Video surveillance systems offer a comprehensive security surveillance solution that are deployed in varied end-use sectors. These systems are used for remote video monitoring for providing protection against theft, burglaries, and suspicious employees. These systems are also used for facility protection for protecting the perimeter of a property or buildings. Other applications include monitoring everyday operations and their use as a tool for streamlining operations, protection of assets, video surveillance cameras can discourage vandalism as there is a possibility of identification on the video. The installation of high-definition cameras can help in facial recognition, posing a threat to vandals. Furthermore, the device offers employee safety, aid in monitoring of thefts and damages to cars in a parking lot, for crowd control during an event, utilized in city streets, parks, neighborhood, and communities for deterring crime and promoting public safety. Also, the deployment of video surveillance systems is done for traffic monitoring for improving the traffic flow and monitoring road accidents, they are also installed on pedestrian gates for intrusion detection.
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Increasing Importance of Security Surveillance With Rising Number of Crime Rates
The substantial amount of crime rates in the world is contributing to surging the video surveillance market demand. It has been widely observed that there is a rise in the number of criminal activities including violence, theft, robbery, murder, and burglary. In the United States, as per the Bureau of Justice Statistics, National Crime Victimization Survey (NCVS), a significant amount of property victimizations was analyzed from 2014 to 2018. The type of property crime included burglary/trespassing, motor-vehicle theft, and other thefts include unlawful taking or attempted unlawful taking of property or cash without personal contact with the victim.
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Source: Bureau of Justice Statistics, United States, National Crime Victimization Survey (NCVS), Number of Property Victimizations, 2014-2018
Matrix Comsec manufactures security and telecom solutions. For government organizations that are facing a wide-range of threats originating from terrorism to increasing crime rates, shooting, and other emergency situations. There is a requirement of real-time monitoring and quick survey of what is happening around, indoors and outdoors. The increasing number of criminal activities have surged the demand for utilization of novel and innovative security solutions contributing to providing safe and secure environment. The company’s Matrix IP video surveillance is intelligent and scalable providing future-proof security solutions for monitoring and controlling all the government utilities. With the capability of offering live insights, it will instantly notify in the case of any suspicious act. Additionally, automatic crime detection and reporting is offered by the system, thus, contributing to enhancing safety and improves employee productivity. Based in Waghodia, Vadodara, India, the products are widely available in the regions of Europe, America, the Middle-East, Asia, and Australia through its robust distribution of channel partners around the globe.
Strategies for the installation of video surveillance camera is augmenting the video surveillance market growth. In the United Kingdom, the Surveillance Camera Commissioner presented a National Surveillance Camera Strategy in 2017 for England and Wales. The role of the commissioner was introduced for encouraging and advising organization for utilizing surveillance cameras in public places, in addition to following the surveillance camera code of practice.
For manufacturers and installers in England and Wales, it is suggested to have a clear focus on the requirements and best practice for video surveillance camera market. For the public, there is a requirement to understand the capability of cameras, additionally, the development of technological sophistication as to how can a society provide informed consent to the utilization of public space surveillance is required.
Potential Applications for Video Surveillance Cameras
For commercial businesses, quality video surveillance systems provide information regarding theft, vandalism and others. The presence of companies offering video surveillance services include site security audits, camera recommendations, system configuration, installation support, designing of wireless network, and many more offerings. Additionally, companies also offer regular customer service and technical support. Advantages offered by the commercial video surveillance systems include reduced annual theft losses, deterrence of internal theft by the dishonest employees and contractors, monitoring of day-to-day operations, capability of viewing commercial facility via off-site on a mobile device, help in warding-off trespassers and vandals, and assist in decreasing liability from frivolous claims and lawsuits.
For construction site security, the installation of video surveillance system can protect against security issues on a construction sites that include accidents, theft of construction raw materials like lumber, steel, and copper pipes, help in keeping out petty criminals and intruders, provide assistance in increasing and supplementing current security measures, ensures a safe place for the employees to work, aids in effective monitoring of construction processes and increases the efficiency, and many more.
In the education sector, video surveillance systems have become crucial in schools, college campuses, and other learning institutions. These provide protection against trespassers entering the school or college facility, violence and crime, and student misbehaviour.
Supercircuits, Inc. provide innovative security solutions to protect students and educators. Featured surveillance solutions for school include security cameras, security camera systems, IP security cameras, digital video recorders, network video recorders, and mobile surveillance among others.
In hospitality sector including hotels, convention centers, museums, stadiums and other entertainment facilities, video surveillance systems offer protection against threats that create chaos and disturbs public peace. Key advantages include better crowd control during high-traffic events, ensures patron and staff safety, works an effective tool for monitoring day-to-day activities, increase customer service, enables remote monitoring, and many more.
In the retail sector, video surveillance systems offer protection against threats that include shoplifting, employee theft, flash rob theft, and also protect against retail crime. With the growing number of retail outlets, especially, modern retail stores, such as supermarkets, hypermarkets, and convenience stores, the market is projected to grow at a significant pace. This is further supported by the increasing urbanization leading to changing lifestyles of consumers who prefer to shop for products under one roof, thus, saving time and money. Furthermore, with the growing construction activities, significant market growth prospects are offered with the rising construction of retail stores.
Timber Trailers Market – Adding Reinforcement to the Timber Industry
Thought ArticlesForests have always been considered as one of the most important resources for various industries, including timber. As both forestry and timber industry are witnessing a significant growth, the demand for forestry/timber trailers for efficient transportation of round wood has reached new heights. There has been a rise in demand for timber for a wide range of applications such as construction, paper manufacturing, specialty wood products such as furniture, and fuel source. The figure below shows the actual global production and consumption volume of industrial round wood for years 1965, 1990, and 2995 and projected volume for years 2020 and 2030:
Global Production and Consumption of Industrial Roundwood,
In Million Meter Cube
Source: The United Nations Food and Agriculture Organization (FAO)
According to the North American Industrial Classification (NAICS), the most relevant forest and lumber industry sub-sectors can be defined as follows:
In the United States, according to NAICS, revenues in the natural resources industries totalled US$19.6 billion in 2018-19. According to the EUROSTAT, the production of roundwood in the EU-27 was 21 per cent higher in 2018 than in 2000, with 23 per cent of the total production as used as fuelwood and the rest was used for veneers and sawnwood, pulp and paper production.
Construction Industry Fuelling the Timber Demand
Booming global construction industry is the prime driver of timber industry which, in turn, is also escalating the demand for timber trailers worldwide. According to the WEF (World Economic Forum), the construction industry accounts for 6 per cent of the global GDP and is the largest global consumer of raw materials. Mushrooming global population is pressurizing governments around the world to provide affordable housing. The figure below depicts the global population data for the period 2010-2019:
Global Population Data, in Billion, 2010 to 2019
Source: The World Bank Group
According to the World Bank Group data, the global population has increased from 6.922 billion in 2010 to 7.674 billion in 2019. As a result, governments as well as global organizations are constantly implementing various policies and programmes to boost construction activities. For instance, the UK government is providing funding to support its domestic housing market through initiatives such as the Help-to-Buy Equity Loan Scheme and Funding for Lending Scheme. NAB, one of Australia’s biggest banks, has pledged to support affordable and social housing initiatives in the country over the next three years with an investment of $2 billion in order to provide homeless and vulnerable people access to secure accommodation. This rising construction of houses will continue to drive the growth of timber trailers market worldwide. Growing shift towards modular and elegant wooden furniture across both residential and commercial building sector to improve the interior designs is further augmenting the demand for timber, thus positively impacting the market growth of timber trailers.
Growing Pulp and Paper Manufacturing
The global pulp and paper manufacturing industry is growing, although at a slower pace. According to the 2019 edition of the United Nations Economic Commission for Europe (UNECE) and the Food and Agriculture Organization of the United Nations (FAO) Forest Products Annual Market Review, paper and paperboard production rose in the CIS (the Commonwealth of Independent States) by almost 4 per cent in 2018, while it declined slightly in North America and remained flat in Europe. Also, wood pulp production rose in Europe in the same year due to increased demand as well as capacity and it was high in the CIS as well on account of increased capacity and a weak Russian rouble. However, the apparent consumption of wood pulp was remained stable in both North America and Europe despite higher prices and declining graphic-paper demand. South America witnessed a rise in supply of wood pulp for the packaging, sanitary and household paper segments across these two regions. Another factor that is escalating the demand for pulp and paper is the rapidly growing e-commerce industry, especially in the Asia Pacific (APAC) region, which is increasing the demand for paperboard and paper packaging solutions.
However, growing concerns about environmental sustainability and stringent forest conservation policies developed by regulatory bodies is affecting the growth of timber industry and thus, timber trailers market. Rising cases of wildfires breaking out in forests is also negatively impacting the market growth of timber trailers. According to the United Nations Office Outer Space Affairs, around 330-431 million hectare around the globe is affected by forest fire every year.
Severe Impact of Coronavirus on the Global Construction Sector
The transportation equipment industry is historically more cyclical than the economy, meaning the highs are higher and the lows are lower. As such, even a mild recession can cause extreme fluctuation in this market. The recent global pandemic outbreak caused by COVID-19 has brought the construction industry to a near standstill which, in turn, has adversely impacted the demand for timber trailers. Mandatory government lockdowns and social distancing measures has made the construction activity work downward sloping with construction sites in many countries being shutdown along with the global supply chain disruption that has suspended production and distribution of building materials. On the demand side, reduced economic activity has led to a drastic fall in demand for new commercial or industrial facilities. Decline in incomes along with lack of consumer confidence has also deteriorated the demand for both housing construction and renovation.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
A Detailed Study on the 3D Machine Vision Market
Blog3D machine vision refers to the technology that has the ability to automatically detect flaws and inspects complex three-dimensional objects and further helps in the enhancement of the manufacturing process. These systems inspect objects at a high speed and further help in the reduction of lead time along with enhancement in product quality.
3d Machine Vision Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
The figure above represents the size of the 3D machine vision market which shows that the market reached US$2.779 billion by the year 2025 from US$1.725 in the year 2019. The market is projected to have a healthy growth over the course of the next five years which is primarily attributable to the burgeoning requirements of the enhancement of product quality by the manufacturers. Additionally, there is an increasing adoption of these systems across various end-user industries such as electronics owing to the growing concerns regarding product quality. Furthermore, stringent government regulations regarding quality and inspection of final products is also considered to be one of the major factors that play a significant role in the shaping of the 3D machine vision market growth during the forecast period. Moreover, budding technological investments have further widened up the scope for the penetration of advanced imaging technologies such as smart cameras and infrared cameras among others. This has further led to the easy deployment of advanced imaging solutions across several industries which is further providing an impetus for the market to witness considerable growth throughout the course of the next five years. The advent of COVID-19 is anticipated to negatively impact the market growth during the short period of six to eight months owing to the fact that there has been a disruption in the supply chain activities. Furthermore, a temporary suspension in the activities across various industries due to shortage of labor, raw material and other government measures such as lockdowns are further negatively impacting the growth.
Furthermore, the constantly rising participation of the market players in the form of investments for the development and advancement of technologies further shows the potential for the market to grow in the next five years. Additionally, the penetration of new players in the market in recent years also shows the growing competition in the market. The heavy inflow of investments are expected in the market by the players to stay competitive in the market and gain a competitive edge over other players.
Segment Overview:
The 3D machine vision market has been segmented on into offering, product, industry vertical, and geography. On the basis of offering, the classification of the market has been done as hardware and software. On the basis of the product, the market has been distributed as PC-Based System and Smart Camera-Based System. By the industry vertical, the market had been classified into automotive, semiconductor and electronics, pharmaceutical, manufacturing, food and beverage, and others. Furthermore, geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Manufacturing to Hold a Decent Market Share
By industry vertical, the manufacturing industry is projected to hold a substantial amount of share in the market over the course of the next five years. The booming manufacturing sector globally and the presence of a well-established manufacturing sector in both developed and developing economies is also a key factor bolstering the significant share of this segment over the forecast period.
Manufacturing, Value Added (Current US$), World, in US$ Trillion
Source: The World Bank Group
The figure above represents the value addition done by the manufacturing sector at the global level which shows that it reached US$13.809 trillion by the year 2019 from US$9.346 trillion in the year 2009. Furthermore, the food and beverage sector is projected to show promising growth over the forecast period primarily due to the growing processed food industry worldwide as the constantly growing population is further bolstering the demand for food.
Moreover, the electronics, as well as automotive industries, are anticipated to show a healthy growth throughout the next five years. The growth of these segments is majorly attributed to the growing demand for consumer electronics products and passenger vehicles due to the growing middle-class population and improvements in the standard of living of the people especially across the developing economies of the globe such as India and China among others.
Geographically, the North American region is expected to hold a notable market share throughout the course of the next five years. The primary factors supplementing the significant share of the region include the early adoption of technology coupled with the presence of world-class infrastructure across the industry verticals in countries like the United States and Canada among others. In addition, the presence of numerous market players across the region is further supplementing the growth of the market in the North American region throughout the forecast period. Furthermore, in the Asia Pacific the market is projected to show a promising growth one account of the growth of various industries in the major emerging economies such as India, China, and Vietnam among others. Also, the heavy inflow of investments in the form of facility expansions and new facilities further provides an impetus for the market to show good growth in the Asia Pacific region during the forecast period.
Participation by Market Players
The market is also being driven by the fact that players are investing heavily in the form of R&D for the development and launch of new products. For instance, in February 2020, ISRA VISION AG and Atlas Copco announced the signing of the creation of a new division in which new products and competencies were added. Also, May 2019, ISRA VISION AG, a leading supplier of surface inspection solutions for 3D machine vision applications announced the expansion of its product portfolio 3D surface inspection with integrated precision measurement technology for discrete industries. Similarly, in October 2018, LMI Technologies announced the launch of three new 3D inspection products at Vision 2018 which was held in Germany.
Global Cresol Market – An Overview
Thought ArticlesCresols are organic compounds that are also methyl phenols. Cresol is an organically occurring naturally occurring group of aromatic compounds. Cresol can also be synthetically manufactured. Cresols are widely adopted across different industry verticals owing to their wide applications.
The market growth for cresol is projected to witness a steady growth throughout the course of the next five years. The major factors bolstering the growth include the constantly growing importance of different types of cresol products across several industries such as stabilizers in vaccine and insulin formulations in the healthcare sector, as an additive in cement in the construction industry. Furthermore, the wide adoption of cresol in dietary supplements is further providing an impetus for the market to witness a considerable growth throughout the forecast period. Thus, the growing prevalence of chronic diseases coupled with the constant growth in the prevalence of diabetes has further augmented the demand for several vaccines and insulin formulations, thereby playing a significant role in shaping up the global cresol market growth. Additionally, the growing use of cresol in the electronics industry for encapsulation purposes in various devices such as smartphones, laptops, is also widening up the opportunities for the market players over the next five years. Furthermore, the use of eco-friendly products across different industries is also increasing, this, in turn, is also anticipated to drive the demand for cresol across industries as it is also a naturally occurring compound.
Growing Chemical Industry
The marketis poised to have a healthy growth throughout the forecast period on account of the growing chemical industry around the globe. There are wide applications of cresol in the chemical industry as it is used as a raw material in disinfectants, electronic chemicals. Thus, the growing chemical production on account of the growing demands from the electronics, food, and beverage, and several other industries is further expected to amplify the demand for cresol in the chemical industry. Furthermore, the booming demand for agrochemicals is also expected to widen up the growth opportunities for the market players as cresol is considered to be an essential ingredient used in agrochemicals. This can be backed up by the fact the global agrochemicals market has grown at a CAGR between 2018 to 2024 reaching a market size of US$323.825 billion by the year 2024 from US$258.486 billion in the year 2018. Furthermore, the demand for disinfectants is also projected to grow rapidly on account of the recent outbreak of the novel coronavirus disease as the disease is highly communicable. Also, the growing risks of hospital-acquired infections is also positively driving the demand for disinfectants across healthcare as well as other industry verticals.
Agrochemicals Market, Forecasts From 2018 to 2024, in US$Billion
Source: Knowledge Sourcing Intelligence Estimates
Segment Overview:
The global cresol market is segmented on the basis of source, product type, application, and geography. By source, the segmentation of the market has been done into natural and synthetic. By product type, the market has been segmented into o-cresol, m-cresol, and p-cresol. By application, the classification of the market has been done as herbicides, antiseptics and disinfectants, cleaning compounds, and others.
Natural Cresol to Hold a Decent Share
By source, the natural cresol is expected to hold a substantial amount of share in the market throughout the forecast period. The burgeoning adoption of eco-friendly products across industries is the primary factor that is driving the growth of this segment during the next five years. Being a chemical, cresol has less toxicity effect on the general population which is significantly boosting its adoption in different industries.
P-Cresol to Hold a Notable Market Share
By the product type, the p-cresol segment is expected to hold a notable market share throughout the course of the next five years. The major factors bolstering the significant share of this segment in the market include the wide application of p-cresol in the food and beverage and pharmaceutical industry among others. These are also being increasingly used in the manufacturing of adhesives, and additives for various applications. M-cresol is widely used in antiseptics and disinfectants, thus a healthy growth in the demand for disinfectants and antiseptics is projected to positively influence the growth of this segment during the forecast period. The o-cresol segment is poised to show a healthy growth on account of its application as sealing materials in the electronics industry. Furthermore, the growing focus towards crop protection in the agricultural sector is also driving the growth of this segment in the next five years on account of the wide application of o-cresols as stabilizers in pesticides.
Antiseptics and Disinfectants to Show Healthy Growth
By application, the antiseptic and disinfectants segment is poised to show a healthy growth throughout the course of the next five years due to the rapid growth in the demand for these products. The growing health concerns regarding the risks associated with healthcare infections is further providing an impetus for the growth of this segment during the next five years. The herbicides segment is projected to hold a considerable market share due to the movement towards sustainable agriculture in various developed economies of the world.
Apac to Hold a Noteworthy Market Share
Geographically, the Asia Pacific region is projected to hold a healthy market share throughout the forecast period. The presence of a well-established chemicals and materials industry coupled with a leading electronics manufacturing base in major countries like South Korea, India, China, and Vietnam are some of the factors supporting the significant share of the APAC region. Also, the constantly growing focus on sustainable agriculture in many countries further positively impacts the growth in the coming years.
Impact of Chemical Industry by Region, 2017, in US$Trillion
Source: International Council of Chemical Association (ICCA)
The figure represents the contribution made by the chemical industry regionally to the total GDP contribution. It can be clearly stated that the Asia Pacific region is a major leading producer of chemicals globally. This is also a key factor supporting the share of the Asia Pacific region in the global market during the next five years.
Proliferation of Wearable Devices
BlogWearable devices are products that are worn on the body of an individual which tends to the sense the motion, environment, and other characteristics that helps the individuals in improving the quality of life. The idea of wearable devices is very much related to smartphones – which has now grown to become an indispensable part of an individual. All the information that an individual need is a click away with the increasing innovation focusing on making life as easy as possible. However, smartphones are now used as a foundation for making other devices connected. For example, the advent of the Internet of Things (IoT) has led to the proliferation of a number of connected devices such as a smartwatch, smart glass, fitness tracker, and smart clothing among others. Thus, the wearable devices market size is estimated to be valued at US$24.486 billion in 2019 and is projected to grow at a CAGR of 21.63% to reach US$80.438 billion in 2025. In fact, the smartwatch and fitness trackers are expected to share a growing proportion of data with the smartphones, with the total number of connected devices globally projected to grow from 19.24 billion units in 2016 to 85.93 billion units in 2023 (source: Knowledge Sourcing Intelligence Analysis).
Number of Connected Devices, in Billion Units
Source: Knowledge Sourcing Intelligence Analysis
Market Development
5g Technology Is Expected to Make the Difference
The availability of the required infrastructure and presence of key players has been instrumental in promoting the wearable devices market in the United States, which is estimated to be the single largest market in North America. Moreover, key telecom operators like Verizon, T-Mobile, and AT&T began rolling out 5G networks in 2019, with a significant proportion of the population anticipated to have access to the fast network by the end of the first half of 2021. Moreover, it is also predicted that more than half of the U.S population will have devices by the end of 2024 that will be able to connect to the 5G network. In fact, at the global level, it is estimated that the 5G connection will increase from 13 million in 2019 to 1.4 billion, with 5G projected to hold an 11% share among the mobile connection type by the end of 2023 (source: Cisco Annual Report, 2018-2023). Thus, the transition towards a higher speed network is projected to significantly supplement the wearable devices market growth in the coming years.
Asia Pacific Is Projected to Provide High Growth Opportunities
China and Japan hold a significantly large share in this market in the Asia Pacific region. Japan is a developed economy with a high per capita income. The high spending capacity of people, coupled with their focus on staying healthy, is driving the market growth in this country. Moreover, in South Korea, the government announced a 127.2 billion Won budget in 2015 that is to be used for the development of the domestic wearable device industry from 2016 to 2020. Moreover, the City of Sejong and Busan are planning to use connected wearable devices and robotics in the public and home spaces along with the medical facilities to improve the delivery of healthcare services in the country. Simultaneously, a continuous increase in the proportion of the middle-class population in China and India is supporting the market growth. In fact, it estimated that Asia will represent 66% of the global middle-class population and 59% of the middle-class consumption by 2030, in comparison to 28% and 23% respectively in 2009 (source: Organization of Economic Cooperation and Development). Moreover, in India, rising awareness among people regarding the relationship between physical fitness and contraction of diseases, coupled with a high risk of getting catastrophic healthcare shock in the event of contracting a disease is pushing them towards adopting health and fitness regimes, thus boosting the adoption of fitness trackers and smartwatches that records the vital signs and keep the individual informed about the information that can aid them in improving the quality of life.
ABOUT THE AUTHOR
Siddharth David is a Senior Market Research Analyst at Knowledge Sourcing Intelligence LLP. Siddharth’s expertise lies in offering predictive analysis and an all-inclusive outlook of different industry verticals from both the macro and micro point of view, with the special knack in market sizing and delivering key strategic insights. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.
Microdisplays – Dive Into the World of Small Screens
BlogAs the name suggests, microdisplays are small-sized displays of less than 2 inches in size. These are commonly utilized for rear-projection television, head-mounted displays, and in digital cameras. The increasing trend of smartwatches have taken advantage of high-resolution and low power consumption characteristics of these displays.
The growing trend of innovative technologies such as augmented reality and virtual reality is further offering strong prospects for the microdisplays market to proliferate at present and in the future. The presence of near-eye displays also known as wearable displays is one such example, where high-resolution microdisplays are being used. Hence, creating small, portable, and personal viewing experiences for the consumers. These devices are categorized into two types namely, immersive and see-through devices. Immersive segment comprises virtual reality and cinema glasses. While, the see-through segment comprises augmented reality and smart glasses. The immersive near-eye displays block a user’s real-world view and creates a large field of view image. For cinema glasses, it is 30-60 degrees, and for virtual reality, the field of view is more than 90 degrees.
The products, thus, perform as the consumer’s personal cinema or offers a personal gaming experience. See-through, on the other hand, leave the user’s view of real-world open and develops either a transparent image or a tiny opaque image blocking only a small portion of the outer vision. The augmented reality products have a field of view of 20 to 60 degrees overlaying graphics and information on the top of the user’s real-world view. Smart glasses, similar to Google glasses have a smaller field of view and a display at which a user peeps occasionally through the display rather than looking continuously.
Applications of Near-Eye Display: Industrial and Consumer
INDUSTRIAL
CONSUMER
The advancements in technology have resulted in the development of high definition and ultrahigh definition microdisplays, further offering an improved consumer viewing experience. This is possible due to the R&D initiatives leading to product launches by the manufacturers. Such technological advancements are contributing to strengthening the microdisplays market growth. In 2019, Kopin Corporation launched the high-performance reflective liquid crystal on silicon (LCOS) device, 2K x 2K. The device is utilized as a microdisplay and the format is considered to be ideal for sophisticated near to eye applications that include surgical microscopes and electronic viewers for medical imaging. Additionally, the imager is set to find huge applications in the field of 3D optical metrology and 3D augmented reality. In 2018, Sony declared the upcoming launch of OLED microdisplay that features 1600 x 1200 resolution which is considered as the highest in class for a 0.5-type. The product is the smallest pixel pitch of around 6.3 μm in the world. Taking advantage of the Sony’s OLED display and miniaturization technologies, it enables a resolution that is 1.6 times more than the previous model.
Furthermore, in 2019, Compound Photonics in the United States launched a series of LCOS microdisplays, CP2K234 for the development of advanced augmented and mixed reality smart glasses and head-mounted or head-up displays. The company is a manufacturer of compact and high-specification microdisplay solutions.
Joint Initiatives for the Development of Microdisplays Are Further Fuelling the Market Growth
In 2017, Microoled and Fraunhofer FEP received the Franco-German Business award for best practices in New Technologies and Industry 4.0 categories. The two organizations were working together for many years in several European funded projects in the area of microdisplays, design and technology. The two organizations started a collaboration, since 2015, for the development of a novel microdisplay type having an ultra-low power consumption that is around 100 times lower. Today, the microdisplay is in production phase.
In 2019, eMagin Corporation, a pioneer in the designing, development, and manufacturing of the active matrix OLED microdisplays for high-resolution near-eye imaging commodities announced a deal of around USD5.6 million for manufacturing displays for a major defense contractor. The deal further bolsters the strategic partnership reflecting a long-term relationship for varied military and commercial programs.
Apart From Advantages, There Are Certain Risks Related to the Microdisplay Industry
The microdisplay systems business is highly competitive. This is further characterized by the fast-technological change, rapid changes in market requirements, and competition arising from other vendors and OEM customers. Such an intense competition in the industry may result in pricing pressures, lowering of sales, reduced profit margins, and a low market share. Hence, manufacturers are constantly working on tackling these issues through the following factors. Designing, manufacturing, and delivering expected novel products on time, in addition to the implementation of new technologies, enhancing the ability to address the needs of the customers along with the enhancement of the quality of customer services. Expansion of the manufacturing facilities, increasing the ability to manufacture and increasing the efficiency of production coupled with shipping products on time.
In order to strengthen leadership position worldwide and gain a greater market share, companies adopt certain strategies for attaining these objectives. Through constant investments in research and development, in addition to the protection of their intellectual properties, companies are bolstering their technology leadership. In order to decrease the production costs by increasing manufacturing yields and lowering of fixed costs through reduction in cycle time, the companies are optimizing microdisplay manufacturing efficiencies and protecting proprietary processes. Other strategies include building and maintaining strong in-house design capabilities where by maintaining robust design capabilities supplemented by outsourced design services results in the reduction of engineering costs, escalates the design process, and increases the design accuracy to respond to customers’ needs as new markets develop. Additionally, contracting third-party design support in order to fulfill the demand and for specialized skills also remain a part of the overall long-term strategy. Furthermore, leveraging strategic relationships with other suppliers, government organizations, equipment vendors, contract research groups, external design companies and many more are also adopted in the form of strategy.
Material Handling: Essential for Safe Material Movement
BlogMaterial handling holds importance in logistics within a manufacturing facility. This involves the movement of materials or products inside a building or are transported to the dedicated warehouse facility for storage, or to the retail shops to land into the hands of the direct end-consumers. Material handling process utilizes varied types of equipment that include manual, semi-automated, and fully-automated equipment. The handling process takes place in manufacturing shop floors, warehousing, distribution, and also in material disposal. The process includes the movement, protection, storage, and control of materials.
The growing automation in industries is fueling the growth of the fully-automated material handling machinery that are focused on reducing burden to human labourers. Also, with the rising labour charges, the material handling market is predicted to increase at a significant pace. It has been noticed that labour costs have risen not only in China but in other parts of the world as well. The rise in labour costs have led to the surge in end-product prices, and ultimately have put an impact on the export revenues as well. This is mainly due to the reduction in volume owing to low productivity. Also, organizations profits have affected significantly. However, the growing labour wages are not that noticeable due to the fact that industries round the globe are gearing to move towards improving their production processes through the adoption of automation. The surging trend of industry 4.0 have resulted to the shift of production processes from a technologically low to more advanced and sophisticated production processes with high throughput capability. Hence, providing an opportunity for the material handling market to strengthen at present and in the future. Examples of automated material handling systems include, automated storage and retrieval systems, automatic guided vehicles, automatic identification and data collection, and automatic conveyor belt systems, and many more.
Innovations in material handling systems have led to the supporting of varied company material handling needs. Material handling equipment that range from a simple cart to a more complicated system offers certain advantages that include saving time and money, enhanced safety, reduction in downtime, improvement in ergonomics, increase in capacity, saves space, increase in flexibility, and an improved work environment. Hence, an innovative material handling system is capable of improving work efficiency along with waste reduction that occurs out of damages or careless usage. Thus, offering ease and convenience to the industry personnel that include an assembler, production engineer, maintenance engineer, and others, further escalating just-in-time delivery and production.
The growing concern regarding workers’ safety and reducing workplace injuries are contributing to promoting the material handling market growthduring the forecast period.
It has been observed at a large scale that manual material handling poses risks to the safety of the workers while on site. Some of the hazards noticed include workers being hit by materials, caught between them or in pinch points, loading excessive weight on their back, falling due to improper storing of materials, not properly maintained material lifting devices, damaged racks, and material handling while on stools etc., among others. Such harmful events in an industry are creating a market demand for efficient material handling equipment in order to provide assistance to workers in a manufacturing facility in addition to reducing their workload. For employers, supervisors, and workers there are certain regulations set by organizations such as OSHA that every personnel in an industry must comply with. For employers, it is necessary to provide appropriate information, instruction, and supervision; perform carefully for avoiding injury from material handling; and make sure that the equipment and facilities are safe and in proper working conditions. For supervisors, it is required to ensure that all workers are complying with the OSHA regulations; effective communication with workers regarding potential risks and any specific issues should be made, in writing and verbally, both. For workers, it is required that they operate equipment and perform tasks in a safe manner, also, the duties are performed as per the OSHA regulations. Furthermore, in case of any hazards or OSHA violations, it must be reported to the supervisor or employer.
Moreover, with the utilization of material handling equipment, injuries associated with heavy lifting like back sprains, muscle pulls, spinal cord injuries, and others can be reduced to a greater extent. This will certainly help in not only saving workers’ medical expenses and preventing them from getting injured, that may lead to long-term disability, but may contribute to enhancing a company’s work in an efficient manner, thus, improving a company’s overall productivity.
The increasing construction industry, particularly in the developing economies of the world are contributing to soaring the market growth. It has been widely noticed that with growing urbanization including the migration of people from rural areas to urban areas are seeking productive, efficient, and eco-friendly material handling technologies for its soaring construction activities. However, the current novel coronavirus pandemic has resulted in the halt of construction activities, further putting an impact on the market growth as well. The material handling market is further projected to grow at a steady pace after 2020 with the adaptation as per the new normal conditions, post-COVID.
As per the United Nations predictions, the global rural population has ceased to grow, while the urban population is projected to achieve a population size of around 3 billion by the end of 2050. Growing green building initiative will further contribute to soaring the market demand. The rising construction of smart cities will further propagate the market growth. This is further supported by the increasing government investments for numerous construction projects demanding material handling equipment. For example, according to the IBEF, Ministry of Commerce & Industry, Government of India, in April 2020, the GOI set a target of road construction of worth USD212.80 billion by the end of 2022. The energy sector in India is predicted to be offered worth USD300 billion investment opportunities for the next ten years, as of June 2020 information. Also, in the Union Budget 2020-2, the government supported the infrastructure sector by allocating USD24.27 billion for the development of the transport infrastructure.
Maternity Wear – Growing Acceptance of Fashion During Pregnancy
Thought ArticlesMaternity wear refers to all those clothes that are specially designed with comfortable fabric and cloth that make a woman feel comfortable during their pregnancy phase. These dresses offer comfort and a sense of fashion for pregnant women.
The market is poised to witness a nominal growth over the course of the next five years primarily on account of rising awareness about the maternity fashion, supported by increasing disposable income and rapid urbanization, especially in developing economies with high birth rates is contributing to this dominant demand for these product segments over the forecast period. The increasing number of fashion-conscious ladies in both developed and developing regions around the globe also plays a significant role in shaping up the global maternity wear market growth over the course of the next five years. The increasing working population also provides an impetus for the market to grow as working women further need proper formal wear while working in offices, thus, the availability of a wide variety of formal maternity clothing has also led to an upsurge in the adoption, hence, positively impacting the market growth.
The growing acceptance of pregnancy photoshoots has also augmented the adoption of designer maternity wear, in both developed and developing economies around the globe. The graph below represents the global maternity wear market size that shows the market reached US$18.899 billion by 2025 from US$13.767 billion in the year 2019. However, the lack of awareness coupled with the low purchasing power in some parts of the world is expected to hamper the market growth to some extent during the next five years.
Global Maternity Wear Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Internet Penetration Is Driving the Market Growth
One of the major factors that is projected to augment the market growth significantly is the constantly growing penetration of the internet as well as the growing adoption of smartphones, especially across the developed economies. The growing number of people across social media platforms such as Instagram, facebook, and snapchat among others have made people aware of the constantly evolving global fashion trend. This, coupled with the increasing disposable income, rapid urbanization, and increasing middle-class population has also led to a shift in the preferences of females regarding the acceptance of maternity wear. According to the statistics from the World Bank Group, the individuals using the internet (% of the population) reached 49.725 by the year 2017 from 20.41% in the year 2007.
Individuals Using the Internet (% of Population), 2007-2017, World
Source: International Organization of Motor Vehicle Manufacturers
Furthermore, a rise in the number of online start-ups over the past years further shows the potential for the global maternity wear market to grow over the next five years. Also, the expansion of distribution channels by existing market players to online platforms is also a major factor bolstering the market growth throughout the forecast period. This can be backed up by several examples such as in June 2019, AKS, one of the leading Indian ethnic brands announced the launch of a new product range of nursing and maternity wear collection, especially for its e-commerce store. Similarly, the integration of several big clothing retailers on online platforms is also augmenting the market growth in the coming years. For instance, H&M a leading fashion retail chain, announced its online store in India, with an aim to tap a greater market share in the country.
Segment Overview:
By product type, the global maternity wear market has been segmented on the basis of dresses, bottom wear, lingerie, and others. The dresses segment is expected to hold a decent share in the market throughout the forecast period. The major factors supplementing the share of this segment include the comparatively high prices of dresses than other types of clothing. Furthermore, the presence of a wide variety of products being offered by the companies further provides an impetus to this segment to grow in the next five years. The growing working women population is also a major factor supplementing the demand for maternity dresses in the next five years, thereby positively impacting the growth of this segment. The lingerie segment is expected to witness a healthy growth during the next five years on account of the growing acceptance of maternity lingerie as women are increasingly taking efforts to take necessary care of them as during pregnancy their body goes through several changes, thus an increase in the demand for maternity lingerie is expected in the coming years.
By the distribution channel, the online segment is expected to witness a rapid growth over the course of the next five years. The rapid penetration of the internet and smartphones has led to an upsurge in the adoption of online platforms for the purchase of maternity wear. Also, the movement of various retailers towards the expansion of online distribution channels has further positively impacted the growth of this segment in the coming year. However, the offline segment is projected to hold a substantial share in the market on account of the reluctance of a larger share of the population towards online shopping.
Geographically, the Asia Pacific region is expected to show propelling business opportunities for the market players over the next five years. Rapid urbanization coupled with the increasing working-class women population in countries like India and China among others are some of the factors that have led to an upsurge in the demand for maternity wear across these countries. Furthermore, the rapid internet penetration along with the growth of the e-commerce sector further bolsters the market growth in the APAC region during the next five years. The North American region is projected to hold a noteworthy share in the market throughout the forecast period on account of the higher purchasing power of the people in countries like the United States and Canada. However, multiple restrictions are restraining the market growth, with the most major one being the declining birthrate. According to the provisional birthrate report by the U.S. Centers for Disease Control and Prevention, the total fertility rate in the country declined by 2% from the previous year to reach 1,728.0 births per 1,000 women in 2018, which was a record low for the country.
An Overview of Level Transmitter Market
BlogLevel transmitters are referred to as sensors used for remote level measurement of liquid, powder, pastes or bulk solids in varied end-user industries. They are utilized for continuous level measurement, and for point level measurement. For continuous level measurement, the level transmitter is used for the detection of the level of a medium in a process tank, storage tank, or silos. It then converts it into the electronic signal. This signal is either displayed directly on site, it can be integrated into a process control or management system as well. For point level detection, the level transmitter is utilized for detection after a predefined level is reached. This type of device is used when measuring every possible intermediate level is not required. In this type of system, there is a switching command that starts or stops filling equipment, for example pumps. These switches, also known as level switches, outputs an electronic signal that can be integrated into a process control system. Different types of level transmitters are widely available in the market. These include capacitive, float, submersible, and ultrasonic among others.
The growing pharmaceutical industry worldwide is projected to surge the level transmitter market growth during the forecast period. This is supported by the increasing number of drug launches with the increasing prevalence of diseases. The growing elderly population in the world require efficient medicines and treatments for their age-associated diseases. Hence, level transmitters in the pharma industry hold importance in drug manufacturing where precision level measurement is required. This is mainly due to the fact that it is necessary that the final end product adheres to the stated tolerances so as to avoid accidents, comply with bioprocess standards, verification of calibration according to the ISO/FDA standards, in addition to system reliability at the time of altering process conditions. As the pharmaceutical industry involves the utilization of mixers, bioreactors, fermenter, and preparation tanks, level transmitters are important. VEGA Americas Inc., provides level sensors for pharmaceutical industry. These include instruments for continuous level measurement. For liquids, the company offers radar sensor, Vegapuls 64 and GWR (Guided Wave Radar) sensor, Vegaflex 83. For bulk solids, the company offers a radar sensor, Vegapuls 69.
The growing pharma spending worldwide is further propagating the market demand during the forecast period. The per capita pharma spending of the United States grew from USD1176.715 in 2015 to USD1228.664 in 2018 (source: OECD).
Source: OECD, Pharma Spending United States, USD/Capita, 2015-2018
The growing global oil demand is projected to augment the level transmitter market at present and in the future.According to the OPEC (Organization of the Petroleum Exporting Countries) predictions, the oil demand worldwide is expected to grow from 38 million barrels in a day to 115 million barrels per day by the end of 2025. This represents an average growth of 1.7% annually. It has further been observed that the oil demand will continue to rise at a significant pace owing to the increasing demand for energy. The OECD countries accounted to hold the largest share in the global oil demand. It has been predicted that close to 75% of the growth in demand by the end of 2025 is expected to originate from the emerging economies of the world. The oil consumption of the developing countries will rise double, especially in the Asian region where India and China are projected to hold the maximum share in the consumption of oil. Additionally, worldwide, the oil demand is projected to be met majorly by the transportation sector. This sector accounted for holding around 60% share in the increasing oil demand over the period 2000-2025.
Krohne Group offers level transmitters for level measurement on lubricant storage and process tanks for horizontal and vertical tanks with different dimensions and shapes, for level monitoring for improved process and stock inventory management, and offers automated data transmission to the control room.
Due to the novel coronavirus pandemic scenario, in 2020, there are changes noticed in energy supply and demand patterns. The EIA.gov estimated that the global petroleum and liquid fuel demand was 93.4 million barrels per day in July on an average. The demand fell by 9.1 million barrels per day from July 2019. Hence, the organization forecasts that the global petroleum and liquid fuel consumption will constitute to an average of 93.1 million barrels for the year 2020, this is predicted to be down by 8.1 million barrels per day from the year 2019, before its increase by 7 million barrels per day by the end of 2021. The change is attributed to the reduction in the economic activity owing to the COVID-19 pandemic, this may cause a significant impact on the market growth as well amid the pandemic.
The growing demand for wastewater management in the world is further providing an impetus in fueling the market growth. Water quality is important to the maintenance of good human health. In addition, it affects the social and economic development and the overall ecosystem. With a growing population and soaring urbanization, the natural environment is continuously degrading and this is creating a high demand for efficient water treatment processes so that there are sufficient and safe water supplies for carrying out the household, industrial, and commercial businesses in a smooth manner. Wastewater management can help in the protection of the ecosystem and help in providing energy, nutrients, and other recoverable materials. As per the United Nations, 2017 information, high-income countries are accounted to treat around 70% of the generated municipal and industrial wastewater. However, in the upper-middle-income countries, the ratio falls to around 38%, while, for the lower-middle-income countries it accounts for 28%. In low-income-countries, around 8% of the wastewater is treated. Hence, this is creating an opportunity for the market to sustain with demand for level transmitters in wastewater treatment plants. With the 2030 agenda for sustainable development goals, SDG target 6.3 states that by the end of 2030, water quality will be improved through the reduction of pollution, elimination of dumping, and reduction in the release of hazardous chemicals and materials. Also, the SDGs are focused on bringing down the proportion of untreated water to half, thus, increasing wastewater recycling and safe reuse substantially at the global level, further increasing the market growth prospects in the future.
Greyline Instruments offers level measurement instruments for wastewater treatment processes. Products include LIT25 level indicating transmitter and DLT2.0 differential level transmitter. The company is a global pioneer in ultrasonic measuring instruments for wastewater, industrial, and environmental markets. Primary market is environmental, particularly, water and wastewater treatment systems.
Criminals Beware! There’s a Video Surveillance System Watching You
BlogVideo surveillance systems offer a comprehensive security surveillance solution that are deployed in varied end-use sectors. These systems are used for remote video monitoring for providing protection against theft, burglaries, and suspicious employees. These systems are also used for facility protection for protecting the perimeter of a property or buildings. Other applications include monitoring everyday operations and their use as a tool for streamlining operations, protection of assets, video surveillance cameras can discourage vandalism as there is a possibility of identification on the video. The installation of high-definition cameras can help in facial recognition, posing a threat to vandals. Furthermore, the device offers employee safety, aid in monitoring of thefts and damages to cars in a parking lot, for crowd control during an event, utilized in city streets, parks, neighborhood, and communities for deterring crime and promoting public safety. Also, the deployment of video surveillance systems is done for traffic monitoring for improving the traffic flow and monitoring road accidents, they are also installed on pedestrian gates for intrusion detection.
Increasing Importance of Security Surveillance With Rising Number of Crime Rates
The substantial amount of crime rates in the world is contributing to surging the video surveillance market demand. It has been widely observed that there is a rise in the number of criminal activities including violence, theft, robbery, murder, and burglary. In the United States, as per the Bureau of Justice Statistics, National Crime Victimization Survey (NCVS), a significant amount of property victimizations was analyzed from 2014 to 2018. The type of property crime included burglary/trespassing, motor-vehicle theft, and other thefts include unlawful taking or attempted unlawful taking of property or cash without personal contact with the victim.
Source: Bureau of Justice Statistics, United States, National Crime Victimization Survey (NCVS), Number of Property Victimizations, 2014-2018
Matrix Comsec manufactures security and telecom solutions. For government organizations that are facing a wide-range of threats originating from terrorism to increasing crime rates, shooting, and other emergency situations. There is a requirement of real-time monitoring and quick survey of what is happening around, indoors and outdoors. The increasing number of criminal activities have surged the demand for utilization of novel and innovative security solutions contributing to providing safe and secure environment. The company’s Matrix IP video surveillance is intelligent and scalable providing future-proof security solutions for monitoring and controlling all the government utilities. With the capability of offering live insights, it will instantly notify in the case of any suspicious act. Additionally, automatic crime detection and reporting is offered by the system, thus, contributing to enhancing safety and improves employee productivity. Based in Waghodia, Vadodara, India, the products are widely available in the regions of Europe, America, the Middle-East, Asia, and Australia through its robust distribution of channel partners around the globe.
Strategies for the installation of video surveillance camera is augmenting the video surveillance market growth. In the United Kingdom, the Surveillance Camera Commissioner presented a National Surveillance Camera Strategy in 2017 for England and Wales. The role of the commissioner was introduced for encouraging and advising organization for utilizing surveillance cameras in public places, in addition to following the surveillance camera code of practice.
For manufacturers and installers in England and Wales, it is suggested to have a clear focus on the requirements and best practice for video surveillance camera market. For the public, there is a requirement to understand the capability of cameras, additionally, the development of technological sophistication as to how can a society provide informed consent to the utilization of public space surveillance is required.
Potential Applications for Video Surveillance Cameras
For commercial businesses, quality video surveillance systems provide information regarding theft, vandalism and others. The presence of companies offering video surveillance services include site security audits, camera recommendations, system configuration, installation support, designing of wireless network, and many more offerings. Additionally, companies also offer regular customer service and technical support. Advantages offered by the commercial video surveillance systems include reduced annual theft losses, deterrence of internal theft by the dishonest employees and contractors, monitoring of day-to-day operations, capability of viewing commercial facility via off-site on a mobile device, help in warding-off trespassers and vandals, and assist in decreasing liability from frivolous claims and lawsuits.
For construction site security, the installation of video surveillance system can protect against security issues on a construction sites that include accidents, theft of construction raw materials like lumber, steel, and copper pipes, help in keeping out petty criminals and intruders, provide assistance in increasing and supplementing current security measures, ensures a safe place for the employees to work, aids in effective monitoring of construction processes and increases the efficiency, and many more.
In the education sector, video surveillance systems have become crucial in schools, college campuses, and other learning institutions. These provide protection against trespassers entering the school or college facility, violence and crime, and student misbehaviour.
Supercircuits, Inc. provide innovative security solutions to protect students and educators. Featured surveillance solutions for school include security cameras, security camera systems, IP security cameras, digital video recorders, network video recorders, and mobile surveillance among others.
In hospitality sector including hotels, convention centers, museums, stadiums and other entertainment facilities, video surveillance systems offer protection against threats that create chaos and disturbs public peace. Key advantages include better crowd control during high-traffic events, ensures patron and staff safety, works an effective tool for monitoring day-to-day activities, increase customer service, enables remote monitoring, and many more.
In the retail sector, video surveillance systems offer protection against threats that include shoplifting, employee theft, flash rob theft, and also protect against retail crime. With the growing number of retail outlets, especially, modern retail stores, such as supermarkets, hypermarkets, and convenience stores, the market is projected to grow at a significant pace. This is further supported by the increasing urbanization leading to changing lifestyles of consumers who prefer to shop for products under one roof, thus, saving time and money. Furthermore, with the growing construction activities, significant market growth prospects are offered with the rising construction of retail stores.
Automotive Rear Seat Infotainment System Market: Making Travelling More Enjoyable
Thought ArticlesIt is interesting to see how modernization is increasing its traction across societies worldwide. Societies in the west are witnessing a blending of cultures and lifestyles from the east into them and the societies in the east have, for long, been witnessing a continuously increasing influence of western lifestyle onto them. As this continues, preferences of people associated with all aspects, including eating, living, and travelling among others, are changing. Since vehicles account for a fairly strong position in the societies today, automakers are making all the necessary moves to align their automotive designs with the changing trends and lifestyles of people. Growing popularity of rear seat infotainment systems in vehicles can be seen as the result of automakers’ efforts to retain the significance vehicles hold in people’s lives.
A Rear Seat Infotainment System is, as the term suggests, is an entertainment system which allows passengers in the back seats to consume different types of media from a wide range of sources with high degree of convenience. A Rear Seat Infotainment System usually constitutes of two high-resolution displays which are mounted at the back of front seats’ headrest. Although the number of displays may vary from vehicle to vehicle due to different requirements of different customers, many of the vehicles have one or two displays as part of the system. Just like a compact smart television set, these displays give passengers, in the back seats, ability to consume various types of media from various sources like smartphones, tablets, and USB devices among others. Some advanced systems allow passengers to enjoy media through smart devices which are connected to the system via HDMI. This is a great functionality which allows video game enthusiasts to play their games while travelling. Since advanced Rear Seat Infotainment Systems support reliable wireless connectivity, passengers can seamlessly connect and share media between their smartphones/tablets or other mobile devices and the systems As these systems continue to evolve, customers, now, can interact with the system only through buttons, but also with dedicated remote control and even with smartphone applications which work as a remote control.
The global automotive rear seat infotainment system market growth is majorly attributed to rising disposable income of people in many parts of the world. Improving economic growth in many countries is improving the standard of living of many people. As the ability of people to spend increases, the demand for solutions which, till that time, were considered a luxury also increases. For instance, some of the major automakers including BMW AG, AUDI AG, Daimler AG and Jaguar Land Rover Limited among many others have been providing rear seat infotainment systems pre-fitted across many of their cars in order to provide highest degree of comfort and satisfaction to their customers. As a result, these systems had, for long, been perceived as a component of luxury rides and not for economical rides. However, entry of a good number of players offering these systems at a price which fits many people’s budget has pushed their adoption deeper into the society. People with a fairly strong spending power are seen getting their cars equipped with these systems. Not just this, many other automakers like Hyundai, Honda, Suzuki, Ford, General Motors and many others have also started offering these systems in many of their higher end models or top variants of some of their mid-range models. Although this seems a good sign for the market, a broader picture shows that the market is still struggling to strengthen its traction as automotive sales continue to slip.
First, the global recession of 2007-09, and then the high per capita ownership of vehicles in many countries led to a decline in automotive sales. This is hindering the market growth to some extent. However, this is not as bad as it looks like since presence of a large number of vehicles on road is increasing the aftermarket growth potential for rear seat infotainment systems. Since these systems can be installed in vehicles without much hassle, and there is a fairly vast network of workshops, which offer a wide range of these systems from different vendors and also offer installation services, people who seek to get their vehicles equipped with these systems can easily do so by taking their vehicles to a nearby vendor. This high ease of getting these systems is driving the market growth. The market is poised to show a robust growth over the next five years and this growth will majorly be fuelled by increasing popularity of connected cars and electric cars.
Electric cars can be seen offering a good number of features in order to enhance customers’ experience. Some high end electric car manufacturers have already started offering rear seat infotainment systems in many variants and since these systems do not cost much to automakers, they are expected to start offering them even in mid-range vehicles over the next five years. As this happens, the demand for these systems will increase, thus propelling the market growth.
Geographically, the report, titled Global Automotive Rear Seat Infotainment System Market, from Knowledge Sourcing Intelligence has analysed the market across North America, South America, Europe, Middle East and Africa, and Asia Pacific, and even in countries, which account for a considerable market share, across them.