The broadcasting equipment market is projected to rise at a compound annual growth rate (CAGR) of 5.56% to reach a market valuation of US$38.911 billion by 2029, from US$26.532 billion in 2022.

Broadcasting is the distribution of video or audio content to a fragmented audience through electronic mass communications, but most commonly radio waves in a one-to-many model. The significance of broadcasting equipment cannot be overstated, for broadcasting equipment plays a vital role in everyday lives, which is attributed to the media’s role in shaping society. The tools of the trade used in broadcast are used on a personal as well as commercial level; this has increased broadcast appliances to meet the rising demands for new techniques for collecting the intel, editing it into insights, and finally relaying the message to the intended market. Owing to the various technical advancements, ever since the first broadcast in the early 1920s, broadcasting has undergone a drastic evolution. Today depending on the function, video, and audio broadcasting, there are a plethora of different types of equipment. The audio equipment deals with the audio or voice aspect. In contrast, video equipment deals with the capture and transmission of visual images or videos and is available in corded or wireless systems. In our day-to-day lives, broadcasting equipment is used for various reasons, from informing and educating to entertainment. 

The advancements in technology have changed the Broadcasting Equipment Landscape. 

The emergence of micro-led Television and the development of audio technological solutions have propelled broadcasting like never before. According to the statistics derived in the Global Smart TV Report by ‘Indian Television Dot Com’, by 2026, the penetration of smart Television is expected to rise by 51%, with the ownership of the smart televisions reaching about 1.1 billion homes across 88 countries included in the report. The market growth is further propelled by the strategic developments deployed by multiple key players. Samsung, the leading global smart TV brand, for instance, in April 2020 released a new innovative Neo QLED 8K & Neo QLED smart TV with a built-in IoT hub and solar cell remote. 

The burgeoning IoT, Artificial Technology, and 5G market have further changed the way of broadcasting like never before. According to CISCO Annual Internet Report’s statistical inferences, about two-thirds of the global population, i.e., 66%, is estimated to have internet access by 2023, and 5G devices and connections will climb up to 10 percent globally. Similarly, the fixed broadband speeds and cellular speeds ate expected to rise by 110.4 Mbps and 43.9 Mbps, respectively, by 2023. The increased number of channel services, the advent of OTT platforms, and increased penetration of smartphones had further added impetus to the market growth. Using this as leverage, many firms are gearing up to enhance their brand presence and offer better services. For instance, in July 2021, Saankhya Labs, a homegrown wireless communication and semiconductor chipset solutions provider, obtained a 5G broadcast trial spectrum from the telecom department to evaluate in-house features that enable broadcast and mobile broadband network convergence before launching them in the US. At the same time, along with the major developments in the competitive landscape, government initiatives and aid are also driving the market onward. In September 2021, for instance, Southern Africa’s UNESCO Regional Office and the Ministry of Information, Publicity, and Broadcasting Services donated radio broadcasting equipment to a community radio station in Manicaland Province as part of the UNOPS-managed Zimbabwe Idai Recovery Project (ZIRP). Community broadcasting is bound to enhance communication in the province that was devastated by the 2019 Cyclone Idai.

According to analysts, Asia Pacific is expected to occupy a dominant share of the Broadcasting Equipment market in upcoming years. 

By geography, the Broadcasting Equipment Market is segmented into five regions: Asia Pacific, Europe, North America, South America, and the Middle East and Africa. According to analysts, Asia Pacific is expected to witness the fastest growth in the upcoming years for the Broadcasting Equipment market. The countries like India, China, and South Korea, among many others residing in the regions, are expected to occupy a dominant market share. According to the CISCO annual report cited above, Asia Pacific stood at the top with about 52% of the regional population consuming internet and is expected to reach 72% by 2023. At the same time, the average fixed broadband and mobile connection speeds are expected to grow to 62.8 Mbps and 14.3 Mbps, respectively, by 2023.

In January 2020, China Broadcasting Network (CBN), operator of the country’s national television and radio networks, had obtained approval to begin operating 5G services after beginning trials of next-generation communications infrastructure in the summer of 2019 and receiving official approval to build a commercial network in November of the same year. Two months before CNB’s launch, the nation’s largest three operators—China Unicom, China Mobile, and China Telecom—had simultaneously turned on their 5G services. Moreover, as of now, the country has already established 86 thousand bases station across 50 cities. Similar developments taking place across the region are expected to affect the market growth positively. Furthermore, the growing trend of digitalization and rising demand for digital content coupled with government initiatives among the countries within the region is expected to drive the market growth. 

Covid-19 Insights

The global pandemic had a negative impact on the Broadcasting Equipment Market. The mandated lockdowns and social distancing had resulted in the closure of many production units, either partially or wholly. The rapid surge of active infected cases had further affected the human resources in the industries, further slowing down the productivity. Consequently, due to the economic recession observed across the period owing to the pandemic, many companies were forced to briefly halt or postpone many of their strategic deployments. The international travel restriction, too, negatively affected the import and export of the companies. Nevertheless, with the growing trend of digitalization and rapid penetration of OTT platforms, the demand for digital broadcasting equipment is expected to witness tremendous growth. 

Global Broadcasting Equipment Market Scope:

The pharmacovigilance market is predicted to rise at a compound annual growth rate of 10.54% over the foreseen period. The market is expected to reach US$11.688 billion in 2029 from US$5.798 billion in 2022.

Pharmacovigilance encompasses all aspects of the drug lifecycle, from clinical trials to post-market surveillance. It focuses on a drug’s safety and efficacy, making it the most crucial procedure for pharmaceutical companies. Pharmacovigilance, also renowned as drug safety, is a broad term that refers to gathering, analyzing, surveilling, and preventing the spread of unfavorable effects in drugs and therapy effects. It is an entirely scientific and methodological area of pharmaceuticals. The occurrence of lifestyle diseases such as cardiovascular complications, diabetes, and hypertension are rapidly increasing and has contributed to increased drug usage globally. This, combined with rising rates of adverse drug reactions (ADRs), is among the key drivers for the pharmacovigilance market globally. Aside from that, significant players are incorporating sophisticated technologies to ensure automated ADR monitoring, which is expected to fuel market growth.

Surveillance is used to mitigate risk and detect signals—positions in this specialty center on assessing drug safety data collected from other specialists. Surveillance produces development safety update reports (DSURs) for drugs in clinical trials and periodic benefit-risk evaluation reports (PBRERs) for drugs already on the market. Operations focus on assembling and documenting data during the preclinical Phase, early clinical trials, and collecting real-world evidence (RWE) of adverse events observed by health professionals and patients. Operations may also develop individual case study reports, standard procedures (SOPs), and regulatory reports.

Clinical Trial Plays a Vital Role in the market growth of the Pharmacovigilance Market Globally.

Clinical trials are a significant component of Pharmacovigilance. There are four phases for any medicinal product or therapy to go through and provide consistent results to be implemented, as safety and efficacy are the primary concerns when performing these clinical trials. The results are based on these two primary factors. The true extent of these clinical trials will be determined by various variables, along with the drug itself, the specific illness or inkling it can address, and the particular disease studied.

Phases of trials decide the Efficacy, Safety, and Dosage amount for medication or therapies.

Clinical Trials can be split into four phases, though there is often some crossover. The Four Phases are I, II, III, and IV. Phase I is the first human use, with research studies on healthy volunteer humans rather than animal studies. The goal is to establish the drug’s effectiveness and safety, evaluating the possibility of both favorable and unfavorable effects. The studies look at how the drug is consumed, distributed in the body, metabolized, and eliminated, as well as the tolerable dose. Once the amount has been determined, the Trial must evaluate the drug’s adverse and beneficial effects. Phase II trials are conducted in larger groups to assess how the drug is performing while keeping the safety assessments from the Phase I trial in mind. In a Phase II trial, it is typical for a medication reaction to occur, which is then determined, resulting in the drug not behaving as it should or having a toxic effect. The Phase III trial is conducted to obtain regulatory compliance, efficacy, and scientific proof that medicine or therapy has a beneficial impact on larger populations. The Phase III trial involves thousands of people and takes several years to accomplish a favorable outcome. In the Phase III trial, the preferred design is double-blind, with patients randomly assigned to start receiving active placebo, drug, or active comparator treatment. Phase IV trials, also known as postmarketing surveillance trials or drug monitoring trials, ensure the drug’s efficacy and long-term protection. It provides technical assistance once regulatory compliance is obtained to sell the drug.

Rising Cases of Adverse Drug Reaction is boosting the market growth of Pharmacovigilance.

Any response within a patient’s body induced by a drug/candidate molecule is considered an adverse event – a side effect. A harmful event is a potentially fatal side effect that results in hospitalization, permanent damage, incapacity, or, in the most severe cases, patient death. All clinical trial researchers must disclose adverse events, even if the negative effects are only presumed. Pharmacovigilance is responsible for determining which adverse events across a line of a drug’s efficacy—in other words, determining which adverse effects are worth the gamble to patients compared to their effectiveness in treating an ailment. Chemotherapy, for example, is proven to cause some severe side effects. Still, when confronted with life-threatening cancer, these side effects are deemed acceptable given the possibility of curing a patient. 

Source: Medsafe

As per the records of Medsafe, The Centre for Adverse Reactions Monitoring (CARM) New Zealand received 3,713 reports of suspected adverse reactions in 2020. There were 2,415 reports related to medicines, 1,269 reports on vaccines, and 29 reports on complementary or alternative medicines (CAMs).

North America dominates this market share of the pharmacovigilance market due to the country’s highest number of Pharmacovigilance operations. The operation was coupled with the considerable casualties caused by ADRs, which necessitated the strict requirement for Pharmacovigilance. Furthermore, the area has well-established centers for operation management using advanced tools. Because of the emphasis on pharmacological risk management, Europe is expected to be the world’s second-largest consumer market. The country has developed several tracking programs to access and control ADRs, including the European Medicines Agency and EudraVigilance.

Covid-19 Cognizance

The prerequisites for safety reporting vary significantly around the world. Even though several nations have adopted digital reporting, such as the portal entry, email, and E2B gateway, many organizations still use conventional paper reporting methods. COVID-19 has no immediate impact on digital reporting or email entries. All methods, however, necessitate effective coordination among local legal representatives, courier support, pharmacovigilance teams, and teams dispersed across different geographical locations. Because of the onset of Covid -19, clinical trials are being managed differently in terms of immediate patient care and patient recruitment and analysis, safety reporting, and data collection.

The Elastomeric Foam market is expected to grow at a compound annual growth rate of 6.33% to reach a market size worth US$5.891 billion by 2029. This market was valued at US$3.384 billion in 2022.

Elastomeric foam is a synthetic rubber with a closed-cell structure that comes in tubes, sheets, or rolls from a factory. They’re also known as flexible elastomeric cellular insulation, closed-cell elastomeric foam insulation, cellular elastomeric insulation, and unicellular insulation. Because closed-cell elastomeric foam has a high-water vapor permeability and can survive moisture absorption, its overall performance and sturdiness are unaffected by moisture in the ventilation, heating, air-conditioning, and plumbing systems.

Analysts anticipate that the market will grow due to the increased application of Elastomeric Foam across different industry verticals and its flexibility during the forecast period.

Elastomeric foam has been used as pipe insulation because it comes in a range of thicknesses & forms and can be easily handled to fit securely around a variety of equipment, ranging from large commercial chillers to household pipes. Due to continually changing weather conditions, pollution, contaminants, and humidity, the need for HVAC systems for industrial and residential applications is expanding. Refrigeration applications are best served by closed-cell foam. Because of its ease of installation and fire resistance, it is widely used in the heating and plumbing industries. They are also utilized in the construction industry to minimize total building weight due to their lightweight.

Environmentally friendly items are becoming increasingly popular. Consumer awareness of elastomer disposal and gas emissions during the manufacturing process has boosted the demand for environmentally friendly and long-lasting insulation. CFCs, HFCs, and other dangerous gases have also been phased out of the manufacturing process. The newly developed environmentally friendly elastomeric foams are extremely robust, weigh up to 40% less than rubber sponges, do not absorb water, and thus are easy to manufacture. As a result of these improved features and eco-friendliness, consumer preferences are shifting toward product adoption.

Furthermore, businesses are using a variety of techniques to develop products, improve production, and strengthen their position in regional marketplaces. Aptar, for example, announced a deal with Weihai Hengyu Medical Products in July 2021 to establish elastomeric and plastic component manufacturing capabilities in China for injectable drug delivery. Armacell, a global pioneer in flexible foam for equipment insulation and a leading manufacturer of bespoke foams, also announced the commercial market debut of ArmaFlex Ultra with FlameDefense technology, the whole new UL-certified flexible elastomeric foam insulator released in July 2020.

The inconvenient disposability and lack of awareness of Elastomeric Foam can act as a constraint for market growth at a global level.

Foams are made from elastomers such as butyl rubbers, chloroprene, isoprene, butadiene, acrylonitrile, Buna N, and others. Disposability is one of the issues preventing market expansion. A few elastomers release dangerous fumes, have a sulfurous flame, and have an unpleasant odor when burned. Furthermore, due to a lack of exposure to technical breakthroughs in material science, traditional commodities such as cotton, natural latex, coir, and organic wool may be used instead of elastomeric foam, reducing market demand.

By type, the EPDM segment is anticipated to witness a significant market share during the forecast period.

EPDM is expected to account for a significant part of the market and will likely dominate the industry over the projected period. It’s a polymer with unique characteristics including conformability, low permeability, and insulation. Sealing, gasketing, and insulating are all done with expanded EPDM foams. It’s frequently used for thermal insulation, acoustic insulation, and cushioning in a variety of applications, including vehicles and residential buildings. EPDM is a cost-effective insulating solution that is flexible, resilient, and low maintenance. EPDM foam demand is projected to rise as a result. The increased need for durable, strong, and flexible insulation materials in the industrial and automotive industries will lead to widespread product adoption.

By application, the HVAC segment is anticipated to witness a significant market share during the forecast period.

HVAC systems are used to maintain the right interior climate of infrastructure, automobiles, and residential and commercial buildings. They comprise using heating, ventilation, and air conditioning to keep the space’s temperature, airflow, air quality, and ventilation consistent. The elastomeric foam market is expected to grow due to rising demand from various application areas like health facilities, residential care, apartment buildings, and others where a safe and healthy environment is regulated based on the weather conditions such as humidity, temperature, and outdoor air availability. The Occupational Safety and Health Administration’s (OSHA) strict rules for worker safety and health would boost demand for HVAC systems, propelling the industry even further. HVAC systems are commonly used to maintain a specified environment for product manufacturing or storage. OSHA, for example, has set particular standards for indoor air quality (IAQ). Furthermore, HVAC systems come in a wide range of shapes and sizes, adding to the aesthetic appeal of a home or company. The increasing demand for HVAC systems in the automobile sector to ensure indoor comfort, heat, and ventilation is contributing significantly to global demand.

According to regional analysis, the Elastomeric Foam market in the Asia Pacific is expected to hold a significant share during the projected period.

The industrial sector’s strong demand for HVAC systems in the Asia Pacific region to control temperature and ventilation will drive up the demand for elastomeric foam. Thermal insulation is one of the most common tactics, and it is employed in a range of industries to help maintain the proper atmosphere for industrial activities. Chemical storage and production businesses, for example, require proper ventilation, temperature management, and air cleansing to guarantee a healthy and safe environment for workers. Industrial firms and storage facilities will drive up demand for HVAC systems in this region. The industry is expected to increase due to the ease with which raw materials can be obtained in countries like China, India, and Southeast Asia. One of the key motivators for manufacturers to create new production facilities and business units will be low labor costs in various Asia-Pacific countries. Furthermore, rising industrialization and urbanization tendencies in emerging countries such as China, Indonesia, and India are likely to drive up demand for Elastomeric Foam.

COVID-19 Insights

The elastomeric foam market was negatively affected by COVID-19. All commercial and industrial activities, including the fabrication of polymers, elastomers, and elastomeric items, were temporarily halted due to severe lockdowns. Furthermore, demand for raw materials such as SBR, polypropylene, NBR, acrylonitrile, and others was dramatically reduced during the lockdown due to the complete shutdown of industrial and commercial activities that use these elastomers as raw materials.

Elastomeric Foam Market Scope: