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 |
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:
The Growing Trend of Light-Weight Vehicles to Drive the Market for Automotive Composites
Thought ArticlesThe Automotive Composites Market was valued at US$7.317 billion in 2022 and is estimated to grow at a CAGR of 11.04%, reaching a market size of US$15.231 billion by 2029.
Automotive composites are employed in a variety of interior, exterior, structural, and other vehicle applications. The properties of automotive composites include low coefficients of thermal expansion, ease of production, shape retention, and corrosion resistance for performance in both dry and wet environments. Particulate, flake, fiber, carbon, and metal are the different categories of composite materials according to the geometry of the reinforcement. The car industry has been obliged to manage emissions due to rising environmental concerns and strict pollution control regulations. The curb weight is one of the most important variables impacting fuel economy and vehicle emissions. Reduced curb weight can significantly improve fuel economy, which in turn helps lower vehicle emissions. Demand for automotive composites is anticipated to increase over the projected period as a result of strict pollution control rules, particularly in developed nations, and growing demand for lighter materials in the automotive industry.
Automotive Composites Market to Benefit from Growing Trend of Lightweight and Energy-Efficient Vehicles
OEMs in the automobile sector are concentrating more and more on the strict requirements put in place by governments regarding carbon emissions. The transportation industry is responsible for about 27% of greenhouse gas emissions, according to the Environmental Protection Agency of the United States. The U.S. government implemented tough policies that increased the production of lightweight automobiles in order to cut carbon emissions. Utilizing light-weight vehicles increases battery life and fuel economy, cutting the cost of vehicle maintenance. Due to their high quality and low labour and maintenance costs, the use of glass fibre composites and carbon fibre composites has increased. The U.S. government has made it a priority for manufacturers to adhere to an average miles per gallon standard for their vehicles, and as a result, American automakers are putting more emphasis on producing lightweight cars to decrease the weight of the batteries and so improve fuel efficiency.
The strict rules that the U.S. and European governments have set for car manufacturers, such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES), are receiving a lot of attention from the automotive sector. The usage of these materials in the automotive sector has been influenced by the strict government regulations, the lightweight property, and the high safety standards associated with composites.
Additionally, numerous public-private partnership initiatives have already been created in EU member states to increase the use of composites in the automobile industry. Examples of such initiatives include the development of innovation clusters for automotive lightweight materials and composites, as well as partnerships with the chemical and automotive sectors to encourage investment through supply chain analyses of the market for vehicle carbon fibre composites.
The growing electric vehicle market will steer the demand for automotive composites.
According to various analysts, electric vehicles would enable greater pricing per kilo of weight saved in vehicle weight reduction techniques. Cars can recover more kinetic energy via brake energy recovery, but they also lose more energy when accelerating in typical driving cycles. In electric automobiles, a lighter car body enables battery reduction while maintaining range. By enabling additional systems such as the brake system and driving the train to be downsized, reducing the weight of the vehicle body and battery system increases the overall vehicle weight reduction. The reduced weight improves performance in ICE vehicles while reducing emissions at the same powertrain power and torque levels. The adoption of electric vehicles is being strongly influenced by the rapid urbanisation and rising standard of living.
A 2022 report by the International Energy Agency revealed that EV sales have increased from 2.1 million in 2019 to 6.6 million in 2021. OEMs are investing heavily in innovative technologies and energy-efficient engines to take advantage of the rising demand for electric vehicles and premium passenger cars. In April 2021, Solvay unveiled Amodel Supreme PPA, a brand-new collection of high-performance polyphthalamide (PPA) compounds created for difficult e-mobility and metal replacement applications. Additionally, even after prolonged exposure to high temperatures, these materials preserve essential electrical characteristics like the comparative tracking index (CTI). Compounds were created to ensure hydrolytic stability in the presence of modern EV cooling fluids. Due to the various benefits that automotive composites offer, the demand for lightweight interior and exterior materials, as well as engine components, has increased. As a result, rising interest in electric vehicles is what is driving the market for automotive composites.
Asia-Pacific to hold a major share due to the growing automotive industry and government policies.
Asia-Pacific is the largest and fastest-growing region due to the presence of the most automobiles, particularly in China, India, and Thailand. In addition, it is anticipated that the major markets for four-wheelers will be in China, India, Indonesia, Thailand, and Indonesia, which will further fuel the market’s growth. Due to government initiatives in the region, the Asia-Pacific region will continue to lead the worldwide automotive composites market throughout the forecast period. Furthermore, it is projected that increasing the manufacturing of electric vehicles would present profitable market expansion potential. Emerging economies like India, China, and South Korea have the greatest growth potential. Asia-Pacific has experienced significant growth in the automotive composites sector as a result of the region’s expanding adoption of emission-free vehicles.
According to the India Brand Equity Foundation (IBEF), passenger car sales in India reached 2.3 million units in FY-21. This trend is anticipated to continue in the next ten years. Top manufacturers around the world are also looking to the Asian market to increase their earnings. India’s automotive composites sales are increasing as some of the biggest automakers in the world build factories there to fulfill growing demand. For instance, in January 2021, Tesla established Tesla India Motors and Energy Private Limited and erected a research and development facility there. These factors are expected to boost the demand for automotive composites in the region.
Challenges in the recyclability of composites will hinder the market’s growth
Numerous automotive applications use composite materials to help achieve goals including light vehicle weight, low battery weight, fuel efficiency, low CO2 emissions, and high accident safety. Composites, however, are challenging to recycle. The recyclability of composites used in automotive applications is a concern due to complicated material compositions and the cross-linked nature of thermoset resins. In contrast to thermoplastics, which are simple to remould, thermoset resins are more difficult to recycle. The inability to recycle the composites used in automotive applications is a significant barrier for the market for automotive composites.
Automotive Composites Market Scope:
Hydrogen Energy as the Future of Sustainable Transportation
BlogThe Hydrogen Fuel Cell Vehicle market is expected to grow at a compound annual growth rate of 46.65% over the analyzed period to reach a market size of US$6,717.320 million in 2027. The market stood at US$460.428 million in 2020.
Hydrogen Fuel Cell Vehicles (FCVs) are similar to electric vehicles (EVs) in that they power the wheels with an electric motor rather than an internal combustion engine. Unlike EVs, which must be recharged by plugging them in, FCVs generate their own electricity. A fuel cell generates electricity by combining hydrogen (H2) gas from the vehicle’s fuel tank with oxygen (O2) from the air, with only water and heat as byproducts. FCVs, like electric vehicles, are zero-emission vehicles, with no smog-related or greenhouse gas tailpipe emissions. Emissions are produced during the production and transportation of hydrogen fuel. Fueling a hydrogen FCV is analogous to filling up your gas tank. Fill the tank by attaching a nozzle from a designated hydrogen dispenser at a public station. Refuelling times are comparable as well: FCVs can be refuelled in as little as 5 minutes.
Types of FCVs:
FCVs are of 2 types passenger vehicles and commercial vehicles. Passenger vehicles involves automobiles which generate electricity generally using oxygen from the air and compressed hydrogen. By December 2020, 31,225 hydrogen-powered passenger FCEVs had been sold worldwide, according to IEA. As of 2021, only two models of fuel cell cars were publicly available in select markets: the Toyota Mirai (2014-) and the Hyundai Nexo (2018–). The Honda Clarity was manufactured from 2016 until 2021 when it was discontinued. In November 2021, Toyota Motor Corporation released a press release announcing the Second-Generation Toyota Mirai, a hydrogen fuel cell electric car. The car has a range of 402 EPA-estimated miles with zero emissions, which is roughly 30% longer than the first-generation Mirai. Furthermore, the company stated that with the purchase of the car, it would provide US$15,000 in hydrogen fuel.
Commercial vehicles involve buses, forklifts, trains, canal boats, ships, aeroplanes, submarines, and rockets can all run on hydrogen in various forms. NASA used hydrogen to launch Space Shuttles into orbit.
Increased Environmental Concern
As public concern about environmental degradation and natural resource depletion grows, various technologies that support the eco-friendly concept of environmental sustainability are being introduced into the market. Furthermore, increased awareness of the consequences of air pollution, as well as an increase in traffic and greenhouse gas emissions, drive the adoption of hydrogen fuel cell vehicles, which are less harmful to the environment than other conventional vehicles.
According to the International Energy Agency, the key pillars of decarbonizing the global energy system are energy efficiency, behavioural change, electrification, renewables, hydrogen and hydrogen-based fuels, and CCUS. The growing importance of hydrogen in the Net Zero Emissions Scenario is reflected in its increasing share of cumulative emission reductions. Strong hydrogen demand growth and the adoption of cleaner technologies for its production enable hydrogen and hydrogen-based fuels to avoid up to 60 Gt CO2 emissions in the Net Zero Emissions Scenario in 2021-2050, representing 6% of total cumulative emissions reductions.
Even in Terms of Infrastructure, Hydrogen Fuel Cell Vehicles Are Profitable
Although fuel cell vehicles are still relatively expensive today, their high cost is offset to some extent by the relatively low cost of refuelling infrastructure. Simply put, as the number of fuel cell buses increases, so does the cost of the infrastructure associate with them. On the other hand, increasing the number of battery-electric buses per charging station raises the infrastructure cost per vehicle because more power is required. In short, hydrogen fuel will continue to become more affordable. Because the low-cost production of renewable energy enables the production of green hydrogen at parity with conventional fuel prices in some regions, one can say that hydrogen fuel cell vehicles are smarter and more cost-effective modes of transportation, and maybe the future of smart mobility. The adoption of these vehicles is expected to increase over the forecast period, propelling the market growth.
Initiatives by the Government to Build Hydrogen Fuel Cell Infrastructure
Several policies have been implemented by various governments to address environmental concerns. For example, the state of California in the United States has committed funds to the development of 100 hydrogen refuelling stations is driving the market for hydrogen fuel cell vehicles forward in order to achieve its goal of 1.5 million zero-emission vehicles by 2025.
Regional and Geographical Insights:
On a Geographical note, North America and Europe are well-known for being early adopters of new technologies, accounting for a sizable share of the overall market. Market growth in these regions is primarily attributed to the presence of cutting-edge infrastructure, which is conducive to market growth. Customers are becoming more interested in hydrogen fuel cell vehicles now that supportive infrastructure is available. Furthermore, stringent environmental regulations in these regions, as well as strict enforcement of such regulations by law enforcement agencies, have pushed people to adopt more sustainable and environmentally friendly solutions. Although the prices of these vehicles are high due to their newness on the market, these regions have a relatively large population with high disposable income. These trends are propelling market growth by driving the adoption of hydrogen fuel cell vehicles among customers in these regions.
Besides that, Asia-Pacific is one of the most profitable markets for hydrogen fuel cell vehicle manufacturers, with enormous growth potential in this market. Because they have the infrastructure to support the adoption of these vehicles, China, Japan, and South Korea are very lucrative markets for market players. Japan has one of the world’s most advanced economies and has made significant contributions to environmental protection on a variety of fronts. Market participants are pouring money into countries in order to capitalise on the region’s growth potential. Over the projected period, this is anticipated to fuel market growth.
Hydrogen Fuel Cell Vehicle Market Scope:
Paper Adhesive Tape – Creating the Best Bond Ever
BlogThe Paper adhesive tape market is expected to grow at a compound annual growth rate of 6.70% to reach a market size worth US$15.315 billion by 2027. This market was valued at US$9.725 billion in 2020.
Adhesives are synthetic compounds that are used to stick to a variety of surfaces, including everyday goods, packaging, and masking. These are the materials that are used to keep two surfaces securely connected for a long time. It’s a meticulously crafted blend of synthetic rubber, resins, and other materials. Adhesive tapes save time over mechanical assembly methods and are chosen by most consumers because they reduce noise and vibrations. Because of their environmental friendliness, paper adhesive tapes are preferred in a range of applications. Applying paper adhesive tape on commodities or any other item provides protection and value. They’re also popular because of their distinct characteristics of being pressure-sensitive, flexible, and effective.
Analysts anticipate that the market will heighten due to the growing demand for paper adhesive tape in various industries during the forecast period.
Crape, kraft, or any other sort of recyclable coating adhesive is offered on the paper adhesive tapes. They’re made of crepe paper that’s been coated with rubber glue. Paper adhesive tapes are heat-resistant, temperature-resistant, and have a strong grip. The paper adhesive tape’s qualities make it suited for applications such as vehicle and aircraft manufacture, appliance manufacturing, circulation, air conditioning and heating, and paper and printing. Furthermore, the increased demand for consumer flexible packaging, as well as the advancement of internet technology and web applications, is likely to boost the overall market growth.
In addition, one of the key driving drivers for the need for paper adhesive tape is consumer interest in the automotive modification industry. Masking, refinishing, spray painting, protecting, and a variety of other automotive customizing applications use paper adhesive tape. Paper adhesive tapes are preferred on a large scale by car customized consumers due to their strong surface protection and ability to produce a clear line after the surface paint. These are the unique features of paper adhesive tapes, which are why they are preferred on a large scale by car-customized consumers. According to the Specialty Equipment Marketing Association, over 32 million families around the world modify their cars or vehicles every year. As a result, advancements in the automotive modification sector are one of the major reasons driving the global growth of the paper adhesive market.
The vulnerability to high temperature can act as a stumbling block to market growth at a global level.
Natural rubber is used as a gum by both large and small-scale paper tape makers for making masking tapes, packing tapes, consumer & stationery tapes, and other types of paper tapes. Rubber-based gum is preferred by paper tape manufacturers over other chemical solutions due to its low cost and instant adhesion. Its application is limited to some extent due to its incapacity to perform in high temperatures for prolonged periods. The fragility of paper tapes to high-temperature ranges could be extrapolated as a significant stumbling block to global market expansion. Furthermore, price fluctuations connected with materials such as resins and adhesives limit the expansion of the paper tapes market to some extent.
The water-based segment is anticipated to witness a tremendous market share considering the type.
Water-based tapes are in high demand in the building and construction industry because of their durability, flexibility, and cost-effectiveness. Because of how they are utilized for packaging reasons across numerous industries, water-based adhesives are best both for porous and non-porous substrates. In the future, rising demand for water-based tapes in the food and beverage industry is likely to promote market growth. Because water-based tapes give products more flexibility, greater protection, and UV resistance, their market in the food manufacturing industry is growing and will continue to grow in the future years. Furthermore, the development of water-based tape will be aided by growth in the building and construction industry. According to the Census Bureau of the United States Department of Commerce, US$1.48 trillion was spent on construction in October 2020, with US$646 billion invested in the housing and residential segment.
A large portion of the market share is expected to go to the construction segment over the forecast period.
Due to the expanding urban population, which is raising the expectations for a secure, healthy urban environment and sustainable building demand, the paper adhesive tape market is predicted to have a strong market in the range of applications in the building and construction industry. To withstand environmental and mechanical stress, paper adhesive tape is employed. Furthermore, the growing use of adhesive equipment in the construction industry is expected to propel the entire market forward throughout the forecast period. Furthermore, increased building activity in various developing nations is predicted to result in a huge market for paper adhesive tape, which is expected to drive market expansion. In the coming years, the Middle Eastern Region, for example, is expected to invest significantly in the building sector. The FIFA World Cup will be played in Qatar in 2022. In 2017, the country’s finance minister indicated that the country was spending US$500 million every week on big infrastructure projects and that this expenditure will continue for the next three to four years.
According to regional analysis, the paper adhesive tape market in the Asia Pacific is expected to hold a significant share during the projected period.
Asia-Pacific is anticipated to grow its presence in the paper adhesive tape market. The need for paper adhesive tape is predicted to expand as development and infrastructure projects in countries such as India, China, and Japan increase. The National Highways Authority of India, for example, declared in 2021 that it would work on seven national highways for Rs7,040 crore, to complete them by the end of 2023. As a result of these developments, the paper adhesive tape market in this region is expected to grow substantially in the future years.
COVID-19 Impact on Paper Adhesive Tape Market
COVID-19 has harmed the growth of the paper adhesive tape market. Various governments have implemented lockdown and harsh restrictions during the epidemic, effectively shutting down global manufacturing activities in the first quarter of 2020. However, due to global expansion in automotive, electronic, and construction activities, the market is likely to rebound in the coming years.
Paper Adhesive Tape Market Scope:
A Versatile and Sustainable Choice: Industrial Hemp
Thought ArticlesThe Industrial Hemp market size was valued at US$2.194 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 20.25% over the predictive period to reach US$7.976 billion by 2027.
Industrial hemp, commonly known as hemp, is a botanical class of Cannabis sativa cultivars used for industrial or health-related purposes. It may be used to produce a variety of items. Paper, rope, fabrics, clothes, sustainable plastics, biofuel, food, and animal feed are just a few of the commercial products that may be derived from it. As a result, the numerous advantages of hemp are driving up demand for industrial hemp. Hemp is a fibrous herb that acts as an active source for oilseed production and is grown in more than 30 countries. Industrial hemp also provides many health and environmental advantages. Hemp seeds are in high demand due to rising demand for dietary supplements, foods, and drinks, as well as rising consumer health awareness. Hemp oil includes a high concentration of antioxidants, which is why it’s used in personal care and cosmetics.
Industrial hemp has high fiber content and low levels of active tetrahydrocannabinol (THC), the psychoactive component in marijuana that makes some cannabis cultivars a valuable medicine. The production and sale of industrial hemp require manufacturers to comply with a lot of extensive regulatory norms and laws. Canada and the European Union retain this distinction of industrial hemp from marijuana by rigorously controlling THC levels in industrial hemp, which must be less than 0.3 percent, as opposed to 3 to 30 percent in marijuana. Drug enforcement laws in the United States regulate the manufacture of industrial hemp. A permit from the Drug Enforcement Agency is required to grow industrial hemp in the United States (DEA).
Uses of Industrial Hemp
Food: – Hemp seeds can be consumed raw or can be made into a hemp meal by grinding them. Hemp seeds may also be ground into a pulp that can be used in baking or to make drinks like hemp milk and tisanes. Hemp oil is a highly unsaturated-fatty-acid oil that is cold-pressed from the seed. If not stored properly, hemp oil may oxidize and develop rancid quickly; its shelf life is increased when stored in a dark, airtight container and chilled.
Fiber: – Hemp fiber has been utilized in the manufacturing of a wide range of products, including rope, clothing, and industrial components. Sail canvas was also typically made from hemp. The texture of pure hemp is comparable to that of linen. Hemp is now utilized in a range of consumer items, including apparel, shoes, accessories, dog collars, and household crafts, due to its adaptability for usage in a variety of products.
Building Material: – Hemp is a building material that offers solutions to a number of challenges that plague today’s construction standards. Hemp products are flexible in a variety of applications because of their low weight, mold tolerance, porosity, and other characteristics. As compared to most current building methods, hemp is said to be a more sustainable building material. Furthermore, its application in building construction might result in lower energy costs and lower pollution.
Hemp is frequently utilized as a kind of insulation. Because of its flexibility and hardness under compression, it is easy to integrate into structural framing systems. By cutting the insulating material during the installation process, it may be readily modified to varied sizes and forms. Hemp insulation is also non-toxic and naturally lightweight.
Due to its lightweight properties, hemp is widely utilized as concrete in building construction. Hemp herds (shives), hydraulic lime, and a water combination in various ratios are used to form concrete to construct a structure.
North American Region to Lead the Market
The North American market has been reported to have the largest market share in the industrial hemp market. Owing to the increasing adoption of industrial hemp in healthcare, and the increasing government support, the market is expected to rise. Also, the increasing production of hemp and rising demand for skin care products in the region have positively influenced the industrial hemp market. The growing demand for environment-friendly production processes to combat climate change effects in the region has increased the demand for industrial hemp in the region.
According to a report published by the United States Department of Agriculture in February 2022, the USDA’s National Agricultural Statistics Service (NASS) published the findings of the 2021 Hemp Acreage and Production Survey. The report included data on hemp that was grown in the open as well as hemp that was grown under protection. The total area harvested for all purposes was 33,480 acres. The open market value of hemp output in the United States was US$712 million. In the United States, the output value of hemp farmed under protection was US$112 million. The overall protected area was 15.6 million square feet.
Covid-19 Insight
The COVID-19 virus pandemic resulted in a global economic downfall. Most major industries incurred considerable losses as a result of the implementation of lockdown regulations in most major nations. The implementation of lockdown protocols also affected the lifestyle and well-being of the people. Due to the closure of major industries and manufacturing units, the industrial hemp market also saw a decline in demand. The pandemic resulted in the disruption of major production and supply lines.
However, the market has been reported to be recovering, as most countries have lifted their lockdown protocols. Furthermore, the increasing trend for online shopping and the increasing health consciousness among people are likely to raise the demand for the market. Moreover, the increasing developments in therapeutic healthcare are also anticipated to drive the market demand.
Disease Prevalence and Technological Advancements to Drive the Biologics Market
BlogThe Global Biologics market size was valued at US$402.182 billion in 2022 and is anticipated to increase at a Compound Annual Growth Rate of 9.54% over the predictive period to reach US$761.139 billion by 2029.
A biological drug is a substance made from biological organisms or containing living organism components. Biologic medications are a broad category of biotechnology-derived pharmaceuticals originating from humans, animals, or microbes. Vaccines, blood components, cells, genes, tissues, and recombinant proteins are examples of biological medications. Biologic medications are the most sophisticated treatments available and are used to treat a wide range of illnesses and disorders. Crohn’s disease, ulcerative colitis, rheumatoid arthritis, heart attacks, diabetes, anemia, and other disorders are all treated using biological medications. Biologics have improved cancer therapy, slowed or reversed the progression of immune-related disorders, and given hope to countless patients who previously had no effective treatment alternatives.
Increasing Prevalence of Diseases among People
The healthcare industry has reported a significant increase in cases of fatal diseases. Most of these diseases are reportedly related to an unhealthy and inactive lifestyle. Diseases such as cancer, heart diseases, and other chronic diseases have been rising rapidly in the last few years.
According to the World Health Organization, cancer is the biggest cause of mortality globally, with approximately 10 million fatalities in 2020, accounting for roughly one in every six deaths. Breast, lung, colon, rectum, and prostate cancers are the most frequent malignancies. Tobacco use, a high BMI, alcohol use, a low fruit and vegetable intake, and a lack of physical activity account for almost one-third of cancer fatalities.
According to the 2022 Heart Disease and Stroke Statistics, released by the American Heart Association, 7.08 million people died globally as a result of cerebrovascular illness in 2020 (3.48 million from ischemic stroke, 3.25 million from intracerebral hemorrhage (ICH), and 0.35 million from subarachnoid hemorrhage). Additionally, cardiovascular diseases were responsible for around 19.05 million deaths worldwide.
The American Heart Association also reported that high BMI was responsible for 2.40 million deaths worldwide in 2020, an increase of about 131.46% from 1990, while 4.51 million fatalities worldwide were due to high levels of low-density lipoprotein cholesterol 2020, an increase of about 19% from 2010.
This growing increase in chronic diseases can be addressed by the increasing developments in the biologics industry. Most of these diseases can be effectively treated by biological medicines and vaccines that are readily available on prescription. Treatments and drugs such as Bacillus Calmette-Guerin therapy, Biochemotherapy, and Cancer vaccines have been effectively-known to show a positive impact on cancer-causing cells. Insulin, Victoza, and Trulicity have been known to be effective in diabetes cases. Moreover, with advancements in biological technology, the market is anticipated to grow.
Biological Advancements to Drive the Market
With the increasing advancements in healthcare technology and equipment, the biologics sector has also reported significant improvements.
As reported by FDA in a release dated 17th May 2022, the Pfizer-BioNTech COVID-19 Vaccine has received Emergency Use Authorization (EUA) from the FDA. Pfizer is directed to provide two primary doses of this vaccine to individuals aged 5 to 11 years. Also, a third primary dose is to be provided to children that possess certain kinds of immunocompromise. Additionally, a single booster dosage is also to be given to children who have completed the first series of vaccination.
As reported by the Asthma and Allergy Foundation of America on 20th December 2021, TezspireTM (tezepelumab-ekko) injection has been authorized by the FDA as an add-on maintenance therapy for severe asthma symptoms when taken in conjunction with a patient’s existing asthma medication. Tezspire is for adults and children aged 12 and above who have severe asthma that is not resolved by their existing asthma medication. Tezspire is the first asthma medication to target the chemical thymic stromal lymphopoietin, which plays a role in airway inflammation. Tezspire is also the first severe asthma medicine that isn’t restricted to a single form of severe asthma.
As reported by Eli Lilly and Company in a press release dated 24th June 2021, The US Food and Drug Administration (FDA) has designated Donanemab, an experimental antibody treatment for Alzheimer’s disease, developed by Eli Lilly and Company, as a Breakthrough Therapy. The Breakthrough Therapy designation seeks to speed the research and evaluation of medications intended to treat a severe illness where early clinical evidence shows that the treatment may demonstrate significant improvement on a clinically meaningful endpoint(s) over existing approved therapies.
North American Region to lead the market
The North American region is expected to hold the largest market share in the biologics market throughout the forecast period. The market is predicted to grow as a result of factors such as rising innovations in healthcare technology and the rising cases of chronic diseases. Moreover, the presence of major healthcare companies and research centers has increased the demand for the biologics market in the region. The increasing expansion of fast food companies has also contributed to the increasing number of heart diseases and diabetes cases in the region. Moreover, the COVID-19 pandemic also played a vital role in uplifting the market, since most healthcare research centers were focused on producing effective medications to control the spread of viral infection. Moreover, with the increasing government initiatives and spending in the region, the biologics market is anticipated to rise significantly.
Covid-19 Insight
The outbreak of the COVID-19 pandemic triggered a global economic crisis. Since most countries adopted lockdown and social isolation rules, most enterprises had experienced significant losses. This had an impact on people’s lifestyles and well-being as well. The increasing infection cases worldwide resulted in a state of chaos in healthcare organizations. This led to an increase in demand for vaccines, which was fulfilled by the biologics market. Organizations like Pfizer, Johnson & Johnson, Bharat Biotech, Gamaleya Research, etc, reported rapid progress in the development of the COVID-19 vaccine. Moreover, with the introduction of government initiatives to boost COVID-19 vaccine production, the market reported significant development.
Global Biologics Market Scope:
Solar Simulator – The Artificial Sun
BlogThe solar simulator market is expected to grow at a compound annual growth rate of 6.03% to reach a market size worth US$400.119 million by 2029. This market was valued at US$256.601 million in 2022.
Solar simulators or sunlight simulators deliver illumination akin to sunlight, facilitating controlled indoor test facilities to test photosensitive articles in laboratory conditions. Solar simulators are deployed in testing a wide range of photosensitive materials, including cosmetics, sunscreen, solar cells, skin cancer, aerospace materials, water treatment, bioluminescence, water treatment, and many others. A solar stimulator device is architected by incorporating a light source, which is a key component of the device, power supply, and filters, which modifies the output beam based upon the classification criteria. With the rising preference for the use of green energy, these devices are extensively being in many areas. Furthermore, Solar simulators also serve as the best alternative to conventional testing methods. The growth of the solar simulator market is attributed to growing investments in research and developments in the field of solar cells, UV resistant paints and cosmetics, medical fields, and aerospace, among many others.
Analysts anticipate that increasing green energy projects are expected to drive the solar simulator market onward.
With increasing pollution levels at alarming levels, many multinational conglomerates have begun emphasizing green projects to reduce the emissions of greenhouse gases and growing investments in eco-friendly sustainable projects. For instance, in April 2020, Mahindra Developers launched Mahindra Eden in India, the country’s first net-zero energy residential project. This project was also certified by IGBC (Indian Green Building Council). The partial energy demand for this project was expected to be gathered from renewable sources from on-site wind and solar energy systems.
At the same time, the collaborations are also ongoing among different countries to proliferate growth in the related sectors. For instance, in May 2022, Germany and India signed a JDI (Joint Declaration of Intent) on Green and Sustainable Development collaboration. As part of this partnership, Germany is to provide €10 billion worth of additional development support till 2030 in the latter’s green growth development plans. Acknowledging their responsibilities in safeguarding the planet’s welfare, the two countries intended to promote sustainable and inclusive growth. While in November 2021, India and Britain launched the ‘Green Grids Initiative – One Sun On World One Grid’ to enhance the connections among the global electric power grids to boost the planet’s evolution to greener energy systems.
Many companies are upscaling the developments in the solar simulator industry. For instance, in 2019, G2V and NREL collaborated to validate LED-based solar simulators and enhance the multi-junction testing. This comprehensive testing is said to substantially aid NREL and G2V, impacting wider solar cell development and the manufacturing industry.
Such strategic developments deployed by various nations and multinational conglomerates are expected to add impetus to the solar simulator market growth.
According to regional analysis, the Solar Simulator market in the Asia Pacific is expected to hold a significant share during the projected period.
The global probiotics market is segmented into five regions based on geography: Pacific Asia, Europe, North America, South America, and the Middle East and Africa. The growth in Pacific Asia is expected to be more significant owing to increasing demands in the countries like China, India, and Indonesia. The government initiatives on solar power and related fields are also one of the contributing growth factors in the said region. For instance, at the 75th United Nations General Assembly, in September 2020, the Chinese president announced the country’s resolution to reduce green gases emissions and attain carbon neutrality by the year 2060.
While North America and Europe have implemented rigorous rules to decrease emissions and are investing more in renewable energy projects and energy-efficient sectors. The proliferation of commercial and industrial sectors and growing developments in the said sectors have augmented power consumption and government support for the development and commercialization of solar applications across the major countries, favorably expanding the solar simulator market landscape. For instance, in December 2020, WAVELAB Solar Metrology Systems and Aurora Solar Technologies announced strategic partnerships, wherein Aurora’s data science offering ‘Insight’ for yield optimization of solar cells will be integrated with the former’s solar testers. This strategic collaboration helped the two firms in co-marketing and developing new, additional value-added functionalities and features in their respective products, accelerating their growth.
Due to favorable conditions for energy production using solar applications, Latin America has emerged as a solar powerhouse. The solar simulator and solar power business in the area are reaching new heights thanks to rising demand, technological developments, and government legislation. For instance, in July 2021, Scatec Solar and Equinor, a major shareholder of the former, announced the commencement of operations their Guanizuil IIA plant in San Juan, Argentina. The said plant is owned and operated equally by both companies. With this partnership, the two companies were able to expand their footprint in Argentina. Also, in October 2021, EDP Group, a Portuguese-based electric utility firm, inaugurated a solar PV Plant in Pereira Barreto, Brazil. This solar plant is EDP’s largest plant and also the fifth largest solar plant in Latin America. This project reflects the company’s attempts to increase its footprint in the renewable energy sector and aid with the energy transition. According to the company, the technology is estimated to reduce greenhouse gas emissions by more than 150 tonnes per year.
As for the Middle East and Africa, the increasing number of solar projects and investments in renewable energy infrastructure, as well as the replacement of power infrastructure, are expected to be important drivers of the solar simulator market. Masdar and EDF’s strategic agreement to explore potential renewable energy prospects in Israel is the best example of this. In January 2021, the two firms teamed up after signing an agreement as an extension to support Israel’s clean-energy goals. The country is planning to increase its energy production from renewable sources to 30 percent from 17 percent by 2030. To achieve this new goal, an additional 15 GW worth of solar capacity needs to be developed during this period.
Covid-19 Insights
COVID-19 negatively impacted the solar simulator market due to complete or partial closures of the industries due to mandated lockdown, reducing the production levels of many enterprises. In addition, there have been disruptions in the supply chain. The subsequent trade barriers have restrained the stock. However, in the post-COVID scenario, the solar simulator market is expected to bloom with the surging demand in various industry sectors in the forecast period.
Security Analytics: Digging Into Data Security and Management
Thought ArticlesThe global security analytics market is predicted to grow at a compound annual growth rate (CAGR) of 33.65% to attain a market size of US$22.705 Billion by the end of the analysis period 2026. The security analytics market provides a wide range of algorithms, software, and other tools that help organizations to identify any threat, prioritize them according to the emergency, and take any appropriate action against it. The security analytics help in the real-time monitoring of the events and performs forensic analysis to manage the system vulnerabilities.
Elements of Security Analytics:
The main elements of security analytics include Behavioral Analytics, Security orchestration, automation, and response (SOAR), Network analysis and visibility (NAV), External threat intelligence, and Forensics. Behavioral analytics studies the behavior patterns of the application, attack, and the user to find abnormalities and detect the scope of any attack. The NAV usually helps in the traffic analysis across the network and SOAR is the response or communication handler between the analysis engine, data gathering, and threat response applications. Forensics is an attack analyzer tool that investigates an attack and generates complete details about it which helps to reduce the chances of similar events in the future.
Increasing Cyber-Attacks and Security Breaches Is the Major Driver of the Market
With the age of digitalization and technical development, the cases of cyber attacks and security breaches have increased drastically. As per a report by PurpleSec, cybercrime as a whole has increased by 600% since the initial wave of pandemic and breaches through malware or malicious software are on a continuous rise which registered a total of 812.67 million infections in 2018. Today, data is a powerful tool that is running the world, and the increasing cyber-attacks and their intent to breach the data have become a major concern for companies and organizations. The increasing rate of security breaches is expected to increase the demand for security analytics in the coming years that will not only help in the real-time monitoring but will also remediate the threat and drive its market further. Besides that, Hackers use a wide range of technology to hack the systems and some of those attacks go undetected at times so security analytics play a key role in generating alerts and handling the security.
Recently, Hunters won the 2021 Annual Cyber Security Global Excellence Awards® for its XDR solution – that is a data analytics platform that provides cloud-scale access across the entire attack and is coupled with automated event correlation, investigation prioritization.
Role of Data Analytics:
One of the major driving factors of the security analytics market is its ability to analyze a large amount of data which gives it a lead over traditional approaches. Security analytics uses real-time detecting indicators that help in the early detection of threats. This feature is particularly used in forensic investigation which involves a large amount of data and provide all the information regarding the starting point of attack, when it happened, how it happened, and also helps to measure the extent of the damage. Besides that, they also help in analyzing network traffic, detecting data exfiltration, and also help the organizations to stay within compliance regulations through managing personal data flow, and compiling reports.
Data Mining, Machine Learning, and Data Science:
The era of Artificial Intelligence has a key role to play in the security analytics industry. Data science is the mathematical analysis of data sets that are used to derive business insights from large blocks of data and is expected to drive the market by discovering hidden patterns to understand the behavior of the other party of the hacker. Machine learning along with the role of Artificial Intelligence uses statistical tools and techniques to program machines and in the field of security analytics, it uses algorithms and patterns to generate insights. These two together are expected to drive up the market in the coming years.
Along with Machine Learning and Data Science, Data Mining also holds an important position in the market. Data mining that is also known as Knowledge Discovery in Data is a process that helps to discover hidden patterns and valuable information from large blocks of data and holds a special position in the field of cybersecurity, database management, and security analytics.
Lack of Expertise Is the Major Concern for the Market
One of the major restraints to the market is the lack of expertise and technically trained personnel in the field. Security Analytics and field related to it requires qualified and trained manpower to understand, install, monitor, and configure the platform thoroughly. Security analytics require personnel with technical skills and this, in turn, is expected to become its biggest restraint. This is because many developing and underdeveloped economies lack this factor and this can hamper the growth of security analytics in these regions in the future.
Coronavirus Pandemic Analysis:
The analysis report also provides a deep study about the impact of the coronavirus on market for security analytics, stating how the lockdown, lack of labor, stringent curfew regulations by the government, export barriers, that initiated work from home have impacted the security analytics market. With the rise in digital platform usage and computing devices cyber-attacks, data breaches, online frauds, malware, and ransomware attacks increased. This generated a need to install security analytics in the market which therefore resulted in a substantive growth of the security analytics market in the pandemic.
Security Analytics Market Scope: