The hard disk drive market is expected to grow at a CAGR of 0.74% with a market valuation of US$27.371 billion in 2022 and is expected to reach a market value of US$28.811 billion by 2029.
Hard disk drive is an electro-mechanical data storage device used in computers and laptops. The first company to introduce hard disk drives was IBM. It is a non-volatile storage drive means that data can be stored in it without any power supply.
Hard disk drives are available in two forms one is internal while the other is external. Internal HDDs are used in computers and laptops. It is connected with the help of a serial advanced technology (SATA) cable to the motherboard.
External HDD is a portable storage that is connected to the computer or laptop with the help of a USB cable. It has comparatively larger storage than flash drives. It is generally used as a device to backup data while it can also be used as a network drive to store shared content.
Rapid developments of smart technologies are propelling the demand for storage drives to store various types of data therefore it is anticipated that the changes in consumer electronic trends will propel the increasing demand for hard disk drives.
As per the report, the hard disk drive market is expected to grow at a significant pace.
The demand for data storage devices is anticipated to grow at a rapid pace due to increasing traffic in public cloud data centers. Due to this, the market of hard disk drives across the globe is expected to grow at pace and it will also witness various innovations.
As the usage of cloud-based solutions is increasing the demand for hard disk drives is also seeing rapid growth and development. Increasing innovations and demand for laptops have also contributed to the growth of the hard disk drive market growth.
Companies across the globe are rapidly making the transition to cloud computing solutions due to sudden changes in work culture and increasing demand for remote work. Due to this, cloud-based solutions have become very popular due to their ability to provide public services as well as security to the cloud setup installed on the premises of a company.
For instance, Ericsson estimated that global mobile network data traffic will continue to grow and it is anticipated that monthly mobile network data traffic will be 20GB by the end of 2023.
Many product launches and developments are taking place in the hard disk drive market during the forecast period. For instance, in March 2023, Western Digital and Kioxia Corporation announced a new 3D flashed memory technology. The company has used advanced scaling and wafer bonding technologies to develop this flash memory. It provides its users an exceptional performance and storage at a very low price. Thus, it is suitable for meeting growing data across various segments.
The rising usage of network-attached hard drives and portable data storage devices in consumer and electronic products is likely to influence the industry. These devices, which include a reprogrammable rotating magnetic disc and a magnetic writing head, are generally employed for digital data retrieval.
According to data from Cloudscene, the United States has 5,380 data centers which makes it the country having the most data centers in the North American region followed by it is Canada and the Cayman Islands each having 336 and 3 data centers, respectively.
The global hard disk drive market, based on different types is categorized into- internal HDD and external HDD. Internal hard drives (HDDs) are used as the primary storage devices in computers and laptops. They are connected to the device with the help of a SATA cable through which data is transferred in and out of it. It is available in different storage ranges from 16GB up to 100 TB.
External hard drives are portable storage devices and are connected to computers or laptops with the help of a USB cable. It is used to provide extra storage capacity for data backup and files that cannot be stored on primary storage. Compared to internal hard drives it provides more storage capacity.
The global hard disk drive market, based on end-users is categorized into- enterprise, nearline storage, and consumer use. Enterprise HDD end-users refer to the users that require large storage capacity. These HDDs are designed for heavy-duty usage at server rooms and data centers due to their high reliability and performance. It is not used as a standalone device rather it is used as a collective unit.
Nearline storage is a type of data storage that is not accessible but can be accessed easily. Some of common nearline storage are HDD, SSD, and cloud storage like Google Cloud nearline storage. It is generally slow but is a good choice for short-term storage.
Consumer hard disk drives are used in standard consumer systems and are not an ideal choice for enterprise use. These hard drives are available at lower compared to enterprise HDD and are also not meant for heavy-duty usage. But this type of HDD is cost-effective and energy-efficient. Consumer HDD is designed to be used in PCs and laptops.
As a part of the report, the major players operating in the global hard disk drive market that have been covered are Seagate Technology Holdings PLC, Western Digital Corporation, Japan Industrial Partners Inc. (Toshiba Memory Corporation), Hewlett Packard Enterprise Development LP, Sony Corporation, Transcend Information Inc., Schneider Electric, Lenovo, ADATA Technology Co., Ltd., and Buffalo Americas Inc.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/05/hard-disk-drive-market.jpg5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-05-09 05:58:052024-10-01 11:02:53Hard Disk Drive Market is projected to grow at a CAGR of 0.74% to reach US$28.811 billion in 2029
The photoelectric sensors, which are also known as optical sensors, work on the basis of light beams that are used to detect the possible presence or the absence of an object or the case of conditions of surfaces that have changed. They are composed of a transmitter and a sensor. A receiver recognizes the reflected light from the object. The sensors are mostly present in industrial manufacturing environments. Photoelectric sensors are different from light barriers because they perceive obstacles not by detecting when light beams are blocked but by detecting light reflecting off the obstacle. They are versatile and are usually effective in spotting different materials and objects, making the system independent of the colour or appearance of the target object.
The photoelectric sensors are classified into Thru-beam, Retroreflective, and Diffused. These sensors have both visible and infrared light sources for converting analog or digital signals into an output. In case of a thru-beam sensor, however, the transmitter and receiver are positioned at an angle to one another, within the line of sight, whereas the detection process is initiated whenever an object breaks through the beam.
Global Production Trends
The global production phenomenon appears to be influenced by a set of major trends. The increased adoption of automation in a broad range of sectors, for example the food & beverage, automotive, and construction ones is an important one. With these robotic operations, photoelectric sensors play a critical role to the achievement of precision and dependability in tasks like the determination of objects, positioning of products, as well as the provision of safety measures.
In the same manner, the Asia-Pacific region is expected to witness the highest growth rate because of the blossoming of its manufacturing industry and the increasing use of Industrial Internet of Things (IIoT) technology. For instance, according to The State Council Information Office China published an article in March 2023 it states that with an estimated total value-added industrial production volume of about 40 trillion yuan (equal to 5.57 trillion U.S. dollars) in 2023, the industrial value-added, at around 31.7 percent of GDP, accounted for this share. Its manufacturing sector has been a leader among all countries for more than 14 years in a row and keeps on maintaining its position as the biggest of all.
Furthermore, the progress in the sensors family leads to the production of smaller, more flexible, and even cost-effective types of sensors that make them cheaper and more accessible for various applications. Such sensors with a range of 100 to 1 thousand millimeters that provide an inexpensive detecting platform for different materials and can be broadly used for both short and long-range applications are another trend that has come to the fore. Although environmental considerations are a challenge to various industries, some of them solve this by creating eco-friendly PVC packing straps made of recycled kinds of stuff or organic alternatives.
The Photoelectric Use Cases
Photo-electric sensors are very common because of their role in detecting objects with the help of light in different industries. In manufacturing, they are significant since they provide the automation basis and guarantee the right detection and positioning of objects on assembly lines. These sensors are employed for applications including the activation of robots to undertake pick and place operations, confirmation of product presence for quality management, and worker safety by sensing joint presence in dangerous zones. The food and beverage industry depends on photoelectric sensors to make sure that the right liquid level is maintained in containers, check the conveyor belts, and start packaging processes.
The pharmaceutical industry makes use of this sensor in some basic functions like pill counting and confirming the presence of the label on medication bottles. Moreover, apart from industrial use, photoelectric sensors have a significant role in the daily life of all human beings. They are programmed in automatic doors to switch on the light when there is motion and they cause the escalator to stop when somebody is on one of the steps. They serve the purpose of safety. Security systems also provide the function of photoelectric sensors in detecting movement and triggering alarms accordingly.
In addition to this, even the daily-used electronic products such as printers and automated faucets, have these sensors embedded in them for different purposes. Since sensor technology evolves all the time, becoming more miniature, multi-functional, and affordable, the scope of optoelectronic sensors’ usage keeps growing. This implies that they will stay leading players in the automation, safety, and efficiency fields which come up in various industries and applications.
Market Dynamics and Drivers
The market for photoelectric sensors has the remarkable market growth due to several factors being positioned. The main reason is that there is a growing automation phenomenon manufacturing, automobile, food and drink as well as construction among other sectors. They heavily use photoelectric sensors for tasks like object recognition, product numbering and guaranteed safety measures on auto-production machines. The highly accurate sensors in use here are vital for ensuring smooth operations and better efficiency, and the fact that these sensors make use of light is the key factor in this regard.
Fast growing Asia-Pacific region that its manufacturing sector was accompanied. This area of high IIoT (Industrial Internet of Things) applications is one such region, which is driving this requirement for more photoelectric sensors. IIoT integrations yield real-time data charts from those sensors, thus creating opportunities for better process optimization and remote monitoring capabilities.
In addition, sensor technology is progressing rapidly causing the exploration of smaller, more versatile, and cost-efficient photodiodes. The much larger variety of applications and the ability to address different budgets will make the technology more appealing to users. One trend that has come up in recent years is the use of sensors that can be adjusted from 100mm to 1000mm which presents a cost-effective range to object detection in different materials and is applicable for both short and long-range applications. For instance, in January 2023, the most recent Consumer Electronics Show (CES) in 2023 drew focus to the progress on optical and photonic sensor technologies. They are based on light and this makes them revolutionary for navigation, positioning and autonomy. A great demonstration at the conference showed how a mini gyroscope took advantage of the latest technology and was used for high-precision positioning in self-driving cars and drones.
The booming drone market, composed of segments that include military, commercial, and consumer, highly relies on such imaging sensors. These sensors have the ability of notably giving drones visual perception that helps them in tasks such as avoiding obstacles, distinguishing objects (important in mapping and delivery) and autonomously flying safely. Thus, cost-effectiveness and safety play a role as the more drones fly, the larger the segments of drones will be. For instance, according to Idea Forge Technology’s published article in June 2023 its states that defense was the biggest shareholder in the global drone market in the calendar year 2022 and got 48%. Concluding the consumption defense, enterprise accounted for 33%, consumer for 17%, and less than 1% for logistics.
FIGURE 1: Global drone market by segmentation in percentage (2022)
The photoelectric sensors have got a strong hand in many applications. However, it has some challenges. Their performance in large-scale scenarios, however, can be restricted by their relatively narrow detection area. Besides that, environmental factors such as smoke, dust or intense sunlight can interfere with their capacity to identify light and therefore provoke malfunctions. Additionally, the image of hype details which includes colours that match the object of the target is another reason for confusion for the sensor. Once again, the last part is difficult, because it requires specialized technical know-how to set up the optimum measurement parameters for each and every scenario.
Emerging Opportunities and Innovations
The applications of photoelectric sensors are vast, owing to the fact that technology development is promoting more miniaturized and inconspicuous sensors that can be comfortably housed in tiny devices. Through integrating a LiDAR technology, explores the fascinating prospects related to 3D object recognition and mapping using light detection and ranging. Nevertheless, scientists are investigating whether machines should have self-learning algorithms that would allow sensors to adjust to environmental complexity and continuous changes, hence improving reliability. Recent prototyping of bionic sensors that can identify a broader range of the light spectrum makes us optimistic about the possibility of outsmarting the current sensors and their shortcomings. These cool innovative advancements of the photoelectric sensors give room for automation, control, safety and data collection in each related industry.
Key Developments
In November 2023: Carlo Gavazzi launched a photoelectric laser sensor with IO-Link provides nanometer precision level together with IO-Link communication for application addressed quite challengingly. These sensors are built to be able to excel in harsh environments, with functions such as far-reaching detection, background suppression, and controllability that make them capable of executing finely detailed tasks through IO-Link.
At last, concluding the photoelectric market is expected to have several innovations and growth opportunities over the forecast period. The market is driven by increased automation in the manufacturing sector and evolving landscape of advanced technology drive the photoelectric sensors market globally. There are various challenges to be faced such as narrow detection features and the image of hyper details which includes colors that match the object of the target is another reason for confusion for the sensors that may curb the market growth. Therefore, the industry is expected to maximize technological advancements and innovations to meet the needs of growing global demand for photoelectric sensors.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/05/photoelectric-sensor-market.jpg5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-05-08 13:05:492024-05-21 07:11:21The Unseen Influence of Photoelectric Sensors in Daily Existence
The amino acids market is estimated to grow at a CAGR of 4.92% to reach US$26.741 billion in 2028 from US$19.106 billion in 2021.
Amino acids are an organic molecule that is made up of a basic amino group, they act as the building blocks of proteins. The protein acts as a catalyst for most chemical reactions that occur in a cell. The amino acids provide many structural elements of a cell and further support binding the cells together into tissues. Furthermore, amino acids are involved in several biological and chemical functions in the human body. Also, they are important ingredients for the development and growth of human beings which includes building and repairing the tissues, formation, and function of enzymes, food digestion, and transportation of molecules among others.
The wide application and benefits of amino acids in the food and beverage industry and pharmaceuticals are the prime drivers supporting the amino acids market growth during the forecast period
Owing to the numerous benefits of amino acids to the human body, the food and beverage industry and pharmaceutical industry utilize amino acids either alone or in combination as flavor enhancers. For instance, histidine amino acid helps in digestion, sleep, and immune function and can be obtained from food sources such as meat, chicken, and fish. Furthermore, the food industry has shifted its focus on providing more healthy and nutritious alternatives to consumers owing to the rising health and dietary concerns among the populations of developing and developed economies. Henceforth, the growing health concern among the population has augmented the demand for amino acids, consequently boosting the market growth during the forecast period.
Furthermore, amino acids are widely used in biotechnology applications and the pharmaceutical industry. They can be used as a solvent additive for protein purification and as an excipient for protein formulation in pharmaceutical applications. Additionally, sucrose, glycerol, and other amino acids are used to enhance the stability of unstable proteins after isolations from natural environments. Such benefits of amino acids in the pharmaceutical industry and biotechnology applications have further propelled the market for amino acids during the anticipated period.
The analysts anticipate that plant-based amino acids will hold a significant share of the source segment
Based on the source, the amino acid market is divided into plant and animal-based amino acids. During the anticipated period, the plant-based amino acids market is expected to hold a significant share. The growth of this segment can be mainly attributed to the rising favouritism towards vegan and vegetarian dietary practices among the global population, coupled with rich amino acid intake from the vegetarian diet. Furthermore, the rising trend of sustainable food culture and organic products in both developing and developed economies has supported the market growth under this segment. Moreover, the rising social awareness regarding animal slaughter and its impact on the environment has played a vital role in the growth of the plant-based amino acids market.
The dietary supplements segment is expected to grow swiftly during the forecast period
Based on application, the amino acids market is segmented into food and beverage, dietary supplements, pharmaceuticals, and others. Due to increased nutrient supplement use during the pandemic to support the immune system, the application of dietary supplements in the amino acids market is predicted to experience promising growth. The amino acids are beneficial for muscle development and strength. Hence supplementing a proper diet with essential amino acids can support increasing the supply of nitrogen to the human body. It can further help in maintaining the amino acids stored in skeletal muscle. Furthermore, the growing markets of amino acids and their new application in different dietary supplements have supported the market growth. These dietary supplements have mainly grown popular among fitness enthusiasts as they help in boosting muscle growth and improve the exercise experience. Moreover, these supplements also help with weight loss.
According to analysts, the Asia-Pacific region is expected to hold a significant market share
Based on Geography, the amino acid market is divided into North America, South America, Europe, and the Asia Pacific. Geographically, it is projected that the Asia-Pacific region would account for a sizeable portion of the market. This is largely due to the region’s sizably high population is a key factor in supporting the growth of the amino acid market in the Asia-Pacific region. According to UNFPA, the Asia-Pacific region holds 60% of the world’s population and includes the world’s most populous countries on the planet like India and China. Consequently, this population growth is expected to fuel the market for amino acids during the forecast period. Moreover, one of the factors promoting market expansion in the Asia-Pacific in the upcoming years is the rising adoption of a healthy lifestyle coupled with the rising spending power of the people.
COVID-19 Insights
The outbreak of COVID-19 had a significant impact on the amino acids market. The coronavirus majorly affected the immune system of human beings, which led to positive health-conscious behaviour among the global population. The importance of a healthy lifestyle and diet surged amid a pandemic, which ultimately increased the demand for nutritional food in the global market. As a result, the demand for amino acid-rich food surged during this period. Furthermore, the demand for sustainable and organic foods witnessed growth amid the COVID-19 pandemic. Consequently, sustainable agricultural practices became extremely critical, which led to a surge in the demand for amino acid-based bio stimulants across the globe. However, the temporary lockdowns and restrictions imposed by the government led to partial or complete closure of production facilities and reduced staffing. As a result, the amino acid market witnessed a slowed-down market growth during the pandemic.
Amino Acids Market Scope:
Report Metric
Details
Market Size Value in 2021
US$19.106 billion
Market Size Value in 2028
US$26.741 billion
Growth Rate
CAGR of 4.92% from 2021 to 2028
Base Year
2021
Forecast Period
2023 – 2028
Forecast Unit (Value)
USD Billion
Segments Covered
Source, Application, Type, and Geography
Regions Covered
North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered
Ajinomoto Co., Inc., AMINO GmbH, ANGUS Chemical Company, Spectrum Chemical Mfg. Corp, Kemin Industries, ADM, KYOWA HAKKO BIO CO., LTD., Bill Barr & Company, Evonik Industries AG, Suntran Industrial Group Ltd.
Customization Scope
Free report customization with purchase
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/amino-acids-market-2.jpg5191000adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2024-05-07 12:50:292024-05-10 11:29:09Supporting the Good Health of the Human Body With Amino Acids
The Robotic Process Automation market was valued at US$2.039 billion in the year 2020. This market is projected to grow at a lucrative CAGR of 31.5%.
Robotic process automation (RPA) is a business process automation technology that uses metaphorical software robots or artificial intelligence/digital workforce to automate business processes.
RPA optimizes workflows, allowing companies to be more lucrative, adaptable, and responsive. It also enhances employee happiness, engagement, and productivity by eliminating monotonous activities from their working days. RPA is non-intrusive and can be implemented quickly to speed digital transformation. It’s also perfect for automating procedures using outdated systems that don’t have APIs, virtual desktop infrastructures (VDIs), or database access.
The growing use of artificial intelligence and cloud-based solutions for internal efficiency among SMEs is fueling market expansion. For instance, UiPath partnered with Snowflake to Power robotic process automation analytics in the cloud in October 2021
The growing deployment of SaaS, IaaS, and PaaS products for customer relationship management, cloud computing, enterprise resource management, open-source resources, cooperative robot learning, network connection, and other financial applications is also fueling the growth of the RPA market.
Many businesses are preparing to implement RPA technology software to automate various business operations in order to cut costs, conserve time and effort, and improve efficiency. RPA’s capacity to simplify corporate operations at a rapid speed while providing efficiency is boosting demand and industry growth. RPA can also be used in conjunction with cognitive aid, machine learning/Artificial Intelligence, speech recognition, IoT, and other technologies to accomplish complicated tasks in a short amount of time. RPA interaction models assist a variety of industry sectors, including retail, healthcare, human resources, financial services, and many more.
Growing Internet Penetration in Emerging Countries, Along With Increased Digitization
According to the World Bank, Individuals using the Internet (% of the population) grew from 49.407 in 2018 to 56.727 in 2019. In underdeveloped nations, only around 35% of the population has access to the Internet (versus about 80 % in advanced economies). According to the World Economic Forum, Africa has experienced a substantial increase in internet users in the Democratic Republic of the Congo (DRC)—between 2019 and 2020, the country’s internet user population rose by 9 million (+122 %). India has also witnessed substantial growth, with the number of internet users increasing by 128 million (+23 %) between 2019 and 2020.
RPA Innovation Is Increasing to Meet Shifting Customer Expectations
Companies in different sectors, including retail and manufacturing, are turning to RPA to reduce labour costs as labour prices continue to grow. Furthermore, by implementing robotic technology, businesses can manufacture high-quality items while removing the potential of human error. Furthermore, several industrial companies demand a high level of energy consumption and want to reduce energy costs by using robots technology, which supports the RPA market growth. Though the initial cost of robotic technology is high, it allows businesses to run their operations more effectively while reducing their overall expenditure.
The High Cost of Implementation Might Hinder the Market Growth
The cost of RPA deployment varies depending on the vendor. SMEs can pay between $4,000 and $15,000 for a single bot. On the other hand, Enterprises may need to spend up to $20 million for a complete RPA system with up to 500 robots, which will save them more than $100 million and replace over 1,000 laborforces. The cost of automated bot implementation is determined by factors such as the complexity of the bot, the time and effort spent on initial business process analysis, the initial setup and programming required, and, finally, the costs of all APIs and apps used inside a bot. While some APIs and apps are free, connecting to cloud services may incur recurring charges, which typically increase linearly with the volume of data handled. Furthermore, since RPA bots are embedded in current software applications, every upgrade to the programme may need an upgrade for the bot as well, costing additional development expenses. If software upgrades cause the RPA bots to malfunction, the customer may additionally have to pay for incident management.
Asia-Pacific Region Is Expected to Have a Prominent Market Share
The Asian-Pacific region market is projected to expand due to the increasing usage of cloud-based computing and the need for convenience. Cloud-based computing has grown significantly in popularity as internet penetration has increased, as has digitization and automation in small and medium-sized businesses. For instance, Indian Oil Corporation Ltd (IOCL) struck a five-year deal with Automation Anywhere, a global player in RPA, in September 2021 to accelerate and expand automation to promote innovation throughout its 30,000-person workforce. Furthermore, Ramssol Group Bhd (Ramssol), a leading domestic Human Capital Management (HCM) solutions and technology provider, entered into a strategic partnership with leading Artificial Intelligence Robotic Process Automation (AI-RPA) firm, Laiye, as its first authorised training partner for intelligent automation technology across Southeast Asia in October 2021 through its wholly-owned subsidiary, Rams Solution Sdn Bhd (RAMS). In 2020, YonBIP, a brand new business innovation platform, was launched by Yonyou Network Technology to expedite digital transformation and achieve long-term success for international businesses. This year, Yonyou introduced TMS Cloud, a global treasury management product, at Yonyou Hong Kong, the headquarters of the Overseas Business Unit, with the goal of providing treasury management solutions for international corporations with cross-border operations.
According to the Association for Advancing Automation, North American robot unit orders in 2019 were up 1.6 % over the same period in 2018, with 29,988 robotic units ordered. Order revenue decreased by 1.3 % in 2019, ending the year at $1.681 billion. The primary drivers of growth were a 50.5 % rise in orders from automotive OEMs and a 16.6 % increase in orders from the plastics and rubber industry. Orders to automotive component markets fell 6.6 %, while orders to all other non-automotive industries, including food and consumer products, health sciences, metals, and semiconductor/electronics, fell by single digits.
The Coronavirus Pandemic Had a Positive Effect on the Robotic Process Automation Market
COVID-19 had a negative influence on numerous industries such as retail, manufacturing, and IT and telecom were all experienced a drop in business, while healthcare organisations were overburdened by the rising number of Covid-19 cases. This unexpected situation had an impact on both back-end and front-end office operations, resulting in extended response times, staff burnout, paperwork backlog, and supply chain delays, among other things. As a result, implementing an automated solution was critical in lowering costs, providing faster customer response, and streamlining testing and reporting. Many large corporations across the world have embraced some type of RPA as they seek to digitally empower essential business processes via resilience and scalability while recalibrating human labour and manual effort. The positive impact of deploying RPA amid a pandemic-induced recession is expected to boost the demand for RPA post-pandemic.
Robotic Process Automation Market Scope:
Report Metric
Details
Market size value in 2020
US$2.039 billion
Growth Rate
CAGR of 31.05% during the forecast period
Base year
2020
Forecast period
2021–2026
Forecast Unit (Value)
USD Billion
Segments covered
Type, Enterprise Size, Application, Deployment, And Geography
Regions covered
North America, South America, Europe, Middle East and Africa, Asia Pacific
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/robotics-process-automation-market2.jpg308386adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2024-05-07 12:50:162024-06-04 08:47:07Automating Business Using Robotic Process Automation
Pine-derived chemicals manifest an amazing range of chemicals taken from various pine tree parts such as the bark, wood, and needles. These chemicals are extensively used by many industries in diverse ways such as the manufacture of adhesives, paints, and their coatings, fragrances, flavors, and pharmaceuticals among others. Moreover, pinewood chemicals are used in cosmetics, vitamin intermediates, pine oil disinfectants, insect repellents, aroma and perfumes, and food and beverage flavouring among others.
This pine chemical industry (PCI) is clearly first and foremost the pioneer of using biomass resources to manufacture sustainable products from a renewable source at the same time. The major raw materials, crude tall oil, and crude sulphate turpentine are always procured during the pulping of the evergreen, cone-bearing trees. Sawdust, a leftover from the processing of wood, also has applications that benefit the environment, such as filtering water for drinking and cleaning auto emissions.
Global Production Trends
Pine tree are a crucial supplier of chemicals of pine origin which are employed in a broad range of commerce. These chemicals can be extracted from oleoresin through distillation or from the carbonized wood by-products. Among the wide variety and natural ability to reproduce, pine trees are among the best sources of these bio-based alternatives to petrochemicals.
Initially, the market is boosted by the fact that consumers and industry players are seeking sustainable and bio-based options as alternatives. Pine chemicals present a sustainable latent as a replacement for petrochemicals. Environmental issues become more and more concerning issues thus, industries are looking at environmentally acceptable solutions with an increased use of bio-based chemicals.
In addition, the expansion of wood pulp and paper production is greatly linked to the pine-based chemical market. The main process by which a paper is produced, known as Kraft pulping, among many resulting components, is called tall oil which is an important material source for pine chemicals. As a result, the demand for paper products does not decrease, the production of pine-derived chemicals increases constantly.
Based on regional trends, there will be an Asia-Pacific area that will show tremendous growth. The booming manufacturing sector combined with the demand for construction projects in this region produces a great deal of consumption of pine chemicals utilized in the manufacture of adhesives, coatings, and other industrial applications. For instance, according to the State Council China published an article in May 2024, it states that the country produced 22.42 million tonnes of machine-made paper and paperboard, which was an 11.9 percent increase compared to the previous year 2022. The sales revenue of the paper industry surged by 7.5 % with the operating revenue reaching 213.55 billion yuan (about 30.05 billion US dollars) after one year. Thus, the overall sales amount to 6.42 billion yuan in the first quarter in the year 2023, which is a 336.7% increase compared to the same period last year. Overall, the global consumption of pine-based chemicals is on a growing trend. The expansion in the pulp and paper industry as well as rising demand across diverse application sectors are all the key market growth drivers to look forward to in the years ahead.
Pine-Derived Chemical Use Cases
The chemicals derived from pine are famous for their environmentally safe character and versatile functions and are widely used in different industries.
The pine chemicals are of fundamental component in the construction industry. Resin from gum acts as the tackifier in the adhesives which are used in lumber bonding, plywood manufacturing, and furniture assembly. In addition, the chemicals from pine help to boost durability and adhesion in paints, varnishes, and coatings.
Paper and Packaging Pine chemicals are an integral part of the pulp and paper industries. Paper pulping process, which is called Kraft, produces tall oil with it serving as a basic raw material for pine chemicals. Beyond these indirect roles, the chemicals obtained from pine trees can be directly used as sizing agents, strengthening additives, and wet-end additives during papermaking. It increases water resistance, strength, and general paper quality.
Adding skincare and beauty products is the surprising purpose of the pine tree extracts. Fats and oils as well as sterols are used as basic building blocks that are responsible for providing a moisturizing and soothing effect. Furthermore, the pine plant sources evergreen essential oils to support fragrances and contribute a natural scent to numerous cosmetics.
Food and Beverage Sector Pine chemical applications have gained widespread utilization in the food and beverage industries. Specific pinewood by-products such as herbal flavors are allowed to be used as flavoring agents with citrusy or piney nuances which you can find in candies, sodas, and cakes.
Market Dynamics and Drivers
The demand for pine-derived chemicals is witnessing continuous growth, as the presence of factors like their wide range of functions along with renewability, are giving them unique application advantages.
The main reason for this growth is the huge trend that is happening in present days where consumers are looking more and more for ecological options. Innovations and discoveries in renewable and bio-based resources are an integral part of an ever-increasing consumers’ awareness of the environment and thus many industries search for these alternatives to the traditional petrochemical materials. Pine chemicals, native to a local source which is owned abundantly and replenished naturally, provide one possible answer to this change. The answer highlights sustainable and environmentally friendly solutions.
For instance, according to Blue Yonder the supply chain company published article on a consumer survey regarding sustainability in 2024 it states that wide number of consumers accept the benefits of sustainability, and they are ready to pay more for sustainable products. A recent study implies that 65% of customers are ready to pay more money on goods that are green-friendly. Furthermore, customers anticipate that retailers and brands embrace diverse environmental practices. According to the study, 61% of people would give preference to products utilizing recycled content or choosing packaging with less food or inventory waste. Furthermore, as many as 39% of consumers expect retailers to decrease the carbon footprint of physical stores or operations, and 34% want a decrease in transportation carbon footprint as well. This evidence shows the increasing role of sustainability in consumer choice and the necessity for companies to meet consumers’ expectations in this regard.
Moreover, the pulp and paper industry is an important contributor to the market growth. The key Kraft pulping process generates tall oil, the pine chemicals starting material. The continuous demand for paper products guarantees an uninterrupted supply of tall oil, which is further processed to produce pine-based chemicals.
Moreover, scientific growth and technological development are also key drivers behind the market expansion. Advanced extraction and processing technologies are, in turn, bringing higher yields and more economical production of pine extracts. Apart from that, continuous studies on the new applications and performances of these chemicals extend the boundaries of their usage.
In 2023, the topmost tall oil exporters were the United States with 22.84 million kg, Poland with 2.73 million kg, Sweden with 2.36 million kg, and Germany with 1.46 million kg.
Figure 1: The Tall Oil Exporter Countries (2023 Qty Unitkg)
Source: World Integrated Trade Solution
Market Challenges
Nevertheless, the market for pine-derived chemicals has yet to meet high expectations, despite its promising potential. Instability in crude oil prices that are in some cases used as substitutes for certain applications is a danger to the competitiveness of pine chemicals. Additionally, the harmful emissions resulting from the highly energy-consuming extraction process demand a constant development of more environmentally friendly methods. Also, tough environmental regulations might lead to an increase in production costs or access to the available resources. To ensure the future prosperity of the market, it will be necessary to address these challenges through the implementation of technological advancements and environmentally friendly extraction strategies.
Emerging Opportunities and Innovations
Innovation in the production of chemicals from pine is the main driver of the demand curve of the market. Supercritical fluid extraction technology and microwave-assisted extraction methods are becoming increasingly popular with regard to green chemistry and delivering ecologically sustainable ways to extract valuable substances. This extends the range of products that could be produced from pine biomass. A research also reveals that byproducts that are bio-based fuels and green solvents can be used in the energy and chemical industries for sustainable alternatives. With the growing center of gravity on technology and the development of bio-based solutions, the pine-derived chemicals market edge on an exciting territory of new prospects.
Key Developments
In February 2024: The Kraton a company renowned for its manufacturing and sales of polymers and biochemicals in the market launched a brand-new line of bio-oils called SYLVASOLV which utilizes pine wood industrial waste as its feedstock. These high-grade oils not only offer eco-solutions for agriculture, adhesives, and lubricants but also supply ecologically acceptable alternatives for diverse industry uses.
At last, concluding that the pine–derived chemical market is projected to have various innovations and growth opportunities over the forecast period. The market is driven by the huge trend that is happening in present days where consumers are looking more and more for ecological options and technological advancement in the field of pine-derived chemical extraction. There are several challenges to be faced such as constant emission while extracting chemicals and high energy consumption during the process of chemicals. Therefore, the industry is expected to minimize technological upgradation and innovations to meet the needs of a growing global demand for the pine-derived chemical market.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/05/pine-derived-chemicals-market.jpg5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-05-07 06:40:442024-05-21 07:14:50Pine-Derived Materials Make a Way Towards Sustainable Future
The SiC wafer market is expected to grow at a CAGR of 21.60% with a market valuation of US$0.331 billion in 2022 and is expected to reach a market value of US$1.299 billion by 2029.
The production of SiC wafers has been steadily increasing over the years and the industry has been booming in recent times with its applications increasing in demand. For instance, factors such as rapid growth in the automotive industry 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.
As per the report, the SiC wafer market is expected to grow significantly.
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 as it is the second hardest material in the world provides stability under high voltage current and heat, this material is being widely used in several industries.
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. Also, the rise in demand for solar energy is leading to a lot of research and development to be done to harness its power efficiently. For instance, 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 such as SiC diodes and SiC MOSFETs. Further, In September 2022, AIXTRON announced the release of their next-generation G10-SiC 200 mm silicon carbide epitaxy product solution which is based on the proven G5 WW C 150 mm platform, and the new G10-SiC system provides a dual wafer size option that may be customized.
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. But to use this energy resource, the precision and reliability should be very high. In recent years, there has been a notable increase in the production of SiC wafers in emerging economies with technological advancements in various fields. They have a diverse set of end-users and can cater to all their needs 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.
The SiC wafer market can be categorized into 3 main sizes: 2 to 4 inches, 6 inches, and 8 to 12 inches. The 6-inch wafer size category is anticipated to show the most growth in the silicon carbide or SiC wafer market as they provide scalability and cost-effectiveness to the manufacturers to produce their devices and improve the overall efficiency and functioning of the device. Hence, the SiC market is anticipated to grow over the forecast period with the availability of different sizes of SiC wafers catering to different end-user’s needs.
The SiC wafer market can be segmented based on the application, namely communication, power & energy, automotive, and consumer electronics. The silicon carbide or SiC wafer market is anticipated to grow significantly in the power and energy segment. SiC wafers are becoming more and more popular in the power and energy industry because of their outstanding qualities, which include wide bandgap and high thermal conductivity. Hence, the growth in renewable power energy sources and a wide variety of applications for SiC wafers across the globe is predicted to grow the market for SiC wafers in the forecast period.
The silicon carbide (SiC) wafer market is expanding significantly in the Asia Pacific area due to several important factors. The need for SiC wafers in a variety of applications is due to the region’s rapid industrialization, especially in nations like China, Japan, South Korea, and Taiwan. The Asia Pacific region which has major key players offering silicon carbide devices such as Toshiba Corporation from Japan, TanKeBlue Co. Ltd. From China, and Renesas Electronics Corporation from Japan are making significant innovations in SiC wafers technology which will increase its demand in the market globally and in the Asia Pacific region. Also, the growing innovations in the automotive industry and electric vehicle’s popularity among people is what will create various new opportunities for innovation in SiC wafer technology.
The market for SiC wafers is supported by key players such as Wolfspeed Inc., STMicroelectronics, Infineon Technologies, TankeBlue, Atecom Technology Co Ltd, SK Siltron Co Ltd, SiCrystal GmbH, Xiamen Powerway Advanced Material Co Ltd and Silicon Valley Microelectronics Inc.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/05/sic-wafer-market.jpg5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-05-06 05:55:212024-10-01 11:04:10SiC Wafer Market is projected to grow at a CAGR of 21.60% to reach US$1.299 billion in 2029
The Global Transparent Ceramics market was valued at US$355.287 millionin 2020 and is expected to grow at a CAGR of 24.93% to reach a market size of US$1,687.321 million in 2027.
Transparent ceramics are a class of advanced materials with exceptional mechanical qualities and unique transparency. In contrast to optical resins and glass materials, transparent ceramics are polycrystalline substances that have a specific amount of light transmittance. They are stronger, tougher, and more corrosion-resistant. The utilisation of these cutting-edge ceramics for thermal imaging applications is possible, particularly in demanding operational environments and with personal protective gear like face shields, helmets, and goggles. In comparison to conventional optical glass and resins, they offer strength, hardness, and great heat and scratch resistance. As a result, they have numerous applications in non-linear optics, transparent armour, solid-state lasers, scintillator components, transparent armour, and bulletproof glasses.
Given their major contributions to sectors including consumer electronics, optics and optoelectronics, aerospace and defence, and so forth, transparent ceramics have drawn a lot of attention in the past ten years. The two main drivers anticipated to drive market expansion are the rising demand for their use in sensors and the use of ceramic technology in lasers.Traditional glass is being replaced with new products created by prominent players that combine low cost and cutting-edge technology. Transparent ceramics are being used in a wide range of industries because of their reduced weight, improved visibility, and high durability.
The Transparent ceramics’ application range has expanded as a result of ongoing research and development activities by key stakeholders. Recent innovations have made it possible to shape ceramics into many shapes, including tubes and rods. The growing demand for transparent ceramics as an alternative to conventional glass technologies, the expansion of the optics and optoelectronic industries, increased efficiency, and rising defence spending are some of the other factors influencing the growth performance of the transparent ceramics market.
Defence and Aerospace sectors to boost the Transparent Ceramics market
In industries such as aerospace, defence, and military vehicles, there is a considerable rise in demand for transparent ceramics. The transparent ceramics market is projected to expand due to an increase in new aircraft production. Transparent ceramics can withstand temperatures significantly higher than those of high-grade technical plastics and are lighter than the majority of metals. Therefore, thermal protection systems in rocket exhaust cones, missile nose cones, insulation tiles for space shuttles, and engine components are some of the examples of structural ceramic applications. Due to their properties, including stiffness, high strength, and resistance to chemicals and heat, transparent ceramics, especially ceramic armors, are suitable for use in the defence and security industry.
Due to the increased demand for security around the world, the global military and security industry has been expanding recently. Defence spending has surged in countries like China, the US, Russia, and India. During the projected period, rising defence spending across the globe is anticipated to fuel the expansion of the transparent ceramics market. According to a research by the World Bank, China and India’s military expenditure surged from USD86.2362 billion and USD33.002 billion in 2008 to USD249.997 billion and USD66.51 billion in 2018 respectively, demonstrating growth rates of nearly 190% and 101%, respectively. Transparent ceramics are expected to have significant growth in the coming years due to their numerous advantages over other types of materials.
Key market developments
Advanced expansion activities, research and development, market investments, and mergers and acquisitions will thereby increase the demand for transparent ceramics. For instance,
September 2021: Magnesium aluminate spinel ceramics were developed by ARCI(International Advanced Research Centre for Powder Metallurgy and New Materials) researchers using colloidal processing followed by the HIP technique, which simultaneously applies pressure and heating. The substance is suitable for thermal imaging applications, particularly in demanding operational environments. These transparent ceramics produced in India are anticipated to be a step towards Atmanirbhar Bharat (self-reliant India) with possible applications in infantry personal protection systems including thermal imaging such as helmets, face shields, and goggles.
September 2022:The opening of Surmet’s upgraded North Buffalo Facility was announced by Surmet Corp. and Gilbane Building Company. Surmet’s site at 699 Hertel Ave. will receive a $14.5 M investment, which will be used for facility rehabilitation, the addition of particularly engineered space, and the setup of new manufacturing equipment for transparent ceramics. Gilbane Building Company oversaw the expansion project’s construction. The largest of its kind in the United States, the expanded facility will include new production furnaces and specially developed ceramic processing machinery.
April 2021: The transparent ceramics segment and the PERLUCOR brand were acquired by Fraunhofer IKTS from the ceramics firm CeramTec-ETEC. A research and development facility for transparent ceramics is to be set up at the IKTS site in Hermsdorf due to the technical infrastructure secured through the acquisition. It enhances the capabilities of the current facilities and makes it possible to produce high-purity, clear ceramics for optical systems, medical technologies, and ballistic defence.
July 2022: Technology Assessment and Transfer, Inc. was acquired by SINTX Technologies, Inc., an original equipment manufacturer of advanced ceramics. The TA&T’s technologies and goods include hot pressing of technical ceramics; complicated fiber-reinforced ceramic-matrix composites, chemical vapour infiltration and deposition, and 3D printing of medical equipment and heat exchangers made of ceramic. The acquisition of SINTX enables product expansion for use in aerospace, commercial, and medical applications.
The North American region is expected to hold a significant share of the market in the coming years.
Given the region’s significant expenditures on the military industry, North America had a significant share of the global market. This expansion is related to the presence of significant market participants as well as increasing regional defence R&D spending. Most of the product’s demand comes from this region as it is heavily used in the defence industry. Another factor is the region’s abundance of manufacturers, including Surmet Corporation and Coorstek Corporation. Due to its developed optoelectronics and defence industries, the United States held the greatest share of the North American transparent ceramics market. The United States spent roughly $55.4 billion on defence research and development in 2017, more than four times the total amount spent by the other OECD nations combined, according to Congressional Research Service agency. As a result, over the course of the forecast, North America is anticipated to expand significantly.
Global Transparent Ceramics Market Scope:
Report Metric
Details
Market Size Value in 2020
US$355.287 million
Market Size Value in 2027
US$1,687.321 million
Growth Rate
CAGR of 24.93% from 2020 to 2027
Base Year
2020
Forecast Period
2022–2027
Forecast Unit (Value)
USD Million
Segments Covered
Type, Material, End User Industry, And Geography
Regions Covered
North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered
Konoshima Chemical Co., Ltd., CeramTec ETEC, Murata Manufacturing Co., Ltd., SCHOTT AG, Momentive Technologies, CeraNova, Surmet Corporation, American Elements
Customization Scope
Free report customization with purchase
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/transparent-ceramics-market-1.jpg6261205adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2024-05-05 12:50:302024-05-10 11:22:13Defence and Aerospace Industries Driving the Demand for Transparent Ceramics
The global farm equipment market is evaluated at US$89.225 billion for the year 2022 growing at a CAGR of 5.69% reaching the market size of US$131.481 billion by the year 2029.
Tools, machinery, and upkeep supplies made specifically for use on farms in conjunction with the production or processing of food resources for market usage are referred to as “farm equipment.” It comprises equipment for irrigation, haying, foraging, and harvesting. These implements help reduce labor requirements, improve crop quality, and shorten the time needed for agricultural work. Sprayers and self-propelled spreaders operate more swiftly and effectively while covering a larger area each day. These tools ensure that nutrients and safety measures are administered consistently, which helps to reduce overall costs and boost crop yields. There are numerous low-pressure, high-pressure, foggier, and air-carrying varieties of mechanical sprayers. These sprayers come in manual, tractor-mounted, and aerial designs. The towed or vehicle-mounted sprayers give the contemporary farmer various benefits, including more operating freedom.
Increasing government agriculture aid will drive the worldwide farm equipment industry
The agriculture industry has historically seen significant government intervention, maybe more than any other economically productive sector. Governments have historically taken this action because they wanted to guarantee a suitable level of farmer income as well as adequate and reasonably priced food supplies for their populations. According to the most recent edition of the OECD’s annual Agricultural Policy Monitoring and Evaluation report, released in June 2020, the support policies implemented by the 54 countries studied – all OECD and EU countries, as well as 12 key emerging economies – provided an average of USD 536 billion (EUR 469 billion) in direct support to farmers from 2017 to 2019. While these goals are still important today, many governments have expanded the scope of their policies to accomplish other objectives, such as supporting innovative and competitive industries as well as environmentally sound production systems that are more resistant to risks such as climate change. For instance, Farmers and growers in England can apply for up to £500,000 in Government funding to invest in cutting-edge robotics and technology to increase food output beginning in January 2022. Grants of up to £500,000 are available to invest in productivity-boosting equipment such as driverless tractors, harvesting, spraying, and harvesting robots, and automated milking systems. Additionally, the U.S. Department of Agriculture (USDA) will invest $300 million, including money from the American Rescue Plan, in a new organic transition initiative that will help create new and better markets and income streams for farmers and producers, according to information released in August 2022 by the Agriculture Secretary. The initiative will provide comprehensive technical support, including farmer-to-farmer mentoring, as well as immediate assistance in the form of financial assistance for conservation efforts and additional crop insurance assistance. It will also support market development initiatives in targeted markets.
Technological progress will feed the world’s rising population
Globally, the market is gaining substantial traction as a result of the growing human population and the resultant requirement for higher production to meet the need for food. According to a United Nations report updated in December 2022, that provides new evidence that the world is moving further away from its goal of ending hunger, food insecurity, and malnutrition in all forms by 2030, the number of people affected by hunger globally rose to as many as 828 million in 2021, an increase of about 46 million since 2020. The market picture is being improved by the demand for premium packaged foods, the speeding up of industrialization, and the growing spending power of consumers. The demand for agricultural products is the main factor driving the demand for planting and fertilizing technology as opposed to manual planting and fertilizing methods. For example, Mahindra unveiled a new potato planter under its Farm Equipment Sector (FES) in September 2020. The latest sophisticated Precision Potato Planting machinery, known as the ‘PlantingMaster Potato Plus,’ was conceived and developed in partnership with Dewulf, a European partner. PlantingMaster Potato Plus, according to the Indian business, has been engineered to fit Indian farming conditions, offering increased yields and improved quality. Deere & Company also intends to introduce new fertilizer technologies and an electric excavator to assist clients in being more productive and sustainable. The new technologies were unveiled by the equipment business during its keynote talk at the CES 2023 event in January. Its ExactShot technology employs sensors and robotics to deposit starter fertilizer on seeds as they are planted in the soil, allowing farmers to save up to 60% on starter fertilizer during planting.
EV tractors are making their way into a sustainable farming sector
The tractor category accounts for the greatest revenue share, owing to a manpower shortage and a growing population to fulfill global food requirements, which has made tractors a requirement for enhancing agricultural output. Electric tractors are expected to be a big growth opportunity for market participants. The cost-effectiveness of electric tractors, together with their eco-friendliness and great efficiency, is attributed to the growth. For instance, the e70N tractor from electric tractor developer Solectrac went on sale in August 2021. As part of a grant from the Funding Agriculture Replacement Measures for Emission Reductions Demonstration Program of the Bay Area Air Quality Management District, Solectrac provided the 70-horsepower, diesel-equivalent tractors to three farms in Northern California (FARMER). Solectrac is a manufacturer of electric tractors that was established in Northern California to give farmers independence from the infrastructure, pollution, and price volatility brought on by fossil fuels.
COVID-19 Insights
The COVID-19 pandemic caused a minor drop in the agricultural equipment industry in 2020. Government limitations enforced to combat the new COVID-19 resulted in the temporary shutdown of manufacturing facilities, resulting in output delays. As a result, the industry suffered throughout the first half of 2020. Companies including Kubota Corporation saw a decrease in agricultural equipment sales. Revenue for Kubota Corporation and its subsidiaries fell by 66.8 billion (3.5%) from the previous year for the fiscal year that concluded on December 31, 2020. Domestic revenue dropped by $30.2 billion (4.8%) from the previous year as a result of revenue in farm and industrial machinery declining mostly as a result of unfavorable effects of COVID-19. However, when governments opened up their economies, demand for agricultural equipment increased by double digits.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/farm-equipment-market.jpg6261205adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2024-05-05 11:31:062025-02-04 13:59:21Farm Equipment Market Driven by Government Policies and Support
The dry bulk shipping market was valued at US$343.483 billion in 2022 and is projected to expand at a CAGR of 7.85% over the forecast period to reach US$540.672 billion by 2028.
The most common bulk commodity is dry bulk. Iron and coal are the two major basic materials that are supplied in considerable quantities. Because of the significant rise in electricity consumption, both imports and exports of coal are in high demand. Iron demand has grown because of industrialization. Because marine transportation is the least cheap mode of transportation, demand for dry bulk shipping has increased. Considering the resources available, it is now possible to track the shipment of products across the globe by using the identification number supplied. These factors are anticipated to bring up new development opportunities for the dry bulk shipping business.
The market trend for dry bulk shipping has shifted dramatically as the shipment of steel and coal has increased. Furthermore, one of the primary drivers of dry bulk shipping market growth is the expansion in global seaborne trade.
Iron ore and coal demand has expanded because of growing industrialization and economic liberalization and is mostly met by industry through seaborne commerce. Coal and iron ore are among the most prevalent raw materials used in power generation and long-term infrastructure building. The large growth in demand for coal imports and exports has increased demand for coal exporters and importers. Such factors drive the dry bulk transport business. Fast economic expansion, population growth, rapid urbanization, and expanded steel production are all going to drive up demand for the transportation of various commodities used in various sectors.
Additionally, improvements in the system of supply chain management are hastening the automation of automobile production planning systems. Because maritime transport is the cheapest available mode of transportation, a rise in sea travel is expected to help the dry bulk shipping business. The worldwide dry bulk shipping sector is expected to be driven by increased technological improvements, such as the capacity to track shipping goods and identify individual components.
The growing coal and iron ore production will surge the demand for global dry bulk shipping market share during the projected period. Moreover, high demand for steel which in turn will positively influence the market size.
The primary drivers fueling the expansion of this market are rising trade volume and global demand for products such as iron ore and coal which has resulted in higher developments in dry bulk carriers in recent years. One of the primary reasons driving expansion in this industry is the increased global demand for coal. Because of its low cost and widespread availability, the utilization of coal as a source of energy has expanded dramatically in recent years. Furthermore, during the last decade, the worldwide seaborne iron ore trade has expanded substantially. In response to the country’s fast economic expansion, increased steel output, and worries about energy security, the government has implemented several programs to assure enough supply of iron ore for the country’s steel mills. These strategies involve import substitution as well as the expansion of native mining activities. The sheer volume of building activities in the commercial, domestic, and non-residential sectors fueled the need for steel. Because of the increased shipping of steel and coal, the share of the market for dry bulk shipping has changed significantly. Steel is in high demand due to an increase in infrastructure projects. As a result, producers use a variety of tactics and concepts to boost the value of their production to change consumers’ perceptions of the worth of their products. According to the World Steel Association, steel demand rose by 0.4% in 2022 to 1840.2 Mt. Steel consumption will increase by 2.2% in 2023, reaching 1 881.4 Mt. According to the same statistical source, China and India would be the top two leading countries in terms of steel output in 2020-21.
The rising initiatives to incorporate various strategies by companies will propel the market to grow.
The companies launched various programs and signed partnership agreements which have resulted in the growth of the market’s profitability. For instance, RightShip launched a new initiative for the dry bulk industry in April 2020, to ensure the greatest standards of safety, security, and environmental excellence. The new Dry Bulk Management Standard (DBMS) intends to assist the advancement of security and risk management standards in dry bulk ship management, as well as to foster collaboration, dialogue, and higher standards in the industry. Similarly, Roger LLC (Roger) launched a new independent technology firm in April 2020 to provide digital solutions to carriers and shippers in the dry bulk shipping market. Roger gathered a group of dry bulk truck freight merchants that collaborated with more than 200 trucking businesses to build a platform available to shippers and carriers throughout the industry to decrease paperwork and achieve maximum transportation efficiency.
During the forecast period, the global dry bulk shipping markets in Asia Pacific are projected to have a substantial market share.
The global dry bulk shipping market is divided into five areas based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. During the forecast period, the Asia Pacific region is anticipated to hold the largest amount of market share in the next five years. Due to the increased industrialization and production of coal and iron ore in the region, the market is surging. Moreover, the growing population’s need for commodities would aid the expansion of the Asia Pacific region’s dry bulk shipping market over the forecast period. For instance, Safeen Feeders, a subsidiary of AD Ports Group, established a new global dry bulk shipping service in September 2022. It agreed to acquire and manage five dry-bulk boats for 126 million dollars with Invictus Investment. Invictus’ dry-bulk trading company presently transports over three million tonnes of goods every year, mostly wheat and supplementary grains. The partnership with Invictus has helped the company to own and manage five dry-bulk boats, expanding commercial transportation to the Red Sea, Pacific routes, and other locations. Therefore, such developments made, and market expansions initiated by companies will drive market growth for this region.
Global Dry Bulk Shipping Market Scope:
Report Metric
Details
Market Size Value in 2022
US$343.483 billion
Market Size Value in 2028
US$540.672 billion
Growth Rate
CAGR of 7.85% from 2022 to 2028
Base Year
2022
Forecast Period
2023–2028
Forecast Unit (Value)
USD Billion
Segments Covered
Commodity Type, Vessel Type, and Geography
Regions Covered
North America, South America, Europe, Middle East and Africa, Asia Pacific
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/dry-bulk-shipping-market.jpg6261205adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2024-05-05 11:31:052024-05-10 07:57:52The Impact of Steel and Coal Production on the Dry Bulk Shipping Market
The advanced process control market was valued at US$1,699.590 million for the year 2020 and is expected to grow at a CAGR of 8.36%, reaching a market size of US$2,981.447 million by the year 2027.
An advanced process control system is a combination of control systems and optimization technologies that are used by many sectors to increase production capacity, increase equipment dependability, cut down on power consumption, and speed up processes. The market for advanced process control includes APC software and associated services. The process industries make up the majority of the market for applications overall, where APC technologies are utilised to improve plant performance.
Advanced automation and process controls, together with rising user demand and the adoption of best practises to boost production and quality, have all contributed to the market for advanced process control (APC) seeing significant development. Another driver of market growth will be the increased emphasis on technical improvements together with the rising demand for energy-efficient production methods. Furthermore, the market will continue to grow due to growing industrialisation and increased awareness of the significance of regulatory compliance.
Increased focus on Energy Efficient Process in Industries to drive the market
Given the shifting operating circumstances, deteriorating equipment, shifting market conditions, and ineffective control strategies, the energy consumption of the majority of energy-intensive processes, such as those seen in refineries or petrochemical plants, is highly variable. As they lack the tools to gather and analyse real-time performance data, plants often use more energy than is necessary and are unable to increase efficiency. They can only access previous performance data instead, and they are unable to make corrections until it is too late. There are multiple ways for businesses to reduce their energy use, waste, and prices if they can precisely measure, analyze, estimate, and control their energy consumption. Energy-efficient process and equipment design is the first step in energy efficiency.
Using advanced process control and optimization, asset owners can better achieve their sustainability goals and objectives. For instance, as per a 2020 blog by Schneider Electric, Taiwan stakeholders running a top refinery have implemented a distinctive mix of advanced process control and artificial intelligence technology across crucial application domains like crude oil distillation in an effort to reduce costs. Schneider Electric and AVEVA provided an advanced process control system to the refinery to lower energy costs by reducing process variability and stabilising unit operations. Throughput improvements and annual energy savings of about $4.2 million US have been reported by plant operators. According to PI Process Control Solutions, a company that sells software and services for process control, depending on the process and ongoing operations, energy savings from the deployment of APC have been estimated to be in the range of 3% to 15%. Thus, rising consumer demand for energy-efficient production methods will become a key market growth driver.
Increased emphasis on Technical Improvements by industries to boost production and quality
The demand for high-quality goods across sectors, rising machine usage, and the integration of smart devices into machinery are all driving the growth of the APC market in the industrial automation sector. The goal of APC development and ongoing improvement is to raise product quality by enhancing the efficiency of production operations. For instance: in August 2022, one of India’s leading integrated pulp and paper producers, Andhra Paper Limited (APL), installed an ABB advanced process control (APC) solution at the lime kiln of their Rajahmundry mill. ABB has incorporated its OPT800 Lime APC solution into APL’s current ABB Ability System to assists in lowering the energy consumption of the highly dynamic lime kiln production process. OPT800 Lime relies on a model of the kiln processes at its core to precisely forecast the interactions between process variables and respond in real time to process modifications.
According to Honeywell, a company that also engages in selling software and services for process control, stated that Advanced Process Control programmes often result in a 1%–1% production improvement. APC debottlenecks the process, or a portion of it, assists in lowering the process’ variability and working closer to its limits, enabling higher production rates. It’s crucial to lessen quality variation in the finished product. The same source also states that the use of Advanced Process Control has led many businesses to report a standard deviation of product quality decrease of up to 50%.
North America to hold a major share due to Strong adaptation in the Oil and Gas and energy industries
APC systems are expected to grow in North America due to the construction of new power plants, the presence of significant semiconductor manufacturing enterprises, and the demand for industrial automation. A robust market for advanced process control solutions has developed in this region as a result of the early adoption of automation throughout end-use sectors in countries like the United States and Canada. The demand for APC systems for environmentally friendly manufacturing processes is increasing because of significant R&D expenditure and strict environmental restrictions. The US is going through an energy transition. The drilling and fracturing of shale formations, combined with technological advancements in hydraulics, has enhanced oil and gas output. The country also generates the most nuclear electricity and has the largest operating nuclear power capacity in the world. As of 2021, there were 93 commercial nuclear reactors in the US operating in 55 nuclear power plants spread throughout 28 states, according to the US Energy Information Administration. The North America Advanced Process Control market will expand over the course of the forecast period as a result of rising E&P operations in the region’s oil and gas sector.
High implementation Cost and time to restrain the growth of the Advanced Process control market
The market’s potential growth would be constrained by expensive R&D and initial investment costs. The high initial cost of the technology and the expense of implementation could limit the market’s expansion. Establishing an APC system often costs hundreds of thousands of dollars for many businesses. Small businesses’ reluctance to move from old methods to improved process controls due to a lack of financing would limit the market’s growth even more. It can take a long time and be expensive to implement an APC solution. Preconditioning and testing, model creation, controller integration, and commissioning are a few of the time-consuming procedures that are often involved in implementation. These factors are likely to act as obstacles for the market growth.
Advanced Process Control Market Scope:
Report Metric
Details
Market size value in 2020
US$1,699.590 million
Market size value in 2027
US$2,981.447 million
Growth Rate
CAGR of 8.36% from 2020 to 2027
Base year
2020
Forecast period
2022–2027
Forecast Unit (Value)
USD Million
Segments covered
Type, Application, And Geography
Regions covered
North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered
Schneider Electric SE, Siemens AG, Onto Innovation Inc., Aspen Technology, Inc., Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation, Panasonic Corporation, Rockwell Automation, Inc., Honeywell International Inc., Control Soft
Customization scope
Free report customization with purchase
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/01/advanced-process-control-market1.jpg165520adminhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngadmin2024-05-04 12:50:272024-05-21 07:15:14Rising Demand from End-Use Industries to Drive Advanced Process Control Market
Hard Disk Drive Market is projected to grow at a CAGR of 0.74% to reach US$28.811 billion in 2029
Press ReleasesThe hard disk drive market is expected to grow at a CAGR of 0.74% with a market valuation of US$27.371 billion in 2022 and is expected to reach a market value of US$28.811 billion by 2029.
Hard disk drive is an electro-mechanical data storage device used in computers and laptops. The first company to introduce hard disk drives was IBM. It is a non-volatile storage drive means that data can be stored in it without any power supply.
Hard disk drives are available in two forms one is internal while the other is external. Internal HDDs are used in computers and laptops. It is connected with the help of a serial advanced technology (SATA) cable to the motherboard.
External HDD is a portable storage that is connected to the computer or laptop with the help of a USB cable. It has comparatively larger storage than flash drives. It is generally used as a device to backup data while it can also be used as a network drive to store shared content.
Rapid developments of smart technologies are propelling the demand for storage drives to store various types of data therefore it is anticipated that the changes in consumer electronic trends will propel the increasing demand for hard disk drives.
As per the report, the hard disk drive market is expected to grow at a significant pace.
The demand for data storage devices is anticipated to grow at a rapid pace due to increasing traffic in public cloud data centers. Due to this, the market of hard disk drives across the globe is expected to grow at pace and it will also witness various innovations.
As the usage of cloud-based solutions is increasing the demand for hard disk drives is also seeing rapid growth and development. Increasing innovations and demand for laptops have also contributed to the growth of the hard disk drive market growth.
Companies across the globe are rapidly making the transition to cloud computing solutions due to sudden changes in work culture and increasing demand for remote work. Due to this, cloud-based solutions have become very popular due to their ability to provide public services as well as security to the cloud setup installed on the premises of a company.
For instance, Ericsson estimated that global mobile network data traffic will continue to grow and it is anticipated that monthly mobile network data traffic will be 20GB by the end of 2023.
Many product launches and developments are taking place in the hard disk drive market during the forecast period. For instance, in March 2023, Western Digital and Kioxia Corporation announced a new 3D flashed memory technology. The company has used advanced scaling and wafer bonding technologies to develop this flash memory. It provides its users an exceptional performance and storage at a very low price. Thus, it is suitable for meeting growing data across various segments.
The rising usage of network-attached hard drives and portable data storage devices in consumer and electronic products is likely to influence the industry. These devices, which include a reprogrammable rotating magnetic disc and a magnetic writing head, are generally employed for digital data retrieval.
According to data from Cloudscene, the United States has 5,380 data centers which makes it the country having the most data centers in the North American region followed by it is Canada and the Cayman Islands each having 336 and 3 data centers, respectively.
The global hard disk drive market, based on different types is categorized into- internal HDD and external HDD. Internal hard drives (HDDs) are used as the primary storage devices in computers and laptops. They are connected to the device with the help of a SATA cable through which data is transferred in and out of it. It is available in different storage ranges from 16GB up to 100 TB.
External hard drives are portable storage devices and are connected to computers or laptops with the help of a USB cable. It is used to provide extra storage capacity for data backup and files that cannot be stored on primary storage. Compared to internal hard drives it provides more storage capacity.
The global hard disk drive market, based on end-users is categorized into- enterprise, nearline storage, and consumer use. Enterprise HDD end-users refer to the users that require large storage capacity. These HDDs are designed for heavy-duty usage at server rooms and data centers due to their high reliability and performance. It is not used as a standalone device rather it is used as a collective unit.
Nearline storage is a type of data storage that is not accessible but can be accessed easily. Some of common nearline storage are HDD, SSD, and cloud storage like Google Cloud nearline storage. It is generally slow but is a good choice for short-term storage.
Consumer hard disk drives are used in standard consumer systems and are not an ideal choice for enterprise use. These hard drives are available at lower compared to enterprise HDD and are also not meant for heavy-duty usage. But this type of HDD is cost-effective and energy-efficient. Consumer HDD is designed to be used in PCs and laptops.
As a part of the report, the major players operating in the global hard disk drive market that have been covered are Seagate Technology Holdings PLC, Western Digital Corporation, Japan Industrial Partners Inc. (Toshiba Memory Corporation), Hewlett Packard Enterprise Development LP, Sony Corporation, Transcend Information Inc., Schneider Electric, Lenovo, ADATA Technology Co., Ltd., and Buffalo Americas Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-hard-disk-drive-market
The analytics report categorizes the global hard disk drive market using the following criteria:
Segmentation:
The Unseen Influence of Photoelectric Sensors in Daily Existence
BlogThe photoelectric sensors, which are also known as optical sensors, work on the basis of light beams that are used to detect the possible presence or the absence of an object or the case of conditions of surfaces that have changed. They are composed of a transmitter and a sensor. A receiver recognizes the reflected light from the object. The sensors are mostly present in industrial manufacturing environments. Photoelectric sensors are different from light barriers because they perceive obstacles not by detecting when light beams are blocked but by detecting light reflecting off the obstacle. They are versatile and are usually effective in spotting different materials and objects, making the system independent of the colour or appearance of the target object.
The photoelectric sensors are classified into Thru-beam, Retroreflective, and Diffused. These sensors have both visible and infrared light sources for converting analog or digital signals into an output. In case of a thru-beam sensor, however, the transmitter and receiver are positioned at an angle to one another, within the line of sight, whereas the detection process is initiated whenever an object breaks through the beam.
Global Production Trends
The global production phenomenon appears to be influenced by a set of major trends. The increased adoption of automation in a broad range of sectors, for example the food & beverage, automotive, and construction ones is an important one. With these robotic operations, photoelectric sensors play a critical role to the achievement of precision and dependability in tasks like the determination of objects, positioning of products, as well as the provision of safety measures.
In the same manner, the Asia-Pacific region is expected to witness the highest growth rate because of the blossoming of its manufacturing industry and the increasing use of Industrial Internet of Things (IIoT) technology. For instance, according to The State Council Information Office China published an article in March 2023 it states that with an estimated total value-added industrial production volume of about 40 trillion yuan (equal to 5.57 trillion U.S. dollars) in 2023, the industrial value-added, at around 31.7 percent of GDP, accounted for this share. Its manufacturing sector has been a leader among all countries for more than 14 years in a row and keeps on maintaining its position as the biggest of all.
Furthermore, the progress in the sensors family leads to the production of smaller, more flexible, and even cost-effective types of sensors that make them cheaper and more accessible for various applications. Such sensors with a range of 100 to 1 thousand millimeters that provide an inexpensive detecting platform for different materials and can be broadly used for both short and long-range applications are another trend that has come to the fore. Although environmental considerations are a challenge to various industries, some of them solve this by creating eco-friendly PVC packing straps made of recycled kinds of stuff or organic alternatives.
The Photoelectric Use Cases
Photo-electric sensors are very common because of their role in detecting objects with the help of light in different industries. In manufacturing, they are significant since they provide the automation basis and guarantee the right detection and positioning of objects on assembly lines. These sensors are employed for applications including the activation of robots to undertake pick and place operations, confirmation of product presence for quality management, and worker safety by sensing joint presence in dangerous zones. The food and beverage industry depends on photoelectric sensors to make sure that the right liquid level is maintained in containers, check the conveyor belts, and start packaging processes.
The pharmaceutical industry makes use of this sensor in some basic functions like pill counting and confirming the presence of the label on medication bottles. Moreover, apart from industrial use, photoelectric sensors have a significant role in the daily life of all human beings. They are programmed in automatic doors to switch on the light when there is motion and they cause the escalator to stop when somebody is on one of the steps. They serve the purpose of safety. Security systems also provide the function of photoelectric sensors in detecting movement and triggering alarms accordingly.
In addition to this, even the daily-used electronic products such as printers and automated faucets, have these sensors embedded in them for different purposes. Since sensor technology evolves all the time, becoming more miniature, multi-functional, and affordable, the scope of optoelectronic sensors’ usage keeps growing. This implies that they will stay leading players in the automation, safety, and efficiency fields which come up in various industries and applications.
Market Dynamics and Drivers
The market for photoelectric sensors has the remarkable market growth due to several factors being positioned. The main reason is that there is a growing automation phenomenon manufacturing, automobile, food and drink as well as construction among other sectors. They heavily use photoelectric sensors for tasks like object recognition, product numbering and guaranteed safety measures on auto-production machines. The highly accurate sensors in use here are vital for ensuring smooth operations and better efficiency, and the fact that these sensors make use of light is the key factor in this regard.
Fast growing Asia-Pacific region that its manufacturing sector was accompanied. This area of high IIoT (Industrial Internet of Things) applications is one such region, which is driving this requirement for more photoelectric sensors. IIoT integrations yield real-time data charts from those sensors, thus creating opportunities for better process optimization and remote monitoring capabilities.
In addition, sensor technology is progressing rapidly causing the exploration of smaller, more versatile, and cost-efficient photodiodes. The much larger variety of applications and the ability to address different budgets will make the technology more appealing to users. One trend that has come up in recent years is the use of sensors that can be adjusted from 100mm to 1000mm which presents a cost-effective range to object detection in different materials and is applicable for both short and long-range applications. For instance, in January 2023, the most recent Consumer Electronics Show (CES) in 2023 drew focus to the progress on optical and photonic sensor technologies. They are based on light and this makes them revolutionary for navigation, positioning and autonomy. A great demonstration at the conference showed how a mini gyroscope took advantage of the latest technology and was used for high-precision positioning in self-driving cars and drones.
The booming drone market, composed of segments that include military, commercial, and consumer, highly relies on such imaging sensors. These sensors have the ability of notably giving drones visual perception that helps them in tasks such as avoiding obstacles, distinguishing objects (important in mapping and delivery) and autonomously flying safely. Thus, cost-effectiveness and safety play a role as the more drones fly, the larger the segments of drones will be. For instance, according to Idea Forge Technology’s published article in June 2023 its states that defense was the biggest shareholder in the global drone market in the calendar year 2022 and got 48%. Concluding the consumption defense, enterprise accounted for 33%, consumer for 17%, and less than 1% for logistics.
FIGURE 1: Global drone market by segmentation in percentage (2022)
Source: https://ideaforgetech.com/uploads/Other/DroneIndustryReport.pdf
Challenges and Constraints
The photoelectric sensors have got a strong hand in many applications. However, it has some challenges. Their performance in large-scale scenarios, however, can be restricted by their relatively narrow detection area. Besides that, environmental factors such as smoke, dust or intense sunlight can interfere with their capacity to identify light and therefore provoke malfunctions. Additionally, the image of hype details which includes colours that match the object of the target is another reason for confusion for the sensor. Once again, the last part is difficult, because it requires specialized technical know-how to set up the optimum measurement parameters for each and every scenario.
Emerging Opportunities and Innovations
The applications of photoelectric sensors are vast, owing to the fact that technology development is promoting more miniaturized and inconspicuous sensors that can be comfortably housed in tiny devices. Through integrating a LiDAR technology, explores the fascinating prospects related to 3D object recognition and mapping using light detection and ranging. Nevertheless, scientists are investigating whether machines should have self-learning algorithms that would allow sensors to adjust to environmental complexity and continuous changes, hence improving reliability. Recent prototyping of bionic sensors that can identify a broader range of the light spectrum makes us optimistic about the possibility of outsmarting the current sensors and their shortcomings. These cool innovative advancements of the photoelectric sensors give room for automation, control, safety and data collection in each related industry.
Key Developments
At last, concluding the photoelectric market is expected to have several innovations and growth opportunities over the forecast period. The market is driven by increased automation in the manufacturing sector and evolving landscape of advanced technology drive the photoelectric sensors market globally. There are various challenges to be faced such as narrow detection features and the image of hyper details which includes colors that match the object of the target is another reason for confusion for the sensors that may curb the market growth. Therefore, the industry is expected to maximize technological advancements and innovations to meet the needs of growing global demand for photoelectric sensors.
Supporting the Good Health of the Human Body With Amino Acids
BlogThe amino acids market is estimated to grow at a CAGR of 4.92% to reach US$26.741 billion in 2028 from US$19.106 billion in 2021.
Amino acids are an organic molecule that is made up of a basic amino group, they act as the building blocks of proteins. The protein acts as a catalyst for most chemical reactions that occur in a cell. The amino acids provide many structural elements of a cell and further support binding the cells together into tissues. Furthermore, amino acids are involved in several biological and chemical functions in the human body. Also, they are important ingredients for the development and growth of human beings which includes building and repairing the tissues, formation, and function of enzymes, food digestion, and transportation of molecules among others.
The wide application and benefits of amino acids in the food and beverage industry and pharmaceuticals are the prime drivers supporting the amino acids market growth during the forecast period
Owing to the numerous benefits of amino acids to the human body, the food and beverage industry and pharmaceutical industry utilize amino acids either alone or in combination as flavor enhancers. For instance, histidine amino acid helps in digestion, sleep, and immune function and can be obtained from food sources such as meat, chicken, and fish. Furthermore, the food industry has shifted its focus on providing more healthy and nutritious alternatives to consumers owing to the rising health and dietary concerns among the populations of developing and developed economies. Henceforth, the growing health concern among the population has augmented the demand for amino acids, consequently boosting the market growth during the forecast period.
Furthermore, amino acids are widely used in biotechnology applications and the pharmaceutical industry. They can be used as a solvent additive for protein purification and as an excipient for protein formulation in pharmaceutical applications. Additionally, sucrose, glycerol, and other amino acids are used to enhance the stability of unstable proteins after isolations from natural environments. Such benefits of amino acids in the pharmaceutical industry and biotechnology applications have further propelled the market for amino acids during the anticipated period.
The analysts anticipate that plant-based amino acids will hold a significant share of the source segment
Based on the source, the amino acid market is divided into plant and animal-based amino acids. During the anticipated period, the plant-based amino acids market is expected to hold a significant share. The growth of this segment can be mainly attributed to the rising favouritism towards vegan and vegetarian dietary practices among the global population, coupled with rich amino acid intake from the vegetarian diet. Furthermore, the rising trend of sustainable food culture and organic products in both developing and developed economies has supported the market growth under this segment. Moreover, the rising social awareness regarding animal slaughter and its impact on the environment has played a vital role in the growth of the plant-based amino acids market.
The dietary supplements segment is expected to grow swiftly during the forecast period
Based on application, the amino acids market is segmented into food and beverage, dietary supplements, pharmaceuticals, and others. Due to increased nutrient supplement use during the pandemic to support the immune system, the application of dietary supplements in the amino acids market is predicted to experience promising growth. The amino acids are beneficial for muscle development and strength. Hence supplementing a proper diet with essential amino acids can support increasing the supply of nitrogen to the human body. It can further help in maintaining the amino acids stored in skeletal muscle. Furthermore, the growing markets of amino acids and their new application in different dietary supplements have supported the market growth. These dietary supplements have mainly grown popular among fitness enthusiasts as they help in boosting muscle growth and improve the exercise experience. Moreover, these supplements also help with weight loss.
According to analysts, the Asia-Pacific region is expected to hold a significant market share
Based on Geography, the amino acid market is divided into North America, South America, Europe, and the Asia Pacific. Geographically, it is projected that the Asia-Pacific region would account for a sizeable portion of the market. This is largely due to the region’s sizably high population is a key factor in supporting the growth of the amino acid market in the Asia-Pacific region. According to UNFPA, the Asia-Pacific region holds 60% of the world’s population and includes the world’s most populous countries on the planet like India and China. Consequently, this population growth is expected to fuel the market for amino acids during the forecast period. Moreover, one of the factors promoting market expansion in the Asia-Pacific in the upcoming years is the rising adoption of a healthy lifestyle coupled with the rising spending power of the people.
COVID-19 Insights
The outbreak of COVID-19 had a significant impact on the amino acids market. The coronavirus majorly affected the immune system of human beings, which led to positive health-conscious behaviour among the global population. The importance of a healthy lifestyle and diet surged amid a pandemic, which ultimately increased the demand for nutritional food in the global market. As a result, the demand for amino acid-rich food surged during this period. Furthermore, the demand for sustainable and organic foods witnessed growth amid the COVID-19 pandemic. Consequently, sustainable agricultural practices became extremely critical, which led to a surge in the demand for amino acid-based bio stimulants across the globe. However, the temporary lockdowns and restrictions imposed by the government led to partial or complete closure of production facilities and reduced staffing. As a result, the amino acid market witnessed a slowed-down market growth during the pandemic.
Amino Acids Market Scope:
Automating Business Using Robotic Process Automation
Thought ArticlesThe Robotic Process Automation market was valued at US$2.039 billion in the year 2020. This market is projected to grow at a lucrative CAGR of 31.5%.
Robotic process automation (RPA) is a business process automation technology that uses metaphorical software robots or artificial intelligence/digital workforce to automate business processes.
RPA optimizes workflows, allowing companies to be more lucrative, adaptable, and responsive. It also enhances employee happiness, engagement, and productivity by eliminating monotonous activities from their working days. RPA is non-intrusive and can be implemented quickly to speed digital transformation. It’s also perfect for automating procedures using outdated systems that don’t have APIs, virtual desktop infrastructures (VDIs), or database access.
The growing use of artificial intelligence and cloud-based solutions for internal efficiency among SMEs is fueling market expansion. For instance, UiPath partnered with Snowflake to Power robotic process automation analytics in the cloud in October 2021
The growing deployment of SaaS, IaaS, and PaaS products for customer relationship management, cloud computing, enterprise resource management, open-source resources, cooperative robot learning, network connection, and other financial applications is also fueling the growth of the RPA market.
Many businesses are preparing to implement RPA technology software to automate various business operations in order to cut costs, conserve time and effort, and improve efficiency. RPA’s capacity to simplify corporate operations at a rapid speed while providing efficiency is boosting demand and industry growth. RPA can also be used in conjunction with cognitive aid, machine learning/Artificial Intelligence, speech recognition, IoT, and other technologies to accomplish complicated tasks in a short amount of time. RPA interaction models assist a variety of industry sectors, including retail, healthcare, human resources, financial services, and many more.
Growing Internet Penetration in Emerging Countries, Along With Increased Digitization
According to the World Bank, Individuals using the Internet (% of the population) grew from 49.407 in 2018 to 56.727 in 2019. In underdeveloped nations, only around 35% of the population has access to the Internet (versus about 80 % in advanced economies). According to the World Economic Forum, Africa has experienced a substantial increase in internet users in the Democratic Republic of the Congo (DRC)—between 2019 and 2020, the country’s internet user population rose by 9 million (+122 %). India has also witnessed substantial growth, with the number of internet users increasing by 128 million (+23 %) between 2019 and 2020.
RPA Innovation Is Increasing to Meet Shifting Customer Expectations
Companies in different sectors, including retail and manufacturing, are turning to RPA to reduce labour costs as labour prices continue to grow. Furthermore, by implementing robotic technology, businesses can manufacture high-quality items while removing the potential of human error. Furthermore, several industrial companies demand a high level of energy consumption and want to reduce energy costs by using robots technology, which supports the RPA market growth. Though the initial cost of robotic technology is high, it allows businesses to run their operations more effectively while reducing their overall expenditure.
The High Cost of Implementation Might Hinder the Market Growth
The cost of RPA deployment varies depending on the vendor. SMEs can pay between $4,000 and $15,000 for a single bot. On the other hand, Enterprises may need to spend up to $20 million for a complete RPA system with up to 500 robots, which will save them more than $100 million and replace over 1,000 laborforces. The cost of automated bot implementation is determined by factors such as the complexity of the bot, the time and effort spent on initial business process analysis, the initial setup and programming required, and, finally, the costs of all APIs and apps used inside a bot. While some APIs and apps are free, connecting to cloud services may incur recurring charges, which typically increase linearly with the volume of data handled. Furthermore, since RPA bots are embedded in current software applications, every upgrade to the programme may need an upgrade for the bot as well, costing additional development expenses. If software upgrades cause the RPA bots to malfunction, the customer may additionally have to pay for incident management.
Asia-Pacific Region Is Expected to Have a Prominent Market Share
The Asian-Pacific region market is projected to expand due to the increasing usage of cloud-based computing and the need for convenience. Cloud-based computing has grown significantly in popularity as internet penetration has increased, as has digitization and automation in small and medium-sized businesses. For instance, Indian Oil Corporation Ltd (IOCL) struck a five-year deal with Automation Anywhere, a global player in RPA, in September 2021 to accelerate and expand automation to promote innovation throughout its 30,000-person workforce. Furthermore, Ramssol Group Bhd (Ramssol), a leading domestic Human Capital Management (HCM) solutions and technology provider, entered into a strategic partnership with leading Artificial Intelligence Robotic Process Automation (AI-RPA) firm, Laiye, as its first authorised training partner for intelligent automation technology across Southeast Asia in October 2021 through its wholly-owned subsidiary, Rams Solution Sdn Bhd (RAMS). In 2020, YonBIP, a brand new business innovation platform, was launched by Yonyou Network Technology to expedite digital transformation and achieve long-term success for international businesses. This year, Yonyou introduced TMS Cloud, a global treasury management product, at Yonyou Hong Kong, the headquarters of the Overseas Business Unit, with the goal of providing treasury management solutions for international corporations with cross-border operations.
According to the Association for Advancing Automation, North American robot unit orders in 2019 were up 1.6 % over the same period in 2018, with 29,988 robotic units ordered. Order revenue decreased by 1.3 % in 2019, ending the year at $1.681 billion. The primary drivers of growth were a 50.5 % rise in orders from automotive OEMs and a 16.6 % increase in orders from the plastics and rubber industry. Orders to automotive component markets fell 6.6 %, while orders to all other non-automotive industries, including food and consumer products, health sciences, metals, and semiconductor/electronics, fell by single digits.
The Coronavirus Pandemic Had a Positive Effect on the Robotic Process Automation Market
COVID-19 had a negative influence on numerous industries such as retail, manufacturing, and IT and telecom were all experienced a drop in business, while healthcare organisations were overburdened by the rising number of Covid-19 cases. This unexpected situation had an impact on both back-end and front-end office operations, resulting in extended response times, staff burnout, paperwork backlog, and supply chain delays, among other things. As a result, implementing an automated solution was critical in lowering costs, providing faster customer response, and streamlining testing and reporting. Many large corporations across the world have embraced some type of RPA as they seek to digitally empower essential business processes via resilience and scalability while recalibrating human labour and manual effort. The positive impact of deploying RPA amid a pandemic-induced recession is expected to boost the demand for RPA post-pandemic.
Robotic Process Automation Market Scope:
Pine-Derived Materials Make a Way Towards Sustainable Future
Thought ArticlesPine-derived chemicals manifest an amazing range of chemicals taken from various pine tree parts such as the bark, wood, and needles. These chemicals are extensively used by many industries in diverse ways such as the manufacture of adhesives, paints, and their coatings, fragrances, flavors, and pharmaceuticals among others. Moreover, pinewood chemicals are used in cosmetics, vitamin intermediates, pine oil disinfectants, insect repellents, aroma and perfumes, and food and beverage flavouring among others.
This pine chemical industry (PCI) is clearly first and foremost the pioneer of using biomass resources to manufacture sustainable products from a renewable source at the same time. The major raw materials, crude tall oil, and crude sulphate turpentine are always procured during the pulping of the evergreen, cone-bearing trees. Sawdust, a leftover from the processing of wood, also has applications that benefit the environment, such as filtering water for drinking and cleaning auto emissions.
Global Production Trends
Pine tree are a crucial supplier of chemicals of pine origin which are employed in a broad range of commerce. These chemicals can be extracted from oleoresin through distillation or from the carbonized wood by-products. Among the wide variety and natural ability to reproduce, pine trees are among the best sources of these bio-based alternatives to petrochemicals.
Initially, the market is boosted by the fact that consumers and industry players are seeking sustainable and bio-based options as alternatives. Pine chemicals present a sustainable latent as a replacement for petrochemicals. Environmental issues become more and more concerning issues thus, industries are looking at environmentally acceptable solutions with an increased use of bio-based chemicals.
In addition, the expansion of wood pulp and paper production is greatly linked to the pine-based chemical market. The main process by which a paper is produced, known as Kraft pulping, among many resulting components, is called tall oil which is an important material source for pine chemicals. As a result, the demand for paper products does not decrease, the production of pine-derived chemicals increases constantly.
Based on regional trends, there will be an Asia-Pacific area that will show tremendous growth. The booming manufacturing sector combined with the demand for construction projects in this region produces a great deal of consumption of pine chemicals utilized in the manufacture of adhesives, coatings, and other industrial applications. For instance, according to the State Council China published an article in May 2024, it states that the country produced 22.42 million tonnes of machine-made paper and paperboard, which was an 11.9 percent increase compared to the previous year 2022. The sales revenue of the paper industry surged by 7.5 % with the operating revenue reaching 213.55 billion yuan (about 30.05 billion US dollars) after one year. Thus, the overall sales amount to 6.42 billion yuan in the first quarter in the year 2023, which is a 336.7% increase compared to the same period last year. Overall, the global consumption of pine-based chemicals is on a growing trend. The expansion in the pulp and paper industry as well as rising demand across diverse application sectors are all the key market growth drivers to look forward to in the years ahead.
Pine-Derived Chemical Use Cases
The chemicals derived from pine are famous for their environmentally safe character and versatile functions and are widely used in different industries.
The pine chemicals are of fundamental component in the construction industry. Resin from gum acts as the tackifier in the adhesives which are used in lumber bonding, plywood manufacturing, and furniture assembly. In addition, the chemicals from pine help to boost durability and adhesion in paints, varnishes, and coatings.
Paper and Packaging Pine chemicals are an integral part of the pulp and paper industries. Paper pulping process, which is called Kraft, produces tall oil with it serving as a basic raw material for pine chemicals. Beyond these indirect roles, the chemicals obtained from pine trees can be directly used as sizing agents, strengthening additives, and wet-end additives during papermaking. It increases water resistance, strength, and general paper quality.
Adding skincare and beauty products is the surprising purpose of the pine tree extracts. Fats and oils as well as sterols are used as basic building blocks that are responsible for providing a moisturizing and soothing effect. Furthermore, the pine plant sources evergreen essential oils to support fragrances and contribute a natural scent to numerous cosmetics.
Food and Beverage Sector Pine chemical applications have gained widespread utilization in the food and beverage industries. Specific pinewood by-products such as herbal flavors are allowed to be used as flavoring agents with citrusy or piney nuances which you can find in candies, sodas, and cakes.
Market Dynamics and Drivers
The demand for pine-derived chemicals is witnessing continuous growth, as the presence of factors like their wide range of functions along with renewability, are giving them unique application advantages.
The main reason for this growth is the huge trend that is happening in present days where consumers are looking more and more for ecological options. Innovations and discoveries in renewable and bio-based resources are an integral part of an ever-increasing consumers’ awareness of the environment and thus many industries search for these alternatives to the traditional petrochemical materials. Pine chemicals, native to a local source which is owned abundantly and replenished naturally, provide one possible answer to this change. The answer highlights sustainable and environmentally friendly solutions.
For instance, according to Blue Yonder the supply chain company published article on a consumer survey regarding sustainability in 2024 it states that wide number of consumers accept the benefits of sustainability, and they are ready to pay more for sustainable products. A recent study implies that 65% of customers are ready to pay more money on goods that are green-friendly. Furthermore, customers anticipate that retailers and brands embrace diverse environmental practices. According to the study, 61% of people would give preference to products utilizing recycled content or choosing packaging with less food or inventory waste. Furthermore, as many as 39% of consumers expect retailers to decrease the carbon footprint of physical stores or operations, and 34% want a decrease in transportation carbon footprint as well. This evidence shows the increasing role of sustainability in consumer choice and the necessity for companies to meet consumers’ expectations in this regard.
Moreover, the pulp and paper industry is an important contributor to the market growth. The key Kraft pulping process generates tall oil, the pine chemicals starting material. The continuous demand for paper products guarantees an uninterrupted supply of tall oil, which is further processed to produce pine-based chemicals.
Moreover, scientific growth and technological development are also key drivers behind the market expansion. Advanced extraction and processing technologies are, in turn, bringing higher yields and more economical production of pine extracts. Apart from that, continuous studies on the new applications and performances of these chemicals extend the boundaries of their usage.
In 2023, the topmost tall oil exporters were the United States with 22.84 million kg, Poland with 2.73 million kg, Sweden with 2.36 million kg, and Germany with 1.46 million kg.
Figure 1: The Tall Oil Exporter Countries (2023 Qty Unitkg)
Source: World Integrated Trade Solution
Market Challenges
Nevertheless, the market for pine-derived chemicals has yet to meet high expectations, despite its promising potential. Instability in crude oil prices that are in some cases used as substitutes for certain applications is a danger to the competitiveness of pine chemicals. Additionally, the harmful emissions resulting from the highly energy-consuming extraction process demand a constant development of more environmentally friendly methods. Also, tough environmental regulations might lead to an increase in production costs or access to the available resources. To ensure the future prosperity of the market, it will be necessary to address these challenges through the implementation of technological advancements and environmentally friendly extraction strategies.
Emerging Opportunities and Innovations
Innovation in the production of chemicals from pine is the main driver of the demand curve of the market. Supercritical fluid extraction technology and microwave-assisted extraction methods are becoming increasingly popular with regard to green chemistry and delivering ecologically sustainable ways to extract valuable substances. This extends the range of products that could be produced from pine biomass. A research also reveals that byproducts that are bio-based fuels and green solvents can be used in the energy and chemical industries for sustainable alternatives. With the growing center of gravity on technology and the development of bio-based solutions, the pine-derived chemicals market edge on an exciting territory of new prospects.
Key Developments
At last, concluding that the pine–derived chemical market is projected to have various innovations and growth opportunities over the forecast period. The market is driven by the huge trend that is happening in present days where consumers are looking more and more for ecological options and technological advancement in the field of pine-derived chemical extraction. There are several challenges to be faced such as constant emission while extracting chemicals and high energy consumption during the process of chemicals. Therefore, the industry is expected to minimize technological upgradation and innovations to meet the needs of a growing global demand for the pine-derived chemical market.
SiC Wafer Market is projected to grow at a CAGR of 21.60% to reach US$1.299 billion in 2029
Press ReleasesThe SiC wafer market is expected to grow at a CAGR of 21.60% with a market valuation of US$0.331 billion in 2022 and is expected to reach a market value of US$1.299 billion by 2029.
The production of SiC wafers has been steadily increasing over the years and the industry has been booming in recent times with its applications increasing in demand. For instance, factors such as rapid growth in the automotive industry 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.
As per the report, the SiC wafer market is expected to grow significantly.
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 as it is the second hardest material in the world provides stability under high voltage current and heat, this material is being widely used in several industries.
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. Also, the rise in demand for solar energy is leading to a lot of research and development to be done to harness its power efficiently. For instance, 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 such as SiC diodes and SiC MOSFETs. Further, In September 2022, AIXTRON announced the release of their next-generation G10-SiC 200 mm silicon carbide epitaxy product solution which is based on the proven G5 WW C 150 mm platform, and the new G10-SiC system provides a dual wafer size option that may be customized.
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. But to use this energy resource, the precision and reliability should be very high. In recent years, there has been a notable increase in the production of SiC wafers in emerging economies with technological advancements in various fields. They have a diverse set of end-users and can cater to all their needs 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.
The SiC wafer market can be categorized into 3 main sizes: 2 to 4 inches, 6 inches, and 8 to 12 inches. The 6-inch wafer size category is anticipated to show the most growth in the silicon carbide or SiC wafer market as they provide scalability and cost-effectiveness to the manufacturers to produce their devices and improve the overall efficiency and functioning of the device. Hence, the SiC market is anticipated to grow over the forecast period with the availability of different sizes of SiC wafers catering to different end-user’s needs.
The SiC wafer market can be segmented based on the application, namely communication, power & energy, automotive, and consumer electronics. The silicon carbide or SiC wafer market is anticipated to grow significantly in the power and energy segment. SiC wafers are becoming more and more popular in the power and energy industry because of their outstanding qualities, which include wide bandgap and high thermal conductivity. Hence, the growth in renewable power energy sources and a wide variety of applications for SiC wafers across the globe is predicted to grow the market for SiC wafers in the forecast period.
The silicon carbide (SiC) wafer market is expanding significantly in the Asia Pacific area due to several important factors. The need for SiC wafers in a variety of applications is due to the region’s rapid industrialization, especially in nations like China, Japan, South Korea, and Taiwan. The Asia Pacific region which has major key players offering silicon carbide devices such as Toshiba Corporation from Japan, TanKeBlue Co. Ltd. From China, and Renesas Electronics Corporation from Japan are making significant innovations in SiC wafers technology which will increase its demand in the market globally and in the Asia Pacific region. Also, the growing innovations in the automotive industry and electric vehicle’s popularity among people is what will create various new opportunities for innovation in SiC wafer technology.
The market for SiC wafers is supported by key players such as Wolfspeed Inc., STMicroelectronics, Infineon Technologies, TankeBlue, Atecom Technology Co Ltd, SK Siltron Co Ltd, SiCrystal GmbH, Xiamen Powerway Advanced Material Co Ltd and Silicon Valley Microelectronics Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/sic-wafer-market
This analytics report segments the SiC wafer market on the following basis:
Defence and Aerospace Industries Driving the Demand for Transparent Ceramics
BlogThe Global Transparent Ceramics market was valued at US$355.287 million in 2020 and is expected to grow at a CAGR of 24.93% to reach a market size of US$1,687.321 million in 2027.
Transparent ceramics are a class of advanced materials with exceptional mechanical qualities and unique transparency. In contrast to optical resins and glass materials, transparent ceramics are polycrystalline substances that have a specific amount of light transmittance. They are stronger, tougher, and more corrosion-resistant. The utilisation of these cutting-edge ceramics for thermal imaging applications is possible, particularly in demanding operational environments and with personal protective gear like face shields, helmets, and goggles. In comparison to conventional optical glass and resins, they offer strength, hardness, and great heat and scratch resistance. As a result, they have numerous applications in non-linear optics, transparent armour, solid-state lasers, scintillator components, transparent armour, and bulletproof glasses.
Given their major contributions to sectors including consumer electronics, optics and optoelectronics, aerospace and defence, and so forth, transparent ceramics have drawn a lot of attention in the past ten years. The two main drivers anticipated to drive market expansion are the rising demand for their use in sensors and the use of ceramic technology in lasers.Traditional glass is being replaced with new products created by prominent players that combine low cost and cutting-edge technology. Transparent ceramics are being used in a wide range of industries because of their reduced weight, improved visibility, and high durability.
The Transparent ceramics’ application range has expanded as a result of ongoing research and development activities by key stakeholders. Recent innovations have made it possible to shape ceramics into many shapes, including tubes and rods. The growing demand for transparent ceramics as an alternative to conventional glass technologies, the expansion of the optics and optoelectronic industries, increased efficiency, and rising defence spending are some of the other factors influencing the growth performance of the transparent ceramics market.
Defence and Aerospace sectors to boost the Transparent Ceramics market
In industries such as aerospace, defence, and military vehicles, there is a considerable rise in demand for transparent ceramics. The transparent ceramics market is projected to expand due to an increase in new aircraft production. Transparent ceramics can withstand temperatures significantly higher than those of high-grade technical plastics and are lighter than the majority of metals. Therefore, thermal protection systems in rocket exhaust cones, missile nose cones, insulation tiles for space shuttles, and engine components are some of the examples of structural ceramic applications. Due to their properties, including stiffness, high strength, and resistance to chemicals and heat, transparent ceramics, especially ceramic armors, are suitable for use in the defence and security industry.
Due to the increased demand for security around the world, the global military and security industry has been expanding recently. Defence spending has surged in countries like China, the US, Russia, and India. During the projected period, rising defence spending across the globe is anticipated to fuel the expansion of the transparent ceramics market. According to a research by the World Bank, China and India’s military expenditure surged from USD86.2362 billion and USD33.002 billion in 2008 to USD249.997 billion and USD66.51 billion in 2018 respectively, demonstrating growth rates of nearly 190% and 101%, respectively. Transparent ceramics are expected to have significant growth in the coming years due to their numerous advantages over other types of materials.
Key market developments
Advanced expansion activities, research and development, market investments, and mergers and acquisitions will thereby increase the demand for transparent ceramics. For instance,
The North American region is expected to hold a significant share of the market in the coming years.
Given the region’s significant expenditures on the military industry, North America had a significant share of the global market. This expansion is related to the presence of significant market participants as well as increasing regional defence R&D spending. Most of the product’s demand comes from this region as it is heavily used in the defence industry. Another factor is the region’s abundance of manufacturers, including Surmet Corporation and Coorstek Corporation. Due to its developed optoelectronics and defence industries, the United States held the greatest share of the North American transparent ceramics market. The United States spent roughly $55.4 billion on defence research and development in 2017, more than four times the total amount spent by the other OECD nations combined, according to Congressional Research Service agency. As a result, over the course of the forecast, North America is anticipated to expand significantly.
Global Transparent Ceramics Market Scope:
Farm Equipment Market Driven by Government Policies and Support
Thought ArticlesThe global farm equipment market is evaluated at US$89.225 billion for the year 2022 growing at a CAGR of 5.69% reaching the market size of US$131.481 billion by the year 2029.
Tools, machinery, and upkeep supplies made specifically for use on farms in conjunction with the production or processing of food resources for market usage are referred to as “farm equipment.” It comprises equipment for irrigation, haying, foraging, and harvesting. These implements help reduce labor requirements, improve crop quality, and shorten the time needed for agricultural work. Sprayers and self-propelled spreaders operate more swiftly and effectively while covering a larger area each day. These tools ensure that nutrients and safety measures are administered consistently, which helps to reduce overall costs and boost crop yields. There are numerous low-pressure, high-pressure, foggier, and air-carrying varieties of mechanical sprayers. These sprayers come in manual, tractor-mounted, and aerial designs. The towed or vehicle-mounted sprayers give the contemporary farmer various benefits, including more operating freedom.
Increasing government agriculture aid will drive the worldwide farm equipment industry
The agriculture industry has historically seen significant government intervention, maybe more than any other economically productive sector. Governments have historically taken this action because they wanted to guarantee a suitable level of farmer income as well as adequate and reasonably priced food supplies for their populations. According to the most recent edition of the OECD’s annual Agricultural Policy Monitoring and Evaluation report, released in June 2020, the support policies implemented by the 54 countries studied – all OECD and EU countries, as well as 12 key emerging economies – provided an average of USD 536 billion (EUR 469 billion) in direct support to farmers from 2017 to 2019. While these goals are still important today, many governments have expanded the scope of their policies to accomplish other objectives, such as supporting innovative and competitive industries as well as environmentally sound production systems that are more resistant to risks such as climate change. For instance, Farmers and growers in England can apply for up to £500,000 in Government funding to invest in cutting-edge robotics and technology to increase food output beginning in January 2022. Grants of up to £500,000 are available to invest in productivity-boosting equipment such as driverless tractors, harvesting, spraying, and harvesting robots, and automated milking systems. Additionally, the U.S. Department of Agriculture (USDA) will invest $300 million, including money from the American Rescue Plan, in a new organic transition initiative that will help create new and better markets and income streams for farmers and producers, according to information released in August 2022 by the Agriculture Secretary. The initiative will provide comprehensive technical support, including farmer-to-farmer mentoring, as well as immediate assistance in the form of financial assistance for conservation efforts and additional crop insurance assistance. It will also support market development initiatives in targeted markets.
Technological progress will feed the world’s rising population
Globally, the market is gaining substantial traction as a result of the growing human population and the resultant requirement for higher production to meet the need for food. According to a United Nations report updated in December 2022, that provides new evidence that the world is moving further away from its goal of ending hunger, food insecurity, and malnutrition in all forms by 2030, the number of people affected by hunger globally rose to as many as 828 million in 2021, an increase of about 46 million since 2020. The market picture is being improved by the demand for premium packaged foods, the speeding up of industrialization, and the growing spending power of consumers. The demand for agricultural products is the main factor driving the demand for planting and fertilizing technology as opposed to manual planting and fertilizing methods. For example, Mahindra unveiled a new potato planter under its Farm Equipment Sector (FES) in September 2020. The latest sophisticated Precision Potato Planting machinery, known as the ‘PlantingMaster Potato Plus,’ was conceived and developed in partnership with Dewulf, a European partner. PlantingMaster Potato Plus, according to the Indian business, has been engineered to fit Indian farming conditions, offering increased yields and improved quality. Deere & Company also intends to introduce new fertilizer technologies and an electric excavator to assist clients in being more productive and sustainable. The new technologies were unveiled by the equipment business during its keynote talk at the CES 2023 event in January. Its ExactShot technology employs sensors and robotics to deposit starter fertilizer on seeds as they are planted in the soil, allowing farmers to save up to 60% on starter fertilizer during planting.
EV tractors are making their way into a sustainable farming sector
The tractor category accounts for the greatest revenue share, owing to a manpower shortage and a growing population to fulfill global food requirements, which has made tractors a requirement for enhancing agricultural output. Electric tractors are expected to be a big growth opportunity for market participants. The cost-effectiveness of electric tractors, together with their eco-friendliness and great efficiency, is attributed to the growth. For instance, the e70N tractor from electric tractor developer Solectrac went on sale in August 2021. As part of a grant from the Funding Agriculture Replacement Measures for Emission Reductions Demonstration Program of the Bay Area Air Quality Management District, Solectrac provided the 70-horsepower, diesel-equivalent tractors to three farms in Northern California (FARMER). Solectrac is a manufacturer of electric tractors that was established in Northern California to give farmers independence from the infrastructure, pollution, and price volatility brought on by fossil fuels.
COVID-19 Insights
The COVID-19 pandemic caused a minor drop in the agricultural equipment industry in 2020. Government limitations enforced to combat the new COVID-19 resulted in the temporary shutdown of manufacturing facilities, resulting in output delays. As a result, the industry suffered throughout the first half of 2020. Companies including Kubota Corporation saw a decrease in agricultural equipment sales. Revenue for Kubota Corporation and its subsidiaries fell by 66.8 billion (3.5%) from the previous year for the fiscal year that concluded on December 31, 2020. Domestic revenue dropped by $30.2 billion (4.8%) from the previous year as a result of revenue in farm and industrial machinery declining mostly as a result of unfavorable effects of COVID-19. However, when governments opened up their economies, demand for agricultural equipment increased by double digits.
The Impact of Steel and Coal Production on the Dry Bulk Shipping Market
Thought ArticlesThe dry bulk shipping market was valued at US$343.483 billion in 2022 and is projected to expand at a CAGR of 7.85% over the forecast period to reach US$540.672 billion by 2028.
The most common bulk commodity is dry bulk. Iron and coal are the two major basic materials that are supplied in considerable quantities. Because of the significant rise in electricity consumption, both imports and exports of coal are in high demand. Iron demand has grown because of industrialization. Because marine transportation is the least cheap mode of transportation, demand for dry bulk shipping has increased. Considering the resources available, it is now possible to track the shipment of products across the globe by using the identification number supplied. These factors are anticipated to bring up new development opportunities for the dry bulk shipping business.
The market trend for dry bulk shipping has shifted dramatically as the shipment of steel and coal has increased. Furthermore, one of the primary drivers of dry bulk shipping market growth is the expansion in global seaborne trade.
Iron ore and coal demand has expanded because of growing industrialization and economic liberalization and is mostly met by industry through seaborne commerce. Coal and iron ore are among the most prevalent raw materials used in power generation and long-term infrastructure building. The large growth in demand for coal imports and exports has increased demand for coal exporters and importers. Such factors drive the dry bulk transport business. Fast economic expansion, population growth, rapid urbanization, and expanded steel production are all going to drive up demand for the transportation of various commodities used in various sectors.
Additionally, improvements in the system of supply chain management are hastening the automation of automobile production planning systems. Because maritime transport is the cheapest available mode of transportation, a rise in sea travel is expected to help the dry bulk shipping business. The worldwide dry bulk shipping sector is expected to be driven by increased technological improvements, such as the capacity to track shipping goods and identify individual components.
The growing coal and iron ore production will surge the demand for global dry bulk shipping market share during the projected period. Moreover, high demand for steel which in turn will positively influence the market size.
The primary drivers fueling the expansion of this market are rising trade volume and global demand for products such as iron ore and coal which has resulted in higher developments in dry bulk carriers in recent years. One of the primary reasons driving expansion in this industry is the increased global demand for coal. Because of its low cost and widespread availability, the utilization of coal as a source of energy has expanded dramatically in recent years. Furthermore, during the last decade, the worldwide seaborne iron ore trade has expanded substantially. In response to the country’s fast economic expansion, increased steel output, and worries about energy security, the government has implemented several programs to assure enough supply of iron ore for the country’s steel mills. These strategies involve import substitution as well as the expansion of native mining activities. The sheer volume of building activities in the commercial, domestic, and non-residential sectors fueled the need for steel. Because of the increased shipping of steel and coal, the share of the market for dry bulk shipping has changed significantly. Steel is in high demand due to an increase in infrastructure projects. As a result, producers use a variety of tactics and concepts to boost the value of their production to change consumers’ perceptions of the worth of their products. According to the World Steel Association, steel demand rose by 0.4% in 2022 to 1840.2 Mt. Steel consumption will increase by 2.2% in 2023, reaching 1 881.4 Mt. According to the same statistical source, China and India would be the top two leading countries in terms of steel output in 2020-21.
The rising initiatives to incorporate various strategies by companies will propel the market to grow.
The companies launched various programs and signed partnership agreements which have resulted in the growth of the market’s profitability. For instance, RightShip launched a new initiative for the dry bulk industry in April 2020, to ensure the greatest standards of safety, security, and environmental excellence. The new Dry Bulk Management Standard (DBMS) intends to assist the advancement of security and risk management standards in dry bulk ship management, as well as to foster collaboration, dialogue, and higher standards in the industry. Similarly, Roger LLC (Roger) launched a new independent technology firm in April 2020 to provide digital solutions to carriers and shippers in the dry bulk shipping market. Roger gathered a group of dry bulk truck freight merchants that collaborated with more than 200 trucking businesses to build a platform available to shippers and carriers throughout the industry to decrease paperwork and achieve maximum transportation efficiency.
During the forecast period, the global dry bulk shipping markets in Asia Pacific are projected to have a substantial market share.
The global dry bulk shipping market is divided into five areas based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. During the forecast period, the Asia Pacific region is anticipated to hold the largest amount of market share in the next five years. Due to the increased industrialization and production of coal and iron ore in the region, the market is surging. Moreover, the growing population’s need for commodities would aid the expansion of the Asia Pacific region’s dry bulk shipping market over the forecast period. For instance, Safeen Feeders, a subsidiary of AD Ports Group, established a new global dry bulk shipping service in September 2022. It agreed to acquire and manage five dry-bulk boats for 126 million dollars with Invictus Investment. Invictus’ dry-bulk trading company presently transports over three million tonnes of goods every year, mostly wheat and supplementary grains. The partnership with Invictus has helped the company to own and manage five dry-bulk boats, expanding commercial transportation to the Red Sea, Pacific routes, and other locations. Therefore, such developments made, and market expansions initiated by companies will drive market growth for this region.
Global Dry Bulk Shipping Market Scope:
Rising Demand from End-Use Industries to Drive Advanced Process Control Market
Thought ArticlesThe advanced process control market was valued at US$1,699.590 million for the year 2020 and is expected to grow at a CAGR of 8.36%, reaching a market size of US$2,981.447 million by the year 2027.
An advanced process control system is a combination of control systems and optimization technologies that are used by many sectors to increase production capacity, increase equipment dependability, cut down on power consumption, and speed up processes. The market for advanced process control includes APC software and associated services. The process industries make up the majority of the market for applications overall, where APC technologies are utilised to improve plant performance.
Advanced automation and process controls, together with rising user demand and the adoption of best practises to boost production and quality, have all contributed to the market for advanced process control (APC) seeing significant development. Another driver of market growth will be the increased emphasis on technical improvements together with the rising demand for energy-efficient production methods. Furthermore, the market will continue to grow due to growing industrialisation and increased awareness of the significance of regulatory compliance.
Increased focus on Energy Efficient Process in Industries to drive the market
Given the shifting operating circumstances, deteriorating equipment, shifting market conditions, and ineffective control strategies, the energy consumption of the majority of energy-intensive processes, such as those seen in refineries or petrochemical plants, is highly variable. As they lack the tools to gather and analyse real-time performance data, plants often use more energy than is necessary and are unable to increase efficiency. They can only access previous performance data instead, and they are unable to make corrections until it is too late. There are multiple ways for businesses to reduce their energy use, waste, and prices if they can precisely measure, analyze, estimate, and control their energy consumption. Energy-efficient process and equipment design is the first step in energy efficiency.
Using advanced process control and optimization, asset owners can better achieve their sustainability goals and objectives. For instance, as per a 2020 blog by Schneider Electric, Taiwan stakeholders running a top refinery have implemented a distinctive mix of advanced process control and artificial intelligence technology across crucial application domains like crude oil distillation in an effort to reduce costs. Schneider Electric and AVEVA provided an advanced process control system to the refinery to lower energy costs by reducing process variability and stabilising unit operations. Throughput improvements and annual energy savings of about $4.2 million US have been reported by plant operators. According to PI Process Control Solutions, a company that sells software and services for process control, depending on the process and ongoing operations, energy savings from the deployment of APC have been estimated to be in the range of 3% to 15%. Thus, rising consumer demand for energy-efficient production methods will become a key market growth driver.
Increased emphasis on Technical Improvements by industries to boost production and quality
The demand for high-quality goods across sectors, rising machine usage, and the integration of smart devices into machinery are all driving the growth of the APC market in the industrial automation sector. The goal of APC development and ongoing improvement is to raise product quality by enhancing the efficiency of production operations. For instance: in August 2022, one of India’s leading integrated pulp and paper producers, Andhra Paper Limited (APL), installed an ABB advanced process control (APC) solution at the lime kiln of their Rajahmundry mill. ABB has incorporated its OPT800 Lime APC solution into APL’s current ABB Ability System to assists in lowering the energy consumption of the highly dynamic lime kiln production process. OPT800 Lime relies on a model of the kiln processes at its core to precisely forecast the interactions between process variables and respond in real time to process modifications.
According to Honeywell, a company that also engages in selling software and services for process control, stated that Advanced Process Control programmes often result in a 1%–1% production improvement. APC debottlenecks the process, or a portion of it, assists in lowering the process’ variability and working closer to its limits, enabling higher production rates. It’s crucial to lessen quality variation in the finished product. The same source also states that the use of Advanced Process Control has led many businesses to report a standard deviation of product quality decrease of up to 50%.
North America to hold a major share due to Strong adaptation in the Oil and Gas and energy industries
APC systems are expected to grow in North America due to the construction of new power plants, the presence of significant semiconductor manufacturing enterprises, and the demand for industrial automation. A robust market for advanced process control solutions has developed in this region as a result of the early adoption of automation throughout end-use sectors in countries like the United States and Canada. The demand for APC systems for environmentally friendly manufacturing processes is increasing because of significant R&D expenditure and strict environmental restrictions. The US is going through an energy transition. The drilling and fracturing of shale formations, combined with technological advancements in hydraulics, has enhanced oil and gas output. The country also generates the most nuclear electricity and has the largest operating nuclear power capacity in the world. As of 2021, there were 93 commercial nuclear reactors in the US operating in 55 nuclear power plants spread throughout 28 states, according to the US Energy Information Administration. The North America Advanced Process Control market will expand over the course of the forecast period as a result of rising E&P operations in the region’s oil and gas sector.
High implementation Cost and time to restrain the growth of the Advanced Process control market
The market’s potential growth would be constrained by expensive R&D and initial investment costs. The high initial cost of the technology and the expense of implementation could limit the market’s expansion. Establishing an APC system often costs hundreds of thousands of dollars for many businesses. Small businesses’ reluctance to move from old methods to improved process controls due to a lack of financing would limit the market’s growth even more. It can take a long time and be expensive to implement an APC solution. Preconditioning and testing, model creation, controller integration, and commissioning are a few of the time-consuming procedures that are often involved in implementation. These factors are likely to act as obstacles for the market growth.
Advanced Process Control Market Scope: