The oilfield chemicals market was valued at US$30 billion in 2025 and is expected to grow at a CAGR of 3.10% over the forecast period to reach a total market size of US$35 billion by 2030.
The market for oilfield chemicals is expected to grow steadily due to several important factors. Oil and gas are expected to continue to account for a sizable portion of the world’s energy mix for the foreseeable future, despite the growing emphasis on renewable energy sources. The importance of effective exploration and production activities—which mainly depend on oilfield chemicals is highlighted by the ongoing demand for gas and oil.
Companies are increasingly investigating more difficult settings, like deepwater wells, and unconventional resources, like shale formations, as a result of the depletion of readily accessible oil and gas reserves. Specialty oilfield chemicals are required for resource extraction from these environments to improve drilling efficiency and guarantee wellbore stability.
Moreover, the global energy landscape has undergone significant change since the shale gas revolution began. Hydraulic fracturing, a procedure necessary to release these resources, depends on a particular combination of oilfield chemicals for shale gas extraction. The market for oilfield chemicals is significantly influenced by the shale gas industry’s rapid expansion.
Further, the oilfield chemicals industry is being forced to innovate and create more environmentally friendly and biodegradable formulations due to the implementation of stricter environmental regulations. The industry is seeing growth prospects as a result of the heightened emphasis on sustainability, which is creating a new market niche for “green” oilfield chemicals.
Moreover, one of the emerging trends in food consumption is the universal awakening to food safety, with countries encouraging their citizens. People’s awareness about agriculture-and-industry contributions to climate change has also increased. This awareness translates into increased demand for organic, sustainable, free-from-pesticides, and fair-traded food products such as cocoa. In the last few years, heart disease, diabetes, and obesity have been on the elevate at such a high level that customers are increasingly inclined to eat healthy food items that include organic and pesticide-free products. One of the significant factors that mainly fuel market growth on a global scale is the growing healthy lifestyle trend that offers safe and organic food products as the lifestyle and health impacts these food products on overweight, diabetes, and heart-related issues.
Additionally, such methods of going “green” in oilfields use chemicals that are less toxic to exposure, less flammable or flashpoint, have greater biodegradability, are less bioaccumulative, and above all, are sustainably produced as well as used. Manufacturers are developing and adopting ever-newer product lines that no longer consume or harm users and the environment but counter the increasing environmental concerns. For instance- Nouryon, has come up with a new demulsifier line that provides oil producers with a means to extract crude oil contained in a mixture of water and natural gas. Such resource discoveries are likely to usher in better growth prospects in the coming days due to multiple new oil and gas resources and the rise of shale gas and enhanced oil recovery (EOR) activities.
With increasing exploration and production participants are expanding their operations into areas of high growth like China, India, Brazil, Mexico, and Southeast Asia; this will result in increased oilfield service activities with a corresponding increase in volume demand for these chemicals. As government policies put more emphasis on cleaner energies and stricter regulations, it is expected that more chemical manufacturers will get into the act of developing environmentally friendly, sustainable oilfield chemicals.
By type, the oilfield chemicals market is segmented into five major categories, corrosion inhibitors, biocides, surfactants, demulsifiers, and Others. Inhibitors were among the products expected to develop within the forecasted duration, corrosion is a serious problem in oilfield exploration project activities. Carbon dioxide, hydrogen sulfide, and so on are some impurities in extracted products as well as cause corrosion by reacting with metal surfaces as oil is passed through pipelines for transportation. Water-soluble inhibitors such as amides, long-chain amines, or imidazoline can therefore be applied by posing a thin layer on the metal surface to control the rate of corrosion.
The oilfield chemicals market by application is segmented into production, drilling, refining, stimulation, and others. The tendency to expand operations in the oil and gas sectors as enhanced hydraulic fracturing and drilling technologies will propel growth in such sectors. They keep contaminated products out of the drilling fluid system and maintain temperature stability for the drilling segment. To ensure hydrostatic pressure is kept as high as possible and avoid cutting in the wellbore, all this while offering great economic savings, they too are added to the drilling fluid. Further, increased drilling activities and technological advancement will create further growth opportunities for the product.
These coatings are widely important in oil and gas drilling operations. These chemicals improve the resistance strength, durability, and quality of the concrete used in diverse applications such as cementing plugs, casing, and well-bore cementing.
Based on geography, the North American region of the oilfield chemicals market is growing significantly. The North American region is important in the global market for oilfield chemicals because of its increasing focus on shale gas development and production. Because of the shale gas boom, advancements in technology, and a rise in oil exports, the United States holds the largest market share in North America.
The demand for natural gas is expected to rise during the forecast period due to increased demand from North American countries, and shale gas production has increased significantly in recent years.
As a part of the report, the major players operating in the Oilfield chemicals market that have been covered are Huntsman International LLC, Stepan Company, BASF SE, Halliburton, Ashland, Gulf Coast Chemical LLC, The Dow Chemical Company, Solvay, Kraton Corporation, and Thermax Limited.
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The market analytics report segments the oilfield chemicals market as follows:
Pharmacovigilance Market size worth US$11.041 billion by 2030
Press ReleasesThe global pharmacovigilance market is expected to grow at a compound annual growth rate of 10.53% over the forecast period to reach a market size of US$11.041 billion in 2030 from US$7.071 billion in 2025.
Pharmacovigilance is the process or science that is related to detecting, assessing, and understanding the adverse effects of vaccines or medicines. The process of pharmacovigilance helps in detecting any risk and monitoring the effects of the medicines. It also helps in reducing the adverse effects of newly developed medicines. The process of pharmacovigilance includes two major processes, which comprise active and passive surveillance. The process of active surveillance helps in the proactive monitoring of the patients, while the passive surveillance process features voluntary reporting.
With the increasing global demand for the pharmaceutical sector, the pharmacovigilance market is forecasted to witness significant growth during the forecasted timeline. The process of pharmacovigilance helps in efficiently and safely developing new and more effective drugs and vaccines. With the increasing global demand for new drug development, various global leaders in the pharmaceutical market are expected to increase research and development to boost the efficiencies of pharmacovigilance platforms.
Similarly, the integration of new-age technologies, like artificial intelligence into the pharmaceutical sector is also expected to boost the efficiency of the pharmacovigilance platforms. Various global leaders have introduced key solutions and platforms in the global pharmacovigilance market. For instance, CorEvitas, a global leader in pharmaceutical evidence solutions, which was acquired by Thermos Fischer, announced the launch of CorEvidence in December 2023, a pharmacovigilance platform, which is aimed at clinical research registries.
The global pharmacovigilance market, under the clinical trial phase segment, is categorized into Preclinical, Phase I, Phase II, Phase III, and Phase IV. In the clinical trial phase segment of the global pharmacovigilance market, the preclinical category is forecasted to grow at a significant rate. The preclinical studies help in reducing the adverse effects and improving the safety of pharmaceutical drugs and vaccines. The preclinical pharmacovigilance process helps in offering the drug developer an extensive and initial report related to the drug developments.
The service provider segment of the global pharmacovigilance market is categorized into contract outsourcing and in-house. The outsourcing category, under the service provider segment of the global pharmacovigilance market, is expected to attain a greater market share during the forecasted timeline. In the pharmacovigilance market, the outsourcing service provider offers a wide range of applications, which includes offering efficient and seamless services.
By end-user, the global pharmacovigilance market is segmented into pharmaceuticals, biotechnology companies, medical device manufacturers, and others. In the end-user segment, the pharmaceutical category is estimated to attain a greater market share. The pharmacovigilance platform offers a critical role in the development of new and advanced pharmaceutical drugs in the pharmaceutical industry.
Based on geography, the European region is expected to witness significant growth in the global pharmacovigilance market. Europe is among the biggest producers and developers of the pharmaceutical sector across the globe. Various nations like Germany, France, Spain, and Switzerland are among the biggest producers and exporters of pharmaceutical drugs and vaccines across the globe. Similarly, multiple governments in the region have also introduced key policies and investment opportunities to propel the development of drugs in the region, and simultaneously integrate new-age technologies into the pharmaceutical industries.
As a part of the report, the major players operating in the global pharmacovigilance market that have been covered are Cognizant, Sciformix (Covance), IQVIA, APCER Life Sciences, Inc., Navitas Life Sciences, BioClinica, Accenture, ArisGlobal, Capgemini, and FMD K&L Inc.
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The market analytics report segments the global pharmacovigilance market as follows:
Revolutionizing the Screen: How AI is Transforming Broadcasting and Entertainment Production
BlogArtificial intelligence is a form of new-age technology that replicates human intelligence through various machine-learning processes. Artificial intelligence offers a wide range of benefits in the global technological market, as it can help in reducing human error, and enhance decision-making. Artificial intelligence also helps in the automation of multiple activities and offers digital assistance. In the global broadcasting and entertainment market, artificial intelligence is commonly used for metadata cataloging.
In the broadcasting and entertainment sector, artificial intelligence is set to play a critical role in offering an enhanced and optimum broadcasting experience, across multiple categories of the sector.
Use Case:
1. Increasing global demand for broadcasting and entertainment sector
The growth of the global broadcasting and entertainment sector is expected to boost the demand for artificial intelligence in the sector. In the broadcasting and entertainment sector, artificial intelligence is utilized to offer an interactive and enhanced consumer viewing experience. Artificial intelligence tools and platforms can also help in predicting the likes and preferences of the audiences.
Artificial intelligence can also help in integrating content from various sources, using AI-powered content aggregation platforms. The AI-based tools can also help in offering enhanced content searching and recommendations. The tools and platforms can also help in integrating social media into the content viewing experience.
Global television viewership witnessed significant growth in recent times. The Canada Radio-television and Telecommunications Commission in its report stated that during 2023, the consumption of traditional television services in the nation varied from 15.3 to 198 hours per week per user. The agency stated that in 2023, the total revenue of conventional television services was recorded at US$1,389.5 million, which consists of US$1,124.5 million for the English & bilingual languages, and US$256.5 million for French languages. Similarly, the total revenue of discretionary television services in Canada was recorded at US$3,833.6 million in 2023. Under the discretionary television services, the English & bilingual category accounted for US$3,126.3 million, and US$653.8 million for the French-language category.
Figure 1: Television Revenue by Category, Canada, Us$ Million, 2023
Source: Canada Radio-television and Telecommunications Commission
2. Increasing investments in the AI sector
Similarly, a major factor propelling the utilization of artificial intelligence in the broadcasting and entertainment sector is the increasing global investments in artificial intelligence-based technological developments. With the increasing integration of artificial intelligence platforms across multiple industries, various global leading companies in the technological sector, and governments of multiple countries have increased their investment in the artificial intelligence sector. Various global companies like IBM, Google, Apple, and Microsoft, among many others, have introduced new investment and technology development plans to boost the applications of the technology. For instance, in November 2023, IBM, a global technological company announced the launch of Enterprise AI Venture Fund, with a value of US$500 million. The fund is aimed at propelling the growth of AI development across multiple industries. Similarly, the Government of India, in March 2024, approved its IndiaAI Mission, which is aimed at increasing the research and development of artificial intelligence technology, and its integration across multiple industries. The government allocated a sum of US$1.25 billion towards this mission and encouraged the technological startups to increase their research and development.
Key Developments
In the global broadcasting and entertainment industry, the integration of AI-based technology is expected to offer a positive application in the global market. AI-based technology, in the entertainment and broadcasting sector, helps in enhancing the viewing experience of consumers and can curate more interactive graphics. In the broadcasting and entertainment sector, artificial intelligence tools can also help in integrating various types of content and can create an interactive and personalized watch list for the viewers. Artificial intelligence platforms can also help the broadcasters understand the preferences of the viewers.
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Data Monetization Market size worth US$12.585 billion by 2029
Press ReleasesThe data monetization market is estimated to be around US$4.841 billion in 2024 and is anticipated to grow to US$12.585 billion by 2029 at a CAGR of 21.06%.
Data monetization is a method to extract income from data assets to generate more revenue. There are different strategies involved in data monetization such as direct sales, data-as-a-service (DaaS), data licensing, indirect sales models, and product enhancements. Additionally, various data monetization service providers add potential methods to increase revenue like introducing new products for a different segment of the business target customer base. The strategies include enhancing current offers, developing new data products and services, or providing data to other businesses to generate income.
The market for data monetization is growing at a rapid pace, due to various factors such as the generation of large volumes and quantity-level data by industries. With the increasing adoption of modern technologies like artificial intelligence and machine learning, business analytics tools drive more valuable insights on revenues generating analytical data which creates opportunities for the growth of this market.
Additionally, diverse businesses generate huge data from IoT devices, social media platforms like Meta, X, and Reddit, and e-commerce sites such as Amazon, and Flipkart and are increasingly employing data monetization. Companies are starting to realize that the data they collect also has potential value when provided as a service for other firms leading to expansion of the market. Cloud computing and blockchain provide a security layer of data to build trust factors for businesses to utilize data monetization at their disposal.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in September 2023, Amazon Web Services (AWS) showcased new monetization arrangements at IBC 2023, including the AWS for M&E Monetization solution zone. These solutions empower media companies to maximize publicizing income and drive client engagement across different platforms and channels, subsequently improving their general execution in the media and entertainment sector.
Based on the offering type, the data monetization market is categorized into solutions and services. The data monetization market is expected to witness rapid growth due to solutions offered in the forthcoming years due to the proliferation of solution offerings such as data management platforms solutions, and analytics tools. It helps businesses gather, store, process, and efficiently analyze data. They are also more scalable as they can properly handle larger data volumes and increase the need for informed data-driven insight from the stored data. Companies also offer easily customizable solutions for the unique requirements of each industry and organization, thereby ensuring maximum efficiency.
Based on the deployment model, the data monetization market is classified into on-premise and cloud. The market will witness growth due to cloud-based data monetization as they are flexible and cost-effective model. The cloud offers significantly lower infrastructure costs with unlimited scalability and faster installation time for businesses. It helps organizations who have to adapt to larger data and an increasing need for insights from that data. Finally, cloud platforms are not only more cost-effective for small to medium-sized businesses but also eliminate the upfront costs and ongoing maintenance of an on-premise data center.
Based on enterprise size, the data monetization market is divided into small, medium, and large. Large enterprises will contribute majorly to the data monetization market in the coming years as they accumulate enormous data, and this abundant accumulation of complex structured or formatting data sources has increased the possibility for monetization. They have robust resources for data management frameworks that manage the quality and security of all their data.
Based on the end-user industry, the data monetization market is divided into retail, manufacturing, automotive, BFSI, media and entertainment, and others. All the end-user industries contribute immensely to the data monetization market expansion however retail industry is a data-heavy sector, with many retailers using customer data for targeted marketing and personalization. It can collect all of these resource utilization data, and it also serves as fuel for new business models such as inventory or supply chain monetization, and customer loyalty programs to drive revenue sales through their data.
Based on geography, the market for data monetization is extending majorly in the Asia Pacific region due to various variables. Asia Pacific region consists of growing economic countries, driving higher volumes of data and demand for data insight services. The increasing digital adoption by the population and businesses in this region contributes to generating a lot of data that can be monetized. Additionally, the data monetization market is developing due to regional companies in favor of adopting new technologies like cloud computing that help contribute significantly by using their assets for internal revenue generation.
As a part of the report, the major players operating in the data monetization market that have been covered are Accenture, First Quantum (Adastra), Dawex Systems, Elevondata, EMU Analytics, Gemalto NV (Thales Group), Infosys, MonetizeMore, IBM, Google, SAP, and SAS AB.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/data-monetization-market
The Data Monetization Market is segmented and analyzed as follows:
Oilfield Chemicals Market size worth US$35 billion by 2030
Press ReleasesThe oilfield chemicals market was valued at US$30 billion in 2025 and is expected to grow at a CAGR of 3.10% over the forecast period to reach a total market size of US$35 billion by 2030.
The market for oilfield chemicals is expected to grow steadily due to several important factors. Oil and gas are expected to continue to account for a sizable portion of the world’s energy mix for the foreseeable future, despite the growing emphasis on renewable energy sources. The importance of effective exploration and production activities—which mainly depend on oilfield chemicals is highlighted by the ongoing demand for gas and oil.
Companies are increasingly investigating more difficult settings, like deepwater wells, and unconventional resources, like shale formations, as a result of the depletion of readily accessible oil and gas reserves. Specialty oilfield chemicals are required for resource extraction from these environments to improve drilling efficiency and guarantee wellbore stability.
Moreover, the global energy landscape has undergone significant change since the shale gas revolution began. Hydraulic fracturing, a procedure necessary to release these resources, depends on a particular combination of oilfield chemicals for shale gas extraction. The market for oilfield chemicals is significantly influenced by the shale gas industry’s rapid expansion.
Further, the oilfield chemicals industry is being forced to innovate and create more environmentally friendly and biodegradable formulations due to the implementation of stricter environmental regulations. The industry is seeing growth prospects as a result of the heightened emphasis on sustainability, which is creating a new market niche for “green” oilfield chemicals.
Moreover, one of the emerging trends in food consumption is the universal awakening to food safety, with countries encouraging their citizens. People’s awareness about agriculture-and-industry contributions to climate change has also increased. This awareness translates into increased demand for organic, sustainable, free-from-pesticides, and fair-traded food products such as cocoa. In the last few years, heart disease, diabetes, and obesity have been on the elevate at such a high level that customers are increasingly inclined to eat healthy food items that include organic and pesticide-free products. One of the significant factors that mainly fuel market growth on a global scale is the growing healthy lifestyle trend that offers safe and organic food products as the lifestyle and health impacts these food products on overweight, diabetes, and heart-related issues.
Additionally, such methods of going “green” in oilfields use chemicals that are less toxic to exposure, less flammable or flashpoint, have greater biodegradability, are less bioaccumulative, and above all, are sustainably produced as well as used. Manufacturers are developing and adopting ever-newer product lines that no longer consume or harm users and the environment but counter the increasing environmental concerns. For instance- Nouryon, has come up with a new demulsifier line that provides oil producers with a means to extract crude oil contained in a mixture of water and natural gas. Such resource discoveries are likely to usher in better growth prospects in the coming days due to multiple new oil and gas resources and the rise of shale gas and enhanced oil recovery (EOR) activities.
With increasing exploration and production participants are expanding their operations into areas of high growth like China, India, Brazil, Mexico, and Southeast Asia; this will result in increased oilfield service activities with a corresponding increase in volume demand for these chemicals. As government policies put more emphasis on cleaner energies and stricter regulations, it is expected that more chemical manufacturers will get into the act of developing environmentally friendly, sustainable oilfield chemicals.
By type, the oilfield chemicals market is segmented into five major categories, corrosion inhibitors, biocides, surfactants, demulsifiers, and Others. Inhibitors were among the products expected to develop within the forecasted duration, corrosion is a serious problem in oilfield exploration project activities. Carbon dioxide, hydrogen sulfide, and so on are some impurities in extracted products as well as cause corrosion by reacting with metal surfaces as oil is passed through pipelines for transportation. Water-soluble inhibitors such as amides, long-chain amines, or imidazoline can therefore be applied by posing a thin layer on the metal surface to control the rate of corrosion.
The oilfield chemicals market by application is segmented into production, drilling, refining, stimulation, and others. The tendency to expand operations in the oil and gas sectors as enhanced hydraulic fracturing and drilling technologies will propel growth in such sectors. They keep contaminated products out of the drilling fluid system and maintain temperature stability for the drilling segment. To ensure hydrostatic pressure is kept as high as possible and avoid cutting in the wellbore, all this while offering great economic savings, they too are added to the drilling fluid. Further, increased drilling activities and technological advancement will create further growth opportunities for the product.
These coatings are widely important in oil and gas drilling operations. These chemicals improve the resistance strength, durability, and quality of the concrete used in diverse applications such as cementing plugs, casing, and well-bore cementing.
Based on geography, the North American region of the oilfield chemicals market is growing significantly. The North American region is important in the global market for oilfield chemicals because of its increasing focus on shale gas development and production. Because of the shale gas boom, advancements in technology, and a rise in oil exports, the United States holds the largest market share in North America.
The demand for natural gas is expected to rise during the forecast period due to increased demand from North American countries, and shale gas production has increased significantly in recent years.
As a part of the report, the major players operating in the Oilfield chemicals market that have been covered are Huntsman International LLC, Stepan Company, BASF SE, Halliburton, Ashland, Gulf Coast Chemical LLC, The Dow Chemical Company, Solvay, Kraton Corporation, and Thermax Limited.
View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/oilfield-chemicals-market
The market analytics report segments the oilfield chemicals market as follows:
Algae Protein Market size worth US$1,216.113 million by 2029
Press ReleasesThe global algae protein market is expected to grow at a CAGR of 6.52% to reach a total market size of US$1,216.113 million by 2029, increasing from US$886.802 million in 2024.
Algae protein is a predominant choice for protein sources due to its nutritional value and sustainability advantages. Produced from aquatic plants, algae incorporate all nine essential amino acids, and also provide iron, and vitamins, and are low in calories, which makes it reasonable for weight management. Algae production needs negligible land, and less water consumption, and helps in carbon sequestration, benefiting climate change mitigation. It can be utilized in food products such as protein powders, nutritional supplements, and plant-based meat alternatives, as well as in pharmaceutical items and animal feed.
The market for algae protein is witnessing substantial expansion due to growing consumer demand for plant-based proteins, the dietary benefits of algae, and technological progressions in the cultivation and extraction of algae to make it cost-effective. Further, the market is extending to developing regions, with rising markets developing products to increase the attraction of consumers to this sustainable protein source. Additionally, growing consumer acknowledgment of algae protein as a reasonable food source, and raising clear regulatory standards for plant-based food products including algae protein production and labeling, could lead to the continuous expansion of the market in the coming future.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in June 2024, Brevel, Ltd. initiated its first commercial plant, measuring 27,000 square feet, adequate for hundreds of tons of production of microalgae protein powder. The clean, non-GMO, and planet-friendly protein is a market-viable arrangement within the elective protein market and is anticipated to begin rolling out its first products in Q1 2025.
Based on the type, the algae protein market is divided into spirulina, chlorella, seaweed, and others. The spirulina segment is anticipated to contribute significantly to the growth of the algae protein market. This is due to it being packed with protein, offers great nutritional content, grows cost-effectively, and has many uses in food, drinks, supplements, and also used in animal feed. Athletes, vegetarians, and vegans are attracted to spirulina for its high protein content and its wealth of vitamins, minerals, and antioxidants.
Based on the end user, the algae protein market is classified into dietary supplements, food items, animal feed, pharmaceuticals, cosmetics, and personal care. The dietary supplements are expected to boost the algae protein market majorly because health-focused shoppers want natural, plant-based protein sources. Algae protein contains essential amino acids, vitamins, and minerals, which makes it a go-to choice for dietary supplements. It’s also an easy way to add plant-based protein to a user’s diet and thus is widely accepted among the health-conscious population.
Based on geography, the algae protein market is extending majorly in the Europe region due to various variables. The rapidly increasing population in the region is contributing to the rising consciousness of consumers on health and well-being. This is leading them to choose plant-based foods which will fuel the market growth in the region. Further, countries in Europe are emphasizing on development of eco-friendly products and the adoption of sustainability practices through policies and grants.
As a part of the report, the major players operating in the algae protein market that have been covered are Corbion Biotech, Inc., Nutrex Hawaii, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co., Ltd., Algatechnologies Ltd, and Phycom Microalgae.
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This analytics report segments the algae protein market on the following basis:
The Future of Clean Energy: The Role of Liquid Hydrogen in Global Decarbonization
Thought ArticlesClean energy is a form of energy that is generated without producing any form of pollution to nature. There are various types of clean energy being used across the globe, which include solar energy, wind energy, geothermal energy, and hydro energy among many others. Among the various sources of clean energy, liquid hydrogen is among the most efficient and optimum sources of fuel, which has the capability to replace various types of natural gases and non-renewable fuels like coal. Liquid hydrogen is a form of hydrogen in a liquid state. Liquid hydrogen offers multiple advantages over non-renewable sources of energy. It offers a higher energy density and is easier to store and transport.
Use Case:
The increasing global demand for liquid hydrogen among multiple sectors is expected to propel the growth of liquid hydrogen in the clean energy sector.
1. Increasing global demand for energy production
A major factor propelling the growth of the global liquid hydrogen market is the increasing global demand for energy across the global market. Liquid hydrogen offers critical applications global energy sector. The liquid hydrogen is generally used for the production of high-energy nuclear physics and bubble chambers. Liquid hydrogen is also used as a fuel source for internal combustion engines, or in fuel cells.
The production of energy across the global market witnessed significant growth over the past few years. The Enerdata, in its report, stated that in the past few years, the production of energy increased in all the major companies. The agency stated that in 2022, the production of energy in China and the USA was recorded at 3,112 and 2,326 Mtoe respectively, whereas the production of energy in India was recorded at 700 Mtoe in 2022. The production of energy in China and the USA increased to 3,190 and 2,429 Mtoe respectively, whereas the energy production in India was recorded at 748 Mtoe.
Figure 1: Production of Energy in the USA, China, and India, Mtoe, 2022 and 2023
Source: Enerdata
2. Introduction of key policies and investment opportunities for hydrogen production
With the increasing global demand for clean energy in the global energy sector, the demand for liquid hydrogen is expected to propel exponentially. Various countries and market leaders introduced key policies and investment schemes in the renewable energy sector, which are aimed at boosting the growth of global liquid hydrogen production. Various countries across the globe introduced key policies and investment opportunities in global renewable energy production. For instance, India introduced its National Green Hydrogen Mission, in March 2023, which aims to boost the green hydrogen production in the nation to about 5 million MT per annum.
Similarly, the New Zealand Foreign Affairs & Trade, in its report stated that in June 2023, Japan revised its Hydrogen Basic Strategy, which aims to boost the production of hydrogen in the nation. Under its new strategy, the government introduced three new features, which include increasing the volume target to 12 million tonnes annually by 2040, aiming for 3.4 kg of CO2 emission for every 1kg of hydrogen produced, and attaining about 10% of the global electrolyzer market.
The Government of Germany introduced the German Recovery Plan, which is aimed at expanding the production of hydrogen and limiting the nation’s reliance on coal. Through this plan, the nation aims it develop the production capacity in the nation to 5GW by 2030, and further build a 5GW production facility by 2035 and 2040. The nation also aims to promote the utilization of hydrogen in the industrial sector. The plan also introduces a trade partnership with EUR 2 billion.
3. Increasing production of hydrogen
The increasing production of hydrogen in the global market is expected to propel the growth of the global liquid hydrogen in the clean energy market. The global production of hydrogen witnessed significant growth over the past few years. The International Energy Agency, in its report, stated that in 2023, the total production of hydrogen was recorded at 97 Mt. The agency further stated that in 2023, the total installed capacity of water electrolyzers was recorded at 1.4 GW, and is expected to reach 5GW by 2024.
Key Developments
In the global clean energy sector, liquid hydrogen plays a critical applications. The liquid hydrogen is used as an alternative source of energy for non-renewable sources of energy. The liquid hydrogen is used across multiple sectors, which include automotives, aviation, industrial, and energy storage among others. With the increasing demand for clean energy in the global market, the demand for liquid hydrogen is expected to surge significantly.
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Silicon Carbide Market size worth US$4.863 billion by 2029
Press ReleasesThe silicon carbide market is estimated to be around US$1.672 billion in 2024 and is anticipated to grow to US$4.863 billion by 2029 at a CAGR of 23.80%.
Silicon carbide (SiC), also called carborundum, is a semiconductor consisting of silicon and carbon. It is found in nature as the extremely rare mineral moissanite, but more commonly manufactured artificially. High hardness, sulfide resistance, chemical stability, and semiconductor properties are the primary characteristics of SiC which makes it useful for various industries. Due to its hardness, it can be used for sandpaper and makes a fine material in grinding wheels as well as utilized in cutting tools while bigger pieces are made into abrasive grains serving as furnace linings or heating elements. Power electronics and LED are some of the electrical components that widely utilize SiC due to their special properties in the electric sector.
As per the report, the silicon carbide market is anticipated to develop at a significant pace.
There are numerous factors contributing to the growth of the silicon carbide market during the forecasted period. SiC is utilized to increase the efficiency and execution of hybrid electric vehicles (HEVs). Further, solar and wind power are utilizing SiC-based inverters and converters for similar applications. Using SiC devices will strengthen energy storage system efficiency and power density. Additional industrial utilization includes high-temperature electronic products and telecommunications. The base stations and other infrastructure components utilize SiC devices to enhance efficiency as well as cut power consumption. Moreover, the cost and quality of such materials are now better due to advancements in SiC technology.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in August 2024, Infineon Technologies AG began the primary stage of a new 200-millimeter silicon carbide (SiC) power semiconductor fab in Malaysia, stamping the world’s biggest and most competitive 200-millimeter fab.
Based on the type, the silicon carbide market is divided into sintered silicon carbide, nitride-bonded silicon carbide, and reaction-bonded silicon carbide. Sintered silicon carbide is expected to have a major share in the market due to its high durability, and low maintenance prices employed in major industries such as electronics, and automotive. Its thermal conductivity enables accurate temperature control, and it will also exhibit excellent performance over time in more challenging environmental conditions due to its chemical stability.
Based on the application, the silicon carbide market is classified into brakes & clutches, solar panels, turbines, semiconductors, deoxidizing agents, light-emitting diodes, and others. the growth in the silicon carbide market is mainly driven by brakes and clutches, especially for the EV industry. This is because of their high-temperature stability, wear resistance, and low weight combined with good thermal conductivity. The material can handle intense heat-ideal for EV braking systems as well as lower density to help reduce vehicle weight and thus improve fuel efficiency and performance.
Based on industry vertical, the silicon carbide market is divided into automotive, energy, steel industry, electronics, and others. The automotive industry contributes majorly to the growth of a silica carbide market that is driven by increasing demand for EVs and the requirement for further durable and efficient automotive parts. Those characteristics make SiC very suitable for utilization in components like power electronics, inverters, and motor control systems in EVs. In addition, SiC components can also be employed in electric motors and power electronics for hybrid vehicles.
Based on geography, the silicon carbide market is extending majorly in the Asia Pacific region due to various variables. Due to the increasing technological landscape in diverse countries of the Asia Pacific region with the increasing utilization of semiconductors and SiC chips in electronic products. Further, rising governmental incentives to propel the market in the Asia Pacific region, coupled with increasing production and demand for consumer electronics is expected to drive a huge increase within this segment. In addition, the expansion in the green or sustainable energy market with a particular spotlight on the solar sector is also expected to significantly generate demand for SiC owing to the increment in energy and power activities globally.
As a part of the report, the major players operating in the silicon carbide market that have been covered are Saint Gobain, AGSCO Corp, Anyang Jinbeite Metallurgical Refractories Co., Ltd., WolfSpeed Inc, Microchip Technology Inc., INSACO Inc, N.B. Enterprises, Shot Blaster, Carborundum Universal Limited, Zee Precision Carbographite Industries, Henan Silk Road Abrasives & Tools Co., Ltd., ROHM Co., Ltd., and Infineon Technologies AG.
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Transforming Customer Interactions: The Rise of AI in Customer Service
BlogAs the rapid pace of technological advancement and changes in consumer preferences have made the business environment much more dynamic, the pressure on businesses to offer superb customer service is always present. Customer service which is a competitive advantage of a brand has an impact on the brand reputation and customer loyalty. However, I contend, that the present-day requirements for example 24/7 support, quick resolutions, and tailored service with patronization of classical approaches more often than not do not meet such demands satisfactorily.
There will be, however, ease and realism in the power of Information Technology that business organizations will be able to rethink their primary focus from production or profit-making to establishing solid relations with stakeholders. AI is no longer a discernible subtext; it is now commonplace and instrumental in contact with the client. At the moment a lot is being done in the practical implementation of AI systems into customer services starting from smart negotiations using interlocutors that look and behave as live persons and to psychoanalytic-oriented algorithms that will suggest what your customers want.
Moreover, the extensiveness of the customer service management concerned with AI is precarious to mere automation of the process. The advent of such technologies, often tactical augmentation of existing systems and processes, is changing the emphasis of what is considered ‘good customer service’ in an age of increasing growth and dependency on technology. Customer service is mostly used by insurance 68%, healthcare 67%, telecom 64%, automotive 61%, home services 60%, financial services 60%, and travel 53%, which are the industries where consumers are most likely to call when making purchases.
Figure 1: Percentage Use of Customer Services by Industry, 2024
Source: Invoca
AI is transforming customer service in the following ways:
Due to the inclusion of AI systems, personalization has reached new heights. Convolution networks allow businesses to scrutinize consumer behaviour data and get insights into their preferences, previous purchases, and behavioural tendencies. This enables them to tailor every interaction with every customer. There are also AI-enabled chatbots that can address a client by name, recommend goods from past purchases or even foresee what a client requires before they voice it. Such experiences are unique and help to build a stronger bond with the customer as well as their satisfaction.
In the customer service industry, one of the many areas that benefit from AI is the immediacy of responses. In the case of chatbots and other virtual assistants same or different conversations, involve the use of natural language processing (NLP) which allows interaction with several customers at once, hence waiting time is minimized. Unlike human agents who may rest, AI mechanisms are active all the time meaning that even at night clients will still get help if they have any issues. More so AI can also attend to frequently asked questions or queries without the need of a person which allows the customer support teams to focus on the more complex issues that require human interaction, empathy and reasoning.
AI seeks to answer questions rather than waiting for them to be posed. Such analysis helps companies to mitigate the impact of certain issues before it escalates into a more serious situation. For example, a company may decide to invest in prior research on its customers’ complaints or product usage patterns to save them from losing their clients in the future. AI also allows businesses to forecast customer behaviour and subsequently provide discounts or promotions when most likely to increase sales.
Customer service costs suffer greatly when AI is not used. Many operational costs are cut down to size, thanks to the elimination of the need for huge workforces, as a result of using different technological tools. AI systems are also very flexible and can be increased or decreased depending on the current requirements of the organization. AI can handle more clients when there are peak seasons without compromising on the quality of service offered to the clients, thus ensuring there is constant customer satisfaction.
Challenges
The implementation of AI in customer service, though advantageous, has its challenges. A significant dependence on these systems may eliminate the element of human touch, which is vital in creating emotions and earning trust. Also, since AI systems work well with user data, there are concerns over the privacy and security of the data that present a cogent threat. To avoid losing customers, firms must ensure that their data reaches out to customers who understand the issues and do not contravene laws in place.
Further AI in Customer Service
As technology continues to improve, the role of AI in customer care will become more advanced. One such indulging work is advanced sentiment analysis that seeks to enable the machines to understand customers and their feelings better. Enhancement of customer experience can also be taken a notch higher with support solutions that would leverage AR and VR technologies which will improve the market.
In conclusion, the consumer engagement paradigm is being altered through the combination of AI, which is the efficiency, personalization and prediction capability of AI putting service interactions to another level. Transforming customer service does sound enticing, although it comes with challenges that must be dealt with. Businesses can benefit from AI services in a way that allows them to go beyond customer satisfaction and create a new level of provision excellence.
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Data Center Security Market size worth US$33.717 billion by 2029
Press ReleasesThe data center security market is estimated to grow at a CAGR of 17.36%, from US$15.145 billion in 2024 to reach US$33.717 billion by 2029.
Data center security is the physical and digital support of data centers through various instruments to protect applications, and data, that are rigorously operational from any external breaches or cyber-attacks. Key benefits of these data center system solutions are they assist organizations optimize and validate their data centers through enhanced reliability, and scalability among others. Increasing usage of internet services and growing penetration are generating high amounts of data from various end-user industries. This is considered as one industrial driver for the development and installation of data center security.
The rapid expansion of the market demand for data center security is driven by the adoption of cloud computing, increasing data from IoT sensors, social media, and e-commerce globally. Besides that, cyberattacks are becoming more frequent with increased complexity which demands data center security systems. Cloud service providers are obligated to deploy strong security practices to secure sensitive data, further, organizations invest in advanced cybersecurity solutions to ensure the safeguarding of their valuable resources of information. The evolution of the threat landscape emphasizes the importance of strong security in data centers, and as a result, enterprises are making higher investments in innovative security technologies to safeguard their digital businesses.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in May 2024, Flexxon showcased the X-PHY® Server Defender, the first standalone and fully autonomous cybersecurity module in the world, which gives full-stack managing and defense from both equipment and firmware layers in data center, at the RSA Conference 2024.
Based on the type, the data center security market is divided into mid-sized data centers, enterprise data centers, and large data centers. The enterprise data center segment is predicted to contribute largely to the data center security market due to the high sensitivity of its application and security needs in industries such as finance, healthcare, and governments consequently considerable investment is being made by enterprises leading toward automation services. Since, they are vulnerable to cyberattacks, which will promote the advanced cybersecurity solution.
Based on the solution, the data center security market is classified into two main solutions which are physical security solutions and logical security solutions. The physical security solutions are further divided into monitoring solutions, analysis, and modeling, access control, and video surveillance, while logical security solutions are further divided into compliance management and access control, threat and application security solutions, and data protection solutions. The data center security market for logical security solutions is expected to grow significantly in the coming years, owing to the digital transformation with remote access as well as increasing cloud adoption trends. As businesses require electronic storage and processing of all their valuable assets, there is a requirement for mechanisms to protect the digital data & systems.
Based on the service, the data center security market is categorized into managed security services, security consulting, and professional services. Managed security services are expected to make significant contributions in this industry of data center security, as they work in managed identity and access management, and risk compliance management which will provide continuous monitoring to improve threat detection. Another benefit to managed security services is cost-effective service that can leverage economies of scale and the expertise of a service provider, bringing down the costs associated with finding qualified in-house experts to take care of new threats.
Based on industry vertical, the data center security market is divided into banking and financial services, manufacturing, healthcare, government, media, and entertainment, and others. The banking and financial services industry is projected to significantly contribute to the growth of the data center security market due to stringent regulations associated with data privacy along with high-value targets for Cyber breachers, and complex IT infrastructure followed by rising penetration digitalization across various sectors.
Based on geography, the data center security market is extending majorly in the Asia Pacific region due to various variables. The regional growth is associated with rapid digital transformation, growing dependence on various data center innovations particularly in the form of cloud computing, IoT, and AI as well as increasing quantity of data being generated from sources like social media. This results in consistently increasing e-commerce and online services, thus more transactions done on the go with sensitive data, which necessitates the data center security solutions in the region.
As a part of the report, the major players operating in the data center security market that have been covered are Cisco Systems, Inc., Trend Micro Incorporated, Dell Inc., IBM, Juniper Networks, Inc., Broadcom, IAM Networks, Fortinet, Inc., RSI Security, Securitas Technology, Honeywell International Inc., and Palo Alto Networks.
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This analytics report segments the data center security market on the following basis:
Neuroprosthetics Market size worth US$14.927 billion by 2030
Press ReleasesThe global neuroprosthetics market is expected to grow at a CAGR of 12.91%, reaching a market size of US$14.927 billion in 2030 from US$8.645 billion in 2025.
Neuroprosthetics is a type of prosthetics device, that integrates biomedicine and neuroscience. A major purpose of neuroprosthetics is to restore the sensory, cognitive, and motor functions of patients. The neuroprosthetics interface with the spinal or brain circuits, which helps in enhancing the body’s functionality. The major function of neuroprosthetic devices is to restore the motor functionality of paralyzed patients. The global neuroprosthetics market is expected to witness significant growth with the growing global cases of neurological disorders. The global cases of neurological disorders in the past few years have witnessed significant growth. The World Health Organization, in its report, stated that about 1 in every 3 individuals in the globe is affected by some type of neurological disease. Similarly, the World Federation of Neurology in its paper stated that as of 2023, about 40% of the total global population suffers from neurological conditions. The federation further stated that Stroke, Neonatal encephalopathy, Migraine, Dementia, and Meningitis are among the most common neurological disorders prevailing across the globe.
With the rising global demand for neuroprosthetics devices, various research organizations have increased their research and development investment in the market. For instance, the RICE University and Houston Methodist in January 2024, launched the Center for Neural System Restoration, which is aimed to enhance neuroscience research and treatment innovations. Similarly, in March 2022, the University of Alabama at Birmingham (UAB) launched the Neuroengineering and Brain-Computer Interface Initiative.
The type segment of the global neuroprosthetics market is categorized into output neural prosthetics and input neural prosthetics. The output neural prosthetics category of the type segment is estimated to attain a greater market share in the global neuroprosthetics market during the forecasted timeline. The output neural prosthetics devices are a type of neuroprosthetic device, which enhances the output of the neural system.
By technique, the global neuroprosthetics market is segmented into deep brain stimulation, spinal cord stimulation, sacral nerve stimulation, transcranial magnetic stimulation, and vague nerve stimulation. Under the technique segment, the deep brain stimulation category is forecasted to witness significant growth in the global neuroprosthetics market. Deep brain stimulation or DBS is a type of neurosurgical procedure, which is used to implant electrodes and electrical stimulation. The DBS technique is used for the treatment of Parkinson’s disease, dystonia, and other type of neurological disorders.
The global neuroprosthetics market, under the application segment, is categorized into auditory processing disorders, Parkinson’s disease, epilepsy, ophthalmic disease, cardiovascular disease, paralysis, Alzheimer’s disease, and others. The Parkinson’s disease category of the application segment in the global neuroprosthetics market is expected to grow at a significant rate. Parkinson’s disease is a neurological disease, in which the part of the brain deteriorates which causes severe neurological symptoms. The global cases of Parkinson’s disease witnessed an increase, with over 1 million individuals living with Parkinson’s disease in the USA, and about 90,000 individuals being diagnosed with the disease every year, as stated by the Parkinson’s Foundation.
Based on geography, the European region is expected to witness significant growth in the global neuroprosthetics market. The North American region is among the global leaders in neurological and pharmaceutical technology leader. The governments of multiple countries, especially the USA and Canada have also introduced key policies and investment schemes to boost the research and development investment in the region.
As a part of the report, the major players operating in the global neuroprosthetics market that have been covered are SenArs, LivaNova PLC, Medtronic PLC, Sonova Holding AG, Boston Scientific Corporation, Cochlear Ltd, Demant AS, Abbott Laboratories, NeuroPace, Inc., BrainGate, and NDI Medical.
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The market analytics report segments the global neuroprosthetics market as follows: