Increased illumination is ideal for agricultural situations. LED grow lights are one means of providing artificial illumination to farms. They utilize less energy and, as a result, this industry is commonly known as the LED grow lights or agricultural lights market.
LED lights are highly energy-efficient compared to traditional lighting sources such as incandescent or fluorescent bulbs. They produce more light per watt of electricity consumed, resulting in lower energy costs and reduced environmental impact.
These lights allow growers to customize the spectrum of light emitted, which can be tailored to meet the specific needs of different plant species and growth stages. By adjusting the light spectrum, growers can optimize plant growth, improve crop yields, and enhance the quality of produce.
These lights also help prolong regular agricultural hours beyond daylight hours, increasing production. They have applications in four types of farming: vertical farming, indoor farming, commercial greenhouses, and turf and landscaping. Because of their plastic covering, LED grow lights are more durable than traditional light bulbs.
LED lighting is particularly well-suited for indoor farming, including vertical farming, hydroponics, and aeroponics. It allows growers to control light intensity, spectrum, and duration to optimize plant growth regardless of external conditions.
The adoption of ecologically friendly procedures for fruits and vegetables, as well as growing food product demand, are the primary drivers of market growth. Controlled environments in LED farming help reduce the incidence of pests and diseases, thereby minimizing the need for chemical pesticides. This contributes to healthier, more sustainable agricultural practices and reduces the risk of pesticide residues in the final product.
The market is also growing as a result of more urban gardening, vertical farming, and consumer acceptance of ecologically friendly fruit and vegetable production. The global population is rising at an unprecedented rate, which has raised the demand for urban agriculture.
Additionally, the sector is rising due to vertical farming, which includes producing food in a vertically stacked layer within an abandoned skyscraper, warehouse, or shipping container. LED farming is particularly suitable for urban agriculture initiatives, where land availability is limited, and there is a growing demand for locally grown, fresh produce. By utilizing indoor spaces such as warehouses, shipping containers, or vacant buildings, urban farmers can produce food closer to consumers, reducing transportation costs and carbon emissions.
The effectiveness of new LEDs continues to climb, but it has to increase by around 30% by 2030 to correspond with the Net Zero Scenario. LEDs have become more efficient than any other commercially viable option. Improved LED modules or continual optics upgrades might accomplish additional gains. Because LEDs operate on direct current, direct current grids can decrease conversion losses.
LED efficiency has increased dramatically in recent years, with household LEDs often achieving effectiveness levels of more than 100 lm/W. Since 2010, average efficacy has grown by around 4 lm/W every year. The best-in-class technologies produce more than 200 lm/W but are more costly. New LEDs must achieve 140 lm/W by 2030 to meet the Net Zero Scenario, which is 30% higher than the 2022 average.
Increased lighting efficacy by technology in the net zero scenarios due to increased demand for efficient lighting options especially LED lighting across the globe from 2020 to 2022 is as follows: 104 lumens/watt in 2020, 108 lumens/watt in 2021, and 111 lumens/watt in 2022 which expected to reach 141 lumens/watt by 2030.
Figure 1: Lighting Efficacy by Technology in the Net Zero Scenario Lumens/Watt, 2020-2030
Source: International Energy Agency
The rising use of controlled environment agriculture, which includes vertical farming and indoor farming, has significantly increased demand for LED agricultural goods. Another element leading to rising demand is the world’s growing population. The need for agricultural produce will expand exponentially as the population grows.
LED farming enables growers to create ideal growing conditions by controlling factors such as temperature, humidity, and light intensity. This level of control is particularly beneficial for crops that are sensitive to environmental fluctuations or require precise growing conditions.
However, with limited land resources, alternative farming methods, such as vertical and indoor farming, are needed. These methods use smaller sections of farmed land, including indoor farms, to create a larger crop. LED farming is well-suited for indoor or vertical farming systems where space is limited. By utilizing vertical stacking or compact layouts, growers can maximize the use of available space and increase crop yields per square foot.
LED lights contribute to improving the quality and quantity of such harvests by improving energy efficiency, increasing visibility and durability, and lowering long-term expenses. Cannabis is one such plant that is mostly produced in controlled environments, and the legalization of cannabis in many nations will increase demand for LED lights for farming purposes. As a result of such efforts, key enterprises in this industry have increased their income in recent years.
According to data from the International Energy Agency, global electricity consumption in lighting in the net zero scenario services has increased from 1219.24 TWh in 2020 and 1242.18 TWh in 2021 to 1268.68 TWh in 2022 while for the residential it decreased from 476.82 TWh in 2020 and 471.76 TWh in 2021 to 466.96 TWh in 2022.
Figure 2: Global Electricity Consumption in Lighting in the Net Zero Scenario in Twh, 2020-2022
Source: International Energy Agency
The rising adoption of vertical farming, which allows farmers to plant crops in a controlled environment with less water and no soil, is one of the important factors driving the LED farming industry. Vertical farming relies heavily on LED lighting since it delivers the appropriate light spectrum for plant development.
The increased use of smart lighting systems allows farmers to monitor and regulate lighting settings remotely to increase production and efficiency. With the introduction of vertical farming, light-emitting diode (LED) technology has undergone a revolutionary shift.
With the introduction of low-cost and effective LED lighting pushing the agricultural technology industry, Controlled Environment Agriculture (CEA) has witnessed a rapid change from focusing solely on high-value crops like cannabis to various crops such as microgreens and vegetables.
In July 2022, Crop One, Emirate, inaugurated Dubai’s “world’s largest vertical farm.” The roughly 330,000-square-foot complex is located in Dubai, United Arab Emirates, near Al Maktoum International Airport and Dubai World Central. It can produce more than 2 million pounds of leafy greens every year. ECO 1 will focus on expanding supply chain constraints and food security concerns while also educating millions of new customers about the benefits of vertically farmed produce.
Energy efficiency is presently receiving considerable worldwide emphasis from policymakers, who see its importance in improving energy security and affordability, as well as speeding up renewable energy transitions.
However, the predicted 2023 rate of development in energy intensity – the primary parameter used to assess the world economy’s energy efficiency is 1.3% from a robust 2% the previous year. The lower rate of energy intensity improvement is mostly due to a 1.7% rise in energy demand in 2023, up from 1.3% the previous year.
Figure 3: Global Annual Primary Energy Intensity Improvement in Percentage, 2021-2023
Source: International Energy Agency
Demand for urban horticulture and vertical farming is predicted to increase in the next years as the population grows and ecologically friendly fruit and vegetable production becomes more popular. Due to a lack of arable land and population expansion, the business may profit from growing knowledge of alternative farming.
LED farming is the most recent technology in the agriculture industry, providing low-cost client solutions and installation. Agricultural lighting is currently in high demand for applications such as urban farming, supplementary illumination, and daylight agriculture.
Greenhouse farming is becoming increasingly popular, as it employs LED lighting to supplement natural light and provide plants with the entire spectrum of light they require to develop. The cost of LED lighting systems for greenhouse farming is determined by the greenhouse’s size and the level of customization required.
LED lighting systems for indoor farming are normally more expensive than greenhouse farming, but they can provide considerable long-term cost savings due to their better production potential and increased energy efficiency.
In conclusion, the LED farming business offers considerable prospects for innovation, investment, and growth as agriculture shifts towards more sustainable and efficient techniques. However, market dynamics, technology improvements, and regulatory issues will continue to influence its course in the coming years.
Table 1: Key Developments
| Year |
Development |
| November 2023 |
AMS OSRAMMED introduced its OSTAR® Projection Compact LED family with red, green, and blue colors, boosting its high-powered illumination capabilities. These LEDs, with their high current density and brightness, were perfect for high-power lighting applications. The True Green variant shines the brightest at 520 nm and provides 1000 lm at 6 a. |
| April 2022 |
California LightWorks, a leading manufacturer of horticultural lighting systems, announced today that Nipomo aG, a licensed 70,000-square-foot cannabis greenhouse in San Luis Obispo County, had implemented the latest MegaDrive LED system. Nipomo Ag switched from cultivating roses to cannabis some years ago. The firm realized that to compete in the market, particularly during the winter months, it needed to install high-tech supplementary lighting. |
Source: Knowledge Sourcing Intelligence Analysis
Industrial Metrology Creates Unique Solutions
BlogThe industrial metrology market is expected to grow at a compound annual growth rate of 5.20% over the analyzed period to reach a market size of US$15.117 billion in 2026 from US$10.600 billion in 2019.
Metrology is a scientific field that encompasses all measurement methods. Industrial metrology is a branch of metrology that is specifically used in the manufacturing or production industry. Metrology is most commonly used in industry to ensure quality control by checking dimensional conformance. One of the most important roles of industrial metrology is to ensure that production processes and items are optimal and bulletproof, which is why it should be viewed as an investment in increasing the quality of production processes and ensuring the best actions are done in the industrial field. This technology increases the manufacturing value and helps our teams to use more and more exact production methods when working with state-of-the-art machinery and well-defined strategic procedures.
Demand for Big Data Analytics is on the Rise, Opening New Doors for Industrial Metrology
With each additional dimension in the industrial business, the amount of data collected has expanded dramatically. Leading industries’ manufacturing units are outfitted with a variety of measuring instruments, each of which routinely identifies and collects over 300 inputs. The metrology business is also seeing a rise in the demand for big data analytics. A vast volume of data is generated through the consistent measurement of parts and components. If erroneous information is retained, the analysis of this enormous volume of data obtained is meaningless, and it does not assist understand a complex world. The information is gathered by in-line, end-of-line, and metrological inspections. Many businesses have begun evaluating production data with modern analytical tools in order to enhance a variety of critical manufacturing processes, such as yield, throughput, equipment availability, and operating expenses. Businesses can make faster and better decisions by analyzing big data.
Cloud Services Are Being Leveraged to Integrate Metrological Data
The market has grown rapidly due to the introduction of portable CMMs, 3D measurement solutions, robot-mounted optical CMM scanners, dimensional metrology services cloud-based software application platforms among others. In the industrial manufacturing industries, the use of cloud-enabled metrology software packages such as geometric dimensioning and tolerance, on-machine, automated, point cloud, robotic metrology, laser scanning technology, and multimodal metrology software is predicted to boost the market growth. The exponential expansion of cloud services is making way for a lot of opportunities for manufacturing companies to automate their processes. Cloud computing is proving to be advantageous to small, as well as, big organizations. Many metrology solution suppliers, such as Nikon in Japan, FARO Technologies in the United States, and Carl Zeiss are offering cloud-based solutions in response to client demand, which is moving the trend toward a cloud-based IT framework for metrological data management. In addition, the industrial industry is rapidly embracing Industry 4.0 for the majority of its procedures. As a result, using cloud services to store and analyze metrology data benefits manufacturing organizations in both research and development and product analysis. Furthermore, it enables businesses to provide connected software solutions to their customers.
The Automotive and Aerospace Industries Are Anticipated to Drive the Market at a Breakneck Pace
Components with high accuracy and low tolerance limitations are required in industries such as automotive, aerospace, electronics, and power generation. In addition, the demand for metrology equipment and services is increasing as worldwide quality standards for precision management. During the projected period, the automotive industry is expected to undergo significant changes, as automobile manufacture shifts to automated facilities. Major development is predicted to be driven by the requirement for highly reliable and quality procedures, as well as increasing demand for electric vehicles. In addition, the growing demand for measurement, inspection, and quality checks of numerous components in the automobile industry is propelling the market’s expansion. For improving vehicle safety and comfort, the automotive market is increasingly employing optical measurement systems and coordinates measuring machines instead of traditional machines. The automobile industry is expected to propel the industrial metrology market owing to a shift in preference from off-line quality inspection to near-line or in-line measurement techniques, which enable higher sample rates and shorter inspection periods. During the estimated period, the aerospace and defense industries are expected to hold a large stake.
The expansion of this market will be fueled by increased government and private sector investment in the aerospace and defense industry. The market is expected to rise as the number of commercial aircraft produced grows, as well as technology advancements in navigation systems and electronic flight instrument systems. According to the World Bank, defense spending accounts for roughly 2.35 percent of global GDP. In 2020, the global military budget will be US$ 1.929 trillion. It was worth US$ 778.232 billion in the United States alone, accounting for over 4% of the country’s GDP. As a result, it has one of the biggest military budgets in the world. Military spending in China totals US$ 252.304 billion. Military spending accounts for about 1.75 percent of GDP.
The Asia Pacific is Expected to Outperform and Grow at a Higher Rate Than the Rest of the World
Asia-Pacific region’s rise can be ascribed to the region’s expanding automobile and manufacturing plants. In addition, the market is growing due to ongoing technological improvements by enterprises in the region. Furthermore, considerable R&D funding from governments in several Asia-Pacific countries, as well as broad industrial bases, are major contributors to the region’s industrial metrology market, with China, South Korea, and Japan being the primary countries contributing to the industry’s growth. The metrology services market in Asia-Pacific is expected to be driven by industrial and power generation applications, as metrology services are used in a variety of power generation applications, such as horizontal machine bearings, main shafts, castings, turbines, tops-off alignment, scroll case geometry and assembly, and other applications.
COVID Insights
The industrial metrology market was negatively damaged by the coronavirus pandemic. To break the virus’s cycle, the government and authorities implemented a number of containment measures, which resulted in the suspension of activities in some industry verticals, lowering demand for industrial metrology equipment. However, increased investment in the healthcare and online sector may contribute to the market’s long-term viability.
LED Lights Illuminating the Future of Farming
BlogIncreased illumination is ideal for agricultural situations. LED grow lights are one means of providing artificial illumination to farms. They utilize less energy and, as a result, this industry is commonly known as the LED grow lights or agricultural lights market.
LED lights are highly energy-efficient compared to traditional lighting sources such as incandescent or fluorescent bulbs. They produce more light per watt of electricity consumed, resulting in lower energy costs and reduced environmental impact.
These lights allow growers to customize the spectrum of light emitted, which can be tailored to meet the specific needs of different plant species and growth stages. By adjusting the light spectrum, growers can optimize plant growth, improve crop yields, and enhance the quality of produce.
These lights also help prolong regular agricultural hours beyond daylight hours, increasing production. They have applications in four types of farming: vertical farming, indoor farming, commercial greenhouses, and turf and landscaping. Because of their plastic covering, LED grow lights are more durable than traditional light bulbs.
LED lighting is particularly well-suited for indoor farming, including vertical farming, hydroponics, and aeroponics. It allows growers to control light intensity, spectrum, and duration to optimize plant growth regardless of external conditions.
The adoption of ecologically friendly procedures for fruits and vegetables, as well as growing food product demand, are the primary drivers of market growth. Controlled environments in LED farming help reduce the incidence of pests and diseases, thereby minimizing the need for chemical pesticides. This contributes to healthier, more sustainable agricultural practices and reduces the risk of pesticide residues in the final product.
The market is also growing as a result of more urban gardening, vertical farming, and consumer acceptance of ecologically friendly fruit and vegetable production. The global population is rising at an unprecedented rate, which has raised the demand for urban agriculture.
Additionally, the sector is rising due to vertical farming, which includes producing food in a vertically stacked layer within an abandoned skyscraper, warehouse, or shipping container. LED farming is particularly suitable for urban agriculture initiatives, where land availability is limited, and there is a growing demand for locally grown, fresh produce. By utilizing indoor spaces such as warehouses, shipping containers, or vacant buildings, urban farmers can produce food closer to consumers, reducing transportation costs and carbon emissions.
The effectiveness of new LEDs continues to climb, but it has to increase by around 30% by 2030 to correspond with the Net Zero Scenario. LEDs have become more efficient than any other commercially viable option. Improved LED modules or continual optics upgrades might accomplish additional gains. Because LEDs operate on direct current, direct current grids can decrease conversion losses.
LED efficiency has increased dramatically in recent years, with household LEDs often achieving effectiveness levels of more than 100 lm/W. Since 2010, average efficacy has grown by around 4 lm/W every year. The best-in-class technologies produce more than 200 lm/W but are more costly. New LEDs must achieve 140 lm/W by 2030 to meet the Net Zero Scenario, which is 30% higher than the 2022 average.
Increased lighting efficacy by technology in the net zero scenarios due to increased demand for efficient lighting options especially LED lighting across the globe from 2020 to 2022 is as follows: 104 lumens/watt in 2020, 108 lumens/watt in 2021, and 111 lumens/watt in 2022 which expected to reach 141 lumens/watt by 2030.
Figure 1: Lighting Efficacy by Technology in the Net Zero Scenario Lumens/Watt, 2020-2030
Source: International Energy Agency
The rising use of controlled environment agriculture, which includes vertical farming and indoor farming, has significantly increased demand for LED agricultural goods. Another element leading to rising demand is the world’s growing population. The need for agricultural produce will expand exponentially as the population grows.
LED farming enables growers to create ideal growing conditions by controlling factors such as temperature, humidity, and light intensity. This level of control is particularly beneficial for crops that are sensitive to environmental fluctuations or require precise growing conditions.
However, with limited land resources, alternative farming methods, such as vertical and indoor farming, are needed. These methods use smaller sections of farmed land, including indoor farms, to create a larger crop. LED farming is well-suited for indoor or vertical farming systems where space is limited. By utilizing vertical stacking or compact layouts, growers can maximize the use of available space and increase crop yields per square foot.
LED lights contribute to improving the quality and quantity of such harvests by improving energy efficiency, increasing visibility and durability, and lowering long-term expenses. Cannabis is one such plant that is mostly produced in controlled environments, and the legalization of cannabis in many nations will increase demand for LED lights for farming purposes. As a result of such efforts, key enterprises in this industry have increased their income in recent years.
According to data from the International Energy Agency, global electricity consumption in lighting in the net zero scenario services has increased from 1219.24 TWh in 2020 and 1242.18 TWh in 2021 to 1268.68 TWh in 2022 while for the residential it decreased from 476.82 TWh in 2020 and 471.76 TWh in 2021 to 466.96 TWh in 2022.
Figure 2: Global Electricity Consumption in Lighting in the Net Zero Scenario in Twh, 2020-2022
Source: International Energy Agency
The rising adoption of vertical farming, which allows farmers to plant crops in a controlled environment with less water and no soil, is one of the important factors driving the LED farming industry. Vertical farming relies heavily on LED lighting since it delivers the appropriate light spectrum for plant development.
The increased use of smart lighting systems allows farmers to monitor and regulate lighting settings remotely to increase production and efficiency. With the introduction of vertical farming, light-emitting diode (LED) technology has undergone a revolutionary shift.
With the introduction of low-cost and effective LED lighting pushing the agricultural technology industry, Controlled Environment Agriculture (CEA) has witnessed a rapid change from focusing solely on high-value crops like cannabis to various crops such as microgreens and vegetables.
In July 2022, Crop One, Emirate, inaugurated Dubai’s “world’s largest vertical farm.” The roughly 330,000-square-foot complex is located in Dubai, United Arab Emirates, near Al Maktoum International Airport and Dubai World Central. It can produce more than 2 million pounds of leafy greens every year. ECO 1 will focus on expanding supply chain constraints and food security concerns while also educating millions of new customers about the benefits of vertically farmed produce.
Energy efficiency is presently receiving considerable worldwide emphasis from policymakers, who see its importance in improving energy security and affordability, as well as speeding up renewable energy transitions.
However, the predicted 2023 rate of development in energy intensity – the primary parameter used to assess the world economy’s energy efficiency is 1.3% from a robust 2% the previous year. The lower rate of energy intensity improvement is mostly due to a 1.7% rise in energy demand in 2023, up from 1.3% the previous year.
Figure 3: Global Annual Primary Energy Intensity Improvement in Percentage, 2021-2023
Source: International Energy Agency
Demand for urban horticulture and vertical farming is predicted to increase in the next years as the population grows and ecologically friendly fruit and vegetable production becomes more popular. Due to a lack of arable land and population expansion, the business may profit from growing knowledge of alternative farming.
LED farming is the most recent technology in the agriculture industry, providing low-cost client solutions and installation. Agricultural lighting is currently in high demand for applications such as urban farming, supplementary illumination, and daylight agriculture.
Greenhouse farming is becoming increasingly popular, as it employs LED lighting to supplement natural light and provide plants with the entire spectrum of light they require to develop. The cost of LED lighting systems for greenhouse farming is determined by the greenhouse’s size and the level of customization required.
LED lighting systems for indoor farming are normally more expensive than greenhouse farming, but they can provide considerable long-term cost savings due to their better production potential and increased energy efficiency.
In conclusion, the LED farming business offers considerable prospects for innovation, investment, and growth as agriculture shifts towards more sustainable and efficient techniques. However, market dynamics, technology improvements, and regulatory issues will continue to influence its course in the coming years.
Table 1: Key Developments
Source: Knowledge Sourcing Intelligence Analysis
Growing Usage of Electronic Vehicles Fuels the Battery Management IC Market
Thought ArticlesA battery management integrated circuit (IC) is an electrical device that regulates and monitors various batteries’ discharge and charging capacities. It is commonly used in applications like electric vehicles, renewable energy storage systems, and portable gadgets.
A battery management IC’s primary function is to ensure the battery’s safe and efficient operation by controlling the charging and discharging processes using sensors, microcontrollers, and other electronic components to monitor the battery’s voltage, temperature, and current.
The ability of battery management IC to assure the safe and efficient operation of batteries in a variety of applications is driving up demand in various sectors like healthcare, automotive, and electronic devices.
Furthermore, the addition of enhanced monitoring and protection capabilities to battery management ICs to help optimize battery performance and extend their lifespan is driving market demand by resulting in cost savings and increased customer satisfaction.
Automotive lithium-ion (Li-ion) battery consumption climbed by around 65% to 550 GWh in 2022, up from roughly 330 GWh in 2021. This was owing mostly to an increase in electric passenger vehicle sales, with new registrations up 55% in 2022 compared to 2021.
In China, battery demand for cars surged by more than 70%, while electric car sales jumped by 80% in 2022 compared to 2021, with battery demand rise partially offset by an increase in the percentage of PHEVs.
The growth in battery demand pushes up demand for essential elements. Despite a 180% increase in output since 2017, lithium demand in 2022 outpaced supply (as it did in 2021). In 2022, EV batteries consumed around 60% of lithium, 30% of cobalt, and 10% of nickel.
Accelerating innovation can assist, such as better battery technologies that require fewer key minerals, as well as initiatives to encourage the adoption of car models with optimized battery size and the development of battery recycling.
Increased battery demand for vehicles in various regions across the globe from 2020 to 2022 is as follows: 53 GWh/year in 2020 to 127.7 GWh/year in 2022 in Europe, 84.9 GWh/year in 2020 to 312 GWh/year in 2022 in China, 18.6 GWh/year in 2020 to 70.6 GWh/year in 2022 in the United States, and 11.2 GWh/year in 2020 to 40.3 GWh/year in other regions.
Figure 1: Battery Demand by Region Gwh/Year, 2020-2022
Source: International Energy Agency
The increased need for battery storage systems is increasing the demand for battery management integrated circuits (BMICs), which play an important role in these systems. Battery management ICs are used in BSS to monitor and control the safe and efficient charging and discharging of batteries, hence extending battery life by preventing overcharging or over-discharging.
Battery management ICs provide real-time data on battery performance, allowing operators to optimize the BSS’s functioning and identify possible difficulties before they become significant problems.
The growing need for BSS, driven by the increased adoption of renewable energy and the need for grid stabilization, is encouraging the development of innovative battery management integrated circuits to meet its demands.
The increased usage of EVs and their manufacture by major firms such as Tesla are boosting demand for battery management ICs. These ICs are a vital component of the battery management systems (BMS) used in EVs. The BMS is in charge of monitoring and maintaining the health, performance, and safety of EV batteries, which rely on massive battery packs to power their operations.
Despite sustained EV sales growth in China, Europe, and the United States, electric vehicles are not yet a global phenomenon due to higher purchase costs and a lack of charging infrastructure in developing and emerging countries, and CO2 emissions from automobiles can be reduced to net zero by 2050.
According to data from the International Energy Agency, sales of electronic vehicles have increased in recent years, with China selling 3.3 million cars in 2021 and increasing to 8 million in 2023, Europe selling 2.3 million in 2021 and 3.4 million in 2023, the United States selling 0.6 million in 2021 and 1.6 million in 2023, and other regions selling 0.3 million in 2021 and increasing to 0.9 million in 2023.
Figure 2: Electric Car Sales in Million Based on Regions, 2021-2023
Source: International Energy Agency
Leading automotive companies are extending their EV product offering, which is expected to fuel growth in the battery management IC market throughout the forecast period. For example, in March 2023, BMW said that it would launch six new battery EV vehicles by the end of 2025.
Battery management integrated circuits are utilized in a variety of applications in the communication sector, including wearable and wireless communication devices, which rely on batteries for power. Furthermore, smart energy management is critical to ensuring extended battery life and improved device performance for communication devices.
Rapid developments in wireless communication, as well as the growing deployment of 5G networks, are predicted to increase the communication industry’s consumption of battery management integrated circuits.
The worldwide expenditure on electric automobiles increased by 50% in 2022 compared to 2021, reaching around USD 425 billion. The majority of money was spent directly by customers when they purchased a car, while governments spent around USD 40 billion on direct purchase incentives. These include subsidies and tax breaks such as VAT exemptions, as well as weight, CO2 emissions, and range incentives.
The increase in worldwide electric vehicle investment is lowering auto manufacturers’ reliance on ICE vehicle sales to fund EV manufacturing, R&D, and new model development. Regardless of the lengthy road ahead, this is a critical step towards EV growth and the transition to completely powered road transport.
Figure 3: Global Spending on Electric Cars in Billion USD, 2020-2022
Source: International Energy Agency
The expanding manufacturing of consumer electronics and the increasing use of EVs in key Asian nations such as South Korea, China, and India are likely to boost the region’s battery management IC market.
The increase in consumer electronics production activities in the area is driving market growth, as fuel gauge ICs, battery charger ICs, and authentication ICs are widely used in this sector. A gasoline gauge IC indicates the battery’s remaining capacity, whereas a battery charger IC controls the charging process. Furthermore, authentication ICs are used to ensure the legitimacy of a battery or other component.
In conclusion, the Battery Management IC market is poised for significant growth driven by the increasing demand for portable electronics, electric vehicles, energy storage systems, and stringent safety requirements across various industries.
Table 1: Key Developments
Year
Development
Source: Knowledge Sourcing Intelligence Analysis
Ensuring Safety and Quality: Exploring Food Contact Paper for Packaging Solutions
Thought ArticlesPackaging materials intended for direct contact with food products are called “food contact paper” to maintain hygienic standards, safety, and legal compliance. Food-grade materials that are non-toxic, odorless, and devoid of dangerous compounds or impurities that could contaminate food are used in the production of these papers. They are frequently used to preserve freshness, stop contamination, and lengthen the shelf life of perishable foods, baked goods, sandwiches, and other food products. Food contact paper is an essential part of the food packaging business that helps to guarantee the safety and quality of food products for consumers since it is subject to strict regulations from food safety authorities.
The food industry’s growing need for safe and environmentally friendly packaging options is fuelling the market for food contact paper, which is expanding steadily. Growing consumer awareness of food safety, consumers’ desire for environmentally friendly packaging materials, and developments in paper technology are important factors driving market expansion. Furthermore, food manufacturers and retailers across the globe are adopting food contact papers due to their ease, affordability, and recyclability, which is influencing the market’s growth trajectory.
Fast food demand is one of the main factors driving the food contact paper market. Fast food and quick-service restaurants are becoming more and more popular among consumers due to their hectic lifestyles and on-the-go dining habits. The necessity for packaging materials, such as food contact paper, that can efficiently retain and preserve fast food items, guaranteeing freshness and safety during storage and transit, has expanded due to this development. Furthermore, the growth of food delivery services increases the need for dependable and long-lasting packaging, which is why food contact paper is essential to satisfying the packaging requirements of the fast-food sector.
Another major factor driving the market for food contact paper is the rising need for environmentally friendly packaging. Packaging materials that are recyclable, biodegradable, and have little environmental impact are preferred by customers who are becoming more and more environmentally concerned. Food contact paper satisfies these requirements and is in line with the worldwide emphasis on sustainability because it is eco-friendly and renewable. The use of environment-friendly packaging materials is also encouraged by regulatory organizations, which promote the use of food contact paper in the food and beverage sector. The market is expanding as a result of the growing demand for eco-friendly food contact paper brought on by consumers’ and businesses’ increased emphasis on environmental responsibility.
The market for food contact paper is mostly driven by technological improvements. Novelties in the production of paper have resulted in food contact materials possessing improved moisture resistance, barrier qualities, and durability. High-quality branding and images on food packaging are made possible by advanced printing techniques, which draw consumers’ attention. The development of antimicrobial coatings for food contact sheets, which extend their shelf life and guarantee food safety, is another way that nanotechnology has helped. Additionally, traceability and transparency are provided throughout the supply chain via smart packaging solutions, such as RFID tags and QR codes on food contact paper, which also meet regulatory standards and increase consumer trust.
The market for food contact paper is expanding significantly in the kraft paper category. Due to its eco-friendly qualities, kraft paper—which is renowned for its strength, durability, and natural appearance—is becoming more and more popular in food packaging. Being biodegradable, recyclable, and composed of renewable materials, it satisfies the rising need for environment-friendly packaging options. Because it can be used for so many different food applications, including wrapping, pouches, bags, and containers, the kraft paper market benefits from its adaptability.
Furthermore, improvements in barrier coatings and other aspects of the kraft paper manufacturing process make it more suitable for applications involving food, which promotes market expansion and adoption. Additionally, food expenditure is increasing every year. According to the USDA, food and alcohol expenditure in full-service restaurants increased from US $2,71,569.75 in 2020 to $ 4,62,884.99 in 2022. $3,48,981.59 in 2020 to $4,68,450.13 in 2022 in Limited-service restaurants.
Figure 1: Nominal Food and Alcohol Expenditure, With Taxes and Tips for All Purchasers in the US (US$ Million), 2020-2022
Source: USDA
The food contact paper market in North America is expanding significantly due to several important factors. Safe and sustainable packaging materials are in high demand due to strict laws and growing consumer awareness of food safety. The transition to recyclable and environmentally friendly packaging options has sped up market expansion even more. Additionally, new food contact papers with improved barrier qualities and durability have been developed as a result of technological developments in paper manufacturing methods. Food contact paper is a thriving market segment in North America due in part to consumers’ growing desire for convenience foods and online meal delivery services.
In conclusion, growing awareness of food safety, sustainability issues, and regulatory compliance are driving the market for food contact paper. In response to consumer expectations for packaging that is ecologically friendly, manufacturers are concentrating on creating novel solutions, such as food contact sheets that are recyclable and bio-based. Convenience foods, the growing use of online meal delivery services, and the expansion of the food packaging sector as a whole all contribute to the market’s growth. The food contact paper market has a bright and sustainable future because of ongoing developments in materials and technologies and strict laws governing products that come into contact with food.
Key Developments:
Electronic Wet Chemicals: Why a Cleaning Support for Growing Consumer Electronics Industry is Crucial
Thought ArticlesThe global electronic wet chemical market was evaluated at US$2393.468 million for the year 2020, growing at a CAGR of 4.73%, reaching a market size of US$3308.455 million by the year 2027.
Electronic wet chemicals are extensively used in cleaning and etching applications during semiconductor production and processing. These electronic wet chemicals are used to maintain the clean environment required for the manufacturing process of chips. Additionally, the use of electronic wet chemicals has increased in the electronics and semiconductor industries. These chemicals are highly utilized in modern industries like new energy, computers, information network technology, microcomputer, modern communications, and industrial automation among others. Therefore, it is anticipated that the widespread usage of electronic wet chemicals in many industries, along with the increasing demand for consumer electronics, will drive the market for electronic wet chemicals as a whole over the forecast period.
The increasing adoption of consumer electronics and the rising demand for semiconductors is expected to drive the electronic wet chemicals market during the forecast period
Over the years, consumer electronics are being widely used worldwide for a variety of purposes. At the same time, different types of new consumer electronics products are being introduced in the market which is simultaneously expected to further push the demand for semiconductors throughout the course of the projection period. Additionally, the growing household consumption expenditure is a significant factor in driving up consumer electronics demand, which in turn is expected to drive up wafer demand. For instance, as per the US Bureau of Labor Statistics: Consumer Expenditure-2021 which was released in September 2022, the average annual expenditures for all consumer units in 2021 were US$66,928 in the US. These statistics noted a 9.1% increase from the last year. Henceforth, it is expected that with the rising disposable income and increased consumer expenditure the demand for consumer electronics will grow during the forecast period. Consequently, the rising demand for consumer electronics will propel the electronic wet chemical market globally.
Additionally, the global investment in the development of internet infrastructure is likely to increase in tandem with the anticipated commercialization of 5G and the focus on offering high-speed internet services during the forecast period. For instance, in October 2022 Indian Prime Minister launched 5G services in India (Source: Ministry of Communication). Moreover, the 5G infrastructure companies are also taking initiatives for the development of 5G infrastructure. For instance, Viettel and Qualcomm announced a collaboration to commercialize massive MIMO RU and DU for the next-generation 5G mobile infrastructure in May 2022. Such infrastructural development and collaborative measures are expected to further boost demand for consumer electronics which in turn will support the growth of the electronic wet chemical market.
The hydrogen peroxide segment is expected to hold a notable share in the electronic wet chemicals market
Based on type, the market for electronic wet chemicals is broadly categorized into phosphoric acid, hydrogen peroxide, ammonium hydroxide, sulfuric acid, and others. It is anticipated that the hydrogen peroxide segment will hold a notable share of the electronic wet chemicals market during the anticipated period. Hydrogen peroxide is a prominent wet chemical used in the semiconductor industry. The surging demand for hydrogen peroxide from the semiconductor industry has influenced the overall growth of the electronic wet chemicals market. The principal applications of hydrogen peroxide in the semiconductor sector are the SC1 and SC2 standard cleaning chemicals. SC1, a solution of hydrogen peroxide and ammonium hydroxide, cleans silicon wafers of organic debris and particulates. The mixture of hydrogen peroxide and hydrochloric acid, called SC2 aids in the removal of residual trace metals and metal hydroxides. The demand for electronic wet chemicals, specifically pure hydrogen peroxide, is further aided by the ongoing trend of shrinking and the concomitant rise in chip complexity. Furthermore, the fast-paced technological growth and higher demand for semiconductors in the market are additional factors for the lucrative growth of the hydrogen peroxide wet chemicals segment during the forecast period.
According to the analysts, the Asia-Pacific region is expecting significant growth opportunities during the forecast period owing to the substantial growth in the manufacturing facilities in the developing countries in this region
Based on Geography, the electronic wet chemicals market is divided into North America, South America, Europe, and the Asia Pacific. The countries like India, China, Japan, Taiwan, and South Korea among others have noticeably seen positive growth in their manufacturing sector in the past few years. Furthermore, the manufacturing of electronics and electric vehicles has grown substantially in China. The strong growth ambitions of the country have paved the path for the continuous growth of the concerned sector in China. As per the IEA’s Electric Vehicles report, the sale of EVs increased from 5% in 2020 to 16% in 2021 in China. Such exponential growth in the EV market is expected to drive the electronic wet chemical market during the forecast period in Asia Pacific.
Furthermore, the analysts anticipate that the memory industry in the North American region is expected to witness cyclical growth during the forecast period, due to the low growth of domestic manufacturing within the consumer electronics and communication industry. Nevertheless, it is anticipated that the recent effort taken by the government of the United States to revive domestic manufacturing will propel the manufacturing market in the country. For instance, in March 2022 President of the United States of America delivered on Made in America Commitment (Source: The White House- Briefing Room). The same source highlighted recent announcements such as Intel’s announcement of a US$20 billion semiconductor manufacturing fab outside Columbus, and a new investment of US$7 billion by General Motors to create 4,000 EV manufacturing jobs across Michigan among others. These strategic investments and manufacturing facility developments across the US have propelled the country’s manufacturing sector. Consequently, this will propell the growth of the electronic wet chemical market in the North American region.
COVID-19 Insights
The outbreak of COVID-19 had a significant impact on the global electronic wet chemicals market due to the overall shutdown of most important industries. The global economy witnessed a declining trend during the pandemic. Furthermore, the consumer electronics segment was also affected due to the severe shortages owing to the interruptions caused by the pandemic in most significant supply and manufacturing lines temporarily. In particular, the electronic sector was impacted by the lack of semiconductors and wet chemicals during this period. However, with the improving pandemic conditions and relaxation of harsh COVID protocols, the market demand for electronic wet chemicals has risen. Moreover, the electronic industry is booming after the resumption of manufacturing units and is anticipated to drive the electronic wet chemical market during the forecast period.
Electronic Wet Chemical Market Scope:
Essential Baby Toiletries: A Guide to Safe and Effective Infant Care
Thought ArticlesBaby toiletries are various materials that are designed especially for the personal hygiene and skincare of babies. The baby’s items consist of a moderate amount of ingredients used which should be suitable for skin, and infant wipes, body wash, lotion, and shampoo. Increased disposal incomes, enhanced awareness about nature-based products, and parent’s knowledge and information regarding infant hygiene and impact are the primary driving forces driving the baby toiletry market. To alleviate the needs of parents who are worried about safety, product manufacturers are also initiating innovations like hypoallergenic formulas, nature-friendly packaging, and verified skin products.
The market is in the surge due to busy lifestyles, rising expenditures of parents with respective baby products, and consumers rapid shift towards nature-based products. Additionally, innovative ingredients in product development like hypoallergenic formulas, nature-friendly packaging, and verified skin products by specialists are trending aspects these days. The market for baby toiletries is projected to evolve and expand fulfilling the variations of the parent’s demand worldwide, with respective factors like safety, effectiveness, and convenience. The mentioned factors and components are enhancing the upsurge in the baby toiletries market growth.
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The increased prevalence of baby cleanliness and care among parents is driving the baby toiletries market, which has a constant rise in the present scenario. The utilization of good skin care items with well-versed ingredients has gained the attention of parents in the present baby toiletries market and other relevant skin care items for infants. Some examples include diaper cream, and hypoallergenic, natural, and organic or plant-based formulas are the various items that gained the trust of parents due to their safety and healthy nature towards babies. Furthermore, the creators are delivering innovative products that consist of moderated ingredients and eco-friendly packaging to meet the fluctuations demands of parents who are worried about the safety of babies around the globe.
Moreover, Diaper blowouts can be a new parent’s worst nightmare; in fact, they can terrify even the most seasoned parent or caregiver. According to a recent poll, parents in the US experience 13 million diaper blowouts per week. Additionally, 60% of parents worry about possible blowouts, and 35% of parents constantly worry that a blowout could occur at any time. For this reason, Pampers is launching their most significant innovation since 2018—a redesigned line of Pampers Swaddlers that includes the brand-new Blowout Barrier. Further, in October 2023, Pampers partnered with Tia Mowry and CJ McCollum to share blowout stories and prevent them with new Pampers Swaddlers. These swaddles feature Dual Leak-Guard Barriers, LockAway Channels, and Soft Flexi-Sides to absorb wetness, lock it away from skin, and stay in place with baby’s movements.
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One of the main factors propelling the infant toiletry market is the rising demand for travel-sized products. Whether buying baby care goods, parents are becoming pickier about mobility and convenience, especially whether they’re on the road or traveling. Travel-sized versions of diaper cream, body wash, shampoo, wipes, and lotion provide a convenient and portable option for working parents, meeting their demands and guaranteeing that their infants are well taken care of wherever they travel. The market for infant toiletries is expanding and becoming more diverse as a result of the trend for travel-sized products, which helps satisfy the needs of contemporary parenting methods.
The market is growing in the present scenario due to a rising shift towards natural and organic infant toiletries. This results in increased awareness towards components of baby care products, the parents are glancing for innovative formulas that are moderate on soft skin and should be chemical-free. As the parents are knowledgeable about the chemical substances that are used in the products and the impacts after using the products increased influence towards green derived products is driving the market. The factors resulted in vast offerings by the manufacturers to address the various health concerns and make an extension in product lines by offering wipes, lotions, shampoo, and diaper creams. As these product offerings anticipate market growth specifically niche.
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The increasing infant population also drives the infant toiletries market. For instance, in 2022 CDC published an article, that states that there were 3,667,758 newborn babies recorded in America. And in 2021, there were 3,664,292 births recorded. A decline of 1% occurred in 2022 when it went down unlike in 2020 first the rate was not steady but over a period of time, it was able to stabilize to 56.0 births per 1,000 women aged 15 to 44 this year.
Figure 1: Number of Live Births in the United States, 2020 – 2022
Source: Centre of Disease Control and Prevention.
The baby toiletries market now is mainly stimulated by the existence of beautiful pack designs. Manufacturers tend to make their packaging not only attractive, which makes it appealing to parents but also practical and easy to use. Customers choose products with features like resealable lids, eco-friendly materials, travel-friendly packs, and easy-to-use closures. Thus, the developments in packaging build in the consumer better experience, provide product longevity and freshness, and even support sustainability–all these goals that fit the preferences of the environment-conscious parents. This explains the growing demand for products that come in uniquely shaped and very functional packages, which in return is fueling the market growth.
Factors such as better newborn hygiene standards and the availability of a variety of baby toiletries promote the mass appeal of such products in nations of higher industrialization. It is foreseeable that the widespread adoption of it in developed countries would endure further since parents in these nations are increasingly seeking approaches that would be beneficial to their baby’s good health and wellness. Growing customers’ disposable incomes and higher awareness of baby cleanliness are playing a big role in the popularity of baby toiletry products from the developing zones. With manufacturers putting a lot of attention in developing economies, we can expect that a growing number of their people will become more familiar and open to these new and creative products, which will consequently increase the market size.
The development of infant toiletries markets in the Asian-pacific area can be due to several factors. Governments of countries such as China, India, and Japan may be forced to undertake regulations due to the growing rates of birth, improved incomes, and extensive urbanization of their populations that have resulted in more pull for care items. Primarily the demand for luxury and organic baby beauty products is gradually growing among the customers in this region. The sector develops due to the growth of e-commerce platforms which make different baby care products easier to use. The Asia Pacific region gives new opportunities to companies in the infant toiletry market the value chain is represented mainly by safety, quality, and convenience. The other online retailers such as First Cry are bringing products on one platform at a reasonable cost thus growing the market.
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Revolutionizing Pet Care: The Growing Popularity of Pet Monitoring Cameras
Thought ArticlesPet Monitoring Camera Market Size & Growth
The market for pet monitoring cameras has expanded quickly as a result of the growing need among pet owners to remotely watch their animals and the global pet adoption trend. These cameras provide real-time video and audio streaming, so pet owners can use their laptops or cell phones to monitor their pets’ surroundings, behavior, and general well-being from anywhere.
Two-way voice communication, motion detection, night vision, and reward dispensers—which offer interactive experiences for both humans and pets—are among the key features propelling the industry. The camera’s capabilities are further improved by the use of AI and machine learning technologies, which provide automated alerts for possible problems, behavior analysis, and pet activity tracking. Two-way audio communication is one of the most sophisticated features that enables pet owners to converse with and listen to their animals from a distance. For owners and pets alike, this function offers interactive experiences, comfort, and assurance.
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The two-way video functionality products segment is expected to experience rapid growth within the pet monitoring camera market. These products offer a comprehensive solution for pet owners, allowing them to visually interact with their pets in real-time, monitor their activities, and provide essential care remotely. The ability to feed pets at appropriate times, engage them in play, and entertain them contributes to their popularity among consumers.
Moreover, motion detection features improve security and surveillance by allowing cameras to recognize activity and notify owners. Motion detection and alerts notify owners of any unusual activities or potential concerns, enhancing security and safety. With the use of night vision technology, continuous monitoring is possible even at night, ensuring clear visibility in low light. Certain cameras have treat dispensers built in that let owners distribute treats from a distance.
Remote monitoring and connectivity are significant drivers propelling the pet monitoring camera market’s growth. With advancements in technology and the rise of smart home ecosystems, pet owners increasingly seek ways to stay connected with their pets and monitor their well-being from anywhere. These cameras offer real-time video streaming, allowing owners to observe their pets’ activities, behaviors, and surroundings remotely.
Since pet monitoring cameras easily interact with other smart devices and platforms, the market is additionally helped by the growing trend of smart homes and IoT devices. The market for pet monitoring cameras is anticipated to expand overall as more people own dogs and give their well-being, safety, and health priority. Moreover, the integration of pet monitoring cameras with smartphones and other devices enables seamless connectivity and control. Pet owners can access camera feeds, receive notifications, and even dispense treats or engage in play remotely, fostering a deeper bond and fulfilling pets’ physical and emotional needs.
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The market for pet monitoring cameras is expanding as a result of the notable increase in pet ownership seen throughout the world. As more people accept pets as essential members of their families, there is a significant need for creative ways to watch over and take care of them. When their favorite animals aren’t there in person, pet owners look for ways to make sure they’re secure, happy, and healthy.
Pet owners now have an easy and efficient way to watch over and engage with their animals in real-time from a distance, thanks to pet monitoring cameras. These cameras improve the whole pet ownership experience with capabilities like motion detection, night vision, two-way audio communication, live video streaming, and even treat dispensing. The need to manage separation anxiety, maintain a relationship with pets, and keep an eye on pets.
According to the North American Pet Health Insurance Association, the number of pets (cats, dogs) insured in the United States increased by 22.1% in 2022. Since 2018, Insured Pets have grown at an average yearly growth rate of 22.5%. With dogs accounting for 80.1% of insured pets and cats for 19.9%, dogs continue to be the most common type of pet.
Total Increase in Pet Ownership in the United States, 2019-2022
Source: North America Pet Health Association
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The convenience, peace of mind, and enhanced pet care capabilities offered by remote monitoring and connectivity drive the growing adoption of pet monitoring cameras among tech-savvy pet owners worldwide.
The market for pet monitoring cameras is expanding due in large part to the introduction of cutting-edge features and technology that meet the changing demands and tastes of pet owners. Pet monitoring cameras are becoming more and more popular and widely used because of these cutting-edge features that improve their usefulness, practicality, and efficacy.
Moreover, additional features like behavior analysis, automated notifications for possible problems, and tracking pet activities are made possible by the integration of AI and machine learning. As a result of these technological developments, pet owners who are tech-savvy and looking for all-inclusive solutions for pet care and monitoring are adopting pet monitoring cameras since they are becoming more intelligent, responsive, and personalized.
The online distribution channel is poised for rapid growth in the pet monitoring camera market due to several key factors. Firstly, the increasing digitalization and convenience of online shopping have led to a surge in consumers preferring to purchase products online. Additionally, the wide availability of pet monitoring cameras from various brands on e-commerce platforms provides consumers with a diverse range of options to choose from. Moreover, online channels offer competitive pricing, discounts, and convenient delivery options, further driving their popularity among tech-savvy pet owners seeking efficient and accessible ways to purchase pet monitoring cameras.
The Asia-Pacific region is experiencing significant growth in the pet monitoring camera market due to several factors. Rising pet ownership rates, particularly in countries like China, India, and Japan, are driving demand for innovative pet care solutions. The increasing adoption of smart home technologies and the growing awareness of pet health and well-being among consumers also contribute to market expansion. Furthermore, the presence of key market players focusing on product development and strategic partnerships in the region further boosts growth. Overall, the Asia-Pacific region presents substantial opportunities for the pet monitoring camera market with its expanding pet ownership and tech-savvy consumer base.
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In conclusion, several factors, including the rise in pet ownership, technological advancements, the growing need for remote monitoring solutions, and the incorporation of cutting-edge features like two-way video functionality, are driving the market for pet monitoring cameras. These cameras give pet owners easy ways to keep an eye on, engage with, and take care of their animals from a distance, strengthening the link between them and improving their well-being. The market also gains from IoT integration, the expanding trend of smart homes, and the accessibility of online distribution channels. The pet monitoring camera industry seems to have a bright future as it continues to innovate new products and broaden its customer base to meet the demands of pet owners who are digitally aware all over the world.
Pet Monitoring Camera Key Developments:
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Evolution of Hard Disk Drives: From Megabytes to Terabytes
Thought ArticlesHard disk drive or HDD is used in several consumer electronics like laptops, personal computers, and others for data storage purposes. It uses magnetic storage to store and retrieve digital data and is also known as an electro-mechanical data storage device. This storage device has one or more platters coated with magnetic material and is rapidly rotating. The hard disk drive can read and write data on the magnetic platter surface. The data stored in the hard disk drive is accessed randomly, which means individual data blocks can be accessed and stored in any order.
Global Production Trends
The production of HDDs is growing with the rise in demand for consumer electronics and the increase in penetration of electronic devices. These electronic devices are becoming more important in the consumer’s daily life and these devices require storage services to store consumer’s important data. This is achieved by the use of HDDs as secondary storage in these devices.
In recent years, there has been a notable increase in the production of HDDs in emerging economies due to technological advancements in consumer electronics. They have a diverse set of applications in several consumer electronics and can cater to all their needs. With the rise in production of these consumer electronics in developing economies and the rising global population, the demand for HDDs is anticipated to grow significantly.
As HDD magnetic storage device has so many applications in several consumer electronics, the demand for them has seen rapid growth. For instance, various emerging economies are taking initiatives to produce these consumer electronics on their own by boosting their manufacturing hubs. They will have to be less reliable on exports that will directly boost the overall production growth of HDDs around the globe. The Make in India initiative by the Indian government is an example of increasing manufacturing hubs in India.
Hard Disk Drives use case
The HDDS has several use cases that are boosting their production and market around the globe. These use cases include consumer electronics for secondary storage, the growing use of smartphones in the daily life of consumers is increasing global data and the need for data storage, and the introduction of 5G technology with increased speed and low latency has increased the demand for data storage services. The growing amount of data centers around the globe are also contributing to the growing demand for data storage, and this is anticipated to fuel demand for HDDs production.
The growth in data centers is important in fueling the demand for HDDs. These data centers are being widely adopted by several enterprises for storage of enterprise data, data recovery, data management, and backing up that data. For instance, Microsoft announced its plan to establish a new data center in Hyderabad, India, in October 2022. This was one of the world’s largest cloud infrastructures. This data center’s focus is on providing excellent data management services for various government agencies, start-ups, education institutions, corporations, and developers all around the globe.
Furthermore, data centers around the globe in several major countries are being built with the growing need for data storage. These data storage needs will be matched by the growing production of HDDs. For instance, in the year 2021, there were 8000 data centers globally from which the USA had 33% of total global centers, the UK had 5.7%, and Germany had 5.5% of total global centers.
Figure 1: Percentage Share of Major Countries of Total Global Data Centers in the Year 2021
Source: usitc.gov
Market Dynamics and Drivers
Several factors drive the hard disk drive or HDD market, including a rise in the application of HDDs in recent consumer electronics. This, coupled with the rise in demand for storage devices with the growing amount of global data, has contributed significantly to boosting the overall hard disk drive market. Additionally, with the rapid growth in data storage technology and the popularity of data centers, the need for HDDs or hard disk drives is rising proportionally.
HDDs provide storage services using magnetic storage to store and retrieve data at the consumer’s convenience. Using HDDs as secondary storage in consumer electronics benefits overall production growth, with the rise in the popularity of smartphone devices. Therefore, with a rise in demand for these consumer electronics products, the hard disk drive market is anticipated to grow.
The development and innovation in communication technology across the tech industry is one of the growth factors in the HDDs market. The introduction of 5G technology has significantly grown the amount of global data with its fast speed and reduced latency which in turn is driving the demand for more efficient and fast data storage. The global adoption of 5G technology in mobile services is positively impacting the market and therefore, the HDDs market is anticipated to grow in the forecast period.
For instance, in the USA, a large portion of the total population owns a smartphone. The growing population is raising the demand for smartphones, which in turn is anticipated to boost the market for HDDs as storage services. The percentage of adults in the USA who say they own a smartphone has grown from 85% in 2021 to 90% in 2023.
Figure 2: Percentage Growth of Adults in the USA Who Own a Smartphone
Source: pewresearch.org
Market Constraints
Despite the huge advantages and use cases of HDDs, the companies that manufacture them face a lot of challenges, with significant improvements being made in storage services and keeping up with that improving technology. Although data centers around the globe that use HDDs have experienced rapid growth, these data centers require a lot of power consumption and are not energy efficient. Therefore, this advancement in storage technology and high-power consumption is predicted to hinder market growth over the forecast period.
Emerging Opportunities and Innovations
Despite the challenges, the hard disk drive market presents numerous opportunities for innovation and growth. Advances in its applications across various industries are the major reason for that. Also, the demand for network-attached storage HDDs is growing significantly and positively affects the HDD market growth. These network-attached storage services allow several users and clients of an enterprise to store and retrieve data from a centralized data storage location. This makes data management efficient and fast for data retrieval and storage.
Key Developments
In conclusion, the hard disk drive market presents significant opportunities for growth and innovation, driven by the increasing popularity of consumer electronics and applications across various industries like growing data centers and network-attached storage HDDs. While facing challenges such as increasing advancements in storage services technologies and huge power consumption of data centers for storage and management of data, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for hard disk drives.
Virtual Tour Software Market size worth US$2.589 billion by 2029
Press ReleasesThe virtual tour software market is expected to grow at a CAGR of 17.15% with a market valuation of US$0.855 billion in 2022 and is expected to reach a market value of US$2.589 billion by 2029.
The market for virtual tour software is expanding as more VR, AR, and MR devices become available. One of the increasingly popular applications of virtual reality is virtual tour software, which aids in destination-based marketing.
Many industries, including education, automotive, manufacturing, security, real estate, tourism, and hospitality, are implementing this software as a new marketing strategy to boost consumer connection. The marketing strategy is expected to improve client happiness and boost contact sessions by utilizing a virtual platform.
As per the report, the virtual tour software market is expected to grow at a significant pace.
Virtual tour software is becoming increasingly popular in the real estate sector because of its immersive features. Integrating virtual reality allows real estate agents to more effectively to target the right buyers, provide 360 virtual tours, and unearth targeted leads. Furthermore, providing 360-degree virtual tours of a property might result in increased revenue.
For instance, the prominent proptech business Square Yards has declared a 70% increase in FY23 sales, totaling Rs. 670.5 crores, driven by rising demand for residential real estate. The company’s revenue for 2021-2022 was Rs. 395.6 crore. The real estate industry provided a significant portion of the company’s overall income.
There are many product launches and developments that are taking place in the virtual tour software market during the forecast period. For instance, In January 2024, Planitar Inc., the creator of “iGUIDE,” announced “IGUIDE Instant,” a revolutionary AI-powered digital solution that will reinvent 3D virtual tours and interactive floor plans in real estate photography. The new solution leverages iGUIDE’s unique AI technology and the PLANIX camera system to create captivating 3D virtual tours.
The global virtual tour software market, based on different market types is categorized into- 360 virtual tours, 3D virtual tours, and virtual reality tours. 360 Virtual Tours are immersive virtual tours that employ linked 360-degree panoramic photos to highlight buildings, attractions, and destinations in real estate, hospitality, tourism, and education, offering viewers different views.
3D virtual tours provide an immersive experience by rendering spaces in three dimensions with computer-generated graphics, as well as real-time navigation and interactive elements such as hotspots and floor plans, making them popular in real estate, architecture, construction, interior design, and retail for showcasing properties and designs.
Virtual reality (VR) tours are immersive experiences that transfer consumers to virtual settings via headgear or devices. They provide the maximum level of immersion, making users feel physically present in the virtual world. VR tours are utilized in a variety of sectors, including real estate, tourism, gaming, education, training, and entertainment, to create realistic simulations, training simulations, and interactive narrative experiences.
The global virtual tour software market, based on different deployment models is categorized into- cloud and on-premise models. Cloud-based virtual tour software is hosted on remote servers by providers or third-party service providers, and customers can access it via web browsers or specialized apps. This approach provides scalability, flexibility, and accessibility through subscription-based pricing and extra features such as automated updates, built-in collaboration capabilities, and interaction with other cloud services.
On-premise virtual tour software is installed and hosted on the user’s servers, providing complete control over the program and data. This strategy is chosen by organizations with strict security or compliance needs. Users often acquire perpetual licenses, which require upfront payment for software and maintenance expenses.
The global virtual tour software market, based on end-users is categorized into- education, tourism, automotive, real estate, and others. Virtual tour software is used in education to provide immersive learning experiences that enhance traditional teaching techniques in schools, colleges, universities, and training facilities. It covers a variety of topics, including historical places, museums, science labs, art galleries, campuses, and architectural monuments.
Virtual tour software is used in the tourism industry to create virtual tours of popular destinations, attractions, hotels, resorts, and landmarks, allowing travel agencies, tour operators, hospitality businesses, and destination marketing organizations to effectively promote their destinations and accommodations.
Virtual tour software is used in the automobile industry to create virtual showrooms, car displays, and interactive product demos. It allows car manufacturers, dealerships, and retailers to exhibit vehicle models, features, interiors, and technology, thus improving the auto-buying experience and enabling online transactions.
Virtual tour software is widely used in the real estate sector for virtual property tours, house staging, and property marketing. It enables agents, brokers, developers, and listing platforms to exhibit homes, allowing buyers and tenants to evaluate characteristics before booking in-person appointments.
North America accounts for a significant portion of the worldwide virtual tour software market. Growing technical innovation, along with increased growth in key end users and favorable investment to support Augmented Reality (AR) and Virtual Reality (VR), have positively influenced market demand for virtual tour software in major North American economies such as the United States.
According to the World Travel and Tourism Council’s “Travel & Tourism Economic Impact 2023 Global Trends” study, the tourism sector’s contribution to US GDP will reach approximately $2 trillion in 2022, up 16.9% from 2021.
As a part of the report, the major players operating in the virtual tour software market that have been covered are CloudPano, RTV Inc., Concept3D (3D BIM Design), Klapty, Kuula LLC, Matterport Inc., My360 (Plush Global Media), 3DVista, EyeSpy360, and Capterra Inc.
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The analytics report categorizes the virtual tour software market using the following criteria:
Segmentation:
Iron Oxide Pigments Market is projected to grow at a CAGR of 13.55% to reach US$4.184 billion in 2029
Press ReleasesThe market for iron oxide pigments is forecasted to expand at a compound annual growth rate of 13.55%, with an estimated value of US$4.184 billion by 2029, up from US$1.719 billion in 2022.
The market of iron oxide pigments is significantly impacted favourably by the growing product manufacturing industry.
As per the report, the market for iron oxide pigments is expected to grow during the forecast period.
Iron oxide pigments are found in nature or can be created artificially. The oxide pigments are used to add color to cosmetics, paints, coatings, and colored concrete. Pigments are completely safe, do not bleed, can withstand various weather conditions, and are highly resistant to fading. Single-component forms are primarily manufactured utilizing red, yellow, and black hues. The iron oxide pigments possess numerous applications and are presently employed in the fields of construction, coatings, ceramics, paints, ink, rubber, plastics, pavers, brake lining, and more.
Growing utilization of powder coatings in the automotive industry is a major driving force behind the growth of the iron oxide pigments market. For instance, according to Americans Coating Association published article in February 2024, Powder coatings are utilized in the automotive industry due to their exceptional resistance to abrasion and corrosion. Unlike liquid coatings, powder coatings often retain their visual and functional qualities for extended periods. These coatings are designed to meet various color and finish specifications, such as metallic effects, high- and low-gloss colors, and clear finishes, making them suitable for a wide range of applications.
The iron oxide pigments market has been categorized based on type, color, Application, and geography.
As per the type category, the market has been classified into synthetic and natural. Synthetic iron oxide pigments are generally preferred over organic pigments due to their numerous advantages. The artificial pigments offer superior uniformity, purity, and a wider range of vibrant colors. Moreover, they exhibit greater reliability in terms of performance and are less susceptible to impurities that could potentially affect the efficiency.
As per the color category, the market has been classified into red, yellow, black and others.
As per the application category, the market has been classified into constructions, paints and coatings, paper, plastic, others. Iron oxide pigments are highly valued in the construction industry for their ability to add vibrant colors to concrete, bricks, and tiles. These pigments possess exceptional durability and are resistant to the damaging effects of sunlight, making them the perfect choice for applications that require long-lasting results.
Based on geography, the market for iron oxide pigments is expanding significantly in the North America area due to several factors. In countries like United states, Mexico, and Canada there is a growing need for iron oxide pigments in several industries, including mining, pharmaceuticals, automotives, cosmetics. This demand is being driven by these nations. Due to rise in construction activity, focus on aesthetics, expanding applications in plastics.
The iron oxide pigments market is supported by key players such as APPLIED MINERALS INC., LANXESS, Cathay Industries USA, BASF SE, Hunan Sanhuan Pigment Co., Ltd, KRONOS INTERNATIONAL, Inc., Titan Kogyo, Ltd., and more.
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This iron oxide pigments market has been analyzed into the following segments: