Syngas – A Synthetic Fuel Gas

The Global Syngas Market was valued at 215.179 GW in 2020 and will increase to 398.307 GW by 2027. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 9.19%.

Synthetic Gas, simply Syngas, is a gaseous mixture that primarily comprises carbon monoxide, hydrogen, and minute proportions of carbon dioxide, methane, and other hydrocarbons. Syngas is predominantly being used to generate electricity and us a by-product of gasification. Gasification of coal emissions, steam reforming of coke, and waste emissions are few other instances of syngas generation. Syngas gets its name from its use as an intermediary in the production of synthetic natural gas and ammonia or methanol. Syngas can also be used to make other chemicals. Syngas is also a step in the production of synthetic petroleum, which can be used as a lubricant or fuel. The rising demand for power and fuel is expected to add impetus to the market. The Synthetic Gas market is segmented by feedstock, technology, type of gasifier, application, and geographical region. 

According to the Analysts, the demand for Syngas is expected to increase in Chemical Industry predominantly during the projected period.

Syngas plays a vital role in the production of Compressed Natural Gas, Syntenic Natural Gases, and Liquefied Natural Gases. These gases are further extensively utilized in marine, rail, and road transportation. The rapid penetration of automobiles and electric vehicles is further expected to boost the market. For instance, according to US Energy Information Administration, in 2020 United States consumed over 30.5 trillion cubic feet of natural gas. Moreover, according to the NITI Aayog’e energy policy report, the demand for energy is anticipated to double by the year 2040, while the electricity demand is expected to triple owing to the increased penetration of electric appliances and automobiles. The report further estimates that due to the increase in EVs, the demand for electricity is expected to increase up to 640 TWh by 2030. 

Furthermore, the increasing number of Hydrogen projects globally is expected to augment the market growth further. For instance, in January 2022, Reliance Industries Limited signed an MoU (Memorandum of Understanding) with the Government of Gujarat in India. The company invested about Rs 5,955 lakh crores as a part of Vibrant Gujarat Summit 2022’s Investment Promotion Activity. The investment will be spanned over the upcoming 10-15 years, wherein a 100 GW Renewable Energy plant will be set up along with the development of the Green Hydrogen Eco-system. While in September 2021, BP Australia partnered up with Macquarie Group to undertake a study on the feasibility of green hydrogen production at its Kwinana site. This project reflects BP’s future plans of repurposing the Kwinana plant as an integrated site that could generate and supply renewable fuel for the future. Further, in April 2022, BP received US$ 52 million from the Western Australian government to fund its Green Hydrogen Hub. This facility will be incorporated with at least a 75 MW electrolyzer, compression, hydrogen storage, and truck loading facilities. The firm’s existing on-plant hydrogen pipeline will also undergo upgrades for further optimization. 

At the same time, growing investments in refineries are expected further boost the demand for global Syngas. For instance, in March 2020, Aramco JV announced its investment plans and developed a major integrated petrochemical and refinery complex in China. This Greenfield Project is said to have about 300,000 bdp of refinery capacity and petrochemical units. This complex is a joint venture of North Huajin Chemical Industries Group Corporation, Panjin Xincheng Industrial Group, and Aramco under the name Huajin Aramco Petrochemical Company and is set to commence its operation in 2024. 

Nevertheless, several factors, like high investments, the requirement for the installation of sophisticated equipment, the long duration of time taken to set up facilities, and the need for geographical regions with adequate feedstock accessibility are expected to serve as constraints for the market growth and act as a high barrier for new entrants. 

During the forecast period, the syngas market in the Asia Pacific region is expected to have a dominant share. 

Based on geography, the Global Syngas market is segmented into five regions: North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific. With the increasing demand for refineries and chemical industry in the regions and the consumption of Syngas associated with it is expected to drive the market onward in the Asia Pacific region, with India and China being the main players. The increasing oil consumption in the region could be one of the growth factors, as the increase in demand for oil is also expected to boost the demand for fuel in oil refining. China, India, and Japan rank top five in the global oil consumption globally, according to International Energy Agency (IEA). While, China is touted as a powerhouse for chemical processing and producer of a wide range of chemicals. According to the European Chemical Industry Council, of the €1,547 billion global chemicals sales generated in 2020, China emerged as the largest chemical producer globally, contributing about 44.6% of sales. Furthermore, according to statistics presented by World in Data, 70% of electricity is produced by fossil fuels, while about 30% was produced from renewables in Australia in 2021.

Furthermore, the increasing number of investments in refineries in the regions is another factor impacting the growth, as cited above. The aforementioned factors are adding impetus to the growth of the syngas market in the region. Following the Asia Pacific are North America and Europe.

Covid-19 Insights

COVID-19’s impact on Global Syngas Market is negative. The end-users of Syngas are predominantly being used in the chemical industry. The outbreak of the pandemic and mandated lockdown have led to the closure of many chemical factories, either partially or completely. The increased infection rates had further affected the staffing in the industries, thereby reducing productivity. Subsequently, a number of projects were also put on hold and were postponed to a later time. The disruptions in demand and supply chains and volatile prices had negatively affected the market. The Oil and Gas industry, for instance, had taken a huge toll due to the pandemic. Additionally, according to CEFIC, the chemical sales in the US went down by 6.4% in 2020 compared to the former year. Consequently, due to the reason mentioned above year, 2020 saw a decrease in demand for Syngas. Nevertheless, with the economy’s recovery and initiatives taken by several governments towards sustainable development, the industry is expected to recover and grow in upcoming years. 

Global Syngas Market Scope:

Report Metric Details
 Market size value in 2020  215.179 GW
 Market size value in 2027  398.307 GW
 Growth Rate  CAGR of 9.19% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  GW
 Segments covered  Feedstock, Technology, Gasifier Type, Application, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  Air Liquide, Air Products and Chemicals, Inc., Shell, Sasol, Linde plc, Synthesis   Energy Systems, Inc., Johnson Matthey, SynGas Technology, LLC, Haldor Topsoe   A/S, KBR Inc.
 Customization scope  Free report customization with purchase

Market Keep Track of Your Clotting Tests. Don’t Let Your Blood Outrun You

The Coagulation Testing market size was valued at US$2,972.150 million in 2022 and is anticipated to increase at a Compound Annual Growth Rate of 3.84% over the predictive period to reach US$3,868.871 million by 2029.

Coagulation Testing is done to examine blood disorders by testing the time it requires to form clots. Blood clots help in preventing excessive bleeding, by thickening and forming a layer to stop the blood flow. However, blood should not clot when it is flowing through the vessels, since such clots can travel to vital organs of the body and cause heart attacks, liver damage, or other serious illnesses. Therefore, to prevent the occurrence of any such casualty, a doctor may prescribe a coagulation test, to test the clotting ability of the blood.

Types of Coagulation Tests

Prothrombin time (PT or PT-INR): – Prothrombin is a protein produced by one’s liver and it helps in the clotting of blood. The prothrombin time (PT) test determines how quickly and effectively a person’s blood clots. It usually takes between 25 and 30 seconds. If a person uses blood thinners, it may take longer. Hemophilia, liver illness, and malabsorption are among the other causes of abnormal readings. It can also be used to keep track of those who use blood thinners like warfarin (Coumadin).

The time it takes for the blood to clot is measured in seconds. When comparing findings from various laboratories, the PT test may utilize a computation termed the international normalized ratio (INR).

Fibrinogen Level: – Fibrinogen is another protein that is produced by the liver. This test determines the amount of fibrinogen in one’s blood. Excessive bleeding or hemorrhage, fibrinolysis, or placental abruption, which is the removal of the placenta from the uterine wall, may report abnormal findings.

Platelet Count: – Platelets are blood cells that assist in the coagulation of blood. A platelet count may be prescribed by a doctor to determine the number of platelet cells in one’s blood. A lower platelet count could lead to a risk of severe internal or external bleeding. A low platelet count may be reported if a person is on chemotherapy, using certain drugs, or has had a large blood transfusion. Celiac disease, vitamin K insufficiency, and leukemia are some other reasons for a low platelet count. A high platelet count could however potentially lead to heart diseases and disorders.

Thrombin Time: – Thrombin time is a measurement of how well a person’s fibrinogen functions. Inherited fibrinogen abnormalities, liver illness, certain malignancies, and drugs that alter clotting can all cause unusual findings.

Bleeding Time: – A blood pressure cuff will be inflated and put on a person’s upper arm. A handful of small incisions will be made on the lower arm by a healthcare practitioner. The wounds will be minor and not too deep. When the cuff has deflated, a healthcare professional will remove it and apply blotting paper to the cuts every 30 seconds until the bleeding stops. Bleeding lasts anywhere from one to nine minutes. The test is regarded to be safe, with few side effects or hazards. This test measures how quickly a person’s skin blood vessels seal and stop bleeding.

The North American market has been reported to have the largest market share in the Coagulation Testing market. Owing to the increasing number of heart disease and diabetes cases, the market is expected to rise. According to the American Heart Association, cardiovascular diseases accounted for more than 850,000 deaths in the United States in 2019. Heart diseases have been reported to account for the highest number of deaths in the United States. Tobacco has also been reported as a leading cause of cardiovascular diseases in the United States. According to AHA, 23.6% of US high school students, and 6.7% of middle school students revealed that they use tobacco-based products in 2020. Moreover, the North American region has also seen significant growth in the number of diabetes cases in the region.

To address the growing number of cardiovascular and related diseases, government initiatives have been introduced in the region. Initiatives such as the Million Hearts 2022 are expected to control and prevent the increasing cases in the region. Million Hearts® 2022 is a five-year nationwide effort headed by the Centers for Disease Control and Prevention and the Centers for Medicare and Medicaid Services with the goal of preventing one million heart attacks and strokes in the next 5 years. The program concentrates partner initiatives on a limited number of issues that have been chosen for their impact on heart disease, stroke, and other illnesses.

Heart diseases also accounted for approximately 19.05 million global deaths in 2020. Tobacco has been reported to cause more than 8 million deaths worldwide, and with the increasing obesity and cardiovascular disease cases, this figure is expected to rise. Owing to the increasing medical expenditure and rapid developments in the healthcare industry, the coagulation testing market is expected to grow.

Covid-19 Insight

The COVID-19 pandemic resulted in a massive economical slowdown around the world. With most countries implementing lockdown protocols and social distancing norms, most major industries faced losses. Since most countries paid attention to controlling the virus outbreak, other medical segments suffered. Moreover, some countries even halted the non-essential testing and medical procedures, to utilize their resources in treating the infected patients. However, the market has been reported to be recovering. As most countries have lifted their lockdown protocols, the healthcare industry has seen an increase in the number of patients, which were not able to seek medical advice during the pandemic. Hence, the coagulation market is expected to increase in demand as countries and industries recover from the pandemic.

High Reliability and Thermal Management Solution

The film adhesives market was worth US$1.803 billion in 2020 and is anticipated to expand at a 5.32% compound annual growth rate over the forecast period to reach US$2.592 billion by 2027.

As the name suggests, Film Adhesives are widely available in film form. Many are thermoplastic, but reactive thermosetting films are also used commercially in structural parts. Dry film adhesives provided a hygienic, danger-free operation with minimum wastage and met this requirement over film thickness. However, the technique is usually limited to sections with smooth surfaces or simple curvatures. Curing under pressure and heat is required for maximum strength properties. The price of film material is higher than that of liquids, but the material loss is the lowest of any coating process.

Wide Application, Less Carbon Emission and Reliability are key driving forces

Government Regulations to reduce carbon emissions by minimizing vehicle weight and the requirement for fuel-efficient vehicles are driving the growth of the film adhesives market globally. Besides that, advancements in the electronics and electrical, automotive, packaging, and medical industries enhance the film adhesives market. Another factor influencing product demand is the widespread use of film adhesive in the automotive sector for validation plates, bracket attachments, and door hinge washers. Furthermore, film adhesives are used for various other applications, including solar energy, defence & aerospace, LED lighting, and food & beverage packaging, which supports as a major catalyst for the market of film adhesives globally. Films adhesives are commonly used for marking products to provide helpful information to consumers. The increasing use of adhesive films for labelling is anticipated to drive the market for film adhesive.

Rising demand from the packaging and pharmaceutical industries is also expected to enhance market growth during the forecast period. Increased spending on bio-based substances will likely provide major brands with financially rewarding future growth opportunities in the Flim Adhesive market.

Film Adhesive By Types 

Unsupported and supported film adhesives are available. Fibrous fabric or mat is commonly used as the carrier for backed films. Film adhesives are available for pressure-sensitive, solvent-activated, Heat-activated thermosetting, or thermoplastic hot melt. 

Pressure-sensitive film adhesives, which come in single or double-coated coated films, are lame and bond immediately when applied to pressure.

Thermoplastic film adhesives are typically placed between contact areas, and pressure and heat are implemented to form the bond; this joint can be processed quickly.

Thermosetting film adhesives in film form are practised between the two contact surfaces, and the arrangement is pressurized and heated up for a predefined timeframe. 

Solvent reactivatable film adhesives in film form are reinstated by erasing with a dampened solvent fabric into a pressure-sensitive condition.

Film adhesives provide the most straightforward approach to applying adhesive to the growing medium to be bonded. This is especially true whenever the bearing of the film is tightly controlled: enough tack to keep the film in place but not so much that it prevents realigning. Thermal management is crucial to the performance and power supply of electronic devices. Film adhesives are essential for many applications in the telecommunications, aerospace, and electronics sectors owing to the growing demands for uniformed bondline implementation and the evasion of air inclusions throughout the large areas.

Growing Demand in Aerospace is boosting the market for Film Adhesive Globally

In aerospace, film adhesive is used across the aircraft’s exterior, interior, and engine compartment. Everything from the overhead compartments to the convenient seat trays and even the in-floor illumination has been upgraded. Hydraulic system thread sealants, Threadlockers, retaining compounds, and structural adhesives are all present in the engine. Wing spars, door mouldings, Exterior panels, and so on are all bonded.According to American Aerospace Industry Association, the total industry sales revenue for the year 2019 was US$929 Billion, which saw an increase of 4.17% from 2018. The booming sector alone contributed US$ 374 Billion to the GDP of the United States, representing 1.8% of the entire GDP. The rise in the aerospace industry is anticipated to drive the film adhesive market for the forecasted period due to its diverse application in aerospace to provide reliability.

Usage of Film Adhesive in Aerospace

Film Adhesives for Anaerobic Conditions retaining, thread sealing, Threadlocking, and forming in place gaskets are examples of applications. Although most of these implementations are found in the engine bay, thread lockers are used throughout to prevent resonance softening.

Acrylic Structurals: Structural acrylics are used for various applications, including connecting magnets into electric engines and attaching harness clips.

Epoxies: There is a need for toughness, and low weight drives the widespread use of film adhesives. Carbon fibre is used in aircraft and unmanned aerial vehicles for almost the same reasons. 

Cyanoacrylates are used to securely bond numerous items and as a biological catalyst to hold segments linked with sluggish curing film adhesives. They are also a quick fix for damaged interior trim, taking only seconds to cure and having a near-instant delivery time.

The Asia Pacific is expected Dominate the Film Adhesive market

Asia Pacific is anticipated to conquer the film adhesive market and grow at the fastest CAGR during the forecast period. China is expected to be the region’s largest market. Countries such as India and South Korea are projected to grow substantially during the forthcoming years due to these emerging economies’ increased focus on industrial output.

North America and Europe are anticipated to witness stagnant growth over the forecast period due to the Covid-19 pandemic, which has had a significant effect on the global economy.

Covid-19 Impact on End-User Industry has impacted the growth of the Film Adhesive market

Covid-19 has influenced every major business, construction, automobiles, and packaging. Travel has been severely impacted, and the supply chain has been wholly impeded due to the global shutdown. Production and Manufacturing have been curtailed. This has had a huge negative effect on the film adhesives market. As per the record of the aerospace industry association, the aerospace and defence industry saw a total sales revenue of US$874 Billion and the total industry export is declined by 39%, and imports were also affected, which were decreased notably from US$ 68.7 billion in 2019 to US$ 50 billion in 2020. Being one of the major end-users of film adhesive, the covid-19 impact on the aerospace industry has also jolted the film adhesive market. The construction sector has also experienced substantial losses, as the nutritional standards of social distancing gatherings of a large group of people have ceased, resulting in a halt in the use of adhesives in building projects. The covid-19 threat has also harmed packaging requirements, as has the online retail market. The market for hot melt adhesives and sealants has grown as they aid in producing masks.

Film Adhesives Market Scope:

Report Metric Details
 Market size value in 2020  US$1.803 billion
 Market size value in 2027  US$2.592 billion
 Growth Rate  CAGR of 5.32% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Type, Material, End-User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Henkel AG & Co. KGaA, Hexcel Corporation, Pacific Coast Composites, Inc., Bostik (Arkema S.A.), 3M, H.B. Fuller Company, Showa Denko Materials Co., Ltd., Toray Industries, Avery Dennison Corporation, Solvay S.A.
 Customization scope  Free report customization with purchase

Ensuring Safety While Monitoring Tanks

The tank level monitoring market is expected to grow at a CAGR of 4.61%, from an initial value of US$816.868 million in 2021, and is estimated to reach a market size of US$1,119.664 million in 2028.

Tank Level Monitoring is highly used in industries like oil and gas, chemical, mining, automotive, energy, and power to accurately measure the amount of substance remaining in the tank. Tank level monitoring helps in the prevention of potential hazards and accidents by ensuring the safety of the workers in the field.

Key Benefits of Using Tank Level Monitoring

Tank level monitoring provides an accurate and error-free reading of the level of tanks and provides safety to the workforce by reducing the need to manually check the tank levels. Besides that, they also generate alerts when the liquid level (oil, water, fuel) reduces to a certain extent. They also ensure the refilling and maintenance of the tank when needed and also reduce the cost of logistics involved in storage, delivering, and distribution. Sensors that are used in tank level monitoring have a long-life battery and they provide clear visibility of the tanks, keep a regular check on any leak in the tank, and help in tracing any corrosive or acidic substances present in tanks.

Different Technologies Used in the Process

Various types of tank monitoring technologies are used in tank level monitoring which includes Float and Tape Gauge, Conductivity, Ultrasonic, Capacitance, Radar-based, and Data Transmission. Float level gauges are typically used to measure levels in LPG and NH3 tanks and containers and are one of the most widely used monitoring devices in tank level monitoring.  Radar level sensors can operate at a wide range of temperature, pressure, and various process conditions. Ultrasonic tank level monitoring uses high-level ultrasonic waves to depict the level of liquid inside tanks but at times it may give false echoes or information due to chemical incompatibility, Poor quality power source, not using shielded cables improper cable routing, poor mounting angle, etc. Besides that, wireless tank level monitoring is also highly applied across fields because of the reduced usage of wires and increased efficiency provided by them.

Oil and Gas Industries Are the Key Highlights for Tank Level Monitoring

Tank Level Monitoring is highly applied in the Oil and Gas, Chemical, and Mining Industries, and with the increasing demand for these products for the growing population, the significant growth of the Tank Level Monitoring market is not far away. International Energy Agency data reveals that the world total oil supply has increased from 102.1 EJ in 1971 to 187.4 EJ in 2019 and that of coal from 60.2 EJ to 162.4 EJ between 1971 and 2019. With the data representing increased demand for oil and coal, the coming years predict their higher use to support growing infrastructure and rapid industrialization. This is expected to increase the application of tank level monitoring as well in the coming years to keep an accurate check of the tanks in fields.

Role of IoT and AI in Tank Level Monitoring

With the introduction of AI, IoT, and Cloud-based services in Tank Level Monitoring, the chances of accurate readings and efficiency have increased overall. These technological advancements have provided a power-efficient and long-range solution in the monitoring process. For instance, recently SkyBitz has launched a User Interface (UI) for SmartTank, which is a wireless tank monitoring system that provides data visualizations and supports automated workflows. Furthermore, Graco Inc. has introduced a Pulse Level Tank Monitoring system that runs completely on Wi-Fi that is cost-effective, and uniquely end-users an end-to-end fluid management solution.

Price Volatility and Lack of Trained Labor Serve as Restraints for the Market

One of the major concerns for the market growth is the price volatility associated with the technology involved in tank level monitoring. This factor has made the adoption of tank level monitoring difficult in every needed industry and is also expected to limit its growth in the low developing economies.

Also, the lack of trained labor to install and adopt the mechanism can pose a major challenge to the market. Lack of technically trained personnel and expertise in the field can restrict the growth of the market not just in some sectors but in underdeveloped economies as well because monitoring sensors are highly dependent on trained and qualified personnel to install, monitor, and configure the equipment thoroughly.

Regional and Geographical Insights

With the discovery of oil and gas fields, this market is expected to witness significant growth in Africa and the Middle East. With the high investment being done by the companies in these areas, tank level monitoring market growth stands in a good position. For instance, Honeywell International Inc. is ready to invest in Egypt to expand its activities in the fields of gas, oil, and refining and become a regional refining hub in the Middle East and Africa. The Middle East and Africa are the hubs to a few of the largest oil and gas fields in the world including Ghawar Field in Saudi Arabia, Burgan Field in Kuwait, Ahvaz Field in Iran, Gachsaran Field in Iran, Upper Zakum Oil Field in UAE, Safaniya Oil Field, etc.

Also, North America is expected to witness significant growth in the market owing to the technological advancement in the nation which is expected to invest high in the related field. Also, the growing infrastructure and industrialization in Asia-Pacific Region are expected to contribute significantly towards the Tank level monitoring market.

COVID-19 Impact

The coronavirus pandemic severely impacted the global tank level monitoring market. With the risk of spreading at a high rate, governments across the globe imposed lockdown and curfew. With the shutting down of industries, the operations in construction, oil and gas, chemical, mining, automotive, energy, and power came to a halt. With the economies falling, the demand for tank-level monitoring services also went down.

Tank Level Monitoring Market Scope:

Report Metric Details
Market Size Value in 2021 US$816.868 million
Market Size Value in 2028 US$1,119.664 million
Growth Rate CAGR of 4.61% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Million
Segments Covered Product, Technology, End-Users, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Schneider Electric, Gauging Systems Inc., Piusi S.p. A., Emerson Electric Co., TankScan (ATEK Access Technology, Varec Inc., Graco Inc., Banner Engineering Corp., Baker Hughes Company
Customization Scope Free report customization with purchase

Battery Management IC Market size worth US$3.327 billion by 2029

The battery management IC market is projected to expand at a CAGR of 4.43%, with the market size anticipated to increase from US$2.456 billion in 2022 to US$3.327 billion in 2029.

The rapid adoption of electric vehicles across the globe and the growing demand for battery storage systems are driving the battery management IC market growth over the forecast period. The device can control its charging and discharging processes through the collective use of sensors ensuring the safe and efficient operation of the battery which makes it convenient for the users of consumer electronics such as smartphones to extend the battery life. Therefore, the growing consumer electronic demand will proportionally raise the demand for battery management ICs in the market over the forecast period.

As per the report, the battery management IC market is expected to grow significantly.

Battery management IC is a device that can be used for managing the discharge and charging abilities of various batteries and it monitors it regularly. It can control its charging and discharging processes through the collective use of sensors ensuring the safe and efficient operation of the battery. Also, it has a wide range of applications such as consumer electronics, automotive, communication, and industrial areas. It is used for optimization of the performance of batteries and to extend their lifespan.

The market growth is driven by the widespread adoption of consumer electronics, automotive, communication, and industrial areas. These sectors are rising in popularity which will proportionally increase the demand for battery management IC market because these industries have significant use of batteries for electric components present in the product. These battery management ICs provide optimized performance of the batteries and extend the overall lifespan of the battery which is predicted to drive the market growth over the forecast period.

The battery management IC market caters to various business needs based on type, including fuel gauge IC, battery charger IC, and authentication IC. Several types of battery management ICs are available in the market and each one of them caters to different needs of the product’s electrical components. For instance, the battery charger IC calculates the battery charge and stores data which can later be retrieved by the system to provide outstanding measurement accuracy and extremely low power consumption which can increase and improve the battery life.

The battery management IC market encompasses various industry verticals, including consumer electronics, automotive, communication, and industrial. The battery management IC is an efficient product that helps out in various industry verticals that have electric components in their products to provide optimized batteries and a longer lifespan. For instance, consumer electronics smartphones use this battery management IC to provide a longer battery lifespan before discharging.

The battery management IC market is poised for growth in the Asia Pacific region due to rising demand for consumer electronics and a rise in the automotive industry in the region. The region has many countries that are developing and going through a rapid population rise which increases the demand for automobiles and consumer electronics like smartphones. With the rise in demand for these electronic products and the growing popularity of electric vehicles in the region, the market is predicted to grow over the forecast period in the Asia-Pacific region.

Analog Devices, Inc., Renesas Electronics Corporation, Richtek Technology Corporation (Media Tek), Texas Instruments, STMicroelectronics, Qualcomm Technologies, Inc., and Semtech — these are some of the key companies involved in the battery management IC production and each company brings its different or diverse expertise and products to the market which can further cater to the diverse needs of organizations and enterprises. They provide innovative solutions for battery management and these companies play a vital role in improving battery life while optimizing performance for various electric devices such as electric vehicles.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/battery-management-ic-market

This analytics report segments the battery management IC market on the following basis:

Segmentation:

The Growing Demand for the Supercapacitor Market Across Multiple Sectors

The supercapacitor market is projected to grow at a CAGR of 20.69% during the forecast period to reach a valuation of US$3,010.052 million by 2027 from US$807.096 million in 2020.  

Supercapacitors, double-layered capacitors, or ultracapacitors, are electronic devices with comparatively higher capacitance values and lower voltage ranges. These energy storage devices have the capability of bridging the gap between traditional capacitors and batteries. Furthermore, their ability to store a higher amount of energy than typical capacitors and produce more power than standard batteries, along with long-term stability and high cyclability, makes them highly appealing as energy storage devices. Due to such attributes, they are found in multiple applications, either as autonomous energy sources or in combination with other energy storage devices such as batteries. In particular, supercapacitors are most commonly found in applications with fluctuating loads, like, portable media players, GPS, PDAs, and laptops. They are also used in microgrids to store energy in reverse conditions while also quickly injecting power whenever demand is high, and production is low in these grids. Additionally, they also found use in energy harvesting solutions, aerospace, automotive segments, and industrial segments. The growth in demand for these supercapacitors in all these industries is expected to propel the growth of the market.

The increase in electric automobile production to increase the demand for supercapacitors in the projected period

One of the most anticipated and significant innovations of today is cost-effective, long-range, efficient electric vehicles. Power storage is considered to be the most crucial component of an electric vehicle, with tremendous potential to enable electric vehicles to outdo internal combustion engine vehicles. Supercapacitors are mainly used to deal with the storage issues of traditional batteries. The high-power density of a supercapacitor enables it to quickly charge or discharge a huge amount of power without compromising on its potential to sequester energy. This makes supercapacitors find an advantage in scenarios where a huge amount of power must be captured or supplied in a short period, like, acceleration and regenerative braking, where these supercapacitors capture the kinetic energy from deceleration that is usually dissipated as heat. Consequently, supercapacitors are mainly used in hybrid vehicles like the Toyota FCHV and Lamborghini Sian. Many other automobile manufacturers are also employing supercapacitors in their offerings, due to these appealing features. For instance, in India, Omega Selki Pvt Ltd partnered with Log 9 materials to launch a Rage+ Rapid EV in November 2021. With Log 9’s expertise in supercapacitor technology, the battery’s performance is superior to that of typical EV batteries. With this launch, the former aimed at revolutionizing the Indian EV market. Further, according to Volkswagen’s forecast in its 2021 Annual Report, the global market share of EVs is expected to reach 50% by 2030, which is likely to add to growth in this segment.

Environmental Sustainability

The rising awareness of environmental sustainability, as well as multiple initiatives taken by governments and businesses, has resulted in a rise in the number of renewable projects. For instance, in March 2022, the state-run PGCIL (Power Grid Corporation of India) announced the approval of 5 power-grid projects worth INR 821 crores to strengthen the transmission system across several Indian states. While in November 2021, China’s Southern Power Grid, the country’s major power grid, declared its intention to invest a value of US$ 105 billion in grid network construction in the period between 2021-2025 to accelerate renewable power consumption and power stability. Further, in May 2022, the United States Department of Energy launched funds worth US$ 2.5 billion to expand and modernize America’s power grid. This investment is said to be along similar lines with the US government’s quest to run the national grid on 100% clean and renewable electricity by 2035. High power energy storage abilities and swift responses are providing grid operators with an efficient way to overcome frequency, voltage, as well as power quality concerns. Hence, the increase in renewable generation projects in multiple countries is expected to drive market growth. 

COVID-19 Insights

The COVID-19 pandemic negatively impacted the Supercapacitor market. The mandated lockdowns, social distancing, and the subsequent closure of production sites across multiple countries due to a spike in active cases negatively affected the productivity of multiple firms. The shortage of manpower, strict border controls, port closures, as well as reduced air transport availability were some of the factors that affected the market, causing it to slow down. For instance, Volkswagen observed a dip in its revenue by 11.8% in 2020. As a result, all these factors led to a recession in the economy across the globe. Owing to the limited funds amidst the crisis, many ongoing projects were paused indefinitely, thus decreasing the market growth. According to the IEA (International Energy Association), the global renewable energy capacity additions fell by 11% in the first half of 2020 as compared to the previous year. However, post the pandemic, with the easing of restrictions and the resuming of production facilities, the market showed positive growth due to a growth in demand for semiconductors across multiple industries to meet the need for the rapid adoption of automation.

Supercapacitor Market Scope:

Report Metric Details
 Market size value in 2020 US$807.096 million
 Market size value in 2027 US$3,010.052 million
 Growth Rate CAGR of 20.69% from 2020 to 2027
 Base year 2020
 Forecast period 2022–2027
 Forecast Unit (Value) USD Million
 Segments covered Type, Capacitance, Industry Vertical, And Geography
 Regions covered North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Tokin Corporation, Skeleton Technologies, Maxwell Technologies, Inc. (acquired by Tesla, Inc.), Nippon Chemi-Con Corporation, Panasonic Corporation, Eaton, CAP-XX, IOXUS Inc., LS Mtron, NAWATechnologies
 Customization scope Free report customization with purchase

The surge in the Scintillator Market

The scintillator market is projected to grow at a CAGR of 4.82% during the forecast period to reach a market size of US$974.076 million by 2028, from US$700.597 million in 2021. 

The scintillators facilitate the conversion of high-energy radiations such as gamma rays or X-rays into visible light. These materials ignite a phenomenon called scintillation when they are excited by ionizing radiation. Scintillators are available in a variety of forms, like, solid, liquid, gaseous, organic, and inorganic. Scintillators undergo three main complex sub-stages, which include, conversion, energy transfer, and luminescence. A scintillator couples with an electric light sensor such as a photodiode, photomultiplier tube, or silicon photomultiplier. The consequent photoelectric effect causes these PMTs to absorb light emitted by these scintillators and re-emit it in the form of electrons. The resulting multiplication of those electrons produces an electrical pulse, which can then be analysed to yield useful insights about the particle that struck those detectors. Scintillators are extensively used in a broad range of applications, like, security radiation detectors, CT scanners, gas exploration, gamma cameras for medical diagnosis, X-ray security, including many more. The scintillator market is segmented based on metrics like material type, end-user industry, end product, and geography. 

The burgeoning demand for scintillators across various industry verticals to propel market growth in the forecasted period  

The constant advancements and innovations in research and development are significantly changing the dynamics of industries like, manufacturing, healthcare, nuclear power, and security defence, providing a robust increase in the demand for scintillators. The appealing attributes of these scintillators, such as high precision and efficiency, and the ability to detect even the lowest of radiation levels, are attracting many developments across multiple fields. For instance, in February 2022, a joint nanosatellite, Light-1 was deployed from the Japanese Experiment Module under the supervision of the Japan Aerospace Explorations Agency. This nanosatellite had the integration of scintillating crystals into it. The assembled detection system is unique to this particular satellite and might become a trailblazer for future missions targeting gamma rays. Simultaneously, the growth of research based on plasma physics is also likely to catalyse market growth. For instance, the physicists from Lawrence Livermore National University, in March 2022, announced their successful results in the finding of another viable advanced pathway to fusion energy. During this research, these physicists installed two plastic-type scintillator detectors outside the z-pinch chamber in order to detect the traces of neurons emitted. The growing number of nuclear power plants globally is yet another factor contributing to the growth of the market. By the World Nuclear Association, there are about 440 nuclear power reactors, with 55 more such plants under construction as of May 2022. While in the healthcare industry, scintillator devices are used in the detection and diagnosis of neurological and cardiovascular ailments. The increasing number of such conditions due to the sedentary lifestyles of people is projected to increase the demand for scintillators in the industry.

The evolution of 3D Technology to accelerate market growth

The growth and advancement in 3D technology are also innovatively impacting the developments in the scintillator market as the additive manufacturing of detectors is gaining ground in the academic research community. For instance, in June 2020, a group of researchers from Hanyang University in Korea was successful in the 3D printing of plastic scintillators, which are highly capable of detecting gamma rays. This group compared the DLP printed parts with a BC408, a commercially available scintillator in the market, and discovered that the two had an approximately comparable decay time and intrinsic detection efficiency. However, the high costs associated with these scintillators along with the lack of skilled labor are expected to restrain the market growth. 

The American region to occupy a dominant share of the market by geography in the projected period

By geography, the scintillator market is segmented into the following regions, the Americas, Europe, Asia Pacific, and the Middle East and Africa. Due to the rising investments in the space industry, and the growth of security issues in the region, research in the Americas is predicted to hold a significant market share. The Fusion Z-Pinch Experiment Project by Laurence Livermore National Laboratory cited above is the best instance of this. Also, the increasing medical advancements in imaging modalities, due to the burgeoning medical industry, are increasing the demand for scintillators in the European and Asia Pacific regions. The growing number of nuclear power plants and developments in Japan, India, and China are expected to dominate the market growth in the Asia Pacific region.  

COVID-19 Insights

The outbreak of COVID -19 affected the scintillator market negatively. The mandated lockdown and social distancing measures that followed, led to the closure of many production and research facilities, leading to a slowdown. The rise in infected cases further resulted in reduced human resources, which affected the productivity of many end-users in the manufacturing, energy & power, and oil & gas industries. The recession in the economy worldwide caused due to the pandemic also resulted in the delay of several ongoing projects, thus causing a dip in the demand for scintillators in the market.

Scintillator Market Scope:

Report Metric Details
Market Size Value in 2021 US$700.597 million
Market Size Value in 2028 US$974.076 million
Growth Rate CAGR of 4.82% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Million
Segments Covered Material Type, Product, End-User Industry, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Applied Scintillation Technologies Ltd., Argus Imaging Bv Inc., Hamamatsu Photonics K.K., Radiation Monitoring Devices Inc, Hitachi Metal Ltd., Mirion Technologies, Siemens, Zecotek Photonics Inc, Ludlum Measurements, Amcrys, Saint Gobain, Zecotek Photonics Inc.
Customization Scope Free report customization with purchase

The Double-Layered Surgical Gloves – Bestowing Extra Protections to the Surgeons

Double-layered surgical gloves give extra protection against any surgical infections to surgeons. During surgery, the surgeons are exposed to the patient’s blood and body fluids, which could result in the transmission of pathogens through contact between the patient and the surgical team. The double-layered surgical gloves act as a double protecting barrier between the surgeon and the blood fluids of patients. If in case, one layer is damaged, the second layer will not allow the blood or blood fluids to reach the surgeon’s skin surface. Additionally, a prior study shows that double-layered protective surgical gloves can reduce the bloodstain on the skin by 65%, which further offers a higher level of protection against any contamination during surgery.

The rising number of injuries are ultimately increasing the number of surgeries performed worldwide expanding the market potential.

Globally, the number of geriatric patients and related surgeries is increasing. The increasing life expectancy rate is simultaneously increasing the number of older population patients. According to the WHO’s Global Health Estimates, life expectancy has increased by more than 6 years between 2000 and 2019. In 2019, the life expectancy was 73.4 years, which ultimately gave rise to the larger number of geriatric patients. Geriatrics is exclusively dedicated to providing patient-centered care for the older population most probably a population above 65 ages. This population has a unique set of health issues and concerns that geriatric clinicians and surgeons are trained to focus on. Due to the rise in the number of geriatric populations, more surgeries are being performed globally by surgeons and doctors. Hence, more often the surgeons are prone to hazardous infections while targeting the patient’s wound. Therefore, preventing any contamination of blood or body fluid while performing surgery has become necessary, and using double-layered gloves can play a vital role in reducing the risk of contamination. 

Furthermore, the number of injuries is also driving the number of surgeries performed across the globe. According to the National Library of Medicine, globally 310 million major surgeries are performed each year. Out of which 40 to 50 million are performed in the US and 20 million in Europe. These statistics indicate the high number of surgeries performed globally, therefore, the number of surgeons requiring double-layered surgical gloves is increasing simultaneously which is a major factor in driving the demand for double-layered surgical gloves market.

Rising number of medical interns and professionals are anticipated to boost the demand for double-layered surgical gloves

A rising need for healthcare and medical professionals which attribute to the higher demand for surgical double-layered gloves is boosting the market’s growth. The demand for double-layered surgical gloves is expected to rise as these gloves can protect against needle-stick injuries. The practicing doctors and surgeons are more prone to injuries from sharp equipment like a needle, scissors, scalpels, and other bladed instruments. Being new to the medical profession makes these practicing doctors more likely to get injured, but the double-layered surgical gloves can provide extra protection which can protect the surface area of the surgeon’s skin in case of any unalarmed injury.

Unique benefits of using double-layered surgical gloves are further boosting the growth of the double-layered surgical glove market

Furthermore, these double-layered gloves are also available in a two-color glove system. The two-color system enables the surgeon to identify tiny punctures which are not generally visible at the time of surgery. The early identification of any type of puncture improves occupational safety among surgeons. The colored under gloves can increase the awareness of any kind of perforations or slit to the outer surgical gloves and then the surgeon can take action to prevent any further harm.

Additionally, the double-layered surgical gloves have a diversified distribution network as a result the business of gloves is more scalable. The growth of the double-layered gloves market is also aided by the easy availability of these gloves which is made possible through its diverse distribution network. Hence, the overall reach of these double-layered surgical gloves has risen.

By component, the double-layered surgical gloves market is further segmented into under and outer-layer segments. These surgical gloves are considered unique because of their two-layer protection. The outer layer is exposed to the blood and other fluids during surgery, also the outer layer acts as the first base protecting barriers in situations like cuts or needle stick injuries. The inner-layer acts as a shield between the blood fluids and skin surface in case of any perforations.

However, the competition from thicker single-layered surgical gloves is adversely impacting the market for double-layered surgical gloves.

Double-layered surgical gloves are costly as compared to single-layered surgical gloves. Furthermore, the surgical glove manufacturers either offer double-layered gloves or suggest the use of a single-layered glove as the top and bottom to get the benefit of a double-layered glove. For instance, Medline Industries LP. offers Protexis PI Ortho Surgical gloves that can be worn as standalone gloves and as double-layered gloves whenever necessary.

Additionally, single-layered gloves are also available in different thicknesses. The surgical gloves are available in different thicknesses varying from 2 mil to 6 mil (1mil is equal to 0.001” gauge) with the highest tensile strength. The thicker surgical gloves can provide the same amount of protection as the double-layered gloves and also offer a good hold against punctures. The varied thickness of surgical gloves available in the market allows the end users to choose their desired thickness as per their needs and requirements, which is hindering the demand for double-layered surgical gloves in the market.

Covid Insights

The coronavirus epidemic had a positive impact on the growth of the double-layered surgical glove market globally due to higher demand from the healthcare and medical sector. The rising need for a surgical glove that has a higher resistance to contaminations or slits, flexibility, and more puncture resistance for longer use in the medical sector resulted in the growing demand for double-layered surgical gloves in the market. The necessity to keep medical professionals safe from hazardous and contagious viruses like COVID-19 further boosted the demand for double-layered surgical gloves during the pandemic. Furthermore, the use of double-layered gloves increased as the number of surgeries performed increased during the pandemic. Hence, the doctors and surgeons needed to take more precautions as a result, the demand for double-layered gloves surged during the pandemic.

Double Layered Surgical Glove Market Scope:

Report Metric Details
 Growth Rate  CAGR during the forecast period
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Component, End User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Mölnlycke Health Care AB (A subsidiary of Investor AB), Ansell Limited, B. Braun Melsungen AG, Top Glove Corporation Bhd, MRK Healthcare, Kossan Rubber Industries Bhd, Medline industries inc, Sempermed, Kanam Latex Industries, Phoenix Medical Technologies & Imports, Manglam Medikits Pvt. Ltd.
 Customization scope  Free report customization with purchase

The Emergence of Combined Heat Power System

The combined heat and power (CHP) market is expected to grow at a compound annual growth rate of 14.58% to reach a market size worth US$28.532 billion by 2027. This market was valued at US$11.002 billion in 2020.

A combined heat and power system is any system that generates electricity while also recovering and reusing the thermal energy byproduct. CHP systems significantly improve energy efficiency because they generate two forms of useful energy, heat, and electricity, from a single fuel source. In contrast, vast amounts of heat are simply wasted in traditional methods of generating electricity. Combined Heat and Power systems can offer a variety of advantages to users in terms of cost, efficiency, environmental impact, and dependability. Increasing the amount of electricity generated by CHP systems in the world has also been identified as having significant potential for impressive global economic and environmental outcomes.

The CHM market is rising due to increased efforts to reduce carbon emissions and aim toward a sustainable future.

According to the US Department of Energy, doubling US installed capacity to 40 GW by 2020 would reduce annual greenhouse gas emissions by at least 150 million metric tonnes of carbon. Because CHP systems require less fuel to produce the same amount of energy as conventional power systems, they can provide the same output while consuming less fuel and emitting less pollution. CHP systems have the potential to reduce greenhouse gas emissions, which contribute to climate change and have several negative consequences for the planet.

  • As a result, several companies have come forward and begun partnerships and investments to develop CHP systems in the United States. For example, in 2021, 2G Energy Inc. and LIMA Company of Philadelphia, PA announced a collaboration to build, develop, and operate net-zero-ready CHP projects. LIMA’s primary goal under the agreement is to use 2G’s best-in-class CHP products to provide commercial and industrial energy users with carbon reduction and cost efficiency.
  • Furthermore, the US government had announced an aggressive strategy to cut GHG emissions, which would be followed by the shutdown of many coal facilities by 2023. The ongoing low-emission programs of the state government will replace coal-fired power facilities and enhance the domestic renewable power generation ratio.

Additionally, the current generating capacity of US CHP plants accounts for roughly 9% (85GW) of total US capacity, according to the Department of Energy. In 2006, US CHP stations produced more than 12% (506 billion kWh) of total annual US electricity generation. Increasing generating capacity to 20% of total US capacity by 2030, according to their analysis, would have major positive impacts.

As a result of implementing CHP systems, greenhouse gas emissions such as carbon dioxide and other air pollutants will be reduced. CHP has the potential to dramatically cut carbon dioxide and air pollutant emissions. These emissions contribute to a variety of serious environmental issues, such as climate change, haze, acid rain, and others.

The development of industrial and commercial buildings will drive market growth for the CHP market.

Combined Heat and Power (CHP) is being used by commercial building operators to cut operating costs and greenhouse gas emissions. Because of this, most of the expenses connected with operating a commercial facility are fixed. Reduced energy usage not only saves money and promotes energy sustainability, but it also has the potential to improve working conditions and hence productivity.

In large commercial buildings, supermarkets, hotels, restaurants, and major retail marketplaces, CHP has a lot of potentials. Mixed-use developments are an emerging market for CHP due to the clean, dependable on-site power they provide. According to ICF predictions, the industrial and commercial/institutional sectors have a technological capacity of 65 GW each. As a result of the development of industrial and commercial buildings, the CHP industry will experience a surge.

Furthermore, the US Census Bureau reports that New York and California offer the highest prospects for multifamily CHP, with each having over 1 million housing units in buildings with 50 or more units. Several US firms have also formed or purchased artificial intelligence-based companies that provide CHP systems. For example, in 2022, Alkaline Fuel Cell Power Corporation announced the acquisition of AI Renewable 2018-I Limited Partnership’s CHP generation business. The company develops and manufactures alkaline fuel cell heat and power systems for residential, industrial, and commercial sectors globally.

According to analysts, the European region is expected to occupy a notable share of the market in the upcoming years. 

CHP already has a significant presence in Europe. Germany, as one of Europe’s largest economies, has taken the lead in installing CHP systems. MAN Energy Solutions, for example, announced plans to open a new municipal CHP gas power plant in Frankfurt in 2022. Five MAN 20V35/44G gas engines power the CHP plant, which generates 51 MW of electricity and 50 MW of district heating. This plant previously used both lignite and natural gas, but the new facility will supply the same distribution network with heat and electricity generated solely from the more environmentally friendly natural gas. Additionally, UPM boosted its cost competitiveness and reduced CO2 emissions by 5% in 2019 by investing in a combined heat and power plant at its Nordland paper mill in Dörpen, Germany. The new facility contributes to the stability of the German energy transition, known as the “Energiewende.”

COVID-19 Insights

Due to the COVID-19 pandemic, governments all over the world imposed lockdowns that resulted in the closure of office buildings and others. Several economic operations came to a halt as a result, discouraging market expansion and progress. This disrupted the CHP demand. Furthermore, according to the United Kingdom Government, the COVID-19 lockdown has impacted some CHP operators, causing the CHPs to operate differently than usual. As a result, the pandemic slowed the market in 2020.

Combined Heat and Power (CHP) Market Scope:

Report Metric Details
Market Size Value in 2020 US$11.002 billion
Market Size Value in 2027 US$28.532 billion
Growth Rate CAGR of 14.58% from 2020 to 2027
Base Year 2020
Forecast Period 2022–2027
Forecast Unit (Value) USD Billion
Segments Covered Fuel Type, Application, Configuration, And Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Kawasaki Heavy Industries, Ltd., General Electric, Caterpillar, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens Energy, Cummins Inc., Robert Bosch GmbH, MAN Energy Solutions, Centrica, Wärtsilä, DalkiaAegis, EDF Group, VeoliaEnvironnement S.A., 2G Energy AG
Customization Scope Free report customization with purchase

IIoT Platform – Are you IoT ready?

The IIoT Platform market was valued at US$8.794 billion in 2022 and will increase to US$21.729 billion by 2029. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 13.79%.

The deployment of the internet of things (IoT) in industries and manufacturing sectors is known as the industrial internet of things (IoT). The Internet of Things (IoT) is a sophisticated integration of information technology (IT) and operational technology (OT). Machine-to-machine (M2M) connectivity, big data, deep learning, automation and optimization services, and enhanced visibility of supply chain and logistics processes are all provided by this connection. Advanced Al sensors are employed in lloT technology to detect changes in the physical and logical relationships of one object to another or with the environment. Temperature, light, pressure, sound, motion, the presence or absence of an electronically identifiable item, and location are all examples of physical changes.

According to analysts, the increasing adoption of artificial intelligence (AI) and the Internet of Things (IoT) in the industrial and manufacturing sector will be the driving force behind the market’s robust growth over the forecasted timeframe.

The usage of AI and IoT in manufacturing has been quickly progressing. Production processes can be optimized, early warnings can be provided, quality control can be enhanced, and equipment failure can be forecast by combining AI with IoT. Significant benefits, such as increased profit margins due to increased power efficiency, are enticing corporations to engage aggressively in the market. According to a Microsoft report published in 2019, IoT is becoming increasingly important in the industrial business. IoT has been accepted by 87 percent of industry decision-makers, and the clear majority feel it is vital to their company’s performance and that they are satisfied with the technology. Furthermore, due to its next-generation capabilities, edge computing’s use and demand in Industrial IoT are fast increasing. Premio Inc, for example, unveiled its new RCO-6100 commercial fanless computer with WIO-W221C IP65 rugged panel pc for next-gen industrial IoT in February 2020.

To deliver one-stop solutions to industrial users, market leaders such as Google, Amazon Web Services, and Microsoft, among others, are anticipated to form more collaborative alliances with edge-computing startups. Furthermore, the increasing number of industrial robot installations around the world is predicted to increase the need for low latency and low jitter communications, boosting the demand for IIoT solutions. AWS Snowcone, a new compact, ultra-portable, durable, and secure edge computing and data transfer device that weighs under five pounds and fits in a conventional mailbox, was introduced by Amazon Web Services, Inc. (AWS) in June 2020. Customers can collect data locally, process it, and then move it to AWS either offline or online.

The IIoT Platform’s market expansion could be hindered by cybersecurity vulnerabilities in the Internet of Things.

IoT and intelligent industrial systems are inextricably linked. Security holes are developed throughout the production facility as a result of networked technologies, posing a threat to its operation. As a result, from a security standpoint, it is impossible to tell where the data originates or ends. As a result, the greatest cybersecurity challenge in smart manufacturing is data visibility on the factory floor. For example, a manufacturing facility owned by Visser Precision, which makes space and defense equipment, was the target of a DoppelPaymer ransomware attack. The hackers disclosed critical papers and non-disclosure agreements after exploiting system flaws.

During the projected period, the application management platform segment is expected to grow rapidly in the IIoT Platform market.

By Platform Type, the IIoT Platform market can be segmented into Device Management Platforms, Application Management Platforms, and Network Management Platforms. The application management platform is intended to make it easier to handle a variety of applications, such as packing, deployment, and a containerized Software-Defined Environment (SDE). The application enablement platform aids in the management of various application provisioning as well as the provision of application-level security services. Furthermore, application enablement platforms are being used to solve goals such as intelligent product upgrades, dynamic responsiveness to market demands, cost reduction, resource optimization, and waste reduction.

During the forecasted time frame, the asset management segment in the IIoT Platform market is predicted to have a dominating share.

The IIoT Platform market is classified into Predictive Maintenance, Business Process Optimization, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Automation Control and Management, Emergency and Incident Management, and Business Communication based on application. More and more assets are being connected with tracking devices, sensors, and actuators, giving a centralized connection to the IIoT platform, thanks to the emergence of low-cost sensors, location-based services with GPS, affordable connections, and gateways. Asset management systems that use the IIoT platform to update the component location as soon as they arrive reduce these risks. Asset management is critical for managing physical assets as well as the operation of manufacturing equipment. Manufacturing operations are built on the protection of physical assets including facilities, machinery, and fleets. The asset management industrial application is critical because it gives all stakeholders a uniform view of operations and helps manufacturing companies maintain their efficiency.

During the projected period, the manufacturing segment is expected to grow rapidly in the IIoT Platform market.

By End-user industry, the IIoT Platform market can be segmented into Energy and Power, Chemical, Food & Beverage, Automotive, Manufacturing, Semiconductor, Healthcare, and Others. Manufacturing holds a significant share of investment and market share across the industries, with both discrete and process manufacturing investing heavily in IoT adoption. Furthermore, industry executives are enthusiastic about IoT adoption; according to a Microsoft study published in 2019, 87 percent of manufacturing decision-makers support IoT adoption, with smart manufacturing, durability & compliance, production scheduling & planning, supply chain management, and plant safety & security being the primary use cases.

With the introduction of Industry 4.0, IIoT is gaining traction in both discrete and process manufacturing, as it provides ways of optimizing operations, reducing downtime, boosting productivity, and assisting in the making of data-driven choices, which increases profit margins and lowers costs. Furthermore, in the coming years, the use of industrial robots in manufacturing industries is likely to grow even more. According to IFR, global demand for advanced robots in manufacturing is predicted to hit Nearly US$ 3.7 billion by 2020; as a result of these developments, other aspects of the manufacturing industry, such as in-house logistics, inventory and warehouse management, and so on, are expected to become automated in the coming years.

During the forecast period, the IIoT Platform market in the Asia Pacific is predicted to have a dominating share.

The IIoT Platform market is classified into five regions based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The Asia Pacific market is expected to account for the largest revenue share in the IIoT Platform market over the projected period. In the Asia Pacific, particularly in China and India, the IIoT platform market is steadily developing. These countries are among the first to adopt modern technology in a variety of industries, including healthcare, manufacturing, and smart cities. These countries have stable and established economies, allowing them to engage in R&D and consequently significantly contribute to the creation of new technology. According to NASSCOM, almost 6,000 Internet of Things (IoT) patents were submitted in India between 2009 and 2019, with over 5,000 filed in the last five years, owing to the early adoption of trending technologies such as IoT, SaaS, AI, big data, and mobility. From 2009 to 2019, manufacturers of electrical equipment, semiconductor devices, and computing as well as telecom equipment filed almost 60% of the IoT patents filed in India by businesses. In addition, the government plays a key role in implementing IIoT use cases in the region. Government programs such as Digital India and Make in India are boosting the manufacturing sector in India. IoT benefits the Make in India program by giving novel ways for industrial businesses to develop sustainably.

Covid-19 Insights                                            

The COVID-19 epidemic has had a tremendous influence on the IIoT platform. As the pandemic continues, manufacturing companies in North America and Asia confront enormous hurdles. Because automobile firms in the region have reduced their production activity, technologies like IoT, AI, and Blockchain have become ineffective. Despite significant reductions in auto output, the sector has suffered significant losses. Following the deployment of IoT and ML in the industrial industry after COVID 19, IIOT markets are anticipated to grow substantially.

IIOT Platform Market Scope:

Report Metric Details
Market Size Value in 2022 US$8.794 billion
Market Size Value in 2029 US$21.729 billion
Growth Rate CAGR of 13.79% from 2022 to 2029
Base Year 2022
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Billion
Segments Covered
  • Platform Type
  • Application
  • End-User Industry
  • Geography
Companies Covered
  • SAP
  • Hitachi Vantara Corporation
  • Accenture
  • IBM
  • Oracle
  • And more
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope Free report customization with purchase