The aircraft paint market is anticipated to grow at a CAGR of 3.14% during the forecast period to reach a market size of US$5.393 billion in 2026 from US$4.342 billion in 2019.
Aircraft have to endure extreme weather conditions, flex, bending, and other forces since they are travelling miles above the ground. To protect and maintain their look, a wide range of materials and finishes are applied to them. Aircraft paint is a type of paint that is used on both new and old commercial aircraft. Primers, enamels, lacquers, epoxy, and other multipart finishing formulas are some of the paints used on aircraft. The primary purpose of this paint is to offer corrosion resistance for various parts so that they can withstand pressure.
The increasing number of air travellers has increased the number of journeys for aircraft. According to the International Civil Aviation Organization (ICAO), the overall number of passengers transported on scheduled flights increased to 4.5 billion in 2019, a 3.6% increase from the previous year, while the number of departures increased by 1.7% to 38.3 million in 2019. The increasing number of air travellers will contribute to higher aircraft wear and tear, which will drive the market demand for aircraft paints throughout the forecast period. Aircraft paints are used to protect the interiors and exteriors of an aircraft. Since the interiors are not exposed to severe conditions, aircraft paint is utilised to prevent corrosion and degradation, on the other hand, these paints are employed to offer protection and provide an attractive look to exposed areas such as the exteriors of the aircraft. Airlines also utilise decorative paints to improve the physical appearance of the aircraft by painting the company’s brand and insignia, as well as apply decals, identification numbers, and letters on the aircraft. Last year, Garud Indonesia painted masks on their aircraft to spread awareness towards COVID. The numerous applications for aviation paints are expected to boost the market in the coming years.
Airlines across the globe are investing heavily in the development of new next-generation aircraft, which, along with increasing expenditure by corporations on aircraft repairs and maintenance, will fuel the expansion of the aviation paints market. Furthermore, recent advancements in new environmentally friendly aircraft painting and coating materials that can reduce weight and maximize fuel efficiency are likely to drive market expansion throughout the projection period.
Aircraft Paint Industry players are also employing various strategies in order to gain a competitive advantage. For example, in May 2021, PPG Industries Inc., a global supplier of paints, coatings, and specialty materials, announced that it had received regulatory approval from Russia’s Federal Antimonopoly Service to complete its tender offer for all shares of Tikkurila Oyj, a Finnish paints and lacquers manufacturer.
Air Travel Continues to Increase Due to Affordable Carriers in the Emerging Regions
The commercial air travel segment is growing internationally. Low-cost carriers (LCCs) have proven to be formidable market rivals, notably in the growing economies of Asia Pacific, the Middle East and Africa, and South America. More travellers are expected to fly more often in these regions. Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE) are among the major commercial aviation operators in the Middle East area. These carriers also handle the majority of commercial air traffic between Europe and Asia. The number of people utilising commercial flights is growing, which is pushing the demand for larger planes. This need is expected to stimulate the expansion of aircraft coatings.
Additionally, the launch of new aircraft, such as Airbus’ A320neo and A350, and Boeing’s 737 MAX and 787, has increased demand for aircraft coatings and paints, resulting in the expansion of the North American aircraft paint industry.
Increased Aviation Transport and Business Travel Will Support the Market Growth
According to IATA, airlines carry approximately 52 million metric tonnes of cargo every year, accounting for more than 35% of global trade in terms of value but less than 1% in terms of volume. This amount translates to products worth $6.8 trillion yearly or $18.6 billion per day. Demand for air cargo increased by 9% in April 2021 and is anticipated to rise more in the next years. As a result, the rise in air transport will fuel market development since the aircraft would need to make more flights, resulting in frequent wear and tear, boosting the market need for aircraft paints.
Along with other factors, such as government assistance, the demand for aircraft coatings consumption throughout the projection period is expected to rise.
Expenditure Required for Aircraft Paints Will Be a Major Market Restraint
The expenditures of constantly painting an aircraft’s interiors or exteriors are quite significant airlines may not want to spend large sums of money on repainting aircraft on a regular basis. The airline may seek cheaper alternatives, which may stifle market development.
Asia-Pacific Region Is Expected to Have a Prominent Market Share
The rise in air travel, as well as rising military aircraft procurements by developing nations such as India and China, is projected to drive market development. Furthermore, in order to attract more travellers, airlines such as China Eastern Airlines and Hainan Airlines are introducing unique themes, which are projected to enhance demand for aircraft paints throughout the projection period.
Due to the increase in air cargo, the total commercial aircraft fleet is anticipated to reach 8,270 in 2037, according to the Federal Aviation Administration (FAA). In addition, owing to the obsolescence of the present fleet, the US mainliner carrier fleet is anticipated to increase at a rate of 54 aircraft each year which will eventually boost the aircraft paint market.
The Coronavirus Pandemic Had a Negative Effect on the Airline Business
The passenger count plummeted by 60%, according to ICAO, with just 1.8 billion passengers travelling during the first year of the outbreak, compared to 4.5 billion in 2019. These figures also show that the COVID-19 pandemic cost airlines 370 billion dollars in financial losses, with airports and air navigation service providers (ANSPs) losing another 115 billion and 13 billion, respectively. Any improvement in the global picture is predicted to be only by the second quarter of 2021, depending on the efficacy of pandemic management and vaccine rollout. Passenger counts are anticipated to rebound to 71% of their 2019 levels by June 2021, according to the most optimistic scenario. A more gloomy scenario predicts just a 49% recovery.
Aircraft Paint Market Scope:
| Report Metric |
Details |
| Market size value in 2019 |
US$4.342 billion |
| Market size value in 2026 |
US$5.393 billion |
| Growth Rate |
CAGR of 3.14% from 2019 to 2026 |
| Base year |
2019 |
| Forecast period |
2021–2026 |
| Forecast Unit (Value) |
USD Billion |
| Segments covered |
Type, End-user, Application, And Geography |
| Regions covered |
North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered |
Akzo Nobel N.V, Axalta Coating Systems, APV Engineered Coatings, Hentzen Coatings Inc., Henkel AG & Co. KGaA, IHI Ionbond AG, Mankiewicz Gebr & Co., PPG Industries Inc., 3M Company, Walter Wurdack Inc |
| Customization scope |
Free report customization with purchase |
Online Survey Software Market: Asia Pacific Is the Quickest Growing Market
Thought ArticlesThe global online survey software market is expected to grow at a CAGR of 22.07%, from an initial value of US$8.077 billion in 2021 to US$32.626 billion by 2028.
Online survey software, the software used to do online surveys for a better understanding of the consumer behaviour. The first advantage of online surveys for analysts is that they raise potency by saving time. Data is accessible directly and maybe exported into specific statistical programs or spreadsheets at a very moment for elaborate analysis.
Online survey software is that the feedback or knowledge assortment software that gives data through online surveys or forms. Increasing penetration of the net, growing demand for online products and services could be a rising demand for the web survey tool for activity client satisfaction and feedback. Moreover, the growing trend of product selling including the rising want for marketing research survey code for understanding client behaviour is anticipating the expansion of the online survey software market.
Online software survey offers an easy-to-use platform that helps to make surveys with very little effort conjointly provides an economical answer for the survey that augmenting within the growth of the online survey software market. A growing want for a more robust understanding of client behaviour is that the rising demand for feedback or survey tools that anticipating the expansion of the online survey software market. However, the provision of open-source software is that the key impeding issue for the expansion of the online survey software market. Moreover, a rise in the adoption of digitation solutions and also the tremendous growth of the e-commerce sector is predicted to drive the expansion of the online survey software market.
Online surveys are currently a fairly common activity in international development programs. Online survey software’s are specifically designed to gather feedbacks or knowledge that brings unjust data through online surveys or forms. The software permits to make questionnaires and alter to share them online. The options offered by the online survey software might vary looking on the kind of surveys that are needed. However, some key options that any survey software should embrace are surveyed display choices, logic and branching, offline survey assortment, and the possibility for varied varieties of answers. Major online measure software’s are supported SaaS models that make them convenient to most varieties of users. With the requirement to spot the right sales channels and potential clients, businesses of all sizes are progressively adopting online survey codes which might propel the expansion of the online survey code market.
Rapid manufacture ends up in rising competition among varied industries whereas driving the trend for digitalization. The rise in adoption of digitation answers among organizations allows the implementation of online survey kind whereas driving the market growth. Moreover, the tremendous growth of the e-commerce sector including corporations rising concentrates on client satisfaction and drives the web survey code market. Alternative factors like up ICT infrastructure, availability of the high-speed web, and penetration of 3G and 4G technologies do contribute to the market growth considerably.
Merchant Analysis
The market is fragmented. The expansion of the players depends on many factors like market conditions, government support, and business development. To survive and reach such an intensely competitive market, players should distinguish their product and repair offerings through clear and distinctive worth propositions. Cisco Systems Inc., Medallia Inc., and QuestionPro Inc., are a number of the most important market participants. To create the foremost of the opportunities, market vendors ought to focus additional on the expansion prospects within the aggressive segments, whereas maintaining their position within the slow-growing segments.
The financial services and retail phase are foretold to carry a major share throughout the forecasted amount because of continual client knowledge necessities by these sectors. Within the retail phase, consumer data is needed to check consumers’ tastes and preferences for stocking and alternative operations. This data conjointly allows prognostication of client behaviour and predicting opportunities for business enlargement. within the financial service phase, data is needed to work out many economic indicators for formulating methods and observe growth. The manufacturing sector can hold an interesting role because of confirming the demand-supply ratio and alternative indicators.
The Need to Spot Potential Business Opportunities and Market Trends
The primary reason for businesses to conduct an online survey is to create effective selections that grow business by merchandising products and services to their existing customers and attract new customers by increasing the effectiveness of product/service to raised suit their desires. The feedback received from conducted surveys facilitates businesses to choose, on that product to focus, invest and enhance, and that product is comparatively defocused/discontinue. The survey alters businesses to expeditiously allot resources supported real, data-oriented insights from their customers. Thus, businesses of all sizes are progressively adopting online surveys software to spot potential customers and enhance business plans.
Increasing Web Penetration and Usage Across Rising Countries
The number of web users is calculable to extend in each urban similarly as rural regions, indicating a dynamic growth in access to web services. This increase in usage of the web has given rise to the quantity of individuals victimization internet applications around the world. Because the online survey software is wholly keen on net connectivity, poor or no web connectivity will cause important disadvantages. Countries with higher web penetration have seen an important increase in the adoption of online survey software. The rollout of the high-speed web has boosted the demand for online survey software among little and mid-sized enterprises.
Strict Government Policy Regarding Privacy and Growing Cyber Frauds Might Hinder Market Growth
A major hindrance facing the online survey software market is that the strict government policy of information assortment. Growing instances of cybercrimes have raised considerations by government bodies and organizations around the world leading to the implementation of stricter rules that bind the web survey code market similarly. Further, growing client awareness and preferability of a non-public life restraint the audience to fill such survey forms. Following an unknown link comes with a risk of phishing scams that decreases the trust of the audience in sure online sources and affects the information assortment by online survey code.
Regional Insights
Geographically, North America is predicted to drive the worldwide market of online surveys code because of the convenience of victimization cloud-primarily based online surveys over the premises model. Additionally, to the present, North America is home to some key business players that, in turn, drive the market growth.
North America accounts for an important market share because of the presence of major code vendors and world corporations that are continually centered on providing higher services and products to their customers to extend their sales. APAC is projected to be the fastest-growing regional market throughout the forecast amount. This growth is majorly attributed to the increasing retail and e-commerce business in countries like China and India besides the rising variety of little and mid-sized enterprises during this region. Rising internet penetration and increasing use of social media can give important market opportunities. The realm conjointly contains an outsized proportion of the worldwide population that gives a whopping marketplace for the information validation business. Statistics from Web World Stats show that 51.8% of worldwide web users board the Asia Pacific region. Thus, the region contains a wide prospect for the market.
Impact of COVID-19 Pandemic Happening on Online Survey Software Market
Coronavirus has currently become a threat to humans and to the worldwide economy. The pandemic has not solely modified the manner of economies that are functioning currently, however has forced worldwide groups and industries to alter the manner of managing their workforces. As organizations around the world are at pains to regulate this pandemic scenario, corporations, and businesses are progressively conducting online surveys to spot client demographics and the potential of their future business.
Online survey software is taking part in a crucial role within the growth of the business economy and to spot crucial business opportunities & market trends. The online survey software market has shown important growth throughout the pandemic. Online survey code alters business to boost client expertise and enhance business operations amid the COVID-19 lockdowns.
Global Online Survey Market Scope:
Quality Controlling the Infrastructure and the Industries
BlogThe global non-destructive testing (NDT) market is evaluated at US$14.445 billion for the year 2019 and is estimated to grow at a CAGR of 7.93% reaching the market size of US$24.639 billion by the year 2026.
Non-destructive testing (NDT) is a process used in industry to analyse the characteristics of a material, component, structure, or system for distinctive differences or welding flaws and discontinuities without causing damage to the original article. It refers to a set of inspection techniques primarily used in engineering industries that enable inspectors to assess and gather data about a material, system, or component without permanently altering them. Non-destructive testing (NDT) is sometimes referred to as non-destructive examination (NDE), non-destructive inspection (NDI), and non-destructive evaluation (NDE).
It is a very valuable technique that can save both money and time in product evaluation, troubleshooting, and research since it does not permanently alter the article being inspected. It is an important quality control tool in the production process since can detect surface and subsurface abnormalities in finished and work-in-progress (WIP) articles early. Factories, bridges, railway lines, and pipeline networks as well as industrial equipment are examples of industrial assets and public infrastructures where NDT is used to identify structural integrity and defects. To identify defects and damage in a wide range of goods and facilities (including buildings) in the UK, the British Institute of Non-Destructive Testing reports that more than 25,000 inspections are performed in factories and on-site every day; it is estimated that more than 120,000 inspectors work globally.
The rising costs of machine breakdowns in a variety of end-use sectors are the primary driver of this industry. Other key factors driving the demand for NDT equipment in many sectors across the world include the increasing complexity of machinery and equipment, rigorous government laws governing worker safety, stringent quality control standards, and strict product usage criteria.
The rise in automation in the industrial production and infrastructure sectors has also resulted in a significant increase in the need for defect detection linked to cracks, porosity, manufacturing disorders, and so on. As a result, compliance with industrial safety standards is a key element driving the growth of the NDT market.
The Growing Demands From the Energy and Power Sector Will Fuel Market Expansion
According to the research conducted by the International Atomic Energy Agency (IAEA1), the global fuel failure rate is about 10-5, which translates to 1-3 faulty fuel rods for every 100,000 fuel rods in operation. The failure rate is reduced when NDT is implemented.
With the global emergence of nuclear power and an increase in the number of applications in different sectors, the demand for NDT is projected to expand in the future years. Nuclear power is used to generate energy in numerous nations throughout the world. In fact, nuclear power facilities generate more than half of the electricity in several nations (Lithuania – 81.5%, France – 78.2%, Belgium – 60.1%). The primary challenge of nuclear power engineering is ensuring the dependable and safe functioning of nuclear power facilities. It is particularly dependent on the quality of nuclear fuel and the process equipment used to generate fuel.
Furthermore, approximately 67 nuclear reactors throughout the world are expected to achieve an operating age of more than 40 years in the next four years. As nuclear power facilities age, the significance of maintenance grows, as does the demand for inspection technology.
China and India, according to the World Nuclear Association, have plans to build 43 and 14 nuclear reactors, respectively, by May 2019. As a result, the demand for power plant maintenance will rise, generating a market for nondestructive testing.
Government Rules Regarding Public Safety and Product Quality Are Stringent.
Prior evidence of infrastructure failures, such as leaks in nuclear reactors, pipeline explosions, and refinery blasts, has driven governments throughout the world to adopt rigorous safety rules. Several governmental agencies and regional bodies, such as the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), have been established around the world to implement stringent measures for assuring instrument safety and overseeing engineering services testing. This is necessary for obtaining permissions and certificates from the appropriate authorities. This had a beneficial influence on the worldwide NDT market.
Major factors driving market expansion include the increasing complexity of machinery, the need for precise product usage specifications, and continued strict implementation of government laws to guarantee the safety of workers, as well as stringent quality control requirements.
The Scarcity of Competent and Qualified Individuals to Perform NDT and Inspection Tasks May Pose a Challenge
The demand for NDT and inspection services is growing faster than the need for NDT and inspection equipment. Furthermore, it has become crucial for players to increase their worldwide footprint while also developing a highly skilled staff to provide efficient NDT and inspection services. As a result, having a trained staff with the necessary NDT and inspection expertise is a strategic issue for businesses. Stringent government requirements, along with the high complexity of NDT and inspection procedures, result in a rising need for experienced testers and inspectors.
The Impact of the Outbreak of COVID-19 on the Non-Destructive Testing (NDT) Market
The severe slump in numerous industries throughout the world has contributed significantly to the fall in demand for non-destructive testing (NDT). Furthermore, the pandemic brought the refinery industries to a halt internationally, limiting project building, exploration, and production operations. Following the initial lockdown period, some activities were permitted, but with restrictions and certain protocols that had to be followed, such as the refinery operating at a lower capacity, requiring less labor to come into contact, and social distancing had to be maintained in the premises as well. Furthermore, sales in the industry fell during the first few months of the year as a result of the lockdown, which forced merchants to close for a time. Several nations across the world experienced an oil price war as a result of a negative impact on the oil and gas sector. With sectors progressively recovering from the pandemic, the oil and gas industry is projected to function at full capacity beginning in the third and fourth quarters of 2020.
Global Non-Destructive Testing (NDT) Market Scope:
Digital Signage Market: Advertising, Infotainment and Much More
BlogThe digital signage market is expected to grow at an annual growth rate of 11.67% to reach a market size worth US$11.372 billion by 2026.
Digital signages is referred to the technology such as LED, LCD, e-paper and projection to display weather data, web pages, video, digital images, text or restaurant menus which can be found in transportation systems, public places, retail stores, hotels, restaurants, corporate buildings, museums etc. to provide exhibitions, outdoor advertising, marketing and wayfinding. These are centrally managed network of electronic displays and individually addressable for the display of animated or video messages, for information advertising, entertainment to target based audience. However, the lack of superior quality digital signages to withstand harsh weather conditions is expected to act as a restraint on market growth to a certain extent. Moreover, the need of contactless engagement during the COVID-19 pandemic is expected to bring growth opportunities in the digital signage market.
Rising Demand of Digital Signages From the Commercial Sector Will Boost the Market in the Forecast Period.
The growing number of applications in various commercial sectors and industry verticals around the world are increasing the demand for digital signages. The use of digital signages in the commercial sector allows businesses to interact with customers effectively and efficiently, which gives more business opportunities for industries by increasing brand awareness among people, catching the attention of a passer-by, enhancing customer experience, promoting new products in the market and increasing brand awareness among consumers. Retailers with the help of digital signage can project videos and images to market their product and can compose content and arrange displays to create a dynamic and artistic atmosphere. Due to the rapidly growing digitization, consumers mainly depend on online content to discover deals, new ideas and to find information before buying a product. In a recent study conducted by Cisco IBSG, more than 40% consumers find that digital displays such as products marketed on video walls and big screens change their perception on buying products. The use of digital signage on helping customers by providing relevant information at the time of purchase has led to larger sales uplift and higher brand awareness. The use of digital signage in the hospitality sectors has upsurged in the recent time due to the highly transmissible COVID-19 virus which has helped the industry in understanding the importance of digital communication to ensure proper safety precautions have been met and to ensure patient satisfaction.
The Hardware Solutions will have a Significant Market Share During the Study Period of 2019 to 2026
The digital signage market is segmented, based on solution as hardware, software and services. Hardware is further segmented into LCD displays, LED displays, OLED displays, projector and services are further segmented into maintenance and support services installation services and others. During the study period, the market for hardware services is anticipated to witness remarkable growth. Hardware components include components, displays which are required for the manufacturing process of digital banners, panels, etc. The growing R&D and technological advancements such as 4K, 1080p and 8K display are anticipated to upsurge the demand of hardware components. The advancement in digital display units such as OLED displays and 3D technology will propel the its growth in the forecast period.
The Application of Digital Signage in Retail Is Expected to Drive the Digital Signage Market in the Forecasted Period.
The digital signage market, by industry verticals, is divided retail, government, transportation and logistics, healthcare and pharmaceuticals, media and entertainment, education, hospitality and leisure and Others. The demand for digital signage in the retail industry has increased in the forecast period owing to the use of digitized advertisements for promoting and marketing their products and services. The need for companies to have a competitive edge over others due to a variety of product offerings in the industry has upsurged the growing awareness of effective marketing strategies. Hence, the use of digital posters has widely grown in the retail sectors as it is considered as a marketing strategy for their product offerings.
The Lack of Superior Quality Digital Signages Products for Harsh Conditions May Hinder the Market Size of Digital Signages.
One of the prime factors that may hinder the market growth of digital signages is the lack of superior quality digital signages as they are used in both indoor and outdoor applications which include billboards, signboards and kiosks. The usage of digital signage in outdoor applications in harsh weather conditions such as dirt, snow, extreme temperatures and rain could affect its performance and even might degrade it. The effect of direct sunlight for prolonged hours on digital signages could affect its performance and develop thermal management issues which also effects its long-term use of these digital signages. Therefore, choosing cooling filters and thermal management software is extremely important to manage heat build-ups in digital signages. Hence the scarcity of superior quality digital signages which can function in harsh weathers like these could impact the overall growth of digital signages in the global market.
During the Forecasted Period, North America and the Asia Pacific Region Will Show Robust Growth.
The digital signage market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. The North American region holds the largest share and is predicted to grow at an increasing rate in the digital signage market. The growth is due to the high demand of signage in the retail industry and the presence of dedicated product suppliers in the region. The U.S, Germany, and U.K. are attributed to hold a significant share owing to the growing research and development programs by product manufacturers and the growing government initiatives for the installation of digital signages in various offices to maintain a continuous information flow system.
Asia Pacific region is expected to grow at the fastest rate in the digital signage market in the projected period. The lower cost of implementation and installation, lower labour costs is attributed to he growth of digital signages in the Asia Pacific region. Also, the advanced audio visual solutions integrated with next- generation technologies which include AI and AR and the increasing adoption and penetration of digital technologies have further boosted the growth of digital signages in the region. The infrastructural developments in many developing nations such as India, South Korea and China have boosted the growth in BFSI, transportation facilities and retail which is one of the prime reason for the growth of digital signages in the Asia Pacific region.
The Impact of the Outbreak of COVID-19 on the Cloud Storage Market
The COVID-19 pandemic has had an adverse effect on industries and their manufacturing and production units. The government of many nations have imposed strict nationwide lockdown due to the extensive spread of the virus. The COVID-19 virus has had a negative impact on the digital signage market owing to the negative impact on the display industry as due to the lockdown implemented manufacturing unit were forced to temporarily shut which slowed the overall production process. The spread of the virus has not only impacted the operations of companies manufacturing digital signage but also has had a deep impact on the supply chain management. The slow domestic demand and the failure in export shipments of digital signage and display units is anticipated to slowing the demand of digital signages and will therefore have a negative impact on the industry. The key manufacturers of display units including LG Display, Samsung, Xiaomi and others have suspended their manufacturing units in India, China, South Korea and other European countries. The pandemic has had a negative impact on the demand of display integrated devices by consumers due to the lockdown implemented in various parts of the world.
Global Digital Signage Market Scope:
Digital Out of Home Market: Commercial Vertical Holds Major Share
Thought ArticlesThe Digital Out of Home Advertising market is predicted to grow from US$21.333 billion in 2022 at a compound annual rate of growth of 10.61% over the forecast amount to achieve a market size of US$43.208 billion in 2029.
DOOH, conjointly called digital signage has effectively replaced the normal and orthodox sorts of selling and advertising. This method permits advertisers and native vendors to have to interact with their customers in real-time to trace effectiveness from the selling messages displayed using DOOH. Based on end-user, the market is divided into Automotive, care & home, Entertainment, Retail, Food & Beverages, Telecom, BFSI, Others. In the current business state of affairs, it’s crucial to use economical systems for in-transit advertising, owing to the increase in the development of diverse user engagement devices and applications. DOOH caters to the public interest by using real-time screens and live knowledge feeds. Because the web has currently gained prominence, the power to create awareness and acquire spectacular results is simpler via DOOH.
With the advancement of mobile-based digital networks, digital-out-of-home advertisers are extending location-based advertisements to have interaction customers from any place. Because of advancements in digital-out-of-home technologies, digital-out-of-home is reworking ancient outdoors advertising. There’s a rise in the usage of digital screens at airports globally, as they attract the eye of the audience. These digital screens show the advertisements of brands and real-time news, weather, and entertainment that draw the eye of travelers at airports.
Moreover, factors like long dwell time, frequent flyers, business category travelers, etc. produce opportunities for advertisers to supply recurrent exposure of their brands because the travelers are forced to pay hours watching for their flights. These factors are contributory to the expansion of the digital out of home market. Within the current business state of affairs, it’s crucial to use economical systems for in-transit advertising, due to the increase in the development of diverse user engagement devices and applications. DOOH caters to the public interest by using real-time screens and live knowledge feeds.
Although the market could also be matured, there still exists intense competition among players. The presence of the numerous native and international players is gathering the competitive nature of the world’s digital-out-of-home market. It’s changing into a lot of and tougher for players to remain abreast of the advances in technology and so, to survive within the market, it’s changing into compelling for players to remain before one another. Differentiating their product and service offerings is that the best bait and players are achieving this through a novel worth proposition.
Top Impacting Factors
Reduced Price of Digital Screen
The fall among the prices of LCD & LED display technology and increase among the event of the programmatic market have rose to the speedy growth of the DOOH market.
Rapid Digitisation and Reduce in Demand for Ancient Billboard
Digitization will increase the expansion of the DOOH market as it removes the hurdle of restricted reach of the audiences and displays multiple advertisements of various firms on a very single screen. Thus, digitization has increased the usage of DOOH within the international market.
Increase Within the Trend of Online/Broadcast Advertising
An increase in the adoption of online/broadcast advertising could be a threat to the world DOOH market because it avails the good thing about the handiness of huge audiences over the web and is a smaller amount expensive as compared to the massive digital screens employed in DOOH.
High Growth Market Share Witnessed by Outdoor Market
Based on Application, the market is divided into Indoor, Outdoor. The out of doors displays are widely employed in the transportation, sports, and hospitality verticals. Billboard advertising usually represents giant advertisements in high-traffic areas for passing pedestrians and drivers. This attracts many shoppers because the advertisements are for the most part visible at categorical highways and high-density client exposure areas. Digital billboards are designed using computer software to permit outdoor advertisements. Perpetually dynamic or blinking text creates a control on the purchasers and permits a large exposure to the targeted audience. Daktronics (US) could be a world-leading player in producing outdoor displays. Outdoor displays are factory-made considering the tough atmosphere. These displays are seldom waterproof and may face up to high temperatures due to their inherent cooling systems.
Commercial Vertical Expected to Carry the Most Important Market Share Throughout the Forecast Amount
The business vertical is predicted to carry the most important share of the digital-out-of-home market throughout the forecast amount. This is often primarily because of the increasing demand for digital out-of-home systems in business applications, alongside enhancements in technology offerings and infrastructure expansions. The business vertical includes retail and hospitality, within which the client interaction largely takes place through kiosks and interactive billboards. Print advertising has decreased because the digital out-of-home screens are being targeted toward the audiences with the assistance of interactive content to create the message enticing by practicing it effectively per the demand within the market.
Regional Insights
Based on regional analysis, the world Digital Out of Home Market is assessed into North America, Europe, Asia Pacific, and the remainder of the planet. North America is predicted to carry the most important share and dominate the Digital Out of Home Market throughout the forecast amount. North America being the foremost technologically advanced could be a leader within the marketplace for providing leading-edge technology, that is employed within the advertisement sector. North America is that the early adopter of the latest show technology, and there’s a continual awareness concerning the advantages of economic displays within the region. Among the aforementioned regions, the Latin American market and therefore the Asia-Pacific marketplace for digital out-of-home advertising are going to be the quickest growing, attributed to the expected increase within the gross domestic product within these regions and increase in the ad disbursal.
The Middle East & Africa marketplace for digital out of home advertising is predicted to carry the third market position by the top of the forecast amount surpassing the North American market and Western Europe marketplace for digital out of home advertising.
COVID-19 Scenario
Due to the COVID-19 pandemic, many markets are adversely affected because of the repercussions on the operating profits of the businesses. Digital out-of-home is one such market anticipated to witness a decline in growth over the longer-term years. Amongst the opposite markets, media and advertising are doubtless to foresee tremendous disruption within the gettable revenues over the approaching amount. Whereas digital advertising platforms have preponderantly earned opportunities for engaging customers just because of the apparent correlation between time reception and media consumption, the normal Out-Of-Home (OOH) advertising market is foretold to say no over the longer-term years. With the fact that transport modes act as a definite atmosphere for the unfolding of a deadly illness like this, the DOOH market is conceivably witnessing lower reach, particularly at the transport locations as target customers are largely staying inside and avoiding crowded places the maximum amount as attainable.
For Aircraft Paints – Why Every Layer Adds More Than Just Aesthetics
Thought ArticlesThe aircraft paint market is anticipated to grow at a CAGR of 3.14% during the forecast period to reach a market size of US$5.393 billion in 2026 from US$4.342 billion in 2019.
Aircraft have to endure extreme weather conditions, flex, bending, and other forces since they are travelling miles above the ground. To protect and maintain their look, a wide range of materials and finishes are applied to them. Aircraft paint is a type of paint that is used on both new and old commercial aircraft. Primers, enamels, lacquers, epoxy, and other multipart finishing formulas are some of the paints used on aircraft. The primary purpose of this paint is to offer corrosion resistance for various parts so that they can withstand pressure.
The increasing number of air travellers has increased the number of journeys for aircraft. According to the International Civil Aviation Organization (ICAO), the overall number of passengers transported on scheduled flights increased to 4.5 billion in 2019, a 3.6% increase from the previous year, while the number of departures increased by 1.7% to 38.3 million in 2019. The increasing number of air travellers will contribute to higher aircraft wear and tear, which will drive the market demand for aircraft paints throughout the forecast period. Aircraft paints are used to protect the interiors and exteriors of an aircraft. Since the interiors are not exposed to severe conditions, aircraft paint is utilised to prevent corrosion and degradation, on the other hand, these paints are employed to offer protection and provide an attractive look to exposed areas such as the exteriors of the aircraft. Airlines also utilise decorative paints to improve the physical appearance of the aircraft by painting the company’s brand and insignia, as well as apply decals, identification numbers, and letters on the aircraft. Last year, Garud Indonesia painted masks on their aircraft to spread awareness towards COVID. The numerous applications for aviation paints are expected to boost the market in the coming years.
Airlines across the globe are investing heavily in the development of new next-generation aircraft, which, along with increasing expenditure by corporations on aircraft repairs and maintenance, will fuel the expansion of the aviation paints market. Furthermore, recent advancements in new environmentally friendly aircraft painting and coating materials that can reduce weight and maximize fuel efficiency are likely to drive market expansion throughout the projection period.
Aircraft Paint Industry players are also employing various strategies in order to gain a competitive advantage. For example, in May 2021, PPG Industries Inc., a global supplier of paints, coatings, and specialty materials, announced that it had received regulatory approval from Russia’s Federal Antimonopoly Service to complete its tender offer for all shares of Tikkurila Oyj, a Finnish paints and lacquers manufacturer.
Air Travel Continues to Increase Due to Affordable Carriers in the Emerging Regions
The commercial air travel segment is growing internationally. Low-cost carriers (LCCs) have proven to be formidable market rivals, notably in the growing economies of Asia Pacific, the Middle East and Africa, and South America. More travellers are expected to fly more often in these regions. Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE) are among the major commercial aviation operators in the Middle East area. These carriers also handle the majority of commercial air traffic between Europe and Asia. The number of people utilising commercial flights is growing, which is pushing the demand for larger planes. This need is expected to stimulate the expansion of aircraft coatings.
Additionally, the launch of new aircraft, such as Airbus’ A320neo and A350, and Boeing’s 737 MAX and 787, has increased demand for aircraft coatings and paints, resulting in the expansion of the North American aircraft paint industry.
Increased Aviation Transport and Business Travel Will Support the Market Growth
According to IATA, airlines carry approximately 52 million metric tonnes of cargo every year, accounting for more than 35% of global trade in terms of value but less than 1% in terms of volume. This amount translates to products worth $6.8 trillion yearly or $18.6 billion per day. Demand for air cargo increased by 9% in April 2021 and is anticipated to rise more in the next years. As a result, the rise in air transport will fuel market development since the aircraft would need to make more flights, resulting in frequent wear and tear, boosting the market need for aircraft paints.
Along with other factors, such as government assistance, the demand for aircraft coatings consumption throughout the projection period is expected to rise.
Expenditure Required for Aircraft Paints Will Be a Major Market Restraint
The expenditures of constantly painting an aircraft’s interiors or exteriors are quite significant airlines may not want to spend large sums of money on repainting aircraft on a regular basis. The airline may seek cheaper alternatives, which may stifle market development.
Asia-Pacific Region Is Expected to Have a Prominent Market Share
The rise in air travel, as well as rising military aircraft procurements by developing nations such as India and China, is projected to drive market development. Furthermore, in order to attract more travellers, airlines such as China Eastern Airlines and Hainan Airlines are introducing unique themes, which are projected to enhance demand for aircraft paints throughout the projection period.
Due to the increase in air cargo, the total commercial aircraft fleet is anticipated to reach 8,270 in 2037, according to the Federal Aviation Administration (FAA). In addition, owing to the obsolescence of the present fleet, the US mainliner carrier fleet is anticipated to increase at a rate of 54 aircraft each year which will eventually boost the aircraft paint market.
The Coronavirus Pandemic Had a Negative Effect on the Airline Business
The passenger count plummeted by 60%, according to ICAO, with just 1.8 billion passengers travelling during the first year of the outbreak, compared to 4.5 billion in 2019. These figures also show that the COVID-19 pandemic cost airlines 370 billion dollars in financial losses, with airports and air navigation service providers (ANSPs) losing another 115 billion and 13 billion, respectively. Any improvement in the global picture is predicted to be only by the second quarter of 2021, depending on the efficacy of pandemic management and vaccine rollout. Passenger counts are anticipated to rebound to 71% of their 2019 levels by June 2021, according to the most optimistic scenario. A more gloomy scenario predicts just a 49% recovery.
Aircraft Paint Market Scope:
Modular Instruments: Transforming the Wireless Device Industry
BlogThe modular instrument market is expected to grow at a compound annual growth rate of 9.31 % to reach a market size worth US$3.052 billion by 2026.
Modular instruments consist of various types of functional cards that are assembled to accommodate several input/output channels for different applications and to enable the user to customize their measurement capabilities. As a result, it uses a computer-based user interface instead of display and control devices built into the instrument, hence the name “faceless instruments”. Additionally, it is equipped with programming interfaces known as drivers. Electronic and mechanical products can be designed, built, maintained, tested, and repaired using this equipment. Due to their cost-effectiveness, compactness, flexibility, and speed, modular instruments are utilized in photonic, submicron, and nanoscale technologies, as well as mechanical and electrical engineering. The equipment can be used to test, monitor, and perform user-defined measurements. The market growth is expected to be driven by technological advancements and advancements in communication and networking, as well as an increase in electronic device adoption.
The Growth of IoT Devices Is Generating New Opportunities for the Market
By 2026, 30 billion devices will be connected, according to a GSMA report. Aside from tracking devices, vehicles, utility meters, consumer electronics, and vending machines with wearable technology, IoT-connected devices also include smartphones and tablets. As a result, with the growing adoption of smart devices, test, inspect, and verify equipment has become essential for ensuring that the devices are functioning accurately and reliably. Additionally, the proliferation of connected devices motivates more testing of the devices’ feasibility, which in turn leads to the adoption of modular instruments. Providing smart IoT solutions to the world, Dahua Technology, a leading video-centric IoT player, has launched its DSS Video Management Software (VMS) Version 8.0 in North America. As part of the software upgrade, a smaller installation package has been implemented, faster startup time has been achieved, as well as a secure design that is easy to deploy. In addition, the DSS is highly scalable and efficient, optimizing users’ investment.
Rise of Wireless Devices
A number of factors including wireless devices and the emergence of Narrowband IoT (NB-IoT) and mobile IoT standards such as Bluetooth Low Energy (BLE) and LTE-M will drive the market growth. Thus, the growth of mobile devices and the adoption of smart devices have spurred the demand for wireless technologies. Increased adoption of smartphones and better network coverage has also contributed to the growth of mobile data. As a result of the aforementioned developments, modular test equipment is now needed to minimize issues in the initial development of wireless equipment. As an example, the US Department of Defense’s base budget for FY 2021 is USD 633 billion, which is the largest defense budget for the year. This may eventually result in higher sales of modular testing equipment since modular testing equipment is used to monitor command and communication networks as well as surveillance applications.
Industry Growth in Electronics and Semiconductors
Various components and devices are tested using modular instruments at different stages of the manufacturing cycle, gauging system efficiency and efficiency of the components. Meanwhile, the development of the global 4G and 5G infrastructure has also contributed to the growth of the market. Significant increases in long-term evolution (LTE) systems, as well as the adoption of smart devices and substantial growth in mobile data traffic, have resulted in a growing need for advanced modular instruments for the development of newer technologies, such as 4G and 5G. For instance, The Japanese government has a high priority when it comes to deploying 5G. Ministry of Internal Affairs and Communications (MIC) is the agency leading the 5G initiative. The largest number of subscribers belongs to NTT DOCOMO, Japan’s oldest mobile carrier. Japan’s major cities will be the first to enjoy limited commercial 5G service starting on March 25, 2020. Over $7 billion will be invested in expanding the company’s network by 2025 to cover 97% of the country’s population. The company plans to build 8,001 base stations in the 3.7GHz and 4.5GHz spectrum bands, and 5,001 base stations in the 28GHz band.
The High Cost of Modular Instruments Can Hamper the Growth
High instrument costs combined with the requirement of highly skilled labor are limiting the growth of the market. In addition, the increasing demand for leasing and rental services for modular instruments also hampers the market. Yet, smart product companies and wireless technology companies are concerned about modular instruments’ costs and use. Therefore, the steady growth of the market has been caused by a growing concern among companies. As a result, companies adopting modular instruments use rental and leasing services to take advantage of cost savings opportunities.
A Significant Market Growth Is Expected in North America
There is a surge in the number of connected devices due to LTE, technological advancements in wireless connectivity technologies including general packet radio service (GPRS), Wi-Fi, and global interoperability of microwave access (WiMax) in various fields. Thus, automated test and measurement (T&M) is increasingly being configured using modular devices in North America. As North America’s interest in electric vehicles grows, so does the need for a seismic shift in how to design verification and performance testing are done. In order to reduce cycle times and increase productivity, engineers are now using emulation methods to test components. A survey by the US National Renewable Energy A good example is Tesla’s acquisition of Maxell Technologies in 2019, a firm that pioneered the development of ultra-capacitors and high-power density capacitors. Maxwell’s dry battery electrode technology could enable Tesla to extend electric car range beyond 400 miles and achieve its goal of cheap, long-lasting batteries.
Impact of COVID-19
The modular instruments market was negatively impacted by COVID-19. A significant reason for the decline in modular instruments is the massive downturn in the global semiconductor industry. A number of countries imposed lockdowns in response to the pandemic, causing further disruption throughout the supply chain. In the initial period, these difficulties made obtaining raw materials even more challenging.
Global Modular Instruments Market Scope:
Mixed Signal ICs: The Nexus of Technology and Data Transmission
BlogThe Mixed-Signal IC Market is expected to grow at a compound annual growth rate of 3.24 % to reach a market size worth US$87,116.810 billion by 2026. This market was valued at US$69,670.713 billion in 2019.
The mixed-signal IC combines analog/digital circuits on the same chip. It is commonly used to convert analog signals into digital signals, which can then be used by digital devices. Mixed-Signal ICs are important for a number of applications, which include consumer electronics, security and surveillance, automotive, healthcare, communications, and industrial equipment. A key advantage of these ICs is that they are able to convert data from digital into analog and from analog to digital simultaneously.
A number of consumer electronics, telecommunication, and other industries are experiencing exponential growth, which is driving the use of mixed-signal IC in mobile phones and electronic devices. A growing number of low-power consumption devices and the advent of the 5G network have led to the growth of the mixed-signal IC market.
The Introduction of 5g Technology Will Spur the Market for Mixed-Signal ICS
Switching circuits for high-frequency technology are in great demand for 5G. Most of these switching circuits can be found in mixed-signal ICs. A growing number of wireless technologies are being adopted and these products are becoming more popular. Higher frequencies are associated with higher losses and distortion. As a result, mixed-signal ICs use special techniques that support this. In addition, mixed-signal integrated circuits are widely used in consumer electronics, where they can be found in mobile phones, led drivers, tablets, laptops, and a wide range of other electronic devices. Capital expenditures for establishing 5G networks are expected to total more than $14 billion over the next five years among the four Japanese mobile operators. Fiber optics, base stations, and servers are all included in this. Over $720 million in telecom equipment was exported from the United States to Japan in 2019.
The Japanese government has a high priority when it comes to deploying 5G. Ministry of Internal Affairs and Communications (MIC) is the agency leading the 5G initiative. The largest number of subscribers belongs to NTT DOCOMO, Japan’s oldest mobile carrier. Japan’s major cities will be the first to enjoy limited commercial 5G service starting on March 25, 2020. Over $7 billion will be invested in expanding the company’s network by 2025 to cover 97% of the country’s population. The company plans to build 8,001 base stations in the 3.7GHz and 4.5GHz spectrum bands, and 5,001 base stations in the 28GHz band. There are four major networks in the UK: EE, O2, Three, and Vodafone. A new 5G network was launched by EE in the UK for the first time in May 2019. EE currently offers 5G in 71 UK cities and towns. Taiwan released its 5G Action Plan in 2019 to stimulate 5G development on the island, which included funding of up to US$658 million over a four-year period. As a result of this public investment, U.S. ICT companies can work with the five largest mobile phone service providers in Taiwan: Chunghwa Telecom, Taiwan Mobile, Far EastTone, Asia Pacific Telecom, and Taiwan Star Telecom.
(Source: trade.gov)
The Consumer Electronic Segment Is Expected to Drive the Mixed-Signal IC Market in the Forecasted Period
Global revenues of the mixed-signal IC market are expected to be captured by the consumer electronics segment by the end of the forecast period. Mixed-signal ICs functions are highly prevalent in mobile phones and electronic devices, as a result of the rapid development of telecommunications, electronics, and other industries. A combination of the 5G network and the high demand for low-power devices will propel the global market for mixed-signal ICs into growth.
In the Forecast Period, Mixed-Signal ICs Will Be Constrained by Their Complex Integration Processes
In the mixed-signal IC industry, multiple functions are incorporated in a single IC, which results in complex designs. The development of a complex device requires robust methodologies, skillsets, and an array of integration tools. Due to these technological innovations, more features are being added to systems, which increases their complexity. Furthermore, including multiple circuits into one IC, such as an analog and a digital circuit, is a challenging task. The combined effect of all these factors restrains the growth of the global mixed-signal IC market.
Market Growth Is Expected to Be the Highest in the Asia Pacific Mixed-Signal IC Market
The market share of APAC is predicted to be the largest in 2020. As new technologies are adopted across various sectors in the region, the region is undergoing rapid transformations. In APAC, specifically in Japan, South Korea, Australia, Singapore, China, and India, the infrastructure development, along with the deployment of 4G and 5G networks, presents huge potential for offering new 5G services. Several countries take the strategic lead in regions like Singapore, South Korea, China, Australia, and Japan, paving the way for 5G, edge computing, and blockchain technology to be a dominant force in the coming years. The 5G infrastructure market is dominated by Huawei (China). A global leader in information and technology solutions, the company provides services in over 150 countries worldwide. With more than 36 joint innovation centers and 14 research and development centers, the company operates in about 150 countries and receives customers from all over the world. Additionally, the company provides network infrastructure for telecom companies.
COVID-19 Scenario:
Many countries have implemented lockdown measures that have disrupted manufacturing. During this time period, the supply chain was disrupted and businesses slowed. Access to the market has been limited by trade barriers.
Due to the stoppage of daily operations in the automotive industry, there was a significant reduction in demand. Manufacturing and sales of automobiles were suspended or reduced.
The semiconductor and electronics industries experienced business continuity issues, affecting demand for mixed-signal ICs. Nonetheless, demand continued to increase steadily after the lockdown ended.
Global Mixed Signal IC Market Scope:
Rising Growth of Dimethyl Carbonate
Thought ArticlesThe Dimethyl Carbonate Market is predicted to grow at a CAGR of 3.80% to attain a market size of US$1,198.128 billion by the end of 2026. This market was worth US$1,555.212 billion in the year-end of 2019.
Dimethyl carbonate (DMC) is an environmentally friendly compound that can help to enhance glycerol, fatty acids, polysaccharides, sugar-derived, and platform molecules. As the electronics industry continues to grow rapidly, batteries to power these devices are in high demand. In recent years, Li-ion batteries have found tremendous traction in smartphones and other small electronic devices. Considering that DMC is an integral part of the production of Li-ion batteries, its market is also expected to grow along with the Li-ion batteries market. Because of the high production of polycarbonate, the dimethyl carbonate market is more in demand globally. No acids or phenols are produced during the production of polycarbonate. The market demand increases with increased polycarbonate demand from the automotive and electronics industries. Production of dimethyl carbonate is growing rapidly as it takes care of the environmentally-friendly production of thermoplastics.
Types and Usage Of Dimethyl Carbonate
The dimethyl Carbonate Market can be categorized into three types based on the type of grade, namely pharmaceutical grade, industrial grade, and battery grade. These grades are all in high demand throughout the world. Polycarbonate, which is a widely used material in the manufacturing of plastics, accounts for the largest share of the market. Additionally, it is used as a solvent in paints and coatings, and as a pesticide reagent. The Asia Pacific building and construction industry is driving significant growth for the global paints and coatings industry. Several projected growth factors for the global industry are attributed to the Middle East and Africa. Dimethyl carbonate demand is then likely to grow over the forecast period due to this.
The growing infrastructure of Asia Pacific countries, particularly India, China, and Indonesia, and the ease with which durable building materials can be found, is expected to increase demand for waterproofing chemicals. During the Indian Union Budget 2021, the government has allocated 32.02 billion dollars to improve the country’s transportation infrastructure due to a major push behind the infrastructure sector. The government added 7,400 projects to the National Infrastructure Pipeline (NIP). ~217 projects totaling US$ 15.09 billion were completed by 2020. ‘ Larsen & Toubro (L&T)’s construction subsidiary, L&T Construction, has won contracts for various projects in India, Dubai, Africa, and Thailand. There are several orders placed by the construction company that is significant, which are valued between $133.5mn and $333.8 million. In the pharmaceutical industry, dimethyl carbonate is often used to manufacture antibiotics. A dimethyl carbonate solution can be used to manufacture either propofloxacin or carbadox. Antibiotics such as Ciprofloxacin are used to prevent certain bacterial infections. Also, it can be used to prevent or treat anthrax. In veterinary medicine, carbadox is used as an antibacterial agent.
Increasing Use For Polycarbonate From Various Industries Driving the Demand of Dimethyl Carbonate
In industries such as electrical & electronics, automobiles, building & construction, consumer products, and medical, polycarbonate (PC) is widely used because of its strength, transparency, thermal stability, chemical & heat resistance, and dimensional stability. Globally, polycarbonate resin production capacity was 5,100 kilotons/year in 2016 (Source: Plastics Insights). During the forecast period, the demand for polycarbonate will likely increase, resulting in increased global production capacity. Market share for dimethyl carbonate is dominated by the polycarbonate synthesis segment. The production of polycarbonates begins with dimethyl carbonate, a precursor to polycarbonate. Among its many uses in engineering plastic materials such as automotive, electrical, and electronics, polycarbonate is well-suited to the requirements of the end-use industries thanks to its superior physical properties like heat resistance, impact resistance, structural stability, and optical transparency.
Globally, the market for dimethyl carbonate is being fueled by the growing demand for polycarbonate in the automotive and electrical & electronics industries. In Asia Pacific, the polycarbonate industry is expected to grow at a rapid rate due to solid growth in the automotive and electronics industries. Due to modernization, like an increasing number of smartphone users and an increase in consumer disposable income, emerging economies in Asia Pacific are expected to be major markets for electronics. The demand for electrical components and its impact on the market growth are expected to increase. Construction and the automotive industry are the primary users of polycarbonate material. In this sector, higher incomes and expenditures on electronic equipment and automobiles lead to increased production of plastic polymers. The German, Japanese, Thai, and South African plastic polymer production industries, as well as government support and demand from packaging, electronics, and medical industries, contribute their share to global production of the polymer.
The Asia Pacific Market Is Estimated to Rise At the Fastest Rate
Dimethyl carbonate’s biggest market by region is Asia Pacific. Among the major countries contributing to the boost in demand for dimethyl carbonate in this region are China, India, Japan, and South Korea. As a material, dimethyl carbonate is mainly used in the production of polycarbonates in China, Japan, Korea, Thailand, and Taiwan, and India. Apart from this, it is also used for the manufacturing of medicines, paints, and pesticides. There is a significant increase in the demand for dimethyl carbonate in this region due to its use in the synthesis of polycarbonate in these countries. Asia-Pacific is expected to also drive the lithium-ion battery market, as well as the dimethyl carbonate market, as the electronics and automotive industries will demand more lithium-ion batteries.
Coronavirus Pandemic Insights
All businesses in 2020 have been affected by the ongoing pandemic, including the dimethyl carbonate industry. The key players in this lockdown faced massive losses in their business due to the fact that they were not able to supply their products to all countries. Suppliers of dimethyl carbonate are now developing new strategies to increase customer demand. As a result of customer needs in the COVID-19 period, some modified products have been introduced. In November 2020, PeptiAID Inc. was formed as a joint venture to research peptide-based therapies to balance both the current SARS and CoV-2 viruses. A contribution of USD 82,890 from Merck KGaA to the Eijkman Institute for Molecular Biology, Indonesia, will support vaccine development research and encourage the use of research instruments.
Dimethyl Carbonate Market Scope:
Inclining Trend in the Smart Grid Software Market
Thought ArticlesA smart grid is a self-sufficient electric power network that uses digital communications technology for monitoring, control, and analysis within the supply chain, as well as the ability to act remotely on network incidents, thereby improving the supply and relationship with the environment by providing reliable and efficient power supply through a variety of smart grid applications and technologies. Smart grid software is a critical component of the smart grid infrastructure, as it aids in the deployment and operation of the smart grid, as well as improving process efficiency and lowering energy production costs.
Favorable Structural Characteristics Contribute to Market Growth
The market is expected to develop at a favourable rate during the projection period, thanks to increased government backing and significant investment by enterprises in smart grid technology deployment. During electricity supply to clients, this method improves use, distribution, and decreases transmission losses. The market for such systems is projected to rise as a result of these beneficial qualities. Furthermore, the industry’s expansion is expected to be aided by the ageing electricity distribution infrastructure. Another element that is expected to have a beneficial influence on the business in the next years is an improved communication network owing to error-free and efficient data transfer.
Investment in Research & Development to Lead To Opportunities in the Market
Growing expenditures in research and development (R&D) of smart technology software such as broad area monitoring and controlling, renewable energy integration, and enhanced metering infrastructure have been highlighted as prominent trends in the worldwide smart grid technology industry. Several countries are also seeking for effective techniques to manage energy distribution and minimise carbon emissions from traditional energy sources. Furthermore, due to the advent of new utility-scale and produced renewable capacity, power utility companies are increasingly required to improve and modernise their transmission and distribution (T&D) networks.
Growing Concerns About Reducing Carbon Footprint to Augment Market Size
The effective management of dispersed energy resources and growing concerns about reducing carbon footprint during power generation are two key aspects driving the growth of the smart grid software industry. These considerations are driving significant increases in grid modernization expenditures in transmission optimization and distribution automation. Grid connection is typically a one-way communication between the transmission provider and the end user, but it may be turned into a two-way communication with the introduction of smart grid connectivity. It allows the transmission provider to recover excess power from end users who generate electricity at their homes and businesses. Because of its ability to provide consistent, safe, and efficient power by integrating outage management systems (OMS), energy management systems (EMS), supervisory control and data acquisition (SCADA), and advanced fault and network analysis, the distribution management system has a significant market share.
Increased Digital Transformation Trends in the Energy Sector to Propel Market Growth
The expansion of digital transformation trends in the energy industry is one of the main reasons supporting the Smart Grid Software market’s growth. The digital transformation of the power sector is expected to be worth $1.3 trillion between 2016 and 2025, according to the World Economic Forum. It also stated that grid optimization and aggregation programmes can provide consumers with smart savings, increase employment, and decrease peak load, all of which contribute to lower greenhouse gas emissions, and are estimated to be worth $440 billion to industry and $1.2 trillion to society over a ten-year period.
The low-carbon nature of digitalization in the energy industry is expected to drive smart grid software market growth in the coming years. Digitalization, according to the International Energy Agency, may save about USD 80 billion per year, or around 5% of overall power generating expenses. The energy industry’s digitalization is energy efficient, which is boosting acceptance of digitalization in the energy sector, which is having a favourable influence on the market and is expected to play a key part in strengthening the smart grid software market’s growth throughout the projected period.
Favorable Government Initiative to Boost Market Expansion
Smart grid technology is being supported by governments all over the globe, which is expected to be a major contributor in the expansion of the smart grid software market, since smart grid software is utilised in smart grid systems. The Smart Grid Investment Grant (SGIG) programme, sponsored by the US Department of Energy, offers funding for initiatives using smart grid technology, tools, and approaches. Three additional smart grid initiatives were authorized under the National Smart Grid Mission, which got 30% financing from the Ministry of Power, according to the Department of Science and Technology of the Government of India. India’s Smart Grid National Program is putting Advanced Metering Infrastructure in place, which includes software for metre data collecting systems. The Indonesian government intends to develop and run 25 new smart grid networks as part of its National Medium-Term Development Plan (RPJPM). The Indonesian government has said that smart grid technology is the solution for improving the dependability of electric power systems in the country. The country has set a goal of employing smart grid technology to reach a national energy mix objective of 23 percent by 2025. These measures are positively impacting the smart grid software industry and are expected to drive market growth during the projected period.
North America to Dominate the Market
Due to investments in power supply, supporting government policies in place in the region, and the presence of technologically sophisticated nations like the United States, the North American region is expected to have a substantial market share. Because of the region’s fast digitization and the emergence of software technology, the Asia Pacific region is expected to grow significantly.
Cloud Storage – A Next-Generation Technology
BlogThe cloud storage market is expected to grow at a compound annual growth rate of 19.77% to reach a market size worth US$184.180 billion by 2026. This market was valued at US$52.098 billion in 2019.
Cloud storage is a next-generation technology that essentially helps in storing data and users to make better decisions by understanding the unstructured data more finely. The rising demand for low-cost data storage alternatives, faster data attainability and increase in cloud adoption among small and medium enterprises has increased the demand for Cloud Storage solutions. However, the high price associated with private cloud, security concerns, and risk of data theft in public cloud storage is expected to act as a restraint on market growth to a certain extent. The need for high-speed computing and the growing encouragement by the government is expected to provide a lucrative opportunity for cloud storage for the education market in the coming years.
Rising Educational Institutions Will Boost the Market Demand for Cloud Storage Solutions for Education
The growing number of educational institutions around the world are increasing the demand for cloud technology. The cloud storage technology is used by these institutions for different processes such as education, collaboration, teaching and learning. The global demand for cloud technology for primary as well as higher education is witnessing growth. The number of college and school students using personal connected devices such as smartphones, laptops and game consoles is increasing significantly. Moreover, the concept of Bring Your Own Device (BYOD) among teachers has become increasingly popular. All this is expected to contribute to the increase in the adoption of cloud storage solutions. Schools across the globe are actively promoting and using mobile devices with an aim to make curriculum content more accessible, leading to a high rate of adoption of virtualisation technologies. Cloud storage has made sharing of information, collaboration with teachers and students and education easy for both the teacher and student. The cloud storage market is expected to rise owing to the various benefits offered by the technology and a rising number of smartphone users. Moreover, the education sector is a major opportunity for companies in the cloud storage ecosystem to gain a competitive advantage in the market.
Backup Storage Will Have a Significant Market Share During the Study Period of 2019 to 2026
The cloud storage market is segmented, based on solution as primary, data archiving, cloud storage gateway and backup storage. During the study period, the market for backup storage is anticipated to witness remarks growth. Cloud storage is perfect for reducing costs when it comes to backups and archives. In addition, it helps in retaining immediate access. The market is witnessing an exponential rise in both the volume and variety of data. Enterprises are not only facing data management and storage issues but are also facing backup storage issues. Hence, organizations are quickly moving towards the cloud storage technology that not only enables them to store large data but also helps them in backing up their critical data for future use. This further helps in ensuring business continuity.
An Increase in the Adoption of Hybrid Cloud Storage Is Expected to Bolster the Market Growth
The cloud storage market is segmented, based on deployment models as public, private and hybrid cloud. Public cloud storage is the easiest way for end-users to license the storage capacity from a third party. This essentially helps in scaling the performance and is easy to deploy. On the other hand, Private cloud storage stores data at in-house storage servers. Unlike public cloud storage, it is not publicly accessible and is wholly owned by a single organization. Hybrid cloud storage uses both local and off-site resources for managing cloud storage. various sectors are extensively using the hybrid cloud model in order to minimise the total cost of ownership and thus removing the need for expensive hardware. According to the state of cloud, RightScale Survey Report, 51 percent of enterprises were engaged in using hybrid strategy in 2018.
The Application of Cloud Storage Solutions in Various Industries Is Expected to Drive the Cloud Service Market in the Forecasted Period
The cloud storage market, by industry verticals, is divided into BFSI, Education, Communication and technology, media and entertainment, manufacturing, Energy and Power, Government and Public Sector, Healthcare and Life Science, Retail and Consumer goods and Others. The demand for cloud storage in these industries has increased due to the low cost and less maintenance required. BFSI is increasingly adopting cloud-based storage technology due to the increasing number of internet users. In the banking and capital market, cloud-based storage systems are extensively used owing to the less investment cost of hardware and software.
Data Privacy Has Increased Security Concerns. Moreover, the Increasing Cost Has Raised Financial Pressure on the Users. This May Hinder the Market Size of Cloud Storage Solutions.
One of the prime factors that may hinder the market growth of cloud storage is data privacy and security concerns. DDoS and various other attacks have a serious impact on the availability of data in the cloud. Most of the organizations using public cloud storage are perturbed about the privacy and security of their data. Companies can assess security in cloud storage solutions but this comes with a huge cost. Moreover, lifetime storage using public clouds are pretty costly. The initial cost appears to be less, but over a period of time, as the volume of data rises, the organization needs to pay more in order to keep their data intact in the cloud. With increasing data, the networking cost also rises. Despite numerous benefits associated with cloud storage technology, the lifetime cost act as a major restraint for the market growth.
During the Forecasted Period, North America and the Asia Pacific Region Will Show Robust Growth
The cloud storage market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. The North American region holds the largest share and is predicted to grow at an increasing rate in the Cloud storage market. The growth is due to the rising encouragement by the government to adopt cloud storage technology in various sectors. The region is also a hub for well-established suppliers as well users. Moreover, it is continuously working towards new technologies for increasing work productivity. Several large and medium enterprises offer cloud storage solutions including Google, Microsoft, Dell Technologies and IBM. Also, the rise in the adoption of e-commerce, electronic signature, cybercrimes and other digital services is also expected to drive the demand for cloud storage solutions.
Asia Pacific region is expected to grow at the fastest rate in the cloud storage market in the projected period. Rapid urbanisation, increasing digitalisation, increasing penetration of the internet and the growing number of smartphone users has resulted in demand for a cloud storage solution. Asia Pacific region is also investing heavily in the network infrastructure and the adoption of broadband.
The Impact of the Outbreak of COVID-19 on the Cloud Storage Market
The outbreak of the COVID-19 pandemic has severely affected the production of almost all industries across the globe. The government of many countries has imposed strict nationwide lockdown. It has affected the economy from both sides- it has created supply chain disruptions and has increased financial pressure on households. Numerous countries across the globe have implemented foot prohibition and issued work from home orders. This has also disrupted education in various countries owing to the school closure. enterprises are continuously striving towards increasing their online presence to deal with the impact of coronavirus on operational productivity. This has strained various organisations to adopt cloud storage solutions to deal with the ongoing crises and ensure the smooth functioning of the organisations. Cloud storage technology has acted as an aid during this weird time and has ensured work continuity and reduction in workload.
Cloud Storage Market Scope: