The tank level monitoring market is expected to grow at a CAGR of 4.61%, from an initial value of US$816.868 million in 2021, and is estimated to reach a market size of US$1,119.664 million in 2028.
In liquid tanks, tank level monitors are used to determine how much substance is left in the tank. Workers’ safety and security, as well as the avoidance of potential dangers and accidents, are all dependent on tank level monitoring. The market for tank level monitoring will rise in accordance with the development of the oil and chemical industries. Rising oil demand and the discovery of new oil reserves in the Middle East and Africa are expected to stabilize and expand the market. Furthermore, technological improvement and innovation in the sector would create new market possibilities over the forecasted period. False echo instances, on the other hand, dissuade the market for ultrasonic level monitors. The market is further constrained by the need for skilled labor.
During the forecast period, analysts expect that the oil and chemical sectors will present substantial growth possibilities for the worldwide tank level monitoring market.
The tank level monitoring market is divided into five segments based on end-users: oil and gas, chemical, energy and power, automotive, mining, and others. The oil and gas, chemical, and mining industries are expected to dominate the tank level monitoring market throughout the forecast period. Because of the rising need for oil, chemicals, and other products, these industries are expected to see significant expansion. According to data from the International Energy Agency (IEA), world oil demand is expected to rise by 6% in 2021, to an average of 96.5 million barrels per day, an increase of 5.5 billion barrels per day. Due to the covid epidemic and lockdown, demand fell by 8.7 million barrels per day in 2020. Furthermore, the discovery of new oil resources in the Middle East and Africa, as well as the rebuilding of existing fields, will expand tank-level monitoring equipment’s market opportunities. In November 2020, Saudi Arabia Aramco, for example, granted approval for the development and maintenance of oil and gas brownfields in the area. Additionally, in August 2020, the company announced the development of two new oil and gas resources in the northern border region, as well as four new fields in early December 2020. In addition, the recent discovery of the Luiperd gas field off the coast of Mossel Bay, South Africa, in February 2021, has been hailed as a game-changer for the oil and gas business, presenting the potential for tank level monitors.
Security concerns while employing wireless communication, as well as overlapping technology for similar applications, can act as restraints for the market’s growth.
For industrial purposes, a tank level monitoring system gives useful information on tank fuel and level, as well as any leaks. Furthermore, wireless infrastructure necessitates the use of analytics software and Internet access. The tank level monitoring system’s hardware and software are linked and communicate with one another through the Internet. The data collected from the tank level monitoring system is stored in a well-designed structure, which may result in data loss or malfunctions. The usage of multiple level-sensing technologies for the same application is one of the significant hurdles limiting the growth of the tank level monitoring system market. The market can be cannibalized as a result of overlapping technology. For example, ultrasonic and radar transmitters are favored over tank-level monitoring systems, limiting market expansion.
Tank-level monitors such as the float and tape gauge are anticipated to have a significant share in the global market.
The tank level monitoring market is divided into float and tape gauge, capacitance, ultrasonic, conductivity, radar-based, and data transmission segments based on technology. During the projected period, float and tape gauge are expected to hold a large proportion of the market. Float-style sensors are commonly employed in liquids and fluids with bouncing properties comparable to water. Along with this, a plethora of other variables, such as temperature and pressure, can be estimated. Ultrasonic tank level monitoring is another popular piece of tank level monitoring equipment. The ultrasonic device, on the other hand, may produce a false echo or information. False echo in ultrasonic level monitors is caused by a weak power supply, faulty cable routing, the lack of insulated cables, chemical incompatibility, inadequate mounting angle, and inappropriate application. Using high-accuracy ultrasonic instruments and ensuring adequate communication, might be prevented.
Furthermore, the development of wireless tank level monitors brings up a tremendous possibility for the sector due to technology advancements and innovation. Wireless level monitors are less inconvenient and more effective than wired level monitors. Cellular modems, wireless mesh networks, and wireless serial radios are all gaining popularity and are expected to develop at a significant rate in the future. However, the price of the product may stifle market expansion.
During the forecast period, the tank level monitoring markets in the Middle East and Africa are predicted to have a dominating share.
The tank level monitoring market is divided into five areas based on geography: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. During the forecast period, North America and the Middle East and Africa region are predicted to have the largest share. The primary driver of market expansion is the discovery of new oil and gas reserves in the Middle East and Africa region. Furthermore, the tank-level monitoring sector benefits from the reconstruction and modernization of existing areas. Because of the growing chemical, energy and power, and mining industries, the Asia Pacific area is expected to grow at a significant rate.
Covid-19 Insights
COVID-19’s impact on tank level monitoring systems is projected to stifle the tank level monitoring systems market’s growth in the approaching years. The outbreak of the COVID-19 pandemic has harmed the growth of a number of businesses, including manufacturing, oil and gas, and many more. The oil and gas industry is a major end-user of tank-level monitoring devices. Several existing or new projects in the oil and gas production chain are expected to confront several obstacles in terms of project implementation, scheduling, and risk management as a result of COVID-19. The COVID-19 outbreak, for example, has caused delays or cancellations in hundreds of projects run by the Oil and Gas Technology Centre (OGTC). As a result of COVID-19’s impact on tank level monitoring systems, the market for tank level monitoring systems has slowed.
To disrupt the virus’s cycle, governments around the world implemented a number of containment measures, including halting construction, postponing ongoing projects, and sanctioning new projects, resulting in a reduction in market demand. However, with the recovery of the economy, the industry is expected to rise at a significant rate.
Tank Level Monitoring Market Scope:
| Report Metric |
Details |
| Market Size Value in 2021 |
US$816.868 million |
| Market Size Value in 2028 |
US$1,119.664 million |
| Growth Rate |
CAGR of 4.61% from 2021 to 2028 |
| Base Year |
2021 |
| Forecast Period |
2023 – 2028 |
| Forecast Unit (Value) |
USD Million |
| Segments Covered |
Product, Technology, End-Users, and Geography |
| Regions Covered |
North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies Covered |
Schneider Electric, Gauging Systems Inc., Piusi S.p. A., Emerson Electric Co., TankScan (ATEK Access Technology, Varec Inc., Graco Inc., Banner Engineering Corp., Baker Hughes Company |
| Customization Scope |
Free report customization with purchase |
Developments in Laser Cleaning Market
BlogThe laser cleaning market is expected to grow at a compound annual growth rate (CAGR) of 5.72% to attain a market size of US$880.043 million by the end of the analysis period, 2026. The market was valued at US$596.216 million in 2019.
Laser cleaning is the process of removal of corrosion and others from the material surface with the help of laser technology. The materials are cleaned with the help of laser technology by removing the upper layer of material by laser illumination. High powered laser projected with high intensity will remove pollutants and impurities from material surfaces. Laser cleaning technology is one of the widely accepted technologies in the global market. The higher efficiency and more accuracy in cleaning offered by laser cleaning technology is hiking the demand of laser cleaning in the market. The advantage offered by laser cleaning over conventional cleaning methods is boosting the market value of laser cleaning.
The adaption of laser cleaning technology in the automobile and production sectors are giving potential to the market growth of laser cleaning technology in the global market. Laser cleaning methods are mainly done in two types. In the first type the entire surface of the material is removed with the help of a high-intensity laser beam for cleaning. In the second type of laser cleaning, the surface layer of pollutants and impurities of material are removed. Laser beams with high intensity and more accuracy are employed for the process of laser cleaning. The less complication and process of laser cleaning is also hiking the market of laser cleaning in the global market. Laser cleaning is also eco-friendly with less pollution and no harmful impacts to the environment making it one of the efficient and environment-friendly cleaning techniques.
Increasing Adaption of Laser Cleaning in Mechanical and Production Industries
The advantages of laser cleaning over conventional cleaning methods are increasing the adaption of laser cleaning in mechanical and production sectors. The developing industrial and production sectors are demanding more efficiency and accuracy in the cleaning methods. The higher accuracy offered by laser cleaning over other conventional cleaning methods are uplifting the market of laser cleaning. The production and mechanical industries are in fast processing system. The functions and process involved in the industries are of high speed and less time consuming, are also demanding high-speed cleaning methods. The less time consuming and high-speed cleaning process of laser cleaning is increasing the acceptability of laser cleaning in the global market.
Laser cleaning are of cost-effective and highly efficient in nature. The financial smoothness, higher efficiency and less complexity offered by mechanical lasers are boosting the demand of mechanical lasers in the mechanical production industries. The environment-friendly nature of laser cleaning is also hiking the need and demand of laser cleaning in the forecasting years. Laser cleaning methods can be also employed by combining the process with CNC (computer Numerical Control Technology). The combination and integration of laser cleaning technology with AI (Artificial Intelligence) and CNC is improving the performance of cleaning methods in mechanical and numerous production sectors. The integration of AI with laser cleaning technology also makes the process more effective and cost-efficient by only utilizing less number of workers for the process. The simple and less complex working method of laser cleaning technology is also ensuring more safety and protection to the workers.
The more control is also given by laser cleaning technology as the system is easy and simple to handle. Cleaning of narrow and small placed of mechanical parts can be also easily done with help and support of lase cleaning technology. The enhancements and developments in the laser beaming technology and cleaning is enhancing the process of laser cleaning. The new technologies implemented in laser cleaning is boosting the acceptability and market of laser cleaning technology in the global market.
Wide Use of Laser Cleaning Technology in the Automobile Industry
Automobile industry is one of the industries widely employing the use of laser cleaning technology. The less time-consuming and more efficiency of laser cleaning technology is boosting the market value of laser cleaning technology in the automobile industry. The developments and progression in the making of lightweight vehicles in order to attain more fuel efficiency is boosting the demand of laser cleaning in the automobile industry. The increasing population and increasing need of automobiles are seeking more efficient and high-speed cleaning techniques for automobile industry rather than conventional cleaning techniques. The rising trend of modification in automobile is also paving for the demand of laser cleaning in automobile industry. Consumers interested in modification old vehicles are making it possible with the support of laser technology. The rust and corrosion of metal parts and metal body can be easily and smoothly cleaned by utilizing the technology of laser cleaning.
The damages and rusting occurred in the complex interior parts of automobile are cleaned and maintained by laser cleaning. The high reach of laser in reaching over any complex areas are also enhancing the cleaning potential of laser cleaning method over other conventional cleaning methods. The beam intensity of laser beams can be efficiently controlled regulated according to the need.
The leaping developments in electric vehicle section in automobile industry is also hiking the demand of laser cleaning technology in the automobile industry. Laser cleaning is the well-adapted cleaning technique that can be employed for electric vehicles and automobiles. Ecofriendly and efficient electric cars are considered as the future cars, is also forecasting the market growth laser cleaning technology in the future.
Geographical Insights
Geographically, the market is segmented into North and South America, European Region, the Middle East and Africa, and the Asia Pacific region. The North American region is showing tremendous growth in the market share of laser cleaning technology. The developing and growing manufacturing sector and industries of North America are accounting for the market growth of laser cleaning in the North American region. The rising infrastructure and industrial developments in the sector of automobiles and others is also boosting the market growth laser cleaning in Asia Pacific region.
Covid-19 Impact
The recent outbreak of the COVID pandemic had adversely affected the market growth of laser cleaning. The isolations and lockdowns taken out by the government as a result of COVID spread had declined the market of laser cleaning. The shutdown of production units and manufacturing plants of certain industries like automobile industries, due to lockdown had resulted in the downfall of laser cleaning technology in the global market.
Laser Cleaning Market Scope:
Protecting the Pipelines Have Become the Need of the Hour
BlogThe global pipeline security market is projected to grow at a CAGR of 6.79% during the forecast period, reaching a total market size of US$11.803 billion in 2026 from US$7.451 billion in 2019.
Pipeline security refers to the safeguarding of pipelines that are heavily used for commercial purposes to transmit natural gas, water, refined goods, crude oil, chemicals, and other commodities across international and state borders. Due to an increase in illegal tapping, sabotage, and the threat of terrorist attacks, pipeline security has become a need. The pipeline security market is divided into surveillance solutions, tracking solutions, intrusion detection solutions, identity access control solutions, and secure communication based on the security company’s solutions.
Natural gas demand is expected to grow at a greater rate than conventional coal demand in the future.
As the demand for natural gas grows, so does the requirement for pipeline security. This was projected in light of the need to meet global carbon reduction objectives in order to transition to an environmentally friendly manufacturing sector. Furthermore, the oil and gas industry is the most vulnerable to state-sponsored cyber-espionage efforts, which can compromise physical infrastructure. Because of these flaws, industry players have been forced to divert large sums of money to security. During the projected period, the pipeline security market is expected to develop owing to the rising demand for oil and gas due to the world’s fast-growing population.
IoT and Cyberthreats are on the rise, positively impacting the pipeline security market during the forecasted period.
The pipeline security industry’s top players are investing a lot of money in developing Internet of Things (IoT) based systems that will be able to detect any leaks across pipes, which will help the business grow. Furthermore, demand for natural gas is likely to rise in the next years as a result of rising worries about carbon emissions and the adoption of environmentally friendly alternatives in the industrial sector, resulting in increased demand for pipeline security. The unexpected rise in the number of cyber-threats and terrorist acts around the world is a huge source of concern for any government. Several countries’ governments are investing money to secure pipelines and prevent similar assaults. During the projected period, the market is expected to be driven by rising concern and awareness.
Huge Installment Costs stymie the growth of the pipeline security market
The high installation costs that are connected with pipes, as well as security maintenance costs are huge. Some of the primary aspects that impact the cost of the whole project are the manpower costs, the cost of monitoring systems, software, and AI installation, among others. Aside from that, another significant market constraint is the degradation of fertile land. Pipelines and security systems require extensive subsurface access, which is inconvenient for farmers and landowners because this activity results in massive soil degradation. As a result, the land’s production potential is hampered, and it is unsuited to be used in the next years as well. In the approaching years, this aspect is also predicted to stifle market expansion.
SCADA Software is expected to grow exponentially contributing to the growth of the pipeline security market.
Supervisory Control and Data Acquisition or SCADA software has grown at a lightning rate during the last decade. The industry vertical employees can utilize the SCADA software which allows them to analyze data and make critical choices from any remote location. It also aids in the mitigation of concerns by providing a speedy reaction by processing, displaying, and distributing data via a Human Machine Interface or HMI. The pipeline SCADA system is used to identify various risks and leaks, and alert security personnel or maintenance crews instantly. It provides a one-of-a-kind solution for detecting on- and subterranean activities. The applications are used to identify leaking and digging in particular. SCADA technologies are used to properly monitor, as well as, control this huge oil pipeline network. The pipeline for SCADA has hundreds of remote terminal units connected to field sensors that measure the pressure, rate of flow, and temperature of oil moving through pipes, as well as modify the status of valves and pumps along the pipeline. According to the U.S. Energy Information Administration, global energy demand is predicted to exceed 681 quadrillions BTU by 2040. The growing demand for natural gas production and supply around the world, in order to reduce carbon emissions, necessitates the installation of pipeline security measures.
North America is predicted to hold a considerable market share during the forecasted period.
Based on geography, the analysis divides the pipeline security market into the North American region, European region, south American region, the Middle East and African region, and the Asia Pacific region. Analysts predict that the North American region have a significant share of the market during the projected period. Due to increased shale gas exploration in the region, the North American region is expected to hold a considerable market share over the projection period. Natural gas production in the United States was 34.4 trillion cubic feet in 2020, according to the United States Energy Information Administration, primarily to shale and other tight geologic formations. This increase in natural gas output in the country is also predicted to contribute to the growth of the pipeline security market, as increasing production will lead to greater demand for pipeline security solutions in the coming years. The growing investments in oil and gas are driving the pipeline security market in the European region as it is heavily reliant on foreign natural gas supply and has previously experienced severe gas shortages, owing to the technical complexity of the high-pressure natural gas infrastructure and political instability in some of the source nations.
Covid Insights
The coronavirus pandemic severely impacted the pipeline security market including the effects of the lockdown, manpower shortages, government curfew laws, export hurdles, and disruption of the supply chain on the market. The analysis shows that the pandemic has moderately impacted the market. The market did experience a pause as the government shifted its priority to dealing with the outbreak. However, analysts predict the pipeline security industry to rebound in the next years, driven by the increased requirement for safety.
Volumetric Display Enhancing Visual Experience
BlogThe volumetric display market is expected to grow at a compound annual growth rate (CAGR) of 34.54% to attain a market size of US$1302.882 million by the end of the analysis period 2026. The market was valued at US$163.285 million in 2019.
The volumetric display is a technically advanced display system that makes images in 3D format, giving a better visual experience for the user. With the help and support of different light emission sources, volumetric display system creates a better 3D dimensional view of images. Compared to conventional display systems volumetric display system shows certain characteristics such as increased coverage of display, 360 Degree mode of view, and more user friendly. The special properties in display offered by the volumetric display system are boosting the market growth of volumetric display market. The large amount of advancement and technological development taking place in the field of volumetric display is also driving the market growth of volumetric display.
The efficiency of volumetric display in creating better visual experience is increasing the application of volumetric display in aeronautical, medical and defense fields. The customer preference for more convenient, user friendly and better visual experience are growing the market of volumetric display. The visualization of holographic images in free space and spherical image view offered by volumetric display are boosting the market growth of volumetric display market.
Applications of Volumetric Display in the Medical Field
Volumetric display industries are providing a wide range of different display products for assisting the performances in the medical field. Medical field is a sector widely utilizing the opportunities and advancements of visual display by means of volumetric display system. Volumetric display system is efficiently applicable in creatin 3D view images of surgeries and organ analysis. The better visual display and high resolution offered by volumetric display is rising the demand of volumetric display in the medical field. The need for high resolution images for the detection of wounds and infections in certain organ analysis is hiking the market growth of volumetric display in the medical field.
The convenience and user-friendly experience offered by volumetric display is making use of volumetric display system in emergency units and high specialty ambulatory services. Volumetric display system is also employed in board meetings and screening classes for young medical practitioners. The unique and high-resolution medical images projected by volumetric display system is giving support for performing vital surgeries and organ transplantations.
Improved Gaming Experience With Volumetric Display
Gaming field is one of the fields that has improved and developed to next level with the help and support of volumetric display. Volumetric display is efficiently utilized in its maximum extent in the field of gaming. The introduction of volumetric display in the field of gaming, brought out better user experience and comfort in game players. The 360-degree corner view offered by volumetric display has improved the user experience to high level. 3D and virtual games are possessing more demand compared to normal games in the field of gaming. The application of volumetric display in order to create virtual reality has improved the virtual experience of users in virtual and 3D gaming. The convenience and more efficiency offered by volumetric display is rising the demand of volumetric display in the gaming field. The application of volumetric display in gaming section has raised the demand of volumetric display in the global market.
Volumetric display also provides an improved gaming experience by providing virtual 3D gaming without the support of any glasses or external devices in the user. The association of motion sensors and actuators with the 3D display of volumetric display system offers a better gaming experience in the gamer. The booming growth of the gaming industry is also hiking the demand for volumetric display system in the global market.
Application of Volumetric Display in Defense and Aeronautical Field
Volumetric display system is of high demand and need in defense and aeronautical sector. The Aeronautical and aviation sector uses the support of volumetric display for the projection of complex aerodynamic structures. The observation and study of complex aerodynamic structures is carried out with the help and support of volumetric display system. The high resolution and 3D visualization offered by volumetric display system helps for the more understanding study of aviation structures. The movement and flying motion of airplanes and aerodynamic structures are monitored more efficiently with the help and support volumetric display system.
The defense field also highly utilize the imaging techniques of volumetric display for certain mapping applications. The vertical and horizontal view of battlegrounds and ground areas to be covered are displayed and analyzed with the support of volumetric display system. The holographic display offered by volumetric display system improves the virtual understanding and analyzation of areas. The wide application of volumetric display in the field of defense is also boosting the market growth of volumetric display market.
Geographical Insights
Geographically, the market is segmented into North and South America, European Region, the Middle East and Africa, and the Asia Pacific region. The North American region is now having and forecasted more market growth in the volumetric display market. The increased usage of volumetric display in industrial sectors is giving higher market share to volumetric display market in the North American region. Asia Pacific region is also forecasted to show more growth in the market of volumetric display with the presence of more economical developing countries in the Asia Pacific region.
COVID-19 Impact
The COVID pandemic had adversely affected the growth of volumetric display market. The isolations and lockdowns took placed as a result of the COVID pandemic made declination in the production sector of electronic devices, making declination in the market growth of volumetric display. The shut down of cinema halls and public large gaming sections also resulted in the downfall in the usage of volumetric display system. The blockages and problems occurred in the supply chain sector of volumetric display market also resulted in the downfall of the export and import rate of volumetric display components. The COVID pandemic effect created a negative impact on the market growth volumetric display system.
Rising demand for Air purification systems
Thought ArticlesAir purification systems market is expected to grow at a compound annual growth rate (CAGR) of 13.71% to attain a market size of US$51.748 billion by the end of the analysis period, 2026. The market was valued at US$21.054 billion in 2019.
Air purification systems are developed to create and maintain good quality air. The air purification systems or devices regulate and maintain the quality of air by reducing or removing the pollution content in the air. The increasing level of air pollution in the atmosphere is rising the demand for air purification systems in the market. The rising pollution content in the atmosphere is reducing the quality of air in the atmosphere. Industrial activities and the combustion process of gasoline in vehicles and others are rising the air pollution rate in the atmosphere. Good quality of air is a must for the efficient activity of the human body. The data and reports of IUPS (International Union of Psychological Science) states that there is a close relation between human behavior and mood swings to quality of air. The moods of humans can be varied and changed according to the quality of air or atmosphere they are working on. The need of a quality air environment in the polluted atmosphere is hiking the market of air purification systems.
The increasing number of respiratory diseases as a result of polluted air in the atmosphere is also giving potential to the market growth of air purification system. The policies and act proposed by governments are also initiating the need for good and quality air purification systems in industrial areas and public places. The increasing number of respiratory diseases like Brochities, Asthma is also increasing the health consciousness of people, paving to the need for quality air purification systems.
The Increasing Number of Respiratory Diseases as a Result of Air Pollution
A steady growth is shown by the rate of respiratory diseases effecting the people in every year. The rising number of respiratory diseases is increasing the demand of air purification systems in the market. Asthma, Emphysema, Chronic bronchitis, COPD and lung cancer are the major top 5 respiratory diseases that are widely experienced among people, according to the reports of WHO (World Health Organization). Air pollution is one of the major causes resulting in the spreading of respiratory diseases. Providing good quality air is a major solution that can be taken out to control the spread of respiratory diseases. The policies implemented by the government in promoting air purification systems is also rising the demand for air purification systems in the market. The rising number of respiratory diseases and introduction of air purification systems as a solution for this, is hiking the demand and market of air purification systems in the global market.
Policies Introduced by the Government in Reducing Respiratory Diseases
Various policies are taken out by international governments to reduce the spread of respiratory diseases. The introduction of quality air purification systems in public place and public transport is one of the major actions taken by the government to reduce the spread of chronic respiratory diseases. Industries and production plants are the major platforms resulting in more carbon emissions and other toxic gases as a by-product of their production process. The emission of carbon gases and other industrial emissions are one of the major factors causing air pollution. Government authority is also ensuring the presence of proper ventilation and air purification system in order to control respiratory diseases among factory workers and others. The actions and support of the government to reduce respiratory diseases in supporting the use of air purification systems are also hiking the demand of air purification systems in the global market.
Segmentation of Air Purification Systems Market
Based on the type of technology employed, air purification systems market is segmented into High-efficiency particulate Air (HEPA), electrostatic precipitator, Activated carbon, Ionic filters, UV light air filters and ozone generators.
By end-user industry type, the air purification systems market is classified into mainly 3 for residential purposes, commercial purposes and Industrial purposes. These are the major areas which employs air purification systems.
By geographic regions, air purification systems market is segmented as North America, Asia Pacific, Europe, South America, Middle East and Africa. Asia pacific dominating the market of adhesive tape.
Coronavirus Pandemic Analysis
The analysis report also provides information about the effect of the COVID pandemic in air purification systems market. The impact of COVID pandemic had resulted in the declination air purification systems market. Air purification systems ensures air conditioning by providing cool and conditioned air into the surroundings, the increased spreading rate of CORONA virus in cool air conditions has resulted in the declination air purification systems market growth. The increased spread of the CORONA virus has been detected by WHO mainly on air-conditioned and cool air areas, this resulted in the less usage of air conditioners and purification systems to a certain extent. The shut down of manufacturing units and production plants, due to isolations and lockdowns imposed by the government also resulted in the downfall of the global air purification systems market. The blockage and problems in the supply chain sector air purification system components adversely effected the export and import rate of air purification system components making to the declination in air purification systems market.
Air Purification Systems Market Scope:
Scandium Market to Register a Significant Growth!
BlogThe Scandium Market is estimated to grow at the Compound Annual Growth Rate of 14.27% to reach a market size of US$299.791 million in the year 2026.
Scandium is a metallic element that is also known to be a rare earth element. It is soft and silvery-pure and white in appearance with high density. It is applicable in many ways. With relatively low-density Scandium has a very high melting point which is why despite its limited source it is preferred as an alloy. Scandium is used as an additive alloy to aluminum. Adding 2% of scandium with aluminum a metal sheet or plate is made. This sheet is lightweight but strong. The alloy is also known for its corrosion resistance property. These scandium aluminum alloys are used in the manufacturing of aircraft majorly. They are especially used in fighter jets and missiles. Scandium aluminum alloy is used in the manufacturing of windmills and sports goods such as baseball bats, bicycle frames, and golf clubs.
Aerospace to Takeoff the Scandium Market
The unique feature of a scandium-aluminum alloy of being lightweight and durable, it is majorly used in aerospace. The weight of a metal sheet is reduced by around 20%. This is attributed to the rise in the demand for scandium in aerospace industries. This demand is estimated to continue till the manufacturer gets an alternative to the scandium. And thus, it has been observed that aerospace dominates the scandium market. Moreover, due to the increase in the movement of immigration intercountry, urbanization, growing per capita income, increase in population, and modernization has increased the demand for airplanes. Many developing countries have started projects for new airports as well. This has built a way for the increasing demand for airplanes in the future. Thus, with an increase in the number of airplanes, the demand for scandium-aluminum alloy also is projected to rise. This is augmented to propel the scandium market growth during the forecast period.
Rising Demand for Solid Oxide Fuel Cells to Boost the Scandium Market
Solid Oxide Fuel Cells (SOFCs) are the devices that converse the electrochemical which helps in electricity production directly by the combination of oxidants and fuel across the iconic conducting oxide electrolyte. They use solid oxide materials. These materials help to conduct negative ions from the cathode to the anode. Due to the covering of special inks over the anode and cathode, Solid Oxide Fuel Cell does not require any corrosive acids, metal, or molten material. As the requirements, the materials in this are subjected to high temperature, which can lead to degradation of ceramic electrolyte which can add the maintenance cost and the capital. However, scandium can help the system to work at lower temperatures compared to SOFC. This has helped lower the SOFC’s cost. Thus, this has facilitated the widespread use of scandium in the power generation field.
With the hike in electricity costs, there is increasing demand for sustainable power generation methods. This has paved a way for growth in the solid oxide fuel cell market which has increased the importance of scandium in the power generation industry. The SOFC which contains scandium has unique properties such as high ionic conductivity, high fuel cell’s operating life, and cell efficiency, which have shown satisfactory performance compared to other conventional SOFC. SOFC is widely applied in the areas without the availability of grid connections, industrial equipment, transport, cooling, and majorly in the power generation sector. It has also been projected the increasing demand for solid oxide fuel cells in the conventional energy source field such as coal and natural gas will boost the application of scandium in SOFCs. Which eventually rise the scandium market in upcoming years.
Obstacles in the path of the scandium market
Being a rare earth metal, Scandium is found in very limited areas. It is found in minerals such as bazzite, wiikite, and thortveitite. Sometimes it is also found as a byproduct of uranium refining. As it is not produced but found, its availability is entirely dependent on the mining. While growing demand for scandium has created scarcity in the metal market. The lack of reliable sources in the market is another weakening factor for its supply and its scarcity. This has been estimated to affect the scandium market in the future. Growing the demand or requirement for aerospace and scarcity in scandium will somehow force the manufacturer and researchers to find out an alternative to the scandium-based aluminum alloy.
Additionally, due to its high cost, the use of scandium is limited to the big scale industries such as aerospace and sports. And due to its scarcity, the costs are expected to remain the same or rise in the future restricting its applicability in other areas or other industries. This is projected to restrict its growth in the present and future as well. Moreover, due to a lack of knowledge of its application in manufacturing and its importance, the scandium has not reached widely in the industrial sector. This is another factor to curtain the scandium market growth during the forecast period.
North America to Hold Remarkable Market Share in Future
North America has numerous end-user industries which regularly make use of scandium. Due to this key factor, North America is projected to dominate the scandium market. With the largest in the electronics market and aerospace industry, the United States is expected to be at the top in terms of the scandium market. According to the Federal Aviation Administration, the overall active general aviation is projected to reach up to the total aircraft of 211,575 in 2039.
Whereas Asia-Pacific is projected to grow at a faster pace compared to other regions. The prime reason behind it is China has the largest reservoir of scandium. Due to the China government imposing restrictions on several trading exports, China is projected to grow its market share. Further, the high preference given to the defense and aerospace industry is also estimated to grow the scandium market.
COVID-19 Analysis
Due to the forced shut down of businesses, supply chain, industrial activities, and mining activities, the Covid-19 period has severely impacted the scandium market. Thus, the scandium market slowed down during this period.
Scandium Market Scope:
Tank Level Monitoring Systems – The Safety of Workers
Thought ArticlesThe tank level monitoring market is expected to grow at a CAGR of 4.61%, from an initial value of US$816.868 million in 2021, and is estimated to reach a market size of US$1,119.664 million in 2028.
In liquid tanks, tank level monitors are used to determine how much substance is left in the tank. Workers’ safety and security, as well as the avoidance of potential dangers and accidents, are all dependent on tank level monitoring. The market for tank level monitoring will rise in accordance with the development of the oil and chemical industries. Rising oil demand and the discovery of new oil reserves in the Middle East and Africa are expected to stabilize and expand the market. Furthermore, technological improvement and innovation in the sector would create new market possibilities over the forecasted period. False echo instances, on the other hand, dissuade the market for ultrasonic level monitors. The market is further constrained by the need for skilled labor.
During the forecast period, analysts expect that the oil and chemical sectors will present substantial growth possibilities for the worldwide tank level monitoring market.
The tank level monitoring market is divided into five segments based on end-users: oil and gas, chemical, energy and power, automotive, mining, and others. The oil and gas, chemical, and mining industries are expected to dominate the tank level monitoring market throughout the forecast period. Because of the rising need for oil, chemicals, and other products, these industries are expected to see significant expansion. According to data from the International Energy Agency (IEA), world oil demand is expected to rise by 6% in 2021, to an average of 96.5 million barrels per day, an increase of 5.5 billion barrels per day. Due to the covid epidemic and lockdown, demand fell by 8.7 million barrels per day in 2020. Furthermore, the discovery of new oil resources in the Middle East and Africa, as well as the rebuilding of existing fields, will expand tank-level monitoring equipment’s market opportunities. In November 2020, Saudi Arabia Aramco, for example, granted approval for the development and maintenance of oil and gas brownfields in the area. Additionally, in August 2020, the company announced the development of two new oil and gas resources in the northern border region, as well as four new fields in early December 2020. In addition, the recent discovery of the Luiperd gas field off the coast of Mossel Bay, South Africa, in February 2021, has been hailed as a game-changer for the oil and gas business, presenting the potential for tank level monitors.
Security concerns while employing wireless communication, as well as overlapping technology for similar applications, can act as restraints for the market’s growth.
For industrial purposes, a tank level monitoring system gives useful information on tank fuel and level, as well as any leaks. Furthermore, wireless infrastructure necessitates the use of analytics software and Internet access. The tank level monitoring system’s hardware and software are linked and communicate with one another through the Internet. The data collected from the tank level monitoring system is stored in a well-designed structure, which may result in data loss or malfunctions. The usage of multiple level-sensing technologies for the same application is one of the significant hurdles limiting the growth of the tank level monitoring system market. The market can be cannibalized as a result of overlapping technology. For example, ultrasonic and radar transmitters are favored over tank-level monitoring systems, limiting market expansion.
Tank-level monitors such as the float and tape gauge are anticipated to have a significant share in the global market.
The tank level monitoring market is divided into float and tape gauge, capacitance, ultrasonic, conductivity, radar-based, and data transmission segments based on technology. During the projected period, float and tape gauge are expected to hold a large proportion of the market. Float-style sensors are commonly employed in liquids and fluids with bouncing properties comparable to water. Along with this, a plethora of other variables, such as temperature and pressure, can be estimated. Ultrasonic tank level monitoring is another popular piece of tank level monitoring equipment. The ultrasonic device, on the other hand, may produce a false echo or information. False echo in ultrasonic level monitors is caused by a weak power supply, faulty cable routing, the lack of insulated cables, chemical incompatibility, inadequate mounting angle, and inappropriate application. Using high-accuracy ultrasonic instruments and ensuring adequate communication, might be prevented.
Furthermore, the development of wireless tank level monitors brings up a tremendous possibility for the sector due to technology advancements and innovation. Wireless level monitors are less inconvenient and more effective than wired level monitors. Cellular modems, wireless mesh networks, and wireless serial radios are all gaining popularity and are expected to develop at a significant rate in the future. However, the price of the product may stifle market expansion.
During the forecast period, the tank level monitoring markets in the Middle East and Africa are predicted to have a dominating share.
The tank level monitoring market is divided into five areas based on geography: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. During the forecast period, North America and the Middle East and Africa region are predicted to have the largest share. The primary driver of market expansion is the discovery of new oil and gas reserves in the Middle East and Africa region. Furthermore, the tank-level monitoring sector benefits from the reconstruction and modernization of existing areas. Because of the growing chemical, energy and power, and mining industries, the Asia Pacific area is expected to grow at a significant rate.
Covid-19 Insights
COVID-19’s impact on tank level monitoring systems is projected to stifle the tank level monitoring systems market’s growth in the approaching years. The outbreak of the COVID-19 pandemic has harmed the growth of a number of businesses, including manufacturing, oil and gas, and many more. The oil and gas industry is a major end-user of tank-level monitoring devices. Several existing or new projects in the oil and gas production chain are expected to confront several obstacles in terms of project implementation, scheduling, and risk management as a result of COVID-19. The COVID-19 outbreak, for example, has caused delays or cancellations in hundreds of projects run by the Oil and Gas Technology Centre (OGTC). As a result of COVID-19’s impact on tank level monitoring systems, the market for tank level monitoring systems has slowed.
To disrupt the virus’s cycle, governments around the world implemented a number of containment measures, including halting construction, postponing ongoing projects, and sanctioning new projects, resulting in a reduction in market demand. However, with the recovery of the economy, the industry is expected to rise at a significant rate.
Tank Level Monitoring Market Scope:
Eco-Friendly Hearth Is Here to Provide a Luxurious and Comfortable Lifestyle
BlogA hearth is a stone-lined or brick fireplace that may or may not contain an oven and is used to heat a space, cook, and heat water. It is made of non-combustible material that protects the burning logs, floor from sparks, radiant heat, and flying embers that may fall from the fireplace. Stoves, fireplaces, and inserts are the most common types of hearths. A fireplace is a framed opening in a chimney designed to accommodate an open fire. Gas, electricity, wood, and pellets are all choices available for heating a hearth or fireplace. A stove is a self-contained building that generates heat by burning renewable cordwood or fuel pellets derived from condensed biomass resources such as wood chips and sawdust. A stove, either gas or wood, that is designed to be fitted into an existing fireplace is known as an insert.
Desire for Luxury Travels and Leisure Experiences Have Paved the Way for the Hearth Market
The growing demand for modern infrastructure in countries is the primary demand driver of the industry. The demand for an improved fireplace technology for a better lifestyle will expand as global average disposable income rises, as will investment in modern residential or commercial infrastructure. Furthermore, the rise in global travel has moved demand for greater facilities for comfortable stay, expanding tourist sector potential, especially in colder weather conditions. Installation of such appliances in restaurants, hotel chains, and cafeterias for a luxurious experience for customers is a commercial application of hearth technology. The expanding tourism industry is a major contributor to the increase in commercial hearth demand. Furthermore, in addition to the disposable cash that supports tourism, internet penetration has allowed for the reduction of time-consuming research and expenses via using intermediaries, providing tourists more leverage. Tourists can get a clear picture of a hotel’s or restaurant’s service by using online review and rating systems, which puts pressure on the latter to improve their services.
The Market for Hearth Technology Is Bound to Shrink as the Earth’s Temperature Rises
Excess carbon emissions by humans have resulted in a rise in global temperatures, limiting the demand for hearths. The temperature of the Earth is rising at an alarming rate, according to data from the National Ocean and Atmospheric Association, NOAA. The Earth’s temperature rose at a rate of 0.13 degrees Fahrenheit every decade until the 1800s when it doubled. According to the NOAA, the global average ocean and land temperature in 2020 was 1.76 degrees Fahrenheit higher than the decade average. To keep occupants warm within their structures, hearth technology is most commonly used in areas with extremely cold climates. As the temperature rises, these places will experience less cold weather and cold waves, lowering demand for the hearth market.
Gas-Based Hearth Devices to Escalate Owing to Aesthetic Appearance Whereas Electric Hearth Devices Will Rise Due to Technological Advancements
The usage of conventional wood-styled hearth devices is expected to decline significantly. Furthermore, escalating deforestation and environmental issues limit the use of wood for heating purposes. However, gas-fueled fireplaces will have a significant market share. European consumers are falling in love with the aesthetic attraction of gas fireplace designs, innovative functions, modern style, and a wide display of flames. This is a recent trend in Europe, but it has been present in the North American market for quite some time. Gas fireplaces are gaining market share by advertising their exquisite designs, and many manufacturers are looking for characteristics that would set them apart from their competition. The electric type hearth devices, on the other hand, are expected to increase at a high rate in order to reach a significant market. Electric-styled hearth devices are pollution-free, cost- and space-efficient, and produce no waste, so they will have a large market. Furthermore, electric-styled hearting devices installed in hotels and restaurants may be controlled remotely, making them much more convenient to use. The use of an electronic ignition system improves the hearth’s total heating efficiency as well as the safety features and additional functionality it provides, boosting the hearth’s overall performance. In addition, in many parts of North America, hearth manufacturers are required to offer only devices that use an electrical ignition mechanism.
Regions With Colder Climates Are Expected to Drive the Sales of Hearth Appliances
In countries with very freezing weather, a hearth is a practical alternative for room heating that also helps to reduce electricity expenditures when compared to other space heating systems. According to the Tyndall Centre for Climate Change Research, the UK, China, Russia, Germany, Ukraine, and Poland are the top countries with mean temperatures of less than 10 degrees Celsius. In these countries, hearths are commonly used for heating and cooking in homes, cafes, restaurants, and other indoor locations. As a result, chilly weather conditions across various regions, as well as the widespread use of a hearth in these places, will drive market expansion during the projection period. The North American and European markets have significant shares whereas due to the thriving tourist business, the Asia Pacific area will likewise grow at a rapid pace. The region’s expanding tourist industry, particularly in China and India, is likely to increase demand for hearths used in the hospitality sector.
COVID Insights
The coronavirus epidemic has a negative impact on the hearth market’s growth globally due to a reduction in demand. The government’s containment measures resulted in sluggish growth. As a result, household spending shifted away from décor and infrastructure and towards necessities. Tourist visits across nations and within countries were put on a standstill as a result of the lockdown and other travel restrictions put in place to halt the Covid-19 outbreak. The hearth market shrank even further as hotels and restaurants closed their doors during the pandemic.
Growing Trend for Probiotics Food
Thought ArticlesThe probiotics market is expected to grow at a compound annual growth rate (CAGR) of 12.06% to attain a market size of US$110.496 billion by the end of the analysis period, 2026. The market was valued at US$49.782 billion in 2019.
The increasing health consciousness of people and nutrient properties of probiotics are the prime factors driving the market of probiotics. Probiotics are bacteria, which has a good impact on health and the body when it’s consumed insufficient amount. The reports and analysis of WHO (World Health Organization) claim that probiotics are a source of good nutrients and bacteria that improve the overall health of the human body. Probiotics are also good for the gut health of both humans and animals equally. The government and National nutrient agencies are nowadays also supporting and promoting the use of probiotics in the diet as it helps for good health development.
The increasing trend of health consciousness and increasing demand for dietary supplements are potentially boosting the growth of the probiotics market.
Probiotics are proven for their improved gut health and preventing digestive problems by modern researchers. Improved gut or intestinal health will also forecast to good and proper absorption of nutrients and provide good health. Probiotics also show properties such as reducing inflammation, strengthening the immune system and also prevents several diseases. The formation of patches and wounds in the intestines are mainly due to the acidity problems or excess oxidation rate that taking place in the intestine. Probiotics are an exact solution for preventing the excess oxidation rate taking place in the gut and protect proteins and lipids from destruction. The action of good bacteria in probiotics also aids for the destruction of harmful pathogens. The change in food pattern and increased consumption of ultra-processed foods are leading to digestive and intestinal problems in people. According to WHO (World Health Organization), about 75% of world total population are facing the problems of lifestyle diseases. The rise of lifestyle diseases has increased the health consciousness of people to a certain extent. The rising health consciousness of people are boosting the demand for probiotic food and health supplements in their diet.
Probiotics also provide some essential nutrients and minerals, which makes them a strong factor in health and dietary supplements. The need and demand for health supplements are boosting in the world, probiotics as a natural health supplement, which can boost the immunity is conquering the peaks of market growth. The recent researchers in probiotics point to the data such as probiotics are also a super component that can boost the immunity level of body. The impact of COVID-19 had brought out the need for good immunity and health. The characteristic property of probiotics boosting the immune level of the human body is hiking the growth of probiotics in the health and dietary supplement market.
Probiotics are now actively assessed in the case of mental health and mental illness. Probiotics is also showcasing good results and improvements using it for diagnosing mental illness and neurological disorders. According to the reports of WHO the mental illness and disorders has been tremendously increased after the post-COVID strike. A growing percentage of 13% can be seen on the mental health conditions of people from last the decade. The positive effects of probiotics in diagnosing mental health and illness is uplifting the qualities and use of probiotics as an effective health supplement.
Usage of Probiotics as Animal Feed and for Agriculture Growth
Probiotics is also widely used as an animal feed. Depending on the good useful effects of probiotics, its widely used as an effective animal feed especially for cattle’s. Intestinal disorders and gut problems are one of the major problems faced by cattle’s and farmers engaged in cattle farming. The reduction of gut problems by the usage pf probiotics as a cattle feed is increasing the demand of probiotics in cattle farming and the agriculture sector. FAO (World Food and Agriculture Organization) states that cattle effected by gut problems are facing more than 50% mortality rate. The properties of probiotics as providing intestinal health on cattle’s makes it more of a need in the animal feed market.
The Segments of the Probiotic Market
Based on application probiotic market is Mainly segmented into 3 such as used in functional food and beverages, dietary supplements and as animal feeds. Aiding to the growing health consciousness and health field, the probiotic market is showing tremendous growth in health and dietary supplement’s market. The positive impact of using probiotics as a cattle field is also bringing developments and growth in the agriculture sector. The usage of probiotics as beverage foods and functional food are the less employed field compared to the other two.
By the type of end-user, the probiotics market is classified as human probiotics and animal probiotics. Probiotics are employed for the use in humans as a dietary supplement and food additives and probiotic as used animal feeds and medicines.
By the type of ingredients, bacteria and yeast are the major types in which probiotics is used. Segmentation by function prefers for the use of probiotics as regular food supplement and in which its used as a healthcare supplement. Probiotics are also employed for therapeutic sessions also.
By type, probiotics market is segmented as lactobacillus, streptococcus, bifidobacterium, spore former, and others. The major types in probiotics are utilized.
By geographic regions probiotics market is segmented as North America, Asia Pacific, Europe, South America, Middle East and Africa. Asia Pacific witnessed highest market growth.
Coronavirus Pandemic Analysis
The analysis report also provides a deep study about the impact of the coronavirus on market for probiotics, The lockdown and isolations had severely affected the manufacturing and production of probiotics in the market. The probiotic market also witnessed tremendous market growth as consumers purchased health-related products in abundance to protect themselves from the coronavirus. The pandemic impact has resulted in the strong and robust market growth of probiotics in the global market. The probiotic market witnessed the highest growth as health supplement and dietary supplement increased the total demand of probiotics worldwide.
Probiotics Market Scope:
Remote Patient Monitoring- An Advanced Solution for a Hectic Life
BlogThe remote patient monitoring market is expected to reach US$85.031 billion by the end of 2026, increasing from US$20.027 billion in 2019, and growing at a CAGR of 22.94% during the forecast period.
Remote patient monitoring (RPM) is a healthcare delivery method that uses the recent advances in information technology to get insight into patients’ health-related data outside of traditional healthcare settings moving it into the patients’ house, workplace, and other convenient places. According to Care Innovations, RPM uses technologies to build a bridge between where the people wish to stay every day and the traditional physical healthcare settings. Some of the remote patient monitoring devices despite being advanced in technologies are sleek, consumer-friendly personal tech devices. These devices are used to monitor and examine physiological parameters such as heart rates, pulse rates, blood oxygen level, blood pressure, vital signs, and blood sugar level which were measured at the hospital or clinics, but now can be monitored remotely at any place as the patient can carry it.
Some of these devices resemble tablets or even smartphones. As people are more comfortable with the usage of smartphones, the appearance of RPM devices is so easy to handle by the patients. Thus, this makes it more comfortable for patients in handling the devices and so to manage their health by themselves. More the comfort more is the use of RPM device which will help the patient to improve their health quality. In addition to this, due to the continuous streaming of the patient’s health data, even the doctors or clinicians also can understand and manage their patient’s health situations on daily basis. This improves the quality of life.
The Rising Decrepit Population and Chronic Diseases Increase the Need for Patients’ Regular Examination
The average age of the population of many countries is increasing. But the health conditions of this population are a matter of care. The growth in this population is creating a need for long-term care services and boosting the demand for healthcare. Governments and the healthcare system are working to enhance its healthcare facilities to the doorsteps. Remote patient monitoring can bridge this requirement. It enhances the healthcare facilities and overall reach of healthcare with a reduction in unnecessary visits, time, and cost consumption as the hospital admissions and readmissions can be saved. Moreover, it also reduces the cost of traveling to the doctor or healthcare professionals for minor check-ups. Remote patient monitoring devices allow predictions of aggravation and exacerbation.
According to a report provided by World Health Organization in December 2020, the top three causes of death worldwide are Ischaemic heart disease at the first position, Stroke, and Chronic diseases being the third highest cause. The death percentage due to these three factors are 16%, 11%, and 6% respectively. On the account of this, a serious focus is required to give on the examination of heart-related diseases. Chronic care alone costs around 75% cost of the total healthcare management. Many chronic diseases such as cancer, diabetes prove dangerous merely due to undiagnosed as the conditions are hidden and symptoms are not noticeable. Therefore, even health professionals do consider the regular whole-body check-up. Moreover, increase in the threat of such diseases people too prefer regular and instant monitoring of body changes for themselves and their loved ones. RPM proves to fulfill this demand rapidly without giving any side effects or threat of syringes. And monitors the patient in their comfort zone as many patients avoid regular check-up due to the feeling of discomfort in healthcare centers.
Rising Heart Problems in the Young Generation
Due to the rapid urbanization and change in lifestyle, there is growth in the undiagnosed patient population, increasing the risk of chronic diseases such as diabetes, cancer, and cardiovascular disorders. Due to hectic lifecycle even, the young generation is suffering from the health issues such as high or low blood pressure. Thus, to keep maintain the quality of life, a regular bp check-up requires. To avoid daily visits to healthcare centers or hospitals, individuals prefer carrying remote patient monitoring devices. This allows individuals to manage their health in terms of fluctuations in blood pressure and continue their day-to-day activities as well. Therefore, along with the geriatric population, the demand for RPM is increasing from the young generation too.
Factors Restricting the Growth of the RPM Market
Rapid patient monitoring devices being an example of advanced technology do not possess affordable prices. Therefore, not every diseased person can make use of it. There is even a lack of knowledge regarding RPM and its use in any part of the world. Thus this lack of familiarity with new technologies from both patients and medical professionals hinders the reach of such devices. Moreover, not all aged patients get comfortable using advanced devices. They prefer sticking to the traditional ways of medical or health examinations. This creates an obstacle to the growth of remote patient monitoring market in this age group. Moreover, an increase in fraud in the healthcare sector is also one of the serious factors to restrict the demand for RPM or which proves to degrade the image of remote patient monitoring devices.
North America to Hold the Largest Share in the Global Remote Patient Market
The North American share in the global remote patient monitoring market has been expected to increase in the coming years. This was due to the early adaption of advanced technology from the countries like the United States and Canada. And due to the increase in the number of patients with chronic diseases, deaths due to strokes, the demand for RPM is predicted to increase in the future. The initiatives have been taken from the healthcare sectors to reduce the expenditure on healthcare; in the account of the same, the use of RPM is expected to be prescribed by the doctors. Moreover, an increase in the geriatric population is also one of the leading factors in rising RPM demand.
COVID-19 insight
Due to the outbreak of a pandemic, the population is growing their health consciousness. The threat of chronic diseases, maintaining the social distancing, need for quarantine during this period are some of the reasons behind the increase in the RPM demand. Therefore, COVID-19 had a positive impact on the RPM market.
Remote Patient Monitoring Market Scope:
Rising Growth of Carbon Fiber Reinforced Plastic (CFRP) Market
Thought ArticlesThe global carbon fiber reinforced plastic market is estimated to grow at a Compound Annual Growth Rate of 7.76% from UD$20.553 billion in 2019 to UD$34.690 billion in 2026.
Carbon fiber reinforced plastic which is also named carbon fiber reinforced polymers are composite materials with strong and lightweight fiber-reinforced plastics which contain carbon fibers. They provide high rigidity and a high strength-to-weight ratio. Due to its properties, it is used in aerospace, automotive, sports equipment, superstructures of ships, and other technical appliances. For instance, 52% of Airbus A350 XWB has been built by carbon fiber reinforced plastic. This includes its fuselage components and spars. Whereas Boeing 787dreamliner aircraft is built with 50% carbon fiber reinforced plastic. It is also used in sports cars. For instance, Formula one was made by using some proportion of carbon fiber reinforced plastic.
Rising demand and improvements in the aerospace industries are expected to drive the carbon fiber reinforced plastic’s market
The carbon fiber reinforced plastic is composed of two materials namely, reinforcement and matrix. The reinforcement is carbon fiber, whereas the matrix is a polymer resin. This composition gives extremely high strength to the applied material. The aerospace industry gives priority to strength while manufacturing aircraft. Similarly, the aerospace industry prefers high performance with lightweight and strong rigidity. CFRP also reduces the fuel economy by 30% in aircraft. Due to the unique feature of carbon fiber reinforced plastic of having a high strength-to-weight ratio and high stiffness, it is more commonly referred to as a replacement for alloys and metal in manufacturing by the aerospace industry. Due to the satisfactory performance of carbon fiber reinforced plastic used aircraft in Boeing aircraft, it has decided to manufacture mores such aircraft in future.
Recently, Boeing has announced to deliver 32,270 units of narrow-body aircraft globally during the forecast period. Global aircraft production is expected to grow rapidly in upcoming years. The global aircraft fleet volume is estimated to grow during the next ten years. This will surely have a positive impact on the market size of the carbon fiber reinforced plastic market globally during the same forecast period. Similarly, there are advanced improvements in the field of defense with the increase in its budgets. This is also expected to make use of carbon fiber reinforcement in weapon manufacture. Owing to these factors it has been estimated that aerospace and defense to drive the carbon fiber reinforcement market globally in the upcoming years.
The restraining factor for the CFRP market growth
Carbon fiber reinforcement plastic being a composite material is a very expensive material. Thus is most likely used in the aerospace industry. Although it is very beneficial in the automotive and civil engineering field, its high cost restricts its usage in these areas. This hinders the demand for CFRP from these and other sectors as well. The cheap-rated materials act as a substitute for carbon-fiber-reinforced plastic. Moreover, the production of CFRP takes a comparatively longer time with the high technical skills required. Thus, inadequate production skills and capacity are also expected to create an obstacle in the global carbon fiber reinforced plastic market.
Asia-Pacific is estimated to hold a significant share in the CFRP market during the forecast period
On the account of the widespread adoption in the aviation, industrial, and automotive sector in Asian countries like China, India, and Japan, the demand for Carbon fiber reinforcement plastic (CFRP) is rising here. This has paved the way for Asia-Pacific to dominate the CFRP market during the forecast period. China is experiencing a rise in air traffic for the last few years. Due to the high demand for better air connectivity and power, the aircraft market is expected to grow in China. At the same time, China is also working on the improvement of its defense sector. To improve the quality of defense weapons, the requirement of carbon fiber reinforced plastic is expected to rise. This eventually is estimated to increase the market size of the carbon fiber reinforced plastic market during the forecast period.
The automotive production industry in China is one of the largest in the world. Despite the decline in its automotive industry for the last few years since 2018, the strategies by major key players are working to overcome this loss. To increase the strength of the automotive, the use of CFRP is expected to rise in China. This increasing demand for Carbon fiber reinforcement plastic in China is estimated to have a noticeable impact on the CFRP market in the future.
Recent advancements in the Carbon fiber reinforcement plastic market
Mitsubishi Chemical Corporation in December 2020 announced the planning of the establishment of a new pilot facility in Fukui Prefecture for carbon fiber reinforcement plastic (thermoplastic). This plant is expected to start operating by the end of the year 2021.
In November 2021, Nikkiso Co., Ltd which is situated in Japan, has announced to expand its Busan Korea Facility to hold a marine center. This expansion is done for the growth of the shipbuilding industry. The growth in this sector is expected to grow the demand for carbon fiber reinforced plastic.
Whereas emerging technologies like plasma oxidation and HP-RTM have enhanced the reduction in the raw material cost. And the trends of the reuse of CFRP and reduction in the cost of carbon fiber have also brought opportunities for the wide applications of Carbon fiber reinforcement plastic.
COVID-19 impact on the carbon fiber reinforcement plastic (CFRP) market globally
Due to the outbreak of Covid-19, nearly all the industrial sector faced shut down for almost a year. Restrictions imposed on the social life, there was a halt in the manufacturing and supply activities. This impacted the economy of various industrial sectors. Majorly the CFRP is used for the aircraft manufacturing process. During the Covid-19 period, air connectivity was the foremost sector that was affected as many flights went to a halt and many of them were cancelled all over the world. Thus covid-19 had a severe negative impact on air connectivity therefore this eventually affected the aircraft market globally. The negative impact on the aircraft industry indirectly affected the carbon fiber reinforced plastic market. Thus there was seen a decline in the global carbon fiber reinforced plastic market. However, by the end of 2020, when the air connectivity came at the normal pace, and to overcome the previous loss, many initiatives have been made to build strong aircraft with advanced technology. This advancement and activities by governments of many countries worldwide and market players are estimated to uplift the aircraft market. This is the factor that is expected to contribute to the growth of the carbon fiber reinforced plastic market in the future.
Carbon Fiber Reinforced Plastic (CFRP) Market Scope: