Test Post 1

Test Post 1

Oil Drilling Automation Makes Oil Drilling Much Easier

The Oil Drilling Automation market is expected to grow at a compound annual growth rate of 10.14% over the analyzed period to reach a market size of US$689.301 million in 2027. The market stood at US$350.683 million in 2020. Oil drilling automation refers to the automation of sub-processes of operational and downhole activities required for oil drilling. In other words, it is the integration of surface and downhole measurements using modernised machinery, systems, and predictive models to improve operational efficiency in a cost-effective and efficient manner. During the drilling process, there are increasing demands for safety and efficiency. As a result, these tools and equipment provide enhanced safety and efficiency through the use of predictive tools and models. Drilling automation is becoming more popular as it aids in the optimization of surface activities. A combined system with a comprehensive understanding of the subsurface and its interactions with surface drilling systems is required for this.

Application of oil drilling automation:

The oil drilling automation market has been segmented by application into onshore and offshore. An onshore drilling rig is driven deep into the earth to reach fossil fuels, whereas an offshore drilling rig drills beneath the seabed. Oil platforms are used for offshore drilling. An oil company uses drilling equipment to drill deep into the earth during offshore drilling. currently, onshore oil production is outpacing offshore drilling and makes up a larger portion of global oil production, the onshore segment is anticipated to hold a sizable share of the market.

Hardware and software offerings

Based on offerings, the oil drilling automation is divided into hardware and software. Low Voltage Drilling automation necessitates the use of hardware such as variable frequency drives (VFD) or alternating current (AC) systems. Software offerings include the creation of tools that allow for quick and accurate calculation via a friendly and dependable interface. They are fully compatible with cutting-edge technology and adapt to a wide range of programmable logic controllers (PLCs) via different communication protocols. Given the significantly high costs, the hardware segment is expected to hold a decent market share throughout the forecast period. Growing investments in automation technology will help this segment grow even more over the next five years. Because of their cost-effectiveness and safety, automation solutions are expected to see significant market growth during the forecast period.

A substantial increase in exploration activities

The market for oil drilling automation is primarily driven by a significant increase in exploration activities as a result of increased demand, which is expected to be one of the primary factors that will supplement the demand for automation solutions in oil fields. The processes and methods involved in locating potential sites for oil drilling and extraction are referred to as oil exploration. Surface signs such as natural oil seeps were used by early oil explorers, but advances in science and technology have made oil exploration more efficient. Geological surveys are carried out in a variety of ways, ranging from testing subsoil for onshore exploration to seismic imaging for offshore exploration. Energy companies compete for access to mineral rights granted by governments by entering into a concession agreement, which states that any discovered oil is the property of the producers, or a production-sharing agreement, which states that the government retains ownership and participation rights. Exploration is a high-risk, high-cost endeavour that primarily involves corporate funds. An unsuccessful exploration, such as one involving seismic studies and drilling a dry well, can cost anywhere from $5 million to $20 million per exploration site, and in some cases much more. When an exploration site is successful and oil and gas extraction is profitable, exploration costs are recovered and are significantly lower than other production costs.

Rapid growth in the production of oil

Rapid growth in oil production in recent years has fueled the growth of the oil drilling automation market. Multiple complexities are involved in the extraction. As a result, vendors have begun to offer advanced automated drilling equipment with improved designs. Some companies, such as RigMinder and Schlumberger, specialise in automated drilling solutions for shale oil and gas extraction. Furthermore, the use of drilling automation solutions in offshore oil projects is growing. This is due to the fact that automated drilling solutions improve operational efficiency in harsh mid- and deep-water oil drilling environments.

High Upfront Costs

The initial requirements and time required to install both hardware and software solutions are relatively high. Because they have been operating without them for many years, the firms are hesitant to adopt these solutions. Maintenance and operating costs are also calculated to ensure that they remain operational at all times. Furthermore, the costs associated with the software used to add to the cost burden of the end-user who uses them, stifling market growth.

Regional and Geographical Insights:

On a Geographical note, The North American region is expected to hold a significant share of the market due to the region’s reputation for being an early adopter of technology, as well as the presence of world-class infrastructure in the oil and gas industry.

During the forecast period, the Asia-Pacific region is expected to grow rapidly. The presence of the world’s fastest-growing economies, such as India and China, along with increasing expenditure in these countries’ oil exploration sectors, supports the oil drilling market growth in the APAC region throughout the forecast period. According to the International Energy Agency, Asian crude oil imports are expected to nearly double to nearly 27 million barrels per day by 2026, necessitating record levels of both Middle Eastern crude oil exports and Atlantic Basin production to close the gap.

Escalating Towards Green Initiative With Vehicle Emission Sensors

The global vehicle emission sensor market is projected to grow at a CAGR of 2.01% during the forecast period to reach US$4.496 billion by 2027, from US$3.911 billion in 2020. Located in the exhaust pipe of vehicles, a Vehicle emission sensor is a highly sensitive device that is used to detect and measure the concentration of exhaust gas emitted by the internal combustion engine of vehicles. These sensors are used for control as well as diagnostic purposes as modern-day engines are required to control a wide range of parameters for the smooth functioning of automobiles such as fuel injection amount, air flow, EGR, engine temperature, exhaust oxygen content, and many more. On a wider basis, oxygen sensors and nitric oxide sensors are used to detect the emission gases from modern-day vehicles.

The augmenting automobile demand due to rising disposable income and the growing air pollution concerns has accelerated the vehicle emission sensor demand during the forecast period.

As the market for automobiles in the world is growing the environmental concerns attached to the rising number of automobiles are increasing simultaneously. Owing to higher disposable income and the necessity to travel from one place to another have boosted the demand for automobiles in the past few years. As per the ACEA (European Automobile Manufacturers Association), a total of 79.1 million motor vehicles was produced in 2021 in the world, the statistics say that the number has increased by 1.3% from the previous year. Additionally, rising innovations and technological advancements are attracting new customers to the automobile market.

Furthermore, in the past few years, the demand for electronic vehicles has surged as they are environmentally safe alternatives to their traditional counterparts. EVs significantly help the environment by the reduction in greenhouse gas emissions. Also, EVs are safer alternatives in the automobile industry. For instance, rising innovation in the EV sector is driving the demand for EVs across the world. In December 2021, Model Y of Tesla was awarded IIHS Top Safety Pick+. The Model Y cars are built for North American markets to provide high-end safety to the drivers, passengers, and pedestrians.  Furthermore, EVs can offer rapid charging capability, high-resolution intelligent displays, part assistance cameras, environment-friendly components and many more are boosting the demand for automobiles.

The global air pollution concerns are also rising which is creating alarming demand to keep an eye on vehicle emissions. According to the World Health Organization, the greatest health risk is air pollution. Additionally, the Ambient (outdoor) air pollution report published by WHO in September 2021 states that air pollution is the root cause of stroke, lung diseases, and both chronic and acute respiratory diseases, including asthma. The outdoor air pollution is mainly caused due to industries, transport, and urban planning among others. And with the rising number of transport vehicles, motor vehicles, etc. the risk of air pollution is rising every year. Hence, the need to regulate the emissions by vehicles is surging.

The rising government initiatives to control the air quality are boosting the demand for vehicle sensors.

The increasing efforts by numerous independent organizations to reduce air pollution and vehicle emission have opened the eyes of governments across the world. Organizations like ICCT (The International Council on Clean Transportation) are taking a step forward to provide technical and scientific analysis to environmental regulators. The EPA (Environment Protection Agency) has reported in its June 2022 report that a typical passenger vehicle emits about 4.6 metric tons of CO2 per year. Such rising environmental concerns across the globe have encouraged government initiatives to monitor the emissions from vehicles. For instance, in India, the Bharat Stage (BS) Norms set by the Central Pollution Control Board of India mandate all vehicle manufacturers to sell only those vehicles which comply with BS norms. The BS-VI- which is applicable from 2020 allows only 10ppm of sulfur. So, these vehicle sensors help to keep track of the emissions from the vehicles and ultimately contribute to compliance with legal emission limits.

Additionally, these vehicle emission sensors are also mandatory in many cases. For instance, under the ODB-II regulation, the O2 sensors are mandatory on all cars manufactured since 1981. The regulation also states that all cars made in 1996 and after are required to have a second oxygen sensor that is located below the catalytic converter. The O2 sensors are used to monitor how much-unburned oxygen is present in the exhaust.

The market is anticipated to prosper as a result of rising market competition

The rising demand for these vehicle emission sensors is also boosting the market competition as companies like IMR Environmental Equipment, Inc. Cubic Sensor and instruments, and SenSic AB have launched their vast range of NOx sensors in the market. For example, IMR offers Model 1440FL portable- Exhaust Gas Analyzer which is designed to measure exhaust gases on Forklift Trucks, Generators, cars, and machinery which are powered by gas or diesel engine. On the other hand, Cubic offers Model NOx Sensor- 5WK96616F which can be used to detect the content of nitrogen oxides in engine exhaust. These NOx sensors by Cubic are used for catalyst management in vehicles that have gasoline or diesel engine. These market players are benefiting through the higher sale of automobiles and thus, the market competition offering vehicle emission sensors in the market is also rapidly increasing.

The increasing growth of the automotive industry in the Asia Pacific region is supporting the global vehicle emission sensor market growth

With the growing economies like India and China, the Asia-Pacific region is expected to boost the demand for automotive causing an increase in the demand for vehicle emission sensor market. In 2021, the Asia-pacific region produced a total of 4,67,32,785 units as per the OICA statistics report. China is a dominant position in the Asia-pacific automotive market.

COVID-19 Insights

The pandemic harmed the global vehicle emission sensor market, owing to the significant impact of COVID-19 on the automotive industry. During the pandemic, consumer behavior focused more on necessities than luxury goods, hence the overall automotive sector felt the impact of the COVID-19 pandemic in terms of sales. For instance, the Ford-2020 annual report indicated an overall decrease in the sale of vehicles to the dealerships in 2020. The total vehicles sold to the dealership was 5,386 thousand units in 2019 which fell to 4,187 thousand units in 2020. Major factors like disposable income, epidemic severity, and travel restrictions led to declining demand for automobiles which in turn lowered the demand for vehicle sensor market from the end-user industry. 

The Significance of Micronutrients in Crops

The crop micronutrients market is expected to grow at a compound annual growth rate of 7.89% to reach a market size worth US$9.621 billion by 2027. This market was valued at US$5.653 billion in 2020.

Food is a key sector to consider for survival as the world population grows. As a result, micronutrients are essential for plant and agricultural growth. They boost quality and output by supplying nutrients like iron, zinc, boron, copper, and others. Furthermore, the rising requirement for crop micronutrients might be due to the development of soil deficiencies in cultivated fields. Crop micronutrients also assist crops in becoming more disease-resistant. According to the United Nations, the global population is predicted to reach 9.7 billion by 2050. However, the demand for the few available resources is rising as industrialization and urbanization accelerate. Thus, a major decrease in arable land has increased farmers’ usage of micronutrients, which are thought to be very efficient for increasing yield quantity and quality in the limited accessible land.

A significant decrease in arable land, combined with an increase in the globally growing demand for food, has increased the pressure on the limited available resources. As a result, farmers are using various micronutrients to improve yield in the limited available land, which is also playing a significant role in shaping the market growth in the coming years.

The crop micronutrient market is expanding due to soil micronutrient deficiencies and biodegradable chelates

Crop micronutrients are found in low amounts in plants, and shortages in these elements can lead to crop diseases. For example, a lack of Fe can induce chlorosis in several crops. Similarly, Mn shortage may result in decreased agricultural output. Micronutrient deficiencies and imbalances are occurring in soils all around the world, with soil pH, humidity and others being the primary reasons. As the pH of the soil rises, so does the accessibility of micronutrients. Mineral fertilisation efforts are being prioritised by governmental and non-governmental entities to reduce shortages. According to the FAO, India, China, and the United States utilise almost half of all mineral fertiliser nutrients. Despite the fact that many nations have achieved national food sufficiency, there is always a need to feed people with nutrient-rich food by upgrading agricultural methods.

Furthermore, because of the different recognised risks of non-biodegradable chelating agents, market attention is shifting toward the creation of biodegradable chelates. These are mostly used to remove metals that can harm plant and soil health, as well as to prevent the precipitation of these hazardous metals into the soil. Additionally, farmers are gradually transitioning away from commodity fertiliser products and toward speciality fertilisers such as chelated fertilisers, encapsulated fertilisers, and others. These fertilisers have strong growth potential for higher output, and they use less water. Fertilizer producers are creating agricultural chelates with the help of government regulations and subsidies, which are expected to expand in rising economies such as India and China. Therefore, all these reasons sum up the crop micronutrient market to witness an increase in the coming years.

Key developments in the crop micronutrients market

There have been major key developments in this market that have elevated and expanded the market spectrum. For instance,

·        Under the Tamil Nadu State Rural Livelihood Mission, the National Research Centre for Banana licenced and transferred technology for the manufacture of ‘Banana Sakthi,’ a micronutrient mixture for banana crops, to a women farmer producer’ group in Kanyakumari district in 2022.

·        In 2022, Coromandel International Limited launched products, OFFICER, a new generation selective herbicide, for farmers. It is a broad-spectrum systemic herbicide that controls a wide range of weeds in paddy fields.

·        In 2020, McGregor Company expanded its family-owned ag retail company by acquiring HydroGro. HydroGro is an Arizona-based company that produces water-based micronutrient solutions for the agricultural and turf sectors. HydroGro was a pioneer in seed-applied Nutritionals micronization technology and possesses multiple patents in that field.

·        In 2022, The Rice Fortification Unit has been inaugurated by the Centre of Excellence for Food Fortification (CEFF) at the National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Haryana, in collaboration with Hexagon Nutrition. The construction of the rice fortification equipment at CEFF is an important step toward creating a healthier nation.

·        A new collaboration between Pro Farm Technologies, a subsidiary of Marrone Bio Innovations, Inc., and Corteva Agriscience has provided growers in Europe with an innovative, sustainable choice for increasing plant health and crop quality in 2022. Corteva is the only European distributor for Kinsidro Grow, a revolutionary foliar bionutrient that provides critical nutrients to plants, resulting in greater plant vigour.

According to analysts, the Asia Pacific region is expected to occupy a notable share of the market in the upcoming years. 

During the predicted period, Asia Pacific is anticipated to account for the biggest share in terms of volume and value. The rising development of high-value crops and increased farmer knowledge of micronutrients are likely to give greater opportunities for market expansion. Government regulations enacted by Asia Pacific countries, as well as huge subsidies for crop fertilisation and nutrition, often up to 100% for marginal farmers, are important drivers driving the growth of this industry in the area. The growing farming practices and need for high-quality agricultural output are driving the Asia Pacific micronutrient fertiliser market expansion.

COVID-19 Insights

The outbreak of the COVID-19 virus led to a surge in infection rates, resulting in the implementation of worldwide lockdowns across countries. This led to a decrease in the market demand for the crop micronutrient market since most production and supply lines were disconnected. Since most crop producers could not meet the increasing food demand during the pandemic, the cost of food increased. The increased demand resulted in more farmers using micronutrients for crop production, to increase crop immunity and decrease crop failure. Moreover, with most industries now restarting their production processes, the crop micronutrient market is anticipated to increase in demand.

The Growing Development in the Thin Film PV Module Market

The Global Thin-Film PV Module Market is expected to grow at a compound annual growth rate of 3.81 % over the forecasted period to reach a market size of US $11.557 billion in 2027 from the US $8.896 billion in 2020. Thin-film solar modules are constructed from the thin-film solar cells. Thin-film solar cells are second-generation solar cells that are made from layering of multiple thin-film photovoltaic materials. These solar cells have been observed to have a fragile layer of thickness, which measured in nanometres, as compared to the conventional P-N junction solar cells. Thin-film PV modules are more flexible and lightweight and cater to the development integrated photovoltaics through their use. The thin-film technology is known to be relatively more economic despite having lesser efficiency when compared to the conventional crystalline silicon technology. However, this technology has shown significant improvement due to the constant research and development over the years. As a result of all the efforts made on R&D, the efficiency of CdTe and CIGS PV cells is now recorded to be over 21% which has successfully outperformed multi-crystalline silicon, which still has a dominant share in the solar PV module industry.

Increasing Focus Towards the Renewable Energy Sector to Drive Market Growth

The inclining focus towards the renewable energy sector, especially solar energy, is expected to drive the demand for thin-film modules, thereby augmenting the growth of the market. Countries across the world have set targets for themselves, aiming to increase the share of renewable energy sources in the total electricity generation mix because of the rising concerns regarding things like environmental sustainability, reduction of the emission of greenhouse gases and also, the constantly rising cost of electricity. For instance, Australia’s renewable energy target is a federal government policy that aimed at generating an upwards of 33,000 GW of the total electricity from renewable sources by the year 2020. Spain is aiming at an installed capacity of 120 GW of renewable energy, primarily wind and solar, by the year 2030 under the country’s NECP 2021-30 (national integrated energy and climate plan). Canada, which boasts one of the cleanest electricity systems across the globe, also has set the target of increasing the share of zero-emitting renewable sources to 90% by the year 2030 from around an 80% figure back in 2016. In India, the government has aimed to install a capacity of 175 GW of renewable energy by 2022, out of which solar would constitute about 100 GW. All these targets and goals aimed at increasing the overall share of renewable energy sources in the total electricity generation mix are thus predicted to significantly drive the demand for thin-film modules globally and propel market growth.

 

Increase in R&D Investments to Increase Adoption of Thin Film PV Module and Augment Market Growth

 

The growth of investments in the research and development in order to make the thin-film solar modules more efficient is predicted to show an increase in their adoption and thus, raise their share in the global solar PV market. For instance, in December 2019, NICE Solar Energy GmbH, a German-Chinese joint venture was reported to have achieved a new world-record efficiency rate of 17.6% for the CIGS (copper, indium, gallium, and selenium) thin film solar modules. Further, in September 2019, NICE Solar Energy, a Schwäbisch Hall-based enterprise, along with the Karlsruhe Institute of Technology and the Centre for Solar Energy and Hydrogen Research Baden-Württemberg joined their forces together in order to work on the Capitano project. This project aimed at combining perovskite semiconductor-based thin-film solar modules with semiconductors made up of CIGS. This combination can potentially result in efficient tandem solar cells, while having all the advantages of thin-film technology and an efficiency of around 30%.

 

North America to Hold Substantial Share in the Thin Film Market

 

By geography, the North American region is projected to account for a significant share in the global thin-film module market in the analysed period and was also recorded to hold substantial shares back in 2019. With the imposition of tariff by the US, on silicon-based PV modules in 2018, the manufacturing of thin-film solar module has increased, with US manufacturer First Solar being one of the key players in the global thin-film module market. According to the EIA in 2019, the country was reported to have manufactured over 600 MW of thin-film modules. But after the tariff imposition, 8 GW of PV modules that were imported, did not tariff in 2019, while about 4.3 GW of these modules were thin-film modules. In October 2019, First Solar made an announcement stating that the production at its new PV module manufacturing facility in Ohio had commenced. With this new production facility, the company’s total annualized production capacity stood at 1.9 GW in the US. Both the production facilities at Ohio manufacture Series 6 module, a larger CdTe thin film solar module and similar in size to a conventional 72-cell crystalline silicon module.

 

Europe to Hold Decent Market Share in the Forecast Period

 

Europe is another region which is expected to hold a decent share in the thin-film module market globally over the analysed period owing to the growing R&D activities and focus directed on the reduction of carbon footprints across the entire region. For example, the European Sharc25 research project has been working on the optimization of the conversion efficiency of CIGSe thin-film technology from various aspects, with a combination of methodology like experimental characterization, theoretical modelling and sharing of the technical know-how among multiple leading research groups throughout Europe. European countries have been constantly increasing their speed to meet their targets of carbon-dioxide reduction while also addressing their energy needs. The demand for thin-film solar modules has been growing considerably in Europe, which is positively impacting the growth of thin-film module market in this region. The very first solar thin-film modules were selected back in 2017 by Photosol to power 14 solar power plants, with a capacity of 106.5 MW, and are located in Central and Southwest France. Hanergy Thin Film Power Group announced in 2018, the culmination of Europe’s biggest flexible solar module project, by its US based subsidiary, MiaSolé in Den Bosch, Netherlands. As a part of this project, the company successfully installed 418 flexible, lightweight modules on the roof of the Maaaspoort Sports Centre.

The Takeover of the Concentrated Solar Power Market Across the Globe

The Concentrated Solar Power Market is expected to grow at a compound annual growth rate of 10.67% over the forecasted period to reach a market size of US$2.602 billion in 2027 from the US$1.280 billion in 2020. Concentrated solar power plants are systems that use mirrors to concentrate the energy of the sun and use it for the operation of the conventional steam turbines as well as engines that generate electricity. The thermal energy that is concentrated in a CSP plant is retainable and can be stored and used to generate electricity as per the requirement of the user, be it day or night.

This technology helps in the generation of electricity by focusing on sunlight. The energy of the sun which is concentrated is then converted into high-temperature heat, which is then processed through a conventional generator. A CSP plant comprises of two parts: the function of the first one is to collect the solar energy and convert it into heat, while the second converts that produced heat energy into electricity. Because of the use of the thermal storage functionality, these systems are able to supply solar power as and when required, helping to tackle the grid integration challenges regarding the variability of solar energy and enabling the heat produced through it to be stored until the time the electricity is needed. Apart from powering a turbine, CSP technology can also be used in the production of heat in a broad range of industrial applications like food processing, water desalination, enhanced, chemical production, oil recovery and mineral processing among others.

Rapidly growing global consumption of electricity to augment market growth

A key factor which is fuelling the demand for concentrated solar power is the constantly growing consumption of electricity across the globe. According to the United States Energy Information Administration (EIA), the electricity consumption worldwide has been increasing at a faster rate than the rate of rise of global population, which has led to an increase in the average amount of electricity consumed by each person, which can also be called, per capita electricity consumption. Most of the rise in electricity consumption can be attributed to the growing electricity consumption in developing economies outside the OECD (Organization for Economic Cooperation and Development), which use electricity various spaces like in buildings for lighting and operating appliances, for manufacturing goods in industrial processes, as well as in the transportation sector for powering rail and light-duty vehicles. This continuous inclination of per capita electricity consumption has reflected the rapid transition to more energy-intensive industries. This along with changes in demand of services, like, the growing use of air conditioners and other electric appliances add further to the already growing electricity consumption. Adding to this, even in the less developed non-OECD countries, the per capita electricity growth has grown to more than double in the time period between 2000 and 2017. Hence, all these factors have attributed to the increase in global consumption of electricity, which in turn is expected to give rise to the use of renewable, clean energies like solar energy, thus projecting a growth for the CSP market.

 

Government schemes and policies regarding green energy to drive market growth

 

In recent times, the governments of various countries have rolled out policies and programs to that will lead to rise in the installation of the CSP technology which is turn projected to bolster the growth of this market in the analysed period. For instance, the U.S. Department of Energy provides a great amount of funding through competitive awards to universities, industries, and laboratories with the common aim of making wide-scale dispatchable solar energy systems cost-effective without the need of any subsidy by 2020. MUSTEC (Market uptake of solar thermal electricity through cooperation), in view of EU 2030, has the goal of exploring and proposing viable solutions to overcome the obstacles that restrain the arrangement of CSP cooperation projects. All these initiatives and plans are thus predicted to contribute greatly towards setting up of more CSP technology leading to the growth of the market.

 

Geographical insights

 

By geography, the CSP market has been divided into five regional markets: North America, South America, Europe, Middle East and Africa and Asia Pacific. The North American region accounted for a significant share of the global CSP market back in 2019. As of now, approximately 1,815 MW of CSP plants are operational in the United States. Even Europe holds a substantial share in the global CSP market, with investments booming up in Spain. Further, with fresh tariff legislation, the increasing need for storage and the proven performance of these plants, there has been a great amount of boost in the confidence of the investors in the Spanish CSP ownership. In  February 2020, Mitsubishi Corporation entered the CSP market by making investments in four CSP plants in Spain, held by the Spanish solar power giant, Acciona with Mitsubishi Corporation having an ownership of 15 percent in its shares. The Asia Pacific region is expected to witness promising growth in the concentrated solar power market in the forecasted period due to the rise in the amount of investments in renewable energy sources. Countries like India and China have offered lucrative opportunities for the players in the CSP market owing to the rapid installation and implementation of solar energy in order to increase the share of renewable energy generation. Recently, a lot of attention has been diverted to the Middle East and North America region. CSP based energy has shown an increased popularity there  because, unlike  the solar photovoltaic generated energy, the former can very easily be used to store the generated thermal energy within massive molten salt tanks for a later usage, even at night.

 

Covid-19 Insights

 

The CSP market was saw a decline because of the outbreak of the coronavirus pandemic. The subsequent lockdowns that followed disrupted the supply chain due shutting down of production facilities which resulted in reduced production of CSP plants. Not just that, this had a negative effect on the demand of this technology as well due to the pause in the functioning of various industries and declining investments in new CSP projects.

Commercial Aviation Aircraft Tires Soaring High

The global commercial aviation aircraft tires market was valued at US$1.232 billion in the year 2020, while growing at a CAGR of 3.14%, and is estimated to reach a market size of US$1.531 billion by 2027.  An aircraft tire is a unique kind of tire, which is specially designed for different types of aircraft that range from military jets to private jets, commercial jets, and cargo planes, among many others. These tires are made out of rubber and are designed in a way that offers good stability in crosswind conditions and also offers a way to channel away from the water, which is primarily done to prevent hydroplaning and also to make the braking effect more efficient.

The primary factor which drives the growth of the commercial aviation aircraft tires market is the globally growing aviation industry, despite a slip up by the pandemic, and the inclining number of investments by numerous major airline companies for the procurement of new generation aircraft. Air travel is growing across the globe, which can be attributed to factors like the rise of the tourism sector, inclining disposable income, a rise in business travel, as well as medical tourism, among others. The market is also expected to show substantial growth due to the presence of even more stringent regulations when it comes to the maintenance and operations of commercial aircraft tires by numerous government organizations across various countries in the world. However, the outbreak of the COVID-19 pandemic caused a major slowdown in market growth to an extent, especially during the initial phases of the pandemic that resulted in nationwide lockdowns in many countries.

Single-aisle aircraft to witness substantial growth

On the basis of aircraft type, the commercial aviation aircraft tires market is segmented into Single-aisle and wide-body. During the forecast period, the single-aisle segment is expected to show robust growth. The neck-to-neck competition between major single-aisle commercial aircraft market players has propelled the market for single-aisle aircraft to a great degree. For instance, Bahamas Trade Info reported in July 2022 that Airbus had climbed past Boeing in single-aisle market share. Such tough competition among the market players is the prime reason for the growth of this market segment. Further, due to the benefits such as low operational cost, ease of maintenance, and economical purchase. The demand for small-size aircraft has witnessed a surge in the past years which has been supporting the demand for commercial aviation aircraft tires in this segment. However, it is anticipated that wide-body aircraft are expected to hold a considerable market share. Owing to the growing air passenger traffic the companies are expanding their fleet capacity with large-size aircraft, because of which, this segment is expected to show substantial growth during the forecast period. For instance, in September 2022, Air India announced the signing of a lease agreement with Boeing to progressively induct five wide-body aircraft from December 2022 to boost its domestic and international operations over the next 15 months. Such developments are expected to create opportunities in the commercial aircraft tires market during the forecast period.

Participation by key players to augment market size

There is a significant number of companies that are working in the commercial aviation aircraft tires market and some of them have solidified their position in this industry as the leading providers. These players are involved in a broad range of product launches, investments, and R&D, which form a part of their growth strategies, in order to strengthen their positions even further and aid their con summers with better products and services worldwide. This factor is expected to augment the growth of the market in the analyzed period. For instance, in June 2019, a major market player, Goodyear Tire & Rubber Company, announced a partnership with Airbus in order to supply its Flight Radial tires as the main and nose landing gear for the new Airbus aircraft, A321XLR. 

The stir caused by COVID-19

The outbreak of the coronavirus pandemic is one of the major factors that has caused a restraint to the growth of the market, due to the slowdown of activities by the commercial aviation sector on a global level. The COVID-19 scenario resulted in a reduction in the volume of production of commercial aircraft, owing to which, the demand for aviation tires market was very negatively affected. Furthermore, there was also a halt in the overall commercial flights across the globe which also led to a decrease in the demand in the market. The IRBD (International Bank for Reconstruction and Development) reported that the spread of the virus affected the aviation industry as it recorded very less air passengers in 2020 as compared to 4,3 million in 2019. Major aircraft manufacturers in the industry, like Boeing and Airbus, were reported to have reduced their production forecasts by approximately 50%. The airline industry reported a drop in their revenue by about 40% to a figure of $328 billion in 2020 due to the declining demand for air travel and a wide-scale cancellation of flights. Thus owing to the pandemic, there has been a drastic decline in the active fleet by airlines, further adding to the negative impact on the commercial aviation aircraft tires market. 

Improve the Power Efficiency in Portable Devices with Portable Battery Packs

The portable battery pack market is projected to grow at a CAGR of 12.35% during the forecast period to reach US$17.684 billion by 2027, from US$7.825 billion in 2020.

The changing structure and revolutionized use of technology have opened the gates for new opportunities and for new and better technological advancements. The evident need for electronic devices to stay connected with the outside world gave birth to the need to keep those devices functional and charged for a larger portion of time. Henceforth, to aid the need for fully charged and functional electronic devices, portable batteries are used to supply power through an inbuilt battery that can be recharged as per the requirement. A portable battery pack is a rechargeable electrical device that can hold power, charge, and discharge when required. This device is mostly used in the end-user industry to charge devices like mobile phones, cameras, laptops, and tablets among others. Additionally, these battery packs have witnessed a substantial surge in their scope of application across various industry verticals, which has helped in revolutionizing the portable battery pack market.

The prime factor propelling the market of the portable battery pack is the increasing adoption of mobile devices, rising urbanization, and urban population.

The increased use of smartphones and smart devices is the prime factor for the growth of the portable battery pack market. A large variety of operations can be easily done with the help of smartphones and/or smart devices. Functions like online shopping, online fund transfer, banking, social networking, online education, and working among others are made possible with the help of smartphones and smart devices. Additionally, the recent breakthroughs to improve connectivity for the smartphone industry are further increasing the demand for smartphones. For instance, the adoption of 5G technology that aids faster data speed is expected to create a higher demand for these smart devices. Henceforth, with the rising adoption of smartphones and smart devices, it is expected that the demand for portable battery packs and rechargeable batteries will increase simultaneously.

Furthermore, the growing urban population and urbanization are playing a vital role in the growth of the portable battery pack market. Owing to the rising disposable income across multiple geographies and in urban areas has further propelled the growth of the smartphone segment in the past few years. According to the World Bank, the urban population as a percentage of the total population has increased from 52% in 2011 to 57% in 2021. The total urban population accounts for 4.43 billion in 2021. Also, the World Bank estimates that the trend of urbanization will continue, and the total urban population will double than its current size by 2050. At that point, nearly 7 out of 10 people are expected to live in cities. Furthermore, urbanization is being fueled by the growth of the urban population, shifting lifestyle norms, and increasing use of smart devices, which in turn is boosting demand for portable electronic devices that use rechargeable batteries and portable chargers. Henceforth, it is expected that the growing urbanization will propel the demand for portable battery packs during the forecast period.

The lithium-ion battery holds a dominating share in the portable battery pack market

By technology, the portable battery pack market is segmented into Nickel metal hydride, Ni-Cd (Nickel Cadmium) batteries, Li-Polymer (Lithium Polymer) batteries, and Li-ion (Lithium-ion) batteries. The lithium-ion battery segment holds a prominent share in the portable battery pack market, owing to the extensive use of these batteries in most portable consumer electronics devices such as cell phones, laptops, etc. These batteries have high energy per unit mass relative to other electrical energy storage systems. Additionally, they also have high energy efficiency, a high-power-to-weight ratio, good high-temperature performance, and low self-discharge. Furthermore, the lack of alternatives to these lithium-ion batteries has further helped this segment to have a considerable share in the portable battery pack market during the forecast period. These characteristics of lithium-ion batteries are expected to propel the market for portable batteries under this segment.

According to analysts, the Asia-Pacific region is expected to have the largest share of the portable battery pack market in the upcoming years.

Based on Geography, the portable battery pack market is divided into North America, South America, Europe, and the Asia Pacific. Analysts anticipate that the Asia-Pacific region will have the largest market share owing to the increasing innovations in technology in countries like China, and India. Furthermore, the presence of these countries and the huge population residing in this region acts as a key factor driving the portable battery pack market. According to the National Blueprint for Lithium Batteries 2021-2030 report, China is expected to have about 1,811 GWh of lithium cell production capacity in 2025, which is efficient to support the cost-competitive EV production up to the equivalent of one-quarter of 2020 global passenger EV sale.

Furthermore, China dominates the supply chain for the manufacture of lithium-ion batteries, which also includes the processing of minerals and raw materials. Moreover, these bright statistics are indicating China’s leadership in the battery sector and that the demand for portable battery packs in the country is likely to rise over the next ten years, the country’s portable battery pack market is anticipated to have a promising future. The market for portable battery packs for computers, phones, and tablets becomes increasingly significant. Additionally, the Indian government is also taking steps to prepare a road map for other options for high-quality batteries for electric vehicles. For instance, the Ministry of Mines posted a report in August 2021, which says that the Government has approved the Production Linked Incentive Scheme (PLI) for the manufacturing of Advance Chemistry Cell (ACC) in the country. The scheme makes provision for building a competitive ACC battery manufacturing facility in the nation (50 Giga Watt hour-GWh). These strategic developments in this region with government support are playing a vital role in the growth of the portable battery pack market in this region.

Additionally, the North American region is also a particularly lucrative market for manufacturers of portable battery packs, and demand there is driven by the region’s high consumer purchasing power and growing interest in high-tech goods. Furthermore, the United States is also taking steps to develop its lithium battery manufacturing value chain. For instance, the National Blueprint for Lithium Batteries by the Federal Consortium for Advanced Batteries is expected to guide the investments to develop the domestic lithium-battery manufacturing value chain in the US. These developments are expected to support the growth of the portable battery market in this region. 

Structural Adhesives Comes in Handy for Product Manufacturers

The structural adhesives market is projected to grow at a CAGR of 4.47% during the forecast period to reach US$11.798 billion by 2027, from US$8.689 billion in 2020.

The structural adhesive is used to bond a joint and has the capability of holding two or more substrates together under stress. The failure of these joints could have disastrous effects on the product’s structure and functionality, making them the most crucial bonds in a product. A correctly applied structural adhesive should keep a product securely attached when it is subjected to vibration, shock, chemicals, temperature changes, or other forms of weakening or destructive agents within predetermined tolerance levels. These substances are capable of binding two or more surfaces together over the product’s lifespan. The structural adhesives can be subjected to stress, chemical exposure, heavy vibrations, temperature changes, and several other destructive forces. Furthermore, structural adhesives have several benefits over conventional fastening techniques, which include better stress distribution as the structural adhesives help in force disbursement over the bond line which creates a stronger assembly.

The growth of the structural adhesive market can be mainly attributed to the increasing adaptation in Automotive industry coupled with the benefits offered by structural adhesives.  

The market is expanding due to the development of light commercial vehicles, cutting-edge passenger automobiles, and new aircraft with high consumption of composite materials. Furthermore, more uses of lightweight materials with high-performance benefits in automobiles are projected to drive the market. The market for adhesives and composites is rising despite severe competition from substitute materials, especially in applications that require high performance, weight savings, and other benefits including fuel efficiency. Moreover, the advantages of structural adhesives include easy joining of complicated shapes and cost-effectiveness due to reduced material costs, and process time. As a result, it is expected that the market for structural adhesives will experience significant growth during the forecast period.

Furthermore, the growing automotive industry is expected to propel the market for structural adhesives in the forthcoming years. Owing to the growing dependency on high and ultrahigh-strength steels and aluminum for body structures, notably used in bodies-in-white (BIW), to reduce weight without losing crash-mitigation strength. Moreover, these structural adhesives are available in varying chemistries and formats which can be used in multiple areas of vehicles. For instance, an American multinational conglomerate operating in the fields of industry, worker safety, healthcare, and consumer goods, the 3M offers liquid structural adhesives as well as Structural adhesive tapes for clean, simple, and quick structural joining of BIW. The company claims that their 3M Structural Adhesive Tapes cure in standard e-coat ovens and expand to fill gaps, which allows the prevention of corrosion of all types.

The Epoxy structural adhesive will have a significant share during the study period

By Type, the structural adhesive market is divided into Epoxy, urethanes, acrylics, methyl methacrylate, and others. The segment’s growth is expected to be aided by the lucrative growth of epoxy during the forecast period. The growth of epoxy structural adhesives can be traced back to its high bonding strength in several end-use applications like aerospace, industrial, and automotive among others. Furthermore, epoxy-based structural adhesives are largely utilized in aluminum structures because they can withstand vibration. Moreover, the benefits of structural epoxy adhesives for automation applications are bolstering the growth of this market segment. The benefits include uniform stress distribution, larger stress-bearing, gap-filling, improved energy efficiency, and easy automatable applications among others. Furthermore, the end-user can also benefit from the low cost and increased productivity of epoxy adhesives for automotive applications. These numerous benefits of using epoxy structural adhesives are expected to propel the market for structural adhesives during the forecast period. 

The structural adhesive market for the automotive segment is expected to grow at a significant rate during the anticipated period.

Based on industry verticals the market of structural adhesives is segmented into automotive, construction, energy and power, aerospace and defense, consumer electronics, and others. In order to make cars lighter, structural adhesives were launched as a low-volume substitute in the automotive sector. However, after realizing its potential, the auto industry began utilizing it for mass production. Moreover, it is anticipated that in the upcoming years, the use of composite materials will increase, there will be a need for environmentally safe, long-lasting, and non-hazardous structural adhesives, and there will be a demand for lightweight, low-emission vehicles and aircraft, all of which are anticipated to drive the demand for structural adhesives.

According to analysts, the Asia-Pacific region is expected to occupy the dominant share of the structural adhesive market in the upcoming years.

Based on Geography, the structural adhesive market is divided into North America, South America, Europe, and the Asia Pacific. According to analysts, the Asia-Pacific region holds the biggest market share. The market growth can be largely attributed to the increasing adaptation of adhesives in automotive technology and industrial manufacturing in this region. The global structural adhesive market share was dominated by the Asia-Pacific region. One of the biggest markets for structural adhesives worldwide is China. China’s Five-Year Plan, which was released in January 2022, projects that the country’s construction industry will rise by about 6% in 2022. To reduce waste and pollution from construction sites, China intends to promote the production of prefabricated structures. Moreover, the rapid industrial development and the growing manufacturing sectors, and an increase in the number of applications for structural adhesives are some major drivers of the market in the Asia-Pacific region. Other prominent sectors that use structural adhesives include the automotive and aerospace industries. OICA estimates that 4,399,112 automobiles were produced in 2021, a 30% increase over the 3,381,819 automobiles produced in 2020. Overall, over the course of the forecast period, all of these factors are anticipated to have an impact on the demand for structural adhesives in the Asia-Pacific region.

The North American region is expected to register the second higher growth in the structural adhesive market during the forecast period. Even though the markets in North America and Europe are mature, technical advancements in high-growth industries, such as sporting goods and medical applications, are anticipated to propel the market at a very high rate throughout the projected period.

Impact of the Technological Advancements in the Automated Material Handling Market

The automated material handling market was evaluated at US$26.485 billion for the year 2020, growing at a CAGR of 7.36%, reaching a market size of US$43.528 billion by the year 2027. 

The Global Automated Material Handling Market is becoming more popular as a result of numerous development reasons. Materials management and automation techniques have become more important in a variety of areas. Material handling is seen as a network that eliminates the need for product transfer from one place to another. It is a time-saving procedure that employs innovative technologies and machines. Even the increased digitalization of supply chain procedures and order customization opens new chances for the market. The increase in technical innovation, effectiveness and efficiency in running organizations benefits the market tremendously. The rising trend toward smart manufacturing is projected to boost the automated material handling sector. To assess operational efficiency and reduce waste, the whole production floor must now be monitored at every stage of the process. Smart factories with material handling allow constant monitoring of all operations in such instances.

Furthermore, several intuitive materials handling system technologies, such as cloud connection and data analytics, increase asset performance and provide real-time actionable data. In addition, most of the companies have launched new partnerships and investments that have boosted the profitability of the automated material handling market. For instance, Honeywell established a strategic partnership with OTTO Motors, a division of Clearpath Robotics, in March 2022, giving warehouses and distribution facilities across North America an automated option to fulfill some of the most labor-intensive positions in an increasingly scarce work market. Due to all these factors, the automated material handling industry will be highly benefitted in the coming years.

The automated material handling market is expanding due to the rise in the technology industry

The introduction of new technologies into these systems, such as deep learning, AI, IoT, and robots, is a significant driver driving the expansion of the automated material handling systems market. The technologies provide seamless and real-time order picking in production operations, allowing enterprises to accelerate their material handling procedures. Implementing sophisticated technology in distribution centers, such as Automated Guided Vehicles (AGV), allows enterprises to process enormous numbers of repeated material moves, resulting in increased throughput. Such systems enable cars to make route decisions based on real-time feedback from environmental circumstances as well as the simplicity with which navigational corrections may be made. Due to the rise of collaborating with robotics companies, the market for automated material handling is primarily driving growth from this segment. For instance, in May 2021, Rockwell Automation, a business that specializes in industrial automation and digital transformation, and Comau, a company that specializes in industrial automation and robotics, are collaborating to create unified robot control solutions to improve efficiency. Comau offers a variety of robotics solutions utilized throughout sectors, such as more than 40 industrial robotic arms with load capabilities ranging from 3 kg to 560 kg. Engineers can program a whole machine in a single environment, machine builders may use digital engineering tools, and operators can view both lines and robot control systems on a single platform. Additionally, Jungheinrich AG, located in Hamburg, purchased a share in Magazino, a robotics start-up based in Munich, in September 2020. Officials from the two firms signed the contracts Wednesday in Dingolfing, near Munich. Simultaneously, Jungheinrich and Magazino committed to a wide strategic partnership and plan to integrate their skill sets in mobile automation.

The development of the e-commerce sector will influence the profitability of the market

 

As the e-commerce sector develops, the market for automated material handling systems is expected to increase. The global e-commerce business is developing, producing high demand for process automation. Several companies have partnered with each other to extend their product range, in addition, to implementing the automated material handling segment into the e-commerce industry. Due to this reason, the rise of the e-commerce industry will benefit the automated material handling market. For instance, Dematic, an industry-leading automation supplier, announced a collaboration with Upshop in September 2022 to deliver integrated fulfillment solutions that grow with the grocery sector. The collaboration has enabled supermarkets wishing to expand their fulfillment operations to keep and control their consumer data. Upshop eCommerce fulfillment users may utilize Dematic to integrate automation features while maintaining their software base swiftly and efficiently. This news follows the August 2022 introduction of Upshop’s whole store operations platform, which includes a cutting-edge fulfillment orchestration solution. Additionally, in January 2020, Amazon signed an agreement with Baylo, a French robotic software company. This business agreement increased the value of the design and development of breakthrough robotic systems for materials management vehicles. This strategic strategy enhanced Amazon’s warehousing material management, resulting in a smoother e-commerce operation.

According to analysts, the Asia Pacific region is expected to occupy a notable share of the market in the coming years.

 

Due to the rising e-commerce industry and the emergence of technology in the Asia Pacific region, the market for this geographical segment is anticipated to grow in the upcoming years. For instance, according to China’s National Bureau of Statistics, overall retail sales in China’s consumer goods market in 2021 are expected to be roughly CNY 44.1 trillion. Retail sales in urban regions totaled CNY 38.2 trillion, while revenues in rural China reached CNY 5.9 trillion. Furthermore, in 2021, around 24.5% of all retail sales in China were made online, a slight decline from 24.9% in 2020, as per the same source. Additionally, South Korea has embraced the Fourth Industrial Revolution. Smart factories are going to be one of the most significant sectors in Korea. South Korea intends to build 30,000 smart factories by 2022. South Korea’s government launched an assistance program to assist existing businesses in becoming carbon-neutral smart factories.