The virtual tour software market is expected to grow at a CAGR of 17.15% with a market valuation of US$0.855 billion in 2022 and is expected to reach a market value of US$2.589 billion by 2029.

The market for virtual tour software is expanding as more VR, AR, and MR devices become available. One of the increasingly popular applications of virtual reality is virtual tour software, which aids in destination-based marketing.

Many industries, including education, automotive, manufacturing, security, real estate, tourism, and hospitality, are implementing this software as a new marketing strategy to boost consumer connection. The marketing strategy is expected to improve client happiness and boost contact sessions by utilizing a virtual platform.

As per the report, the virtual tour software market is expected to grow at a significant pace.

Virtual tour software is becoming increasingly popular in the real estate sector because of its immersive features. Integrating virtual reality allows real estate agents to more effectively to target the right buyers, provide 360 virtual tours, and unearth targeted leads. Furthermore, providing 360-degree virtual tours of a property might result in increased revenue.

For instance, the prominent proptech business Square Yards has declared a 70% increase in FY23 sales, totaling Rs. 670.5 crores, driven by rising demand for residential real estate. The company’s revenue for 2021-2022 was Rs. 395.6 crore. The real estate industry provided a significant portion of the company’s overall income.

There are many product launches and developments that are taking place in the virtual tour software market during the forecast period. For instance, In January 2024, Planitar Inc., the creator of “iGUIDE,” announced “IGUIDE Instant,” a revolutionary AI-powered digital solution that will reinvent 3D virtual tours and interactive floor plans in real estate photography. The new solution leverages iGUIDE’s unique AI technology and the PLANIX camera system to create captivating 3D virtual tours.

The global virtual tour software market, based on different market types is categorized into- 360 virtual tours, 3D virtual tours, and virtual reality tours. 360 Virtual Tours are immersive virtual tours that employ linked 360-degree panoramic photos to highlight buildings, attractions, and destinations in real estate, hospitality, tourism, and education, offering viewers different views.

3D virtual tours provide an immersive experience by rendering spaces in three dimensions with computer-generated graphics, as well as real-time navigation and interactive elements such as hotspots and floor plans, making them popular in real estate, architecture, construction, interior design, and retail for showcasing properties and designs.

Virtual reality (VR) tours are immersive experiences that transfer consumers to virtual settings via headgear or devices. They provide the maximum level of immersion, making users feel physically present in the virtual world. VR tours are utilized in a variety of sectors, including real estate, tourism, gaming, education, training, and entertainment, to create realistic simulations, training simulations, and interactive narrative experiences.

The global virtual tour software market, based on different deployment models is categorized into- cloud and on-premise models. Cloud-based virtual tour software is hosted on remote servers by providers or third-party service providers, and customers can access it via web browsers or specialized apps. This approach provides scalability, flexibility, and accessibility through subscription-based pricing and extra features such as automated updates, built-in collaboration capabilities, and interaction with other cloud services.

On-premise virtual tour software is installed and hosted on the user’s servers, providing complete control over the program and data. This strategy is chosen by organizations with strict security or compliance needs. Users often acquire perpetual licenses, which require upfront payment for software and maintenance expenses.

The global virtual tour software market, based on end-users is categorized into- education, tourism, automotive, real estate, and others. Virtual tour software is used in education to provide immersive learning experiences that enhance traditional teaching techniques in schools, colleges, universities, and training facilities. It covers a variety of topics, including historical places, museums, science labs, art galleries, campuses, and architectural monuments.

Virtual tour software is used in the tourism industry to create virtual tours of popular destinations, attractions, hotels, resorts, and landmarks, allowing travel agencies, tour operators, hospitality businesses, and destination marketing organizations to effectively promote their destinations and accommodations.

Virtual tour software is used in the automobile industry to create virtual showrooms, car displays, and interactive product demos. It allows car manufacturers, dealerships, and retailers to exhibit vehicle models, features, interiors, and technology, thus improving the auto-buying experience and enabling online transactions.

Virtual tour software is widely used in the real estate sector for virtual property tours, house staging, and property marketing. It enables agents, brokers, developers, and listing platforms to exhibit homes, allowing buyers and tenants to evaluate characteristics before booking in-person appointments.

North America accounts for a significant portion of the worldwide virtual tour software market. Growing technical innovation, along with increased growth in key end users and favorable investment to support Augmented Reality (AR) and Virtual Reality (VR), have positively influenced market demand for virtual tour software in major North American economies such as the United States.

According to the World Travel and Tourism Council’s “Travel & Tourism Economic Impact 2023 Global Trends” study, the tourism sector’s contribution to US GDP will reach approximately $2 trillion in 2022, up 16.9% from 2021.

As a part of the report, the major players operating in the virtual tour software market that have been covered are CloudPano, RTV Inc., Concept3D (3D BIM Design), Klapty, Kuula LLC, Matterport Inc., My360 (Plush Global Media), 3DVista, EyeSpy360, and Capterra Inc.

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The analytics report categorizes the virtual tour software market using the following criteria:

Segmentation:

  • By Type
    • 360 Virtual Tour
    • 3D Virtual Tour
    • Virtual Reality Tour
  • By Deployment
    • Cloud
    • On-Premise
  • By End-User
    • Education
    • Tourism
    • Automotive
    • Real Estate
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Singapore
      • Indonesia
      • Others

The market for iron oxide pigments is forecasted to expand at a compound annual growth rate of 13.55%, with an estimated value of US$4.184 billion by 2029, up from US$1.719 billion in 2022.

The market of iron oxide pigments is significantly impacted favourably by the growing product manufacturing industry.

As per the report, the market for iron oxide pigments is expected to grow during the forecast period.

Iron oxide pigments are found in nature or can be created artificially. The oxide pigments are used to add color to cosmetics, paints, coatings, and colored concrete. Pigments are completely safe, do not bleed, can withstand various weather conditions, and are highly resistant to fading. Single-component forms are primarily manufactured utilizing red, yellow, and black hues. The iron oxide pigments possess numerous applications and are presently employed in the fields of construction, coatings, ceramics, paints, ink, rubber, plastics, pavers, brake lining, and more.

Growing utilization of powder coatings in the automotive industry is a major driving force behind the growth of the iron oxide pigments market. For instance, according to Americans Coating Association published article in February 2024,  Powder coatings are utilized in the automotive industry due to their exceptional resistance to abrasion and corrosion. Unlike liquid coatings, powder coatings often retain their visual and functional qualities for extended periods. These coatings are designed to meet various color and finish specifications, such as metallic effects, high- and low-gloss colors, and clear finishes, making them suitable for a wide range of applications.

The iron oxide pigments market has been categorized based on type, color, Application, and geography.

As per the type category, the market has been classified into synthetic and natural. Synthetic iron oxide pigments are generally preferred over organic pigments due to their numerous advantages. The artificial pigments offer superior uniformity, purity, and a wider range of vibrant colors. Moreover, they exhibit greater reliability in terms of performance and are less susceptible to impurities that could potentially affect the efficiency.

As per the color category, the market has been classified into red, yellow, black and others.

As per the application category, the market has been classified into constructions, paints and coatings, paper, plastic, others. Iron oxide pigments are highly valued in the construction industry for their ability to add vibrant colors to concrete, bricks, and tiles. These pigments possess exceptional durability and are resistant to the damaging effects of sunlight, making them the perfect choice for applications that require long-lasting results.

Based on geography, the market for iron oxide pigments is expanding significantly in the North America area due to several factors. In countries like United states, Mexico, and Canada there is a growing need for iron oxide pigments in several industries, including mining, pharmaceuticals, automotives, cosmetics. This demand is being driven by these nations. Due to rise in construction activity, focus on aesthetics, expanding applications in plastics.

The iron oxide pigments market is supported by key players such as APPLIED MINERALS INC., LANXESS, Cathay Industries USA, BASF SE, Hunan Sanhuan Pigment Co., Ltd, KRONOS INTERNATIONAL, Inc., Titan Kogyo, Ltd., and more.

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

This iron oxide pigments market has been analyzed into the following segments:

  • By Type
    • Synthetic
    • Natural
  • By Color
    • Red
    • Yellow
    • Black
    • Others
  • By Application
    • Construction
    • Paints and Coatings
    • Paper
    • Plastic
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

A semiconductor lead frame is a metal framework that houses and connects integrated circuits (ICs), discrete devices, and other semiconductor components. It allows for the passage of electrical signals between the IC and peripheral environments, guaranteeing dependable connectivity and efficient performance in semiconductor device manufacture.

A semiconductor lead frame is a critical component in the assembly and packaging of semiconductor devices. It serves as a support structure for the integrated circuit (IC) chip and provides electrical connections between the chip and the external circuitry.

Semiconductor lead frames are often built of metal alloys like copper or iron-nickel alloys. These materials have excellent electrical conductivity, thermal conductivity, and mechanical strength. The lead frame is a grid-like framework with leads or pins protruding outwards. The leads link the semiconductor device to the external circuit and allow electrical impulses to flow.

The semiconductor lead frame market is expanding due to rising demand for electronic devices and a growing trend towards miniaturization of electronic components. As the size and complexity of electronic devices shrink, there is a high demand for smaller and more precise lead frames.

Wire bonding is a technique for creating electrical connections between a semiconductor chip and lead frames by utilizing thin wires such as aluminum or gold. This improves signal transmission. Following wire bonding, the assembly is molded with a protective encapsulant that protects the chip and wire bonds while also providing insulation and heat dissipation.

After encapsulation, the lead frame assembly goes through singulation, which separates individual semiconductor devices from the main lead frame panel. Semiconductor lead frames are widely used in the production of integrated circuits, microcontrollers, and discrete components.

The growing usage of sophisticated packaging methods, such as wire bonding, is a primary driver of the semiconductor lead frame market. Improving the accuracy of wire bonding technology is expected to increase demand in the semiconductor business.

In November 2023, ams-OSRAM, a global pioneer in intelligent sensors and emitters, added Red, True Green, and Blue to its OSTAR® Projection Compact range of ultra-high-brightness LEDs. The high current density and brightness of these LEDs made them excellent for high-power lighting solutions. The True Green variant was the most visible 520 nm product in its class.

Stamping technology is a quick and inexpensive technique that presses metal sheets or foil against a die to form desired patterns or shapes. It is largely utilized in the production of lead frames for consumer devices like smartphones and tablets.

The semiconductor business in the United States plays a crucial role in the economy by supplying inputs to many industries, creating employment, and generating income. In 2022, the semiconductor sector employed over 2.3 million people.

The sector employs around 345,000 domestic workers in R&D, design, and production. Through its supply chains and employee wage spending, the semiconductor industry supports an additional 5.7 jobs in the US economy.

Figure 1:  Number of Domestic Workers Employed in the Semiconductor Industry, 2023

number of domestic workers

Source: Semiconductor Industry Association

The growing use of alternative packaging technologies, such as fan-out wafer-level packaging (FOWLP) and system-in-package (SiP) solutions, is limiting semiconductor lead frame market growth. These technologies offer several advantages over traditional lead frame-based packaging, including higher levels of integration and improved thermal performance.

Some semiconductor and electronics businesses are migrating away from lead frame-based packaging solutions in favor of these alternatives, which are projected to slow the market over the projection period. Furthermore, the persistent scarcity of semiconductor components influences the semiconductor lead frame market since it affects the total demand for semiconductor devices and the components needed to create them, including lead frames. The scarcity raises prices and makes it more difficult for certain producers to obtain the materials and resources they need to create their products.

In 2022, semiconductor end-use sales in the industrial, consumer, and automotive industries saw fluctuations in market share. Historically, these industries accounted for one-third of total sales, but the recent rise in market share indicates shifts in demand that will drive the chip business for the next decade.

Innovation in the automotive, industrial, and consumer electronics industries ensures that the industry’s growth continues, with revenues potentially reaching $1 trillion in 2030. To accommodate rising chip demand, semiconductor companies have spent billions of dollars in additional investments over the past decade.

Figure 2:  Semiconductor Sales Based on End-Users, in Billion USD, 2022

semiconductor sales based on end-users

Source: Semiconductor Industry Association

The growing demand for electronic devices in industries such as automotive, consumer electronics, telecommunications, and healthcare is driving the demand for semiconductor lead frames. This is due to rapid technological advancements in semiconductor packaging techniques and materials that allow for smaller, lighter, and more efficient devices.

The semiconductor industry’s expansion, fueled by advances in AI, IoT, 5G, and automotive electronics, is driving up demand for semiconductor lead frames. The rising usage of sophisticated packaging technologies such as system-in-package and fan-out wafer-level packaging helps to drive industry development.

In terms of R&D investment as a percentage of revenue, the semiconductor business in the United States comes in second only behind pharmaceuticals and biotechnology. Despite increased worldwide rivalry, American companies invest more in R&D than any other country’s semiconductor sector. This significant reinvestment fuels innovation, maintains worldwide sales industry leadership, and produces employment across the United States. According to SIA statistics, the United States spends 18.7%, whereas Europe spends 15.0%, Taiwan 11.0%, South Korea 9.1%, Japan 8.1%, and China 7.6%.

Figure 3:     R&D Expenditures as a Percentage of Sales, 2022

R&D expenditures as a percentage of sales

Source: Semiconductor Industry Association

The semiconductor industry expansion in various countries in the Asia Pacific region is expected to drive the semiconductor lead frame market. Rising demand for semiconductors is accompanied by an increase in demand for various equipment used to manufacture semiconductors, such as lead frames.

Semiconductor lead frames are essential in the packaging and connectivity of semiconductor devices. They provide dependable electrical connections and protect the sensitive semiconductor chip. The semiconductor application’s unique needs and desired performance characteristics determine the lead frame design and material used.

In conclusion, Semiconductor lead frames are critical in the semiconductor packing process, allowing for the creation of high-performance electronic devices. Copper and its alloys are widely utilized because of their high electrical conductivity and thermal qualities, although iron-nickel alloys and composite materials may also be employed in specific applications.

Table 1:  Key Developments

Year

Development

January 2024

TOPPAN Holdings agreed to buy 75% of KEYFIELDS’ shares and form a subsidiary in February. As a result of the transfer, TOPPAN’s digital transformation (DX) services in logistics will be strengthened, with a range of solutions available to address the rising need for logistics warehouse DX in Japanese and ASEAN markets. TOPPAN Group seeks to build its logistics DX business in Japan and the ASEAN area by developing end-to-end solutions and new business models.

October 2023

Precision Micro increased manufacturing capacity at its Fort Dunlop plant in Birmingham, UK, by adding a second £1.8 million etch room. The room is equipped with three efficient etch machines and a semi-automated print frame, which are intended to reduce human intervention when printing photoresists onto bigger sheet metals up to 1500mm x 600mm. Customers benefit from this investment since it enhances throughput and lowers costs.

Source: Knowledge Sourcing Intelligence Analysis

Silicon carbide semiconductors better known as SiC Wafers have a wide bandgap of silicon carbide which makes it perfectly compatible with high-power applications. SiC wafers are widely used in several industries due to their hardness, stability under heat and high voltage current, and wide bandgap. It was discovered in 1893 as an industrial abrasive for automotive brakes and grinding wheels. Also, the hardness of SiC provides stability under high voltage current and heat, this material is being widely used in several industries.

Global Production Trends

The production of SiC wafers has been steadily increasing over the years. The SiC wafers experience growth in the automotive industry as they need shorter charge times, longer ranges, and better performance. Also, it has benefits in various industries such as its high thermal conductivity, low switching losses, improved power density, increased bandwidth capabilities, and effective and efficient functioning at high temperatures. The production is predicted to rise with increasing applications of SiC wafers.

In recent years, there has been a notable increase in the production of SiC wafers in emerging economies with technological advancements in various fields. For instance, the SmartSiC technology from Soitec allows power electronics equipment to increase the energy economy of electric vehicles and work much better. SiC power semiconductor helps power modules become more energy-efficient and smaller.

As SiC power semiconductor has so many features and benefits, the demand for them has seen rapid growth in various industries such as usage in xEVs, railcars, and industrial machinery.

SiC Wafer Use Case

Renewable energy alternatives are a huge trend in the market these days as people are switching over to more sustainable options for responsible power generation and creating a sustainable future. Solar power is one of the fastest-growing renewable energy resources among users and industries. However, to use this energy resource, the precision and reliability should be very high. Therefore, with a rise in demand for solar energy a lot of research and development is done to harness its power efficiently. SiC devices can provide 98% efficiency with solar power systems and reduce the total cost of ownership and inverter size.

Furthermore, key players in the ecosystem industry provide SiC devices for solar power systems such as ON Semiconductor and WOLFSPEED INC. with a wide range of products such as SiC diodes and SiC MOSFETs. SiC diodes provide higher and superior switching performance reliability to silicon and SiC MOSFETs are designed to be rugged and fast and include system benefits from reduced system cost and size to high efficiency.

Wolfspeed Inc. is one of the global leaders in silicon carbide technology. They make a lot of power systems that contain SiC wafer technology. The company further supplies advanced high-quality silicon carbide materials in large quantities. They are power device manufacturer that can enable silicon carbide applications in a broad range of industries, such as electric vehicles, renewable energy and storage, charging infrastructure, industrial power supplies, variable speed drives, and traction.

Figure 1:  Revenue Growth by Power Products of Wolfspeed Inc., in USD Millions, 2021-23

revenue growth by power products

Source: Wolfspeed Inc. Annual Reports

Market Dynamics and Drivers

Several factors drive the SiC wafers market, including a rise in applications of SiC in renewable energy in recent times coupled with the rise in demand for EVs in the automotive industry has contributed significantly to boosting the overall SiC wafers market. So, with this rapid growth in electric vehicle technology and popularity, the need for SiC wafers is rising proportionally. SiC wafers are used to provide powerful electronic components capable of effective and efficient functioning at high temperatures. Therefore, with a rise in demand for these products in the market, the market is also predicted to grow.

The development and innovation in semiconductor technology across several industries is one of the growth factors in the SiC wafers market. The traditional silicon-based power semiconductors are outdated now and new SiC power semiconductors outperform them and are compatible with current industry standards. They help power modules become smaller and more energy-efficient. Most power semiconductor devices have 6-inch diameter but innovations are being made for 8-inch diameter power semiconductors. So, with these constant innovations and developments in SiC wafer technology, the market is anticipated to grow in the forecast period.

Challenges and Constraints

Despite the huge advantages and use cases of SiC wafers the companies that manufacture them require a lot of materials to build SiC wafers. This includes micropipes which are micro-sized holes found in crystals. Also, while manufacturing these semiconductors workers need to be very precise and highly concentrated because one mistake can ruin a whole set of manufacturing. They are prone to various defects such as stacking faults or dislocation. These factors are predicted to contribute to and affect the market negatively.

The expansion of applications of SiC is wide but with these continuous developments and innovations, the complexity and process to manufacture these SiC wafers are also getting high proportionally. The major challenge these manufacturers face is keeping the cost low while achieving better efficiency with a less complex structure. Also, the different applications of SiC wafers require different design complexity, therefore, hindering the market.

Emerging Opportunities and Innovations

The SiC wafers market presents numerous opportunities for innovation and growth. Also, the presence of major key players offering silicon carbide devices such as Toshiba Corporation from Japan, TanKeBlue Co. Ltd. From China, and Renesas Electronics Corporation from Japan which are making significant innovations in SiC wafers technology are anticipated to increase its demand in the market globally. Furthermore, the growing innovations in the automotive industry and the electric vehicle’s popularity among people create various new opportunities for innovation in SiC wafer technology.

Key Developments

  • In February 2024, Onsemi announced the availability of its 1200V SPM31 Intelligent Power Modules. It provides a smaller footprint, higher efficiency, and higher power density resulting in lower total system cost than other leading solutions on the market. Also, it has the latest generation Field Stop 7 (FS7) Insulated Gate Bipolar Transistor (IGBT) technology.
  • In January 2024, Onsemi announced nine new EliteSiC Power Integrated Modules which will be used to enable bidirectional charging capabilities as they can charge electric vehicle batteries up to 80% in as little as 15 minutes for fast energy storage systems and electric vehicle chargers.
  • In January 2024, Wolfspeed Inc. one of the global leaders in silicon carbide technology announced the expansion of an existing long-term silicon carbide wafer supply agreement with a leading global semiconductor company.
  • In July 2023, Axcelis Technologies Inc. announced a shipment of a Purion H200™ SiC ion implant system to Wolfspeed. This was used to support the production of power devices for electric vehicle (EV) applications.

In conclusion, the SiC wafers market presents significant opportunities for growth and innovation, driven by the increasing popularity of EVs and applications across various industries like harnessing renewable energy technologies. While facing challenges such as high complexity structures across various industry verticals and huge investments for research and development, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for SiC wafers.

The travel management software market is expected to grow at a CAGR of 15.57% with a market valuation of US$2.525 billion in 2022 and is expected to reach a market value of US$6.951 billion by 2029.

The growth of the travel management software market has been driven by factors such as the growing demand from enterprises and booming traveling activities are driving the market growth. This enables people and companies to track and document the expenses incurred by workers and business travelers.

As per the report, the travel management software market is expected to grow significantly.

Travel management software allows companies and organizations to create a budget-friendly, flexible vacation or tour design. This software is making travel agencies and many enterprises work easily and more efficiently with customer data. Organizations around the globe are switching over to software-based services to provide the best experience to the customer and smooth daily operations of the organization. Therefore, many industries are using this software to immediately track actions and costs by documenting travel’s minute details in the travel management software.

The market growth is driven by the widespread adoption of travel management software by enterprises and multi-strategized and complicated organizational frameworks. The growing use of mobile phones has brought the need for travel and cost management software to the market. Every business wants to cut costs, and travel management software helps users organize their work trips more comfortably and affordably so the market for travel management software is predicted to grow with an increase in business travel expenses.

The travel management software market encompasses various deployment options, including Cloud, and On-Premises. This travel management software works with employee and customer data. Therefore, some enterprises prefer cloud technology to store these data and deploy the software there.

The travel management software market caters to various business needs based on enterprise size, including small, medium, and large. Different organization or businesses has different needs for travel management software based on the size of the enterprise. If a large enterprise is using travel management software it will need software that can handle huge amounts of big enterprise data. Whereas in small enterprises it will need to handle less data hence they will need software accordingly. So, catering to different enterprise’s needs according to their size is predicted to positively impact the market during the forecast period.

The travel management software market encompasses various industry verticals, including Tourism and Hospitality, Healthcare, BFSI, Transport, and Manufacturing. Each industry vertical has its use case for managing its employees or customer travel data expenses which they manage using travel management software. For instance, Tourism and Hospitality use this software to manage all their customer data such as travel dates, accommodations, transport details, and personal details. This data makes the tourism business work easier and more efficient to handle customer data.

The travel management software market is poised for growth in the North American region due to rising demand for travel management solutions across businesses and the development of mobile booking technologies and travel apps. The region’s widespread adoption of travel management software solutions in the area coupled with significant firms are contributing to its growth. Also, the market for travel and expense management software, adoption of machine learning and predictive analytics, presence of small and medium-sized businesses, rising demand for online booking formats, and adoption of numerous futuristic travel management platforms are going to contribute to the region’s travel management software market growth.

Nexonia, Ariett, Basware, Paychex, Expense 8, Chrome River Technologies (Certify Inc), Oracle Corporation, SKYJUNXION, and Coupa Software Inc.—these are some of the key players in the travel management software industry. Each company brings its expertise and products to the market, catering to the diverse needs of organizations and enterprises. From providing innovative solutions for travel management, these companies play a vital role in improving travel management software.

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

This analytics report segments the travel management software market on the following basis:

  • By Deployment
    • Cloud
    • On-Premises
  • By Enterprise Size
    • Small
    • Medium
    • Large
  • By Industry Vertical
    • Tourism and Hospitality
    • Healthcare
    • BFSI
    • Transport
    • Manufacturing
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Others

An AI chip is a special integrated circuit that is specifically designed to perform AI tasks. It is specialized computing hardware used in the development and deployment of artificial intelligence systems. The field programmable gate arrays (FPGAs), graphics processing units (GPUs), and application-specific integrated circuits (ASICs) are all examples of AI chips.

Global Production Trends

The production of AI chipsets has been steadily increasing over the years and the industry has been booming in recent times, driven by factors such as rapid growth in its various applications across various industries. In the automotive industry, they drive tasks such as identifying objects, merging sensor data, and making decisions, thus bolstering safety and enabling self-driving capabilities. Also, in the healthcare industry, AI chips play a major role in analyzing medical images and facilitating diagnoses from X-rays, MRIs, and CT scans.

Moreover, the rise of automation in technology is also a factor contributing to AI chipset production growth. The use of automation to automate tasks using robotics is becoming very common, and many firms are adopting AI and robots to automate their tasks in the organization rather than using any other advanced technology. For instance, as per the United States Census Bureau, around 30% of all workers are potentially exposed to advanced technologies used for automation purposes.

Figure 1:  AI and Robotics Adoption, in Percentage, 2023

AI and Robotics Adoption

Source: Census.gov

In recent years, there has been a notable increase in the production of AI chipsets in emerging economies with technological advancements in the AI field. They have a diverse set of end-users and can cater to all their needs. For instance, companies creating AI-centric products and services, smartphones featuring AI-powered technologies, and enterprises use these AI chips within data centers to tackle tasks such as refining business operations through predictive analysis and training expensive machine learning models.

IBM launched the AI Hardware Center to improve the technology of AI and reach its true potential so that they can improve AI hardware efficiency continuously each year. By 2029, the goal is to train and run AI models much faster than the company could in 2020.

AI chipsets production

Nvidia has been in the market for a long time. They have been producing GPUs (Graphics Processing Units) for the gaming sector like PlayStation, and Xbox since the 1990s. The company also makes AI chips such as Volta, Xavier, and Tesla. Additionally, owing to the generative AI boom in the tech industry, NVIDIA reached a trillion in valuation and reached the status of leader of GPU and AI in hardware markets. Also, companies like AMD (Advanced Micro Devices), and Intel are a major part of AI chipset production.

Furthermore, NVIDIA is raising the production of AI chips to meet surging demand in the market. Nvidia has come to dominate the market for Artificial Intelligence (AI) chips used in various things like robotics, electric vehicles like Tesla, and others. Additionally, the computer chip designer Nvidia shares have soared, taking the company’s valuation above the one trillion dollar mark. This also means that it joins tech giants Apple, Amazon, Alphabet, and Microsoft in the elite club of $1tn US companies.

Figure 2:  Revenue Growth of Nvidia, in USD Millions, 2021-23

Revenue Growth Of Nvidia

Source: NVIDIA Annual Reports

Market Dynamics and Drivers

Several factors drive the AI chipsets market, including a rise in generative AI in recent times coupled with the launch of ChatGPT has contributed to boosting the overall AI market. So, with this rapid growth in AI technology and popularity, the need for AI chipsets is rising proportionally. AI chipsets are used in a wide range of products such as electric vehicles with self-drive features, and smartphones which allow the processing to be done more efficiently, reducing power consumption and increasing battery life. Therefore, with a rise in demand for these products in the market, the AI chipset market is also predicted to grow.

The importance and rise in big data across several industries is one of the growth factors in the AI chipsets market. The growing need to handle this big data by using deep learning techniques and neural networks contributes to the market’s growth. An AI chip is an important part of processing AI algorithms. The more fast the chip will be the more amount of data it will be able to process quickly. These chips are mostly deployed at high-end servers or data centers because end computers are not able to process such huge loads of data and they don’t have enough time frame & power to process that data.

Challenges and Constraints

Despite the huge advantages and use cases of AI chipsets the companies that manufacture them require a lot of investments, a skilled workforce, and experts to manage, develop, and implement these AI technologies. The cost to do all these can be a hindrance to market growth. Also, the workforce should know AI technologies such as machine learning, neural networks, and deep learning and should be able to manage them after developing them.

The expansion of AI technology worldwide will require to integrate AI technology to be integrated into already existing technologies. The process of integrating AI into already existing technology will require special research and development to implement this practically. There can be no mistakes during this process as even one mistake and the whole operation of research and development will fail and the cost to do that is also very high which affects the market negatively. Furthermore, the lack of significant investments and skills required to work in developing and managing AI technologies will hinder the growth of the AI chipsets market in the forecasted period.

Emerging Opportunities and Innovations

The AI chipsets market presents numerous opportunities for innovation and growth. Advances in AI chipsets technology have led many major smartphone manufacturers to adopt AI chipsets in their devices like Samsung, Apple, and other smartphone manufacturers. These AI chipsets provide AI hardware with increased data privacy and security, sensitive data can remain on the device and doesn’t need to be sent over the internet for processing in the cloud. They will allow for processing to be done more efficiently, reducing power consumption, increasing battery life, and lowering response time.

For instance, Nvidia is integrating AI into GPUs (graphics processing units) that can utilize the Hopper architecture to accelerate AI applications. Nvidia is working with global system manufacturers and cloud service providers to make them available. The new GPU has 1.4x more memory bandwidth and 1.8x more memory capacity, improving its ability to handle intensive generative AI work.

Key Developments

  • In February 2024, Intel announced the official launch of Altera. This is a new standalone FPGA company. They aim to secure leadership across a $55 billion-plus market opportunity and expand the company’s portfolio. Their solutions range from low-power embedded applications to networking and communications infrastructure.
  • In February 2024, Intel announced that they would extend the benefits of the AI PC to commercial customers with the new Intel vPro platform. The new processor will deliver enhanced power efficiency, leadership performance, and available built-in Intel Arc GPUs.
  • In February 2024, Qualcomm revealed an advanced 5G Modem-RF System that harnesses integrated AI to enable the next generation of 5G. It is the most advanced modem-to-antenna platform which has artificial intelligence with unparalleled power efficiency, spectrum flexibility, and performance. It enables readiness for 5G advancement across various product segments.
  • In February 2024, Qualcomm announced the FastConnect 7900 product range which is the first AI-optimized Wi-Fi 7 System. It redefines user-connected Experience and enhances it. It will set a new bar for high performance, low latency, and low-power connectivity. FastConnect 7900 is the first to integrate Ultra Wideband, Bluetooth, and Wi-Fi technologies on a single chip.

In conclusion, the AI chipsets market presents significant opportunities for growth and innovation, driven by the increasing popularity of AI technologies like self-driving cars, ChatGPT, and 5G and smartphone technology. While facing challenges such as a lack of knowledgeable workforce and huge investments for research and development, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for AI chipsets.

Semiconductor dry etch systems are equipment used in the production of semiconductors, microprocessors, and other microelectronics. The technique is selectively removing or etching specific layers of material from a wafer, leaving behind the patterns and structures required for the device’s operation.

Dry etching systems use a variety of processes to remove material from the wafer surface, including plasma etching, reactive ion etching, and deep reactive ion etching. Dry etching is an important stage in semiconductor production because it enables accurate patterning and the development of detailed patterns on the wafer’s surface. These characteristics may include channels and trenches, which are key components of contemporary semiconductor devices. The capacity to create exact and consistent patterns is required to improve device performance, minimize size, and expand functionality.

The semiconductor dry etch systems market is being pushed by rising demand for improved semiconductor devices and high-resolution patterning capabilities. The drive for better processing speeds, smaller form factors, and more functionality is driving the development of more accurate patterning and etching capabilities. As a result, dry etching has become an important stage in the semiconductor production process.

In the 1980s, the US semiconductor industry lost more than half of its global market share. This was due to fierce competition from Japanese manufacturers, illegal “dumping,” and a severe industrial slump in 1985–86. The sector lost 19 worldwide market share points, surrendering leadership to Japan’s semiconductor industry.

However, the company rebounded throughout the next decade, regaining its leading position and peaking at 50% global market share by 1997. US semiconductor companies maintain a competitive edge in microprocessors, R&D, design, and process technology, with a current market share of 48%, Korea 19%, Japan 9%, the EU 9%, Taiwan 8%, and other nations’ industries accounting for 7–20% of global market share.

Figure 1:  Semiconductor Industry Countries Market Share

semiconductor industry countries market share

Source: World Semiconductor Trade Statistics (WSTS), Omdia, and SIA Estimates

The demand for modern semiconductor and electronic equipment, such as microprocessors, memory chips, and sensors, as well as mobile devices, tablets, and laptops, is fast expanding due to the widespread use of digital technology in numerous industries. Higher processing speeds, smaller form factors, and greater functionality are increasing demand for more accurate patterning and etching capabilities.

Furthermore, technical improvements in semiconductor production, such as the development of novel materials, methods, and devices, are increasing demand for more sophisticated dry etch systems. For example, the developments of novel materials like silicon carbide and gallium nitride for high-power and high-frequency devices needs more accurate and uniform etching skills. Furthermore, the growing need for three-dimensional (3D) architecture in semiconductor devices drives the need for deep reactive ion etching (DRIE) equipment.

Consumer-purchased items, including laptops and cellphones, fuel most of the semiconductor demand. Consumer demand is growing in emerging markets such as Asia, Latin America, Eastern Europe, and Africa. Global semiconductor sales are generated by goods that are eventually purchased by customers.

Semiconductors are critical components in a wide range of consumer electronics and products, including smartphones, tablets, laptop computers, TVs, gaming consoles, digital cameras, smart home appliances, wearables, and automotive electronics, among others. These semiconductor chips, also known as integrated circuits (ICs), perform a variety of activities in electronic devices, including processing, memory storage, communication, display control, sensor input, and power management.

According to data from World Semiconductor Trade Statistics Communication sectors have the largest market share of 30% followed by PC/Computer devices that holds the et share of 26% followed by industrial, automotive, consumer sector holding market share of 14% each and government holding 2%.

Figure 2:  Global Semiconductor Sales Share by End User

semiconductor sales share by end user

Source: World Semiconductor Trade Statistics (WSTS)

Semiconductor technology is continually evolving to meet the needs of many sectors through enhanced products and processes. Memory, logic, analog, and mpu have been the leading segments of the global semiconductor business in recent years. In 2022, these items represented 78% of semiconductor industry sales.

Figure 3:  Worldwide Semiconductor Sales by Product Segment 2022

worldwide semiconductor sales by product segment

Source: World Semiconductor Trade Statistics (WSTS)

In conclusion, semiconductor dry etch systems are critical equipment in the semiconductor manufacturing industry for accurate material removal and patterning. They employ plasma, a state of matter made up of ionized gases, to remove material layers from wafers. Compared to wet etching procedures that employ liquid chemicals, this process provides more control, accuracy, and selectivity, making it excellent for generating delicate patterns and features on semiconductor devices.

Key Developments

  • February 2024: Toppan Photomask and IBM had entered a research and development collaboration for 2-nanometer logic semiconductor nodes utilizing extreme UV lithography. Beginning in the first quarter of 2024, the cooperation would focus on establishing photomask capacity at the albanyNanoTech Complex and Toppan Photomask’s Asaka Planted, to provide commercial solutions for mass production of 2nm nodes and beyond semiconductors.
  • December 2023: Tokyo Electron had announced Ulucus™ G, a wafer-thinning solution for 300-mm wafer production. The technology intended to improve silicon wafer flatness for improved patterning in semiconductor manufacturing while also reducing the amount of personnel necessary for mass production. It included a ground unit, a scrubbed cleaned unit, and a spin wet etch unit enabling in-system feedback and feedforward of process data. The technology had been completely tested in coating and development applications and projected to minimize mass production labor.
  • May 2023: CVD Equipment Corporation had sold Tantaline CVD apS, a Danish subsidiary, with an earn-out provision based on expected net profits for the five years ended December 31, 2027. The firm anticipates a loss of around $250,000 in the quarter ended June 30, 2023. Tantaline’s revenues and net income for the fiscal year ending December 31, 2022, and the three months ending March 31, 2023, were $1.7 million and $0.4 million, respectively.
  • July 2022: Hitachi High-Tech Corporation (“Hitachi High-Tech”) announced the development of a service to remotely assess the deterioration condition of on-board automobile lithium-ion batteries. The achievement of battery stability and efficiency was increasingly critical for the deployment of electric vehicles (“EVs”). Hitachi High-Tech would begin to offer this service to worldwide clients via various networks to helped built a circular society by resolving customer difficulties.

The genetically modified seeds market is expected to grow at a CAGR of 8.68% with a market valuation of US$35.492 billion in 2022 and is expected to reach a market value of US$63.555 billion by 2029.

The rise in nutrition concerns, rapid urbanization, and favorable initiatives are key drivers propelling the growth of the genetically modified seeds market.

As per the report, the genetically modified seeds market is expected to grow significantly.

Using cutting-edge technology, genetic modification (GM) modifies an organism’s genetic composition and alters its genetic characteristics in the lab to introduce new traits. The process of genetic modification involves several techniques, including gene splicing, gene silencing, and the application of viral carriers. The production of genetically modified crops and seeds is one of the most popular uses of genetic modification in agricultural practices. Increased yields in the same or less area, decreased crop damage from weeds, diseases, and insects, and the possibility of better nutritional value or other health benefits are some of the benefits of genetically modified seeds over normal seeds. These seeds are modified to address issues like food security and climate change by adding features like pest resistance, herbicide tolerance, or higher nutritional value. The most often modified crops are canola, soybeans, maize, and cotton. Adoption varies by location and crop type. Genetically modified seeds are controversial despite their potential advantages due to worries about the effects they may have on the environment, health risks, and socioeconomic ramifications. Topics like pesticide use, biodiversity loss, and corporate influence over agricultural systems are still being debated. However, as research is driven by changing agricultural requirements and technological breakthroughs, the market for genetically modified seeds is growing. Corteva unveiled a gene-editing technique in March 2023 to safeguard the superior maize hybrids. In particular, for maize growers in North America, the new technology represents the next phase of plant breeding and aims to induce disease-resistant characteristics in the maize genome.

The genetically modified seeds market can be categorized into various crop types: corn, soybean, cotton, canola, and others. With several variables driving demand and adoption, maize and soybeans are likely to continue rising in the genetically modified (GM) seed industry. First of all, among the most extensively grown crops worldwide for use in food, feed, and industrial uses are maize and soybeans. Therefore, farmers have a strong incentive to embrace genetically modified (GM) cultivars that offer features like herbicide tolerance, pest resistance, and increased yields. Second, weed competition, yield unpredictability, and insect pressure are some of the agricultural issues that maize and soybean farmers confront, which makes them excellent candidates for genetically modified agriculture (GM) technology. Features like as glyphosate tolerance in soybeans and Bt insect resistance in maize have gained widespread acceptance because of their proven ability to effectively handle these issues. The adoption of GM maize and soybean varieties is also fuelled by the ongoing rise in the world’s need for food and feed, as well as the need to boost agricultural production to feed an expanding population. Since these crops are essential to the food chain, efforts to modify their genetic makeup should be prioritized for agricultural innovation and sustainability. All things considered, the demand from the market, the difficulties faced by farmers, and the adaptability of GM technology position maize and soybeans for sustained expansion in the GM seed business.

The genetically modified seeds market can be segmented based on resistance, namely herbicide-tolerant and insect-resistant. Within the larger genetically modified seed sector, the market for herbicide-tolerant and insect-resistant GM seeds is a sizable subset. These seeds provide farmers with efficient ways to control weed and insect pressures because they are designed to tolerate the application of particular herbicides or to release proteins poisonous to specific insect pests. Genetically modified seeds that are resistant to herbicides, such as glyphosate, allowing farmers to manage weeds more effectively, increasing agricultural yields and lowering labor expenses. Corn, soybeans, and cotton are examples of glyphosate-resistant crops that have gained considerable traction in areas where weed pressure poses a serious problem. Gene-engineered insect-resistant genetically modified seeds (GM seeds) that generate proteins harmful to particular insect pests (Bacillus thuringiensis, or Bt) reduce the need for chemical insecticides. Beneficial insects and the environment are both preserved while targeted pests are effectively controlled by Bt crops, such as Bt corn, cotton, and soybeans. The market for genetically modified (GM) seeds that are resistant to pesticides and insects is expanding due to several factors, such as the need for sustainable farming methods, improved pest management techniques, and higher agricultural production. Despite debates surrounding genetically modified crops, the use of these features is spreading throughout the world due to their proven advantages in resolving important agricultural issues.

The market for genetically modified (GM) seeds is expanding significantly in the Asia-Pacific area for several reasons. The demand for food and agricultural goods is rising due to factors such as urbanization, rapid population expansion, and shifting dietary preferences. Farmers in the area are using genetically modified (GM) seeds, which provide features like pest resistance, herbicide tolerance, and increased yields, to meet this need sustainably modified crops, like Bt cotton, have gained widespread acceptance in nations like China and India, where agriculture plays a significant role in the economy. This has resulted in appreciable gains in farmer productivity and revenue. Furthermore, the use of insect-resistant genetically modified seeds has lessened crop losses and decreased the need for chemical pesticides due to the presence of diseases and pests in many Asian agricultural landscapes. The use of GM technology is also being fuelled by government programs and policies that aim to increase food security and agricultural production. For example, the Chinese government has approved the commercial cultivation of various genetically modified crops and has actively sponsored biotechnology research and development. Nonetheless, there are several obstacles to the Asia-Pacific region’s GM seed industry expansion. The acceptance of GM crops may be impacted by national differences in regulatory frameworks, food safety, and environmental impact concerns. The way the public views and accepts genetically modified products also continues to play a significant role in determining the direction of the market. Despite these obstacles, the Asia-Pacific area offers a lot of potential for the GM seed industry to grow, driven by the need to meet global food demands and sustainably boost agricultural production.

The genetically modified seeds market is supported by key players such as BASF SE, Bayer AG, KWS SAAT SE & Co. KGaA, Syngenta, Corteva, and Limagrain.

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

This analytics report segments the genetically modified seeds market on the following basis:

  • By Crop Type
    • Corn
    • Soybean
    • Cotton
    • Canola
    • Others
  • By Resistance
    • Herbicide-tolerant
    • Insect-resistant
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East And Africa
      • Saudi Arabia
      • Israel
      • Other
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

The energy sector encompasses the production, distribution, and utilization of a wide range of energy sources, including nuclear power, renewable energy, and fossil fuels. It is necessary for sparking economies and maintaining global infrastructure. Oil and gas, power generation, renewable energy, and energy storage are important segments of the energy economy. Geopolitical unrest, environmental concerns, and the shift to renewable energy sources are some of the obstacles the business must overcome. Technological developments like smart grid systems and renewable energy technologies are changing the face of industry. In addition, to meet the rising demand for energy worldwide while reducing the effects of climate change, the energy sector is putting more and more emphasis on resilience, sustainability, and efficiency. Join us as we explore the “Top Energy industry trends” in this article that have evolved the industry trends in the energy sector.

Top Energy Industry Trends

  • Renewable Energy
  • Internet of Energy (IoE)
  • Energy Storage
  • Blockchain
  • Energy as a Service (EaaS)

Let’s discuss each one in detail.

1. Renewable Energy

The world’s energy landscape is changing due to renewable energy, characterized by sources like biomass, solar, wind, and hydroelectric power. It provides environmentally friendly substitutes for conventional fossil fuels, lowering greenhouse gas emissions and slowing down global warming. Photovoltaic panels are used in solar energy to capture sunlight, whereas wind turbines are used in wind power to generate electricity. Electricity is produced by hydroelectric dams using water flow, while biomass energy is produced from organic resources such as wood or agricultural waste. Technologies for renewable energy are developing steadily, becoming more efficient and affordable. Globally, governments are promoting the use of renewable energy through investment incentives, subsidies, and legislation, which is causing the industry to expand quickly. Renewable energy, with its availability and advantages for the environment, is well-positioned to satisfy future energy demands and advance a cleaner, more sustainable future.

The 554 MW Babilonia wind power project will be developed through a joint venture between ArcelorMittal and Casa dos Ventos, a Brazilian renewable energy firm, according to an announcement made by the company in April 2023. The project will be situated in northeastern Brazil’s central area of Bahia and will be developed for USD 800 million. Casa dos Ventos will own the remaining 50% of the joint venture, with ArcelorMittal holding the other 55%.

Figure 1:  Installed Capacity for Renewable Energy in India (2023)

installed capacity for renewable energy

Source: Invest India

2. Internet of Energy (IoE)

The Internet of Energy (IoE) is revolutionizing the energy business and promoting the development of a more flexible, efficient, and sustainable energy environment by combining cutting-edge digital technology with traditional energy infrastructure. The IoE enables smooth coordination and communication between energy generation, delivery, and consumption through networked devices, sensors, and smart grids. The IoE leverages real-time data analytics and predictive algorithms to optimize energy management, improve grid reliability, and enable dynamic demand-response mechanisms. Energy and information technologies are coming together to allow consumers to take an active role in the energy market, boost energy efficiency, and reduce carbon emissions. Furthermore, by facilitating the integration of renewable energy sources like solar power, IoE encourages the shift to a cleaner and more resilient energy future.

The official completion of Chevron Corporation’s acquisition of PDC Energy, Inc., took place in August 2023. As part of this deal, Chevron Corporation acquired several assets. These properties are located advantageously next to Chevron’s present activities on 275,000 net acres in the Denver-Julesburg (DJ) Basin. The proved reserves contributed by these recently acquired properties total about one billion oil-equivalent barrels. In addition, production now owns 25,000 net acres in the Permian Basin that are part of the deal.

3. Energy Storage

In the current energy landscape, energy storage is essential because it enhances grid stability, makes it possible to integrate renewable energy sources, and meets fluctuating energy demands. Batteries, pumped hydro storage, thermal energy storage devices, and other technological advancements are all included. These systems store excess energy during periods of low demand and release it during periods of high demand, balancing supply and demand dynamics. The heightened scalability, reduced cost, and better efficiency of energy storage technologies have made them indispensable for both decentralized and centralized energy systems. As the world evolves towards a more sustainable energy future, energy storage devices are critical to deliver backup power in an emergency, incorporate intermittent renewable energy sources like solar and wind, and improve grid resilience.

For example, in February 2022, Albania received 14 PVS-100 inverters, a three-phase string solution, from FIMER and Vega Solar. FIMER’s PVS-100/120-TL is a cloud-connected three-phase string inverter intended for affordable decentralized solar systems installed on rooftops and the ground.

4. Blockchain

The methods for storing, protecting, and exchanging data in digital settings are completely transformed by blockchain technology. Peer-to-peer transactions are made possible by its distributed and decentralized ledger operation, which eliminates the need for middlemen. Since each transaction is documented in a “block” and connected to the others in a chronological “chain,” the data is transparent and unchangeable. Beyond cryptocurrency, supply chain management, identity verification, smart contracts, and decentralized finance (DeFi) are among the uses of blockchain technology. Transparency, security, and traceability are some of its primary advantages that boost efficiency and confidence across a range of businesses. But issues like energy usage, scalability, and regulatory problems still exist. Nevertheless, blockchain is still developing, with new projects and research aimed at resolving these problems and realizing blockchain’s full promise to transform sectors and open up new digital ecosystems.

In January 2023, the widespread adoption of blockchain technology by all spheres of society, from huge multinational corporations to casual DeFi aficionados, is crucial to the industry’s long-term growth and viability. The news that Ava Labs, the primary creator of the Avalanche blockchain technology, has formally partnered with Amazon Web Services (AWS), a cloud computing platform under the management of e-commerce behemoth Amazon.com, has greatly bolstered this aim. AWS is the biggest supplier of cloud infrastructure globally.

The blockchain market has grown significantly in North America because of its growing usage in several areas, including supply chain, healthcare, banking, and government. A hospitable legislative landscape, a strong technological foundation, and widespread interest and investment in blockchain technology are some of the factors driving this rise. Businesses in the area are using blockchain because of its ability to improve digital transactions’ efficiency, security, and transparency. Furthermore, alliances among tech companies, financial institutions, and governmental organizations are quickening the creation and application of blockchain solutions and establishing North America as a primary center for blockchain innovation and application.

5. Energy as a Service (EaaS)

The energy sector is seeing a rise in the practice of providing energy demands as a holistic solution rather than just as a commodity, or energy-as-a-service, or EaaS. It entails the provision of energy services—such as power, lighting, heating, and cooling—through creative business models that put economy, sustainability, and efficiency first. Energy management systems, renewable energy installations, demand response plans, and energy-efficient technology are common components of EaaS solutions. With this strategy, customers may obtain dependable and environmentally friendly energy options without having to pay for new equipment or infrastructure upfront. By outsourcing their energy requirements to specialized service providers, businesses can maximize energy efficiency, minimize operating expenses, and meet their sustainability objectives. Additionally, EaaS models encourage the transition to decentralized energy systems and the incorporation of renewable energy sources.

Reputable cleantech integrator Ameresco, Inc., with an emphasis on energy efficiency and renewable energy, announced today that it has extended its EaaS agreement with Northwestern University. Without needing any up-front funding, the deal will help the university handle its energy-related deferred maintenance challenges while advancing its academic and sustainability goals. As per the agreement, Ameresco will design and implement energy-saving improvements for the 175 buildings on campus and the central plants, in addition to providing ongoing energy monitoring and associated services. Energy efficiency initiatives aimed at these buildings will use state-of-the-art technologies to create more efficient, high-performing building systems, in addition to enhancing the learning environment for students.

The coagulation analyzer market is the global market for medical devices that examine the coagulation process, or the body’s natural tendency to create blood clots. These devices are generally used to detect and monitor blood clotting diseases such as thrombophilia, hemophilia, and von Willebrand disease.

Coagulation analyzers use a variety of technologies, including optical, mechanical, and electrochemical approaches, to determine the coagulation characteristics of a blood sample. Clotting time, prothrombin time, activated partial thromboplastin time, and international normalized ratio are some of the measures examined.

The expanding prevalence of blood clotting diseases, as well as the growing need for coagulation analyzers for diagnostic reasons, is the primary driver of the need for these solutions. Furthermore, the use of automated coagulation analyzers and the development of new coagulation tests are driving market expansion.

Automated coagulation analyzers provide several advantages over traditional manual procedures, including improved accuracy, efficiency, and speed. Furthermore, the development of sophisticated coagulation tests allows doctors to detect and monitor blood clotting problems with greater accuracy and efficiency.

Haemophilia is a rare hereditary condition affecting one in every three persons in the United States. The median age of diagnosis is 36 months for mild hemophilia, 8 months for moderate hemophilia, and 1 month for severe hemophilia. In two-thirds of instances, a family history exists.

A particular blood test is used to make the diagnosis, which is often performed after birth. Prenatal genetic testing may also be performed. In one-third of instances, the diagnosis is obtained following an atypical bleeding episode that necessitates the use of particular blood testing. The diagnosis of hemophilia in children under the age of two is classified as follows: less than 1-month-old (69.7%), 1-6 months (15.6%), 7-12 months (7.1%), 12-24 months (4.7%), and prenatal (2.8%).

Figure 1:  Percentage of Diagnosis of Hemophilia Among Children Less Than 2 Years of Age

percentage of diagnosis of hemophilia

Source: Centers for Disease Control and Prevention

The rising prevalence of blood clotting diseases such as thrombophilia, hemophilia, and von Willebrand disease is a significant driver of the coagulation analyzer industry. According to the World Federation of Haemophilia, roughly 400,000 people worldwide have hemophilia, whereas von Willebrand disease affects about 1% of the world’s population. The increasing prevalence of these illnesses is likely to boost demand for coagulation analyzers for use for diagnostic purposes.

The aging population is another significant driver of the coagulation analyzer industry. As people age, their chances of getting blood clotting issues rise. According to the United Nations, the global population aged 65 and up is expected to reach 1.5 billion by 2050, up from 703 million in 2019.

The same source states that the population aged 65 and up accounted for 10% of the global population, a 2% increase over 2015’s percentage share. During the forecast period, demand for coagulation analyzers is likely to rise due to an increase in the aging population.

It took an average of 16 years between the onset of bleeding symptoms and the diagnosis of a bleeding disorder. Before being diagnosed with VWD, women had an average of six bleeding symptoms. Menorrhagia, bruising, nosebleeds, and bleeding after surgery, accident, or delivery were all typical complaints. Menorrhagia was the most commonly reported symptom.VWD was identified after an average of two tests (range: 1-20).

38% of women reported being diagnosed by a Haemophilia Treatment Centre (HTC) doctor. Women diagnosed by providers other than an HTC doctor accounted for 11%, with 42% by a haematologist, 28% by an internist or family doctor, and 19% by a gynecologist.

According to the CDC’s research of 102 women with VWD, the most often reported bleeding symptoms are as follows: heavy menstrual bleeding (95%), bleeding after mild traumas (92%), and excessive gum bleeding (76%).

Figure 2:  Bleeding Symptoms in Women With VWD Percentage

bleeding symptoms in women with vwd

Source: Centers for Disease Control and Prevention

The worldwide coagulation analyzer market for platelet function tests is expected to develop significantly because of the rising frequency of bleeding diseases, a growing geriatric population, and increased demand for point-of-care testing. Platelet function tests assess platelets’ capacity to form blood clots, making them a valuable diagnostic tool for diagnosing and treating a variety of bleeding problems.

The market is predicted to expand rapidly due to the development of sophisticated platelet function testing equipment, rising healthcare spending, and rising need for early illness detection. The use of platelet function tests in research and clinical trials will also help to fuel market expansion.

Type 1 Von Willebrand disease (VWD) is a minor hereditary bleeding illness characterized by extended bleeding times. It is caused by mutations in the gene that produces Von Willebrand factor, a protein implicated in blood clotting. This lowers the amount of functional VWF in the circulation. Symptoms include easy bruising, persistent bleeding from small cuts or accidents, frequent nosebleeds, heavy menstrual cycles, and, in extreme cases, bleeding into joints or soft tissues.

According to the CDC’s research of 42 men and 38 women with Type 1 VWD, 45% of women and 50% of men with VWD had severe bruising. 40% of women and 47% of men with VWD experienced significant bleeding during surgery. 34% of women and 29% of men with VWD experienced dental bleeding. 21% of women and 26% of men with VWD had undergone blood transfusions.

Figure 3:  Bleeding in Men and Women With VWD

bleeding in men and women with vwd

Source: Centers for Disease Control and Prevention

Geographically, the coagulation analyzer market is divided into North America, South America, Europe, the Middle East & Africa, and Asia Pacific. The North American coagulation analyzer market is likely to expand substantially throughout the forecast period due to an increase in the frequency of coagulation diseases, rising healthcare costs, and increased demand for sophisticated coagulation testing. The United States is likely to be a key market in this area because of its large market participants, well-established healthcare infrastructure, and beneficial government initiatives.

In conclusion, Coagulation analyzers vary in complexity, from simple point-of-care devices used in clinics or hospitals to high-throughput laboratory systems capable of processing large numbers of samples simultaneously. They play a critical role in ensuring patient safety during surgical procedures, managing patients with bleeding disorders, and monitoring anticoagulant therapy in conditions such as atrial fibrillation or deep vein thrombosis.

Table 1:  Key Developments

Year

Development

January 2024

Abbott’s PROTALITY™ brand, a high-protein nutrition shake, targets individuals who want to lose weight while preserving muscle mass and nutrition. Nearly half of individuals in the United States have tried to lose weight in the last year, and research showed that adults may require at least 50% more protein than the Recommended Dietary allowance to maintain muscle mass while losing weight.

January 2024

Beckman Coulter Diagnostics launched the DxC 500 aU Chemistry Analyzer, an automated clinical chemistry analyzer for healthcare systems. It provided superior automation technologies, onboarding protocols, and standardized reagents for use in healthcare networks. With over 120 tests that had been independently confirmed for Six Sigma performance, it minimizes QC troubleshooting and lab operating expenses. This gadget is intended for in vitro diagnostic usage only.

Source: Knowledge Sourcing Intelligence Analysis