Automotive designs have changed a lot since their origin and a major share of the credits goes to industry players who have been pumping huge investments into research and development in order to create designs which offer a higher degree of comfort and safety as compared to previous designs, while improving profit margins for automakers. This ongoing process of evolution, which continues to transform every part of an automotive design, is transforming the way vehicle cabins cool. Regardless of their type, all refrigerants perform a basic function of cooling the vehicle cabin in order to offer comfort to the person behind the wheels and also to other occupants. Yet, chemical composition of different refrigerants, which affects the degree of harm they cause to the environment while performing their function, makes some of them highly recommended for use today while it has been known to drive some of the refrigerants out of the market since they failed to comply with the stringent environmental laws. R-134a, for instance, can still be found in many vehicles which have lived some part of their useful lifespan, but many of the new passenger cars and light commercial vehicles, which are coming with an air-conditioning unit into the market, use R-1234yf in place of R-134a refrigerant. Ongoing research and development in this sector by market players is expected to continue bringing some more advanced refrigerants into the market, but R-1234yf is expected to remain a primary refrigerant choice for many customers over the short term and probably over the medium term.
The growth of automotive refrigerants market is tightly anchored to the automotive industry growth across regions. Although many parts of the world are witnessing a continuous decline in the sales of vehicles, the automotive refrigerants market has still managed to hold its ground to some extent. A data from the International Organization of Motor Vehicle Manufacturers shows that years 2018 and 2019 saw a continuous decline in global automotive sales and this was for the first time the sector saw such a downturn after the global recession of 2007-09. The trend is clear from the figure given below:
Global Automotive Sales, 2006 to 2019
Source: International Organization of Motor Vehicle Manufacturers
When the global recession kicked in about a decade ago, a shrink in the spending capacity of people severely hit the global automotive sector as the sales of vehicles witnessed a continuous decline in the years 2008 and 2009 (as shown in the figure give above). However, this time, the declining trend in global automotive sales has not been triggered due to any decline in spending capacity of customers, but due to already high penetration of vehicles in many regions which is shrinkage the demand for new vehicles. Some countries in North America and Europe, which are known to have high disposable income of people and high standards of living, already have high perc capita ownership of passenger vehicles, which, as a result, is shrinking the sales of new cars across them. But, a look at the broader picture would show that presence of a good number of vehicles on road is, in one way, supporting the growth of the automotive sector in such markets.
Rising awareness among vehicle owners regarding the benefits of regular maintenance on their vehicle’s (or vehicles’) lifespan is increasing the number of people taking their vehicles to workshops for regular maintenance each year. Increasing penetration of internet and smartphones globally is giving impetus to companies which offer vehicle maintenance services at homes or at places which seem most convenient to customers. Rapid growth of this business worldwide is further increasing the number of people opting for getting their vehicles serviced. This is driving with it the demand for automotive parts which need replacement after a vehicle runs a specified number of kilometres. As a result, the demand for automotive refrigerants is witnessing a continuous increase, which is reflecting on the market growth. However, a continuous decline in automotive production over the past couple of years in many parts of the world has been offsetting this positive impact to some extent. According to a data from the International Organization of Motor Vehicle Manufacturers, the global automotive production took a dip over two consecutive years i.e. in the year 2018 and 2019. This was the first downturn in the global automotive production for this decade. The figure given below shows the trend:
Global Automotive Production, 2011 to 2019
Source: International Organization of Motor Vehicle Manufacturers
In conjunction to this drop, which was contributed to majorly by shrinking sales of vehicles, outbreak of the COVID-19 disease in Wuhan, China, in the beginning of this year, and its exponential spread to almost every country worldwide gave another hit to the automotive sector. As disruptions in global supply chains continue, on account of closing of borders by governments across countries, many automotive production facilities have temporarily shut down. Although we expect to see the sector recouping the slump to some extent when the situation becomes normal and restrictions by governments are lifted, it would take the sector some time to show any good growth. We expect some disruptions in the automotive sector over the next five years, which are likely to strengthen it. Even if the trends shift towards electric mobility, refrigerants will continue to remain a key part of an automotive. Although the type of refrigerant being used in vehicles might change from what it is now, the demand for automotive refrigerants will continue to remain significantly strong. This would continue to drive their adoption, thus augmenting the market growth.
About the Author:
Dhiraj Kumar Sharma is a Market Research Analyst at Knowledge Sourcing Intelligence. He combines his outright understanding of technologies with years of experience working in the industry to deliver actionable information to clients who span across industries and geographies. Dhiraj often works closely with clients in order to better understand their requirements and is known for the quality of market insights he delivers to them.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/automotive-refrigerants-market2.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:562023-02-11 11:29:42Automotive Refrigerants Market: One of the Supporting Pillars for the Automotive Sector
Baby care products are specifically formulated to be mild and non-irritating and use ingredients that are not harmful for infants and children under the age of three. Growing parental concerns over baby hygiene is expected to drive the growth of the market during the forecast period.
Growing internet penetration in various parts of the world is anticipated to drive the growth of the market during the forecast period.
Developing countries like China and India which holds substantial share in the world in terms of population and is also represented by a huge base of young people who are the driving force of the country’s economy. The growth of the online retailing business in these country has been driven by the structural change of the overall economy and the key characteristics are the availability of low-cost smartphones and the internet which has created a wider penetration and enabled the local population to use e-commerce platforms. According to the World Bank data, individuals using internet as the percent of the total population in China, India, and Indonesia has increased from 10.52%, 2.80%, and 4.76% in 2006 to 54.3%, 34.45%, and 32.29% in 2018.
Source: The World Bank, Knowledge Sourcing Intelligence Analysis
Furthermore, COVID-19 impact on the online supply-side indicates that the necessary baby products are currently witnessing massive adoption while others are suffering due to short-term discretionary spending and uncertainties. Besides, in the long-term market is expected to see a catalytic positive impact due to COVID-19 as it is expected to increase the number of internet users. However, the further growth of the online segment depends on the quality of infrastructure facilities, and the quality of logistic services as country’s logistics industry lacks in latest technologies and due to absence of large logistics coverage networks and inconsistent quality, the online retail business may face certain challenges in the coming future.
United States of America Is Holding Significant Share in the Global Market
The USA is one of the leading countries in terms of average expenditure on babies, with the expenditure projected to rise further in the coming years. Food is estimated to hold a significant share of this expenditure on account of its necessity and higher frequency of consumption, thus making the country a significant shareholder in the global online baby care products market. Furthermore, baby food consumption in the country is estimated to increase further on account of rapid product launches and innovations in the market fuelling its growth. In October 2019, Serenity Kids, a food company based in the United States providing quality baby foods launched their newest baby food blend, the Pasture-Raised Turkey, which is the first baby food made by Global Animal Partnership (GAP) certified meat. In addition to this, in July 2019, the company also closed a US$1.5 million round funding round led by Wild Ventures. Moreover, food allergy is one of the most common types of allergies affecting approximately 6 million children in the country. As a result, recent investments and launches done by the key players are providing the necessary impetus to the baby care products market growth. For instance, in August 2018, Happy Family Organics launched ten organic baby foods in glass jars to expand its presence in the United States.
Furthermore, increasing focus in various developing countries like China, India, and Brazil among others towards the promotion of child healthcare has also resulted in increased consumption of higher-quality other baby food and beverage industry products. For instance, in 2017, UNICEF saw a notable increase in the coverage of Argentina’s Universal Child Allowance. In the province of Salta alone, UNICEF assisted in the inclusion of 4,060 children in the program.
Recent Updates
May 2020, the Mama’s Bond announced the official debut of their new website, which features every information that parents need to know about some of the market’s best baby products. Since new parents often face certain challenges in finding the best baby products for their child as there used to be so many products available to choose from, it can be difficult to find the perfect products for babies. A company set out to make shopping for baby products easier by offering their insight into some of the market’s best baby products and help their parents.
April 2020, India’s leading homegrown wellness brand The Himalaya Drug Company, launched new line of Gentle Baby care product in the category of Laundry Wash which is specially formulated for baby clothes. The product is derived from natural herbs with antibacterial properties and can effectively kill up to 99% of germs.
February 2020, India’s leading natural and plant based baby care products company Mother Sparsh launched online campaign #PlantAndPure and reviled the new range of plant based baby care products.
September 2019, one of the leading researches and product development company Amyris, launched its baby care brand Pipette in collaboration with Rosie Huntington Whiteley. The seven offerings include products like shampoo, oil, and locations.
July 2019, Serenity Kids, a baby food company closed a US$1.5 million funding round led by Wild Ventures. Investment is expected to support the operations, inventory, research, and development, and will extend the national presence for the high-fat, low-sugar baby Food for the company.
February 2019, one of the biggest retails in the world Amazon launched new baby skill activity API so that all the baby apps and care devices get updated and can also be checked through voice commands by their signature product Alexa and Alexa-powered devices. It will initially include the potential to track weight, sleep, feeding and diaper changes.
April 2018, the organic personal care brand Azafran Innovacion Ltd based in India, debut in the baby care industry with the launch of products including massage oil, gentle body wash, shampoo, nourishing cream, and moisturizing soup. All the products offered by the company are organic and use only non-toxic ingredients designed to be soothing for sensitive baby skin.
February 2018, Indian based company Mama Earth launched new products for babies aiming to expand its market share through both online and offline retail channels.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/online-baby-care-products-market.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:562023-02-11 11:29:41Online Retailing Business Opportunities for Baby Care Products
The importance of pharmaceutical packaging cannot be understated, especially during the time when the disease outbreaks are becoming increasingly more frequent. Approximately 7,000 signals of potential outbreak occur every month, which leads to 30 investigations, 300 follow-ups, and 10 risk assessment (source: World Health Organization – WHO). Moreover 12,012 outbreaks, cumulatively causing 40 million cases globally have been recorded between 1930 and 2013 (source: WHO). Simultaneously, 48 new drugs were drugs approved by the Food and Drug Administration in 2019, following 59 drugs in the previous year. The number of new drugs approved has grown at a CAGR of 9.62% between 2010 and 2019.
Number of Drug Approvals by the FDA – USA
Source: FDA Center for Drug Evaluation and Research
As such, the role of pharmaceutical packaging has been amplified in recent decades in order to ensure that the quality of the medicines is maintained while also providing information for the proper dosage and storage information. Furthermore, continuous evaluation of packaging guidelines has been instrumental in driving the innovation, with the pharmaceutical packaging market size estimated to grow at a CAGR of 5.29% to reach US$110.654 billion in 2025 from US$81.898 billion in 2019
Focus on Blister Packs
Pharmaceuticals require speedy and reliable packaging solutions that ensure quality along with the combination of being tamper-proof while also ensuring that the required information is easily visible to the customer. The demand for blister packs has been particularly supplemented by the simultaneous increase in the healthcare industry. In addition, the packaging companies are innovatively strategizing in order to take advantage of the growing revenue generation opportunity while simultaneously improving their market position. In October 2018, Merck – as a part of the €1 billion investment plan aimed at transforming its Darmstadt site, invested approx. 63 million Euros that deal specifically with the packaging of the company’s pharma products. Similarly, in July 2017, Bilcare Research, one of the leading manufacturers of blister packaging and shrink film solution, entered into a partnership with Linerpac & Unipac de Mexico SA de CV according to which Bilcare’s blister and shrink sleeves film will be available in Mexico through Linterpac.
Simultaneously, the popularity of cold form-based blister packs has been increasing. Cold-formed packages utilize a high proportion of packaging material in comparison to the thermoform packaging technology which results in effective protection against the light, moisture, and gases to the product. The conventionally used films for manufacturing cold form blister packages are PVC and Bi-axially Oriented Polyamide (BOPA). The growing focus on peel through and child & adult resistance packaging for medicines to ensure that it meets the required necessary standards has been instrumental in boosting the demand for blister packaging solutions based on cold-form technology. Moreover, it also allows surface and reverse printing which tends to improve the aesthetic appeal to the consumer, thus, leading to its growing popularity as a packaging technology. As a result, players such as Constantia Flexibles, Amcor, Essentra, Uflex, and others are introducing cold-formed blister foils that provide anti-counterfeiting options which are regulatory and pharma GMP compliant. Also, increased focus towards introducing new material for blister forming such as Alu-Alu blister foils is further accelerating the cold-formed blister film market growth. Furthermore, the rising spending on research and development in Alu-Alu blister foil manufacturing is expected to boost the adoption of cold-form based blister packs. In December 2018, FlexFilms was granted the United States patent for formable films that include BOPET layers which are used in Alu Alu blister packaging.
However, the thermoformed packs are still the most prevalent form of blister packaging that is currently used globally as the thermoformed packaging technology is relatively cost-effective and has the ability to perform packaging process more quickly than the cold-form method. Moreover, manufacturers are continuously working towards introducing enhanced thermoform films. For instance, in February 2019, Honeywell has expanded in the Aclar film range, a thermoformable barrier film for pharmaceutical packaging in order to address the industry's need for faster production and delivery by extending product shelf life and providing advanced barrier protection.
Asia Pacific to Drive the Revenue Generation Opportunity
China is the most populated country in the world and with the rise in the proportion of the geriatric population in the country, there is an increasing investment in the pharmaceutical industry which is expected to propel the market growth opportunities. According to the World Bank, health spending in China would increase in real terms from 3.5 trillion Yuan in 2014 to 15.8 trillion Yuan in 2035, an increase of 8.4 percent per year. Moreover, increasing investment by market players through product launches in the country is also anticipated to drive the growth of the market during the forecast period. For instance, in March 2019, Romaco China opens an 840 sq meter processing laboratory for solid pharmaceuticals, which is fitted with latest generation laboratory equipment like Romaco Noack NBP 950 that is a blister machine for pharmaceutical applications. Similarly, in India, expanding the pharmaceutical industry and rising government initiative by making amendments in foreign direct investment (FDI) inflow in the pharmaceutical industry is anticipated to boost the pharmaceutical packaging market. For instance, the allocation to the Ministry of Health and Family Welfare by the Government of India has increased by 13.1 percent to US$ 8.98 billion in Union Budget 2019-20. Moreover, the Government of India also revealed: “Pharma Vision 2020” aimed at making India a global leader in drug manufacture. However, the COVID-19 pandemic is likely to impact the market in 2020 as the manufacturing capacity was operating at a reduced capacity. The medicines sales in May 2020 reached just 60% of the routine target in India (source: Secretary – All India Organization of Chemists and Druggists (AIOCD). Moreover, the labor shortage and supply chain disruption caused by the government’s lockdown measures in order to contain the spread of the virus led to firms reducing their output, with domestic manufacturing companies operating at 40%-50% capacity. However, it is anticipated that the production will resume to full scale in 2021, with the recovery of an industry projected to initiate in the second half of 2020.
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.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/pharmaceutical-packaging-market1.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:562023-02-11 11:29:41Amplifying Role of Packaging in the Pharmaceutical Sector
A pyrometer is a type of advanced remote-sensing thermometer which is extensively used in various industries to measure the temperature of distant objects without directly involved while testing. The latest pyrometers compare the brightness of the image produced by the temperature source and the current passing through the lamp becomes an expedient the temperature source when its calibrated. Besides, it acts as a photodetector because of the property of absorbing energy and measuring electromagnetic radiation wave intensity at any wavelength. There are two types of pyrometers optical and infrared, optical pyrometers are one of the widely adopted pyrometers which are used to detect thermal radiation of the visible spectrum. While the other type commonly known as infrared pyrometers are designed to detect the thermal radiation in the infrared region and is usually considered at a distance of nearly 2-14um.
Increasing Construction Activities
The construction activities in various parts of the world are growing primarily on account of steady job growth and increasing investment. According to the United States Census Bureau, the construction spending in the United States increased from $1,077,350 in 2008 to more than $1,330,654 in 2018. Simultaneously, the North American region is witnessing an increase in employment opportunities as well. According to Statistics Canada, the unemployment rate fell to 5.7% in December 2017, the lowest since January 1976. Similarly, the employment to population ratio in the United States improved from 57.4% in 2010 to 58.8% in 2017 as per the World Bank, indicating the rising disposable income of the individuals and their ability to spend. In fact, the residential construction spending in the United States grew at a CAGR of 6% between 2008 and 2017. Thus, the growing construction activities have led to increased utilization of ceramic materials which are used for installing tiles on walls or floors of a residential and commercial building as well. Moreover, the growth of the overall ceramic industry is expected to positively impact the pyrometer market trend over the forecast period.
Manufacturing Value Added, China, 2007 to 2017, in US$ Trillion
Source: The World Bank Group
Growing Automation in Various End-User Industries
Automation is a key trend being adopted across the globe. Industry 4.0 has instigated the adoption of automation solutions in multiple industries and has also provided an opportunity for the pyrometer market to grow. With automation, there has been a rise in the productivity and output levels in all industries, and thus the requirements for temperature monitoring solutions to cope with such a rise is also increasing. In addition to that, the industrialization is also on the rise in multiple budding economies which has impacted whole automation industry. There have been many policies and government initiatives that are increasing production in budding economies such as India and China. For example, India has shown exponential growth in the manufacturing sector due to the “Make in India” policy. This industrialization has also resulted in the adoption of pyrometers due to its above-mentioned benefits. However, due to the observed pattern slower adoption of newer technologies due to the high premium associated with the early adoption has led to a low market size of the pyrometers and thus provides growth potential for the market to grow during the next five years.
Expanding the Glass Industry
Today advance glasses are known for their heat resistance and physical durability properties which is useful in many applications that are involved with temperature changes due to which they find their application in aerospace where the exterior lamps on an aircraft use advance and innovative glass due to the clear optical properties and its ability to withstand the temperature differential experienced during high altitude flight. The established aerospace industry with the presence of major market players coupled with the growing defense budget in developed countries like the United States, Germany, and the United Kingdom is expected to drive the pyrometer market during the forecast period. For instance, United States aerospace sector is considered the largest in the world and is also the main supplier of both military and civil aerospace hardware to the rest of the world, the industry contributed nearly US$151 billion in export sales to the U.S. economy (Source: US Department of Commerce). Also, on February 10, 2020, the United States President Donald J. Trump proposed Fiscal Year (FY) 2021 budget request of more than US$700 billion for national security out of which nearly 90% is for the Department of Defence (DoD).
Therefore, the growth of the market is attributed to the increasing aircraft deliveries, lower corporate rates to encourage investments and rising defense spending. Furthermore, according to the European alliance of glass industries “Glass Alliance Europe” in 2018, global glass production was around 36.55 million tonnes showing a growth of nearly 1.05% since 2010. The stable growth in glass production coupled with the growing incorporation of factory automation solutions within glass manufacturing is further anticipated to boost the pyrometer market growth.
Besides, there is an increasing number of manufacturers that have incorporated smart factory solutions to further aid its overall productivity resulting in the development of advance and smart pyrometer. For instance, Micro-Epsilon recently expanded its offering of intelligent thermometer TIM 8 pyrometer that provides automatic hotspot detection and enables effective and reliable temperature control for various industrial applications. Also, in May 2018, Fluke Process Instruments launched its new product named “Thermalert 4.0” which is an infrared spot pyrometer for non-contact automatic measurement in a difficult, extreme, and harsh industrial environment.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to semiconductor, with a special knack for automation. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/pyrometer-market2.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:552023-02-11 11:29:41Pyrometer: An Instrument for Measuring Temperature
An intelligent flow meter is used for the measurement of flow; liquid or gas, in various commercial applications. The measurement of fluid flow is performed utilizing varied technologies, one of them includes ultrasonic technology.
The growing automation has led to the installation of smart flow meters in different building automation flow measurement and energy measurement projects. In HVAC, there is a requirement for an extensive metering program for the management and conservation of HVAC resources in a building. Intelligent or smart flow meters provide superior accuracy and complies with the standard calibration procedures. The ultrasonic meters have been utilized for the effective measurement and control of hot and cold water for the optimization of the building cooling systems. Operational costs have also been reduced, in addition to contributing to energy consumption. With advancements in technology, ultrasonic technology has found immense use in flow measurement, it is mainly attributed to improvements in ultrasonic transducers that have led to making them cheaper, small, and widely available. Also, the presence of advanced integrated analog circuits has allowed the real-time capturing and processing of ultrasonic transducer waveforms in order to get an accurate TOF (Time Of Flight) information. TOF is a round-trip time assessment of an ultrasonic wave that is emitted from a sensor to an object of interest. It is then reflected back from the targeted object to the sensor. This is the principle behind the measurement of flow rates via an ultrasonic sensor resulting in deriving consumption data for billing consumers.
Apart from being accurate and small in size, these meters do not contain any moving parts, hence, this makes an irresistible choice for the manufacturers to replace the mechanical-type flow meters, further contributing to propelling the market growth. However, for the manufacturers, it is important to understand the pipe design and transducer positioning in order to gain from the benefits offered by these intelligent/smart flow meters for the effective measurement of flow rate. Furthermore, in industrial markets, the semiconductor chips are playing a huge role in transforming mechanical equipment into an electromechanical or a fully-electronic instrument. Each market is divided into different applications and it is expected by the silicon manufacturers to spend time in product designing according to the specific industrial application.
The growing energy sector along with the increasing demand for energy and power has led to the modernization of the energy grid for making it more efficient, robust, and secure. This has further created a high demand for the increasing use of electronics and has opened up huge opportunities for innovation, functionality enhancement, and reduction of cost and size. Additionally, with the ongoing energy consumption drive, there is a call for the integration of the conventional grid with the distribution grid for the formation of the connected grid. Thus, intelligent meters that form an important part of the energy and power sector is further propagating the market demand. According to the EIA, U.S. Energy Information Administration, it is estimated that the energy consumption in the buildings sector, including residential and commercial construction, is poised to surge by 65% between 2018 and 2050. This is accounted to rise from around 91 quadrillion to achieve 139 quadrillion Btu. The factors attributed to rising energy demand include growing urbanization, growing income, and increased access to electricity.
Source: EIA Gov, Energy Consumption in Buildings Sector, in Quadrillion Btu
It has been further predicted by the organization that there is a rapid growth of electricity generation through renewables that include solar, wind, and hydroelectric power. These are projected to be the fastest-growing energy source from 2018 to 2050, exceeding the utilization of petroleum and other liquids for energy generation. The global renewable energy consumption is estimated to soar by 3.1% every year between the time period, 2018-2050, further contributing to propelling the intelligent flow meters market growth. On the other hand, the consumption of petroleum and other liquids is projected to increase by 0.6% annually, coal consumption is estimated to grow by 0.4%, and natural gas consumption is projected to increase by 1.1%.
The worldwide consumption of natural gas is estimated to increase by over 40% from 2018 to 2050, the total consumption is predicted to attain around 200 quadrillion Btu by the end of 2050. Furthermore, apart from the utilization of natural gas for electricity generation, the consumption has increased in the industrial sector as well. It is mostly utilized for chemical and primary metals manufacturing, oil and natural gas extraction is required for fulfilling most of the increasing industrial demand. The global consumption of liquid fuels is estimated to increase by over 20% from 2018 to 2050 and the total consumption is projected to attain over 240 quadrillion Btu by the end of 2050. The demand from the OECD countries are projected to remain stable, in the non-OECD countries, it is estimated to surge by 45% during the same projected period. Hence, with the rising consumption of energy sources, the market growth is projected to strengthen at present and in the upcoming years.
Amid the COVID pandemic scenario, it was noticed that the demand for electricity fell rapidly with lockdown measures in various industries. It, however, recovered at a steady pace with relaxations but is still lower in comparison to the pre-lockdown estimates. However, it has been noticed that even though electricity demand dropped due to the reductions in industrial operations, this was offset by the high demand from the residential sector.
The intelligent flow meters market growth is predicted to be impacted with the shutting-down of manufacturing sites of many industries due to workforce shortages and preventive measures taken in order to stop the further spreading of viral particles, however, with recovery, it is predicted to again gain pace following the new normal conditions.
Furthermore, intelligent flow meters are used in the food and beverage industry for flow measurement in breweries, for the measurement of starch concentration, flow measurement in soft drinks and juice processes, and measuring flow in bakeries and fermentation processes. In steel mills, intelligent flow meters are used for monitoring oil spray on the top and bottom of a continuous feed steel sheet in order to assure quality and oil coating optimization. Hence, with the growing steel industry, the market is projected to grow at a significant pace. According to the World Steel Association, the global steel demand is predicted to rise by 3.9% to attain 1,775.0 Mt, further increasing by 1.7% and reach 1,805.7 Mt from 2019 to 2020.
Source: World Steel Association, Global Steel Demand, in Mt
ABOUT THE AUTHOR:
Vibha Saklani is a Market Research Analyst at KSI, working on the estimates and global reports on multiple industries spanning from IoT to food and beverages, with a special knack for healthcare, medical devices, and related markets. With the addition of her formal education in Biotechnology and having a research background, she is able to shed more light on the detailed analysis of the story. To read more articles by her, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/intelligent-flow-meters-market.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:552023-02-11 11:29:41Intelligent Flow Meters Market: A Snapshot
Electron microscopes are those type of microscopes that uses a beam of accelerated electrons primarily as a source of illumination. Electron microscopes are considered as special devices as they offer images with extremely high resolution and also magnifies the object to nanometres. The market for electron microscopes is poised to witness a healthy growth over the course of the next five years due to the constantly growing imaging requirements across various industries such as nanotechnology, semiconductor, and life sciences among others. The increasing health spending is also expected to propel the market growth for electron microscope as the countries across the globe are increasing their investments to upgrade the healthcare infrastructure. Furthermore, increasing investments in cell research due to the rising prevalence of diseases is also expected to be a major factor that is anticipated to positively impact the demand for electron microscopes, thus playing a significant role in shaping up the market growth over the next five years.
Additionally, the growing number of research labs globally is also a key factor that is providing ample opportunities for the key market players throughout the forecast period. Moreover, the growing investments in the semiconductor industry is also a key factor driving the demand for these microscopes as these are widely used for semiconductor inspection and testing. For instance, Microelectronics from Germany – Driver of innovation for the digital economy” is an initiative taken by the government in which EUR 1 billion was to be invested in the chip industry of the country by the year 2020. However, the market may be restrained by the fact that there are strict regulatory procedures through which these devices have to pass for commercialization.
The figure below represents the size of the globalelectron microscope marketwhich is evaluated at US$2.399 billion for the year 2019 and is estimated to reach US$3.484 billion by the year 2025.
Global Electron Microscope, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Segment Overview:
The market has been segmented on the basis of product type, application, and geography.
Scanning Electron Microscopes to Witness a Healthy Growth
By the product type, the classification of the market has been done into scanning electron microscope, transmission electron microscope, and reflection electron microscope. The scanning electron microscope segment is poised to show a healthy growth throughout the course of the next five years on account of its wide uses across several applications due to its capability of offering a 3D view of the specimen. Booming applications across the chemical and life sciences sector coupled with the rapid participation of major market players in the development of new and enhanced scanning electron microscopes further support the growth of this segment until the end of the forecast period. The transmission electron microscope segment is expected to hold a substantial market share throughout the forecast period due to its wide applications and study of bacteria and viruses.
Life Sciences to Hold a Decent Share
By application, the segmentation of the market has been done into material sciences, life sciences, and nanotechnology. The booming adoption of nanotechnology across various industries is projected to bolster the growth of this segment throughout the course of the forecast period. The wide adoption of nanotechnology across the healthcare sector is observed in the coming years as it offers lucrative opportunities for work the same scale of several organic molecules, cellular mechanisms, and biological processes among others. This further provides an imputes for rapid innovations in the healthcare sector for medicines, biosensors, implantable devices, and imaging technologies among others. This can be backed up by the fact that the nanotechnology in the healthcare market has grown significantly between 2018 to 2024. For instance, the market size reached US$154.809 billion by 2024 from US$89.783 billion in the year 2018 (Source: Knowledge Sourcing Intelligence).
Nanotechnology in Healthcare Market, Forecasts From 2018 to 2024, US$Billion
Source: Knowledge Sourcing Intelligence Estimates
Also, there are wide applications of these microscopes in the life sciences industry especially in the field of clinical trials, disease diagnostics, and pathology labs among others. Thus, the growth in the number of clinical trials on account of the growing oral healthcare demand coupled with a significant increase in the number of pathology labs around the globe are the major factors bolstering the growth of this segment throughout the forecast period.
Apac to Witness Noteworthy Growth
Geographically, the market has been segmented on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is projected to grow substantially over the forecast period. The early adoption of technology coupled with the presence of a well-established healthcare and research infrastructure in countries like the United States and Canada among others are some of the key factors supplementing the electron microscope market growth in the North American region. Furthermore, the presence of a number of key market players in the region further supplements the significant share of the market in the North American region. Furthermore, the European region is expected to hold a noteworthy share in the market due to the presence of a well-established life sciences and material sciences industry in many countries across the region. Furthermore, the presence of a well-established semiconductor industry in the region is also playing a key role in shaping up the market growth in the European region during the next five years. However, the Asia Pacific region is poised to witness a notable growth throughout the forecast period. The major factors supporting the market growth in the APAC region include the presence of the fastest-growing economies such as India and China among others. The constantly growing health spending across these countries for the up-gradation of the healthcare infrastructure coupled with the growing medical tourism throughout the region are some of the major factors bolstering the demand for electron microscopes in the APAC region, thereby positively influencing the growth in the coming years. Furthermore, the booming R&D industry in major emerging countries such as India, China, and Vietnam is also expected to augment the growth during the next five years.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/electron-microscope-market1.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:552023-02-11 11:29:41Electron Microscope – Special Microscopes for High-Resolution Imaging
Smart technology has transformed the home environment in recent years with internet-connected devices allowing to manage lighting, heating, home entertainment and even security requirements at the touch of a mobile phone button. Hotels are also keen to replicate the level of comfort and convenience these connected devices offer at home.
The global smart hospitality market is driven by rising penetration of internet and rapid inclination toward Internet of Things (IoT) among people as well as enterprises. As the digitalization is expanding at a significant rate, the global hospitality segment is also adopting connected solutions and services to offer smart solutions to their clients. Growing use of cloud computing solutions is also supporting hotel chains to opt for smart hospitality solutions and services with the augmenting demand for real-time optimized guest experience management. The figure below shows the global smart hospitality market size for the year 2019 and 2025:
Global Smart Hospitality Market Size, in US$ Billion, 2020 and 2025
Source: Knowledge Sourcing Intelligence Analysis
According to the Knowledge Sourcing Intelligence analysis, the global smart hospitality market is projected to witness a CAGR of 13.14% between 2020 and 2025. Booming travel and tourism industry is the major factor behind the growing adoption of smart hospitality solutions. The figure below depicts the number of international tourist arrivals for the period 2011-2018:
Number of International Tourist Arrivals, in Billion, 2011 to 2018
Source: The World Bank Group
According to the World Bank Group data, the number of international tourist arrival globally has surged from 1.013 billion in 201 to 1.442 billion in 2018. Rising disposable incomes and cheaper and affordable airline fares are encouraging people to travel more often.
IoT has changed the hospitality industry in several ways, including innovations in hotel booking systems, hospitality operations, and improvements to the guest experience. Some of the best global hotel chains are now competing rigorously in terms of incorporating smart technologies that can help provide best-in-class customer services while boosting their revenues. There has been a constant increase in the number of contractors in the past recent years who are teaming up with different tech firms to build smarter hotels with low cost and less time while providing their guests better hospitality services.
Many luxury hotels are installing a virtual concierge service via an in-room voice assistant, just like Alexa that people use at homes. With the help of this voice concierge service, hotel guests can make dinner reservations, requesting more pillows via a phone app or in-room device, and many more. Hotels are also increasingly allowing their guests to check-in via their smartphone, thus enabling them to bypass the reception queue and head straight to their room. Furthermore, lighting, air-conditioning, and heating can be adjusted via the phone app or in-room device upon their arrival in the hotel room. Not only this, some hotels are leading the way to offer advanced smart hospitality solutions to stay ahead in this highly competitive market. The Aloft Cupertino in California, for instance, features a robot butler to deliver room service orders.
As consumers are demanding more and better hassle-free services during their stay at hotels, global hotel chains are increasingly investing heavily in smart hospitality solutions to fulfill customers’ satisfaction and further attracts people to stay in their hotels. Moreover, smart hospitality solutions also help hotels to save operational costs and generate more revenue while enhancing their hospitality services to customers.
Smart Hotels Saving the Environment
Growing concerns regarding environmental sustainability among consumers is becoming extremely acute which is making smart hospitality solutions even more attractive. Moreover, rising focus on corporate social responsibility (CSR) among hotel companies is also ramping up the adoption of smart hospitality solutions. Smart hotel rooms can help in reducing the energy consumption via the use of sensors that can detect if the room is vacant or occupied, and adjust lighting and heating levels accordingly. Hyper-connected hotel rooms are offering smart services such as air conditioning and lighting to turn themselves on when they 'know' a guest has entered the hotel building. This allows energy saving while creating a welcoming environment ready for the guest's arrival in the room. For instance, The Aria in Las Vegas offers customized climate controls and curtain settings which start working once the guest enters the room. At the Torch Doha in Qatar, hotel bedrooms have 12 different light setting choices.
COVID-19 Disruption
The worldwide outbreak of COVID-19 has brought the global economy to a standstill. But the global travel and tourism industry has been the worst affected of all the major economic sectors. According to the latest data from the World Tourism Organization (UNWTO), the COVID-19 pandemic has caused a 22 per cent decline in international tourist arrivals during the first quarter of 2020. And this crisis is projected to lead an annual decline of between 60 per cent and 80 per cent when compared with 2019 figures.
This pandemic situation continues to evolve and the outlook still remains uncertain even after the five months of continuous efforts to curb the spread of this virus by way of nationwide lockdowns and mandatory social distancing measures. Travel restrictions and containment measures are expected to be in place for an extended period of time, and are likely to be lifted gradually. Also, demand-side recovery will also take a significant amount of time due to lack of consumer confidence and travel behaviour. Since the tourism sector contributes significantly to total GDP for many economies, the impact of this pandemic on this industry will hit many economies really hard for a long duration.
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.
Print Labels are an integral part of the global economy and are inseparable from the packing industry. The diverse food and beverage consumption trends along with the growing market for bottled drinking water, which presently continues to grow in developed economies, strong growth in pharmaceutical products as well as the rising e-pharma market, a meteoric rise in consumer electronics, the steady growth of personal care products, growing trends of purchasing over eCommerce, the need for product differentiation, succinct yet informative dissemination of product information as well as complementing the packaging aesthetics to preserve brand identity are few of the prime factors that are anticipated to drive the print labels industry.
Pharmaceutical Products, Imports (World)
Source: International Trade Centre
In Thousands of Dollars
The pharma industry has been sustaining itself by investing heavily in R&D endeavors and strong substantiated marketing campaigns. Nevertheless, currently, it is faced with the opportunities to bring about solutions to respond to the increasing instances of chronic diseases. Further, the performance related to the pharmacoeconomic aspects of different medicines is becoming increasingly convenient for various players in the healthcare space due to the superabundance of data derived from electronic medical records leading to a plausible insistence of pricing that is based on the respective outcomes. Further opportunities have presented itself with obscured boundaries between various types of healthcare along with an evident expansion of the self-medication sector. With the advent of pre-emptive measures governments too are steering their focus on prevention than treatment. The emerging economies are contributing even more to the growth of pharmaceutical products. Further with stratospheric growth in processing power, tangible progression in genomics and genetics, and improved and efficacious means of data management, have been successfully reinforcing the scientific foundations on which the entire pharmaceutical industry is built upon.
With a deluge of data and the cutting-edge analytics have has proved enormously beneficial for pharmaceutical companies resulting in path-breaking gene therapies, out of which some have already received FDA approval and some in the pipeline that is facilitating the growth of the pharmaceutical industry. Further with recent situation pandemic where the global pharmaceutical space has engaged in cross-country cooperation as well as the elimination of obstructive aspects hindering the free trade earlier are also expected to result in the growth of pharmaceutical-related trade driving the growth of the market. Now, like everything else pharmaceutical too necessitates a robust packaging that requires correct labeling with faster turnaround time. In view of the above the pharmaceutical industry, among others, is poised to hold a significant market share of the print label industry. Additionally, the current situation which the global economy has succumbed to due to the pandemic has required many players to adapt and come up with solutions to sustain their respective businesses. For instance, a member of a global contract pharmaceutical development and manufacturing organization, the Almac Group, Almac Clinical Services in June 2020, had reportedly launched an improved Label Approval Solution. The system is compliant and validated to manage clinical labels more effectively form protocol to print.
The Film Substrate to Hold a Healthy Share in the Print Label Pertaining to Pharmaceuticals
Besides when it comes to print labels meant for pharmaceutical applications regularity requirement and functionality govern the niche sectors than aesthetic necessities. The labels pertaining to the medical application are required to include essential info of the products legibly and also allow room for data like the batch number and expiration date that are variable along with additional functionalities that can support a range of healthcare personnel in drug administration. From the perspective of substrates, the paper has been the most common substrate. Nevertheless, a steady rise in adoption of film substrates is being witnessed with regards to the medical application as more products are being commercially available packaged in signages and vials, due the ability of films to provide more clarity along with better performance. To this end, it was announced in May 2020 that Argentinian packaging holding Envases Group has reportedly acquired a multi-substrate press called the Nilpeter FA-22 to grow its leading status in the South American region. The FA-line reportedly provides tight register tolerance and offers printing on multiple substrates like flexible packaging films, metallic film, polymer films, among others. Earlier in June 2018, it was reported that Toppan USA will start manufacturing and sales of GL-EY barrier film which was already available in Asia intended for packaging heavy items and medical and pharmaceutical goods.
Smart Labeling With Rfid Is Expected to Govern the Print Label Market
The concept of smart technology and its integration is being witnessed ubiquitously and the packaging industry is no different. In the healthcare industry smart labeling enable the hospital staff to partake in activities that are more patient-centric which otherwise would have been invested in manual inventorying of medical supplies. Further empowering the staff with the capability to track medical supplies with ease and prevent theft and abuse especially in case of controlled drugs. The specimen tracking facilitated by integrated RFID is known to reduce errors and can increase productivity. Further with regards to a controlled drug, the technology is reportedly capable of preventing theft and abuse. Further through better management of inventory which includes better visibility of expiry date carrying cost of high-value medication is reduced. To this, it was announced in March 2020 that a Germany-based global provider of innovative functional label solutions for the pharmaceutical industry, Schreiner MediPharm has reportedly collaborated with Kit Check a US-based provider of RFID tracking solutions to facilitate the introduction of RFID-Labels that enables hospital pharmacies to effortlessly track and manage inventory.
Further in March 2020, it was announced that a global materials science company which specializes in designing and manufacturing of a variety of labeling and functional material Avery Dennison Corporation (NYSE: AVY) whose reported sales in 2019 was $7.1 billion had completed the acquisition of Transponder business of Smartrac a leading innovator of RFID inlays and known for making effective, high-value and high-quality RFID products, commercially available or the purchase price of €225 million that is subjected to customary adjustment.
The increasing rate of construction projects, manufacturing activities, stringent adherence to government regulations leading investments in safety measures to prevent any unforeseen accidents rapid growth rate of the conurbation and increasing inclination towards smart industries are some of the factors which are central to an anticipated meteoric rise of the safety switches market.
Delving further into the aspects pertaining to industries, one of the major drivers that are estimated to bolster the growth of the safety switches market is the growing adoption of automation in operation which is otherwise hazardous for humans. Additionally, to ensure a seamless accident-free operation that will ensure the safety of human lives and uninterrupted revenue stream various industries are embracing automation to transition into smart industries. Safety switches are also integral to residential electric wiring to prevent any accidents.
Industry (Including Construction), Value Added (% of GDP)
Source: WORLD BANK
Industries are the lifeline of the global economy and oil and gas and chemicals occupy an important core of the lifeline sustaining the world. Since the price crash of 2014, the consumption fuels globally have grown rapidly further with US shale gas growth the energy mix has expanded as well. There is also a steady demand for refined products thus influencing global oil production. Moreover, despite the supply disruption witnessed during mid-September 2019 which was reportedly the single largest disruption of supply since the gulf war, the prices rapidly reverted to then normal trading range. Even economic sanction against Venezuela, as well as the continuous degradation of operating conditions of and investments in the country’s oil sector, are being offset by producers located in the occident mainly Brazil, the USA with their onshore shale plays and deep-water plays which comprise of health proportion of crude oil, condensates, and NGLs. Further, the Canadian oil sands also can deliver a greater number of quantities from its current operations. Above all the agreement between non-OPEC and OPEC countries on production restraint is still in place that ensures spare production capacity to cater to tight market conditions should the need arises.
Moreover, closely tied with construction and automotive industries, activities pertaining to chemicals globally are still sustained albeit lower consumer spending on new automobiles due to the spending being redirected towards rideshare services, and used cars and electric vehicles (EVs). This makes the chemical industries strategic imperative to invest in opportunities by tapping into niche markets facilitating new growth avenues and endeavor to derive relatively more from their existing assets. This necessitates investing more in innovation to bring about new products, technologically integrated manufacturing, and processing methods. On the other hand, digital technologies have played an important role in the growth of the industries not only operating the aforesaid bit also other sectors as well.
Artificial intelligence-based solutions offered by technology firms are helping many organizations create a safe working environment which facilitates the tracking of worker behavior and prevent accidents in real-time. Further, as a result of the current pandemic, the anticipated delays in construction can lead to possible injudicious use of both human and material resources. In this scenario, the capability that a digital supply network (DSN) can help organizations adapt to their new project timelines without incurring a loss. Thus, along with the continued operation, anticipated growth prospective opportunities, as well as strict compliance with government regulation to ensure occupational safety, the safety switch market growth the safety switches market is expected to witness a meteoric growth in the next few years. To this end, it should be noted that the UK based Kraus Naimer had reportedly launched ATEX approved safety switches with IP66 protection for hazardous areas, in September 2019.
Rural population (% of total population)
Source: World Bank
Another Factor That Is Poised to Drive the Safety Switches Market Is Rapid Urbanization
The constant growth in population, as well as the steady flow of influx in urban areas, is leading to an expansion of cities leading to infrastructural development, more scope of industrial expansion because of availability of labor as well as increasing share of demands from a new pool of migrants who aspires to embrace the city lifestyle which also in part due to the availability of relatively more disposable income. In this regard, 55% the global population lived in the city in 2018 and the rural areas were home to 45% of the population that is anticipated to reduce by 40% in 2030. Additionally, the percentage of world population that is projected to live in urban areas according to UN was 68%. North America is a more urbanized region of the word with 82% of its population living in urban areas. China, Nigeria, and India are together expected to account for 35% of the growth of the world’s urban population between 2018 and 2050, with India being projected to add 416 million urban residents, China 255 million urban residents, and Nigeria 189 million urban residents. Also, it is estimated that by 2030 the world will have 43 megacities.
Thus, from the aforementioned, it is evident that with a higher number of construction projects in the coming years the semiconductor industry will experience unprecedented demand for safety switches. Few of the planned construction projects in 2020 are inclusive of but not limited to the January announcement of Piramal Group’s, the real estate arm Piramal Realty reported plan to invest Rs 1,500 crore to facilitate the development of a residential project in Thane, which is intended for consumers who are on a specific budget by offering smaller configurations. Further, in July 2020, it was announced that a property developer Naim Holdings Bhd will invest around RM30mil Miri, the second-largest city in Sarawak, Malaysia with a rationale to accelerate the development of affordable and intelligent houses in major towns. Again, in July 2002, Keppel Corp had announced that around RMB 1.5 billion ($213.7 million) will be invested by its Alpha Data Centre Fund toward the development of a greenfield data center in Guangdong province of China which will be marking its first foray into mainland china’s growing data center industry.
The current capabilities of systems pertaining to video surveillance are inclusive of capabilities that go beyond surveillance and increasing involves gathering and analysis of data, which has profound consequences affecting the efficacy of video surveillance and the way it is being deployed, maintained as well as the kind of technology integration and the pace at which the video surveillance systems undergoing. Further, the scope of cross-functional video applications, enhanced technology, improved cybersecurity, integrations, and video surveillance as a service, among others will in part facilitate the growth of the market.
Further, the drivers for demand are not only restricted to loss prevention measures that are increasingly being sought after by both public and private entities but also has emerged as one of the salient considerations of improving productivity. Additionally, the conceptual framework of the Internet of things (IoT) that seeks to embed intelligence and connectivity with a myriad of devices would necessitate the use of video surveillance data. Further, the proliferation of off-site cloud-based infrastructural facilities for storing video surveillance-related data is, as well as required the integration of video surveillance among others, expected to augment the growth of the market.
Final Consumption Expenditure of Households by Consumption Purpose, Restaurant and Hotels
Source: EUROSTAT
In Millions of Euro at Current Price (Eu-28 Countries)
Investment in construction is one of the core drivers that is anticipated to propel the growth of the market to stratospheric height, albeit experiencing a hiatus due to lockdown measures necessitated by COVID 19
With respect to the European Union (EU), the tourism sector reportedly contributed approx. 10% to EU GDP concomitantly making EU the world’s leading tourism destination, with 563 million international arrivals and 30% of global receipts in 2018. Furthermore, digital innovation, a strong economy, and rising global consumer purchasing power, and have collectively contributed to record growth in the travel and hospitality industry. Additionally, as an EU export category Tourism is the fourth largest and results in spill-over benefits to the European economy as a whole, where the generation of 1 EUR of value added by tourism results in an additional 56 cent of value-added in indirect effect on other industries. Moreover, 64% of EU residents reportedly made at least one personal tourism trip in 2018. In the same year, it was recorded that EU Residents made 1.1 billion trips with overnight stays, wherein 7 out of 10 trips are being spent in their own country of residence.
Moreover, Europeans stayed on average 1 week when visiting other EU countries in 2018. Despite the industry coming to a halt during the pandemic, certain major hotel chains have reported plans to expand their physical presence in the immediate future. For example, French hospitality group Accor had reportedly announced the opening of 50 hotels under various brands in Romania, with 7 new properties in 2020 itself. Currently, the group operated 6 hotels in Romania under the ibis, Mercure, Novotel, and Pullman brands. It is important to note that activities pertaining to tourism are salient contributors to the social fabric of many nations, along with the economic ones, which makes it the strategic imperative to keep a generous provision in security and loss prevention measures of the various hospitality groups which are operating in this space. Therefore, creating a demand for more video surveillance systems installations that will in turn augment the anticipated growth of the video surveillance market in the coming few years.
Expenditureon Public Order & Safety, P.R.China, Mainland
Source: IMF
% of Total Expenditure
Emerging economies like that of Peoples Republic of China are expected to strengthen the video surveillance market growth
Words like deep learning and AI are no longer buzzwords in emerging economies like China. The government's expenditure on public safety saw the most sales of deep learning cameras with the police departments as their customers. With an increasing number of semiconductor players in the market are influencing pricing pressure at chip-level, which themselves major components of the price structure of these kinds of cameras. On the other had a Vietnam based leading technology corporation had launched its new brand called AI View Surveillance Camera that marks the company’s entry into surveillance camera manufacturing. It’s the first company to successfully integrate AI into surveillance cameras. Further, to prevent COVID 19 a world-class AI company with core competencies in deep learning the Beijing based Megvii Technology Limited had reportedly announced that in April 2020, the companies AI-enabled temperature screening solution, which can detect the forehead of incoming customers and check their temperature within a distance of 0.3 meters to one meter within half a second, with an accuracy level of ±0.3?, have been deployed in 191 supermarkets across Beijing, inclusive of Chaoshifa and Wumart.
The current pandemic of COVID 19 is further expected to contribute to the growth of the video surveillance market
The ICT industry and emergencies are complementary to each other which was exemplified by the installation of the first CCTV system by Siemens AG in 1942 in Peenemunde, Germany during the second world war to observe the launch of V2 rockets. From that point on CCTVs have undergone a variety of changes and remains the most trusted means of surveillance even though suffering a brief setback in sectors pertaining to aviation, retail, travel, and tourism due to lockdown measures in the first quarter of 2020. Nevertheless, as the nation across the globe is resuming their economic activities that will lead to a growth in critical infrastructure segments, data centers, healthcare, IT/ITes, and manufacturing, will necessitate the need for on-premise video surveillance systems for the constant monitoring of body temperatures. To this end, there have been quite a few developments that, – a recent one is that of a reported launch in June 2020 of a product called COVIDSHIELD that has been launch by an Indian online video analytics firm called Vidooly Media Tech Pvt. offering five AI-enabled hybrid surveillance solutions enabling organizations to detect and track any Covid-19 violations as a preventive measure. The solution comprises CCTV cameras, Face ID, a movement detector, RFID technology, thermal scanners, among others, whereby, complete contact-free surveillance through actionable information is extended.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/video-surveillance-market3.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2023-01-07 12:49:552023-02-11 11:29:41Video Surveillance Market Trend – Transitioning From Preventive to Predidictev Security
Automotive Refrigerants Market: One of the Supporting Pillars for the Automotive Sector
BlogAutomotive designs have changed a lot since their origin and a major share of the credits goes to industry players who have been pumping huge investments into research and development in order to create designs which offer a higher degree of comfort and safety as compared to previous designs, while improving profit margins for automakers. This ongoing process of evolution, which continues to transform every part of an automotive design, is transforming the way vehicle cabins cool. Regardless of their type, all refrigerants perform a basic function of cooling the vehicle cabin in order to offer comfort to the person behind the wheels and also to other occupants. Yet, chemical composition of different refrigerants, which affects the degree of harm they cause to the environment while performing their function, makes some of them highly recommended for use today while it has been known to drive some of the refrigerants out of the market since they failed to comply with the stringent environmental laws. R-134a, for instance, can still be found in many vehicles which have lived some part of their useful lifespan, but many of the new passenger cars and light commercial vehicles, which are coming with an air-conditioning unit into the market, use R-1234yf in place of R-134a refrigerant. Ongoing research and development in this sector by market players is expected to continue bringing some more advanced refrigerants into the market, but R-1234yf is expected to remain a primary refrigerant choice for many customers over the short term and probably over the medium term.
The growth of automotive refrigerants market is tightly anchored to the automotive industry growth across regions. Although many parts of the world are witnessing a continuous decline in the sales of vehicles, the automotive refrigerants market has still managed to hold its ground to some extent. A data from the International Organization of Motor Vehicle Manufacturers shows that years 2018 and 2019 saw a continuous decline in global automotive sales and this was for the first time the sector saw such a downturn after the global recession of 2007-09. The trend is clear from the figure given below:
Global Automotive Sales, 2006 to 2019
Source: International Organization of Motor Vehicle Manufacturers
When the global recession kicked in about a decade ago, a shrink in the spending capacity of people severely hit the global automotive sector as the sales of vehicles witnessed a continuous decline in the years 2008 and 2009 (as shown in the figure give above). However, this time, the declining trend in global automotive sales has not been triggered due to any decline in spending capacity of customers, but due to already high penetration of vehicles in many regions which is shrinkage the demand for new vehicles. Some countries in North America and Europe, which are known to have high disposable income of people and high standards of living, already have high perc capita ownership of passenger vehicles, which, as a result, is shrinking the sales of new cars across them. But, a look at the broader picture would show that presence of a good number of vehicles on road is, in one way, supporting the growth of the automotive sector in such markets.
Rising awareness among vehicle owners regarding the benefits of regular maintenance on their vehicle’s (or vehicles’) lifespan is increasing the number of people taking their vehicles to workshops for regular maintenance each year. Increasing penetration of internet and smartphones globally is giving impetus to companies which offer vehicle maintenance services at homes or at places which seem most convenient to customers. Rapid growth of this business worldwide is further increasing the number of people opting for getting their vehicles serviced. This is driving with it the demand for automotive parts which need replacement after a vehicle runs a specified number of kilometres. As a result, the demand for automotive refrigerants is witnessing a continuous increase, which is reflecting on the market growth. However, a continuous decline in automotive production over the past couple of years in many parts of the world has been offsetting this positive impact to some extent. According to a data from the International Organization of Motor Vehicle Manufacturers, the global automotive production took a dip over two consecutive years i.e. in the year 2018 and 2019. This was the first downturn in the global automotive production for this decade. The figure given below shows the trend:
Global Automotive Production, 2011 to 2019
Source: International Organization of Motor Vehicle Manufacturers
In conjunction to this drop, which was contributed to majorly by shrinking sales of vehicles, outbreak of the COVID-19 disease in Wuhan, China, in the beginning of this year, and its exponential spread to almost every country worldwide gave another hit to the automotive sector. As disruptions in global supply chains continue, on account of closing of borders by governments across countries, many automotive production facilities have temporarily shut down. Although we expect to see the sector recouping the slump to some extent when the situation becomes normal and restrictions by governments are lifted, it would take the sector some time to show any good growth. We expect some disruptions in the automotive sector over the next five years, which are likely to strengthen it. Even if the trends shift towards electric mobility, refrigerants will continue to remain a key part of an automotive. Although the type of refrigerant being used in vehicles might change from what it is now, the demand for automotive refrigerants will continue to remain significantly strong. This would continue to drive their adoption, thus augmenting the market growth.
About the Author:
Dhiraj Kumar Sharma is a Market Research Analyst at Knowledge Sourcing Intelligence. He combines his outright understanding of technologies with years of experience working in the industry to deliver actionable information to clients who span across industries and geographies. Dhiraj often works closely with clients in order to better understand their requirements and is known for the quality of market insights he delivers to them.
Online Retailing Business Opportunities for Baby Care Products
BlogBaby care products are specifically formulated to be mild and non-irritating and use ingredients that are not harmful for infants and children under the age of three. Growing parental concerns over baby hygiene is expected to drive the growth of the market during the forecast period.
Growing internet penetration in various parts of the world is anticipated to drive the growth of the market during the forecast period.
Developing countries like China and India which holds substantial share in the world in terms of population and is also represented by a huge base of young people who are the driving force of the country’s economy. The growth of the online retailing business in these country has been driven by the structural change of the overall economy and the key characteristics are the availability of low-cost smartphones and the internet which has created a wider penetration and enabled the local population to use e-commerce platforms. According to the World Bank data, individuals using internet as the percent of the total population in China, India, and Indonesia has increased from 10.52%, 2.80%, and 4.76% in 2006 to 54.3%, 34.45%, and 32.29% in 2018.
Source: The World Bank, Knowledge Sourcing Intelligence Analysis
Furthermore, COVID-19 impact on the online supply-side indicates that the necessary baby products are currently witnessing massive adoption while others are suffering due to short-term discretionary spending and uncertainties. Besides, in the long-term market is expected to see a catalytic positive impact due to COVID-19 as it is expected to increase the number of internet users. However, the further growth of the online segment depends on the quality of infrastructure facilities, and the quality of logistic services as country’s logistics industry lacks in latest technologies and due to absence of large logistics coverage networks and inconsistent quality, the online retail business may face certain challenges in the coming future.
United States of America Is Holding Significant Share in the Global Market
The USA is one of the leading countries in terms of average expenditure on babies, with the expenditure projected to rise further in the coming years. Food is estimated to hold a significant share of this expenditure on account of its necessity and higher frequency of consumption, thus making the country a significant shareholder in the global online baby care products market. Furthermore, baby food consumption in the country is estimated to increase further on account of rapid product launches and innovations in the market fuelling its growth. In October 2019, Serenity Kids, a food company based in the United States providing quality baby foods launched their newest baby food blend, the Pasture-Raised Turkey, which is the first baby food made by Global Animal Partnership (GAP) certified meat. In addition to this, in July 2019, the company also closed a US$1.5 million round funding round led by Wild Ventures. Moreover, food allergy is one of the most common types of allergies affecting approximately 6 million children in the country. As a result, recent investments and launches done by the key players are providing the necessary impetus to the baby care products market growth. For instance, in August 2018, Happy Family Organics launched ten organic baby foods in glass jars to expand its presence in the United States.
Furthermore, increasing focus in various developing countries like China, India, and Brazil among others towards the promotion of child healthcare has also resulted in increased consumption of higher-quality other baby food and beverage industry products. For instance, in 2017, UNICEF saw a notable increase in the coverage of Argentina’s Universal Child Allowance. In the province of Salta alone, UNICEF assisted in the inclusion of 4,060 children in the program.
Recent Updates
May 2020, the Mama’s Bond announced the official debut of their new website, which features every information that parents need to know about some of the market’s best baby products. Since new parents often face certain challenges in finding the best baby products for their child as there used to be so many products available to choose from, it can be difficult to find the perfect products for babies. A company set out to make shopping for baby products easier by offering their insight into some of the market’s best baby products and help their parents.
April 2020, India’s leading homegrown wellness brand The Himalaya Drug Company, launched new line of Gentle Baby care product in the category of Laundry Wash which is specially formulated for baby clothes. The product is derived from natural herbs with antibacterial properties and can effectively kill up to 99% of germs.
February 2020, India’s leading natural and plant based baby care products company Mother Sparsh launched online campaign #PlantAndPure and reviled the new range of plant based baby care products.
September 2019, one of the leading researches and product development company Amyris, launched its baby care brand Pipette in collaboration with Rosie Huntington Whiteley. The seven offerings include products like shampoo, oil, and locations.
July 2019, Serenity Kids, a baby food company closed a US$1.5 million funding round led by Wild Ventures. Investment is expected to support the operations, inventory, research, and development, and will extend the national presence for the high-fat, low-sugar baby Food for the company.
February 2019, one of the biggest retails in the world Amazon launched new baby skill activity API so that all the baby apps and care devices get updated and can also be checked through voice commands by their signature product Alexa and Alexa-powered devices. It will initially include the potential to track weight, sleep, feeding and diaper changes.
April 2018, the organic personal care brand Azafran Innovacion Ltd based in India, debut in the baby care industry with the launch of products including massage oil, gentle body wash, shampoo, nourishing cream, and moisturizing soup. All the products offered by the company are organic and use only non-toxic ingredients designed to be soothing for sensitive baby skin.
February 2018, Indian based company Mama Earth launched new products for babies aiming to expand its market share through both online and offline retail channels.
Amplifying Role of Packaging in the Pharmaceutical Sector
BlogThe importance of pharmaceutical packaging cannot be understated, especially during the time when the disease outbreaks are becoming increasingly more frequent. Approximately 7,000 signals of potential outbreak occur every month, which leads to 30 investigations, 300 follow-ups, and 10 risk assessment (source: World Health Organization – WHO). Moreover 12,012 outbreaks, cumulatively causing 40 million cases globally have been recorded between 1930 and 2013 (source: WHO). Simultaneously, 48 new drugs were drugs approved by the Food and Drug Administration in 2019, following 59 drugs in the previous year. The number of new drugs approved has grown at a CAGR of 9.62% between 2010 and 2019.
Number of Drug Approvals by the FDA – USA
Source: FDA Center for Drug Evaluation and Research
As such, the role of pharmaceutical packaging has been amplified in recent decades in order to ensure that the quality of the medicines is maintained while also providing information for the proper dosage and storage information. Furthermore, continuous evaluation of packaging guidelines has been instrumental in driving the innovation, with the pharmaceutical packaging market size estimated to grow at a CAGR of 5.29% to reach US$110.654 billion in 2025 from US$81.898 billion in 2019
Focus on Blister Packs
Pharmaceuticals require speedy and reliable packaging solutions that ensure quality along with the combination of being tamper-proof while also ensuring that the required information is easily visible to the customer. The demand for blister packs has been particularly supplemented by the simultaneous increase in the healthcare industry. In addition, the packaging companies are innovatively strategizing in order to take advantage of the growing revenue generation opportunity while simultaneously improving their market position. In October 2018, Merck – as a part of the €1 billion investment plan aimed at transforming its Darmstadt site, invested approx. 63 million Euros that deal specifically with the packaging of the company’s pharma products. Similarly, in July 2017, Bilcare Research, one of the leading manufacturers of blister packaging and shrink film solution, entered into a partnership with Linerpac & Unipac de Mexico SA de CV according to which Bilcare’s blister and shrink sleeves film will be available in Mexico through Linterpac.
Simultaneously, the popularity of cold form-based blister packs has been increasing. Cold-formed packages utilize a high proportion of packaging material in comparison to the thermoform packaging technology which results in effective protection against the light, moisture, and gases to the product. The conventionally used films for manufacturing cold form blister packages are PVC and Bi-axially Oriented Polyamide (BOPA). The growing focus on peel through and child & adult resistance packaging for medicines to ensure that it meets the required necessary standards has been instrumental in boosting the demand for blister packaging solutions based on cold-form technology. Moreover, it also allows surface and reverse printing which tends to improve the aesthetic appeal to the consumer, thus, leading to its growing popularity as a packaging technology. As a result, players such as Constantia Flexibles, Amcor, Essentra, Uflex, and others are introducing cold-formed blister foils that provide anti-counterfeiting options which are regulatory and pharma GMP compliant. Also, increased focus towards introducing new material for blister forming such as Alu-Alu blister foils is further accelerating the cold-formed blister film market growth. Furthermore, the rising spending on research and development in Alu-Alu blister foil manufacturing is expected to boost the adoption of cold-form based blister packs. In December 2018, FlexFilms was granted the United States patent for formable films that include BOPET layers which are used in Alu Alu blister packaging.
However, the thermoformed packs are still the most prevalent form of blister packaging that is currently used globally as the thermoformed packaging technology is relatively cost-effective and has the ability to perform packaging process more quickly than the cold-form method. Moreover, manufacturers are continuously working towards introducing enhanced thermoform films. For instance, in February 2019, Honeywell has expanded in the Aclar film range, a thermoformable barrier film for pharmaceutical packaging in order to address the industry's need for faster production and delivery by extending product shelf life and providing advanced barrier protection.
Asia Pacific to Drive the Revenue Generation Opportunity
China is the most populated country in the world and with the rise in the proportion of the geriatric population in the country, there is an increasing investment in the pharmaceutical industry which is expected to propel the market growth opportunities. According to the World Bank, health spending in China would increase in real terms from 3.5 trillion Yuan in 2014 to 15.8 trillion Yuan in 2035, an increase of 8.4 percent per year. Moreover, increasing investment by market players through product launches in the country is also anticipated to drive the growth of the market during the forecast period. For instance, in March 2019, Romaco China opens an 840 sq meter processing laboratory for solid pharmaceuticals, which is fitted with latest generation laboratory equipment like Romaco Noack NBP 950 that is a blister machine for pharmaceutical applications. Similarly, in India, expanding the pharmaceutical industry and rising government initiative by making amendments in foreign direct investment (FDI) inflow in the pharmaceutical industry is anticipated to boost the pharmaceutical packaging market. For instance, the allocation to the Ministry of Health and Family Welfare by the Government of India has increased by 13.1 percent to US$ 8.98 billion in Union Budget 2019-20. Moreover, the Government of India also revealed: “Pharma Vision 2020” aimed at making India a global leader in drug manufacture. However, the COVID-19 pandemic is likely to impact the market in 2020 as the manufacturing capacity was operating at a reduced capacity. The medicines sales in May 2020 reached just 60% of the routine target in India (source: Secretary – All India Organization of Chemists and Druggists (AIOCD). Moreover, the labor shortage and supply chain disruption caused by the government’s lockdown measures in order to contain the spread of the virus led to firms reducing their output, with domestic manufacturing companies operating at 40%-50% capacity. However, it is anticipated that the production will resume to full scale in 2021, with the recovery of an industry projected to initiate in the second half of 2020.
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.
Pyrometer: An Instrument for Measuring Temperature
Thought ArticlesA pyrometer is a type of advanced remote-sensing thermometer which is extensively used in various industries to measure the temperature of distant objects without directly involved while testing. The latest pyrometers compare the brightness of the image produced by the temperature source and the current passing through the lamp becomes an expedient the temperature source when its calibrated. Besides, it acts as a photodetector because of the property of absorbing energy and measuring electromagnetic radiation wave intensity at any wavelength. There are two types of pyrometers optical and infrared, optical pyrometers are one of the widely adopted pyrometers which are used to detect thermal radiation of the visible spectrum. While the other type commonly known as infrared pyrometers are designed to detect the thermal radiation in the infrared region and is usually considered at a distance of nearly 2-14um.
Increasing Construction Activities
The construction activities in various parts of the world are growing primarily on account of steady job growth and increasing investment. According to the United States Census Bureau, the construction spending in the United States increased from $1,077,350 in 2008 to more than $1,330,654 in 2018. Simultaneously, the North American region is witnessing an increase in employment opportunities as well. According to Statistics Canada, the unemployment rate fell to 5.7% in December 2017, the lowest since January 1976. Similarly, the employment to population ratio in the United States improved from 57.4% in 2010 to 58.8% in 2017 as per the World Bank, indicating the rising disposable income of the individuals and their ability to spend. In fact, the residential construction spending in the United States grew at a CAGR of 6% between 2008 and 2017. Thus, the growing construction activities have led to increased utilization of ceramic materials which are used for installing tiles on walls or floors of a residential and commercial building as well. Moreover, the growth of the overall ceramic industry is expected to positively impact the pyrometer market trend over the forecast period.
Manufacturing Value Added, China, 2007 to 2017, in US$ Trillion
Source: The World Bank Group
Growing Automation in Various End-User Industries
Automation is a key trend being adopted across the globe. Industry 4.0 has instigated the adoption of automation solutions in multiple industries and has also provided an opportunity for the pyrometer market to grow. With automation, there has been a rise in the productivity and output levels in all industries, and thus the requirements for temperature monitoring solutions to cope with such a rise is also increasing. In addition to that, the industrialization is also on the rise in multiple budding economies which has impacted whole automation industry. There have been many policies and government initiatives that are increasing production in budding economies such as India and China. For example, India has shown exponential growth in the manufacturing sector due to the “Make in India” policy. This industrialization has also resulted in the adoption of pyrometers due to its above-mentioned benefits. However, due to the observed pattern slower adoption of newer technologies due to the high premium associated with the early adoption has led to a low market size of the pyrometers and thus provides growth potential for the market to grow during the next five years.
Expanding the Glass Industry
Today advance glasses are known for their heat resistance and physical durability properties which is useful in many applications that are involved with temperature changes due to which they find their application in aerospace where the exterior lamps on an aircraft use advance and innovative glass due to the clear optical properties and its ability to withstand the temperature differential experienced during high altitude flight. The established aerospace industry with the presence of major market players coupled with the growing defense budget in developed countries like the United States, Germany, and the United Kingdom is expected to drive the pyrometer market during the forecast period. For instance, United States aerospace sector is considered the largest in the world and is also the main supplier of both military and civil aerospace hardware to the rest of the world, the industry contributed nearly US$151 billion in export sales to the U.S. economy (Source: US Department of Commerce). Also, on February 10, 2020, the United States President Donald J. Trump proposed Fiscal Year (FY) 2021 budget request of more than US$700 billion for national security out of which nearly 90% is for the Department of Defence (DoD).
Therefore, the growth of the market is attributed to the increasing aircraft deliveries, lower corporate rates to encourage investments and rising defense spending. Furthermore, according to the European alliance of glass industries “Glass Alliance Europe” in 2018, global glass production was around 36.55 million tonnes showing a growth of nearly 1.05% since 2010. The stable growth in glass production coupled with the growing incorporation of factory automation solutions within glass manufacturing is further anticipated to boost the pyrometer market growth.
Besides, there is an increasing number of manufacturers that have incorporated smart factory solutions to further aid its overall productivity resulting in the development of advance and smart pyrometer. For instance, Micro-Epsilon recently expanded its offering of intelligent thermometer TIM 8 pyrometer that provides automatic hotspot detection and enables effective and reliable temperature control for various industrial applications. Also, in May 2018, Fluke Process Instruments launched its new product named “Thermalert 4.0” which is an infrared spot pyrometer for non-contact automatic measurement in a difficult, extreme, and harsh industrial environment.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to semiconductor, with a special knack for automation. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.
Intelligent Flow Meters Market: A Snapshot
Thought ArticlesAn intelligent flow meter is used for the measurement of flow; liquid or gas, in various commercial applications. The measurement of fluid flow is performed utilizing varied technologies, one of them includes ultrasonic technology.
The growing automation has led to the installation of smart flow meters in different building automation flow measurement and energy measurement projects. In HVAC, there is a requirement for an extensive metering program for the management and conservation of HVAC resources in a building. Intelligent or smart flow meters provide superior accuracy and complies with the standard calibration procedures. The ultrasonic meters have been utilized for the effective measurement and control of hot and cold water for the optimization of the building cooling systems. Operational costs have also been reduced, in addition to contributing to energy consumption. With advancements in technology, ultrasonic technology has found immense use in flow measurement, it is mainly attributed to improvements in ultrasonic transducers that have led to making them cheaper, small, and widely available. Also, the presence of advanced integrated analog circuits has allowed the real-time capturing and processing of ultrasonic transducer waveforms in order to get an accurate TOF (Time Of Flight) information. TOF is a round-trip time assessment of an ultrasonic wave that is emitted from a sensor to an object of interest. It is then reflected back from the targeted object to the sensor. This is the principle behind the measurement of flow rates via an ultrasonic sensor resulting in deriving consumption data for billing consumers.
Apart from being accurate and small in size, these meters do not contain any moving parts, hence, this makes an irresistible choice for the manufacturers to replace the mechanical-type flow meters, further contributing to propelling the market growth. However, for the manufacturers, it is important to understand the pipe design and transducer positioning in order to gain from the benefits offered by these intelligent/smart flow meters for the effective measurement of flow rate. Furthermore, in industrial markets, the semiconductor chips are playing a huge role in transforming mechanical equipment into an electromechanical or a fully-electronic instrument. Each market is divided into different applications and it is expected by the silicon manufacturers to spend time in product designing according to the specific industrial application.
The growing energy sector along with the increasing demand for energy and power has led to the modernization of the energy grid for making it more efficient, robust, and secure. This has further created a high demand for the increasing use of electronics and has opened up huge opportunities for innovation, functionality enhancement, and reduction of cost and size. Additionally, with the ongoing energy consumption drive, there is a call for the integration of the conventional grid with the distribution grid for the formation of the connected grid. Thus, intelligent meters that form an important part of the energy and power sector is further propagating the market demand. According to the EIA, U.S. Energy Information Administration, it is estimated that the energy consumption in the buildings sector, including residential and commercial construction, is poised to surge by 65% between 2018 and 2050. This is accounted to rise from around 91 quadrillion to achieve 139 quadrillion Btu. The factors attributed to rising energy demand include growing urbanization, growing income, and increased access to electricity.
Source: EIA Gov, Energy Consumption in Buildings Sector, in Quadrillion Btu
It has been further predicted by the organization that there is a rapid growth of electricity generation through renewables that include solar, wind, and hydroelectric power. These are projected to be the fastest-growing energy source from 2018 to 2050, exceeding the utilization of petroleum and other liquids for energy generation. The global renewable energy consumption is estimated to soar by 3.1% every year between the time period, 2018-2050, further contributing to propelling the intelligent flow meters market growth. On the other hand, the consumption of petroleum and other liquids is projected to increase by 0.6% annually, coal consumption is estimated to grow by 0.4%, and natural gas consumption is projected to increase by 1.1%.
The worldwide consumption of natural gas is estimated to increase by over 40% from 2018 to 2050, the total consumption is predicted to attain around 200 quadrillion Btu by the end of 2050. Furthermore, apart from the utilization of natural gas for electricity generation, the consumption has increased in the industrial sector as well. It is mostly utilized for chemical and primary metals manufacturing, oil and natural gas extraction is required for fulfilling most of the increasing industrial demand. The global consumption of liquid fuels is estimated to increase by over 20% from 2018 to 2050 and the total consumption is projected to attain over 240 quadrillion Btu by the end of 2050. The demand from the OECD countries are projected to remain stable, in the non-OECD countries, it is estimated to surge by 45% during the same projected period. Hence, with the rising consumption of energy sources, the market growth is projected to strengthen at present and in the upcoming years.
Amid the COVID pandemic scenario, it was noticed that the demand for electricity fell rapidly with lockdown measures in various industries. It, however, recovered at a steady pace with relaxations but is still lower in comparison to the pre-lockdown estimates. However, it has been noticed that even though electricity demand dropped due to the reductions in industrial operations, this was offset by the high demand from the residential sector.
The intelligent flow meters market growth is predicted to be impacted with the shutting-down of manufacturing sites of many industries due to workforce shortages and preventive measures taken in order to stop the further spreading of viral particles, however, with recovery, it is predicted to again gain pace following the new normal conditions.
Furthermore, intelligent flow meters are used in the food and beverage industry for flow measurement in breweries, for the measurement of starch concentration, flow measurement in soft drinks and juice processes, and measuring flow in bakeries and fermentation processes. In steel mills, intelligent flow meters are used for monitoring oil spray on the top and bottom of a continuous feed steel sheet in order to assure quality and oil coating optimization. Hence, with the growing steel industry, the market is projected to grow at a significant pace. According to the World Steel Association, the global steel demand is predicted to rise by 3.9% to attain 1,775.0 Mt, further increasing by 1.7% and reach 1,805.7 Mt from 2019 to 2020.
Source: World Steel Association, Global Steel Demand, in Mt
ABOUT THE AUTHOR:
Vibha Saklani is a Market Research Analyst at KSI, working on the estimates and global reports on multiple industries spanning from IoT to food and beverages, with a special knack for healthcare, medical devices, and related markets. With the addition of her formal education in Biotechnology and having a research background, she is able to shed more light on the detailed analysis of the story. To read more articles by her, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.
Electron Microscope – Special Microscopes for High-Resolution Imaging
BlogElectron microscopes are those type of microscopes that uses a beam of accelerated electrons primarily as a source of illumination. Electron microscopes are considered as special devices as they offer images with extremely high resolution and also magnifies the object to nanometres. The market for electron microscopes is poised to witness a healthy growth over the course of the next five years due to the constantly growing imaging requirements across various industries such as nanotechnology, semiconductor, and life sciences among others. The increasing health spending is also expected to propel the market growth for electron microscope as the countries across the globe are increasing their investments to upgrade the healthcare infrastructure. Furthermore, increasing investments in cell research due to the rising prevalence of diseases is also expected to be a major factor that is anticipated to positively impact the demand for electron microscopes, thus playing a significant role in shaping up the market growth over the next five years.
Additionally, the growing number of research labs globally is also a key factor that is providing ample opportunities for the key market players throughout the forecast period. Moreover, the growing investments in the semiconductor industry is also a key factor driving the demand for these microscopes as these are widely used for semiconductor inspection and testing. For instance, Microelectronics from Germany – Driver of innovation for the digital economy” is an initiative taken by the government in which EUR 1 billion was to be invested in the chip industry of the country by the year 2020. However, the market may be restrained by the fact that there are strict regulatory procedures through which these devices have to pass for commercialization.
The figure below represents the size of the global electron microscope market which is evaluated at US$2.399 billion for the year 2019 and is estimated to reach US$3.484 billion by the year 2025.
Global Electron Microscope, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Segment Overview:
The market has been segmented on the basis of product type, application, and geography.
Scanning Electron Microscopes to Witness a Healthy Growth
By the product type, the classification of the market has been done into scanning electron microscope, transmission electron microscope, and reflection electron microscope. The scanning electron microscope segment is poised to show a healthy growth throughout the course of the next five years on account of its wide uses across several applications due to its capability of offering a 3D view of the specimen. Booming applications across the chemical and life sciences sector coupled with the rapid participation of major market players in the development of new and enhanced scanning electron microscopes further support the growth of this segment until the end of the forecast period. The transmission electron microscope segment is expected to hold a substantial market share throughout the forecast period due to its wide applications and study of bacteria and viruses.
Life Sciences to Hold a Decent Share
By application, the segmentation of the market has been done into material sciences, life sciences, and nanotechnology. The booming adoption of nanotechnology across various industries is projected to bolster the growth of this segment throughout the course of the forecast period. The wide adoption of nanotechnology across the healthcare sector is observed in the coming years as it offers lucrative opportunities for work the same scale of several organic molecules, cellular mechanisms, and biological processes among others. This further provides an imputes for rapid innovations in the healthcare sector for medicines, biosensors, implantable devices, and imaging technologies among others. This can be backed up by the fact that the nanotechnology in the healthcare market has grown significantly between 2018 to 2024. For instance, the market size reached US$154.809 billion by 2024 from US$89.783 billion in the year 2018 (Source: Knowledge Sourcing Intelligence).
Nanotechnology in Healthcare Market, Forecasts From 2018 to 2024, US$Billion
Source: Knowledge Sourcing Intelligence Estimates
Also, there are wide applications of these microscopes in the life sciences industry especially in the field of clinical trials, disease diagnostics, and pathology labs among others. Thus, the growth in the number of clinical trials on account of the growing oral healthcare demand coupled with a significant increase in the number of pathology labs around the globe are the major factors bolstering the growth of this segment throughout the forecast period.
Apac to Witness Noteworthy Growth
Geographically, the market has been segmented on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is projected to grow substantially over the forecast period. The early adoption of technology coupled with the presence of a well-established healthcare and research infrastructure in countries like the United States and Canada among others are some of the key factors supplementing the electron microscope market growth in the North American region. Furthermore, the presence of a number of key market players in the region further supplements the significant share of the market in the North American region. Furthermore, the European region is expected to hold a noteworthy share in the market due to the presence of a well-established life sciences and material sciences industry in many countries across the region. Furthermore, the presence of a well-established semiconductor industry in the region is also playing a key role in shaping up the market growth in the European region during the next five years. However, the Asia Pacific region is poised to witness a notable growth throughout the forecast period. The major factors supporting the market growth in the APAC region include the presence of the fastest-growing economies such as India and China among others. The constantly growing health spending across these countries for the up-gradation of the healthcare infrastructure coupled with the growing medical tourism throughout the region are some of the major factors bolstering the demand for electron microscopes in the APAC region, thereby positively influencing the growth in the coming years. Furthermore, the booming R&D industry in major emerging countries such as India, China, and Vietnam is also expected to augment the growth during the next five years.
Smart Hospitality Market: Redefining Luxury
Thought ArticlesSmart technology has transformed the home environment in recent years with internet-connected devices allowing to manage lighting, heating, home entertainment and even security requirements at the touch of a mobile phone button. Hotels are also keen to replicate the level of comfort and convenience these connected devices offer at home.
The global smart hospitality market is driven by rising penetration of internet and rapid inclination toward Internet of Things (IoT) among people as well as enterprises. As the digitalization is expanding at a significant rate, the global hospitality segment is also adopting connected solutions and services to offer smart solutions to their clients. Growing use of cloud computing solutions is also supporting hotel chains to opt for smart hospitality solutions and services with the augmenting demand for real-time optimized guest experience management. The figure below shows the global smart hospitality market size for the year 2019 and 2025:
Global Smart Hospitality Market Size, in US$ Billion, 2020 and 2025
Source: Knowledge Sourcing Intelligence Analysis
According to the Knowledge Sourcing Intelligence analysis, the global smart hospitality market is projected to witness a CAGR of 13.14% between 2020 and 2025. Booming travel and tourism industry is the major factor behind the growing adoption of smart hospitality solutions. The figure below depicts the number of international tourist arrivals for the period 2011-2018:
Number of International Tourist Arrivals, in Billion, 2011 to 2018
Source: The World Bank Group
According to the World Bank Group data, the number of international tourist arrival globally has surged from 1.013 billion in 201 to 1.442 billion in 2018. Rising disposable incomes and cheaper and affordable airline fares are encouraging people to travel more often.
IoT has changed the hospitality industry in several ways, including innovations in hotel booking systems, hospitality operations, and improvements to the guest experience. Some of the best global hotel chains are now competing rigorously in terms of incorporating smart technologies that can help provide best-in-class customer services while boosting their revenues. There has been a constant increase in the number of contractors in the past recent years who are teaming up with different tech firms to build smarter hotels with low cost and less time while providing their guests better hospitality services.
Many luxury hotels are installing a virtual concierge service via an in-room voice assistant, just like Alexa that people use at homes. With the help of this voice concierge service, hotel guests can make dinner reservations, requesting more pillows via a phone app or in-room device, and many more. Hotels are also increasingly allowing their guests to check-in via their smartphone, thus enabling them to bypass the reception queue and head straight to their room. Furthermore, lighting, air-conditioning, and heating can be adjusted via the phone app or in-room device upon their arrival in the hotel room. Not only this, some hotels are leading the way to offer advanced smart hospitality solutions to stay ahead in this highly competitive market. The Aloft Cupertino in California, for instance, features a robot butler to deliver room service orders.
As consumers are demanding more and better hassle-free services during their stay at hotels, global hotel chains are increasingly investing heavily in smart hospitality solutions to fulfill customers’ satisfaction and further attracts people to stay in their hotels. Moreover, smart hospitality solutions also help hotels to save operational costs and generate more revenue while enhancing their hospitality services to customers.
Smart Hotels Saving the Environment
Growing concerns regarding environmental sustainability among consumers is becoming extremely acute which is making smart hospitality solutions even more attractive. Moreover, rising focus on corporate social responsibility (CSR) among hotel companies is also ramping up the adoption of smart hospitality solutions. Smart hotel rooms can help in reducing the energy consumption via the use of sensors that can detect if the room is vacant or occupied, and adjust lighting and heating levels accordingly. Hyper-connected hotel rooms are offering smart services such as air conditioning and lighting to turn themselves on when they 'know' a guest has entered the hotel building. This allows energy saving while creating a welcoming environment ready for the guest's arrival in the room. For instance, The Aria in Las Vegas offers customized climate controls and curtain settings which start working once the guest enters the room. At the Torch Doha in Qatar, hotel bedrooms have 12 different light setting choices.
COVID-19 Disruption
The worldwide outbreak of COVID-19 has brought the global economy to a standstill. But the global travel and tourism industry has been the worst affected of all the major economic sectors. According to the latest data from the World Tourism Organization (UNWTO), the COVID-19 pandemic has caused a 22 per cent decline in international tourist arrivals during the first quarter of 2020. And this crisis is projected to lead an annual decline of between 60 per cent and 80 per cent when compared with 2019 figures.
This pandemic situation continues to evolve and the outlook still remains uncertain even after the five months of continuous efforts to curb the spread of this virus by way of nationwide lockdowns and mandatory social distancing measures. Travel restrictions and containment measures are expected to be in place for an extended period of time, and are likely to be lifted gradually. Also, demand-side recovery will also take a significant amount of time due to lack of consumer confidence and travel behaviour. Since the tourism sector contributes significantly to total GDP for many economies, the impact of this pandemic on this industry will hit many economies really hard for a long duration.
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.
Print Labels Market Trend – Ensuring Greater Transparency
Thought ArticlesPrint Labels are an integral part of the global economy and are inseparable from the packing industry. The diverse food and beverage consumption trends along with the growing market for bottled drinking water, which presently continues to grow in developed economies, strong growth in pharmaceutical products as well as the rising e-pharma market, a meteoric rise in consumer electronics, the steady growth of personal care products, growing trends of purchasing over eCommerce, the need for product differentiation, succinct yet informative dissemination of product information as well as complementing the packaging aesthetics to preserve brand identity are few of the prime factors that are anticipated to drive the print labels industry.
Pharmaceutical Products, Imports (World)
Source: International Trade Centre
In Thousands of Dollars
The pharma industry has been sustaining itself by investing heavily in R&D endeavors and strong substantiated marketing campaigns. Nevertheless, currently, it is faced with the opportunities to bring about solutions to respond to the increasing instances of chronic diseases. Further, the performance related to the pharmacoeconomic aspects of different medicines is becoming increasingly convenient for various players in the healthcare space due to the superabundance of data derived from electronic medical records leading to a plausible insistence of pricing that is based on the respective outcomes. Further opportunities have presented itself with obscured boundaries between various types of healthcare along with an evident expansion of the self-medication sector. With the advent of pre-emptive measures governments too are steering their focus on prevention than treatment. The emerging economies are contributing even more to the growth of pharmaceutical products. Further with stratospheric growth in processing power, tangible progression in genomics and genetics, and improved and efficacious means of data management, have been successfully reinforcing the scientific foundations on which the entire pharmaceutical industry is built upon.
With a deluge of data and the cutting-edge analytics have has proved enormously beneficial for pharmaceutical companies resulting in path-breaking gene therapies, out of which some have already received FDA approval and some in the pipeline that is facilitating the growth of the pharmaceutical industry. Further with recent situation pandemic where the global pharmaceutical space has engaged in cross-country cooperation as well as the elimination of obstructive aspects hindering the free trade earlier are also expected to result in the growth of pharmaceutical-related trade driving the growth of the market. Now, like everything else pharmaceutical too necessitates a robust packaging that requires correct labeling with faster turnaround time. In view of the above the pharmaceutical industry, among others, is poised to hold a significant market share of the print label industry. Additionally, the current situation which the global economy has succumbed to due to the pandemic has required many players to adapt and come up with solutions to sustain their respective businesses. For instance, a member of a global contract pharmaceutical development and manufacturing organization, the Almac Group, Almac Clinical Services in June 2020, had reportedly launched an improved Label Approval Solution. The system is compliant and validated to manage clinical labels more effectively form protocol to print.
The Film Substrate to Hold a Healthy Share in the Print Label Pertaining to Pharmaceuticals
Besides when it comes to print labels meant for pharmaceutical applications regularity requirement and functionality govern the niche sectors than aesthetic necessities. The labels pertaining to the medical application are required to include essential info of the products legibly and also allow room for data like the batch number and expiration date that are variable along with additional functionalities that can support a range of healthcare personnel in drug administration. From the perspective of substrates, the paper has been the most common substrate. Nevertheless, a steady rise in adoption of film substrates is being witnessed with regards to the medical application as more products are being commercially available packaged in signages and vials, due the ability of films to provide more clarity along with better performance. To this end, it was announced in May 2020 that Argentinian packaging holding Envases Group has reportedly acquired a multi-substrate press called the Nilpeter FA-22 to grow its leading status in the South American region. The FA-line reportedly provides tight register tolerance and offers printing on multiple substrates like flexible packaging films, metallic film, polymer films, among others. Earlier in June 2018, it was reported that Toppan USA will start manufacturing and sales of GL-EY barrier film which was already available in Asia intended for packaging heavy items and medical and pharmaceutical goods.
Smart Labeling With Rfid Is Expected to Govern the Print Label Market
The concept of smart technology and its integration is being witnessed ubiquitously and the packaging industry is no different. In the healthcare industry smart labeling enable the hospital staff to partake in activities that are more patient-centric which otherwise would have been invested in manual inventorying of medical supplies. Further empowering the staff with the capability to track medical supplies with ease and prevent theft and abuse especially in case of controlled drugs. The specimen tracking facilitated by integrated RFID is known to reduce errors and can increase productivity. Further with regards to a controlled drug, the technology is reportedly capable of preventing theft and abuse. Further through better management of inventory which includes better visibility of expiry date carrying cost of high-value medication is reduced. To this, it was announced in March 2020 that a Germany-based global provider of innovative functional label solutions for the pharmaceutical industry, Schreiner MediPharm has reportedly collaborated with Kit Check a US-based provider of RFID tracking solutions to facilitate the introduction of RFID-Labels that enables hospital pharmacies to effortlessly track and manage inventory.
Further in March 2020, it was announced that a global materials science company which specializes in designing and manufacturing of a variety of labeling and functional material Avery Dennison Corporation (NYSE: AVY) whose reported sales in 2019 was $7.1 billion had completed the acquisition of Transponder business of Smartrac a leading innovator of RFID inlays and known for making effective, high-value and high-quality RFID products, commercially available or the purchase price of €225 million that is subjected to customary adjustment.
Safety Switches Market Trend – Preventing Accidents & Fostering Growth
Thought ArticlesThe increasing rate of construction projects, manufacturing activities, stringent adherence to government regulations leading investments in safety measures to prevent any unforeseen accidents rapid growth rate of the conurbation and increasing inclination towards smart industries are some of the factors which are central to an anticipated meteoric rise of the safety switches market.
Delving further into the aspects pertaining to industries, one of the major drivers that are estimated to bolster the growth of the safety switches market is the growing adoption of automation in operation which is otherwise hazardous for humans. Additionally, to ensure a seamless accident-free operation that will ensure the safety of human lives and uninterrupted revenue stream various industries are embracing automation to transition into smart industries. Safety switches are also integral to residential electric wiring to prevent any accidents.
Industry (Including Construction), Value Added (% of GDP)
Source: WORLD BANK
Industries are the lifeline of the global economy and oil and gas and chemicals occupy an important core of the lifeline sustaining the world. Since the price crash of 2014, the consumption fuels globally have grown rapidly further with US shale gas growth the energy mix has expanded as well. There is also a steady demand for refined products thus influencing global oil production. Moreover, despite the supply disruption witnessed during mid-September 2019 which was reportedly the single largest disruption of supply since the gulf war, the prices rapidly reverted to then normal trading range. Even economic sanction against Venezuela, as well as the continuous degradation of operating conditions of and investments in the country’s oil sector, are being offset by producers located in the occident mainly Brazil, the USA with their onshore shale plays and deep-water plays which comprise of health proportion of crude oil, condensates, and NGLs. Further, the Canadian oil sands also can deliver a greater number of quantities from its current operations. Above all the agreement between non-OPEC and OPEC countries on production restraint is still in place that ensures spare production capacity to cater to tight market conditions should the need arises.
Moreover, closely tied with construction and automotive industries, activities pertaining to chemicals globally are still sustained albeit lower consumer spending on new automobiles due to the spending being redirected towards rideshare services, and used cars and electric vehicles (EVs). This makes the chemical industries strategic imperative to invest in opportunities by tapping into niche markets facilitating new growth avenues and endeavor to derive relatively more from their existing assets. This necessitates investing more in innovation to bring about new products, technologically integrated manufacturing, and processing methods. On the other hand, digital technologies have played an important role in the growth of the industries not only operating the aforesaid bit also other sectors as well.
Artificial intelligence-based solutions offered by technology firms are helping many organizations create a safe working environment which facilitates the tracking of worker behavior and prevent accidents in real-time. Further, as a result of the current pandemic, the anticipated delays in construction can lead to possible injudicious use of both human and material resources. In this scenario, the capability that a digital supply network (DSN) can help organizations adapt to their new project timelines without incurring a loss. Thus, along with the continued operation, anticipated growth prospective opportunities, as well as strict compliance with government regulation to ensure occupational safety, the safety switch market growth the safety switches market is expected to witness a meteoric growth in the next few years. To this end, it should be noted that the UK based Kraus Naimer had reportedly launched ATEX approved safety switches with IP66 protection for hazardous areas, in September 2019.
Rural population (% of total population)
Source: World Bank
Another Factor That Is Poised to Drive the Safety Switches Market Is Rapid Urbanization
The constant growth in population, as well as the steady flow of influx in urban areas, is leading to an expansion of cities leading to infrastructural development, more scope of industrial expansion because of availability of labor as well as increasing share of demands from a new pool of migrants who aspires to embrace the city lifestyle which also in part due to the availability of relatively more disposable income. In this regard, 55% the global population lived in the city in 2018 and the rural areas were home to 45% of the population that is anticipated to reduce by 40% in 2030. Additionally, the percentage of world population that is projected to live in urban areas according to UN was 68%. North America is a more urbanized region of the word with 82% of its population living in urban areas. China, Nigeria, and India are together expected to account for 35% of the growth of the world’s urban population between 2018 and 2050, with India being projected to add 416 million urban residents, China 255 million urban residents, and Nigeria 189 million urban residents. Also, it is estimated that by 2030 the world will have 43 megacities.
Thus, from the aforementioned, it is evident that with a higher number of construction projects in the coming years the semiconductor industry will experience unprecedented demand for safety switches. Few of the planned construction projects in 2020 are inclusive of but not limited to the January announcement of Piramal Group’s, the real estate arm Piramal Realty reported plan to invest Rs 1,500 crore to facilitate the development of a residential project in Thane, which is intended for consumers who are on a specific budget by offering smaller configurations. Further, in July 2020, it was announced that a property developer Naim Holdings Bhd will invest around RM30mil Miri, the second-largest city in Sarawak, Malaysia with a rationale to accelerate the development of affordable and intelligent houses in major towns. Again, in July 2002, Keppel Corp had announced that around RMB 1.5 billion ($213.7 million) will be invested by its Alpha Data Centre Fund toward the development of a greenfield data center in Guangdong province of China which will be marking its first foray into mainland china’s growing data center industry.
Video Surveillance Market Trend – Transitioning From Preventive to Predidictev Security
Thought ArticlesThe current capabilities of systems pertaining to video surveillance are inclusive of capabilities that go beyond surveillance and increasing involves gathering and analysis of data, which has profound consequences affecting the efficacy of video surveillance and the way it is being deployed, maintained as well as the kind of technology integration and the pace at which the video surveillance systems undergoing. Further, the scope of cross-functional video applications, enhanced technology, improved cybersecurity, integrations, and video surveillance as a service, among others will in part facilitate the growth of the market.
Further, the drivers for demand are not only restricted to loss prevention measures that are increasingly being sought after by both public and private entities but also has emerged as one of the salient considerations of improving productivity. Additionally, the conceptual framework of the Internet of things (IoT) that seeks to embed intelligence and connectivity with a myriad of devices would necessitate the use of video surveillance data. Further, the proliferation of off-site cloud-based infrastructural facilities for storing video surveillance-related data is, as well as required the integration of video surveillance among others, expected to augment the growth of the market.
Final Consumption Expenditure of Households by Consumption Purpose, Restaurant and Hotels
Source: EUROSTAT
In Millions of Euro at Current Price (Eu-28 Countries)
Investment in construction is one of the core drivers that is anticipated to propel the growth of the market to stratospheric height, albeit experiencing a hiatus due to lockdown measures necessitated by COVID 19
With respect to the European Union (EU), the tourism sector reportedly contributed approx. 10% to EU GDP concomitantly making EU the world’s leading tourism destination, with 563 million international arrivals and 30% of global receipts in 2018. Furthermore, digital innovation, a strong economy, and rising global consumer purchasing power, and have collectively contributed to record growth in the travel and hospitality industry. Additionally, as an EU export category Tourism is the fourth largest and results in spill-over benefits to the European economy as a whole, where the generation of 1 EUR of value added by tourism results in an additional 56 cent of value-added in indirect effect on other industries. Moreover, 64% of EU residents reportedly made at least one personal tourism trip in 2018. In the same year, it was recorded that EU Residents made 1.1 billion trips with overnight stays, wherein 7 out of 10 trips are being spent in their own country of residence.
Moreover, Europeans stayed on average 1 week when visiting other EU countries in 2018. Despite the industry coming to a halt during the pandemic, certain major hotel chains have reported plans to expand their physical presence in the immediate future. For example, French hospitality group Accor had reportedly announced the opening of 50 hotels under various brands in Romania, with 7 new properties in 2020 itself. Currently, the group operated 6 hotels in Romania under the ibis, Mercure, Novotel, and Pullman brands. It is important to note that activities pertaining to tourism are salient contributors to the social fabric of many nations, along with the economic ones, which makes it the strategic imperative to keep a generous provision in security and loss prevention measures of the various hospitality groups which are operating in this space. Therefore, creating a demand for more video surveillance systems installations that will in turn augment the anticipated growth of the video surveillance market in the coming few years.
Expenditureon Public Order & Safety, P.R.China, Mainland
Source: IMF
% of Total Expenditure
Emerging economies like that of Peoples Republic of China are expected to strengthen the video surveillance market growth
Words like deep learning and AI are no longer buzzwords in emerging economies like China. The government's expenditure on public safety saw the most sales of deep learning cameras with the police departments as their customers. With an increasing number of semiconductor players in the market are influencing pricing pressure at chip-level, which themselves major components of the price structure of these kinds of cameras. On the other had a Vietnam based leading technology corporation had launched its new brand called AI View Surveillance Camera that marks the company’s entry into surveillance camera manufacturing. It’s the first company to successfully integrate AI into surveillance cameras. Further, to prevent COVID 19 a world-class AI company with core competencies in deep learning the Beijing based Megvii Technology Limited had reportedly announced that in April 2020, the companies AI-enabled temperature screening solution, which can detect the forehead of incoming customers and check their temperature within a distance of 0.3 meters to one meter within half a second, with an accuracy level of ±0.3?, have been deployed in 191 supermarkets across Beijing, inclusive of Chaoshifa and Wumart.
The current pandemic of COVID 19 is further expected to contribute to the growth of the video surveillance market
The ICT industry and emergencies are complementary to each other which was exemplified by the installation of the first CCTV system by Siemens AG in 1942 in Peenemunde, Germany during the second world war to observe the launch of V2 rockets. From that point on CCTVs have undergone a variety of changes and remains the most trusted means of surveillance even though suffering a brief setback in sectors pertaining to aviation, retail, travel, and tourism due to lockdown measures in the first quarter of 2020. Nevertheless, as the nation across the globe is resuming their economic activities that will lead to a growth in critical infrastructure segments, data centers, healthcare, IT/ITes, and manufacturing, will necessitate the need for on-premise video surveillance systems for the constant monitoring of body temperatures. To this end, there have been quite a few developments that, – a recent one is that of a reported launch in June 2020 of a product called COVIDSHIELD that has been launch by an Indian online video analytics firm called Vidooly Media Tech Pvt. offering five AI-enabled hybrid surveillance solutions enabling organizations to detect and track any Covid-19 violations as a preventive measure. The solution comprises CCTV cameras, Face ID, a movement detector, RFID technology, thermal scanners, among others, whereby, complete contact-free surveillance through actionable information is extended.