CM.com’s ongoing investment efforts in conversational AI.

The growing emphasis on promoting augmented & virtual reality has expanded the market scope, as generative AI through GAN (Generative Adversarial Network) can create realistic and high textures, images, and objects in AR & VR environments. The latest technological breakthroughs such as “Apple Vision Pro” which blends digital content with physical environment through AI are expected to bridge the gap between generative AI and virtual reality.

2. Augmented Working

The applicability of Artificial intelligence (AI) in industrial sectors has paved the way to excel in day-to-day functioning as AI algorithms allow to replicate and perform tasks that human personnel are required to do. When combined with IoT devices AI creates a framework that provides massive amounts of data collected from connected devices that can be used to assess the loopholes and errors. According to Stanford University’s “AI Index 2023” report, in 2022, major AI-related investments were made in medical & healthcare (US$6.1 billion), followed by data processing & cloud (US$5.9 billion) and fintech (US$5.5 billion).

Figure 1. A:  Areas With the Most AI-Related Investment, in US$ Billion, in 2022

areas with the most ai-related investment

Source: Standford University “AI-Index 2023”

The booming emphasis on industrial automation especially in major economies has provided new growth opportunities. Countries such as China and the United States have shown rapid expansion in AI and machine learning technologies adoption for industrial & commercial operations. For instance, according to the US Census “Business Trends and Outlook Survey” from October to November 2023, AI 3.9% of businesses in the country used Artificial Intelligence for producing goods & services. The same source stated that the national average of AI adoption in sectors is expected to reach up to 6.5% in the future.

Figure 1. B:  Percentage Share of AI Adoption by Selected Sectors in USA, From October -November 2023

percentage share of ai adoption

Source: US Census (BTOS)

Favorable investments and government initiatives to bolster AI adoption are in line. The US National Science Foundation, in October 2023, announced investments of US$10.9 million in the development of protected artificial intelligence technologies. Moreover, China’s Ministry of Science and Technology announced the launch of “Artificial Intelligence For Science” in March 2023 to bolster AI adoption in key science & technological areas such as drug development, biology breeding, and gene research.

3. AI Legislation

AI trajectory is not solely precedented for tech enthusiasts, its growing potential is also grabbing the attention of policymakers. Major nations namely the United States, China, and the European Union are initiating efforts and AI bills & policies. For instance, the “Artificial Intelligence ACT” proposed by the European Union provides a legal framework for adopting Artificial Intelligence in the EU. More stringent amendments were proposed in June 2023. Moreover, the Biden Administration in May 2023, proposed new actions to promote responsible AI innovations to safeguard the rights & safety of Americans. The expanding AI footprint in the ethical dilemma myriad spanning from financial council to health evaluation has made it imperative to establish norms that promote fairness and transparency.

4. Multimodal AI

Unlike traditional AI that relies on single mode-data processing, the multimodal encompasses multiple input types inclusive of sound, text, and images to mimic the human ability and process diverse sensory information. The multi-modal AI though is in the infancy phase, however, various favorable investments and efforts to unlock the potential of innovative AI have fuelled the growing trend.

For instance, in December 2023, Google launched its “Gemini” its multimodal AI which can operate across different information models inclusive of video, audio, code, and image. The AI modal can run varied devices ranging from data centers to mobile devices and comes in three variants “Gemini Ultra”, “Gemini Pro”, and “Gemini Nano”.

Likewise, in March 2023, OpenAI introduced its multimodal AI “GPT-4” which exhibits various human-level performances both at academic and professional levels. The latest breakthrough of OpenAI unlike its predecessor Chat-3.5 can handle more nuanced instructions.

The growing investments in natural language processing by enterprises is acting as an aditioanl driver to enhance the development & adoption of multimodal AI as it fosters more contextual and engaging conversations. For instance, according to the “2023 Expert NLP Survey Report” by expert.ai, in 2023, of the 150 organization survey acorss USA and Europe, 77% expectes to spend more on NLP in coming 12-18 monts, while 71% used natural language processing that supports multiple text analytics.

Multimodal AI holds diverse applicability as in healthcare it can be used for analyzing a patient’s history, and his/her genetic information to improve the overall diagnostic. Likewise, corporate & job level multimodal AI through its coding capabilities can provide new data by carefully assessing new benchmarks and simulations.

5. Agentic AI

This advanced system showcased a shift from reactive to proactive AI as it exhibited the ability, proactivity, and autonomy to act independently. Unlike the traditional AI system that follows predetermined programming, agentic AI holds an adaptive nature where it analyses the environment, sets goals, and acts in accordance to achieve those set objectives.

Such a system can be applied in applications such as during environment monitoring where the AI agent can be trained to collect and analyze the data pattern thereby initiating preventive actions. Favorable investments to cater to AI adoption in environment monitoring are expected to propel the overall AI trend. For instance, in March 2023, Impact Observatory raised investments of US$5.9 million which the company would use in accelerating the development of its AI-powered environment monitoring products, both for commercial and government customers.

Major collaborations such as the “AI Alliance” formed by IBM and Meta in December 2023, along with 50 other global companies aim to accelerate responsible innovative AI development that caters to a diverse range. Such collaboration is fostering the development of Agentic AI. With the advent of growing natural disasters, the probability of usage of advanced warning systems in geolocation-based environment monitoring is anticipated to rise which will provide new growth opportunities for Agentic AI.

The global radar sensor market is expected to grow at a CAGR of 16.26% during the forecasted period, with a market valuation of US$8.719 billion in 2021 and is expected to reach US$25.033 billion by 2028.

The increasing adoption within the aerospace and defence industry, coupled with heightened investments in the United States Air Force, are key factors propelling the radar sensor market forward.

As per the report, the radar sensor market is expected to grow significantly.

Radar sensors are extensively employed for their capacity to identify, pinpoint, and monitor objects, rendering them indispensable elements in various sectors including automotive, aerospace, defence, and industrial, among others. A primary driver of growth in the worldwide radar sensor market is the rising need for advanced driver assistance systems (ADAS) and self-driving vehicles within the automotive industry. Radar sensors are crucial in guaranteeing vehicle safety by facilitating functions such as adaptive cruise control, collision avoidance, and parking assistance. In June 2023, SICK unveiled the RMS3xx radar sensor, which combines SICK’s cutting-edge radar technology with dependable hardware and efficient software.

The radar sensor market can be segmented based on the type of radar system it encompasses, which includes bistatic radar, continuous wave radar, instrumentation radar, and weather radar. Bistatic radar systems utilize separate transmitting and receiving antennas, providing distinct advantages in terms of stealth detection and target identification. Continuous wave radar systems operate by emitting a continuous signal, offering high accuracy and sensitivity, making them suitable for applications such as speed measurement and distance sensing. Instrumentation radar systems are designed for precise measurements in various fields, including aerospace, meteorology, and industrial applications, offering advanced capabilities for monitoring and analysis. Weather radar systems specialize in detecting and tracking weather phenomena such as precipitation, storms, and atmospheric conditions, providing critical data for meteorological forecasting and disaster management. These diverse types of radar systems cater to a wide range of applications across industries, contributing to the overall growth and innovation within the radar sensor market.

The radar sensor market can be delineated based on its application across various sectors, including automotive, aerospace and defense, security and surveillance, and industrial domains. In the automotive sector, radar sensors play a pivotal role in advanced driver assistance systems (ADAS), enabling features like adaptive cruise control, collision avoidance, and autonomous emergency braking. In aerospace and defense, radar sensors are extensively utilized for surveillance, target detection, and navigation purposes, enhancing situational awareness and ensuring mission success. The security and surveillance industry relies on radar sensors for perimeter monitoring, intruder detection, and border surveillance, providing reliable and effective surveillance solutions in both civilian and military contexts. In the industrial sector, radar sensors find applications in areas such as object detection, level measurement, and motion sensing, facilitating automation, process control, and safety enhancement across manufacturing, logistics, and construction industries. These diverse applications underscore the versatility and significance of radar sensors across multiple sectors, driving their widespread adoption and market growth.

In the United States, the demand for radar sensors is increasing rapidly due to the growing automation, particularly with the advancements in Industry 4.0 and the shift towards autonomous driving. This trend underscores the heightened need for presence and motion detection to enhance safety and control measures. The expansion of the radar sensor market in the country is further fueled by the evolution of 5G and the Internet of Things (IoT), along with the escalating research and development investments in radar technology. In August 2023, RTX announced that the U.S. Air Force would commence testing a new medium-range radar sensor for the National Advanced Surface-to-Air Missile System, following several recent government contracts. With grants totaling $7 million from the Air Force Research Laboratory’s Strategic Development, Planning, and Experimentation Office, as well as the Office of the Secretary of Defense’s Rapid Prototyping Program, RTX aims to advance the development and testing of its GhostEye MR radar.

In a highly competitive market, several companies offer radar sensors, including Geolux d.o.o., Baumer Holding AG, ASTYX GmbH, ZF Friedrichshafen AG, Hans Turck GmbH & Co. KG, HENSOLDT Group, Smart Microwave Sensors GmbH, InnoSenT GmbH, Banner Engineering Corp., and SICK AG.

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This analytics report segments the radar sensor market on the following basis:

  • By Type of Radar System
    • Bistatic Radar
    • Continuous Wave Radar
    • Instrumentation Radar
    • Weather Radar
    • Others
  • By Application
    • Automotive
    • Aerospace & Defense
    • Security & Surveillance
    • Industrial
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Others
    • Middle East and Africa
      • UAE
      • Israel
      • Saudi Arabia
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Thailand
      • Taiwan
      • Indonesia
      • Others