The social robots market is expected to grow at a compound annual growth rate of 12.68% over the analyzed period to reach a market size of US$912.488 million in 2026 from US$395.577 million in 2019.
A social robot is a type of artificial intelligence (AI) system that interacts with people and other robots. These companion robots have the ability to take over complete jobs in the office, such as greeting and basic customer service. At home, these robots might become functional enough to act as a part of the family, with distinct personalities and characteristics to engage family members. They provide companionship and help in the upliftment and simulation of human emotions. Furthermore, these robots can assist people in their daily lives by completing a variety of tasks.
In industries, the long-term benefits of expanding robot deployments are quick manufacturing and delivery of bespoke items at affordable prices. Manufacturers can maintain production in developed economies or reshore them without compromising cost-effectiveness thanks to automation. Industrial robots are becoming more diverse, ranging from classic caged robots capable of handling all workloads swiftly and precisely to innovative collaborative robots that operate securely alongside humans, completely integrated into workbenches.
In 1999, Sony became the first company to introduce social robots. AIBO, a social robot pet dog that responds to the speech and actions of its owner. Even after 20 years, this robot has a substantial market presence. AIBO’s software was most recently upgraded in April 2021 to handle new features such as app connectivity.
Aldebaran Robotic, located in France, introduced the Nao robot for autistic children’s rehabilitation in 2006. In Japan, the first nursing social robot was introduced in 2015. Robear, developed by the Riken Institute, aids patients and caregivers in nursing homes around Japan. By supplying physical strength, the robot aids in the raising of patients from their beds. The increasing complexity of the world, as well as the rising usage of automation, will boost demand for social robots. Since its launch, SoftBank’s Pepper Robots have been stationed at over 140 mobile stores around Japan. SoftBank secured a US$50 billion investment from Apple in 2020 for Pepper research and development as a result of its achievement in improving the user experience. Tally, a social robot designed by Simbe Robotics, was used for inventory management at Target in the United States. Dominos partnered with Nuro to launch self-driving cars for the delivery of pizza.
Social robots assist in the care of the elderly and promote improved mental health in persons with special needs which boosts the use of robots in the healthcare sector.
For example, the PARO Therapeutic Robot by AIST Japan stimulates and relieves stress for patients with conditions such as Alzheimer’s at healthcare facilities by moving its head and screams for petting when called by name. Mabu by Catalia Health Inc also works as wellness assistance for senior people by reminding them to go for walks, take their medications, and contact family members.
In April 2020, Embodied, Inc. announced the release of Moxie, a social companion robot specifically designed for children ages 6 to 9 to aid in the emotional, social, and cognitive development of children via everyday play-based learning and compelling content. The companies aim to provide further assistance to individuals who have been diagnosed with AD/HD, anxiety, or autism.
The Growth in Automation Will Contribute to the Market Growth During the Projected Period
Surging automation across several industries is the primary factor driving market expansion. According to the World Robotics Report 2020 published by The International Federation of Robotics (IFR), there are about 2.7 Million Robots employed in factories around the globe which is an increase of 12%. New robot sales continue to be strong, with 373,000 units shipped globally in 2019. This is 12% less than in 2018, yet it is still the third biggest sales volume ever recorded.
Asia Will Continue to Be the Prominent Market Region for Industrial Robots
China, the region’s largest adopter, increased its operating stock by 21% in 2019, reaching around 783,000 units. Japan comes in second with around 355,000 units — a 12% increase. India is the runner-up, with a new record of over 26,300 units — up by 15%. In just five years, India has more than quadrupled the number of industrial robots in use in the country’s industries.
Asia accounted for almost two-thirds of the global supply of newly deployed robots. In China, sales of over 140,500 new robots fell short of the record years of 2018 and 2017 but were still more than double the amount sold five years earlier (2014: 57,000 units). Installations in the main Asian markets have slowed — particularly in China (-9% ) and Japan (-10 % ).
The increasing complexity of the world, as well as the increased adoption of automation, will boost demand for social robots. Social robots help consumers in malls and retail complexes, improve their shopping experience. Robots aid in the seamless operation of parking lots. Social robots are being used in the healthcare industry to improve patient care. In addition, robots help with domestic chores and give company to their owners. However, increasing automation reduces job possibilities and has generated numerous concerns, impeding industry expansion.
Furthermore, while social robots use cutting-edge technology, they are not people and lack empathy, emotion, and cognitive abilities. They can handle the routine tasks for which they were programmed for, but they may react unexpectedly to situations for which they were not prepared.
Robots, like any other technology, are prone to hardware faults and breakdowns, which may be costly to fix and maintain. Furthermore, people who become overly reliant on social robots for emotional companionship, risk missing out on the person-to-person relationships that are at the heart of the human condition.
The Coronavirus Epidemic Boosted Market Potential for the Social Robot Market
COVID-19 has a major influence on 2020 globally, but it has also provided an opportunity for production to modernize and digitalize on the path to recovery. To deal with the spread of the virus, healthcare sectors deployed additional robots to assist and decrease the danger of viral transmission to healthcare personnel. Demand for Social Assistive Robots (SAR) increased in the retail sector as well. The government imposed quarantine and distance adhering confinement measures, thus delivery from social robots grew dramatically. To slow the spread of the virus, Merck Group created Pre-screening Experience Through Robotic Assessment (PETRA) social robots through innovation in the robotics sector. PETRA is capable of detecting common yet undiagnosed conditions.
Social Robots Market Scope:
| Report Metric |
Details |
| The market size value in 2019 |
US$395.577 million |
| The market size value in 2026 |
US$912.488 million |
| Growth Rate |
CAGR of 12.68% from 2019 to 2026 |
| Base year |
2019 |
| Forecast period |
2021–2026 |
| Forecast Unit (Value) |
USD Million |
| Segments covered |
Application, End-User, And Geography |
| Regions covered |
North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered |
Blue Frog Robotics and Buddy, Reach Robotics, Knightscope Inc., Intuition Robotics, AIST, Furhat Robotics, SoftBank Robotics, Sony, Merck group |
| Customization scope |
Free report customization with purchase |
Behind the Growing Semiconductor Industry and Renewable Energy Market: Wafer Handling Robots
Thought ArticlesThe wafer handling robots market is predicted to grow at a compound annual growth rate (CAGR) of 7.12% to attain a market size of US$728.462 million by the end of the analysis period, 2026.
Wafer-handling robots are used in manufacturing and semiconductor industries to speed up and optimize the production process by wafer cutting, wafer packaging, wafer cleaning, and aligning the wafers with accuracy. With the increasing demand for smaller and thinner wafers in circuits, the industrial adoptions of wafer-handling robots have increased in years in semiconductor industries. The increasing demand for renewable energy along with its growing application in the industries due to increased technology, automation, and innovation is expected to drive up the market in the coming years. For instance, recently Foxconn has set up a semiconductor design center to make chipsets for self-driving and smart connectivity electric vehicles.
Types of Wafer Handling Robots:
Wafer Handling Robots are mostly available in 2 types: Vacuum Wafer Handling robots and Atmospheric Wafer Handling robots. The atmospheric wafer handling robots operate at ambient atmospheric pressure and are made up of materials like ceramics, aluminum, stainless steel, etc. that will reduce particle contamination from friction, contact, and out-gassing. Vacuum robots operate in vacuum or clean enclosures and are designed specifically to provide cleanliness to the manufacturing process. Of the two, the Atmospheric Wafer Handling robots are expected to hold a major share of the market majorly because of the high competition in the segment attributed to its wide-scale application across the industries.
Industrialization and Regional Trends:
The major contributing factor to the growth of the wafer handling robots market is the rapid industrialization powered by technological advancement and increasing automation. The wafer-handling robot is used in semiconductors, solar cells, electronics, electric cars, etc. that are not just time-saving but also provide accurate results. The industrial revolution that the developing economies are going through along with the already established hub in the developed economies is expected to contribute to the driving market. The growing semiconductor industry that widely applies wafer-handling robots in the Asia-Pacific region including India, South Korea, China, Japan, etc. is expected to become a key player behind the growth of the market. Also, the wide-scale industrialization of North America and Europe is expected to hold a major market share. Besides the growing industrialization in the region, the availability of skilled and literate labor is also a major driving factor for factor. The growing skilled and trained labor and manpower is going to constitute key development in the market in the coming years as skilled labor plays a key role in the installation, handling, and operation of the robots.
Growing Demand for Renewable Energy:
One of the major factors that can contribute to the growth of wafer-handling robots in the coming years is the growing demand for renewable energy across all sectors. The wafer-handling robots are widely used in solar cells that in turn constitute a major component of solar panels. The increasing environmental concerns across all the sectors have given a boost to the wide-scale application of renewable energy platforms. According to IBEF, the non-conventional energy sector of India has received a Foreign Direct Investment inflow of around US$ 10.28 Billion between April 2000 and June 2021. In July 2021, the Ministry of New and Renewable Energy Plans undertook rooftop Solar Program Phase II to install an RTS capacity of 4000 MW in the residential sector by 2022. The active participation of Indian Companies like Tata Power, Adani Renewables, ReNew Power, etc. has made it possible for it to stand at 3rd position in the renewable energy attractive index 2021.
High Installation Cost and Lack of Skilled Labor to Hamper the Growth of the Market:
One of the major challenges for the growth of the wafer-handling robots market is the high installation cost associated with the product. Besides the initial purchase cost of the product, the regular maintenance cost and the cost of skilled and trained labor required to handle the product are also high, which makes it an expensive device to be installed in every industry. The lack of technically trained personnel and expertise in the field to install, monitor, and configure the robot can become a huge obstacle for the market. And not just industrial segmentation, but the high installation cost along with maintenance and skilled labor requirement to understand and handle the complex technology can also hamper the growth of the market in underdeveloped economies that lack these factors.
Coronavirus Pandemic Analysis:
The analysis report also provides a deep study about the impact of the coronavirus on market for wafer handling robots, stating how the lockdown, lack of labor, stringent curfew regulations by the government, export barriers, deeply affected every industry including automotive, semiconductor, defense, aerospace, power and energy, chemical and manufacturing, etc. With the shutting down of industries and operations across the globe, the demand for wafer handling robots went significantly down. The halt of market operations during the pandemic discouraged the growth of the market both from the supply and demand side.
Global Wafer Handling Robots Market Scope:
Say No to Microbes by Adopting Antimicrobial Coatings
BlogThe global antimicrobial coating market is expected to grow at a compound annual growth rate of 12.05% over the analyzed period to reach a market size of US$8.914 billion in 2026. The market stood at US$4.020 billion in 2019.
Antimicrobial coatings comprise an invisible coating that is applied on surfaces to curb the growth of micro-organisms on them. These coatings are widely used in the medical and healthcare sectors, textile industries, food and beverage sector, and HVAC Systems. The increasing awareness among the people to adopt hygiene and cleanliness is expected to drive up the market growth in the coming years. Also, the spread of Healthcare-associated Infections is expected to drive up the market in coming years.
Antimicrobial Coating provides several benefits which include restricting the growth of pathogens and microbes like bacteria, fungi, viruses, etc. Antimicrobial Coatings serve an important role to sanitize places and surfaces like hospitals that witness a threat of microbial breakdown. As long as the transparent coat remains effective, it not just protects the surface from microbes but also increases the life span of the surfaces.
Industrial Application of Antimicrobial Coating
Antimicrobial Coatings are widely used in the Healthcare Industry to control the spread of infection in hospitals and healthcare units. Healthcare-Associated Infections (HAIs) include ventilator-associated pneumonia, bloodstream infections, urinary tract infections, etc. that are associated with the devices used in medical procedures like ventilators or catheters. The infections that spread at surgery sites are known as surgical site infections. HAI Data from the Centers for Disease Control and Prevention reveals that on a given day around 1 in 31 hospital patients suffers from at least 1 Healthcare-Associated Infection. According to European Center for Disease Prevention and Control, more than 4 million people suffer from HAI each year and around 37,000 people die each year after acquiring them. Medical Devices serve as a breeding ground for many bacteria and viruses and their disinfection becomes difficult with time. With the threat of infection, hospitals and other healthcare units apply antimicrobial coatings on their medical instruments to sanitize and prevent the growth of germs and bacteria on them.
Besides that, Antimicrobial coatings are being widely used in paints to restrict the growth of pathogens and associated germs on the facilities. Besides providing the protection they serve as a primer coating to walls thus giving a dual advantage.
Antimicrobial Coatings are also used to sanitize the high touch areas like door handles, counters, HVAC Vents, and high microbe containing objects like gloves, carpets, and masks.
Antimicrobial Coatings are being widely adopted in facilities like schools, public residential buildings, offices, restaurants, etc. to restrict the spread of microbes. In ventilation systems, Air Conditioners, etc. they are used to maintain indoor air quality.
To maintain hygiene in the food and beverage sector, the adoption of antimicrobial coatings has become quite common. In the textile industry, it is widely used to maintain the texture, quality, and hygiene standards of the clothes for the long term.
Warnings Associated With the Antimicrobial Coatings
Although, antimicrobial coatings provide long-term safety to surfaces by restricting the growth of microbes on them its excessive application comes with few warnings as well. The application of antimicrobial coatings on fabrics can increase water contamination while washing which makes it harmful to the environment. The chemicals present in them like silver, copper, zinc, titanium dioxide, etc., when exposed to water bodies, can be consumed by fishes, and have toxic effects on algae, etc. which makes it unsuitable for aquatic life. Also, there’s an increased chance that the active nanoparticles present in them can aid in the formation of some mutated and chemical-resistant microbe.
Regional and Geographical Insights
With the high rate of healthcare investment being done in the state, North America is witnessed to expect a prominent growth in the antimicrobial coating market. The technological advancement and high expenditure by the government on healthcare facilities are expected to boost up the antimicrobial coating market here. The data available from World Bank reveals that in 2018, the healthcare expenditure of the United States stood at 16.89% of G.D.P. which was way higher than the world average of 9.856%. OECD Data represents that 2019 Health Spending in the United States was the highest (10,948 US Dollars/ capita) with the highest share attributed by the government sector.
Also, with the growing rate of infrastructure development in the Asia-Pacific region, the growth of the antimicrobial coating market can be significant in the region. Also, the antimicrobial coating market can take the advantage of the high prevalence of healthcare-associated infections in the region and can expand its market in Asia-Pacific as well.
COVID-19 Impact
The outburst of the covid pandemic witnessed a rise in the adoption of healthy and clean practices to promote hygiene. With this, the adoption of antimicrobial coatings became significant across industries. Healthcare Industry including hospitals, healthcare units, etc. across the economies highly adopted the use of antimicrobial coatings to limit the spread of disease and virus by a certain limit on the surface areas. Apart from the adoption of masks, sanitizers, the use of antimicrobial coating became a sign of a healthy environment and infrastructure.
Antimicrobial Coatings Market Scope:
Need for Carbon Monoxide Detectors
BlogThe carbon monoxide detectors market is expected to grow at a compound annual growth rate of 3.89% over the forecast period to reach a value of US$619.120 million in 2027, from US$473.959 million in 2020.
A carbon monoxide detector is a device employed to detect the presence and amount of carbon monoxide emissions. The rising cases of carbon monoxide poisoning is increasing the demand for carbon monoxide detectors. Carbon monoxide poisoning and leakages are rising in the industrial areas causing severe fatal incidents. The fatal incidents caused due to carbon monoxide emissions and poisoning is giving potential for the growth of carbon monoxide detectors. The need of safety measures in industries against carbon monoxide poisoning and hazards caused by carbon monoxide poisoning is rising the demand for carbon monoxide detectors. Carbon monoxide detectors can detect and analyze the amount of carbon monoxide emission in industries. The support and policies of the government regarding the safety of workers and industries from carbon monoxide emissions is also boosting the market growth of carbon monoxide detectors.
Carbon monoxide is considered as one of the chemicals that can cause severe effects on the human body. The more exposure to carbon monoxide can even cause death and severe fatality in humans and as well as other living beings. Carbon monoxide is a chemical compound that can be easily bonded with hemoglobin in the blood and leading to mortality. The rising emission of carbon monoxide is one of the major problems faced by the developing world. The need of carbon monoxide detectors in industries is rising the market growth of carbon monoxide detectors in the forecasted years.
Increasing Cases of Carbon Monoxide Poisoning
The rising cases of carbon monoxide poisoning is pushing the market of carbon monoxide detectors in the global market. The data collected by one of the world’s finest emergency services agencies like UK FRS (Fire and Rescue Service) states that an increase number of 799 cases of carbon monoxide leakages are reported in UK in between 2014 to 2019. The increased occurrence of carbon monoxide leakages cases in industrial areas is also giving more potential for the market growth of carbon monoxide detectors. According to the reports of US Department of Health and Medical services (USDHMS) an approximate of about 430 death cases due to carbon monoxide poisoning is reported in the United States every year. The rising number of mortality and death cases in industrial areas and countries are owing to the need of carbon monoxide detectors and causing the growth of carbon monoxide detectors market.
China is reported as one of the countries with largest industrial outputs. The large number of industrial outputs in China also scopes for the need for more security and protection regarding industrial emissions and poison leakages. A case of carbon monoxide leakage in the coal mines of China in 2020 resulted in the death of 23 coal mine workers. As a country with largest industrial outputs, Chinees government is also taking actions and policies in order to reduce the risk of carbon monoxide leakages and industrial leakages. The market of carbon monoxide detectors is also hiking due to the security and safety offered by carbon monoxide detectors in industrial areas.
Support Offered by the Government on Carbon Monoxide Detectors Market
As the growth of the industrial sector is referred to be the growth and development of the country. The industrial growth and development are also demanding the need for more industrial safety and security to the workers. The repeated cases of toxic gas emissions like carbon monoxide leakages are pushing the government to invest more in securing the work atmosphere of industries and production plants. The support offered by international organizations and governments in implementing carbon monoxide detectors in industrial sites are pushing the market growth for carbon monoxide detectors market. The public health report published by PMC of United States accounts for the need of industrial safety from carbon monoxide emissions and leakages. The law for the need of a proper emission detection system in houses and small-scale industries are implemented in U.S on 2020.
Canada as one of the leading and developing industrial country also accounts and passes bill in assuring safety and protection for industrial workers from poison gases and carbon emissions. After 2009 Canadian government also made carbon detectors and poison safety measures a must in buildings. The security and rescue services of Canada also made smoke alarms and poison gas detectors a must in houses and buildings to ensure more safety to the workers. The policies and mandatory laws introduced by countries are boosting the market growth of carbon monoxide detectors in the global market. The countries with more industrial actions and industrial processes are rising the demand of carbon monoxide detectors. As safety measures and systems are becoming mandatory according to the policies of WSO (World Safety Organization) the market of carbon monoxide detectors is expected to tremendously increase in the forecasted years.
Geographical Insights
Geographically, the global carbon monoxide detectors market is segmented into North and South America, European Region, the Middle East and Africa, and the Asia Pacific region. The North America region is holding a lion share of the global carbon monoxide detectors market. The increased industrialization rate of North American countries is accounting for the market growth of carbon monoxide detectors in global market. The presence of countries with high industrial activities like China, India and Japan are also pushing to the regional market growth carbon monoxide detectors in the Asia Pacific region.
COVID-19 Impact
The covid pandemic had adversely affected the market growth of carbon monoxide detectors. The shut down of industries and production plants had affected the market growth of carbon monoxide detectors. The shut down of industries and shortage of laborers in manufacturing units, where carbon monoxide detectors are manufactured also resulted in the downfall of the global carbon monoxide detectors market. The severe hit to the supply chain sector of carbon monoxide detectors industries also resulted in the downfall of the global carbon monoxide detectors market. The restarting of industries and production plants after the COVID pandemic is expected to make developments in the carbon monoxide detectors market in the forecasted years.
Carbon Monoxide Detectors Market Scope:
Carbon Monoxide Detectors Market- An Overview
Thought ArticlesThe Global Carbon Monoxide Detector market is predicted to grow at a Compound Annual Growth Rate (CAGR) of 3.89% from the market size of US$473.959 million in 2020 to reach the market size of US$619.120 million in the year 2027.
A carbon monoxide detector is a gadget or device that detects the presence of carbon monoxide gas in the environment to forestall its harming. It is intended to gauge levels of carbon monoxide in a climate over a long period and to indicate when the level arrives at the basic level. As the colorless and odorless feature of Carbon monoxide, it is necessary to detect its risen level. Carbon monoxide gas is also named a “silent killer” and cannot be detected by naked eyes or by mere smell, therefore its increased level in any area that is dangerous and should be detected. This is the prime reason for the increasing demand for carbon monoxide detectors or gas sensors. Additionally, the increase in technical developments and rising use of gas sensors in HVAC systems which are the air quality monitors is another key factor to increase in the demand for the carbon monoxide detector. The carbon monoxide detector emits a sound when the level of carbon monoxide exide a certain level which is dangerous for the life in that area. This gadget also includes a perused LED which displays the toxic gas level.
The Automotive Sector Is Expected to Provide Great Potential to the Carbon Monoxide Detector or Gas Sensor Market in the Forecast Period
Recently many incidents have been encountered where people died due to carbon monoxide poisoning in cars or vehicles. For instance, recently that is on October 24, 2021, two teens were found dead in the car. The incident took place in North Caroline. Later in November after the autopsy, the cause of death was reviled which is found to be the release of carbon monoxide in the car. Whereas in February 2021, four people were hospitalized due to the carbon monoxide release in the car in Texas. Among them, two died due to carbon monoxide poisoning. Many more such incidences took place worldwide. This surges a need for carbon monoxide gas sensors in cars. Due to the closed vehicles, the poisoning takes place rapidly, the detection of carbon monoxide is what is given a priority. Thus, the customers have started giving preference to the cars or vehicles which have a Carbon Monoxide detector. To meet consumers’ demand for CO gas sensors, many automotive companies started providing CO detectors in their cars. This is the reason why the automotive industry is estimated to hold a significant market share in the forecast period.
Requirement of Carbon Monoxide Detector in Resident Places
Along with the cars, other areas which lack the appropriate aeration also tend to face the leakage of Carbon Monoxide gas as they are the common sources of this gas. These areas include garages, service centres, pharma industries, and many more. Other than this, the home appliances as well can ask as the sources of carbon monoxide gas. The appliances such as dryers, refrigerators, geysers, generators, and irons. Therefore, the danger of the release of this gas is also present in the homes. Recently in December 2021, the couple in Washington was found dead in their resident home due to inhalation of Carbon Monoxide Gas.
Due to such incidences, the government of developed countries put forth various regulations to ensure safety in nearly all sectors focusing on the workplace. This is one of the prime factors that led to an increase in the growth in the carbon monoxide detector market. Moreover, various modifications in the design of the carbon monoxide sensor with advanced innovations such as CO detectors in small size, have made it easy and flexible to carry. Wherein in industries, there requires a wireless gadget to record the data and to carry a two-way communication. Some types of detectors can detect the presence of carbon monoxide and smoke as well. These devices are the combinations of two distinct technologies which detect fire and odorless and colorless gas. The benefit of such a device is that it takes the space of two different devices. Such a device also signals different warning alarms for smoke and carbon monoxide. These devices are majorly preferred by the consumers who stay in places with small areas and limited ceiling space.
Factors That Harm the Carbon Monoxide Detector Market
Like every gadget, carbon monoxide detector too has some limitations which play as obstacles in the growth of its market. As these detectors work entirely on electrical power, thus if not charged or repaired battery system, these detectors would not signal a warning alarm. Thus, charging on regular basis is required to make a carbon monoxide detector work properly. Moreover, the sound of the warning signal does not ensure to alarm a sleeping individual, a person with illness or disability, or even the drug/substance consumed individual. At the same time, the gadget detects the presence of the carbon monoxide gas only when present nearby; as the carbon monoxide molecules sometimes do not reach up to the sensing chamber of the detector. Therefore, the average radius area around the detector also matters concerning the sensitivity of a device. Being a gadget, it is also subjected to a false alarm. According to a report by National Fire Protection Association Standard 720, if the carbon monoxide detector is placed near a fuel-burning appliance, it may give a false alarm even during a normal operation. Whereas certain environments also affect the performance of carbon monoxide detectors. For instance, high air velocity environments which are dusty need to be maintained more frequently.
North America Is Projected to Hold a Significant Market Share Over the Forecast Period
According to the United States Fire Administration, around 150 people per year in the USA die due to carbon monoxide poisoning. As in winter, the Americans use fuel-burning appliances such as mini heaters more frequently, the necessity of carbon monoxide detector as a home appliance to ensure safety. In Canada, as per the Ontario Association of Fire Chiefs, around 50 people per year die due to the inhalation of carbon monoxide gas. Thus, the demand for carbon monoxide detectors in these countries is high. Hence, the carbon monoxide detector market in North America is expected to dominate the global carbon monoxide detector market in the forecast period.
The COVID-19 Pandemic Analysis
Due to the outbreak of the Coronavirus worldwide, the production rate in many industrial sectors slowed down. The pandemic has affected the manufacturing rate of the carbon monoxide detector market as well. Due to the force shut down for a noticeable period, the production rate got slow. However, due to increase in the death caused because of carbon monoxide during the same period, the demand for carbon monoxide detectors is rising in the automotive and household appliance industries. Due to the need for quarantine, the requirement for a carbon monoxide detector is rising. Therefore, after the Covid-19 crisis, the market is estimated to grow.
Carbon Monoxide Detectors Market Scope:
Online Survey Software to Ease Your Work
BlogThe global online survey software market is expected to grow at a CAGR of 22.07%, from an initial value of US$8.077 billion in 2021 to US$32.626 billion by 2028.
Feedback technologies and data collection technologies that allow information to be collected online through forms or surveys are known as online survey software. Online survey tools are increasingly used to measure customer satisfaction and feedback, given the growing penetration of the Internet and the growing demand for online services and products. In addition, the increasing trend of product marketing and the growing need for market research survey software in order to define consumer behaviour is expected to boost the growth of the online survey software market.
A well-designed online survey software serves as an easy-to-use platform that facilitates the creation of surveys with little effort. Additionally, it is a cost-efficient solution for the survey, which has increased the growth of the online survey software market. Increasing demand for feedback and survey tools is predicting the growth of online survey software as a good understanding of consumer behaviour becomes increasingly important.
Growth Will Be Fuelled by the Increasing Use of the Internet
Rising internet penetration throughout the world is the primary driver of growth in the market. Global internet users are estimated to grow to 4.8 billion users by 2020, according to World Bank data. As social media usage has increased constantly, getting a more comprehensive picture of consumer behaviour and using online surveys has become easier. A total of 2.4 billion people use the world’s biggest social media platform, Facebook. Youtube and Whatsapp, which have around one billion users each, are other popular social media platforms. At least 3.5 billion of us have access to the internet, and there are 7,7 billion people on earth. (Source: ourworldindata.org). Surveys on social media can help companies collect feedback from customers, engage with them, gather demographic data, and conduct market research. Engaging in social media surveys is easy and inexpensive. A study utilizing social media has the advantage of reaching a large population and is therefore statistically relevant.
The Importance of Understanding Consumer Behaviour Has Led to Market Growth
Organizations have used online surveys to gain insights into consumer behaviour, buying patterns, and various other variables due to the increased competition of various verticals, including e-commerce and social networking. A survey study may assist organizations in designing services and products, and also help them address the increasing competition. Online surveys help organizations reach a wider audience and discover their preferences. The ease of creating surveys, the rise in the adoption of cloud computing, and the rising usage of smartphones and other internet-connected devices are some of the major factors driving the growth of the online survey software market. Application, vertical, and region-based segments are present in the market. The online survey software market is dominated by a number of vendors such as Qualtrics, SurveyGizmo, QuestionPro, SurveyMonkey, Inqwise, CloudCherry, get feedback, Confirmit, Campaign Monitor, and Medallia.
Consumer Behaviour Is Widely Studied Using Online Survey Software in Retail
Consumer feedback is a major source of improvement for retail businesses using online survey software. As more people are connecting using smart devices over the internet due to Internet usage and technological advances, online survey software is seeing an increase in market growth. Various factors are driving the growth of the online survey software market, such as the growing e-commerce industry. Online survey software is used by e-commerce companies to gather feedback from their customers in order to improve products and services. For example, Amazon, Zomato, and other e-commerce companies frequently conduct customer surveys in order to learn what their customers think of their services. As part of a restaurant survey, people are likely to give honest feedback in the form of survey responses, either positive or negative. In a survey, when users share a negative experience, it can help foodservice platforms to handle criticism constructively because negative feedback help business to improve rather than hurting reputation.
The Government’s Policy of Collecting Data Poses a Constraint
In response to the growing instances of cybercrime, governments and organizations across the globe have adopted stricter regulations that bind the market for online survey software, too. As consumers become more aware of the importance of maintaining a private life, they tend not to fill out these survey forms. A link that does not belong to a known source may lead to phishing scams, decreasing faith in online sources, and potentially affecting data collection by online survey software. Increasingly, the importance of privacy and data security are recognized as social and economic activities take place online. It is equally problematic when information is collected, used, and shared with third parties without notice or consent by the consumer. A total of 128 countries out of 194 have legislation protecting data and privacy. The adoption rate is similar between Africa and Asia with 55 percent of the countries adopting such legislation, of which 23 are least developed. (Source: unctad.org)
The Market for Online Survey Software Is Dominated by North America
Due to the presence of major market players and global companies that are always focusing on providing better products and services to their customers, North America captures a significant share of the market. Some of the most popular key players are SurveyGizmo, QuestionPro, SurveyMonkey, and Inqwise,
COVID-19 Insights
From assessing how well manufacturers and government agencies are distributing critical medical supplies to wherever they are most needed, to gauging the performance of retailers in keeping shelves stocked, and ensuring that customers are safe in their stores, the online survey software has played a major role during the pandemic. To get valuable feedback online, companies have hired market research specialists or hired agencies. When conventional survey methods aren’t feasible, online surveys have become an important tool for COVID-19 research. The market for online survey software saw a positive impact as a result of Covid-19.
Global Online Survey Market Scope:
Thermal Energy Storage Systems: Flexible Energy Storage
BlogThe thermal energy storage market is evaluated at US$4.254 billion for the year 2020, growing at a CAGR of 13.23%, reaching a market size of US$10.151 billion by the year 2027.
Thermoelectric storage (TES), also known as heat storage, is a non-chemical method of transferring power that is simple and highly efficient. Heat storage, also known as thermoelectric storage (TES), is a non-chemical method of transferring power that is simple and highly efficient to use. This is one of the most eco-friendly ways to save energy. Thermoelectricity stores thermal energy in either a hot or a cold state for later use. Carbon dioxide emissions are reduced, end-user energy consumption is reduced, and peak load demand is decreased with thermal energy storage systems. Based on the type of materials used in manufacturing, the efficiency and effectiveness of the system are determined. Other energy storage applications include solar power plants, thermal power plants, combined heat and power plants, and process industries. In addition to the increased use of renewable energy sources, the market is driven by the need for a continuously available supply.
The high demand for thermal energy storage in HVAC will also contribute to district heating and cooling gaining substantial traction. There is a lack of awareness concerning thermal energy storage technologies and the high cost associated with using these systems, along with the requirement for highly skilled technicians to handle maintenance, which is likely to constrain the market during the forecast period. The adoption of renewable technologies is predicted to increase in the near future, presenting numerous opportunities for players in the market.
Growing Need for Energy Storage to Supplement Ever-Increasing Solar Power Output
In order to combat global climate change, governments, energy authorities, and utilities are striving toward decarbonization of the energy sector and reduction of carbon emissions. Over 90% of the energy-related carbon dioxide (CO2) emission reductions required by 2050 can be achieved through accelerated deployment of renewables, electrification, and energy efficiency of the electric grid, according to IRENA. IRENA estimates that renewable energy capacity worldwide was 176 GW higher in 2019 than in 2018-an an increase of 7.4%. The hydropower sector recovered to its long-term growth trend in 2019. Solar continues to be a strong source of renewable electricity generation; in 2018, solar surpassed bioenergy as the third-largest source. There was an increase of 28 percent and 11 percent in the wind and solar generation in 2018. Across North America, Europe, and the Asia Pacific region, solar energy has experienced 49% annual growth due to the strong federal government policies encouraging the adoption of the energy, Solar Investment Tax Credit, and increasing demand for clean energy from both the public and private sectors. In 2018, China generated 1,870 TWh of electricity from renewable sources (26.7% of the country’s total), according to Renewable Energy World. The Indian government has set a goal of installing 175 GW of renewable energy capacity by 2022, including 60 GW of wind energy, 10 GW of bioenergy, 100 GW of solar energy, and 5 GW of small hydroelectricity. Additionally, the Spanish government aims to add 157 GW of renewable energy capacity by 2030 and raised its renewable energy target to 74% by that date. Based on the IEA, Concentrated Solar Power or CSP generated an estimated 34% more power in 2019 and is projected to grow even more in future years. Continual policy support can be gained by working on CSP projects across the Middle East and Africa, Asia Pacific, and North America regions. By cooling or heating thermal energy storage mediums such as sand, rocks, water, and molten salt, solar thermal energy can be stored to be used as a heat source and a cooling source later.
Solar heat can be stored and used to generate electricity when there isn’t sunlight, which is why thermal energy storage is crucial for concentrating solar power. It allows CSP plants to operate continuously even when there is no sunlight. In addition to the thermocline system, there are also two-tank indirect and two-tank direct thermal storage systems. Thermal energy storage in CSP plants has many advantages, including increased reliability, reduced investment and operating costs, and economical operation. In addition, it reduces carbon dioxide emissions. This will drive the market growth for thermal energy storage.
Competition From Battery Storage and Pumped Storage Might Hinder the Market Growth
Buildings can improve peak electricity demand by storing thermal energy, while batteries can provide backup power to lighting, elevators, and computers. Energy costs for air conditioning account for a third of annual energy costs in summer. It would be inefficient and expensive to store energy in batteries, then transform it again for instantaneous cooling. The entire building load, on the other hand, cannot be backed up by just thermal storage. Among utility-scale storage methods, pumped-storage hydropower (PSH) is the most popular by far in the USA, accounting for 95% of all energy storage. In the last 10 years, pumped-storage hydropower has increased by 2 GW, according to the US Department of Energy (DOE). While thermal energy storage can be more affordable in comparison with battery storage and pumped-hydro storage, it is less preferred due to its lower efficiency at economies of scale. Consequently, these substitutes pose a threat to the market’s growth.
COVID-19 Impact
Renewable energy technologies have already been challenged in several markets by financing, policy uncertainties, and grid integration since the start of 2020, and these challenges have been exacerbated by COVID-19. As a result of the unprecedented global COVID-19 crisis, the amount of new renewable power installations worldwide is expected to drop. Compared with 2019, 2020 is expected to see a decline of 13% in net additions of renewable electricity capacity as per IEA estimates. There have been delays in construction due to disruptions in supply chains, lockdowns across major economies, and social-discriminatory policies for workers, along with subsequent financial difficulties.
Global Thermal Energy Storage Market Scope:
Conveyor Systems Market: Aluminum Profile Projected the Biggest Share
BlogThe Conveyor Systems Market is evaluated at US$7.741 billion for the year 2019 and is calculable to grow at a CAGR of 3.83 % to succeed in market size of US$10.069 billion by the year 2026.
Conveyor systems, a mechanical handling instrumentality, have gained important demand from the industrial sector in the recent past for system automation. Its ability to hold serious and bulk material finds usage in many industries like retail, food & drinkable, automotive. Moreover, conveyor systems are customized per the trade desires. Major conveyor sorts embody belt, roller, overhead conveyors, tri-planar, crescent conveyor, pallet and sorter conveyor, and spiral conveyors, among others. The trade players specialize in lean manufacturing techniques to optimize the production process. Rising markets like China, India, and Brazil are potential markets. However, the high value of installation may restrain the market growth. However, the development of environment-friendly and efficient conveyor systems would produce market opportunities.
Segment Summary
Belt conveyor is that the most typical sort of conveyor system finding applications in form of fields starting from automotive to food industries. Some of the popular belt conveyors embody flatbed belt conveyors, elevator belt conveyors, packing belt conveyors, variable speed conveyors among others. Belt conveyors realize the widespread demand within the market due to their advantages in the conveyance of title form of the product of standard or irregular formed, light-weight or heavyweight, giant or tiny product. Trade players have targeted developing reliable, tough, and efficient systems during this class.
Driver: Rising Demand for Handling Larger Volumes of Products
Various coming investments are expected within the mining trade in American countries, significantly in Brazil and Chile. As mining needs handling larger volumes of products, the conveyor system is that the most popular additionally as an economical resolution for long distances. The increasing buying power of shoppers and the economic process in these regions are the key factors that have inspired the expansion of the manufacturing trade. Automation in manufacturing, baggage handling, food & beverages, mining, and varied alternative industries has brought the trade nearer to the zero-defect target.
Restraint: Increasing Usage of Automatic Target-Hunting Vehicles and Artificial Intelligence
A progressively extremely competitive setting across all industries is resulting in firms perpetually searching for method optimization, that successively has exaggerated the demand for the automation of business facilities. The trade has witnessed varied in progress advancements in automation. These will facilitate in meeting necessities associated with material handling capacities, leading to reduced production time, fewer probabilities of human error, exaggerated safety, high production volume, and exaggerated accuracy and repeatability. Due to such advantages, an increasing range of firms is adopting such technologies for material handling processes. As per the International Federation of Robotics (IFR), in 2020, ~2.7 million robots worked in factories around the globe. Large-scale adoption of business robots could impact the conveyor system market negatively. However, the impact is anticipated to be restricted owing to the high value of automatic guided vehicles.
Opportunity: Increase in Demand for Material Handling From Warehouse and Pharmaceutical Firms Throughout the COVID-19 Crisis
The production and distribution of personal protective equipment(PPE) kits and medicines like hydroxychloroquine (HCQ) tablets exaggerated throughout the continuing COVID-19 crisis. The provision of necessities and therefore the manufacture of medical instrumentality is anticipated to drive the pharmaceutical and healthcare industries, and this is often expected to additional boost the demand for material handling. India is that the world’s largest manufacturer of HCQ tablets. During this rare situation, the assembly of HCQ tablets is boosting the healthcare trade, particularly in India. Recently, the Indian government started mercantilism HCQ tablets in 55 countries. Initially, exports were illegal however granted later visible of the humanitarian aspects of COVID-19. More or less 13 countries have already received the drug that is being equipped through business channels and as grants-in-aid additionally.
Challenge: Assuring Safety and Lessening Accidents
A lot of advanced these systems are, the upper the possibilities of failure. Also, continuous breakdowns could negatively impact the lifetime of the conveyor system. Many accidents have caused severe losses to firms. As an example, in Dec 2020, a female employee was livid once her arm was caught in an exceeding transporter at a plant of Tyson Foods (US). Occupational Safety and Health Administration (OSHA) is that the authority that establishes norms and provides tips for each trade, as well as automation. It additionally provides warehouse safety solutions for common hazards which will occur whereas operating with conveyor systems. Firms have to be compelled to abide by the norms set by the authority to scale back accidents and increase the security of workers. Elimination of accidents so could be a challenge for the conveyor system market.
By Part, Aluminum Profile Is Projected to Be the Biggest Market Throughout the Forecast Amount
The marketplace for the aluminum profile conveyor support is projected to grow throughout the forecast amount. Fluctuations in costs of aluminum are expected to directly impact the expansion of the market. The profile works as firm support for the belt to make sure that it doesn’t decline once the burden of an item is placed on the belt. Aluminum profile conveyor supports are crucial for the economical operation of a conveyor system as these guarantees correct loading and unloading of material. Europe is calculable to account for the biggest share within the aluminum profile section in 2020 because the region is home to aluminum profile conveyor support manufacturers like FlexLink (Sweden).
Conveyor System Marketplace for Retail & Distribution to Be Dominated by North America
An increase in buying power, manner changes, increasing socio-economic class, and relaxations in government rules like FDIs have fueled the expansion of supermarket/hypermarket chains together with distribution centers. Pallet conveyors are ideal just in case of area constraints. Tiny or medium-sized distribution centers in North America use pallet conveyors to handle extraordinarily serious masses and are majorly utilized to handle inventories.
Europe Is Projected to Grow at the Very Best CAGR Throughout the Forecast Amount
Germany and therefore the United Kingdom are at the forefront of business analysis and engineering. In-depth R&D infrastructure, an extremely qualified force, and complete trade price chain integration produce a setting that allows firms to develop smart technologies. Production levels within the food, retail & distribution, automotive, and aviation industries have witnessed important growth in Europe and area unit projected to extend additional within the future.
COVID-19 Impact on Conveyor Systems Market
The COVID-19 pandemic has discontinuous markets on a world scale. The material handling trade is experiencing an unsure recovery timeline due to lockdown implementations in varied parts of the world. However, the rising trend in e-commerce is anticipated to spice up the demand for conveyor systems. Conveyor system makers have seen important changes in business operations owing to the COVID-19 crisis. Demand for conveyor systems for brand new manufacturing facilities and distribution centers is delayed due to supply chain disruptions.
Conveyor Systems Market Scope:
Companion Robots-Our New Friends or Enemy
Thought ArticlesThe social robots market is expected to grow at a compound annual growth rate of 12.68% over the analyzed period to reach a market size of US$912.488 million in 2026 from US$395.577 million in 2019.
A social robot is a type of artificial intelligence (AI) system that interacts with people and other robots. These companion robots have the ability to take over complete jobs in the office, such as greeting and basic customer service. At home, these robots might become functional enough to act as a part of the family, with distinct personalities and characteristics to engage family members. They provide companionship and help in the upliftment and simulation of human emotions. Furthermore, these robots can assist people in their daily lives by completing a variety of tasks.
In industries, the long-term benefits of expanding robot deployments are quick manufacturing and delivery of bespoke items at affordable prices. Manufacturers can maintain production in developed economies or reshore them without compromising cost-effectiveness thanks to automation. Industrial robots are becoming more diverse, ranging from classic caged robots capable of handling all workloads swiftly and precisely to innovative collaborative robots that operate securely alongside humans, completely integrated into workbenches.
In 1999, Sony became the first company to introduce social robots. AIBO, a social robot pet dog that responds to the speech and actions of its owner. Even after 20 years, this robot has a substantial market presence. AIBO’s software was most recently upgraded in April 2021 to handle new features such as app connectivity.
Aldebaran Robotic, located in France, introduced the Nao robot for autistic children’s rehabilitation in 2006. In Japan, the first nursing social robot was introduced in 2015. Robear, developed by the Riken Institute, aids patients and caregivers in nursing homes around Japan. By supplying physical strength, the robot aids in the raising of patients from their beds. The increasing complexity of the world, as well as the rising usage of automation, will boost demand for social robots. Since its launch, SoftBank’s Pepper Robots have been stationed at over 140 mobile stores around Japan. SoftBank secured a US$50 billion investment from Apple in 2020 for Pepper research and development as a result of its achievement in improving the user experience. Tally, a social robot designed by Simbe Robotics, was used for inventory management at Target in the United States. Dominos partnered with Nuro to launch self-driving cars for the delivery of pizza.
Social robots assist in the care of the elderly and promote improved mental health in persons with special needs which boosts the use of robots in the healthcare sector.
For example, the PARO Therapeutic Robot by AIST Japan stimulates and relieves stress for patients with conditions such as Alzheimer’s at healthcare facilities by moving its head and screams for petting when called by name. Mabu by Catalia Health Inc also works as wellness assistance for senior people by reminding them to go for walks, take their medications, and contact family members.
In April 2020, Embodied, Inc. announced the release of Moxie, a social companion robot specifically designed for children ages 6 to 9 to aid in the emotional, social, and cognitive development of children via everyday play-based learning and compelling content. The companies aim to provide further assistance to individuals who have been diagnosed with AD/HD, anxiety, or autism.
The Growth in Automation Will Contribute to the Market Growth During the Projected Period
Surging automation across several industries is the primary factor driving market expansion. According to the World Robotics Report 2020 published by The International Federation of Robotics (IFR), there are about 2.7 Million Robots employed in factories around the globe which is an increase of 12%. New robot sales continue to be strong, with 373,000 units shipped globally in 2019. This is 12% less than in 2018, yet it is still the third biggest sales volume ever recorded.
Asia Will Continue to Be the Prominent Market Region for Industrial Robots
China, the region’s largest adopter, increased its operating stock by 21% in 2019, reaching around 783,000 units. Japan comes in second with around 355,000 units — a 12% increase. India is the runner-up, with a new record of over 26,300 units — up by 15%. In just five years, India has more than quadrupled the number of industrial robots in use in the country’s industries.
Asia accounted for almost two-thirds of the global supply of newly deployed robots. In China, sales of over 140,500 new robots fell short of the record years of 2018 and 2017 but were still more than double the amount sold five years earlier (2014: 57,000 units). Installations in the main Asian markets have slowed — particularly in China (-9% ) and Japan (-10 % ).
The increasing complexity of the world, as well as the increased adoption of automation, will boost demand for social robots. Social robots help consumers in malls and retail complexes, improve their shopping experience. Robots aid in the seamless operation of parking lots. Social robots are being used in the healthcare industry to improve patient care. In addition, robots help with domestic chores and give company to their owners. However, increasing automation reduces job possibilities and has generated numerous concerns, impeding industry expansion.
Furthermore, while social robots use cutting-edge technology, they are not people and lack empathy, emotion, and cognitive abilities. They can handle the routine tasks for which they were programmed for, but they may react unexpectedly to situations for which they were not prepared.
Robots, like any other technology, are prone to hardware faults and breakdowns, which may be costly to fix and maintain. Furthermore, people who become overly reliant on social robots for emotional companionship, risk missing out on the person-to-person relationships that are at the heart of the human condition.
The Coronavirus Epidemic Boosted Market Potential for the Social Robot Market
COVID-19 has a major influence on 2020 globally, but it has also provided an opportunity for production to modernize and digitalize on the path to recovery. To deal with the spread of the virus, healthcare sectors deployed additional robots to assist and decrease the danger of viral transmission to healthcare personnel. Demand for Social Assistive Robots (SAR) increased in the retail sector as well. The government imposed quarantine and distance adhering confinement measures, thus delivery from social robots grew dramatically. To slow the spread of the virus, Merck Group created Pre-screening Experience Through Robotic Assessment (PETRA) social robots through innovation in the robotics sector. PETRA is capable of detecting common yet undiagnosed conditions.
Social Robots Market Scope:
E-Compressor: The Next Frontier in Energy Efficiency
BlogThe E-compressor is a mechanical device that can convert gas under low pressure to gas under high pressure by reducing the volume of the gas whose pressure was increased in the first place. In a thermal management system, this can circulate the refrigerant under pressure. These E-compressors have modern innovative technology that can be powered through electricity when compared to the traditional compressors that require diesel and fossil fuel resources to power them up. These E-compressors are much quieter and more efficient when compared to the traditional compressors as they can be powered using electricity which reduces the harmful emission in the environment.
These E-compressors are widely used in different applications such as air conditioners, automobiles, refrigerators, and other use cases where compression of gas is required. The new widely adopted electric vehicle industry specifically needs the E-compressor to complete the production of the car and ensure the smooth functioning and operation of the vehicle. Electric vehicle manufacturers use E-compressors for the air conditioning system in the vehicle that cools the cabin for the driver while also cooling the battery installed in the electric vehicle that powers it to work.
Global Production Trends
The production of E-compressors 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 E-compressors for electric vehicles to provide efficient air conditioning and cooling to the electric vehicle battery to provide long-range drives and better performance. Also, it has benefits in various industries such as its efficiency and reduced emissions due to the use of electricity rather than fossil fuel resources which significantly reduce the carbon footprint in the environment. The production is predicted to rise with increasing applications of E-compressors.
In recent years, there has been a notable increase in the production of E-compressors in emerging economies with technological advancements in the field of electric compressor technology. They have a diverse set of end-users such as automotive and different industrial applications that can cater to all their needs for instance, by providing energy efficiency in electric compressors that are used in the different industrial applications which is being promoted heavily by the governments across the globe to save from energy crisis. Also, the shift of industries towards automation has significantly improved the technology they use and e-compressors are easy to integrate in the industrial use with the automation of industrial technology.
As E-compressors have so many features and benefits when compared to traditional compressors, therefore, the demand for them has seen rapid growth in various industries which has positively impacted the global production trends for them. These e-compressors are being widely adopted due to their improved technology, ease of integration with current automation of technology, and reduced emissions that save the environment. These qualities make e-compressors a perfect choice for different manufacturers across the globe to easily adopt and use in the new products they are about to launch.
E-compressor use cases
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. Wind turbine generates electric power is one of the fastest-growing renewable energy resources among users and industries. However to use this energy resource, the precision, and reliability should be very high, and the use of e-compressors in these wind turbines provides efficient storage of energy and stabilization of the grid. Therefore, with a rise in demand for renewable wind turbine energy, the demand for e-compressors that can compress the air during low energy demand and release it during high energy demand is expected to grow proportionally.
Moreover, key players in the e-compressor industry provide them for different use cases such as in the automotive industry where electric vehicles use these electric compressors for the air conditioning system and cooling the battery. The air conditioner is one of the most used technologies worldwide which requires an e-compressor for efficient functioning and provide proper cooling to the user. These e-compressors can convert gas under low pressure to gas under high pressure by reducing the volume of the gas whose pressure was increased in the first place in the air conditioner which then efficiently provides cool air to the user. Therefore, the growth in demand for these use cases will project growth in the e-compressor market.
Voltas Ltd. is one of the key players that provide air conditioning and HVAC appliances. They make a lot of air conditioning appliances in different models that contain e-compressor technology. They supply advanced high-quality HVAC or heating, ventilation, and air conditioning devices in large quantities. They are an Indian multinational home appliances manufacturer that can enable e-compressor technology applications in a broad range of appliances they provide, such as air conditioners and heaters. Therefore, the growth in sales of this company has been significant over the years projects that the demand for the e-compressor is predicted to grow proportionally over the next few years.
Figure 1: Growth in Net Profit of HVAC Products of Voltas Ltd., From 2019-22 (In Rupees Crores)
Source: Voltas Ltd. Annual Reports (In Rupees Crores)
Market Dynamics and Drivers
Several factors drive the E-compressor market, including a rise in applications of E-compressor in renewable energy production by integrating them into wind turbines for energy storage and grid stabilization in recent times coupled with the rise in demand for EVs in the automotive industry has contributed significantly to boosting the overall E-compressor market.
So, with this rapid growth in electric vehicle technology and popularity, the need for e-compressors is rising proportionally. E-compressors are used in electric vehicles to provide efficient energy usage and reduce harmful emissions when compared to traditional compressors that use fossil fuel resources. Electric vehicles use this e-compressor not only for the air conditioning systems but also to cool the battery of the electric vehicle for the smooth operation of the vehicle. Therefore, with a rise in demand for these EVs in the market, the e-compressor market is also predicted to grow.
For instance, there has been a significant growth in sales for EVs in China over the past few years which is the largest automobile manufacturer across the globe. The sales went from around 1.1 million units of electric vehicles in 2020 to the sale of 8 million units of electric vehicles in 2023. This huge increase in sales of electric vehicles is expected to fuel the e-compressor market significantly.
Figure 2: Growth in Sales of Electric Vehicles in China, From 2020-23 (In Million Units)
Source: iea.org
Challenges and Constraints
Despite the huge advantages and use cases of E-compressors the companies that manufacture them require a lot of high-cost materials to build efficient and functioning e-compressors required by different end-user industries, hindering the market expansion.
Also, while manufacturing these e-compressors the workers need to be very precise and highly concentrated because one mistake can ruin a whole set of manufacturing. They are prone to various defects during manufacturing that negatively impact the end-user use case such as electric vehicles or air conditioners. These factors are predicted to contribute to hinder and affect the e-compressor market negatively over the next few years.
Emerging Opportunities and Innovations
Despite the challenges, the e-compressor market presents numerous opportunities for innovation and growth. Advances in its applications across various industries are the major reason for that. Also, the Asia Pacific region which has major key players offering the best electric vehicles such as Toyota, Honda, and Suzuki from Japan, TATA from India, and Hyundai from South Korea are making significant innovations in electric vehicle technology which is anticipated to increase its demand for e-compressors needed for smooth functioning of the vehicle proportionally 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 the e-compressor market.
Key Developments
In conclusion, the e-compressor market presents significant opportunities for growth and innovation, driven by the increasing popularity of EVs and applications across various industries like harnessing renewable energy technologies and HVAC appliances. While facing challenges such as high complexity structures across various industry verticals and huge investments for research and development, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for e-compressors.
The Expansion of Emerging Product Range and R&D will boost the Screenless Display Market
Thought ArticlesThe screenless display market is projected to grow at a CAGR of 29.86% to reach US$6.713 billion in 2027 from US$1.078 billion in 2020.
A projection-based screenless display employs a digital light processor, a mobile device operating system, and wireless connectivity. These technologies are employed in a screenless projection to allow users to project any material onto any surface using a compact, portable, and connected device. The technical advancements in screenless displays are assisting the market’s growth. Screenless technology will soon replace the existing display and touch screen technologies in tablet devices, phones, and laptops to improve display quality. The increasing number of applications for screenless displays in industries such as aerospace, defense, and consumer devices is expected to drive the growth of this market. Because of the tremendous technical improvements in the electronics market, the use of touch-enabled displays is expected to grow dramatically.
The screenless displays circumvent the mobility restriction of touch screens. Screenless displays offer a better content-watching experience, more space, lower power consumption, more mobility, and a widescreen angle. Color provides superior contrast and brightness to standard screens, which appeals to customers. As a result, the market for screenless displays will expand. Furthermore, several tech companies have launched innovative products and enhanced their research and development departments in this segment which has positively influenced the market for screenless displays. For instance, Apple Inc began its research in October 2021 on how its impending Apple Glass augmented reality (AR) smart glasses may potentially broadcast visuals directly on a user’s retinas rather than displays. The US tech behemoth recently filed a patent for its “Direct Retinal Projector” solution, which it claims may be the next step in the development of augmented reality and can prevent travel sickness and migraines while in use.
Avegant Corporation, Google, Inc., EON Reality, Inc., Displair, Inc., Leia Inc., and others are a few key major players in the market of Screenless Displays.
Google, Inc. is a global technology business based in California that specializes in search engine technology, internet advertising, cloud services, computer software, scientific computing, e-commerce, machine intelligence, and consumer devices. Google has consistently developed its research and development departments to provide better solutions to its consumers. For instance, Google actively started redesigning its Google Glass in 2019. Google Glass 2.0 is now in development as part of Project Aura, which is led by Nest Co-founder Tony Fadell. According to the corporate report, Glass 2.0 may be available in three forms. According to the source, Fadell’s Project Aura team is also enlisting audio specialists from Amazon.com to embark on the corporation model with a display that will undoubtedly have a far super-resolution clarity than the explorer version.
EON Reality, Inc. is the world’s leading provider of Augmented and Virtual Reality academic and industrial training solutions. The company has spent the last two decades constructing the de-facto benchmark for AR/VR learning and industry solutions that work with devices ranging from smartphones to head-mounted display devices to huge screens and facilities. Including over 8,000 applications and 40 million users globally, EON Reality has established the finest AR/VR training collection with over 20 locations worldwide. EON-XR is a training service offered by the corporation that aims to introduce Augmented and Virtual Reality technologies to as numerous people as possible throughout the world. EON-XR overcomes the barriers that typically accompany introducing AR and VR into an educational or industrial setting. The teachings can then be transmitted to their target demographic of students, trainees, workers, or the public at large for reception on common devices like smartphones, computers, and publicly available headsets. In dozens of countries throughout the world, EON-XR is training millions of students, employers, and citizens for the future and the present by both replacing and supplementing standard training and teaching techniques.
Screenless Display Market Scope: