The 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:
| Report Metric |
Details |
| Market Size Value in 2021 |
US$3.248 billion |
| Market Size Value in 2028 |
US$5.443 billion |
| Growth Rate |
CAGR of 7.66% from 2021 to 2028 |
| Base Year |
2021 |
| Forecast Period |
2023 – 2028 |
| Forecast Unit (Value) |
USD Billion |
| Segments Covered |
Product, Technology, Application, And Geography |
| Regions Covered |
North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies Covered |
STMicroelectronics, TE Connectivity, General Electric, Emerson Electric Co., Robert Bosch GmbH, ABB, Denso Corporation, NXP Semiconductors, Siemens AG, Omron Corporation |
| Customization Scope |
Free report customization with purchase |
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.
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:
Wireless Tank Level Monitoring – The Float & Board level
BlogThe Wireless Tank Level Monitoring market is expected to grow at a compound annual growth rate of 8.39% to reach a market size of US$272.060 million by 2028. This market was valued at US$154.739 million in 2021.
A wireless tank-level monitoring system detects and transmits tank level data to an end device or user for use in relevant applications. The transmitters, sensors, and a smartphone or computer application monitor liquid levels in a tank across a variety of cellular or satellite networks.
Analysts anticipate that the market will grow due to growing demand from process industries during the forecast period.
The overall growth of the wireless tank level monitoring market is expected to be boosted by rising demand for tank level monitoring systems for efficiency and safety requirements, particularly from process industries such as chemical plants, pulp and paper mills, steel mills, glass manufacturing, and power generation. Overfilling causes material and production loss, as well as the risk of harm to the bunker itself. Spilling hazardous-materials tanks might have devastating environmental consequences, as well as associated cleanup expenses and fines. Failure to replenish feedstock tanks on schedule may cause firms to run out of stock, causing production and delivery to be delayed. This is one of the main reasons why tank level monitoring systems have become so dominant.
Furthermore, a wireless loT approach for industrial tank monitoring has numerous advantages over cable connectivity. Wireless communication is adaptable, affordable, and simple to set up. Low power wide area networks are a long-range and power-efficient option for connecting hard-to-reach assets utilizing sensors that run on their batteries and can survive for years. LPWANS are less expensive to adopt than other wireless options due to their ease of maintenance & low device as well as network costs. A wireless loT architecture allows increased production planning, asset management and protection, and operational safety by enabling 24/7 equipment visibility and feeding this data into enterprise management systems.
The security issues in using wireless communication can act as a constraint on the market growth at a global level.
A water level monitoring system provides essential information on tank fuel & level, as well as any leaks, for industrial uses. However, the data collected and communicated is prone to inaccuracy and errors, which can have serious repercussions in the business and restrict the wireless tank level monitoring segment’s expansion. In addition, wireless systems have required the usage of analytics software as well as a connection to the Internet. The tank level monitoring system’s hardware and software are linked and communicate with one another through the Internet. The data collected from the fluid level monitoring system is stored in a well-designed structure, which may result in data loss or malfunctions.
The ultrasonic technology will attribute to the growth of the market during the forecast period.
For volume, level, and open channel flow measurement, an ultrasonic sensor for a water tank is a cost-effective & reliable solution. Storage tanks, buffer tanks, steady flow channels, and buffer tanks all use ultrasonic level sensors. The market segment is expected to increase owing to its simple and effective installation, as well as the high accuracy and sensitivity of such sensors. It also has a continuous water level detecting feature with no-contact measurement.
The oil & fuel industry is anticipated to witness a significant market share during the forecast period.
Because of severe safety and environmental standards, the amounts of fuel and oil in storage facilities must be regularly monitored. Overfilling or dumping products on the deck or into the sea might have disastrous implications for humans and the environment. The charging / discharging processes must be closely monitored. Level sensing technology has been developed to assess oil and fuel levels in storage tanks due to technological advancements. In the oil and gas business, IoT-based technologies are also gaining traction.
According to regional analysis, the Wireless Tank Level Monitoring market in the Asia Pacific is expected to develop at an exponential rate.
During the forecast period, the oil and chemical sector is expected to grow rapidly, mostly in China and India. The chemical industry in India is predicted to develop at a CAGR of 9.3% from USD 178 billion in 2018-19 to USD 304 billion by 2025, according to an article published by the Indian Brand Equity Foundation in February 2022. Bharat Petroleum Corporation Limited (BPCL) revealed its plan to develop an ethanol facility in Telangana with an investment of roughly INR 1000 crore in July 2021, according to another post by IBEF. Future expansions in the oil and chemical industries are expected to drive the wireless tank level monitor system market in the Asia Pacific to new heights.
COVID-19 Insights
Mining, petroleum & gas, and a variety of other industries have all been hurt by the COVID-19 outbreak. Tank-level monitoring systems find a lot of applications in the oil and gas industries. As a result of COVID-19, some ongoing or future projects across the oil and gas value chain are anticipated to face considerable challenges in terms of project implementation, strategy, and risk management. Well over 2,000 EPC oil & gas projects in different categories, comprising LNG, petrochemicals, oil warehousing, and refineries, have been paused or delayed as a result of the epidemic. Apart from oil and gas and automobiles, the epidemic has caused various businesses and industries, including energy generating and manufacturing, to cease operations in virtually all countries. This is expected to lower demand for tank level monitoring systems and have a significant impact on market growth throughout the forecast period.
LED Farming Market is projected to grow at a CAGR of 18.19% to reach US$12.760 billion in 2029
Press ReleasesThe LED farming market is expected to grow at a CAGR of 18.19% with a market valuation of US$3.961 billion in 2022 and is expected to reach a market value of US$12.760 billion by 2029.
Several factors are driving the LED farming market including the growing need for food products with the growing global population across the globe which increases the need for improving and expanding the farming process across several regions. Also, the adoption of eco-friendly practices for food and vegetables is anticipated to fuel the LED farming market growth over the forecast period.
As per the report, the LED farming market is expected to grow significantly.
LED farming is used for providing artificial lighting to the farms using the LED lights and it can optimize the farming process by increasing the farming hours for the farmer even when there is no daylight which results in higher and efficient yield of crops for the farmer. These LED lights are optimal for the farming process and consume less power during the usage of LED lights. These LED lights have plastic cases on them which makes them more robust compared to an ordinary bulb.
The market growth is driven by a rapid increase in the demand for food products across the globe with the growth of the global population. The technological advancements made in the field of agriculture contribute to expanding the farming process across several regions globally which will require LED farming for efficient farming and good yield. Therefore, these factors are expected to boost the overall LED farming market growth over the forecast period.
The LED farming market encompasses various applications, including vertical farming, indoor farming, commercial greenhouse, and turf and landscaping. This variety of applications available for LED farming includes vertical farming which is a controlled agricultural environment where crops are grown in vertically stacked layers and this variety of applications is anticipated to grow the LED farming market.
The LED farming market encompasses various wavelengths, including blue wavelength, red wavelength, and far red wavelength. Different wavelengths of LED farming cater to different needs of several end-user farmers like the blue wavelength which is around 425 – 450nm and has the most effective wavelengths of visible light. Therefore, different wavelengths for LED farming are anticipated to grow the market.
The LED farming market encompasses various crop types, including fruits & vegetables, herbs & microgreens, and flowers & ornamentals. LED farming can cater to different types of crops to extend their yield and help farmers improve the efficiency of the overall farming process including fruits & vegetables like tomatoes, potatoes, and carrots. hence, LED farming that can cater to a variety of crop types is predicted to grow the LED farming market over the forecast period.
The LED farming market is poised for growth in the Asia Pacific region due to the expansion of land for crop yielding in the region and the growing demand for higher crop productivity in the region with a high population. The farming process is rapidly growing across several regions and countries in the Asia-Pacific region with the growing amount of technological advancements in the agriculture industry to make farmers’ lives easy that includes LED farming which can help to increase efficiency and yield for the farmers and hence, the growing technological advancements are predicted to fuel the LED farming market growth in the Asia Pacific region.
Koninklijke Philips N.V., General Electric Company, AMS Osram Group (OSRAM Opto Semiconductors GmbH), Heliospectra AB, Hortilux Schreder B.V., Illumitex, LumiGrow, Hubbell, and California Lightworks— these are some of the key companies involved in the LED farming and each company brings its different or diverse expertise and products to the market which can further cater to the diverse needs of organizations and enterprises. They provide innovative solutions for improving the yield and efficiency of farming using LED lights and these companies play a vital role in optimizing the performance of the overall farming process.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/led-farming-market
This analytics report segments the LED farming market on the following basis:
Segmentation:
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: