The cloud storage market is projected to grow at a CAGR of 19.77% to reach US$184.180 billion in 2026 from US$52.098 billion in 2019.
Cloud storage is a next-generation technology that communicates with professionals in natural language and assists them in making better judgments by comprehending the complexities of unstructured data. The global market includes technologies like language processing, artificial intelligence, automated reasoning, and information extraction, which are used to translate unstructured data to perceive, infer, and anticipate the best answers. Cloud storage is a key component of cloud computing, serving the needs of a wide range of applications such as big data analytics, data backup, data archiving, Internet of Things (IoT), data warehousing, and many more. Cloud storage improves company operations by allowing for simple data gathering, archiving, access, and recovery for mobile workers. In addition, as compared to on-premise data centers, the cloud allows for storage scalability at a low cost. Due to its flexible, authentic, and secure form of knowledge storage and availability, cloud storage has gained traction among businesses.
Favorable Structural Factors Are Aiding the Market Growth
The rising need for cost-effective data storage and protection is propelling the cloud storage industry forward in a variety of user groups, including small, medium, and big businesses. Because of its speed, scalability, and flexibility, cloud storage is expected to grow in popularity. Cloud compliance needs, lower CAPEX and OPEX, mobile implementation, and business continuity. However, when it comes to using cloud storage, businesses confront several challenges, including the fact that not all business services are cloud-compatible, as well as tight government restrictions and the risk of losing supplier coverage.
Companies can store data on faraway servers that can be accessed through the Internet using cloud storage. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet. Cloud storage enables businesses to store data on remote servers accessible over the Internet. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet.
Rising Demand for Hybrid Cloud Storage to Contribute to Market Size
The need for cloud storage has risen in recent years as the demand for business mobility has increased. The increasing demand for hybrid cloud storage has manifested in the market share of cloud storage increasing. Along with the desire for hybrid cloud storage, the necessity for cloud storage systems that can be implemented quickly is driving up the worldwide cloud storage market demand. The industry’s multiple cloud storage market possibilities, such as cloud storage gateway, primary storage, data archiving, secondary software, and data archiving, enable the cloud storage market to expand to its full potential.
The Advent of New Technologies Is Augmenting the Adoption of Cloud Storage
Remote sensing, the Internet of Things (IoT), and sophisticated video systems like 4K resolution cameras have resulted in the production of large amounts of data. As a consequence, there is a raising need for these types of storage and networking technologies. Likewise, the growing use of artificial intelligence (AI) is anticipated to increase storage use to improve data security. For example, in February 2021, NextBillion Al, a California-based start-up, announced a partnership with Google Cloud to improve time-to-market technologies utilizing cloud SQL and cloud storage. Clients of NextBillion Al could anticipate data security and 99 percent uptime as a result of our partnership.
Machine learning and autonomous systems, such as driverless cars, are also anticipated to boost the use of cloud computing services, such as data storage, to provide real-time support. For example, Ford, a connected vehicle supplier, established a strategic collaboration with Google Cloud in February 2021 to enhance the connected vehicle experience. The firm is moving toward self-driving and driverless automobiles, intending to provide a better experience by combining Al, machine learning, cloud, and other technology.
Expanding Amount of Data Increases the Market Demand
With the exponential expansion in the volume and diversity of data with the rising number of data sprawl and data silos, organizations are confronting various data management and storage challenges. Hence, companies are rapidly gravitating toward the cloud environment for their storage requirements since it permits the storing of big data sets independent of the data type. Another reason driving cloud storage popularity is the ability to store and retrieve all current, less active, cold, and archiving data using deduplication. Cloud storage solutions may help organizations tap into the enormous potential created by exponential data expansion and provide a platform for them to gain a significant portion of the global cloud storage industry.
Increased Adoption by Various Sectors to Augment the Market Growth
Furthermore, due to the cheap cost of data storage and maintenance, numerous business sectors such as BFSI, retail, healthcare, manufacturing, telecommunications & IT, and media & entertainment are rapidly embracing cloud services. Because of the growing customer base and internet users, the BFSI industry is seeing technological deployment in the cloud storage market. In the future years, the market for cloud storage is projected to be driven by lower investment costs for new hardware and software in banking, insurance, and capital markets.
Impact of COVID-19 Pandemic
Cloud storage solutions are becoming increasingly popular as companies move toward a more dispersed work environment. These tools make it easier for employees to collaborate and remain connected. The spread of Covid-19 is allowing numerous companies to offer remote working while also managing massive amounts of data. For non-profit and critical care organizations, such as food and nutrition, public safety, and health assistance, Microsoft has increased the advantages of Windows and extended Azure cloud credits. Furthermore, the use of analytics-driven platforms aids businesses in the generation of enormous amounts of data.
North America to Dominate the Cloud Storage Market
Because of early acceptance of new technologies, large expenditures in R&D for cloud-based solutions, and improved IT infrastructure, North America is likely to maintain a major position. Furthermore, the availability of inexpensive and secure storage solutions leads to rapid industrial development. Some of the region’s most powerful players have been able to advance technology via research and development. Throughout the projection period, this is likely to increase cloud storage use.
Cloud Storage Market Scope:
| Report Metric |
Details |
| The market size value in 2019 |
US$52.098 billion |
| The market size value in 2026 |
US$184.180 billion |
| Growth Rate |
CAGR of 19.77% from 2019 to 2026 |
| Base year |
2019 |
| Forecast period |
2021–2026 |
| Forecast Unit (Value) |
USD Billion |
| Segments covered |
The solution, Services, Deployment, Enterprise Size, Vertical, And Geography |
| Regions covered |
North America, South America, Europe, Middle East, and Africa, MEA, Asia Pacific |
| Companies covered |
F Amazon Web Services, Inc., IBM, HP Inc., Google Llc, Microsoft, At&T Intellectual Property, Rackspace Technology, Box, Cisco, and Fujitsu. |
| Customization scope |
Free report customization with purchase |
Integrating Finance With Environmental Sustainability – Sustainability-linked Finance Market
Thought ArticlesThe sustainability-linked finance market is projected to witness a compound annual growth rate of 98.32% to grow to US$17,311.992 billion by 2026, from US$143.472 billion in 2019.
Sustainability-Linked Financing refers to performance-based financial instruments that do not limit the use of financing supplied through sustainability-linked channels and allow the issuer or borrower to use the money for any defined purpose, not just green expenditures, and activities. Furthermore, sustainability-linked finance enables businesses to enhance their sustainability performance by allowing them to use sustainability disclosures to get access to a fast-developing credit market that is fuelled by sustainability-linked financing.
Innovative Way of Financing to Facilitate Brand Image
The incorporation of ESG practices into financial decision-making processes is referred to as sustainable finance. Over the last two decades, the importance of sustainable finance has increased at an exponential rate. Sustainable Finance has evolved over decades from a technique for ethical investors to screen inept firms out of their portfolios to an essential element of risk management strategies for banks and other financial institutions. With a bright future ahead of it, sustainable finance is expected to develop into a technique used by investors to find and explore innovative possibilities that standard financial analysis misses.
Sustainability-linked bonds and sustainability-linked loans are two types of sustainability-linked financial products. The market’s expansion has been fueled by the rules and principles that govern how these financial products operate. Similarly, recent innovations in the market for Sustainability Linked Bonds have boosted demand for sustainable-linked financial products even further.
Recent Advancements in the Market Pave a Systematic Path for Market Growth
Similarly, recent advancements in the market for Sustainability Linked Bonds have boosted demand for sustainable-linked financial products even further. Sustainable bond guidelines (2018), Sustainable bond guidelines (2018), and Sustainability-Linked Bond principles (2020), among others, were recently issued by the International Capital Market Association (ICMA) and have aided in addressing investor concerns about greenwashing and providing assurance to bondholders. Similar efforts have been implemented for sustainability-linked loans, boosting investor trust and moving the sustainability-linked financing industry forward.
Flexibility for Use of Proceeds to Increase Market Adoption
Furthermore, issuers and borrowers are quickly adopting sustainability-linked financing due to the flexibility in generating sustainable finance while keeping complete control over how the profits are used. Financial institutions and investors are increasing their participation in sustainability-linked instruments due to the ability to retain full recourse over the borrower or issuers by ensuring that the borrowers or issuers’ SPT is subject to external verification or reporting through the terms of the instruments.
Favorable Association to Corporate Identity to Augment Market Demand
Moreover, both commercial and investment banks find sustainability-linked financial products appealing because they want to be seen as organizations that are committed to good corporate citizenship. For borrowers, sustainability-linked financial instruments provide an additional source of funding and may prove to be more cost-effective than traditional options.
Market Expansion Fueled by the Advent of the COVID-19 Pandemic
The openness and accountability provided by the system are one of the major motivations for the increased adoption of sustainability-linked funding. This is especially essential now that COVID-19 has emerged because society is increasingly turning to companies to lead the way in averting these catastrophic disasters. Furthermore, businesses in a variety of industries have experienced losses and are seeking ways to fund their recovery efforts; here is where sustainability-linked finance comes in to help these businesses reduce their cost of capital even further.
According to BNP Paribas research, as reported by the Wall Street Journal, governments, banks, companies, and others raised a little more than $150 billion globally from selling pandemic bonds as of the end of May 2020 to fund the manufacturing of vaccines or treatments, facilitate healthcare systems fighting the outbreak or provide relief to citizens.
Unpri Incorporating Esg Issues Into Investment Practice Propel the Market Size
The United Nations-supported Principles for Responsible Investment is a worldwide network of investors working together to implement six ambitious principles based on the premise that environmental, social, and governance (ESG) concerns may impact the profitability of investment portfolios. The United Nations Principles for Responsible Investment (UNPRI) is a long-running voluntary effort that was established in 2005 to incorporate ESG problems into investment practice. The UNPRI focuses on the inclusion of ESG concerns into investment analysis and ownership rules, as well as the disclosure of ESG issues, among other things. As a result, the UNPRI is a major driver of the sustainability-linked financing industry.
Adoption of the Equator Principles for Managing Esg Risks to Augment Market Growth
The Equator Principles is a risk management system advocated by financial institutions for intuiting, analyzing, and regulating environmental and social risk in finance. Although adoption of the Equator Principles is voluntary, many financial institutions in the project financing sector utilize them as a key instrument for controlling ESG risks and consequences. The Equator Principles set the stage for subsequent debt market sustainability efforts.
Structural Factors and Associated Variables to Incline Slf Adoption
Furthermore, additional variables such as changes in demand and supply for climate reporting, the drive for improved climate change risk management, and advancements in reporting and risk analysis are allowing investors to see the benefits of climate-friendly investments. Additionally, structural factors such as comparatively reduced pricing, incentive mechanisms, brand image linkage, and market standardization have all aided the expansion of the sustainability-linked financing sector.
Lack of Uniformity and Inconsistent Methodologies to Restrain the Market Growth
There is uncertainty about what defines a sustainable project due to a lack of uniformity among worldwide ESG programs. Stakeholders are concerned because of the uncertainty. Furthermore, there appears to be insufficient consistency in the construction and comparability of ESG rating methodologies, despite significant progress in this area, which includes efforts by credit rating agencies, specialized firms, and market participants to dig up a significant amount of transparent and demonstrable data.
Emerging Trends in the Market Provide Room for Opportunities
Corporates of all sizes have an undeniable potential to benefit from access to new creative funding sources from lenders that recognize the worldwide shift in investor attitude. Green and sustainability-linked financial solutions are becoming increasingly accessible as financial institutions focus on ensuring that their lending fulfills their commitment to sustainability objectives. It has become clear that sustainable finance will play a critical role in a long-term and unstoppable post-pandemic global economic recovery to ‘build back better and greener’ without going backward.
Europe to Hold a Significant Share in the Market
Europe, the Nordics, and the United States will have the fastest growth in the next five years since they are substantially investing in sustainable linked loans, which will eventually boost their total growth. As more companies try to integrate financial and sustainability initiatives into their business models, there is plenty of potential for expansion.
Global Sustainability-Linked Finance Market Scope:
Growing Demand for Smart Grid Market
BlogThe smart grid market is projected to witness a compound annual growth rate of 13.33% to reach US$68,793.878 million by 2027, from US$28,647.530 million in 2020.
A smart grid is essentially an electric supply network that is integrated with digital communications technology in order to detect local changes in usage and automatically enable self-healing of the network. The growing modernization of grid infrastructure and rising awareness about carbon emission management is expected to be the major factors driving the smart grid market growth. Moreover, the government’s supportive policies are also expected to augment the market growth. On the other hand, the high initial costs required for the deployment of smart grid technology solutions and the generation of high volumes of complex and unstructured data that can lead to multiple threats are expected to act as a barrier to the growth of the smart grid market.
Rising Demand for Environment-Friendly Technology in the Developing Economies Will Boost the Market Demand for Smart Grid Technology
Smart grid essentially provides structured and well-founded power with the help of various smart grid applications and technologies. This ensures opportunity for both economies as well as the environment. Smart grid technologies are popularly being used across the globe. This has further created the demand for advanced metering infrastructure. In both underdeveloped and emerging economies, the government is recognizing the benefit of smart grid technology as a strategic infrastructure investment and is encouraging enterprises to deploy it in their production process. This will further ensure long-term prosperity. Moreover, it will help the enterprises achieve the carbon emission targets. These factors are anticipated to fuel the market growth.
The Rise in Investment by Both Public and Private Sectors Will Augment the Market Growth
The smart grid market is expected to witness growth owing to the increased investment in the market by both the public sector and private sector. For instance, in May 2018, an investment of US$ 94,90,000 was announced by Natural Resource Canada to incorporate the next-generation smart grid project. Many companies are constantly coming up with new technologies such as smart meters, EV Chargers, and other infrastructural technologies. This is anticipated to bolster the market growth of the smart grid market during the forecasted period. But on the other hand, due to the low accessibility to electricity, especially in underdeveloped nations, the poor regulations to deploy grid infrastructure by the government has restrained the growth of the smart grid market.
The Growing Awareness About Carbon Footprint Management Will Fuel the Market Demand
The regulatory pressure for reducing carbon emission is anticipated to be the prime factor driving the market for smart grids. Moreover, the global market is facing an increase in demand for electricity and the adoption of renewable generation. In addition, the globally rising population, industrialisation, increasing environmental concern owing to fossil power stations, and urbanisation has pressurised the government to plan regulatory standards for carbon emission, enact mandates for the implementation of smart grids and raise awareness about energy conservation. Moreover, incorporating a smart grid into use will save money for the end-users such as residential, commercial and industrial.
The Government’s Policies and Mandates Will Create an Opportunity for Various Companies to Expand Their Operations
Government across the globe have implemented various supportive policies and are giving fiscal incentives for deploying smart grid technology. The global market is witnessing a rise in the number of electric vehicles. This would further provide an opportunity for the expansion of the smart grid market. Moreover, much smart grid and utility companies are focusing on enhancing distribution efficiency. This would supplement the growth of the smart grid in the global market.
The Software Will Have a Significant Market Share During the Study Period of 2019 to 2026
The smart grid market is divided, based on software as Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security and others. Smart grid distribution management is expected to grow significantly. It is also known as Advanced Distribution Management. It helps in energy distribution management. Moreover, Advanced Metering Infrastructure is anticipated to witness significant growth owing to the rise in the efforts to advance the electricity grid, increase in the investment by the government in advanced metering infrastructure and reduction in T&D loss. Further, by hardware, the smart grid market is divided into Sensors, Programmable Logic Controllers, Smart Meters and Networking Hardware and by service, the market is segmented as Consulting, Deployment and Integration, and Support and Maintenance.
The High Initial Cost for Deploying a Smart Grid May Hinder the Market Size of the Smart Grid Market
One of the prime factors that may hinder the growth of the smart grid market is the high initial cost required for incorporating smart grid technology solutions. It initially requires huge investment to set up the smart grid technology. The rising cost can also add up to the government budget, thereby creating a fiscal burden. Moreover, the deployment of smart grid technology comes with high operational and maintenance costs.
During the Forecasted Period, the Asia Pacific Region Will Show Robust Growth
The smart grid market is segmented, based on geographies, like North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. North America is anticipated to hold the highest market share and dominate the smart grid market during the projected period. The growth will be mainly due to the rapid technological advancement taking place in the sector of smart grid distribution management, distribution automation, and advanced metering infrastructure. The region is constantly increasing investment in the smart grid as well as smart city projects. Moreover, the growing demand for superior smart grid mechanisms is also creating the demand for smart grids in the region. In addition, the government has regulated various policies and encouraged the use of electric vehicles, this, in turn, will fuel the market demand.
The Asia Pacific region is expected to exhibit the highest growth rate during the forecasted period owing to a rise in the adoption of renewable energy, especially in developing countries. For instance, in India, the Ministry of Power has launched the India Smart Grid Forum initiative to promote the development of smart grid infrastructure. Countries like China and Japan are anticipated to hold a significant share in the market.
The Impact of the Outbreak of COVID-19
The threat posed by the outbreak of COVID-19 has drastically impacted the stakeholders of almost all industries. The entire market chain has been impacted by the spillover. The global lockdown has resulted in the shutdown of various enterprises and has disrupted the production process. This is mainly due to the hampered supply of various components and types of equipment. However, the demand for smart systems is expected to witness growth owing to the rise in grid operations.
Smart Grid Market Scope:
Surging Demand in Cloud Storage Market
Thought ArticlesThe cloud storage market is projected to grow at a CAGR of 19.77% to reach US$184.180 billion in 2026 from US$52.098 billion in 2019.
Cloud storage is a next-generation technology that communicates with professionals in natural language and assists them in making better judgments by comprehending the complexities of unstructured data. The global market includes technologies like language processing, artificial intelligence, automated reasoning, and information extraction, which are used to translate unstructured data to perceive, infer, and anticipate the best answers. Cloud storage is a key component of cloud computing, serving the needs of a wide range of applications such as big data analytics, data backup, data archiving, Internet of Things (IoT), data warehousing, and many more. Cloud storage improves company operations by allowing for simple data gathering, archiving, access, and recovery for mobile workers. In addition, as compared to on-premise data centers, the cloud allows for storage scalability at a low cost. Due to its flexible, authentic, and secure form of knowledge storage and availability, cloud storage has gained traction among businesses.
Favorable Structural Factors Are Aiding the Market Growth
The rising need for cost-effective data storage and protection is propelling the cloud storage industry forward in a variety of user groups, including small, medium, and big businesses. Because of its speed, scalability, and flexibility, cloud storage is expected to grow in popularity. Cloud compliance needs, lower CAPEX and OPEX, mobile implementation, and business continuity. However, when it comes to using cloud storage, businesses confront several challenges, including the fact that not all business services are cloud-compatible, as well as tight government restrictions and the risk of losing supplier coverage.
Companies can store data on faraway servers that can be accessed through the Internet using cloud storage. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet. Cloud storage enables businesses to store data on remote servers accessible over the Internet. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet.
Rising Demand for Hybrid Cloud Storage to Contribute to Market Size
The need for cloud storage has risen in recent years as the demand for business mobility has increased. The increasing demand for hybrid cloud storage has manifested in the market share of cloud storage increasing. Along with the desire for hybrid cloud storage, the necessity for cloud storage systems that can be implemented quickly is driving up the worldwide cloud storage market demand. The industry’s multiple cloud storage market possibilities, such as cloud storage gateway, primary storage, data archiving, secondary software, and data archiving, enable the cloud storage market to expand to its full potential.
The Advent of New Technologies Is Augmenting the Adoption of Cloud Storage
Remote sensing, the Internet of Things (IoT), and sophisticated video systems like 4K resolution cameras have resulted in the production of large amounts of data. As a consequence, there is a raising need for these types of storage and networking technologies. Likewise, the growing use of artificial intelligence (AI) is anticipated to increase storage use to improve data security. For example, in February 2021, NextBillion Al, a California-based start-up, announced a partnership with Google Cloud to improve time-to-market technologies utilizing cloud SQL and cloud storage. Clients of NextBillion Al could anticipate data security and 99 percent uptime as a result of our partnership.
Machine learning and autonomous systems, such as driverless cars, are also anticipated to boost the use of cloud computing services, such as data storage, to provide real-time support. For example, Ford, a connected vehicle supplier, established a strategic collaboration with Google Cloud in February 2021 to enhance the connected vehicle experience. The firm is moving toward self-driving and driverless automobiles, intending to provide a better experience by combining Al, machine learning, cloud, and other technology.
Expanding Amount of Data Increases the Market Demand
With the exponential expansion in the volume and diversity of data with the rising number of data sprawl and data silos, organizations are confronting various data management and storage challenges. Hence, companies are rapidly gravitating toward the cloud environment for their storage requirements since it permits the storing of big data sets independent of the data type. Another reason driving cloud storage popularity is the ability to store and retrieve all current, less active, cold, and archiving data using deduplication. Cloud storage solutions may help organizations tap into the enormous potential created by exponential data expansion and provide a platform for them to gain a significant portion of the global cloud storage industry.
Increased Adoption by Various Sectors to Augment the Market Growth
Furthermore, due to the cheap cost of data storage and maintenance, numerous business sectors such as BFSI, retail, healthcare, manufacturing, telecommunications & IT, and media & entertainment are rapidly embracing cloud services. Because of the growing customer base and internet users, the BFSI industry is seeing technological deployment in the cloud storage market. In the future years, the market for cloud storage is projected to be driven by lower investment costs for new hardware and software in banking, insurance, and capital markets.
Impact of COVID-19 Pandemic
Cloud storage solutions are becoming increasingly popular as companies move toward a more dispersed work environment. These tools make it easier for employees to collaborate and remain connected. The spread of Covid-19 is allowing numerous companies to offer remote working while also managing massive amounts of data. For non-profit and critical care organizations, such as food and nutrition, public safety, and health assistance, Microsoft has increased the advantages of Windows and extended Azure cloud credits. Furthermore, the use of analytics-driven platforms aids businesses in the generation of enormous amounts of data.
North America to Dominate the Cloud Storage Market
Because of early acceptance of new technologies, large expenditures in R&D for cloud-based solutions, and improved IT infrastructure, North America is likely to maintain a major position. Furthermore, the availability of inexpensive and secure storage solutions leads to rapid industrial development. Some of the region’s most powerful players have been able to advance technology via research and development. Throughout the projection period, this is likely to increase cloud storage use.
Cloud Storage Market Scope:
Growing Innovations in Fresh Food Packaging
BlogThe global fresh food packaging market is expected to grow at a compound annual growth rate of 4.20% to reach a market size worth US$112.789 billion by 2026. This market was valued at US$84.562 billion in 2019.
Food requires careful and sanitized packaging since there is a time gap in between the production of the food and its consumption. Food products, such as fruits and vegetables, get rotten easily if they are not packed and stored at a desirable temperature and manner. Moreover, food production growth is far less than the population growth rate and food demand, creating food insecurity around the world. Hence, proper packaging is crucial to prevent food wastage and spoilage.
The prime reasons booming the growth of the fresh food packaging market globally are the booming demand for convenience food items and the technological advancement of a packaging method that enables the extension of the shelf life of food products. A shift in dieting trends is also influencing the growth of the fresh food packaging market during the forecasted period. However, disposal and eco-friendliness of the material used to pack the food product may constrain the market growth.
Growing Demand for Convenience Food Items Will Fuel the Market for the Fresh Food Packaging Industry
Burgeoning lifestyle standards along with surging disposable income have resulted in high purchasing power and desirability of a healthy lifestyle. This has, in turn, led to a surge in the demand for convenience food products. Convenience food is the segment of the food industry that includes salad bags, chopped food bags, chopped vegetable bags, vegetable trays, and others, that making cooking less time consuming and employ fresh food packaging modes to deliver the product from producer to the consumers. Plastic bags or paper and boards are used to pack these cut food and vegetables to be delivered to the consumers. Furthermore, this packaging helps in the extension of the shelf life of the food products and facilitates easy transportation. Plastic bags can be designed in various sizes, and hence enable producers to offer quantity options to their consumers. by locking out moisture and water, food packaging keeps the food fresh and rotten-free over a long time. Also, technological innovation in the industry is expected to increase the shelf life of the packed food.
Meat, Poultry, and Seafood Are Expected to Show Robust Market Demand During the Forecasted Period
The Global fresh food packaging market is divided on the basis of application as meat and poultry, fruits and vegetables, seafood, Dairy Products, and others. during the forecasted period, meat, poultry, and seafood are anticipated to hold a noteworthy share of the market. The prime reason being a significant surge in the popularity of a protein-based diet. Consumers who consumed a carbohydrate-rich diet are now shifting towards a protein, vitamins, and minerals-based diet for better muscular growth. The rising gym culture among youth along with the availability of cheap and convenient fitness activities such as yoga, aerobics, and Zumba has encouraged consumption of a protein diet for better muscular growth. Furthermore, growing awareness regarding the benefits of a protein diet is supporting the growth of the meat and poultry industry. Hence the industry is increasingly adopting advanced food packaging methods to deliver fresh food products. The fruits and vegetable segment of the market will also show notable growth owing to a surge in consumption for better health.
Plastic Food Packaging Will Have a Major Share in the Market. However, Rising Environmental Concerns and Plastic Disposable Issues May Constrain the Market Growth
Based on type, the global fresh food packaging market is segmented into plastic, paper and board, glass, metal, and others. The plastic food packaging method is anticipated to outstand the market and grow at a considerable rate during the forecasted period. Plastic packaging is spill proof and does not let the outer environment influence the packed product. The packaging is water-proof and saves the content from attacks of insects or other organisms. Further, plastic has the capability to withstand the hot and cold and changing environment. Since plastic is easily moldable, various sizes of packaging can be formulated according to the quantity that is to be stored. Of all, food stored in plastic packaging is easily transferable and transportable even to long distances.
However, the growing environmental concerns on the use of plastic will hinder the market growth. though plastic is an efficient packaging alternative, it is non-biodegradable. If not disposed of cautiously, this plastic causes pollution. Hence governments and environment agencies are encouraging the adoption of different packaging methods which are environment friendly. Paper and board food packaging are promoted as they are a better alternative to plastic while concerning environmental impacts. Companies are also coming up with innovative packaging methods in place of plastic packaging. Several retail outlets around the world are reducing single-use plastic employment by using banana leaves to pack fruits and vegetables.
The Asia Pacific Fresh Food Packaging Market Is Forecasted to Show Promising Growth
The global fresh food packaging market is regionally segmented as the Asia Pacific region, the South America region, the Middle East and Africa region, the European region, and the North America region. Of these, the Asia Pacific fresh food packaging market is anticipated to depict promising growth owing to surging disposable income and rising adoption of convenient food products. The booming FMCG industry in the region will encourage market growth during the forecasted period.
COVID Insights
The coronavirus pandemic had a positive effect on the global fresh food packaging market. Lockdown implemented to curb the spread of the virus resulted in an increase in demand for packed food products for consumption. Moreover, unsure upon opening up resulted in panic stockpiling by household sectors, which further boosted market demand.
Fresh Food Packaging Market Scope:
Saving Life Through Blood Collection
Thought ArticlesThe Global Blood Collection market is expected to grow at a compound annual growth rate of 5.29% over the analyzed period to reach a market size of US$14.068 billion in 2026 from US$9.804 billion in 2019.
The prime reason driving the growth of the market is due to surging cases of chronic diseases. Further, technological advancement and awareness have made medical treatment affordable and accessible, increasing the demand for blood to regain the loss during surgeries. Also, a rise in medical tourism significantly increases the demand for blood in the host country, surging the regional market. Furthermore, growing instances of accidents and emergencies result in blood loss and injuries, increasing the market demand exponentially. However, most of the person hesitate to donate blood, fearing weakness, needles, or other reasons, which constraints the market growth.
The Surging Prevalence of Chronic Diseases Around the World Will Boost the Market Growth
One of the prime reasons driving the market for blood collection is surging cases of chronic diseases. Chronic diseases can be explained as a disease that may last more than a year, most of the last a lifetime, requiring continuous medical attention and periodic treatments. Chronic diseases such as cancer, diabetes, and heart disease widely prevail in the US and are the leading cause of death in the country. 6 out of every 10 people in the US suffer from one chronic disease. While 4 in 10 adults have more than 1 disease. The chronic disease health care cost in the country is around US$3.8 trillion, annually. Further, one-third of deaths in the country are caused by some cardiovascular disease, which cost the healthcare system US$214 billion. The cost of cancer treatment in the country was US$174 billion in 2020. Cancer was the second leading cause of death, globally, in 2018, and had caused 9.6 million deaths in the year. Moreover, data from the International Diabetes Federation, the number of diabetes patients will increase from 460 million in 2019 to 700 million in 2045.
The rise in chronic diseases has positively affected the blood collection market. Patients with chronic diseases are required to perform regular check-ups to determine the status of their disease. Check-ups involve blood collection and investigation, for analyzing the disease progress, i.e., to determine whether it can be treated with medicines or an operation and/ or other medical treatment. The blood collection market is segmented, based on application as diagnostics and treatment. The diagnostic blood collection market will have a significant share in the industry owing to regular check-ups by people for keeping a healthy medical track and early detection of disease if they suffer from any. The treatment segment of the market will surge exponentially with rising medical tourism and the affordability of the treatment. Further, technological advancement in the medical industry along with growing awareness will significantly boost the market during the forecasted period.
The Hospital Blood Collection Market Will Have a Significant Share
The blood collection market is segmented on the basis of end-users as hospitals, blood banks, diagnostic laboratories, and others. the hospital blood collection market is predicted to have a significant share of the market during the forecasted period due to the fact that hospitals are the place of treatments and diagnostics are also conduct at hospitals, under the guidance of doctors. Emergencies and accident cases injure a person’s life, resulting in the need for blood for treatment and recovery. Hospitals also have their blood banks to meet the demand of emergencies. The blood bank blood collection segment will grow exponentially during the forecasted period owing to the increasing participation of people to donate blood and tie-ups of hospitals and blood banks for blood supply in case of emergencies. At present, India has 2,760 blood banks of which 1,131 are supported by the Ministry of Health and Family Welfare. The American Association of blood banks is the major blood bank association in the US, with more than 2,400 member institutions including hospitals, communities, regional blood centers, and others.
People Hesitation May Constrain the Market Growth
Based on products, the blood collection market is segmented into needles, blood collection tubes, and syringes, blood bags, and lancets. These products are combined to collect blood for donation. However, needles, syringes, and lancets are enough to collect blood for diagnostic purposes. Blood donation helps fulfilling blood requirements during emergencies, having the potential to save the patient’s life. Moreover, the donor is easily able to replenish the lost blood with 24 to 48 hours, without causing weakness or side effects. But people, in general, hesitate to donate blood due to several myths, fear, and other non-medical reasons. This may constrain the market growth during the forecasted period. in the US alone, 40% of the population is eligible to donate blood, but only 5% of them donate. The prime reasons given by eligible people for not donating blood are that they are either feared of needles and donating blood or that they are afraid of catching the disease from the non-sanitized needle or equipment. Further, unsuitable or nutrient deficit blood is ineligible for donation, limiting the market size of the blood collection market.
The Asia Pacific Blood Collection Market Will Grow Significantly During the Forecasted Period
The blood collection market is regionally divided into the Asia Pacific region, the Middle East and African region, the European region, the South American region, and the North American region. The North American blood collection market is predicted to dominate the industry during the forecasted period owing to the region’s state-of-art infrastructure and growing government initiatives for blood supply. Further, the increasing chronic disease instances will significantly boost the market. However, the Asia Pacific blood collection market is expected to grow at an exponential rate. The prime reason driving the market growth in the region is surging chronic disease prevalence and better health cautiousness as a result of increased standard of livings. Moreover, the booming medical tourism industry will considerably support the market growth during the forecasted period.
COVID Insights
The coronavirus pandemic has a negative impact on the blood collection market. Fear of the virus refrained people from undertaking regular check-ups. Further physical lockdowns resulted in lower blood donation. However, the market is anticipated to normal growth with recovering activities.
Blood Collection Market Scope:
Ransom Payments or Ransom Protection
Thought ArticlesThe global Ransomware protection market is predicted to grow at a compound annual growth rate CAGR of 14.50% to attain a market size of US $ 33.320 billion by the end of the analysis period, 2026. The market was valued at US$ 12.875 billion in 2019.
Ransomware is a branch of malware under which the victim’s files are encrypted and robbed by the hacker. The attacker then demands ransom for the restoration of these files back to the victim’s computer. This ransom may range from a few hundred dollars to thousands of dollars, which is paid in form of cryptocurrency to the criminals, particularly in Bitcoins. Ransomware protection is security software that warns the user against undesirable or fraud links, the common ways through which the attackers can get access to the user’s computer.
The prime reason for boosting the demand for the ransomware protection market is surging cybercrime with rising digitalization. The data stolen contains sensitive and financial data about the victim, having the potential to cause more damage. And at the time the victim is unable to report it to authority, giving an advantage to the attackers. However, low adoption may constrain market growth.
Ransomware: How It Works and Who Are the Targets
Phishing scams are the most common vector through which ransomware can get access to the victim’s computers. Phishing scams are masqueraded files, which enter a victim’s computer through emails. The unaware victim downloads the files to open it but instead loses all the data to the attacker. Verizon Data Breach Index Report, published in 2018, reported that financial pretexting and phishing caused 98% of incidents caused by ransomware. Emails were discovered to be the cause of the attack in 96% of these cases. Other ways are following replicated links or websites or allowing misguided access, giving the authority to the hacker. Aggressive ransomware, such as NotPetya, targets security holes and exploits them to infect the computers, without the need to trick the victim. On getting access to the computer’s files and folders, the hacker may encrypt some crucial or all files of the victim which can be decrypted only using a mathematical key known to the attacker. At times, the attackers pretend to be some official authority who shuts the victim’s computer owing to the usage of pirated software or undesirable websites. The attackers then ask for ransom as fine, making the victim less likely to report to actual authority. However, these attackers demand payment in form of Bitcoin, for safer passage of ransom payment. Further, the attacker may threaten the victim to publicize sensitive data, known as leakware or doxware if the ransom is not paid.
Based on the end-user industry, the ransomware protection market is segmented into BFSI, communication and technology, retail, government, media and entertainment, and others. The main targets of attackers are either institutions with less security, such as universities and other educational institutes, who have a smaller security team, or the authorities who are more likely to pay the ransom quickly to secure their data. Government institutes and medical agencies lie in the latter category. These authorities carry sensitive data which have the potential to severely impact the economy if it falls in the wrong hand. The Maharashtra Industrial Development Corporation (MIDC), for instance, became a victim of a ransom attack by ransomware “SYNack”, in March 2021. The attacker affected the application and database servers hosted on Cloud, along with the local server hosted at MIDC HQ. Hospitals and medical organizations are the third prime victims of ransomware attacks.
As per data provides by IDG Communications, 45% of ransom attackers target hospitals, while 85% of malware in the medical industry are ransomware. SamSam, from 2015 onwards ransomware, primarily targets hospital organizations. This ransomware was successful in collecting the US $1 million in the first quarter of 2018 by targeting the medical industry. Ryuk is another attacker, which first appeared in 2018, and targets medical organizations. The financial sector is the second most targeted industry with 90% of institutes targeted by ransomware in 2017. Of all, ransomware resulted in an estimated US $5 billion loss in 2017, in terms of ransom collected and economic loss during the recovery time.
Ransomware Protection Importance to Prevent Ransomware Entry
Alongside the surging ransomware attacks on several institutions, the failure of ordinary anti-malware software to defend the user’s system against ransom attacks is boosting the market growth of the ransomware protection industry. it is observed that more than 75% of attacked victims were running up-to-date endpoint protection on the machines that were infected. The reason still these users fall for the ransom attacks was that inefficiency of the existing software to deal with advance are constantly re-written ransom code. Ransomware protection, on the other hand, is specially designed to deal with these attacks and hence is gaining fame in the market. This specialization has enabled huge investment and attention by major institutes. The US government, for instance, has instructed the Cyber and Infrastructure Security Agency (CISA) to prioritize ransomware protection in their security agenda.
Based on offering, the ransomware protection market is segmented into solutions and services. The solution involves the purchase of software and installation of the system for protection against ransomware. Services involve third-party protecting the systems against ransomware. Ransomware protection solutions are anticipated to dominate the market over the forecasted period since it does not any third-party organization. The ransomware protection market, based on development mode, is segmented into on-premise and cloud. The Cloud ransomware protection segment is predicted to grow at an exponential rate owing to surging cloud adoption.
Low Adaptability of the Protection Solution/ Service May Constrain the Market Size
Low adaptability to ransomware-specific protection measures due to the availability of anti-malware protection software that claims to protect the device against every malware has constrained the market size of the ransomware protection industry. consumers, in general, tend to give preference to multi-tasking malware protection software over specific malware protection offers to save cost, reducing the market size of the ransomware protection industry. Further, owing to financial constraints, small and medium enterprises prefer multi-tasking malware protectors over specialized protectors. However, large enterprises give priority to specialized malware protectors as they are more prone to attacks. Microsoft, for instance, has been the target of ransomware, severely affecting the company’s standing. In 2016, Cerber ransomware took advantage of Microsoft’s vulnerability and infected networks, collecting the US $200,000 in ransom. Sodinokibi is another ransomware that targets Microsoft Windows, encrypting all files, excluding configuration files.
Geographical and COVID Insights
The analysis report on the ransomware protection market states that the North American and European regions will dominate the industry while the Asia Pacific region will grow at a noteworthy rate. The report also covers the detailed impact of the covid pandemic on the market.
Ransomware Protection Market Scope:
Capturing the Growth of Pressure Sensor Market
BlogThe pressure sensors market is anticipated to grow at a CAGR of 7.66% to reach from US$3.248 billion in 2021 to US$5.443 billion by 2028.
A pressure sensor is a device that detects pressure and turns it into an electric signal, the quantity of which is proportional to the applied pressure. It captures, measures, and sends data that aids in the analysis of a device’s performance. It makes use of silicon wafer-based IC manufacturing techniques. It monitors and regulates the pressure of gases and liquids. It can monitor a variety of pressures, including absolute, vacuum, gauge, and differential pressure. Pressure sensors are widely utilized in a variety of industries, including automobiles, manufacturing, aircraft, biomedical measures, air conditioning, and hydraulics.
Wide Variety of Uses of the Pressure Sensor to Drive the Market Growth
Pressure sensors are being more widely used in industries such as alarm systems, water purifiers, medical breathing equipment, refrigeration systems, and off-road projects, resulting in a substantial increase in the market share of the pressure sensor market. Medical breathing equipment uses pressure sensors that detect the flow of oxygen and the amounts of oxygen supplied to the patient. The rising need for medical breathing devices as a result of the COVID-19 pandemic has boosted the demand for pressure sensors in recent times.
In a single solution, proximal measurements of respiratory gas flow rates and associated ventilation pressure can now be taken – this product is the result of a collaboration between Sensirion AG and Nicolay GmbH (GPE Group) and will be available to ventilator manufacturers as an evaluation kit starting in May 2021. Manufacturers will be able to include the different standardized choices into their devices at no expense to them in terms of development or equipment. Nicolay can set up and produce bespoke designs for modest to big orders.
Growing Utilization of the Internet of Things to Facilitate Market Expansion
Another important element driving market expansion is the rising usage of the Internet of Things (IoT). The creation of smart homes and buildings, smart cities, and smart factories is being transformed by pressure sensors. As a result, the market is expected to rise as the number of IoT-linked devices grows. Furthermore, pressure sensors are being driven by reasons such as increased commercial automation and the expanding need for smaller consumer products, such as wearables and IoT-connected equipment, among others, across geographies.
Increase In Demand for Smart Wearable and Health Monitoring Devices to Fuel the Market Growth
The use of smart wearable and health monitoring devices for assessing patients’ vital signs has accelerated due to the growing trend toward fitness and a healthy lifestyle. To monitor tactile signals for different medical diagnostics applications, these wearable devices require micro or nano size pressure sensors. Because of their small size, low energy consumption, and great adaptability, these sensors are becoming more popular in developing smart wearable devices. The incorporation of IoT technologies into smart wearables will drive market development even further.
Escalating Trends in Associated Sector to Propel Pressure Sensor Adoption
The automobile sector, which is presently experiencing a technological transformation with a strong focus on improving safety, comfort, and entertainment, offers a lot of room for these sensors. Furthermore, new sensor-rich applications such as driverless cars, drones, and AR/VR gear are driving up demand for MEMS pressure sensors.
In addition, rising military spending throughout the globe is paving the way for technology such as drones and unmanned aerial vehicles (UAVs). MEMS pressure sensors are widely used in traditional fighter airplanes with high-end navigation systems.
Favorable Government Initiative to Provide Opportunities in the Market
Government measures to promote the use of IoT and AI technologies in the consumer electronics industry are expected to fuel the market growth of the pressure sensor market. According to the Ministry of Electronics and Information Technology, the Indian government intends to increase domestic production of the latest technology devices such as wearables (smartwatches/fitness trackers), hearables (in-ear wireless hearing devices), drones, virtual/augmented reality, and the Internet of Things products. The Centre is planning to introduce a Production Linked Incentive (PLI)-style incentive system for manufacturers shortly.
Technological Advancement in the Market to Further Increase the Demand
The global pressure sensor market is benefiting greatly from technological advancements in the creation of small sensors, which assist the industrial trend of supplying compact electronic devices, resulting in a plethora of new chances for the pressure sensors sector to flourish. Major industry players are devoting significant resources to the development of modern pressure sensors capable of operating effectively in hazardous environments such as chemical plants and bioreactors, where pressure maintenance is a critical task for ensuring the safety of the surrounding environment and people. Market companies are continually upgrading their services to comply with various governments’ strict worker safety standards. During the projected period, these factors are expected to propel the worldwide market forward.
LifeQ, a global leading provider of biometrics and health information metrics from wearable devices, has engaged in a Collaboration Agreement with CardieX Limited’s CONNEQT, Inc subsidiary in June 2021. The agreement with LifeQ allows both firms to use their shared intellectual property to create a wearable device that provides a unique combination of clinical and lifestyle-related health measurements, insights, and solutions to consumers, healthcare providers, and businesses. The CONNEQT “Pulse”, a dual blood pressure sensor anticipated to be the globe’s debut consumer vital signs monitor to incorporate central blood pressure, is one of the company’s upcoming products.
Impact of COVID-19 Pandemic
Lockdowns implemented in various nations to combat the spread of COVID-19 have caused pressure sensor production and supply chain disruption. The pandemic has impacted the supply chain of key pressure sensor manufacturers, particularly those headquartered in the United States, the United Kingdom, China, Brazil, India, and France. Before the outbreak of COVID-19, pressure sensor manufacturers predicted that inventory levels will normalize in 2020, owing to increased smartphone and automobile sales, as well as increased use of smart manufacturing technologies but the market conditions did not go through a significant change. That said, the pressure sensor market is predicted to grow significantly once the crisis dissipates.
Pressure Sensor Market Scope:
Escalating Growth of Surgical Lights Market
Thought ArticlesThe surgical lights market is projected to grow at a CAGR of 5.75% to reach US$1,086.111 million in 2026 from US$734.793 million in 2019.
A surgical light is a clinical device intended to facilitate medical personnel while performing a surgical procedure. Surgical performance in the operating room is upheld by effective brightening, which mitigates the inherent ecological, operational, and visual difficulties related to a medical procedure. Three basic segments are fundamental to improve surgical light as illumination: fixating on the specialist’s immediate field, enlightening a wide or thin field with extreme focus light, and entering into a cavity or under a fold. Moreover, ideal surgical light utilization diminishes shadow, glare, and relic in the representation of the surgical site. Different types of surgical lights are available for different procedures with varied brightness ranges. The inclining trend observed in the number of hospitals, aging population, and prevalence of chronic diseases is some of the factors driving the growth of the surgical lights market. Developing healthcare infrastructure and technological advancement in the field is further augmenting the market growth.
Inclining Number of Hospitals to Augment Market Growth
Across the globe, the number of hospitals and emergency clinics is on the ascent, however, this expansion is especially critical in developing economies like China and India. As per Indian National Investment Promotion & Facilitation Agency, the Indian hospital industry, accounting for 80% of the total healthcare market, is witnessing a significant investor demand from both global as well as Indian investors. As per IPFA, the hospital industry growing at a CAGR of 16-17%, is expected to reach US$132 billion by 2023 from US$ 61.8 billion in 2017. The sharp ascent in the number of medical facilities in these countries can fundamentally be credited to the quickly developing population and expanding medical services consumption in these nations. This expanding number of hospitals in the developing economies will therefore prompt an increment in the number of medical clinic wards and operation theaters, which thus will propel the demand for surgical lights.
Rise In Demand Due to Expanding Surgical Procedures
The expanding number of cardiovascular, neurological, and dental surgeries are noticeably answerable for the utilization of lights for a more drawn-out length, which is prompting a nearly quicker substitution of these lights in operating rooms. The existing pattern of a surgical light is estimated in hours. Progressed LED lights offer an existing pattern of an expected 40,000 hours to 60,000 hours. This is projected to fuel the interest in new products and further lift the development of the surgical lights market during the forecast period. Likewise, the significant expanding inclination in the predominance of chronic conditions, combined with rising per capita healthcare expenditure, is expected to augment the number of surgeries, bringing about the development of the market. The International Agency for Research on Cancer estimates that there were nearly 19.3 million new cancer cases in 2020, globally. As per the report on global health expenditure released by the World Health Organization (WHO) on February 20, 2019, global expenditure on health has risen in low and middle-income countries by 6 percent and in high-income countries by 4 percent.
Emerging Partnerships in the Healthcare Sector to Provide Opportunities for the Market
Moreover, an increasing number of collaborations and partnerships in the sector for developing the global healthcare state are further driving the opportunities in the market boosting the market size of surgical lights. At the Medical Research Agency in Poland, the Warsaw Health Innovation Hub (WHIH) has been launched by the Polish Prime Minister, Mateusz Morawiecki in June 2021. The joint initiative between the Medical Research Agency, EIT Health, and key market players – AstraZeneca, Microsoft, Polpharma, Roche – was announced as the first initiative of this type in Central Europe, where the public and private sector work together to discover innovative clinical, technological and legal solutions to improve patient health and raise the efficiency of the health care system in Poland.
Technological Advancements to Drive the Market Growth
Technological advancement in surgical lights has been a pillar factor for development in this market internationally. The technological shift from halogen lights to LED (Light Emitting Diode) innovation has assumed a significant part in energizing the interest for these devices in the surgical lights market. A few market players are continually zeroing in on R&D to offer progressed surgical lights on the lookout. For example, in 2019, BihlerMed, a key supplier of clinical illumination innovation and gadgets, presented the imaginative SurgiLight careful lighting framework by joining forces with View Medical. The product offers an ergonomic adaptable shaft that stays fixed set up once changed, allowing for more spry and exact situating of the light source. The steady shift of innovation from halogen to LED is acquiring pace particularly in developing nations like China, India, and Brazil, where medical service facilities are presently focusing on the supplanting of halogen lights with LED lights. The overall cost-saving advantages joined with improved effectiveness during the surgery offered by LED lights, are augmenting the development of the worldwide surgical lights market during the conjecture time frame.
Heat Emission Poses a Hindrance to Market Growth
Despite the gigantic innovative headways in surgical lights, it has certain hindrances, which are probably going to hamper the market development. Heat is emitted from the light source as infra-red that is unsafe to any individual that comes in contact with radiation. This is expected to offer a hazardous workspace for the patient as well as the entire operating group, just as the surgeon. Besides, it is probably going to impede the activity by influencing the injured tissue to dry out, especially during longer methodology. This may likewise prompt burns to the patient, just as staff during direct exposure. Some light sources, for example, halogen lighting, are incapably inferable from the measure of energy devoured which prompts heat. As reported by US National Center for Biotechnology Information, patient burns are caused because of contact with fiber optic cables and/or light overexposure. Fiber optic cables are vulnerable to reaching dangerously high temperatures, recording as high as 437°F within 10 minutes, and can result in a burn injury within seconds. The ECRI Institute reports that 550 to 600 surgical fires occur annually. Accordingly, all the previously mentioned factors are expected to ruin the market development.
North America to Dominate the Market and High Growth Rate Expected in the Asia Pacific
Regionally, North America dominated the surgical lights market in 2019 and is expected to retain the largest share during the forecast attributable to the rising number of surgical techniques and expanding use of LED surgical lights in surgical centers. The inclining rate of success of the regional market is also predicted to increase due to the presence of key market players. However, the Asia Pacific region is expected to witness the highest growth rate owing to the plunge in demand for healthcare facilities, increase in the number of hospitals in developing countries, incline in healthcare reforms, and rise in medical technological advancements in the region.
Oil Drilling Automation Makes Oil Drilling Much Easier
BlogThe Oil Drilling Automation market is expected to grow at a compound annual growth rate of 10.14% over the analyzed period to reach a market size of US$689.301 million in 2027. The market stood at US$350.683 million in 2020.
Oil drilling automation refers to the automation of sub-processes of operational and downhole activities required for oil drilling. In other words, it is the integration of surface and downhole measurements using modernised machinery, systems, and predictive models to improve operational efficiency in a cost-effective and efficient manner. During the drilling process, there are increasing demands for safety and efficiency. As a result, these tools and equipment provide enhanced safety and efficiency through the use of predictive tools and models. Drilling automation is becoming more popular as it aids in the optimization of surface activities. A combined system with a comprehensive understanding of the subsurface and its interactions with surface drilling systems is required for this.
Application of oil drilling automation:
The oil drilling automation market has been segmented by application into onshore and offshore. An onshore drilling rig is driven deep into the earth to reach fossil fuels, whereas an offshore drilling rig drills beneath the seabed. Oil platforms are used for offshore drilling. An oil company uses drilling equipment to drill deep into the earth during offshore drilling. currently, onshore oil production is outpacing offshore drilling and makes up a larger portion of global oil production, the onshore segment is anticipated to hold a sizable share of the market.
Hardware and software offerings
Based on offerings, the oil drilling automation is divided into hardware and software. Low Voltage Drilling automation necessitates the use of hardware such as variable frequency drives (VFD) or alternating current (AC) systems. Software offerings include the creation of tools that allow for quick and accurate calculation via a friendly and dependable interface. They are fully compatible with cutting-edge technology and adapt to a wide range of programmable logic controllers (PLCs) via different communication protocols. Given the significantly high costs, the hardware segment is expected to hold a decent market share throughout the forecast period. Growing investments in automation technology will help this segment grow even more over the next five years. Because of their cost-effectiveness and safety, automation solutions are expected to see significant market growth during the forecast period.
A substantial increase in exploration activities
The market for oil drilling automation is primarily driven by a significant increase in exploration activities as a result of increased demand, which is expected to be one of the primary factors that will supplement the demand for automation solutions in oil fields. The processes and methods involved in locating potential sites for oil drilling and extraction are referred to as oil exploration. Surface signs such as natural oil seeps were used by early oil explorers, but advances in science and technology have made oil exploration more efficient. Geological surveys are carried out in a variety of ways, ranging from testing subsoil for onshore exploration to seismic imaging for offshore exploration. Energy companies compete for access to mineral rights granted by governments by entering into a concession agreement, which states that any discovered oil is the property of the producers, or a production-sharing agreement, which states that the government retains ownership and participation rights. Exploration is a high-risk, high-cost endeavour that primarily involves corporate funds. An unsuccessful exploration, such as one involving seismic studies and drilling a dry well, can cost anywhere from $5 million to $20 million per exploration site, and in some cases much more. When an exploration site is successful and oil and gas extraction is profitable, exploration costs are recovered and are significantly lower than other production costs.
Rapid growth in the production of oil
Rapid growth in oil production in recent years has fueled the growth of the oil drilling automation market. Multiple complexities are involved in the extraction. As a result, vendors have begun to offer advanced automated drilling equipment with improved designs. Some companies, such as RigMinder and Schlumberger, specialise in automated drilling solutions for shale oil and gas extraction. Furthermore, the use of drilling automation solutions in offshore oil projects is growing. This is due to the fact that automated drilling solutions improve operational efficiency in harsh mid- and deep-water oil drilling environments.
High Upfront Costs
The initial requirements and time required to install both hardware and software solutions are relatively high. Because they have been operating without them for many years, the firms are hesitant to adopt these solutions. Maintenance and operating costs are also calculated to ensure that they remain operational at all times. Furthermore, the costs associated with the software used to add to the cost burden of the end-user who uses them, stifling market growth.
Regional and Geographical Insights:
On a Geographical note, The North American region is expected to hold a significant share of the market due to the region’s reputation for being an early adopter of technology, as well as the presence of world-class infrastructure in the oil and gas industry.
During the forecast period, the Asia-Pacific region is expected to grow rapidly. The presence of the world’s fastest-growing economies, such as India and China, along with increasing expenditure in these countries’ oil exploration sectors, supports the oil drilling market growth in the APAC region throughout the forecast period. According to the International Energy Agency, Asian crude oil imports are expected to nearly double to nearly 27 million barrels per day by 2026, necessitating record levels of both Middle Eastern crude oil exports and Atlantic Basin production to close the gap.
Oil Drilling Automation Market Scope:
The Impact of the Automotive Industry on the Specialty Silica Market
BlogThe specialty silica market was valued at US$4587.108 million in 2022 and is projected to expand at a CAGR of 9.07% over the forecast period to reach US$8422.122 million by 2029.
The increased demand for rubber, coatings, and paints in various sectors such as construction and electric cars is driving the expansion of the specialty silica market. A considerable increase in EV manufacturing is likely to present a profitable opportunity for the tire business, which is predicted to positively affect specialty silica demand. In sectors such as rubber and plastics, specialty silica is utilized as a performance addition. An important growth driver is a trend toward using specialized silica as a performance ingredient in the production of green and energy-efficient tires. Increasing demand from the automotive sector due to its wide variety of uses in tire manufacture, including the filler material, will continue to boost growth.
Furthermore, increasing the use of specialty silica in oral care products is expected to drive market expansion during the forecast period. Silica is commonly employed in the production of numerous dental care products as a cleansing and whitening ingredient. High-grade specialized silica used in dental applications has an excellent cleaning-to-abrasion ratio, which is expected to drive up demand for oral care products. Additionally, a growing number of regulatory approvals from organizations such as the United States Department of Agriculture and the Food and Drug Administration for the use of specialized silica in food and drinks is predicted to enhance demand for specialty silica during the forecast. As a result, the growing use of oral care products is likely to drive market expansion.
Major developments made by companies will boost the market’s future profitability
Rising investment by new companies, as well as the introduction of new and revolutionary silica, present prospects to the industry. Because specialty silica filler is so hard, it causes damage to polymer processing tools. Furthermore, the emergence of cost-effective substitutes such as colloidal silica and silica gel is projected to stymie industry growth.
Due to the rise of the automotive industry, the market for specialty silica will witness steady expansion.
The vehicle sector, which is a major user of synthetic silica, has already reported lower sales in 2019. The increased usage of environmentally friendly automobiles has resulted in the resuscitation of the automotive industry. Because it helps to minimize carbon emissions, specialty silica is frequently utilized in the manufacture of tires in the automobile sector. The tire business has benefited from this. The specialty silica market is expected to be driven by an increase in tire demand as a result of increased automotive sales worldwide. Rubber demand growth can be attributed to an increase in tire output since global automotive manufacturing has increased in numerous industrialized countries. For instance, in October 2021, DSL Japan, a joint venture between Evonik and Japanese pharmaceutical giant Shionogi, started a new specialty silica manufacturing line at its Ako, Japan, location. The additional facilities increase the manufacturing capacity of unique, tailored silica solutions by 30%, allowing DSL Japan to satisfy rising demand from a variety of sectors both domestically and internationally. Specialty silica is a critical enabler in a wide range of sectors, especially automotive. DSL Japan’s specialty silica products, for example, help current car exhaust gas systems comply with new, stricter environmental laws. Therefore, the incorporation of specialty silica in the automotive industry will surge the market demand in the coming years.
According to analysts, the North American region is expected to occupy a notable share of the market in the coming years.
The United States has the top position in the global market since the automobile industry creates the most product demand. The country’s automobile industry makes substantial use of economical and sophisticated rubber tires. The country’s brisk manufacture of electric automobiles will benefit the specialty silica industry in the next years. For example, Lion Electric stated in May 2021 that it will build the country’s largest medium and heavy-duty EV facility. The corporation plans to invest USD 70 million over three years. The factory is expected to have an output of 20,000 all-electric buses and vehicles. Similarly, Nouryon stated in November 2021 that they want to enhance the capacity of their Levasil colloidal silica production factory in the United States. The development is intended to address rising demand in the manufacturing and construction industries. Additionally, the Canadian government contributed USD 10 billion to the whole housing program for the following five years in April 2022. Europe is a significant area for the specialty silica industry. As a result, the specialty silica market demand is anticipated to rise in the North American region for its major developments and expansion.