The gear pumps are used for transferring liquids across different industrial applications and can be used to transfer different types of liquids that have different viscosity and need to be maintained at different temperatures using these technologically advanced gear pumps. These gear pumps can transfer liquids from the inlet of the pump to the outlet of the pump using two or more than two gears placed inside the pump that can trap the liquid between the rotating gears and in the process of doing that the pump can push the liquid towards the outlet of the gear pump to complete the transfer efficiently.
Growth Drivers:
The factors that are contributing to the growth of the gear pumps market in the industry are the growth in the demand for them to be used in hydraulic pump systems across different industrial applications such as the food & beverage industry that uses these gear pumps for transfer of different liquid food products like sauce and syrups and across different industrial applications such as manufacturing units where all processes are automated and the automatic hydraulic pumps are used for smooth and efficient transfer of liquids and similarly in the automotive industry coupled with construction sites they use hydraulic pumps that are important to provide good productivity and smooth functioning of production process.
Moreover, there is a significant improvement in the gear pump technology that makes it more compatible with other liquids and widens the end-use applications for them such as the food & beverage industry, chemical processing industry, and oil & gas industry where the need for liquid transfer is important in the production process and hence, is predicted to drive the demand for gear pumps with their growth.
Another factor fueling the demand for gear pumps in the market is industrial automation across different manufacturing and production units. This has led to the adoption of automated hydraulic systems across different industry verticals that can provide better efficiency and productivity to the manufacturers and can be used in various industries where automation is being adopted at a fast pace such as the aerospace, marine, and automotive industry.
Applications of gear pumps:
The automatic hydraulic pump that has gear pumps in it provides seamless functioning and operation of the production process in these automated industries which has led to its wide adoption in these industries. Also, these automated hydraulic pumps are more versatile and can maintain different temperatures and viscosity according to the need of the user and the liquid it is being used for transferring, therefore, the rise in industrial automation is predicted to grow the gear pump market.
These gear pumps are necessary and cater to different applications of different end-users that provide smooth liquid transfer using these automated and advanced hydraulic pumps integrated with gear pumps to increase the productivity of the manufacturing or industrial applications such as drilling operations, crude oil pumping, and hydraulic power units. These significant advancements in the technology of hydraulic pumps have led to an increase in productivity, efficiency, and smooth functioning of the production process at these different industry verticals. Also, the growing demand for energy across the globe has led to a wide range of operations of oil & gas manufacturing that need gear pumps or hydraulic pumps that use them for efficient and productive operation which in turn will drive the demand for gear pumps in the market.
The is a significant rise in the infrastructures for the chemical processing industry that need gear pumps to handle different types of liquid chemicals with unique properties easily with the growth in demand for its wide range of applications across different industry verticals such as the need for petrochemicals or petroleum products for energy resources and other petroleum-related products, industrial gases such as the natural gas which is used as an energy resource across the globe in automotive and several other industries, and specialized chemicals for different industrial use has increased the need for gear pumps which in turn is growing the production of these gear pumps in the market.
The gear pumps are one of the important parts of the production process in the chemical processing industry as these gear pumps are required to transfer liquid chemicals at certain temperatures that need to be maintained throughout the transfer process with precision and efficiency that can only be done using these gear pumps. These chemical transfers done using gear pumps have other requirements while in the process of transferring such as dosing, metering, and mixing of liquid chemicals that can be completed with technological advancements and innovations in the gear pump device which drives the demand for gear pumps in the market.
In 2022, the EU27 chemical industry—which includes consumer, specialty, and base chemicals—employed 1.2 million people and supply a wide range of industries, according to Cefic Chemdata International. Top 10 countries with the highest chemical sales were China (2390 billion Euro), EU27(760 billion Euro), the USA (606 billion Euro), Japan (227 billion Euro), South Korea (139 billion Euro), Brazil (120 billion Euro), India (115 billion Euro), Taiwan (89 billion Euro), Saudi Arabia (87 billion Euro), and Russia (79 billion Euro).
Figure 1: World Chemical Sales (Top 10 Countries), in € Billion, in 2022
Source: Cefic Chemdata International
The growth in the food & beverage industry is prominent across the globe and is growing rapidly with the growing global population. The food & beverage industry includes packaged foods and beverages which are growing in demand as it is convenient and easy for customers to order and eat these packaged foods. The gear pumps play a crucial role in the production process of this packaged food and beverage industry to transfer and handle different types of liquid products like sauces, syrups, milk, and other dairy products.
The gear pumps make it easy and convenient for manufacturers to perform different operations like dosing, filling, and mixing of these liquid products using gear pumps that further increase its demand in the food & beverage industry. Also, these gear pumps preserve food integrity and handle the products with hygiene which makes them appealing to food and beverage industry manufacturers and is adopted by them which in turn grows the gear pump market.
Types of Gear Pumps:
The gear pump industry is divided into two types which are internal gear pumps and external gear pumps each has its unique abilities and functions in the wide range of applications in different end-user industries to cater to their different needs as internal gear pumps are used to handle high-viscosity liquids and are majorly efficient in the metering of different kinds of liquids while transferring them from inlet to the outlet of the gear pump. These gear pumps are highly efficient and smooth for high-pressure liquids and are widely used in different industrial applications including hydraulic and lubrication systems.
On the other hand, in the external gear pumps there are two or more gears that are rotating and are working together to pump liquids to transfer them across from the inlet to the outlet of the gear pump. These pumps are known for their simplicity and compact size and are widely used in fuel transfer and chemical processing in the industry which further propels the growth of gear pumps in the market over the forecast period.
Regional growth prospects:
The growth is projected to be prominent in the Asia Pacific region for the gear pump market which is driven by several factors such as the fast industrialization and urbanization across different countries in the region especially in China, India, and Japan which are considered manufacturing hubs and China being one of the largest production hubs in the world is expected to drive the demand for gear pumps in the Asia Pacific region. There are different applications of gear pumps in industries like food & beverages and oil & gas that are rapidly growing in demand in the region which is expected to positively impact the market growth of gear pumps in the Asia Pacific region.
In addition, the need for gear pumps in the agriculture industry for efficient farming and good yield by improving irrigation systems coupled with the massive growth of automotive production in the Asia Pacific region with key players like Honda, Toyota, and TATA Motors that manufacture vehicles need gear pumps to provide efficient and large-scale vehicle production
Moreover, the significant investments made by government and private organizations to automate the production process and improve the existing technology in manufacturing with growing economies and improving GDPs of several countries in the Asia Pacific region are contributing to grow the gear pumps market in the Asia Pacific region over the forecast period.
At last, concluding that the gear pumps market is predicted to have several innovations and growth opportunities over the forecast period with growth in different industry verticals like the food & beverage processing industry. These sectors drive market demand because they depend on gear pumps for effective fluid handling, transfer, and processing applications. The market is also growing as a result of technical developments that enhance performance, longevity, and material compatibility. A strong rise in infrastructure and industrialization is driving regions such as Asia Pacific. Overall, the gear pump market is expected to continue growing and innovating in the upcoming years due to the growing demand for dependable and effective fluid-handling solutions across a variety of sectors.
Key Developments:
- In January 2024, Performance curve documents for each of the internal gear pump models were released by Blackmer. The following items were covered by these documents: V Series Asphalt Gear Pump, E Series Magnetic Drive Gear Pump, and G Series Internal Gear Pump. For every size gear pump, these performance curve documents include both driving power and flow rate curves. They also offer curves for up to seven distinct viscosity levels and for various pump building materials, such as iron steel and stainless steel (where applicable).
- In December 2022, Dover announced the completion of its purchase of Witte Pumps & Technology GmbH (“Witte”), a precision gear pump manufacturer. Witte was integrated into Dover’s Pumps & Process Solutions sector as a business unit called Maag.
Postal Automation Systems to Replace Traditional Postal and Letter Businesses
Thought ArticlesThe postal automation market is predicted to grow at a compound annual growth rate (CAGR) of 6.10% to attain a market size of US$4.900 billion by the end of 2026.
Mail sorting systems, postal software, package sorting systems, and automatic reading and coding systems are all part of the postal automation systems. The fundamental reason for the need for postal automation is to eliminate the flaws of traditional postal systems, such as human errors, longer processing times, and a high labor need. The postal industry’s automation allows for faster and more accurate classification of letters and parcels, as well as the digitalization of the process.
Automation in the postal system streamlines the entire mail processing chain, from pre-sorting through sequencing, lowering fixed costs while also enhancing service quality. It also aids in boosting the system’s profitability, competitiveness, and quality as well as lowering labor costs because the process requires less manpower. Furthermore, during the forecast period, the increased demand for industrial automation is expected to boost market expansion for postal automation systems. Due to the move from traditional to automated postal systems over the projection period, Government postal applications are expected to hold a significant market share by end-user.
Increased demand for automated sorting and delivery operations in the postal industry, growth in e-commerce businesses and growing labor costs are all factors propelling the market forward.
During the projected period, the growing popularity of the e-commerce industry is expected to drive market expansion in the postal automation market. The growing popularity of e-commerce is posing a challenge for the logistics business, as traditional operations can be inaccurate and waste a lot of time and money. According to the Wall Street Journal, nearly one-third of all products sold online are returned by customers, necessitating the use of reverse logistics. The high volume of package transfers is predicted to propel the postal automation market forward, as a big number of shipments would necessitate the use of an efficient parcel automation system. Another key benefit of an automated postal system will be a decrease in labor expenses and reliance. High attrition rates, government rules, declining efficiency, and a scarcity of employable skills are only a few of the causes for the rise in labor expenses that the traditional postal industry must face. Labor expenses are rising in many areas, including manufacturing, automotive, logistics, energy and power. The automated postal system saves businesses money by reducing labor expenses and making the entire process more efficient, accurate, and productive. Traditional postal operations are evolving into smarter, more connected, and more efficient automated postal operations as a result of the integration of Industry 4.0 principles, which creates potential for market suppliers. The market expansion is expected to be fueled by rising demand in the online shopping industry.
Maintenance costs and hefty initial investments curtail the market’s growth
The initial investment required to automate the mail system is considerable. Because the entire process will be digitalized, as well as the installation of various hardware and software, a considerable sum of money will be necessary to automate the entire postal system. Furthermore, once the automated system is in place, it will need to be maintained, serviced, and renewed on a regular basis, adding to the variable cost. As a result of the high costs involved with the installation and maintenance of the postal automation system, market growth may be hampered during the projection period as organizations seek to reduce or avoid this additional expense. Furthermore, technological problems halting the operating process and designing an advanced postal automation system in the era of the Industrial Internet of Things (IoT) are two major hurdles for participants in the postal automation system market. Technical faults with any sensor element in postal automation systems could bring the system to a standstill, causing mail and parcel delivery to be delayed. Any sudden difficulty with control software would cause automated systems to malfunction, causing a delay in the entire process of sorting and delivering messages.
The federal government’s requirement that the post office contribute money to help lower the federal budget deficit restricts the amount of money available to spend for automated technologies. Rate incentives that encourage the privatization of mail processing divert work from the post office, lower postal earnings, and underutilize current automation equipment. In addition, the private presort sector undercuts the post office by paying personnel far less than postal wages to prepare mail shipments for distribution and delivery by the Postal Service.
The hardware component outperforms the software component to grow at a significant rate
In the postal automation market, the hardware component is likely to have a significant share. Automation is fundamentally a collection of connected hardware components and data solutions in any industry vertical. It is predicted that growth in the number of new system installations as part of capacity expansion and upgrades in existing systems as part of automation in the postal industry is likely to drive the market. Furthermore, crossborder retail has aided the increase of parcel deliveries. As a result, in order to improve the postal industry’s supply chain, an automated and connected hardware system is required in a postal automation system.
Sortation systems are essential for increasing the efficiency of postal operations
Postal firms frequently utilize sortation systems such as flat sorters and package sorters. Increasing parcel quantities, on the other hand, have put postal operators under pressure to deliver parcels faster. To stay afloat in today’s harsh business climates, postal operators are turning to novel automation solutions. As a result, package sorters play a critical part in parcel delivery operations, and their importance is projected to rise in the coming years.
The Asia Pacific region will expand at breakneck speed, but North America will dominate the market
During the forecast period, North America is estimated to hold the greatest share of the postal automation system market. The presence of large postal and courier, express, & parcel (CEP) firms in the region is one of the primary drivers driving market expansion in the region. The Asia Pacific will grow at a significant rate owing to an increased need for a more automated and streamlined approach that would arise from the growing trend of e-commerce in developing countries such as India, China, and South Korea, among others. The presence of some of the leading market companies makes products and services more readily available in emerging regions, increasing demand for these devices. The European and North American markets were early adopters of postal automation technology, and they are now upgrading their systems to provide greater connection and satisfy growing demands, resulting in a surge in demand for postal automation solutions in the region.
Coronavirus Pandemic Analysis
The report also provides a study about the impact of the coronavirus on market for the postal automation and other end-user industries, stating how the lockdown and employment have severely impacted the postal automation market along with the impact of a disrupting supply chain on the industry.
Postal Automation Market Scope:
Food Contact Paper Market valuation worth US$117.904 billion by 2029
Press ReleasesThe food contact paper market is expected to grow at a CAGR of 4.14% with a market valuation of US$88.786 billion in 2022 and is expected to reach a market value of US$117.904 billion by 2029.
The food contact paper is used across the food industry. It is used for storing and packaging food so that the food does not react with it. Materials like plastic, rubber, and metal are also used for food packaging but the increasing for eco-friendly solutions is contributing to the growing demand for paper to be used for serving, packaging, and storing food items.
Food contact paper is widely used for packaging confectionery goods, fruits, and drinks due to its various benefits. Increasing demand for online food delivery services is propelling the growth of the food contact paper market
As per the report, the food contact paper market is expected to grow at a significant pace.
Paper being a lightweight and environment-friendly alternative to other packaging materials is one of the reasons for the growth of the food contact paper market. The food industry is very actively making the transition toward sustainable and eco-friendly packaging for storing and delivering food products.
Food paper packaging has numerous benefits such as being lighter in weight, having no harmful effects, being easy to store, and maintaining the taste of food making it an essential part of the rapidly expanding food contact paper market. Due to stringent regulations imposed by governments across the globe regarding the usage of a packaging material that is environment friendly and also does not alter the properties of the food being stored in it.
For instance, in September 2023, Mondi and Veetee collaborated to introduce paper-based packaging for dry rice a first of its kind in the United Kingdom. Packaging is made of Mondi’s Functional barrier Paper. This new packaging, solution is regarded as an eco-friendly alternative to previously used plastic packaging and it also supports Veetee’s goals to reduce plastic. Packaging is also certified by OPRL due to which it is accepted for kerbside recycling.
Increasing consumer awareness of and harmful effects of plastic as food packaging material and consumer behaviour shift towards sustainable and eco-friendly packaging is contributing to the growth of the market.
Food contact papers are regarded as a safe alternative to other food packaging materials because when other materials come in contact with food or drinks then they tend to cause contamination due to the presence of antioxidants, metal, coloring agents, and microplastic material in them due to this demand for paper to be used as packaging material in propelling the growth of the market.
There are many product launches and developments that are taking place in the food contact paper market during the forecast period. For instance, in March 2023, Mondi announced the investment of €400 million on a new paper machine at Štetí, Czech Republic, factory. The machine is capable of producing 210,000 tonnes per annum of sack kraft paper annually. This investment is regarded as part of the company’s €1 billion expansion investment program.
North America region is anticipated to hold the majority share of the food industry due to high consumer spending power and better living standards. Thus, the market in the North American region expanding due to increasing demand for packed food items which in turn is contributing to the growth of the food contact paper market in the region.
The market in the region is expanding due to increasing consumer awareness regarding eco-friendly solutions due to the adoption of paper material for packing food items is propelling the growth of the market.
The food contact paper market, based on different types is categorized into- kraft paper, greaseproof paper, parchment paper, and others. Kraft paper is produced through a sulfate treatment process. It is available in the market in various forms such as brown, unbleached, white-bleached, and heavy-duty kraft paper. It is one of the strongest papers it is generally used for making bags or for wrapping purposes.
Greaseproof paper, also referred to as grease-resistant paper, is produced through a process commonly known as beating in which cellulose fibers are left soaked in water for a longer duration due to which fibers break down and convert to gelatinous form. Greaseproof paper is commonly used for wrapping food material either oily or non-oily. This paper is regarded as a very good alternative to plastic material.
Parchment paper is made through an acid-treated pulp process in which raw material is passed through a sulfuric acid bath during which acid modifies the cellulose thus making them much smoother and make them resistant to water and oil. This paper is commonly used for is packaging of butter, ghee, and various other oily products.
The food contact paper market, based on different applications is categorized into- bakery & confectionary, dairy products, fruits and vegetables, poultry, and others. Food contact paper is widely used as a packaging or wrapping of confectionery goods due to its property of not absorbing moisture and oil it also keeps the items fresh for longer durations without hampering the quality of food items.
In dairy and poultry paper is used for storing and packaging goods due to its greasy property and moisture-retaining properties. Paper being light in weight also helps in the easy transportation of dairy goods without being hampered or affected by environmental conditions.
As a part of the report, the major players operating in the food contact paper market that have been covered are Koch Industries (Mondi), Smurfit Kappa (Westrock Company), Georgia-Pacific LLC, Twin River Paper Company, UPM, Ahlstrom-Munksjo, GM Packaging Pvt Ltd, Superior Paper Pvt Ltd, Shanghai Topcare, and KRPA Holding CZ, a.s..
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/food-contact-paper-market
The analytics report categorizes the food contact paper market using the following criteria:
Segmentation:
Resistance to Abrasions, High Temperature and Increased Lifespan With Thermal Barrier Coating
Thought ArticlesThe global thermal barrier coatings market is valued at US$12.152 billion in 2020, with a CAGR of 4.09% predicted to raise US$16.092 billion by 2027.
Thermal barrier coatings are intended to protect metal structural components from extremely elevated temperatures, reducing stress and abrasion and extending the part’s life. Thermal barriers incorporate several key components to provide such a high level of protection. Every coating comprises four distinct layers, with each layer contributing to the coating’s protective thermal properties and allowing it to form a unique thermal barrier. These 100 m to 2 mm thick thermally shielding paints protect elements from large and sustained heat loads and can withstand a significant temperature gradient between the load-bearing alloying elements and the coating surface. As a result, these coatings can allow for higher operation conditions while restricting structural element thermal exposure, broadening part life by reducing oxidation and thermal fatigue. In some turbine implementations, TBCs, in conjunction with active film cooling, allow working fluid temperatures greater than the melting point of the metal airfoil. There is a major incentive to develop new and enhanced TBCs due to the increasing demand for more powerful engines operating at higher temperatures with better sturdiness and slimmer coatings to reduce parasitic mass for rotational motion components.
Components of Thermal Barrier Coating
A typical thermal coating consists of a metal layer sandwiched between two ceramic layers.
On the other hand, misaligned thermal expansion coefficients can jeopardise the bond where it abides by the substrate. A “bond coat” is sometimes used to aid adhesion between the metal substrate and the ceramic layer. These thermal barrier coatings are made up of four layers. The metal surface is the first component of the thermal coating. Thermal coatings tend to work well with mono or polycrystalline nickel or cobalt alloy blended with other components based on the intended end-product properties. The bond coat is the first layer of the coating; it is what allows the sealant to bond to the substrate and thus adhere to it. The bond coat is traditionally a metallic layer composed of a nano-structured ceramic-metallic matrix that abides the layer to the metal substrate and is important for activating the 2nd coating layer of thermally grown ceramic oxide when the coating is exposed to elevated temperatures. The composition of thermally grown oxides is catalysed when nanoparticles of aluminium oxides and nitrides are dispersed all across the bond coat. This ceramic layer is in charge of establishing a uniform, thermally protective shield by intervening as an oxygen diffuser, preventing the substrate from burning.
Coating Solution Market
Saint- Gobain Coating Solution– Saint-Gobain Coating Services produces a wide variety of thermal barrier coatings in EB-PVD, thermal spray powders and ingots. It can produce the best strategy to protect equipment, such as turbines, against high-temperature abrasion, erosion, oxidation, and wear by leveraging its competence in materials technology and process design. Most importantly, its product lines provide enhanced service durability in harsh environments.
Hayden Thermal Spray Coating- HVOF is a high-velocity thermal spraying procedure that yields coatings with high bonding and abrasion resistance. It is frequently used in the petroleum and aerospace sectors to coat parts. Like a fighter jet plane’s engine in the afterburner, the combustion process employs specifically designed valves to speed up the exhaust gases to supersonic velocities. The powdered coating material is added and ramped up toward the surface in the high-velocity gas stream. The coating is accumulated with high energy and high density, and adhesion.
Curtiss- Wright Thermal, Plasma And HVOF Spray Coating-Curtiss-thermal Wright’s spray coating services include plasma, flame, HVOF (High-VelocityVelocity Oxy-Fuel), and arc wire spray, which are used in the automotive, power generation, aerospace, and oil and gas industries. These techniques can create a low-cost, high-performance coating that shields components from wear, corrosion, heat, fatigue, and oxidation. HVOF coatings, in particular, are a viable hard chrome plating alternative.
Thermal Barrier Coatings Market Scope:
Lentil Protein for the Health-Centric Consumers
Thought ArticlesLentil protein market size was valued at US$15.801 million in 2020.
A healthy diet is essentially a good practice that supports the nutritious growth of the human body. In recent times, when the number of chronic noncommunicable diseases like heart disease, diabetes, and cancer is increasing, the importance of healthy food habits is also surging simultaneously. Consumers globally are searching for healthy alternatives which are free from additives, fats, calories, and similar ingredients. Following the change in consumer preferences, the health-conscious behavior of consumers is rising. Furthermore, the rising awareness of the environmental impact owing to livestock farming is driving the demand for plant-based protein markets around the world. Lentil is an affordable and healthy plant-based protein, with the advantage of high fiber and low-fat content. Additionally, the increasing investments by the food processing organizations to bring innovation in their plant-based protein product portfolio, including lentil protein is aiding the growth of the lentil protein market.
The health benefits of lentil-based protein are a primary factor driving the lentil protein market demand
Lentil proteins are good for heart health as they are rich in lysine, fiber, folic acid, and potassium. According to the American Heart Association, legumes are high in minerals and fiber, which gives the consumer the advantages of animal protein without saturated fats. Eating lentils can also improve blood cholesterol and reduces the risk of heart disease. Furthermore, the presence of essential amino acids in the lentils helps to improve the functionality of immune systems. With several health benefits lentils serves as a better alternative plant-based protein source. Furthermore, lentils are considered smart proteins. As per the Smart Protein project by the EU, lentils comprise an average of 26% high-quality protein. Also, lentil protein helps to increase the nutritional value of the food. Some of the predominant proteins in lentils are globulin, which plays an important role in the healthy functioning of the liver. Additionally, among the six common legumes, lentils have the highest total phenolic content. The phenolic contents are important plant constituents that are responsible for facilitating antioxidant activity in the human body. Hence, the numerous health benefits of lentil proteins are propelling the growth of the lentil protein market.
During the forecast period, the increasing number of strategic initiatives by the competitive market players is expected to facilitate the growth of the lentil protein market
The lentil protein market has witnessed a significant development owing to the rising demand for healthy food options and growing concerns regarding animal cruelty. The use of lentils as an alternative to meat and fish is growing simultaneously with the rising awareness about the food system impact. For instance, in August 2019, Parabel USA Inc, a producer of protein ingredients from water lentils launched neutral-colored protein ingredients. Water lentils are sustainable alternatives for manufacturers searching for plant-based options to address the concerns about food system impact. The new ingredient contains 65-70% hydrolyzed protein and a complete amino acid profile. The CEO of Parabel USA states that water lentils hydrolysate has good functionality as compared to other minimally processed ingredients.
Furthermore, in March 2022, Global food and Ingredients Inc. acquired Bentilia, a lentil-based pasta brand in the plant-based pasta market segment. Bentilia lentil-based pasta is made of lentil flour giving the products a chunk of lentil protein benefits. The GFI believes that through this acquisition the company can position itself well in the US and Canadian markets. Through this acquisition, the GFI has acquired dual benefits of Bentilia’s product portfolio which are its health and wellness credentials and elevated taste expectations. Through such strategic initiatives, the lentil protein market players are intending to expand their operations. Due to the rising demand, these market players are benefitting through deliberately planned acquisitions. Therefore, the overall prospects of the lentil protein market are indicating growth during the forecast period,
The analyst anticipated that during the forecast period the European region is expected to hold a significant market share
The lentil protein market has been divided into five regions: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. During the forecasted period, the European lentil protein market is expected to hold a large proportion owing to the EU’s ambitions to become carbon neutral by 2050. Furthermore, the EU has taken several initiatives for the development the plant proteins. For instance, the Farm to Fork Strategy aims for a fair, healthy, and environmentally friendly food system. Through this initiative, the EU aims to push sustainable food production, sustainable food processing and distribution, sustainable food consumption, and food loss and waste prevention. As per the Legume Innovation network, increased awareness regarding sustainable food systems has revitalized legume consumption in Europe, which has resulted in significant growth in the lentil protein market in the European region.
COVID-19 Insights
The coronavirus pandemic had a significant impact on the lentil protein market, due to the major shutdowns in most of the major sectors including the food and beverage sector. As a result of temporary halts in business operations, along with the disruptions in the supply and production lines, the food industry faced heavy shortages. Furthermore, agricultural activities were also affected due to the social distancing measures imposed across the world, which ultimately affected the production of lentils. According to the Food and Agriculture Organization of the United Nations, lentil production was 6,570,688 tons in 2018 which was reduced to 5,783,772 tons and 6,537,581 tons in 2019 and 2020 respectively. Although the numbers are indicating a gradual recovery after the pandemic, the overall production tons in 2020 were lower as compared to 2018. Furthermore, to match the growing food demand, the market rebounded quickly, as governments across the globe started working on meeting the food demand during the pandemic.
Lentil Protein Market Scope:
Understanding Gear Pumps: Working Principles, Applications, and Benefits
Thought ArticlesThe gear pumps are used for transferring liquids across different industrial applications and can be used to transfer different types of liquids that have different viscosity and need to be maintained at different temperatures using these technologically advanced gear pumps. These gear pumps can transfer liquids from the inlet of the pump to the outlet of the pump using two or more than two gears placed inside the pump that can trap the liquid between the rotating gears and in the process of doing that the pump can push the liquid towards the outlet of the gear pump to complete the transfer efficiently.
Growth Drivers:
The factors that are contributing to the growth of the gear pumps market in the industry are the growth in the demand for them to be used in hydraulic pump systems across different industrial applications such as the food & beverage industry that uses these gear pumps for transfer of different liquid food products like sauce and syrups and across different industrial applications such as manufacturing units where all processes are automated and the automatic hydraulic pumps are used for smooth and efficient transfer of liquids and similarly in the automotive industry coupled with construction sites they use hydraulic pumps that are important to provide good productivity and smooth functioning of production process.
Moreover, there is a significant improvement in the gear pump technology that makes it more compatible with other liquids and widens the end-use applications for them such as the food & beverage industry, chemical processing industry, and oil & gas industry where the need for liquid transfer is important in the production process and hence, is predicted to drive the demand for gear pumps with their growth.
Another factor fueling the demand for gear pumps in the market is industrial automation across different manufacturing and production units. This has led to the adoption of automated hydraulic systems across different industry verticals that can provide better efficiency and productivity to the manufacturers and can be used in various industries where automation is being adopted at a fast pace such as the aerospace, marine, and automotive industry.
Applications of gear pumps:
The automatic hydraulic pump that has gear pumps in it provides seamless functioning and operation of the production process in these automated industries which has led to its wide adoption in these industries. Also, these automated hydraulic pumps are more versatile and can maintain different temperatures and viscosity according to the need of the user and the liquid it is being used for transferring, therefore, the rise in industrial automation is predicted to grow the gear pump market.
These gear pumps are necessary and cater to different applications of different end-users that provide smooth liquid transfer using these automated and advanced hydraulic pumps integrated with gear pumps to increase the productivity of the manufacturing or industrial applications such as drilling operations, crude oil pumping, and hydraulic power units. These significant advancements in the technology of hydraulic pumps have led to an increase in productivity, efficiency, and smooth functioning of the production process at these different industry verticals. Also, the growing demand for energy across the globe has led to a wide range of operations of oil & gas manufacturing that need gear pumps or hydraulic pumps that use them for efficient and productive operation which in turn will drive the demand for gear pumps in the market.
The is a significant rise in the infrastructures for the chemical processing industry that need gear pumps to handle different types of liquid chemicals with unique properties easily with the growth in demand for its wide range of applications across different industry verticals such as the need for petrochemicals or petroleum products for energy resources and other petroleum-related products, industrial gases such as the natural gas which is used as an energy resource across the globe in automotive and several other industries, and specialized chemicals for different industrial use has increased the need for gear pumps which in turn is growing the production of these gear pumps in the market.
The gear pumps are one of the important parts of the production process in the chemical processing industry as these gear pumps are required to transfer liquid chemicals at certain temperatures that need to be maintained throughout the transfer process with precision and efficiency that can only be done using these gear pumps. These chemical transfers done using gear pumps have other requirements while in the process of transferring such as dosing, metering, and mixing of liquid chemicals that can be completed with technological advancements and innovations in the gear pump device which drives the demand for gear pumps in the market.
In 2022, the EU27 chemical industry—which includes consumer, specialty, and base chemicals—employed 1.2 million people and supply a wide range of industries, according to Cefic Chemdata International. Top 10 countries with the highest chemical sales were China (2390 billion Euro), EU27(760 billion Euro), the USA (606 billion Euro), Japan (227 billion Euro), South Korea (139 billion Euro), Brazil (120 billion Euro), India (115 billion Euro), Taiwan (89 billion Euro), Saudi Arabia (87 billion Euro), and Russia (79 billion Euro).
Figure 1: World Chemical Sales (Top 10 Countries), in € Billion, in 2022
Source: Cefic Chemdata International
The growth in the food & beverage industry is prominent across the globe and is growing rapidly with the growing global population. The food & beverage industry includes packaged foods and beverages which are growing in demand as it is convenient and easy for customers to order and eat these packaged foods. The gear pumps play a crucial role in the production process of this packaged food and beverage industry to transfer and handle different types of liquid products like sauces, syrups, milk, and other dairy products.
The gear pumps make it easy and convenient for manufacturers to perform different operations like dosing, filling, and mixing of these liquid products using gear pumps that further increase its demand in the food & beverage industry. Also, these gear pumps preserve food integrity and handle the products with hygiene which makes them appealing to food and beverage industry manufacturers and is adopted by them which in turn grows the gear pump market.
Types of Gear Pumps:
The gear pump industry is divided into two types which are internal gear pumps and external gear pumps each has its unique abilities and functions in the wide range of applications in different end-user industries to cater to their different needs as internal gear pumps are used to handle high-viscosity liquids and are majorly efficient in the metering of different kinds of liquids while transferring them from inlet to the outlet of the gear pump. These gear pumps are highly efficient and smooth for high-pressure liquids and are widely used in different industrial applications including hydraulic and lubrication systems.
On the other hand, in the external gear pumps there are two or more gears that are rotating and are working together to pump liquids to transfer them across from the inlet to the outlet of the gear pump. These pumps are known for their simplicity and compact size and are widely used in fuel transfer and chemical processing in the industry which further propels the growth of gear pumps in the market over the forecast period.
Regional growth prospects:
The growth is projected to be prominent in the Asia Pacific region for the gear pump market which is driven by several factors such as the fast industrialization and urbanization across different countries in the region especially in China, India, and Japan which are considered manufacturing hubs and China being one of the largest production hubs in the world is expected to drive the demand for gear pumps in the Asia Pacific region. There are different applications of gear pumps in industries like food & beverages and oil & gas that are rapidly growing in demand in the region which is expected to positively impact the market growth of gear pumps in the Asia Pacific region.
In addition, the need for gear pumps in the agriculture industry for efficient farming and good yield by improving irrigation systems coupled with the massive growth of automotive production in the Asia Pacific region with key players like Honda, Toyota, and TATA Motors that manufacture vehicles need gear pumps to provide efficient and large-scale vehicle production
Moreover, the significant investments made by government and private organizations to automate the production process and improve the existing technology in manufacturing with growing economies and improving GDPs of several countries in the Asia Pacific region are contributing to grow the gear pumps market in the Asia Pacific region over the forecast period.
At last, concluding that the gear pumps market is predicted to have several innovations and growth opportunities over the forecast period with growth in different industry verticals like the food & beverage processing industry. These sectors drive market demand because they depend on gear pumps for effective fluid handling, transfer, and processing applications. The market is also growing as a result of technical developments that enhance performance, longevity, and material compatibility. A strong rise in infrastructure and industrialization is driving regions such as Asia Pacific. Overall, the gear pump market is expected to continue growing and innovating in the upcoming years due to the growing demand for dependable and effective fluid-handling solutions across a variety of sectors.
Key Developments:
Diverse Industrial Applications Driving the Transparent Ceramics Market Growth
Thought ArticlesThe global transparent ceramics market is expected to grow at a CAGR of 24.93% over the forecast period to reach a total market size of US$1,687.321 million by 2027, increasing from US$355.287 million in 2020.
The global transparent ceramics industry is undergoing several improvements and breakthroughs that will significantly drive market growth in the next years. For instance, Indian scientists and researchers produced translucent ceramics in September 2021, achieving theoretical transparency using a technique known as colloidal processing. The material is suitable for thermal imaging applications, particularly under hard service circumstances, as well as headgear, face protection, and eyewear. Transparent ceramics have also made major contributions to areas such as consumer electronics, aerospace and military, optoelectronics and optics, and others. The rising demand for their usage in sensors, as well as the employment of ceramic technology in lasers, are projected to be important drivers propelling market expansion. Optics and optoelectronics have a considerable proportion of the worldwide market, which is expanding due to the increased use of transparent ceramics in the sector. The optoelectronics market is being driven by rising demand for luxury automobiles and increased awareness about vehicle safety, which is expected to raise demand for transparent ceramics throughout the projected period.
Konoshima Chemical Co., Ltd., CeramTec ETEC, Murata Manufacturing Co., Ltd., Momentive Technologies, American Elements, Surnet Corporation, SCHOTT AG, and others are a few key major players in the market of global transparent ceramics.
Konoshima Chemical Co., Ltd., is a Japanese corporation that primarily operates in the building materials and chemical products industries. The company’s product line consists of chemicals, building materials, and ceramics. It also has an extensive research and development department for each of these segments to introduce emerging concepts into the business. Under the transparent ceramics range, the company is divided into two main sectors. The company offers YAG ceramics, Y2O3 ceramics, Phosphor and scintillator, Optical isolator (TGG), and Dense ceramics. The YAG ceramics apply to laser sensors, lenses, optical substrates, prisms, viewing windows, and usage under corrosive gases. Transparent ceramic is available in five types. The Optical isolator (TGG) transmits light in a single direction and is used as a unit combined with optical fiber. The company is the only one in the global transparent ceramics market to have densification technology and ceramic transparency. Their ceramics are used as a primary device for the X-ray astronomical satellite, Hitomi. It was developed by the Japan Aerospace Exploration Agency and the National Aeronautics and Space Administration to measure the elements and their velocities in the universe by appropriately identifying the X-rays and their origin. The company has also developed other technologies such as bonding technology and others that are anticipated to boost the market demand in the upcoming years.
CeramTec ETEC provides wear and corrosion protection solutions constructed from ALOTEC® advanced ceramics, as well as ceramic armor for the ballistic protection of individuals, vehicles, and assets. It is a CeramTec division based in Lohmar, Germany. The transparent ceramics offered by the company apply to a diverse range of industries such as automotive, medical, mechanical engineering, and others. According to the company’s mission, the ceramics department of appliances is divided into land, sea, and air. Its primary objective is to protect people and automobiles in addition to communicating, identifying, and protecting under the sea along with providing sensor-protective ceramics for the aerospace industry. Furthermore, CeramTec had developed a more resilient alternative to traditional scanner glass in collaboration with scanner manufacturer DESKO. Clear PERLUCOR ceramics are used in the glass plates of DESKO scanners. It is impervious to mechanical and chemical impacts.
American Elements is the global leader in industrial materials science applications. For over two decades, the company has become a vital source for academic and industry research, innovation, and new product development. They are a global manufacturer and distributor of advanced materials, with an enormous online product catalog and encyclopedia of knowledge on chemical elements, sophisticated materials, and high-tech applications. The company offers more than 50 various types of transparent ceramics namely, Sapphire Powder, Terbium Gallium Garnet, and others.
Global Transparent Ceramics Market Scope:
Growing Climate Concerns to Drive the Metal Packaging Market
BlogThe Global Metal Packaging market size was valued at US$115.829 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 3.18% over the predictive period to reach US$150.510 billion by 2027.
Metal packaging is defined as a packaging process, which is made mostly of metals like metal, aluminum, and steel. Recyclability is one of the major reasons likely to boost the global metal packaging market over the projected period. Owing to their superior recycling infrastructure, aluminum and steel packaging materials are the two most durable raw materials for packaging. Considering the high need for canned food, especially in busy metropolitan areas, the rising popularity of utilizing the product for canned food serves to increase consumption. Due to its ability to withstand high pressure and durability, the product is also frequently utilized in the fragrance industry.
Growing Environmental Concerns to Drive the Market
The Climate crisis has been at an all-time high. Climate change has had a huge impact on countries all around the world. Temperature rises, floods, water shortages, plagues, and other natural disasters have been documented in countries all over the world. Climate change, according to the World Health Organization (WHO), is the greatest danger to world health in the twenty-first century. The growing fossil-fuel industry, manufacturing industry, rapid deforestation, overconsumption, increasing waste, etc, have been reported to be the major contributor to this climate change catastrophe.
Among other reasons, the growing consumption of plastic has been considered to be a major one. The increasing usage of single-use plastics, plastic bottles, etc has had an adverse effect on the environment. According to the UN Environment Programme, we produce about 400 million tons of plastic waste every year, and if current trends continue, the worldwide primary plastic output is expected to reach 1,100 million tons by 2050. Plastic bottles act as a major contributor to plastic waste and with the intensity of their usage and production around the world; it acts as a hindrance to environmental sustainability.
The food and beverage industry has reported significant growth over the past years. The usage of cans for raw fruits and vegetables, beverages, condiments, pre-cooked food, etc. has increased the market demand for canned packaging in the food and beverage industry. Aluminum cans can be recycled an endless number of times, which makes them a better alternative than plastic bottles. Metal cans are also sturdier and can provide better strength and protection against collisions or damages during transport, while also providing a barrier to bacteria and reducing contamination. Hence, with the growing concern for climate change and eco-friendly production processes, the metal packaging market is anticipated to rise significantly.
Advancements in Metal Packaging to Drive the Market
With the increasing advancements in the food and beverage and consumer industry, the metal packaging sector has also reported significant improvements.
According to a news report by Ardagh Metal Packaging on 7th June 2022, The company is investing heavily in the expansion of its manufacturing facilities in La Ciotat, France. The new investment, which is backed by Bpifrance and Sud Attractivité, is in response to increased demand for beverage cans from a diverse range of new and existing customers in Southwestern Europe and Middle East Africa (MEA) regions, and will significantly strengthen AMP’s position in those regions.
According to a news report dated 14th February 2022, Novelis, in conjunction with local energy distributor OIKEN and HES-SO Valais-Wallis, and EPFL from the Swiss innovation and research hub Energypolis Campus, developed a research and development center to promote carbon-neutral solutions for aluminum manufacture. The Net Zero Lab Valais is located within Novelis’ production facility in Sierre, Switzerland. Its objective is to achieve carbon neutrality at the plant for Scope 1 and 2 by 2030.
In December 2021, Ethic Drinks released the IGP Méditerranée Nomad 83 rosé, which is an organic canned wine drink. The drink was met with a lot of popularity among the youth, mostly due to its sustainable packaging and carry-anywhere ability. This product goes in line with the company’s objective to prevent wastage by producing eco-friendly and recyclable packages, which would lead to a lesser carbon footprint on the environment.
North American Region to Lead the Market
The North American region is expected to hold the largest market share in the metal packaging market throughout the forecast period. The market is predicted to grow as a result of factors such as its rising adoption in the food and beverage industry, and the demand for sustainable and recyclable packaging materials. The growing market for canned soft drinks, beer, and other beverages owing to the aggressive marketing strategies of beverage companies has led to an increase in demand for the metal packaging market. The growing concerns over plastic waste have also resulted in a shift of consumers from plastic bottles to canned products. Moreover, the growing demand for metal packaging for the manufacture of pharmaceutical equipment has also contributed to an increase in demand for the metal packaging market, and this demand is anticipated to rise significantly in the region over the forecasted period.
Covid-19 Insight
The advent of the COVID-19 pandemic sparked a worldwide economic downturn. Most businesses had suffered major losses since most countries implemented lockdown and social isolation policies. This, in turn, had an effect on people’s lifestyles and well-being. The metal packaging industry also reported a significant decrease in profits and demand, due to the closure of major industries. The market was faced with a lack of raw materials and a shortage of labor, which affected the industry. Most major supply and production lines were also disrupted as a result, leading to a decrease in imports and exports. The food and beverage industry also reported a drop in demand, due to the strict COVID-19 protocols. Some countries however reported an increase in demand for canned food items, due to their hygienic packaging. Moreover, the increasing e-commerce and delivery services have reported an increase in demand for the packaging industry, leading to positive market growth. Further, as most countries have started to lift their COVID-19 protocols, the market is anticipated to rise significantly.
Metal Packaging Market Scope:
Linseed Oil – Give Yourself an Oil Change and a Tune-up
BlogThe Linseed Oil market is expected to grow at a compound annual growth rate of 5.11% to reach a market size worth US$1,366.226 million by 2029.
Linseed oil is a vital oil extracted from flaxseeds that are best suited for a variety of uses in industries such as medicines, cosmetics, food and beverage, flooring, paint and varnishes, and others. Linseed oil has the unusual property of polymerizing into solid form and acting as a good impregnator when combined with solvents or resins. Linseed oil revenues have soared as the food and beverage industry expands its nutritional offerings. Because of its ability to function as a natural laxative, linseed oil is in high demand. It helps to control cancer and heart disease. Furthermore, linseed oil has seen a major increase in demand as customers become more interested in eating a healthy diet.
Analysts anticipate that the market will grow due to the increased application of linseed oil across different industry verticals during the forecast period.
Because of its growing use in flooring, nutritional supplements, putty, paints, glides, wood finish, linoleum, and food processing, the linseed oil market is expected to find profitable opportunities throughout the forecasted period. The high bonding, polymerizing, and layer-forming properties of these oils account for their increased demand in many end-user sectors. Linseed oil is also widely used as a source of a-Linolenic acid in nutritional supplements. It is traditionally served with potatoes and quark in Europe and is considered a delicacy for its substantial flavor and ability to enhance the bland flavor of quark. Linseed oil is also used to make other oils with special qualities including grinding, bonding, tempering, and catalyzed curing. Furthermore, its polymer-forming property, which is widely used in the paints & coatings sector for blending with various solvents and resins as impregnators and linoleum, is expected to drive market growth.
Furthermore, increased R&D and product innovation investments by key industry players are anticipated to improve market competitiveness. For example, Vandeputte Oleochemicals completed the world’s largest linseed oil factory, ASVA, in the Rostov region in April 2021. ASTON (Russia) and Vandeputte Oleochemicals collaborated on this plant. With a manufacturing capacity of roughly 450 tons per day, it concentrates on technological processing for double pressing linseed oil extraction, allowing the company to meet a larger global demand.
Croda International Plc. also built a crop care product validation center in Brazil in September 2021 to facilitate product development and boost its position in the agrochemical sector. Because of its applications in crop production, this strategic development will assist improve the linseed oil market.
The harmful nature and availability of alternatives to linseed oil can act as a constraint for market growth at a global level.
Linseed oil is flammable and harmful in nature. Furthermore, it causes eye and skin irritation when in touch, which may limit its use in childcare items. Moreover, PVC is increasingly replacing linoleum, limiting the expansion of the worldwide linseed oils market. Furthermore, the oil is typically a slow-drying liquid. Linseed oil can be used to preserve wood, however, the prolonged drying period makes it unsuitable for items that are handled or walked on, such as furniture or decks. Alkyd resins have replaced linseed in many applications due to the availability of synthetic paints that dry quickly and provide better surface protection, as well as their inexpensive cost. Additionally, fluctuating prices of flaxseed, a crucial raw material used in the manufacturing of linseed oil, may have an impact on the linseed oil market’s price trend.
By application, the cosmetics and beauty segment are anticipated to witness a significant market share during the forecast period.
Linseed oil is becoming an efficient solution for alpha-linolenic acid and vitamin E, two components that are lacking in synthetic products, as customers increasingly turn to organic cosmetics. As a result of its anti-inflammatory, wound-healing, and regenerative characteristics, the cosmetic industry has embraced linseed oil. The market’s expansion is projected to be fueled by the increasing reliance on these items to drive market growth. Shampoos, moisturizers, and facemasks all include linseed oil. African Pride’s Moisture Miracle Collection is one such example. Shea Butter & Linseed Oil Moisturize & Define Curling Cream was one of the products in this series. Furthermore, Oriflame, a Swedish brand, has an Age Reviving Anti-Aging product line that includes linseed oil. Day cream, night cream, serum, and SPF are among the products offered.
According to regional analysis, the linseed oil market in the Asia Pacific is expected to hold a significant share during the projected period.
Linseed oil has been utilized in Asia Pacific cuisine for generations. The high production of flaxseed in China, India, and Australia, as well as the strong presence of linseed oil producers and suppliers in the region, are driving the expansion of the Asia Pacific linseed oil market. Growing awareness of linseed oil’s health advantages in the pharmaceutical and food industries is expected to have a beneficial impact on regional market statistics over the forecast period. Rising industrialization and urbanization tendencies in emerging countries such as China, Indonesia, and India have resulted in a surge in construction activity, driving up demand for linseed oil for use in painting, flooring, and varnishing. Growing demand for paints and varnishes is driving up linseed oil market predictions in Asian countries due to rising construction investment in residential buildings due to rising population. Furthermore, increasing infrastructure development has resulted in huge demand for wood items, which is projected to boost market demand in the Asia Pacific.
COVID-19 Insights
The impact of the covid-19 pandemic prompted the authorities worldwide to implement containment measures in order to halt the virus’s cycle. Several economic operations came to a halt as a result, discouraging market expansion and progress. Most businesses, with the exception of medical supplies and life support items, have been severely damaged, including the Linseed Oil Industry.
Linseed Oil Market Scope:
Induction Motors Market is projected to grow at a CAGR of 3.90% to reach US$30.946 billion in 2029
Press ReleasesThe induction motors market is expected to grow at a CAGR of 3.90% with a market valuation of US$23.668 billion in 2022 and is expected to reach a market value of US$30.946 billion by 2029.
An induction motor also known as an asynchronous motor is an AC electric motor in which the magnetic field of the stator is used to electromagnetic induce the electric current to produce torque in the rotor. An induction motor does not need to be connected electrically to the rotor.
An induction motor is an energy conversion device that is used for converting electrical energy to mechanical energy. It consists of two main parts stator and rotor. The stator carries single-phase winding or three-phase winding while the rotor has short-circuited winding.
Induction motors are extensively used for manufacturing purposes because they require very low maintenance and they can also function efficiently in varied conditions without affecting the output. Single-phase induction motors are used in smaller loads and power tools.
As per the report, the induction motor market is expected to grow at a significant pace.
The increasing use of electric cars and demand for energy-efficient devices that help meet the global goal of reducing the emission of greenhouse gases has propelled the demand for induction motors.
According to the International Energy Agency (IEA), sales of electric vehicles have increased significantly over 2.3 million electric cars were sold in the first quarter of 2023 which is approximately 25% more than the first quarter of 2022.
Induction motors are widely used in electric vehicles because they are durable and require low maintenance. The use of induction motors in the electrical industry is supported by regular investments for increasing power generation to meet the world’s increasing electricity demands.
Induction motor is used in various industries thus it is anticipated that demand for induction motors is going to increase because the global manufacturing industry is rapidly increasing according to the report from the United Nations Industrial Development Organization (UNIDO), in the first quarter of 2022 the manufacturing production increased by 4.2 percent.
Further, the continuous innovations in the automotive sector and increasing consumer shift towards green and environment-friendly solutions have contributed to the expansion of the electric car market. Three-phase induction motors are used in electric cars due to their high efficiency and good speed regulation has contributed to the growth of the induction motor market.
There are many product launches and developments that are taking place in the induction motor market during the forecast period. For instance, in October 2023, Renesas Electronics Corporation, a global leading company of semiconductor solutions developed inductive position sensor (IPS) technology it is used for accurate motor position sensor ICs used in robots and various other industrial applications. Renesas IPS technology makes use of sensing elements which comprise copper coils etched on a printed circuit board (PCB) to locate metallic targets.
Asia-Pacific region is anticipated to hold the majority share of the induction motor market because of the increasing investments across the industries to automate their processes. The region is witnessing growth across several industries such as automotive, construction, and manufacturing due to which the market of induction motors is also expanding.
Therefore the growth of the market in the region is also propelled by the rapid transition of consumers towards electric vehicles because of increasing awareness among consumers regarding the ill effects of combustion vehicles on the environment.
The induction motors market, based on different types is categorized into- single-phase and three-phase. Single-phase induction motors are small-size induction motors that work on the electromagnetic induction principle. It is available in various types such as split phase, shaded pole, capacitor start, and capacitor run. It is generally used in domestic appliances like fans, washing machines, mixers, and refrigerators.
Three-phase induction motors are self-starting motors that require a 3-phase AC supply to operate. It consists of two major parts stator and rotor. The stator in a 3-phase induction motor has various slots that are required to construct a 3-phase winding circuit which we further connect to the 3-phase AC source. A rotor consists of a cylindrical laminated core with parallel slots that carry conductors that are made up of copper or aluminum.
The induction motors market, based on voltage is categorized into- high and low. High-voltage induction motors operate at high voltage it is used at places where the high-intensity task is done like in factories or at construction sites. High-voltage induction motors have high reliability and efficiency.
Low voltage induction motors are also referred to as squirrel cage motors they have a three-phase power supply that ranges from 200V to 690V. These motors are highly efficient, reliable, cost-effective, and easy to operate. Low-voltage induction motors are generally used in mixers, washing machines, blowers, and all the machines that operate at low voltage.
As a part of the report, the major players operating in the induction motors market that have been covered are ABB Ltd., Siemens, Nidec, WEG Industries, Higen Motor Co. Ltd, Smart Office Solution Ltd (ARC System Inc.), MENZEL Elektromotoren, TECO Westinghouse, Hordu, and Nitto Kogyo Corporation (Taiyo Electric Co. Ltd.).
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-induction-motors-market
The analytics report categorizes the induction motors market using the following criteria:
Segmentation:
Want to Keep Your Investments Safe? Opt for Portfolio Management
BlogThe global portfolio management system market is projected to witness a compounded annual growth rate of 8.98% to grow to US$28.796 billion by 2028, from US$15.770 billion in 2021.
Portfolio management entails developing and managing an investment portfolio to meet an investor’s long-term financial objectives and risk tolerance. Active portfolio management entails buying and selling stocks and other assets strategically to outperform the market. Passive portfolio management attempts to match market returns by imitating the composition of a specific index or indexes. Portfolio management necessitates the ability to weigh strengths and weaknesses, opportunities and threats across the entire investment spectrum. Debt versus equity, domestic versus international, and growth versus safety are all trade-offs.
Key Drivers Driving the Market Growth
An increase in the emphasis on the fact-based planning process, a rise in the competitive marketplace, and an increase in the output level of resources are some of the primary drivers propelling the portfolio management system market. High costs and operational difficulties, on the other hand, are two major market challenges. Furthermore, increased demand from emerging prospective economies, as well as the introduction of new technologies, are expected to benefit the industry. Furthermore, the growing need for businesses to improve their business efficiency is propelling the portfolio management software market forward. Rising employment drives net flows of assets into funds managed by industry operators. As job growth increased so did disposable income available for investment in industry products.
Technological Advancements Are Going to Boost the Industry
The increasing technological advancements are expected to drive the global portfolio management system market. With more data flows to manage than ever before, businesses need access to a technological platform that offers comprehensive portfolio management systems. Planetly, a developer of carbon management software solutions, for example, launched an ESG portfolio management system for investors in February 2022, a new tool designed to help investors integrate ESG management throughout their investment portfolio firms and expedite ESG reporting. Furthermore, the increased allocation of companies to private market investments, as well as the unexpected economic upheaval and shift to remote work caused by the COVID-19 pandemic, has accelerated the need for technologies that provide greater transparency and enhanced data processing for asset classes. As a result, major market players are launching fully integrated technology tools to assist investors in making better investment decisions.
Recent Developments
Cloud-Based Deployment Segment to Boost the Market
During the forecast period, the rising adoption of cloud analytics to improve business operations for small and medium-sized enterprises is expected to drive overall market growth. One of the major factors driving the market growth is the increasing demand for cloud-based solutions for managing large-scale projects. The deployment of cloud-based solutions is a virtual process that facilitates service delivery and allows the organization to access its data from any connected device at any time. These benefits are expected to drive market growth during the forecast period.
Regional Analysis
The majority of APAC countries are rapidly investing in solutions such as enterprise mobility and cloud computing. With the rapid adoption of these solutions, businesses are looking forward to implementing portfolio management methodologies to meet the needs of business optimization.
Covid Insights
The global portfolio management software market was positively impacted by the COVID-19 pandemic. With the virus outbreak, the implementation of lockdown, the surge in digitalization accompanied by internet penetration, and the rise in job insecurity, people turned to the stock market for better returns and a backup source of income. As a result, the number of retail investors increased significantly during the pandemic. According to a survey conducted by Charles Schwab in early 2020, 15% of investors studied were new investors (referred to as generation investors) who began investing in the North American region in early 2020. Similar trends were observed around the world, particularly in the European and Asia Pacific regions.
Global Portfolio Management System Market Scope: