The basic difference between AC and DC is that the alternating current that goes into the converter alternates the direction of the current periodically in the form of a sine wave whereas the direct current flows constantly in one direction. Therefore, a rectifier or an AC-DC converter is a device that can convert alternating current into direct current and is an important device that can be used in several consumer electronic devices like computers, smartphones, and household appliances where these electronic devices need to convert the current to DC power using the converter and then operate smoothly.
The converter rectifies the AC voltage to produce a pulsating DC output and then using filtering components like capacitors it provides a more stable DC output. There are different types of AC-DC converters available such as full-wave rectifiers that convert both halves of the AC input waveform into DC, half-wave rectifiers that convert both halves of the AC input waveform into DC, Bridge rectifiers, and Switch-mode power supplies or SMPS. These converters play a major role in powering a wide range of electronic devices, from small gadgets to large industrial machinery.
Global Production Trends
The production of AC-DC converters is growing with the rise in demand for consumer electronics and the increase in penetration of electronic devices in the day-to-day lives of consumers around the globe. These electronic devices are becoming more important daily in the consumer’s daily life therefore, with the increasing digitization of various sectors and the growth in demand for electronic devices the demand for AC-DC converters to power these devices is growing proportionally.
In recent years, there has been a notable increase in the promotion and awareness of energy efficiency and sustainable alternatives across the globe to reduce carbon footprint and switch over to energy-efficient alternatives. Hence, energy efficiency has become a major focus in the manufacturing and design of AC-DC converters to reduce energy consumption, meet regulatory standards, and minimize heat dissipation.
As AC-DC converters are contributing to making energy-efficient alternatives they are also being used in powering renewable energy sources like solar and wind power and this is raising the production rate of AC-DC converters as they are an essential part of the smooth operation of renewable energy resources. They are used in grid-tied inverters and power conditioning units which convert the variable DC output from renewable energy sources into usable AC power for the grid.
The rapid growth in technological advancements of the AC-DC converter is positively impacting and growing the global production trend for them. For instance, the integration of wide-bandgap semiconductors such as silicon carbide or gallium nitride helps to improve the performance and efficiency of AC-DC converters which leads to compact designs, higher switching frequencies, and reduced losses. Also, the growing focus on reliability and quality as manufacturers are investing in robust design methodologies and a shift towards smart and connected devices that focus on features such as remote monitoring, diagnostic capabilities, and compatibility with IoT platforms are contributing to increasing the AC-DC converter production trends across the globe.
AC-DC converter use case
The AC-DC converter has several use cases that are boosting their production and market around the globe. These use cases include consumer electronics like laptops, gaming consoles, TVs, and tablets for powering them, the growing use of smartphones in the daily life of consumers is increasing the need for AC-DC converters proportionally as they are found in chargers or adapters and power supplies which helps in converting AC mains power to the DC voltage required by the electronic device.
The AC-DC converter is used in industrial automation where it provides power to several electrical components such as sensors and motors and in the telecommunication industry where the infrastructure and the powering equipment such as base stations and telecom towers use AC-DC converters for converting the current according to the device needs.
Moreover, they play an important role in renewable energy systems such as solar energy and wind turbines which can convert the DC power that is generated by solar panels or wind turbines into AC power to operate the facility smoothly coupled with the growing adoption of EVs that needs an AC-DC converter in EV charging stations to convert AC power from there to DC power that is suitable for charging EV batteries.
The data centers present globally need AC-DC converters to provide efficient and stable power output to the servers and the converter powers various medical devices including diagnostic instruments and surgical tools which are necessary for saving a patient’s life, in the aerospace industry they provide regulated power supply to face the harsh operating environments.
The rapidly growing EV infrastructure for charging stations is anticipated to be a major factor contributing to the growth in the growing demand for AC-DC converters globally. For instance, the US government is making significant investments to improve the EV charging infrastructure.
Table 1: Investments for EV Charging by the US Department of Energy
| INVESTMENT AMOUNT |
DETAILS |
| $10 Million |
This investment is made for researching and developing innovative designs and technologies to reduce the cost of electric vehicle supply equipment as they will be needed in large quantities to support large volumes of EVs. |
| $20 Million |
This investment is made to accelerate clean energy jobs or provide new electric transportation solutions to under-served communities and accelerate the adoption of commercially available plug-in electric vehicles. |
| $4 Million |
This investment is made to increase workplace charging regionally or nationally and increase PEV ownership for consumers in underserved communities. |
Market Dynamics and Drivers
Several factors drive the AC-DC converter market, including a rise in the application of AC-DC converters in several consumer electronics like smartphones, laptops, and refrigerators in recent times coupled with the rise in demand for data centers with the growing amount of global data has contributed significantly to boosting the AC-DC converter market.
These data centers need efficient operation of several different IT infrastructures or enterprises and these converters provide efficient and stable power to servers, networking equipment, storage systems, and cooling infrastructure for the smooth operation of the data centers. Also, they play an important role in providing medical devices with a reliable power source and these devices are growing in demand and are anticipated to contribute to growing the AC-DC converter market in the forecast period.
Additionally, the increasing demand for energy-efficient solutions, expansion of renewable energy infrastructure, advancements in power electronics technology, growing adoption of electric vehicles, and increasing investment in infrastructure development powering critical infrastructure components and supporting economic growth using the converter are the factors that are predicted to propel the market growth as they have a significant use for AC-DC converter for proper functioning.
The AC-DC convert plays a crucial role in the proper functioning of data centers and with the growth in the development of data centers the demand for AC-DC converters will rise proportionally. For instance, the USA has the largest amount of data centers across the globe which is over 2,600. This includes data centers in Dallas with the highest number of data centers which is 149 followed by the Bay Area with 147 data centers as stated by USITC.
Figure 1: States With the Most Number of Data Centers in the USA
Source: usitc.gov
Challenges and Constraints
Despite the huge advantages and use cases of AC-DC converter the companies that manufacture them face a lot of challenges with significant improvements being made in AC-DC converter technologies and keep up with that improving technology and increasing complexity. Also, meeting stringent regulatory standards for energy efficiency, cost burdens in the electronics industry, component shortages, supply chain disruptions, and high-power densities and switching frequencies in AC-DC converters that result in significant heat generation are anticipated to hinder the AC-DC converter market growth over the forecast period.
Emerging Opportunities and Innovations
Although challenges might hamper the market, the AC-DC converter market presents numerous opportunities for innovation and growth. Advances in its applications across various industries like aerospace, electronics, automotive, and energy are the major reason for that. Also, the adoption of wide-bandgap materials such as silicon carbide and gallium nitride in power semiconductor devices, integration of digital control techniques, and integration of GaN-based power devices, gate drivers, and passive components into compact power modules that offer higher power density are some innovations that are predicted to positively affect AC-DC converter market.
Key Developments
- In March 2023, Advanced Energy Industries, Inc. added a 48 V module and expanded its Artesyn AIF family of full-brick AC-DC converters which further increases the efficiency of the operation process of the converter and has several applications like robotics and 3D printing.
- In June 2022, The ABB company or enterprise opened one of the largest DC fast charger production facilities in Italy which helped with the charging solution for the growing adoption and popularity of EVs among the general public of the region and strengthened the position of the ABB company as the world leader in EV charging solutions with the opening of the facility in the Italy country.
- In June 2021, ROHM company announced that they launched one of the industry’s first AC/DC converter ICs that comes with a built-in 1700V SiC MOSFET and it is specially designed to optimize industrial applications.
At last, concluding that the AC-DC converter market is predicted to have several innovations and growth opportunities over the forecast period. The market is driven by the increasing popularity of electric vehicles coupled with consumer electronics and applications across various industries like growing data centers and renewable energy. There are several challenges to be faced such as growing advancements in technologies and reducing power consumption of AC-DC converters to make them energy efficient. Therefore, the industry is anticipated to capitalize on technological advancements and innovations to meet the needs of a growing global demand for AC-DC converters.
Computer Graphics Market and The Evolution of Technology
Thought ArticlesThe computer graphics market is projected to witness a compound annual growth rate of 6.67% to grow to US$340.475 billion by 2027, from US$216.686 billion in 2020. Computer graphics is the modification of visual material that plays a major part in assisting with scientific visualization challenges. A GPU layout, interface design, 3D modeling, and computer vision are all part of computer graphics. The photos may typically be shown by the content. The variety of graphics software is improving organizations’ ability to perform their separate tasks of generating and constructing stunning 3D items and equipment. These programs are extremely efficient at providing every little detail.
With the technology advancements such as CAD/CAM technology, 3D visualization, and 3D displays, the rate of graphics use has grown noticeably.
It also helps the industrial and vehicle industries via modeling, animation, and visualization. It also makes significant contributions to the aerospace and defense industries through simulation. Moreover, initiatives promoting the adoption of Industry 4.0 are propelling market growth over the next five years, as it is an emerging trend toward industrial automation encompassing robotics and the exchange of information in processes related to cyber-physical systems, among other technologies related to and other industries, which will propel the demand for computer graphics for the overall stability of analytical tools and other ad hoc tools. Furthermore, computer graphics software is mostly used in educational institutions where machine design and engineering design are taught. The industry is gradually rising due to advancements in classic tools such as CAD/CAM, innovative design methodologies, and increased use of visualization software. Within the next several years, the adoption rate is predicted to rise across all industrial verticals. As a result, all these factors will positively contribute to the growth of the computer graphics market.
The increasing developments made by companies will benefit the computer graphics market segment.
Due to the increasing investments and partnerships by tech companies, the market for computer graphics is anticipated to witness a surge in the coming years.
During the projected period, the implementation of computer graphics in the gaming and film industry will boost market growth.
The growing need for computer graphics in the media industry is likely to fuel market expansion. Computer graphics are used to generate 3D animation and 3D movies, which boost sales for computer graphics and are likely to drive market expansion. Furthermore, the growing popularity of mobile games featuring advertising pictures and videos is fuelling the expansion of the computer graphics business. Increased mobile device adoption and focus on content modification and personalization are driving the global market’s growth. Computer-generated imagery (CGI) is rapidly being utilized to create animated visual material in sci-fi films, animated films, games, and so on.
The introduction of 3d graphics has played a critical role in changing the computer graphics business, ushering in a new age. Computer graphics is widely employed in a variety of applications in the film industry, including character development, special effects, and so on. Another key reason that is likely to increase demand for computer animation in the entertainment industry to generate production-ready picture models is advancements in computer hardware. In the gaming industry, there have been major developments with the introduction of computer graphics which has contributed to the market’s growth. For instance, NVIDIA launched its next-generation cloud gaming platform, GeForce NOW, in October 2021, delivering GeForce RTX 3080-class gameplay. NVIDIA is famous for inventing the GPU in 1999, which fueled the expansion of the PC gaming business and reshaped modern computer graphics, super-fast computing, and artificial intelligence. Additionally, AMD revealed three new Radeon RX 6000 Series Graphics Cards and the first games that will use AMD FidelityFX Super Resolution 2.0 in May 2022. In comparison to previous-generation products, these three revised versions included higher game clocks, faster GDDR6 ram, and better software and firmware, and gave high results based on AMD RDNATM 2 architecture.
During the forecast period, the computer graphics market in the North American region is predicted to have a dominating share.
North American region is known to hold a significant share of the computer graphics market due to the increasing number of investments made by tech companies to expand operations and productivity. For instance, CGHero, a platform that allows organizations, brands, studios, and content creators to engage with teams of the world’s finest CGI, 3D, VFX, and AR/VR talent, revealed a $5.2 million investment headed by Beringea in April 2022. The funding will be utilized to expand the platform as the demand for 3D content and specialized expertise grows with the advent of the Metaverse. Therefore, such investments and developments made in the computer graphics sector will immensely benefit the North American region in the upcoming years.
Computer Graphics Market Scope:
Crop Micronutrients to Be a Catalyst in Fulfilling Growing Food Demand
Thought ArticlesThe Crop Micronutrient Market is expected to grow at a compound annual growth rate of 7.89% over the forecasted period to reach a market size of US$9.621 billion in 2027 from the US$5.653 billion in 2020.
Micronutrients are essential nutrients which form an important part of the growth and the metabolic activities of plants. Micronutrients attribute to the taste, quality, and colour of crops and help in improving them. These also help in enhancing the efficiency of the fertilizers that are used thus, resulting in the reduction of water use. Micronutrients help in strengthening the roots as well as, in the building up of complete compounds and proteins, which subsequently helps in boosting the immunity of the crops.
The market for crop micronutrients is expected to show a steady growth over the analysed period. One of the primary factors expected to contribute to the market growth includes the growth of deficiencies in soil along with the rising awareness among farmers and crop growers when it comes to the importance of essential nutrients to the crops. Further, there has been a continually rising awareness of food security, which is also a major factor to drive the demand for crop micronutrients. The increasing requirements for enhanced crop yield and productivity are also expected to contribute to the rise of demand for these nutrients as they are proven to be highly effective for an improved production of crops. However, a significant fall in the availability of arable land juxtaposed to an increase in the rising demand for food has put a lot of pressure on the already limited available resources. Hence, for improving the yield in the limited land that is available, the farmers have resorted to using various micronutrients which is projected to play a significant role in moulding the market growth during the forecasted period.
The availability of substitutes for these micronutrients, coupled with the prevalent unawareness among the farmers about the benefits of them and also the lack of knowledge when it comes to the proper application of these micronutrients are some of the factors that are forecasted to inhibit the market growth moderately during the analysed period.
Growing food demand to augment growth of the market
The population across the globe has been on an incline for many years now. According to data by the United Nations, by the year 2050, the world population is projected to reach to 9.7 billion. Subsequently, this is considered to be a primary factor that has led to the rise in demand for nutritious food and agricultural crops and is expected to drive the demand in the future as well. The improving economic conditions observed in many parts of the world and the rapidly rising urbanization and industrialization, especially in the developed economies have played a significant role in creating adequate job opportunities for people. This incline in job opportunities is consequently expected to lead to the betterment of economic conditions with each passing day. This in turn is expected to attribute to the increasing demand for nutritious food thus contributing to the growth of the market.
According to FAO, approximately 821 million people around the world are not provided enough nutrition and are undernourished. Further, with this rapid pace of industrialization and urbanization, there has been an increased pressure on the limited available resources such as land and water is increasing, leading to a significant shrinkage in arable land across the globe. This has further catalysed the increase in use of micronutrients by the farmers, since they are considered highly effective for enhancing yield quantity and quality, given the limited availability of land. Hence, these rising requirements to enhance the agricultural output have further led to an increase in usage of micronutrients, thus, driving market growth.
Fruit and Vegetable crop types to witness robust growth in the forecasted period
On the basis the types of crops, the crop micronutrients market has been segmented into fruits and vegetables, oilseeds and pulses, cereals and grains and others. The fruits and vegetables segment in crop type is expected to experience steady growth over the analysed period. This is possible due to the fact that there has been a constant incline in the demand for fruits and vegetables owing to their nutritional benefits. Furthermore, the growth in the production of vegetables due to the constantly rising demand across the world is driving the demand for micronutrients as well, to enhance their growth. Hence, it becomes essential to maintain the quality of the nutrients for the productivity of vegetables and fruits. Adding to this, the growth in exports of fruits and vegetables from the major exporting countries is also projected to play a significant role in driving of this segment of the market in the given period.
Asia Pacific region to dominate the crop micronutrients market
On the basis of region, the crop micronutrients market can be divided into Asia Pacific, North America, Europe, Middle East and Africa and South America. The Asia Pacific region is expected to show significant growth due to the governments of popular countries like India and China directing their focus on increasing the efficiency in agricultural output. This is expected to give rise to an increased demand for crop micronutrients to enhance yield and thus contribute to the growth of the market. Asia Pacific has been a major region when it comes to the crop micronutrients market throughout ages and is predicted to dominate during the analysed period as well. Agriculture forms the backbone of the Indian economy and is a vital industry in China. These factors are projected to drive the growth of crop micronutrients market in these countries and thus lead to the rise of market shares of the Asia Pacific region.
Covid-19 Insight
The onset of the coronavirus pandemic led to the implementation of lockdowns across the globe. Due to this most production and supply lines were temporarily disconnected which led to a decrease in the demand for these micronutrients and led to a decline in the crop micronutrients market. With most crop producers not being able to meet the rising food demand during the pandemic, there was a surge in the cost of food. This increased demand led to more farmers using crop micronutrients for their production in order to increase crop immunity and decrease the chance of crop failure. Moreover, with the ease in restrictions now and the revival of most industries with their production processes, the market is projected to witness an increase in demand and grow in size.
Crop Micronutrients Market Scope:
Occupancy Sensor for Monitoring and Occupancy-Centric Controls
Thought ArticlesThe occupancy sensor market is projected to grow at a CAGR of 12.94% during the forecast period to reach US$1,375.279 million by 2027, from US$586.672 million in 2020.
Occupancy sensors can turn lights on when a person enters a room and off when a person leaves the room. They are a smart and easy way to save energy in commercial applications. These sensors can detect motions that enable space occupancy detection using several advanced technologies like microwave, radar, ultrasonic, infrared, or video image processing. Generally, these occupancy sensors are integrated with the IoT network of the building systems for the efficient management of the occupancy of space and energy conservation. Furthermore, this technological advancement, innovation, and growing trend of green buildings across the world are among the significant factors that are likely to create growth opportunities for the market. Moreover, these sensors help in eliminating energy waste and also minimize light pollution. These sensors are best suited for projects that require tight control, which can be difficult to achieve economically with the help of scheduling. The occupancy sensors market is further segmented based on sensor type, application, end-user, and geography.
The growing demand for energy-efficient devices, active development in smart sensor solutions, the surging trend of green building, and growing investment in smart houses, buildings, and cities are expected to drive the occupancy sensor market.
The overall rise in the initiatives to save energy and the surging trend of energy-efficient devices is expected to drive the market for occupancy sensors during the forecast period. Additionally, with the growing trend of digitalization, consumers are actively looking for alternatives to automate various operations. The occupancy sensors act as a major beneficiary factor for such requirements of automation as they can offer a wide range of opportunities to building owners, from residential houses to commercial buildings, offices, hospitals, and malls among others. Furthermore, these sensors can help these end-user organizations to reduce energy use, resource consumption, and cost every year. For instance, the San Francisco Surveillance Impact Report published in August 2022 mentions the benefits of using occupancy sensors. The report describes that occupancy sensors are less costly than full-time employees appointed for counting visitors into and out of the San Francisco facility, thus providing financial benefits to the department. Furthermore, these occupancy sensors can also automatically upload the database and render it into pre-formatted reports, which saves time in the data entry process of the department. Lastly, the report stated that the data provided by these occupancy sensors are robust and reliable and less prone to error and mismeasurement, hence these sensors ensure the quality of the data. Thus, these benefits of using occupancy sensors are acting as a prime factor driving the occupancy sensor market.
Furthermore, wireless, AI and IoT technologies are incorporated into smart homes and towns, enabling users to remotely monitor and manage power management via a single platform. With the use of these technologies, city management staff may communicate with locals and infrastructure facilities to control operations in the area. Numerous governments throughout the world are actively creating “smart cities” with the sole purpose of accelerating economic growth and improving quality of life. For instance, the Indian government launched its Smart Cities Mission with the objective to promote sustainable and inclusive cities that provide core infrastructural needs like assured electricity, robust IT connectivity and digitalization, efficient urban mobility, and a sustainable environment among others. The total allocated investment for these Smart Cities Mission stood at US$27.60 billion as of March 2021, reported the Indian Brand Equity Foundation established by the Department of Commerce, Ministry of Commerce and Industry, and the Government of India. Such breakthrough initiatives are being adopted and deployed by governments across the world which is further propelling the demand for occupancy sensors in these smart cities, consequently supporting the growth of the occupancy sensor market during the forecast period.
It is expected that the residential building will register the highest growth in the occupancy sensor market during the forecast period.
Based on the end-user, the occupancy sensor market is segmented into residential, commercial, and industrial. During the forecast period, it is expected that the residential section under the end-user segment will witness exponential growth in the occupancy sensors market. The rising preference for the latest technologies to be installed in residential buildings and/or apartments among house owners is the key element propelling the residential use of occupancy sensors. The installed occupancy sensing devices in their residential apartment or buildings help them to manage their energy usage and minimize costs. Additionally, the growing awareness regarding the wasteful use of electricity and energy in common residential buildings is further fueling the demand for occupancy sensors in the market, consequently resulting in significant growth of this market during the anticipated timeframe. Moreover, the rising disposable income is yet another factor propelling the market, as the increased disposable income gives birth to the need for security surveillance in apartment complexes. Henceforth, the rising adoption of security surveillance systems in the entrances, corridors, and parking facilities of residential buildings is further bolstering the occupancy system market under this segment.
Based on Geography, the North American region is expected to hold a dominant share of the occupancy sensor market during the anticipated period.
Based on geography, the occupancy sensor market is segmented into North America, South America, Europe, the Middle East and Africa (EMEA), and the Asia- Pacific. The analysts anticipate that the North American region will hold a significant share of the occupancy sensor market during the forecast period owing to the rising demand for occupancy sensors for commercial and residential buildings in the North American region. Furthermore, the stringent laws and policies prevailing in this region are expected to drive the demand for occupancy sensors. For instance, the State of California published the Building Energy Efficiency Standards for Residential and Nonresidential Buildings, for 2022 Building Energy Efficiency. These Standards mention under section 160.3 of the mandatory requirement for space conditioning systems in multifamily buildings that each space-conditioning system shall be installed with controls that shall be capable of automatically shutting off the systems during the period of nonuse. It also mentions that the space conditioning systems shall have an occupancy sensor. Furthermore, these standards also mandate the use of occupancy sensors in office spaces. Such corresponding laws and mandatory standards are levied in different parts of this region, which are acting as a significant factor propelling the occupancy sensor market in the North American region.
Additionally, the Asia Pacific region is also expected to contribute a significant share in the growth of the occupancy sensors market due to the increased construction activity in this region. Furthermore, the new emerging opportunities for smart cities, green buildings, smart lighting, and home automation are expected to propel the market growth during the anticipated period.
Occupancy Sensor Market Scope:
The Burgeoning Demand in the HVAC Insulation Market
Thought ArticlesThe HVAC insulation market is projected to grow at a CAGR of 5.82% during the forecast period to reach a value of US$7.713 billion by 2027, from US$5.192 billion in 2020.
Introduction
HVAC insulation includes ventilation, heating, and air conditioning systems. The purpose of this insulation is to enhance a building’s sound insulation, safety measures, and power efficiency. The insulation in this system prevents the transfer of heat. The airflow in the ductwork is supposed to be maintained at a proper temperature level, which makes duct insulation critical in the HVAC system. HVAC insulation systems are used in the commercial, housing, and industrial sectors.
Innovations in HVAC systems to augment market growth
HVAC insulation systems have witnessed significant technological developments, which have led to considerable savings in energy and better functioning equipment. These innovations in technology aid in accelerating the demand for HVAC systems, and thus surge the demand for the HVAC insulation market. Optimized Thermal Systems in Maryland has been working on an innovative heat exchanger that is expected to mitigate refrigerant leakage by 90% when compared to the present ones. This technology would allow the refrigerant to stay where it should, which would further help in keeping houses cool and the expenditures of energy low, owing to the fewer joints. Further, the University of Florida has been working on a prototype that combines a dehumidifier, water heater, and air cooling unit together to improve heat transfer efficiency. This method would help improve the in-house dehumidification management, leading to enhanced comfort and significant energy savings. Furthermore, Dais Analytics in Florida has collaborated with Oak Ridge National Laboratory (ORNL), to create a novel membrane-based roof-mounted air conditioning unit that would use water as a refrigerant. This technology would be suitable for hot, humid summer evenings, and is also expected to save 30% – 50% electricity when compared to the current rooftop units.
Installation Costs to act as a restraint toward market growth
HVAC systems provide heating and cooling to various places like airports, hotels, houses, and industries, among others. However, the initial cost of installation for an HVAC system is extremely high. Furthermore, these systems are susceptible to breakdowns and need regular maintenance. An HVAC system might fail due to high extremes of outside temperatures, thus requiring costly repairs. Approximately, over half of the air conditioning and heat pump systems installed currently increase the consumers’ utility costs by almost 30%. According to the National Institute of Standards and Technology, the causes for this are insufficient installation and malfunctioning equipment. The Office for Energy Efficiency and Renewable energy further states that about 3 million heating and cooling units are replaced annually, and almost US$14 billion is spent on their maintenance and repairs.
Adding to that, the HVAC industry is unregulated. Contractors do not need any licensing for them to install or repair an HVAC system which makes the industry unreliable. These factors thus hamper the growth of the HVAC insulation market and are likely to cause a decline in demand in the analysed period.
Geographical insights
The Asia Pacific region is projected to have the largest market share, owing to the rapid developments in the construction sector and is predicted to continue leading the market in the forecasted period. A huge rise in the number of commercial buildings in emerging economies of this region serves to provide lucrative opportunities to the HVAC insulation market. Novel commercial establishments such as multiplexes, shopping complexes, office buildings, and academic institutions that have surged in the developing economies in recent times are insulated using this HVAC insulation to maintain optimum indoor temperatures. Such indoor environments prevent noise transmission which is required for a disturbance-free work environment and is thus expected to augment substantial growth in the region.
North America and Europe are other established regions in the HVAC insulation market. Extreme cold and sub-zero temperatures in various countries of these regions necessitate buildings to be insulated to maintain favourable indoor environments. The UK is expected to witness significant growth in the analysed period. According to the Climate Change Act 2008, the country is aiming to reduce greenhouse gases by 80% at the least by 2050. Since the gas infrastructure of the UK does not have any suitable replacement, it would need the development of clean and carbon-free alternatives, like hydrogen or biogas. The United Kingdom has thus started to invest heavily in low-carbon heating options to alleviate the emissions from heating. One such heating option is the low-carbon heat pump, as it is regarded as an efficient and effective option to tackle the growing climate change problem. Heat pumps are a type of HVAC equipment that help in the provision of both heating and cooling in an infrastructure. The UK government has announced its aim to install about 600,000 heat pumps by the year 2028, which is expected to drive up the demand for the HVAC insulation market.
COVID-19 Insights
The COVID-19 pandemic led to a slowdown in overall market sales. Most of the construction industries were shut down indefinitely, owing to the stringent lockdowns mandated by various countries. The HVAC insulation market went through massive losses during this time. However, as the countries have started to ease these regulations, the market has started to gain traction again. The HVAC insulation market has witnessed a significant increase in demand in 2020 and 2021. With most industries getting back to their normal functioning, the HVAC insulation market is projected to rise.
Comparative Study of High-Temperature Composite Material Market
Thought ArticlesThe high-temperature composite material market is projected to grow at a healthy CAGR over the forecast period.
High-temperature composites are lightweight composites that can withstand temperatures of up to 1000°C. The materials used in lightweight composites have outstanding thermo-mechanical endurance and dimensional consistency at high temperatures. Incombustibility, the elimination of smoke while subjected to heat or fire, and vibration resistance are all advantages of high-temperature composite materials. Heat shields, fire barriers, exhaust ducts, pipes containing hot fluids or gases, and other internal structures are only a few of their significant applications. High-temperature composite materials are often used as thermal and sound insulators in rocket fuel tanks, supercooled tanks, vehicle cylinders, nuclear power plants, and airplane fuselage heat insulation.
Due to rising geographical geopolitical tensions and the South China Sea, the demand for sophisticated defence equipment including hypersonic missiles, unmanned aerial vehicles, fighter aircraft, and communication and spy satellites is increasing. High-temperature composite resin material market is used in fighter jet engines, exterior bodies, nozzles, air defense systems, blades and propellers, leading edges for fire-resistant material, and hypersonic missiles, for submarine propulsion compartments.
Maintenance of High Standards
To meet current and future demanding standards, this sector needs additional products on a daily basis. Portfolio optimization is crucial in the high-temperature composite material business to maintain high competitiveness and satisfying composite end customers.
Use of Ceramics
The entire size of the aerospace and military sector will grow due to a significant increase in focus on high composites fighter jets like the F-35. The product is increasingly being used in interiors, engine parts, missiles, aircraft external structures, and satellites, among other applications. This is due to an increasing demand for ultra-high-temperature materials, that mean cutting long-haul flight times in half. The growing number of research efforts to encourage use of such ceramics in aerospace.
Performance of Polymer Material
Polymer-reinforced high-temperature material is preferred over metal-reinforced high-temperature material because it performs better under fatigue and is lighter. Polymer is thermally and oxidative stable, meaning it can endure high-temperature combustion without breaking molecular bonds. Because of its exceptional resilience to smoke, fire, and high temperatures, it is a fantastic choice for airline and automobile interior the exceptional features of high-temperature composite materials, the industry is growing.
Demand in the Defence
The growing need for ceramic matrix composite materials in the aerospace and military industries, they currently account for the vast bulk of the market. Piston chamber wall bearings, brake discs, and cylinder sleeves are all made of high-temperature ceramic. Ceramic matrix composite materials are becoming more popular as their applicability in petrochemical and nuclear irradiation and inertial confinement fusion expand. Due to qualities such as low weight, decreased fuel consumption, less nitrogen oxide emission, and reduced noise, the aerospace and defence sectors have been driving the development of high-temperature composite materials.
Demand in Automotive Industry
The fire, smokes and toxicity (FST) compliance and weight reduction, polymer matrix composite materials are becoming more popular in the automotive sector. Due to the growing popularity of new light passenger trains, the demand for high polymers matrix composite materials is also growing. The principal elements driving their demand in the transportation industry, primarily in North America and Europe, are health, safety, and environment (HSE) laws for hazardous smoke emission levels. The market is driven by strict safety regulations in public transportation and increased demand for less density and high composite materials in the aerospace and military, transportation, and energy and power industries.
North America to Dominate the Market
The market for high-temperature composite materials in North America is predicted to increase at the fastest rate. Infrastructure development, investment by high-temperature composite materials producers, and capacity expansions by various key players are just a few of the reasons driving the market in this area forward. In North America, the United States dominated the market for high-temperature composite materials. Due to expansion in the aerospace & defence and transportation industries, the consumption of high-temperature composites has risen exponentially.
Insight of COVID-19
The global economy was slowed by the COVID-19 pandemic, which posed unprecedented problems to a variety of industrial sectors around the world. The pandemic has disrupted the supply chain, notably in terms of raw ingredients for the production of high-temperature composite material products. Several sectors of the economy have suspended operations as a consequence of the pandemic, resulting in a decline in market growth. The high-temperature composite material business felt the brunt of the crisis, with demand for the product stalling in the aerospace & defense, electrical & electronics, automotive, building and construction sectors, among others. MRI and surgical target devices, C scanners, tables, X-ray couches, and equipment all used modern composite fully compatible despite the epidemic.
Global High-Temperature Composite Material Market Scope:
Hearth – A Substitute of Aging Space Heating Equipment
Thought ArticlesThe hearth market is was valued at US$4.070 billion in 2019 and will increase to US$5.367 billion by 2026. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 4.03%.
A hearth is a brick or stone-lined fireplace, with or without an oven, which is used for both heating and cooking meals. It has long been an important component of a family’s life, and it was typically the most important and central aspect of the home. It is a type of space heating appliance that warms the area in which it is situated in order to keep the user warm during cold weather.
The fact that hearths are becoming increasingly popular in and around homes as a way to combat bitterly cold weather is one of the prime reasons for the increase in the hearth market
People in cold regions, particularly during the winter, spend the majority of their time at home. As a result, it is critical for them to keep their homes warm and cozy. When compared to other space heating systems, a hearth is a convenient option for room heating because it helps to lower electricity bills. Due to the cold climatic conditions, heating devices are widely used in households and other indoor places throughout North America and Europe. Aside from heating rooms, the hearth is also widely used in cold regions for cooking and heating water for laundry and domestic use. Increasing demand for aesthetically beautiful fireplaces, the travel industry’s growth, the availability of multiple standards and customizable hearth design alternatives, and expanding use in non-residential applications like hotels, cafes, and restaurants are all driving this market’s growth. Furthermore, the replacement of ageing space heating equipment will create further potential chances for the hearth market to grow in the coming years.
Innovative products, partnerships, and agreements between key companies are a major trend in the market, and this trend is projected to bolster the hearth industry’s growth. For example, in July 2029, US Stove announced that they had reached an agreement with Anvil Canada to distribute US Stove and Acadia Hearth (a US Stove brand) goods throughout Canada’s speciality hearth sector.
Hearthstone Stoves debuted their first eco-friendly fireplace product, the TruHybrid stoves, in May of 2020, which burns cleanly and effectively both before and after the catalyst is engaged. Primary and secondary combustion are mixed, and a catalyst is used to remove any unburned smoke particles and gases.
High installation and maintenance costs of hearths, combined with stringent government regulations pertaining to environmental protection, may act as market restraints
The cost of the flue, vent, or chimney is included in the hearth installation cost. A gas fireplace necessitates the installation of a gas line. Wiring installation is required for an electric fireplace, and ongoing electricity expenditures are also included in the installation fee. The soot build-up in the wood-burning fireplace needs frequent cleaning. Technological advancements, government regulations, environmental standards, and stringent testing and approval requirements can all add to the length of the manufacturing cycle, as well as the cost of bringing a product to market. These difficulties may function as a stumbling block to the global expansion of the hearth market. In addition, for years, the US Department of Energy (DOE) has considered federal regulation of gas fireplace appliances. While the bill specifically seeks to prohibit continuously pilot lights on all vented gas fireplaces, stoves, and inserts, federal regulation of these appliances would necessitate DOE imposing increasingly stringent regulatory requirements over time. Because there are fewer affordable home heating options available, price-conscious consumers will be unable to replace their existing appliances with newer EPA-certified models.
Analysts are forecasting that electric hearths will have a dominant share in the forecast period as they provide benefits such as effective space heating and reduced emissions
By fuel type, the hearth market can be segmented into Wood, Gas, Electricity, and Pellet. Electric fireplaces are less harmful to the environment. In addition, they are more efficient and need less maintenance and installation, resulting in increased demand among the various hearth fuel types. Electric hearths are commonly used in institutional, hospitality, and other commercial settings in modern hearth technology. Electric Hearths are preferred over other fuel-type hearths because of their environmentally friendly nature. They provide a sustainable energy source as well as a traditional heating medium for domestic and commercial use.
By product type, the hearth market can be divided into insert, fireplace, and stove. Because the insert category can be readily transformed into a comfortable and efficient heater to transform inefficient, drained, or zero clearance fireplaces, it is predicted to have a considerable part of the market.
Residential, Institutional, Commercial, and Hospitality are the end-user segments of the market. Due to its home-decorating feature, analysts believe that the residential segment will dominate the hearth market. The addition of a modern fireplace, such as an electric hearth, improves the visual attractiveness of a home. The eco-friendly aspect of an electric hearth attracts more consumers, boosting its market. Historic hearth installation in various residents, on the other hand, provides traditional texture and a sense of economic stability through the use of wood-type hearths. Due to the lack of electricity in cold weather regions such as Greenland, the majority of the population have constructed traditional hearths primarily made of wood. This also helps the home market for wood-burning fireplaces.
During the forecast period, the hearth markets in North America and Europe are predicted to have a dominating share
North America is predicted to increase significantly, owing to the United States, Greenland, northern Canada, and other countries having the greatest installed hearth for commercial and residential end-use, which includes both modern and traditional hearths. The high adoption of electric and gas fireplaces, as well as the rapid acceptance of alternative fuel-based hearths, such as pellet-based hearths, can be ascribed to the enormous market size for hearths in the United States. The increasing desire for contemporary style hearth designs among consumers is driving the rapid expansion of the hearth market in Canada. These improvements are projected to propel the hearth market in the region to new heights. North America is closely followed by Europe, which is predicted to hold a significant position in the global hearth market due to the region’s exponential expansion due to an increase in the usage of various types of heating appliances in homes as a result of the region’s extreme cold weather. As a result of the cold environment and people’s increased interest in hearth goods for home design, the worldwide hearth market is growing.
COVID-19 Insights
The hearth market has taken a hit as a result of the coronavirus pandemic’s detrimental consequences. Governments all over the world have instituted nationwide lockdowns, causing drastic changes in consumer purchasing. People are now hesitant to spend more money on non-essential items, which has reduced demand for hearths around the world. Furthermore, a halt in the construction industry’s operations reduced market demand. Travel restrictions imposed to limit the virus’s spread have resulted in fewer tourists traveling between nations and within the country. The hearth market shrank even further as hotels and restaurants closed their doors.
Hearth Market Scope:
Mastering Power Conversion: The Science Behind AC-DC Converters
Thought ArticlesThe basic difference between AC and DC is that the alternating current that goes into the converter alternates the direction of the current periodically in the form of a sine wave whereas the direct current flows constantly in one direction. Therefore, a rectifier or an AC-DC converter is a device that can convert alternating current into direct current and is an important device that can be used in several consumer electronic devices like computers, smartphones, and household appliances where these electronic devices need to convert the current to DC power using the converter and then operate smoothly.
The converter rectifies the AC voltage to produce a pulsating DC output and then using filtering components like capacitors it provides a more stable DC output. There are different types of AC-DC converters available such as full-wave rectifiers that convert both halves of the AC input waveform into DC, half-wave rectifiers that convert both halves of the AC input waveform into DC, Bridge rectifiers, and Switch-mode power supplies or SMPS. These converters play a major role in powering a wide range of electronic devices, from small gadgets to large industrial machinery.
Global Production Trends
The production of AC-DC converters is growing with the rise in demand for consumer electronics and the increase in penetration of electronic devices in the day-to-day lives of consumers around the globe. These electronic devices are becoming more important daily in the consumer’s daily life therefore, with the increasing digitization of various sectors and the growth in demand for electronic devices the demand for AC-DC converters to power these devices is growing proportionally.
In recent years, there has been a notable increase in the promotion and awareness of energy efficiency and sustainable alternatives across the globe to reduce carbon footprint and switch over to energy-efficient alternatives. Hence, energy efficiency has become a major focus in the manufacturing and design of AC-DC converters to reduce energy consumption, meet regulatory standards, and minimize heat dissipation.
As AC-DC converters are contributing to making energy-efficient alternatives they are also being used in powering renewable energy sources like solar and wind power and this is raising the production rate of AC-DC converters as they are an essential part of the smooth operation of renewable energy resources. They are used in grid-tied inverters and power conditioning units which convert the variable DC output from renewable energy sources into usable AC power for the grid.
The rapid growth in technological advancements of the AC-DC converter is positively impacting and growing the global production trend for them. For instance, the integration of wide-bandgap semiconductors such as silicon carbide or gallium nitride helps to improve the performance and efficiency of AC-DC converters which leads to compact designs, higher switching frequencies, and reduced losses. Also, the growing focus on reliability and quality as manufacturers are investing in robust design methodologies and a shift towards smart and connected devices that focus on features such as remote monitoring, diagnostic capabilities, and compatibility with IoT platforms are contributing to increasing the AC-DC converter production trends across the globe.
AC-DC converter use case
The AC-DC converter has several use cases that are boosting their production and market around the globe. These use cases include consumer electronics like laptops, gaming consoles, TVs, and tablets for powering them, the growing use of smartphones in the daily life of consumers is increasing the need for AC-DC converters proportionally as they are found in chargers or adapters and power supplies which helps in converting AC mains power to the DC voltage required by the electronic device.
The AC-DC converter is used in industrial automation where it provides power to several electrical components such as sensors and motors and in the telecommunication industry where the infrastructure and the powering equipment such as base stations and telecom towers use AC-DC converters for converting the current according to the device needs.
Moreover, they play an important role in renewable energy systems such as solar energy and wind turbines which can convert the DC power that is generated by solar panels or wind turbines into AC power to operate the facility smoothly coupled with the growing adoption of EVs that needs an AC-DC converter in EV charging stations to convert AC power from there to DC power that is suitable for charging EV batteries.
The data centers present globally need AC-DC converters to provide efficient and stable power output to the servers and the converter powers various medical devices including diagnostic instruments and surgical tools which are necessary for saving a patient’s life, in the aerospace industry they provide regulated power supply to face the harsh operating environments.
The rapidly growing EV infrastructure for charging stations is anticipated to be a major factor contributing to the growth in the growing demand for AC-DC converters globally. For instance, the US government is making significant investments to improve the EV charging infrastructure.
Table 1: Investments for EV Charging by the US Department of Energy
Market Dynamics and Drivers
Several factors drive the AC-DC converter market, including a rise in the application of AC-DC converters in several consumer electronics like smartphones, laptops, and refrigerators in recent times coupled with the rise in demand for data centers with the growing amount of global data has contributed significantly to boosting the AC-DC converter market.
These data centers need efficient operation of several different IT infrastructures or enterprises and these converters provide efficient and stable power to servers, networking equipment, storage systems, and cooling infrastructure for the smooth operation of the data centers. Also, they play an important role in providing medical devices with a reliable power source and these devices are growing in demand and are anticipated to contribute to growing the AC-DC converter market in the forecast period.
Additionally, the increasing demand for energy-efficient solutions, expansion of renewable energy infrastructure, advancements in power electronics technology, growing adoption of electric vehicles, and increasing investment in infrastructure development powering critical infrastructure components and supporting economic growth using the converter are the factors that are predicted to propel the market growth as they have a significant use for AC-DC converter for proper functioning.
The AC-DC convert plays a crucial role in the proper functioning of data centers and with the growth in the development of data centers the demand for AC-DC converters will rise proportionally. For instance, the USA has the largest amount of data centers across the globe which is over 2,600. This includes data centers in Dallas with the highest number of data centers which is 149 followed by the Bay Area with 147 data centers as stated by USITC.
Figure 1: States With the Most Number of Data Centers in the USA
Source: usitc.gov
Challenges and Constraints
Despite the huge advantages and use cases of AC-DC converter the companies that manufacture them face a lot of challenges with significant improvements being made in AC-DC converter technologies and keep up with that improving technology and increasing complexity. Also, meeting stringent regulatory standards for energy efficiency, cost burdens in the electronics industry, component shortages, supply chain disruptions, and high-power densities and switching frequencies in AC-DC converters that result in significant heat generation are anticipated to hinder the AC-DC converter market growth over the forecast period.
Emerging Opportunities and Innovations
Although challenges might hamper the market, the AC-DC converter market presents numerous opportunities for innovation and growth. Advances in its applications across various industries like aerospace, electronics, automotive, and energy are the major reason for that. Also, the adoption of wide-bandgap materials such as silicon carbide and gallium nitride in power semiconductor devices, integration of digital control techniques, and integration of GaN-based power devices, gate drivers, and passive components into compact power modules that offer higher power density are some innovations that are predicted to positively affect AC-DC converter market.
Key Developments
At last, concluding that the AC-DC converter market is predicted to have several innovations and growth opportunities over the forecast period. The market is driven by the increasing popularity of electric vehicles coupled with consumer electronics and applications across various industries like growing data centers and renewable energy. There are several challenges to be faced such as growing advancements in technologies and reducing power consumption of AC-DC converters to make them energy efficient. Therefore, the industry is anticipated to capitalize on technological advancements and innovations to meet the needs of a growing global demand for AC-DC converters.
Augmenting Industrial Superpower Through the Lens of Metrology
Thought ArticlesThe industrial metrology market is predicted to grow at a compound annual growth rate (CAGR) of 5.20% to attain a market size of US$15.117 billion by the end of the analysis period, 2026.
Industrial Metrology is widely applied across industrial sectors of aerospace, automotive, healthcare, power, construction, energy, electronics, defense, etc. to provide accuracy and ensure quality in the manufacturing processes in the industry. Metrology means “the science of measurement” that uses products like video measuring machines, 2d products, X-rays, Automated Optical Inspection, Coordinate Measuring Machine, Optical Digitalizer, and Scanner, etc. in the processes. The increasing automation across various sectors and the growing need to adopt accurate measuring tools is the major driving factor behind the market.
Products Used in Industrial Metrology:
Industrial Metrology uses products like video measuring machines, 2d products, X-rays, Automated Optical Inspection, Coordinate Measuring Machine, Optical Digitalizer, and Scanner, etc. Video Measuring Machines are optical devices that are used in both 2d and 3d measurements and consist of both hardware and software to measure a wide range of applications by combining software and high-resolution images. Coordinate Measuring Machines (CMM) uses various types of probes like optical, laser, mechanical, etc. that sense the discrete points on the surface of an object to measure its geometry. Digitizers and Scanners are used to scan an image or an object through a laser that later helps in their reconstruction. X-rays are mostly used in healthcare sectors that use electromagnetic waves to generate pictures of our inner body. Microscopes are optical devices that are used to examine tiny objects that are too difficult to be captured by naked eyes. AOI or Automated Optical Inspection uses a camera to scan a device to detect any quality defect or failure inside it. Besides that, Industrial Metrology also applies large volume inspections, CT Inspections, White Light Interferometric Microscope Systems, etc.
Developing Industrialization and Regional Trends:
The major contributing factor to the growth of the industrial metrology market is the rapid industrialization and growing infrastructure across the globe. Technological advancement and increasing automation have generated a need to apply industrial metrology in almost every sector of the economy from automation to aerospace, power, oil, mining, chemical, healthcare, construction, electronics, etc. The industrial revolution in the developing economies of the Asia-Pacific region like China, India, etc. is expected to witness major growth in the coming years which will drive the industrial metrology market in the coming years. This growth will be attributed to the growing infrastructure development along with the high Foreign Direct Investment in the region. For instance, recently India announced its largest project in the manufacturing sector. According to the Odisha government, ArcelorMittal Nippon Steel is going to invest over ?1 lakh crore in Kendrapara, Odisha, to set up a 24 mtpa (million tonnes per annum) integrated steel plant. Besides that, the plant will churn out 18.75 MT of cement annually, which will make it one of the biggest cement manufacturing facilities in the country.
Besides that, North America and Europe are expected to hold a significant market share in industrial metrology due to the developed infrastructure in the region along with the advanced application of the technology in the region. For instance, Porsche and Ericsson have partnered up to initiate a project on leveraging the power of 5G to accelerate production capabilities at Porsche’s manufacturing production in Germany.
Artificial Development to Hold a Bright Scope of Development:
The industrial metrology market’s development is largely based on the technological advancement in the sector which acts as a backbone of the industry. Artificial Intelligence and the Internet of Things powered by a high degree of research and development and investment in the sector are expected to boost up the market in the coming years. Besides that, the growing need for data analytics tools to analyze a large amount of data is also expected to play a key role in market development. Some of the recent developments and investments by the companies like Hexagon, Lincoln Electric Additive Solutions, PFW Aerospace, etc. are prominent examples of it. For instance, Hexagon introduced Cloud-native CNC machine-tool asset management that enables global manufacturers to analyze machine fleet utilization across multiple plants. Besides that, Lincoln Electric Additive Solutions has worked towards the problem of heavy and large pieces of equipment and has therefore pioneered 3D printing and scanning.
The role of 3D Metrology in Industrial Metrology is also very significant. 3D metrology is a method that precisely studies an object based on its physical measurement and tries to capture its accurate 3d system. The wide application of 3d metrology requires optical measurement and thus it holds a great opportunity for the growth of the market. 3D Metrology is being widely adopted in the areas of automotive, defense and aerospace, medical, electronics, and construction.
Price Volatility to Pave Hurdles in the Growth of the Market:
Price is one of the restraints for the Industrial Metrology market growth mainly because not all metrology equipment are easy to adopt, operate, and install in the facilities. Price volatility associated with the measurement equipment makes the device price-sensitive as their price depends upon the other technical tools that go into their manufacturing. Besides that, the role of labor handling cost is something to consider in the market growth. The lack of technically trained personnel and expertise in the field can restrict the growth of the market not just in some sectors but in low developing economies as well. This is because metrology requires trained and qualified personnel to install, monitor, and configure the measurement equipment thoroughly.
Coronavirus Pandemic Analysis:
The analysis report also provides a deep study about the impact of the coronavirus on market for industrial metrology market, stating how the lockdown, lack of labor, stringent curfew regulations by the government, export barriers, deeply affected every industry including automotive, semiconductor, defense, aerospace, power and energy, chemical and manufacturing, etc. With the shutting down of industries and halt of operations across the globe, the industrial metrology market witnessed a surge.
Video Games and Virtual Cinematography Foster the Growth of 3D Scanners
BlogThe 3D Scanner Market was valued at US$1.219 billion in 2020 and is expected to grow at a CAGR of 13.84 % to reach a market size of US$3.019 billion in 2027.
Using 3D scanning enables recording an object’s three-dimensional characteristics as well as small details like colour and texture. Through the use of this technology, the manufacturing process may be made to take less time, money, and effort while producing goods more effectively. Companies now have a strategic advantage owing to 3D scanners, which have become an essential technique for speeding up product production and processing. The variety of uses for this technology has been expanded by continuous technological advancements with regard to portability, scanning volume, and image quality. With the use of software, 3D models of the scanned objects are produced by using point clouds, which are created by 3D scanners using lasers, light, or x-rays to capture the dimensions of real-world objects. 3D scanners have proven to be effective tools in a variety of industries, including manufacturing, security and aerospace , media and entertainment , automotive, healthcare, and more.
The need for 3D scanners is significantly growing all over the world due to the increasing use of reverse engineering services in a variety of industrial verticals, including manufacturing, automotive, aerospace, and defence. The need for 3D scanners for scanning bodies and faces for security monitoring at airports and other public areas has increased as a result of an increase in terrorist attacks. In the upcoming years, it is anticipated that factors including technological improvement and the creation of handheld 3D scanners will increase the market for 3D scanners worldwide. Additionally, the growing need for whole-body scanners to gain deep insights into medical issues will fuel the development of the 3D scanner market in the healthcare industry. The expansion of 3D scanning has also been linked, concurrently, to the reduction in the price of 3D scanners.
Digital Models are Created Using 3D Scanners for Virtual Cinematography and Video Games.
In the entertainment and media industry, 3D scanners are used to build digital or 3D models for video games and virtual filmmaking. Real objects, including performers, are scanned rather than creating 3D models from scratch. Designers can quickly produce costumes and props using 3D scanners and computer-aided design (CAD) software. In the gaming industry, scanning is used to look at people, items, and the environment in order to gamify simulations and produce realistic outcomes. The majority of game producers have begun using 3D scanning to build gaming characters in an effort to improve the user experience for users.
The use of 3D laser scanning to create the game’s content addresses some particularly difficult problems. The creation of bodies and faces for the game is one of those challenges. The application may take an unnecessary amount of time to make it appear realistic. And even after investing all that time, things may go wrong. The task may be completed quickly and easily with 3D laser scanning, which can capture the facial features precisely. For instance, a gaming console, Sony’s Playstation 2, uses 3D scanning. The players for the Sony Computer Entertainment video game American Major League Baseball were created using 3D laser scanning. They scanned roughly 1400 players to make the game more realistic, but given that each scan only took about 90 seconds per individual, the job was completed faster.
Key market developments
Advanced expansion activities, research and development, market investments, and new product launches will thereby increase the demand for 3D Scanners. For instance,
The North American region is expected to hold a significant share of the market in the coming years.
Due to the expanding usage of scanning across a variety of industries, including manufacturing, automotive, healthcare, and entertainment, the North American region is expected to hold a significant share in the market. In terms of revenue, North America will maintain its position as the global leader. Regional development is anticipated to be boosted in the upcoming years by rising R&D spending, widespread adoption of technology in the automobile industry, and environmental scanning and modelling operations. Additionally, 3D scanning opens up a world of opportunity for artists of all kinds, enabling them to bring their most extraordinary works to reality. The technique advances the film and video game industries; without 3D scanning, several stunts and special effects would have been challenging to execute. The increased focus firms are placing on 3D printing and 3D machine vision is also one of the elements driving the growth of the North American industry.
3D Scanner Market Scope:
Automotive Testing Inspection and Certification – Safety of Vehicles and Consumers
Thought ArticlesThe global Automotive Testing Inspection and Certification market was valued at US$25.582 billion in 2022 and will increase to US$34.317 billion by 2029. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 4.92%.
Testing, Inspection, and Certification, abbreviated as TIC, is an independent sector that offers an array of conformity assessment services, including testing, validation, conformity declaration, and many others. TIC segment caters to a wide range of industry segments across the globe, including automotive. The objective of the council is to evaluate the goods in compliance with the safety of people and the environment. The council performs quality and safety controls via multiple conformity assessments, including industrial site inspections, management system auditing and certification, product testing, supply chain certifications, pre-shipment inspection, and others. Third-party TIC is a low-cost conformity assessment process that promotes higher compliance levels. It helps government agencies enhance efficiencies and exploit finite market surveillance resources, ensuring more consumer protection with safer products. It also aids manufacturers in lowering internal compliance costs and more effectively navigating global market regulations. Because it ensures that products are safe, secure, effective, trustworthy, of high quality, and sustainable, the TIC industry is a major contributor to the global economy and the quality of daily life throughout the world. The TIC Council aims to engage governments and key stakeholders in advocating for effective solutions that safeguard the public, promote innovation, and ease commerce. Automotive Testing Inspection and Certification Markets are bifurcated by service, sourcing, application, and geography.
During the projected period, the increasing demand for automobiles and increasing advancements in the industry are bound to propel the automotive testing inspection and certification market.
The increasing penetration of automobiles globally has propelled the automobile market size. According to European Automobile Manufacturers’ Association, in 2021, about 79.1 million motor vehicles were produced globally, a 1.3% growth rate when compared with the former year. According to statistics, production is steadily rising in the developed and developing countries alike. In South Asia, and the Middle East and Africa, for instance, the production of automobiles increased by 15.6% and 10.0%, respectively, in 2021 compared to 2020. The emergence of electric vehicles and smart vehicles owing to the advancing technologies, like the Internet of Things, are further increasing the market size. Furthermore, the increasingly stringent government policies for vehicle standards and safety are causing multiple companies to outsource Testing Inspection and Certification services. Consumers are also becoming aware of the safety and quality of the products. TIC helps consumers by providing safer, high-quality, and consistently reliable products while being true to the brands’ advertising claims. A failure of a component of a product can incur huge dissatisfaction from the consumers and financial loss in investments. TIC services help businesses attain long-term and medium-term savings by providing independent conformity assessment services and enables market access and market entry while increasing the trade volume. Furthermore, the increasing enforcement of laws for the vehicles to undergo Periodic Technical inspections of the vehicles is further expected to boost the Automotive TIC market.
During the forecast period, Asia Pacific is likely to occupy a dominant share of the global automotive testing inspection and certification market.
By geography, the automobile testing inspection and certification market is segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. The significant growth in the Asia Pacific region is attributed to the increasing demand for automobiles in the region. According to Organisation Internationale des Constructeurs d’Automobiles, OICA, Asia Pacific accounted for the production of 46,732,785 motor vehicles of 80,145,988 motor vehicles produced globally. China, Japan, India, and South Korea are the major countries dominating the market in the region, owing to the developing economies, surging per capita income, and increasing demand for automobiles in the said nations. For instance, according to the China Association of Automobile Manufacturers, China alone accounted for 26,082,220 units of motor vehicles produced in the region. While Japan, India, and South Korea produced 7,846,955, 4,399,112, and 3,462,404 motor vehicle units, respectively, in 2021. Furthermore, government initiatives like Make in India, and Make in China are further boosting the market, coupled with the strategic developments deployed by the automobile giants in the region. For instance, in September 2021, the government of India announced a notification stating a Postal Life Insurance Scheme for automobile components worth US$ 3.49 billion. Several of the factors mentioned above are expected to add impetus to the market’s growth in the region.
According to Analysts, differing standards and regulations for testing inspection, and certification across multiple regions are anticipated to restrain the market growth.
The different regional standards and policies are bound to create challenges for the acceptability and penetration of the products in the international market. The various policies and standards lead to different tax rates in foreign markets, thereby affecting the pricing and market growth in the region. According to European Automobile Manufacturers, for instance, countries like the US, UK, Japan, China, Russia, and South Korea have their own unique taxation framework in addition to VAT. Japan, for instance, Japan imposes a tonnage tax based on the weight of vehicles, along with a 10% consumption tax and an environmental performance charge. The VAT rate in the United Kingdom is 20%. Automobiles are also subjected to ownership taxes as well as an excise based on carbon emissions. Similarly, Russia also levies excise taxes based upon the horsepower of a vehicle along with the 20% VAT. And the value of excise taxes increases with the increase in horsepower. At the same time, the South Korean government charges a 5% consumption tax on the factor price and up to 7% acquisition tax in addition to the 10% VAT. Similar instances of conflict between international and local standards might hinder the market’s growth.
Covid-19 Insights
The global pandemic had a negative influence on the automotive testing inspection and certification market. The mandated lockdown and social-distance measures enforced by multiple governments across the globe have resulted in the shut down of various production facilities, either partially or wholly. The exponential influx of the infected cases further reduced the workforce, severely impacting the productivity of several enterprises. For instance, according to the EU Member States, in Europe, all the automobile production facilities were completed closed for about 30 days on average. In countries like Italy, the closure lasted for as long as thirty days. Consequently, the automobile segment saw about 3.6 million vehicle production losses in the course of the first half of 2020, and by September, the demand for cars had dropped by 28.8%. Subsequently, the TCI service providers, too, suffered from the closure of factories and a lack of workforce. The closure of borders by several nations affected the supply chain network, further slowing down the market.
Automotive Testing Inspection And Certification Market Scope: