The 3D Printed Footwear market was valued at US$830.630 million in 2020 and will increase to US$3.296.967 million by 2027. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 21.77%.
The production of a three-dimensional object from a CAD model or a digital 3D model is known as 3D printing or additive manufacturing. The term “3D printing” can apply to a range of procedures in which material is deposited, connected, or solidified under computer control to make a three-dimensional object, with material added layer by layer. Any footwear specialist can construct a test shoe using 3D printing for footwear prototype before designing their final design, which has been around for a long now. However, because of the technological revolution, additive manufacturing has become cost-effective and productive enough to mass-produce accessible shoes in large quantities by the method of 3D printing of footwear.
According to analysts, the increasing demand for customized footwear will be the driving force behind the market’s robust growth over the forecasted timeframe.
3D-printed footwear is anticipated to become one of the most popular consumer goods in the future. This transition will be driven by two major trends: first, customer demand for more individualized products, and second, the growing role of digital production. Consumers today are asking for tailored, individualized services. 3D printing, on the other hand, gives businesses a new degree of personalization by allowing them to create shoes that are specially fitted for their customers. While the possibility of mass-customized footwear is still being investigated, footwear companies are just getting started on making plans to sell custom footwear on a large scale. As more firms take risks with 3D printing, the utilization of the technology in footwear production will improve.
Adidas, the German sportswear company, is one of the pioneers in 3D printing in the footwear sector. Futurecraft 4D, AlphaEdge 4D, 4D Run 1.0, and several other 3D printed footwear lines have been successfully launched in recent years with a heavy focus on customized footwear. Key businesses are attracting customers with new types of 3D-printed footwear. New product introductions help vendors increase footwear sales and market share, propelling the global 3D-printed footwear market ahead. For example, Adidas announced the release of the Futurecraft ‘STRUNG’, the next edition of its 3D-printed sneakers, in June 2021. Furthermore, Adidas launched 4DFWD shoes with a Carbon 3D printed lattice midsole in May 2021.
Digitization and automation are other major elements pushing footwear 3D printing usage. Shoemaking is a time-consuming, multi-step process in which the majority of the work is still done by hand. A finished pair of shoes necessitates the use of specialized equipment and people. As a result, footwear manufacturers are constantly looking for ways to improve their manufacturing processes. A few shoe components can be 3D printed seamlessly, allowing shoe firms to expedite production. Unlike traditional manufacturing procedures, 3D printing does not require any additional tooling to make a product. As a result, after developing a digital model, specialist software applications would determine the printed speed and part orientation parameters on a build platform.
The 3D Printed Footwear’s market expansion could be hindered by limited resources and weak results.
Although some businesses are claiming to be able to 3D print in rubber, the materials that 3D printers can print are still limited. If models can’t be printed with materials that mimic EVA, TPR, PU, and other materials, print soles will be utilized primarily for specialty footwear or visual validation, rather than for general performance. Furthermore, printing a functional upper will take time. Shortly, the capacity to 3D print rubber or something comparable to it could be a reality. Because of the layer-by-layer procedure used to generate them, 3D printed parts are now weaker than conventionally manufactured parts. Because of current manufacturing methods, a sole’s bulk will be consistent throughout, whereas a sole made of rubber will be more flexible.
During the projected period, the VAT Polymerization segment is expected to grow rapidly in the 3D Printed Footwear market.
By Technology, the 3D Printed Footwear market can be segmented into Filament Extrusion, VAT Polymerization, Power Bed Fusion, and Material Jetting. As it is the most commonly utilized process for curing resin (liquid photopolymer) with light, VAT Polymerization is likely to dominate the global market for 3D Printed Footwear. It is the most established and dependable 3D printing technology. The fixed section of the product can be made completely airtight and watertight using this technique. The 3D printed footwear market is expected to grow as it becomes more popular and widely used. In addition, VAT Polymerization printers can produce highly detailed prints with feature sizes as tiny as 0.3 mm.
During the forecasted time frame, the Thermoplastic Polyurethane (TPU) segment in the 3D Printed Footwear market is predicted to have a dominating share.
Polyurethane and Thermoplastic Polyurethane are the two main materials used in 3D printed footwear (TPU). A thermoplastic elastomer has qualities such as elasticity, oil absorption, resistance, transparency, and breathability, thermoplastic polyurethane is a thermoplastic elastomer. This material can be utilized on practically every aspect of a shoe, making it extremely efficient to work with. As a result, both the category and the 3D printed footwear industry are predicted to grow. In the 3D printed Footwear Market, TPU holds the most portion of the predicted timeframe.
During the projected period, the uppers segment is expected to grow rapidly in the 3D Printed Footwear market.
The 3D printed Footwear market is divided into three categories: insoles, midsoles, and uppers. Because they can be formed from nearly any material and are positioned at the top of the shoe, 3D printed Uppers are likely to capture a large piece of the market. It encourages people to use 3D printing technology and create personalized designs, which is projected to boost demand for the technology and propel the global 3D printed footwear market forward.
During the forecast period, the 3D Printed Footwear market in North America is predicted to have a dominating share.
The 3D Printed Footwear market is classified into five regions based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The North American market is expected to account for the largest revenue share in the 3D Printed Footwear market over the projected period. Over the projected period, the significant increase in the number of local and worldwide vendors in countries such as the United States would aid the expansion of the 3D-printed footwear market in North America. According to the 3D printing Sentiment Index published by Ultimaker, a desktop 3D printing company, in November 2019, the United States is the most advanced country in 3D printing. Market expansion is expected to be fueled by several new product releases, as well as product enhancements and developments. Carbon, a US-based manufacturer of 3D printing technologies, announced its new L1 3D printer in February 2019. Stratasys Ltd. (Stratasys) announced the debut of their F120 3D printer in April 2019. Simple controls and remote self-monitoring are included with the new 3D printer. Furthermore, Aetrex Worldwide Inc. offers Aetrex, which can translate the data and build a 3D printed orthotic that fits the individual’s foot perfectly.
Covid-19 Insights
The COVID-19 epidemic has had a negative influence on 3D Printed Footwear. In reaction to the COVID-19 outbreak, several end-user manufacturing units have paused output, disrupting the 3D printing footwear supply chain. COVID-19 has had a minor influence on the 3D printed footwear business since the markets affected by coronavirus are geographically positioned where it has the biggest impact. Because demand was low and manufacturing stalled in many facilities, the outbreak had a detrimental influence on the 3D printed footwear supply chain.
The Future is Now, with Beacon Technology
Thought ArticlesThe Global Beacon market size was valued at US$2.952 billion in 2022 and is anticipated to increase at a Compound Annual Growth Rate of 21.01% over the predictive period to reach US$11.219 billion by 2029.
A Bluetooth beacon is a tiny wireless device that uses Bluetooth Low Energy (BLE) for communication. It’s similar to a lighthouse in that it sends out a steady signal that other devices can detect. Every ten seconds, the beacon transmits its ID numbers (more or less, depending on its settings). That signal is picked up by a nearby Bluetooth-enabled device, such as a smartphone or gateway. When a dedicated app identifies it, it connects it to a cloud-based file or piece of material and presents it to the viewer.
Types of BLE Beacons
Bluetooth Low Energy beacons are available in several types. However, the major types of BLE beacons are:
iBeacon: Apple’s iBeacon was the first BLE Beacon technology to be introduced, hence, most beacon data formats are based on it. iBeacons may be read and broadcast from any BLE-capable iDevice, and are enabled in numerous Apple SDKs. The iBeacon is a closed, proprietary standard. There is a big ecosystem surrounding iBeacons, as well as a large pool of developer tools. However, one must be a member of Apple’s developer community to access these tools.
Since iBeacons are an Apple product, it is being used by a number of people, because of its functional and stable ecosystem. The sole constraint is that the iBeacon data must be interpreted using a database. Without a compatible database, UUIDs cannot function.
AltBeacon: Radius Networks offers an open-spec, free beacon design called AltBeacons. AltBeacon’s open-source specification expects to compete with Apple’s closed-source iBeacon specification. It covers almost the same capabilities as an iBeacon. However, it does not have as much technical support as of yet.
While iBeacons have 20 of the 27 bytes of user data available (UUID+Major+Minor), AltBeacons have 25 of the 28 bytes available (MFG ID, BeaconCode, BeaconID, MFG RSVD). This implies that more information can be transmitted with each message.
AltBeacons have a lot of potentials. They make good use of the available space, are backward compatible with iBeacons to some extent and are open source. However, it is a very new technology, with a very small user base, and thus has to struggle a lot to compete against the market penetration of iBeacons.
URIBeacon: Google’s URIBeacons project is part of their Physical Web ambition. The project appears to be inactive development and will most likely improve significantly over time. URIBeacons can be defined as iBeacons with a URL in the payload, which makes them quite comparable to BLE-enabled QR codes. They use BLE advertising packets to provide brief internet connectivity. Unlike iBeacons and AltBeacons, which are typically used as “put up once and leave running forever” devices, URIBeacons feature a configuration service and are intended to be upgraded with new data and change over time. In iBeacons and AltBeacons, a database is also necessary to provide meaning to the data, but with URIBeacons, the entire internet acts as the database.
URIBeacons use the same channel as the other beacons to transmit data. URIBeacons distribute internet links, allowing them to link to more relevant and maybe context-aware information. Moreover, URIBeacons are designed to be readily modified. Furthermore, with the implementation of the BLE IP standard, URIBeacon may be able to communicate with the internet via telephonic technology, allowing for a two-way communication channel.
Applications of BLE Beacons
Beacons have been increasing in utility, owing to the developments and advancements in technology. They have been known to be used in offices for streamlining everyday tasks and to increase the customer base of organizations. Sales and promotional strategies can be easily implemented through beacon technology. Beacons can be used to measure floor occupancy of offices, estimate office space utilization, track employee location in emergencies, visitor tracking, etc. They can also be used to measure simple day-to-day data such as temperature, humidity, motion, air quality, and more in real-time.
Additionally, Beacons have been known to increase organizational productivity by providing navigational information to office visitors, as well as to airport or railway station passengers through smartphone applications.
Asia Pacific region to lead the market
In the worldwide beacon market, Asia Pacific is said to hold the highest share. The market is predicted to grow as demand for navigational systems increases in manufacturing and supplying units. Countries such as China, India, and Korea have reported substantial growth in the beacon market. Also, the growing organized retail sector has led to a growth of malls and supermarkets in the region, further fueling the demand for the beacon market. Educational and research sectors have also reported a growth in demand for the market. Many fast-food restaurants in the region have also reported the increasing usage of beacon technology for replacing waiters and staff, and also to streamline the efficiency in restaurants.
Covid-19 Insight
The COVID-19 virus pandemic resulted in a global economic collapse. Most major sectors experienced large losses as a result of the implementation of shutdown restrictions in most major nations. However, the global beacon market had a positive impact on the COVID-19 pandemic. To limit the spread of the COVID-19 virus, governments around the world launched smart wearable devices, to monitor and limit the spread of the virus among people. These devices were available as smartwatches or ankle bracelets and they would collect health data from the user to monitor potential signs of infection. These devices were also used to monitor quarantined patients via location tracking and to reduce the spread of the virus. Proximity tracking of such devices also helped in maintaining social distancing in public or workplaces. These devices helped in maintaining a steady growth of the global beacon market, and are also expected to further increase the demand for the global beacon market.
Global Beacon Market Scope:
Advanced Camera Module Technology Open the Door to Less Invasive Visualization
BlogThe global compact camera module market is expected to grow at a compound annual growth rate of 13.56% to reach a market size worth US$92.145 billion by 2029. This market was valued at US$37.825 billion in 2022.
The camera module enables mobile devices such as smartphones, automobiles, and smart home appliances to capture photos and record videos. It is responsible for high resolution, low power, slimming, miniaturization, and high stiffness. A typical camera module is integrated with image sensors, aperture, lens, IR filter, and various other components. These devices have been widely used as video input devices in security systems, video conferencing, and real-time monitoring. The rapidly advancing technology and innovations in the internet industry and photographic imaging device technology further changed the market landscape of camera module systems. Consequently, coupled with the rapid camera adoption, the price of the camera module technology dropped down, further expanding its reach into the market. In the present-day world, cameras are widely being used in various consumer electronics like mobile phones, personal computers, and many others, boosting the advancements in photographic imaging technology further.
Analysts anticipate that growing demand for consumer electronics are bound to propel the compact camera module market
Increasing penetration of smartphones, laptops, digital cameras, and other similar products is driving the market’s demand. Just a few years ago, bulky and heavy digital camera recorders were still a significant investment. Yet, today, the development of small-sized modules has revolutionized the market. Smartphones typically have multiple cameras, and game consoles are preparing to integrate video, digital stills, and 3-D interaction into the overall gaming experience. Furthermore, changing consumer trends and growing demand for better camera specifications in smartphones motivate the new technological advancements in the compact camera module market. The fierce competition among the manufacturers to offer enhanced camera functions, including better zooming, optimized picture quality, and lens technology, all while maintaining the final design sleek with space optimization, is further adding impetus to market growth. Amid the fiercely competitive landscape, manufacturers are constantly in pursuit of providing better offerings to enhance their brand presence in the market. For instance, Motorola is expected to release a smartphone that includes Samsung’s new 200MP ISOCELL HP1 camera sensor. The brand intends to release this 200MP camera phone in 2022. Similarly, Xiaomi has also revealed its intention to release a device with a 200MP rear camera in 2022. Likewise, in May 2022, Xiaomi, a Chinese smartphone manufacturer, announced a collaboration with Leica, a German camera manufacturer. According to the brand, the first smartphone from the duo’s collaborative efforts will be released in July of 2022. The former announced a long-term collaboration with the latter to develop camera technological advances for its upcoming smartphones. The partnership is expected to enhance the imaging strategies of the duo. The Hasselblad’s, a leading color science technology provider, and Oneplus’ partnership in 2021 are yet another example. With this partnership, the latter aims to have the former’s camera module system integrated to provide much more aesthetic and natural-looking photos. Similar developments are expected to further fuel the market growth in the upcoming years.
Image sensors are expected to hold a dominant market share owing to the evolving trends
By component, the global compact camera module market landscape is segmented into the lens, actuators, image sensors, adhesives, and others. The image sensor is expected to hold the dominant share in the market. An image sensor, also known as an image, is a sensor that detects and transmits the information used to create an image. Several manufacturers are gearing up in the strategic developments and launch of innovative image sensor technologies. CMOS Image sensors, in particular, have been gaining traction owing to their appealing attributes such as inexpensive and easy design-build. In March 2021, for instance, Sony Corporation announced the launch of its large format 56.73 mm diagonal CMOS image sensor into the market, targeting the industrial camera equipment market. This new sensor features an increased pixel count of 127.68 megapixels, and motion distortion-free imaging enables a wide viewing angle as well as high-resolution imaging in the latest product. It is integrated with signal processing capabilities optimized for industrial equipment CMOS image sensors, meeting a wide range of requirements. As of late, the demand for digital transformation in various industrial equipment fields is increasing. This has augmented the adoption of cameras for a wide range of applications, fuelling demand for CMOS image sensors with improved imaging performance. The advancements and adoption of drone technologies, for instance, have further augmented the market. Drone technology holds the potential and is capable of improving the efficiency of various industries while maintaining the highest levels of safety and reliability. The launch of ‘Airpeak’ aircraft by Sony in January 2021 as part of its drone project in the field of AI robotics is a prime example of this. The company established the Airpeak brand in order to pursue drone technology, with an aim to unveil a new market targeting the professional photography and video production industry. Consequently, the evolving trends in the market are expected to expand the horizons of the image sensors market, enabling pattern recognition via Artificial Intelligence and enhancing back-illumination sensors like never before.
Covid-19 Insights
COVID-19 had a significant impact on the compact camera module. The rise in active cases mandated lockdown and social distancing measures led to the closure of the production facilities, decreasing productivity. Furthermore, the international travel restrictions, including a halt in airline and port closures, affected the imports and exports of several countries. This created a gap in the supply and demand chain, further slowing down the market growth. At the same time, the end-user industries of the compact camera module market, including consumer electronics, communication devices, automotive, and security & surveillance markets, also faced similar issues and witnessed slow growth, reducing the demand for the compact came modules. For instance, according to the Camera and Imaging Products Association, the overall digital still camera shipments decreased by 41.6 percent and 29.4 percent by volume and value, respectively, between January and December 2020.
Compact Camera Module Market Scope:
3D Printed Footwear- Wear Your Future
Thought ArticlesThe 3D Printed Footwear market was valued at US$830.630 million in 2020 and will increase to US$3.296.967 million by 2027. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 21.77%.
The production of a three-dimensional object from a CAD model or a digital 3D model is known as 3D printing or additive manufacturing. The term “3D printing” can apply to a range of procedures in which material is deposited, connected, or solidified under computer control to make a three-dimensional object, with material added layer by layer. Any footwear specialist can construct a test shoe using 3D printing for footwear prototype before designing their final design, which has been around for a long now. However, because of the technological revolution, additive manufacturing has become cost-effective and productive enough to mass-produce accessible shoes in large quantities by the method of 3D printing of footwear.
According to analysts, the increasing demand for customized footwear will be the driving force behind the market’s robust growth over the forecasted timeframe.
3D-printed footwear is anticipated to become one of the most popular consumer goods in the future. This transition will be driven by two major trends: first, customer demand for more individualized products, and second, the growing role of digital production. Consumers today are asking for tailored, individualized services. 3D printing, on the other hand, gives businesses a new degree of personalization by allowing them to create shoes that are specially fitted for their customers. While the possibility of mass-customized footwear is still being investigated, footwear companies are just getting started on making plans to sell custom footwear on a large scale. As more firms take risks with 3D printing, the utilization of the technology in footwear production will improve.
Adidas, the German sportswear company, is one of the pioneers in 3D printing in the footwear sector. Futurecraft 4D, AlphaEdge 4D, 4D Run 1.0, and several other 3D printed footwear lines have been successfully launched in recent years with a heavy focus on customized footwear. Key businesses are attracting customers with new types of 3D-printed footwear. New product introductions help vendors increase footwear sales and market share, propelling the global 3D-printed footwear market ahead. For example, Adidas announced the release of the Futurecraft ‘STRUNG’, the next edition of its 3D-printed sneakers, in June 2021. Furthermore, Adidas launched 4DFWD shoes with a Carbon 3D printed lattice midsole in May 2021.
Digitization and automation are other major elements pushing footwear 3D printing usage. Shoemaking is a time-consuming, multi-step process in which the majority of the work is still done by hand. A finished pair of shoes necessitates the use of specialized equipment and people. As a result, footwear manufacturers are constantly looking for ways to improve their manufacturing processes. A few shoe components can be 3D printed seamlessly, allowing shoe firms to expedite production. Unlike traditional manufacturing procedures, 3D printing does not require any additional tooling to make a product. As a result, after developing a digital model, specialist software applications would determine the printed speed and part orientation parameters on a build platform.
The 3D Printed Footwear’s market expansion could be hindered by limited resources and weak results.
Although some businesses are claiming to be able to 3D print in rubber, the materials that 3D printers can print are still limited. If models can’t be printed with materials that mimic EVA, TPR, PU, and other materials, print soles will be utilized primarily for specialty footwear or visual validation, rather than for general performance. Furthermore, printing a functional upper will take time. Shortly, the capacity to 3D print rubber or something comparable to it could be a reality. Because of the layer-by-layer procedure used to generate them, 3D printed parts are now weaker than conventionally manufactured parts. Because of current manufacturing methods, a sole’s bulk will be consistent throughout, whereas a sole made of rubber will be more flexible.
During the projected period, the VAT Polymerization segment is expected to grow rapidly in the 3D Printed Footwear market.
By Technology, the 3D Printed Footwear market can be segmented into Filament Extrusion, VAT Polymerization, Power Bed Fusion, and Material Jetting. As it is the most commonly utilized process for curing resin (liquid photopolymer) with light, VAT Polymerization is likely to dominate the global market for 3D Printed Footwear. It is the most established and dependable 3D printing technology. The fixed section of the product can be made completely airtight and watertight using this technique. The 3D printed footwear market is expected to grow as it becomes more popular and widely used. In addition, VAT Polymerization printers can produce highly detailed prints with feature sizes as tiny as 0.3 mm.
During the forecasted time frame, the Thermoplastic Polyurethane (TPU) segment in the 3D Printed Footwear market is predicted to have a dominating share.
Polyurethane and Thermoplastic Polyurethane are the two main materials used in 3D printed footwear (TPU). A thermoplastic elastomer has qualities such as elasticity, oil absorption, resistance, transparency, and breathability, thermoplastic polyurethane is a thermoplastic elastomer. This material can be utilized on practically every aspect of a shoe, making it extremely efficient to work with. As a result, both the category and the 3D printed footwear industry are predicted to grow. In the 3D printed Footwear Market, TPU holds the most portion of the predicted timeframe.
During the projected period, the uppers segment is expected to grow rapidly in the 3D Printed Footwear market.
The 3D printed Footwear market is divided into three categories: insoles, midsoles, and uppers. Because they can be formed from nearly any material and are positioned at the top of the shoe, 3D printed Uppers are likely to capture a large piece of the market. It encourages people to use 3D printing technology and create personalized designs, which is projected to boost demand for the technology and propel the global 3D printed footwear market forward.
During the forecast period, the 3D Printed Footwear market in North America is predicted to have a dominating share.
The 3D Printed Footwear market is classified into five regions based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The North American market is expected to account for the largest revenue share in the 3D Printed Footwear market over the projected period. Over the projected period, the significant increase in the number of local and worldwide vendors in countries such as the United States would aid the expansion of the 3D-printed footwear market in North America. According to the 3D printing Sentiment Index published by Ultimaker, a desktop 3D printing company, in November 2019, the United States is the most advanced country in 3D printing. Market expansion is expected to be fueled by several new product releases, as well as product enhancements and developments. Carbon, a US-based manufacturer of 3D printing technologies, announced its new L1 3D printer in February 2019. Stratasys Ltd. (Stratasys) announced the debut of their F120 3D printer in April 2019. Simple controls and remote self-monitoring are included with the new 3D printer. Furthermore, Aetrex Worldwide Inc. offers Aetrex, which can translate the data and build a 3D printed orthotic that fits the individual’s foot perfectly.
Covid-19 Insights
The COVID-19 epidemic has had a negative influence on 3D Printed Footwear. In reaction to the COVID-19 outbreak, several end-user manufacturing units have paused output, disrupting the 3D printing footwear supply chain. COVID-19 has had a minor influence on the 3D printed footwear business since the markets affected by coronavirus are geographically positioned where it has the biggest impact. Because demand was low and manufacturing stalled in many facilities, the outbreak had a detrimental influence on the 3D printed footwear supply chain.
Automatic Power Factor Controller – An Integral Device for High Performance, and Effective Power Consumption
BlogThe Automatic Power Factor Controller market is expected to grow at a compound annual growth rate of 5.32% to reach a market size worth US$4.559 billion by 2029. This market was valued at US$3.166 billion in 2022.
The reactive loads on a network continue to rise in today’s complicated energy landscape. Reactive power has significantly increased due to an increase in the power of transformers, transmission lines, and generators. Controlling reactive loads has grown essential, and the power factor controller has played a key role in reactive power correction systems. The power factor controller switches capacitors in order to achieve a user-defined target cos ?. The integration of a power factor controller enables feasible streamlining of operations, speeds up troubleshooting, and lowers the costs of supervised systems by using a power factor controller. The automatic power factor controller optimizes and increases the output power whenever the power factor decreases below a standard threshold value. Furthermore, it also enables easy monitoring of the parameters, reduces electric consumption, and enhances the equipment’s lifespan. The attributes mentioned above are bound to increase the demand for automatic power controllers. The global market of Automatic Power Factor controllers is segmented by type, component, end-user industry, and geography.
Analysts anticipate that the market will grow due to the increased demand for automatic power factor controllers across different industry verticals during the forecast period.
The growth of the market could be attributed to the rising need for power conversation in industries and in-home utilities to save electricity. These devices offer high-power factor consistently even under fluctuating loads, eliminate power factor penalty, continuously monitor the load, and can automatically switch on or off the capacitors, ensuring uniform power factor. Furthermore, with advancing technologies and the penetration of industry 4.0, the new trend of automation is expected to boost the market size, owing to increased efficiency and productivity in operation. Furthermore, the enactment of several stringent regulations to reduce energy consumption and reduce emissions are expected to affect the market growth positively. Consequently, many industries, including manufacturing, commercial, utility, and defense, are actively investing in upgrading their operation facilities to manage power much more efficiently while complying with the norms and regulations. Furthermore, these devices not only contribute to power factor management but also safeguards the equipment from harm. The aforementioned appealing attributes and developments in the industry of the automatic power factor controller are slowly but surely driving the growth of the market onward.
The high cost of installation and maintenance of automatic power factor controllers could hinder the market growth at a global level.
The high cost of installing and maintaining automatic power factor controllers is a major limitation in the global market, impeding market development. The commercial and industrial automatic power factor controllers are expensive, enabling only financially-able to adopt these devices. Furthermore, if the controller breakdowns, repairing is not a feasible option, owing to high repairing costs. These automatic power factor controllers also need regular maintenance to maintain smooth operation coupled with the technical limitation, which takes a significant portion of the companies’ budget. Such factors are causing to slow down the market’s overall growth. Furthermore, the cost of designing and manufacturing automatic power factor panels is extremely high due to the inclusion of large-capacity capacitors and inductors for low-frequency filtering. Similarly, the automatic power factor controllers with capacitors can easily be damaged once voltages surpass the threshold value and have a very short service life of about ten years. Such factors are expected to serve as a constraint, hampering the market growth.
According to regional analysis, the automatic power factor controller market in North America and the Asia Pacific is expected to hold a significant share during the forecasted period.
By geography, the automotive power factor controller market is segmented into five regions: Asia Pacific, Europe, North America, South America, and the Middle East and Africa. The presence of major key players in North America and their strategic developments deployed them is expected to fuel the market growth in the region. The launch of a next-generation power factor controller by ABB is the best example of this. This new RVC device comes with a simple, unique, and intuitive design, offering an enhanced user experience for effective monitoring and controlling. This new RVC can be used to monitor and control the power factor in multiple industries, from commercial and residential buildings to various end-user industries, including chemical, beverage, plastics, automotive, cement, and many more. Another example of this is a new product line launch by WEG in August 2019. This new line of automatic power factors and controllers enables reduced supervised system costs, swifter troubleshooting processes, and enhanced manufacturing processes. Furthermore, the steadily flourishing Asia Pacific’s manufacturing industry, coupled with the easy availability of skilled labor in the region, is expected to propel market growth. The market in their region is expected to be driven by China, India, Japan, and South Korea. The growing infrastructure development and the necessity for power management devices are expected to add impetus to the growth of the automatic power factor controller market in the forecasted period.
Covid-19 Insights
The global pandemic had a negative impact on the automatic power factor controller market. The mandated lockdown and quarantine have led to the closure of many production facilities, either partially or wholly. The surge in infection rates and social distancing measures enforced by the government has resulted in a shortage of human resources temporarily, thereby negatively affecting the productivity of enterprises. The closure of borders by multiple nations has further affected the imports and exports of the products. Moreover, the recession in the global economy has caused multiple end-users of the automatic power controller market to temporarily put a hold on their projects and slow down their strategic development plans. Nevertheless, post-covid, the market is expected to revive with the increase in demand for the end-user markets and, subsequently, automotive power controllers.
3D Scanner Market – Product Innovations by Global Companies
Thought ArticlesThe Global 3D Scanner Market is expected to grow at a CAGR of 13.84% over the forecast period to reach a total market size of US$3.019 billion by 2027, increasing from US$1.219 billion in 2020.
The confluence of advanced technologies has the potential to improve experiential and interactive experiences. The growing number of sophisticated wearable gadgets, along with portable and powerful 3D scanners, has the capability to make interpersonal communication more immersive, accurate, and complementary to production methods. Emerging trends such as mixed reality, the Internet of Things (IoT), and the growing convergence of wearable devices in the automotive manufacturing and aerospace designing areas are expected to boost market expansion. Because of its potential to help in the production of a 3D terrain assessment for any downstream or upstream location, the oil and gas sector is a prominent end-user of these technologies. Additionally, the increasing usage of structured light scanning techniques and the expanding number of new product releases are likely to attract significant investments from major players, driving global market demand in the coming years.
REIGL Laser Measurement Systems GmbH, Carl Zeiss Optotechnik, Topcon Corporation, Trimble Inc., Hexagon AB, Atlas Copco, FARO Technologies, Nikon Metrology NV, CREAFORM, and others are a few key major players in the global 3D scanner market.
Hexagon AB, founded in 1992 and based in Stockholm, Sweden, is a publicly traded worldwide information technology firm specializing in software and hardware digital reality. SmartScan is a 3D light structured scanner offered by the company. The Smart Scan, which is available in a variety of system configurations, offers an effective and economical area scanner measuring performance in applications like quality control, reverse engineering, and fast prototyping. The system is indeed associated with elevated photogrammetry equipment from the DPA Series, enabling even much bigger objects to be photographed and digitized down to the smallest detail using SmartScan’s white light scanning technology. Furthermore, the company introduced the Leica BLK2FLY and the Leica BLK ARC in September 2021, expanding its renowned and award-winning BLK series recognized for speed, portability, and movement with completely autonomous mobile reality capture. The automated reality capture systems are the most recent additions to Hexagon’s extensive line of accessible, user-friendly digital system-based sensors.
REIGL Laser Measurement Systems GmbH, the laser scanner offered by the company provides comprehensive and extremely accurate 3D data quickly and effectively. Topography, geology, as-built measurements, construction, archaeology, surveillance, civil engineering, and city modeling are just a few of the applications for RIEGL terrestrial laser scanners. For instance, the RIEGL LMS-Z420i is a sturdy and completely portable sensor that has been specially designed for the swift acquisition of high-quality three-dimensional images even in harsh environmental conditions, offering a unique and unparalleled amalgamation of a wide field-of-view, an extremely high range, and fast data acquisition. The 3D scanner is made up of a high-performance long-range 3D scanner, the associated operation and software application RiSCAN PRO, and a calibrated, precisely oriented, and installed high-resolution digital camera.
Nikon Metrology NV is a division of the Nikon Group that provides an advanced metrology product line that includes optical scanning and robotic 3D metrology solutions, as well as cutting-edge vision measuring tools and microscopes. The company offers several products out of which the 3D scanner segment holds a significant share contributing to the market’s development for the upcoming years. For instance, the innovative ModelMaker H120 is a 3D scanner offered by the company that pushes the ever-expanding boundaries of portable laser scanning. This is the newest technology of mobile laser scanning, with blue technique, mega frame rate, specifically built Nikon optics, and the capacity to analyze the most difficult components. Furthermore, SLM Solutions Group AG and Nikon Corporation signed an Investment Agreement in 2022 in connection with Nikon’s intention to undertake a voluntary public takeover offer for all outstanding shares of SLM for a cash consideration of EUR 20 per share. Nikon is taking a crucial step toward 3D Printing by purchasing SLM Solutions, which will enable clients to print extremely complex parts while reducing speed, carbon pollution, power costs, and waste.
3D Scanner Market Scope:
The surge of the Ingestible Sensor Market
BlogThe ingestible sensor market is projected to grow at a CAGR of 8.98% during the forecasted period to reach a market size of US$937.779 million by 2027, from US$513.789 million in 2020.
Ingestible electronic systems consist of a biocompatible microprocessor, sensors, power supply, and various other components, that enable the device to communicate with a mobile application for diagnosis and monitoring. These capsule-sized devices have the ability to screen for diseases that are otherwise difficult to detect at early stages using other techniques. Further, they also have the potential to reduce the expenses of facility and labor that are typically associated with the multiple procedures and offer a base for epithelial-targeted therapeutic interferences. All these technological advancements possess the potential to make disease monitoring, as well as treatment far more effective for a broad range of conditions, that enable patients to live longer and healthier life. A rise in chronic diseases and the advancement of technologies are likely to promote market growth in the forecast period. The ingestible sensor market is segmented based on applications, sensor types, and geographical regions.
Technological advancements and the growing prevalence of chronic diseases due to rising sedentary lifestyles drive growth in the market
Sedentary lifestyles that are caused by lack of physical activity, alteration of dietary habits, and increasing desk work have been contributing to the rising associated health risks. In accordance with the WHO’s Global Action Plan of Physical Activity 2018-2030, about one-fourth of adults and three-fourths of youngsters fail to meet the physical activity standards set by the organization. Further, factors like improving economic development, rising urbanization, and evolution in transportation have been causing inactivity levels in a few countries to reach as high as a whopping 70%. About 3.2 million people have been reported to die as a consequence of chronic conditions like cardiovascular diseases, high blood pressure levels, cancer, diabetes, lipid disorders, and obesity. According to the ESC (European Society of Cardiology), CVDs are expected to be the primary cause of death among people in most countries across the European region and are responsible for over 45% of all total deaths. Additionally, as reported by the Global Health Data Exchange in 2019, among the 18.6 million patients suffering from cardiovascular diseases across the globe, 58% of those patients were from Asia. Because of such a situation, these ingestible sensors are gaining traction as a crucial technology, due to their appealability features. Technological advancements in electronic components have aided in making the designs smarter, more compact, efficient, as well as multifunctional. The non-invasive sensor that is embedded in the capsule is not only able to monitor the blood pressure and glucose levels and keep track of the dosage of medicines taken but also can capture images and help in the monitoring of the microbial communities in the intestines of the patients. The captured data is then sent to the application on smartphones and digital portals, which enables physicians and patients to record and monitor this data. The widely growing penetration of smartphones worldwide has further aided in augmenting the utility of this application.
Key developments by the major players to further expand the size of the market
The increasing technological innovations and strategic developments by the key players in the market are expected to propel growth in the market. Powered by advanced cutting-edge technologies, companies have been gearing up to explore the abyss of human anatomy and physiology that never seemed possible before. The collaboration by Sead Health and Pear Therapeutics with Atmo Bioscience and etectRx, respectively, are some of the best examples of these developments. In February 2021, Pear Therapeutics, a DTx enterprise, teamed up with etectRx, an adhesion tool developer, in order to develop a product that would combine the goodness of the digital therapeutics of Pear Therapeutics with the digital pill offering. Further, this partnership was the first of its kind that contributed to developing ingestible sensors that were based on Prescription Digital Therapeutics, where the two companies were planning the design and production of two drug solutions that would deal with the central nervous systems. In November 2019, Seed Heath, a microbial science-based enterprise, partnered with Atmo Biosciences, a digital health firm, in order to profile main gases that are produced within the intestine in real-time with the use of world’s first cutting-edge ingestible gas-sensing capsule solution. Further, in the same year, in January 2019, a Silicon Valley enterprise, Proteus, entered the growing oncology market in the US with its digital ingestible pill. According to the company, these digital pills are potent for detecting, as well as alerting physicians about the ingestion of the chemotherapy drug, capecitabine by the patient. Furthermore, it is also capable of recording and sending physiological responses of that drug to a smartphone-based Proteus application, thus, enabling efficient tracking.
COVID-19 Insights
COVID-19 slowed down the ingestible sensor market due to lockdowns and social distancing measures mandated by various governments across the world, which forced several enterprises to pause their operations. The rise of active cases further declined the number of employees working in the companies, thus, reducing overall productivity. The gap developed in the supply chain due to all this caused a constraint in the market growth during the peak of the pandemic. However, the technological innovations and the growing demand for health solutions witnessed in the pandemic brought some stability back to the market.
Ingestible Sensors Market Scope:
Ensuring the Thermal and Acoustic Comfort of the Building with HVAC Insulation
BlogThe HVAC insulation market is projected to grow at a CAGR of 5.82% during the forecast period to reach US$7.713 billion by 2027, from US$5.192 billion in 2020.
HVAC systems seek to give everyone inside a building comfort and adequate indoor environmental quality in addition to heating or cooling space and providing domestic water. The HVAC insulation systems comprise heating, ventilation, and air conditioning systems. These internal systems typically include a thermostat, heat exchanger, furnace, compressor, evaporator coil, and fan motor. Further, a plumbing system is used to convey fluids and it uses boilers, valves, plumbing fixtures, tanks, and other devices. Moreover, different types of pipes and ductwork also play a crucial role in the smooth functioning of HVAC systems. These systems are considered the lungs and veins of a building because, depending on the weather outside, fresh outdoor air is pulled inside, heated, or cooled, and then distributed in the inhabited spaces before being discharged into the ambient air or recycled within the system.
The key factors propelling the market of HVAC insulation are the numerous benefits of HVAC insulation systems, high disposable income, technological advancement, and innovation in HVAC systems.
The rising climate change is becoming an unprecedented issue with the increasing world population and limited natural resources. Due to this, energy efficiency and carbon neutrality are now requirements for modern sustainable buildings. Henceforth, it is expected that an efficient HVAC system will help in solving these environmental issues. Further, the efficient HVAC insulation system helps reduce energy loss by ensuring that the medium air or liquid stays at the right temperature in the right place. For instance, the Residential Program Guide of the Office of Energy Efficiency and Renewable energy reports that replacing heating and cooling equipment with high energy efficiency equipment can reduce the use of energy by 50% for electric heating and cooling systems. Further, a 10% gas saving can also be observed in the heating system. Moreover, ENERGY STAR-certified heating and cooling equipment installed in the property can yield a total of 10-30% energy bill savings annually. These environmental benefits of installing HVAC insulation coupled with benefits such as increased thermal comfort ensured fire safety, and prevention of condensation damage is expected to propel the market for HVAC insulation. Additionally, the rising disposable income is yet another factor driving the HVAC insulation market during the forecast period.
Furthermore, technological advancements and innovations are escalating the HVAC insulation market’s growth during the forecast period. Automation and smart technology make HVAC more efficient in both their use of energy and cost, which is supporting the market growth. Further, the Smart thermostats available to add to the traditional HVAC system allows the users to adjust their settings even when the user is far away from their apartment. These smart thermostats can also provide monthly energy reports on energy use to the end user.
Furthermore, the recent launches of these newly introduced technologies are further propelling the HVAC insulation market.
For instance, in July 2022, Universal Electronics Inc., a global leader in wireless universal control solutions for home and smart home devices announced the launch of a new TBH300 smart thermostat with CommScope’s RUCKUS IoT Suite in support of the hospitality green energy initiative. Once installed, it offers remote management features so that the user can keep an eye on and manage the energy systems even when the user is not there. Furthermore, a sustainable energy feature on the new UEI TBH300 thermostat sets it apart and enables hoteliers or property managers to save money and energy on occupied units and rooms. The RUCKUS IoT suite for hospitality, which offers temperature controls and simplified installations, is used to manage the thermostat. Such automation and technological advancement coupled with enthusiastic new launches in the market are supporting the HVAC insulation market growth during the forecast period.
The glass wool segment is expected to grow rapidly during the forecast period.
On the basis of type, the HVAC insulation market is segmented into plastic foams, mineral wool, glass wool, rock wool, and others. The glass wool segment is expecting a notable growth rate during the forecast period due to its design flexibility, and lower production cost. Furthermore, the enhanced recyclable and non-flammable characteristics are expected to enhance the share of the glass wool segment in the HVAC insulation market. A glass wool duct panel dampens unwanted noise and promotes consistent temperatures which helps in less energy waste. Apart from this, a glass wool duct panel helps in excellent mechanical performance and excellent thermal and acoustic properties which supports the growth of this segment in the HVAC insulation market.
According to analysts, the Asia-Pacific region is reported to have the largest share of the HVAC insulation market during the anticipated period.
Based on Geography, the HVAC insulation market is divided into North America, South America, Europe, and the Asia Pacific. Analysts anticipate that the Asia-Pacific region will have the largest market share owing to the rapid developments in the construction sectors and it is expected to continue leading the market during the anticipated period. Countries like China and India offer to welcome FDI and trade policies to foreign businesses. The region will employ HVAC insulation more frequently as a result of the growing population and product manufacturing facilities, which will fuel industry expansion during the projection period. Major Chinese building initiatives like the expansion of the Beijing International Airport and Lingang New City will also have an impact on the growth of the business. Additionally, India is also pushing its smart cities initiatives through increased investment and government support. For instance, With the goal of promoting sustainable and inclusive cities that meet essential infrastructural needs like guaranteed electricity, strong IT connectivity and digitalization, efficient urban mobility, and a sustainable environment, among others, the Indian government launched its Smart Cities Mission. According to the Indian Brand Equity Foundation, which was founded by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the total amount of funding allotted for the Smart Cities Mission was US$27.60 billion as of March 2021. Thus, it is expected that the growing construction activities and smart technological developments will fuel the HVAC insulation market growth during the forecast period.
The Frontier of Minimally Invasive Sensing and Screening
Thought ArticlesThe ingestible sensor market is projected to grow at a CAGR of 8.98% during the forecast period to reach US$937.779 million by 2027, from US$513.789 million in 2020.
Ingestible sensing capsules are fast emerging as a critical technology that can screen for diseases that are difficult to detect at an early stage with the help of other methods. Furthermore, technological advancements have made electronic devices smaller, and more power efficient. Additionally, the microprocessors have been reduced in size and further advancements in battery technologies have resulted in physical dimensions that can operate for longer. Such extraordinary advancement has made it possible to analyze data with great performance and use extremely compact devices while consuming less electricity. Additionally, they can lower the facility and labor costs generally associated with several operations and provide a framework for therapeutic interferences that target the epithelium. These technological developments have the potential to significantly improve the effectiveness of disease monitoring and treatment for a wide range of illnesses, allowing patients to live longer and in better health. It is expected that the rising prevalence of chronic diseases coupled with technological advancements will positively support the market growth. The ingestible sensors market has been segmented based on type, application, and geography.
According to the analyst, the rapid technological advancements and the benefits of ingestible sensors, coupled with the prevalence of chronic diseases due to sedentary lifestyles are the prime drivers of the ingestible sensors market during the anticipated period.
The common causes of chronic diseases include sedentary lifestyles caused by lack of physical activity, changing lifestyle, and dietary habits along with smoking, rising alcoholism, obesity, etc. The world population is ascending toward these leading chronic disease causes day by day. For instance, the World Obesity Atlas 2022 report predicted that by 2030, 1 in 5 women and 1 in 7 men will be living with obesity, which will account for approximately over 1 billion people globally. The rising obesity rate worldwide is further aiding the growth of chronic diseases among the world population.
Additionally, the rising alcoholism and smoking caused by changing lifestyles and rising urbanization have further increased the number of chronic disease cases globally. According to the WHO, almost 3 million deaths are a result of the harmful use of alcohol every year. Approximately 13.5% of all deaths among adults between the ages of 20 and 39 are related to drinking. Furthermore, the total amount of alcohol consumed and drinking habits, particularly those habits linked to bouts of heavy drinking, play a significant role in how alcohol intake affects chronic and acute health consequences. Henceforth, the need for medical assistance for the early identification of such chronic disease among people are likely to encourage the ingestible sensor market growth during the forecast period.
The analysts anticipate that the strategic moves made by the major players are anticipated to increase the market’s size during the anticipated time.
The development of more compact, effective, and multipurpose gadgets is now possible largely owing to the improvements in the technology of electronic components. The non-invasive sensor that is integrated within the capsule may take pictures and track the microbial communities in patients’ intestines in addition to tracking medication intake, blood pressure, and glucose levels. Doctors and patients can record and monitor the data because it is delivered to the application on cell phones or digital portals. Furthermore, the widespread use of smartphones has increased the usefulness of this application which is expected to propel the market for ingestible sensors.
The leading players with their rising strategic and technological advancements are anticipated to fuel market expansion. Companies are getting ready to study the depths of human anatomy and physiology that were previously impossible due to the developing and cutting-edge technologies. The growing application of these devices in several industries is expected to boost the global ingestible sensor market. Furthermore, the recent development and strategic partnerships are aiding the ingestible sensor market growth. For instance, in September 2022 Atmo Biosciences announced that the US patent and trademark office has granted the patent for Atmo’s ingestible gas sensor capsule. This patent registration is an exciting milestone for Atmo Biosciences for the protection of the ingestible capsule’s unique gas-sensing functionality. Such advancements and important market developments are expected to propel the market for ingestible sensors.
The healthcare industry is expected to propel the market for the ingestible sensor during the forecast period.
The ingestible sensor market is segmented into the healthcare, and sports & fitness industry based on the end-user industry. During the estimated period, the healthcare industry is expected to propel the market growth for ingestible sensors. The healthcare industry mainly utilizes the capabilities of ingestible sensors to gather images and monitor luminal fluid and the contents of each gut segment including electrolytes, metabolites, hormones, etc. Hence, the market for ingestible sensors is predicted to grow in the next years due to the increased number of people needing chronic diseases treatment. Moreover, in the medical field, applications for ingestible sensors include controlled drug delivery, patient monitoring, and capsule endoscopy. Such additional advantages have further fueled the demand for the ingestible sensor in the healthcare industry. Additionally, it is anticipated that unhealthy dietary patterns, lack of physical activity, and rising alcoholism among the world population will further increase the need for cardiovascular care. Consequently, the demand for ingestible sensors is expected to propel the market growth during the forecast period.
According to analysts, the Americas are expected to hold a dominant share of the ingestible sensor market during the projected time.
Based on Geography, the ingestible sensors market is divided into North America, South America, Europe, and the Asia Pacific. The analysts projected that the North American sub-segment of the Americas is expected to hold a notable share, owing to the well-established economies, advanced research, and technological ecosystems. Research in the Americas is anticipated to have a sizable market share because of the rising investments in the healthcare system in the region. Furthermore, the Internet of Things (IoT), which enables the monitoring, controlling, and tracking of daily routines including medication intake using the Internet, has become increasingly popular in healthcare, making the United States the most prominent country in the region in terms of technological advancements. The Internet of Things (IoT) is seen as a new generation of digital medicine in the healthcare industry. Moreover, the creation of microscopic camera pills, which are commonly utilized in these items because of advances in science and technology, is projected to accelerate the region’s growth. Henceforth, the ingestible sensor market in this region is expected to hold a significant share during the forecast period.
Ingestible Sensors Market Scope:
The Growth of the Multi-Factor Authentication Market in Today’s Technological Era
BlogThe multi-factor authentication market is projected to grow at a CAGR of 16.88% during the forecasted period to reach a market size of US$34.497 billion by 2027, from US$11.543 billion in 2020.
MFA (Multifactor Authentication) is a security technology of electronic authentication that verifies and grants access to an individual to an application, VPN, or web portal through multiple processes of an authentication mechanism. MFA aids in building a layered defence mechanism to put barriers against unauthorized personnel from gaining access to a target, like a computing device, physical location, network, or database. The key advantage of MFA is that it raises the security standard of the organization by requiring the users to identify themselves with more information than just a username and a password. As important and discrete as usernames and passwords are, they are also vulnerable to arbitrary force attacks, which can easily compromise security. Deploying the use of the MFA serves as a thumbprint or a physical hardware key that strengthens the organization’s confidence in its security. The growing adoption of cloud-based networking in core operations by numerous private and public organizations and the increasing threat of security breaches have aided in a growth in demand for MFA services in the market. The global Multi-Factor Authentication Market is segmented on the basis of applications, model types, and geographical regions.
Stringent compliances and initiatives by organizations to develop and deploy enhanced authentication solutions to aid in the growth of the market
The rising concerns regarding cyber security and the initiatives to seek better security solutions by various enterprises in order to restrict security breaches are one of the primary factors attributing to the soaring demand for the market. Amidst increasing data breaches, the strict compliances issued by various governments across the globe are further augmenting the market. The General Data Protection Regulation of Europe, the Lei Geral de Proteçao de Dados of Brazil, the Consumer Privacy Act of California, the Personal Data Protection Law of China, the Personal Data Protection Bill of India, and the Data Protection Regulation of Nigeria are a few prime examples of these regulations worldwide. Hefty fines that range as high as 5% of the entire global turnover are levied for non-compliance with these regulations. Hence, in such a case, in order to meet the increasing demand, the authentication solution providers also continuously produce new offerings and numerous strategic deployments to expand their brand presence and meet the demands of their clients. For instance, Tynec, an open communication provider, in February 2021, announced a strategic partnership with Averon, a security solution provider. With this partnership, the companies aimed to tackle the high amount of data breaches with their Direct Autonomous Authentication solution, which offers stringent security with a back-end and two-factor authentication without having the need for user actions or even SMS. Furthermore, in February 2022, the Hong Kong-based solution provider for authentication and fraud prevention, IPification, launched a service of one-click phone verification in the UK. Post the launch, the solution was made available to every bank, fintech, app developer, gaming enterprise, and other businesses. In accordance with the data that was recorded by the company, the app businesses that adopted IPification’s one-click verification service witnessed a decrease of 5-40% in the user registration drop-out rate on the business applications. Simultaneously, evolving technological advancements have also altered the way these authentication solutions work. BAXE’s novel Facial Authentication can be considered the best example of this. In February 2022, an Australia-based Fintech start-up, BAXE teamed up with a French technology solutions provider, IDEMIA, and Haventec, which is a Sydney-based start-up, in order to launch the first of its kind Decentralized Finance ecosystem that comprised of facial authentication. This offering aimed at aiding BAXE users in the authentication of large transactions, unlocking their locked accounts with the use of biometrics, and also recovering access to the accounts with forgotten credentials. The rising trend of digitization has made businesses implement secure, reliable, and efficient preventive solutions and is also transforming authentication solutions to a great degree. All such changes are anticipated to propel the market growth during the forecast period.
Factors posing a restraint toward market growth
Although MFA solutions help in strengthening the company’s security, they also have a few cons that follow and do not come risk-free. Firstly, setting up a multi-factor authentication system can be time-consuming and expensive. Further, as the amount of authentication factors increases, the time is taken for completing a single action also increases simultaneously. Additionally, actions like sim swapping and switching that are deployed by cybercriminals can conveniently provide them with access to the physical sim card and access IDs of the user. All these factors are thus predicted to cause a restraint toward market growth.
COVID-19 Insights
The COVID-19 pandemic had a positive impact on the MFA market, unlike the other industries. The mandate of social distancing measures, as well as lockdowns that were implemented by various governments, led to the closure of several companies in the dire situation. As a result, many organizations resorted to adopting a work-from-home model and digitizing all their operations through the integration of cloud-based platforms in order to provide remote access. Such a situation caught many companies unprepared which made them suffer from cyberattacks. Hence, this resulted in an increase in demand in the MFA market in order for companies to safeguard themselves thus augmenting growth.
Multi-Factor Authentication Market Scope:
The Future of Stand-up Packaging: Enhancing Convenience and Functionality
BlogStand-up pouches are packaging materials that are also called doy packs and are used for packaging with a standing upright body design for the purpose of storage, display, and easy carry. They are similar to plastic water bottles, plastic bags, and other transparent pouches in the market. The stand-up pouch is designed specifically to withstand on its own and store the products in it and over a period of time transparency is the factor in packaging driving the stand-up pouches market.
Stand-up pouches are mainly used for pet foods and nutritional supplement products due to their durability and long holding capacity of various materials. They are also the best options for packaging pharmaceutical products like tablets, and capsules, and in textile industries, these types of pouches are used to display the product. These stand-up pouches come with easy mouth opening with zip or belt material for closing and opening the products.
Global Production Trends
The production of stand-up pouches is increasing due to concerns regarding sustainability and e-commerce sector growth over the globe. Consumers are well aware of eco-friendly products and their impact on the environment over period of time. The consumers are more preferred towards packaging solutions that can be recycled and it should consist of positive benefits for consumers as well as the environment. Considering these points, the manufacturers are coming up with a recycling option or with a packaging solution that decreases the impact on the environment compared to the traditional one.
The increasing demand for e-commerce products is driving the stand-up pouch market in the future days. The rise in online shopping by consumers requires durable and eco-friendly packaging materials to deliver the products to the customers. The products need to be shipped from various locations to the customers so the packaging material should be lightweight and durable in nature as these standup pouches provide these properties in packaging solutions. The properties of standup pouches like lightweight, and durable can help the products to ship from warehouses to till doorstep of customers. These combined features in packaging solutions boom the standup pouch market growth.
The growth of on–go –consumption is positively impacting and growing the global production of standup pouches. A busy life causes the need for convenience! Stand-up pouches are a top contender in this particular scenario. A broader move toward immediate consumption in all facets of life is pushing manufacturers to offer single-serving, portable food and drinks. Pouches for stand-up packaging aren’t only lightweight and foldable but also you can find many products in them, such as snacks, yogurt, single-serve juice boxes or coffee pouches. Their portability is aimed at on-the-go consumers who wouldn’t have any difficulty accessing their items wherever while maintaining quality and freshness.
Standup pouches use case.
Stand-up pouches are mainly used for their properties like convenience, ease of carry, portability, and lightweight. The stand-up pouches are an important aspect of food packaging and beverages these days due to the increasingly busy schedules of people. The versatility of packaging solutions based on consumer needs is taking a more eye on the market. The standup pouch provides single-serve food and beverage options for consumers who are in search of easy and portable options. The ever-increasing busy schedules of life propel the demand for convenience, portability, and lightweight packaging solutions for food and beverages that an individual consumes on a daily basis.
Furthermore, the focus on green manufacturing and reducing the negative footfalls towards nature is propelling the need for more sustainable packaging solutions around the globe. The manufacturers are focusing on producing materials with less plastic and using more degradable solutions to reduce the negative impact on nature where these types of materials can be helpful in the process of recycles or good for the environment.
The growing demand for online shopping by consumers around the globe will enhance the use of standup pouches across the e-commerce sector. The rapid buying options online boom the e-commerce sector to provide safe and protective products to the doorstep of consumers the sector needs a durable and lightweight packaging solution to protect the product by covering and delivering the product to the customers without any damage, the standup pouches are the best solutions designed for lightweight and durable option in transferring the products from one place to another. This enhanced design of the packaging material reduces the shipping cost, and weight, and helps in the fast delivery of the products.
Market Dynamics and Drivers
Several factors drive the stand-up pouches market, including rising awareness towards sustainable and eco-friendly packaging solutions like food and beverage coupled with growing demand for online shopping by consumers propel the demand for the e-commerce sector and the emergence for the on-the-go consumption is significantly boosting the standup pouches market.
The rising awareness towards sustainable packaging across industries like food and beverage, and manufacturing provides a sustainable packaging solution that is eco-friendly in nature and can be recycled with properties like lightweight and durability. These standup pouches provide sustainable packaging options alternative to traditional packaging solutions with less impact on the environment. Ans also these standup pouches are widely used not only for food and beverages but also in cosmetics, and pharmaceuticals for packaging tablets.
Additionally, the growing demand for online shopping by consumers, increased sales of products in online platforms, advancement in packaging design, and growing adoption of eco-friendly packaging solutions by e-commerce industries are the factors that are predicted to anticipate the market growth as they have significant use of standup pouches in their regular operations.
The standup pouches are crucial packaging solutions for e-commerce platforms and with the increase in sales of products in online platforms, the demand for standup pouches will rise accordingly. For instance, Amazon is the largest e-commerce platform which has a network all around the globe the net sales of the company during FY 2023 with respective North American regions was $3,53,828
Figure 1: Net Sales in North America, 2021-2023
Source: Amazon Annual Report
Challenges and Constraints
Despite the various benefits and uses of standup pouches the companies that manufacture them face a lot of challenges with the procedure of recycling where the recycling of multilayered materials is difficult which can hinder the profile of eco-friendly properties specifically consumers nowadays prefer transparency and pure sustainable solutions. These products are more vulnerable to harsh environments and temperatures whereas the traditional packaging solutions offer many benefits as compared to these standup pouches. These factors curb the growth of the standup pouches market in the forecast period.
Emerging Opportunities and Innovations
Although challenges might hinder the market, the standup pouches market presents numerous opportunities for innovation and growth. New biodegradable and compostable materials are introduced to address sustainability issues and cater to environmentally conscious consumers. Innovative smart pouches incorporated with sensors are developed to watch the product’s freshness and temperature during the process of storage and transportation. Additionally, there are promising opportunities for self-warming and self-chilling pouches that will enhance the efficiency and ease of use.
Key Developments
At last, concluding that the standup pouches market is predicted to have several innovations and growth opportunities over the forecast period. The market is driven by the increased awareness towards sustainable and eco-friendly packaging solutions coupled with growing demand for the e-commerce sector with respective online purchasing. There are several challenges to be faced such as recycling multilayered packaging solutions and the vulnerabilities towards rough environments like temperature and cold. Therefore, the industry is projected to maximize innovative and sustainable packaging solutions to meet the needs of the growing global standup pouches.