Demand for Advanced Packaging Technologies to Fuel the Semiconductor Lead Frame Market

A semiconductor lead frame is a metal framework that houses and connects integrated circuits (ICs), discrete devices, and other semiconductor components. It allows for the passage of electrical signals between the IC and peripheral environments, guaranteeing dependable connectivity and efficient performance in semiconductor device manufacture.

A semiconductor lead frame is a critical component in the assembly and packaging of semiconductor devices. It serves as a support structure for the integrated circuit (IC) chip and provides electrical connections between the chip and the external circuitry.

Semiconductor lead frames are often built of metal alloys like copper or iron-nickel alloys. These materials have excellent electrical conductivity, thermal conductivity, and mechanical strength. The lead frame is a grid-like framework with leads or pins protruding outwards. The leads link the semiconductor device to the external circuit and allow electrical impulses to flow.

The semiconductor lead frame market is expanding due to rising demand for electronic devices and a growing trend towards miniaturization of electronic components. As the size and complexity of electronic devices shrink, there is a high demand for smaller and more precise lead frames.

Wire bonding is a technique for creating electrical connections between a semiconductor chip and lead frames by utilizing thin wires such as aluminum or gold. This improves signal transmission. Following wire bonding, the assembly is molded with a protective encapsulant that protects the chip and wire bonds while also providing insulation and heat dissipation.

After encapsulation, the lead frame assembly goes through singulation, which separates individual semiconductor devices from the main lead frame panel. Semiconductor lead frames are widely used in the production of integrated circuits, microcontrollers, and discrete components.

The growing usage of sophisticated packaging methods, such as wire bonding, is a primary driver of the semiconductor lead frame market. Improving the accuracy of wire bonding technology is expected to increase demand in the semiconductor business.

In November 2023, ams-OSRAM, a global pioneer in intelligent sensors and emitters, added Red, True Green, and Blue to its OSTAR® Projection Compact range of ultra-high-brightness LEDs. The high current density and brightness of these LEDs made them excellent for high-power lighting solutions. The True Green variant was the most visible 520 nm product in its class.

Stamping technology is a quick and inexpensive technique that presses metal sheets or foil against a die to form desired patterns or shapes. It is largely utilized in the production of lead frames for consumer devices like smartphones and tablets.

The semiconductor business in the United States plays a crucial role in the economy by supplying inputs to many industries, creating employment, and generating income. In 2022, the semiconductor sector employed over 2.3 million people.

The sector employs around 345,000 domestic workers in R&D, design, and production. Through its supply chains and employee wage spending, the semiconductor industry supports an additional 5.7 jobs in the US economy.

Figure 1:  Number of Domestic Workers Employed in the Semiconductor Industry, 2023

number of domestic workers

Source: Semiconductor Industry Association

The growing use of alternative packaging technologies, such as fan-out wafer-level packaging (FOWLP) and system-in-package (SiP) solutions, is limiting semiconductor lead frame market growth. These technologies offer several advantages over traditional lead frame-based packaging, including higher levels of integration and improved thermal performance.

Some semiconductor and electronics businesses are migrating away from lead frame-based packaging solutions in favor of these alternatives, which are projected to slow the market over the projection period. Furthermore, the persistent scarcity of semiconductor components influences the semiconductor lead frame market since it affects the total demand for semiconductor devices and the components needed to create them, including lead frames. The scarcity raises prices and makes it more difficult for certain producers to obtain the materials and resources they need to create their products.

In 2022, semiconductor end-use sales in the industrial, consumer, and automotive industries saw fluctuations in market share. Historically, these industries accounted for one-third of total sales, but the recent rise in market share indicates shifts in demand that will drive the chip business for the next decade.

Innovation in the automotive, industrial, and consumer electronics industries ensures that the industry’s growth continues, with revenues potentially reaching $1 trillion in 2030. To accommodate rising chip demand, semiconductor companies have spent billions of dollars in additional investments over the past decade.

Figure 2:  Semiconductor Sales Based on End-Users, in Billion USD, 2022

semiconductor sales based on end-users

Source: Semiconductor Industry Association

The growing demand for electronic devices in industries such as automotive, consumer electronics, telecommunications, and healthcare is driving the demand for semiconductor lead frames. This is due to rapid technological advancements in semiconductor packaging techniques and materials that allow for smaller, lighter, and more efficient devices.

The semiconductor industry’s expansion, fueled by advances in AI, IoT, 5G, and automotive electronics, is driving up demand for semiconductor lead frames. The rising usage of sophisticated packaging technologies such as system-in-package and fan-out wafer-level packaging helps to drive industry development.

In terms of R&D investment as a percentage of revenue, the semiconductor business in the United States comes in second only behind pharmaceuticals and biotechnology. Despite increased worldwide rivalry, American companies invest more in R&D than any other country’s semiconductor sector. This significant reinvestment fuels innovation, maintains worldwide sales industry leadership, and produces employment across the United States. According to SIA statistics, the United States spends 18.7%, whereas Europe spends 15.0%, Taiwan 11.0%, South Korea 9.1%, Japan 8.1%, and China 7.6%.

Figure 3:     R&D Expenditures as a Percentage of Sales, 2022

R&D expenditures as a percentage of sales

Source: Semiconductor Industry Association

The semiconductor industry expansion in various countries in the Asia Pacific region is expected to drive the semiconductor lead frame market. Rising demand for semiconductors is accompanied by an increase in demand for various equipment used to manufacture semiconductors, such as lead frames.

Semiconductor lead frames are essential in the packaging and connectivity of semiconductor devices. They provide dependable electrical connections and protect the sensitive semiconductor chip. The semiconductor application’s unique needs and desired performance characteristics determine the lead frame design and material used.

In conclusion, Semiconductor lead frames are critical in the semiconductor packing process, allowing for the creation of high-performance electronic devices. Copper and its alloys are widely utilized because of their high electrical conductivity and thermal qualities, although iron-nickel alloys and composite materials may also be employed in specific applications.

Table 1:  Key Developments

Year

Development

January 2024

TOPPAN Holdings agreed to buy 75% of KEYFIELDS’ shares and form a subsidiary in February. As a result of the transfer, TOPPAN’s digital transformation (DX) services in logistics will be strengthened, with a range of solutions available to address the rising need for logistics warehouse DX in Japanese and ASEAN markets. TOPPAN Group seeks to build its logistics DX business in Japan and the ASEAN area by developing end-to-end solutions and new business models.

October 2023

Precision Micro increased manufacturing capacity at its Fort Dunlop plant in Birmingham, UK, by adding a second £1.8 million etch room. The room is equipped with three efficient etch machines and a semi-automated print frame, which are intended to reduce human intervention when printing photoresists onto bigger sheet metals up to 1500mm x 600mm. Customers benefit from this investment since it enhances throughput and lowers costs.

Source: Knowledge Sourcing Intelligence Analysis

Driving the Future: SIC Wafers for Next-Generation Electric Vehicles

Silicon carbide semiconductors better known as SiC Wafers have a wide bandgap of silicon carbide which makes it perfectly compatible with high-power applications. SiC wafers are widely used in several industries due to their hardness, stability under heat and high voltage current, and wide bandgap. It was discovered in 1893 as an industrial abrasive for automotive brakes and grinding wheels. Also, the hardness of SiC provides stability under high voltage current and heat, this material is being widely used in several industries.

Global Production Trends

The production of SiC wafers has been steadily increasing over the years. The SiC wafers experience growth in the automotive industry as they need shorter charge times, longer ranges, and better performance. Also, it has benefits in various industries such as its high thermal conductivity, low switching losses, improved power density, increased bandwidth capabilities, and effective and efficient functioning at high temperatures. The production is predicted to rise with increasing applications of SiC wafers.

In recent years, there has been a notable increase in the production of SiC wafers in emerging economies with technological advancements in various fields. For instance, the SmartSiC technology from Soitec allows power electronics equipment to increase the energy economy of electric vehicles and work much better. SiC power semiconductor helps power modules become more energy-efficient and smaller.

As SiC power semiconductor has so many features and benefits, the demand for them has seen rapid growth in various industries such as usage in xEVs, railcars, and industrial machinery.

SiC Wafer Use Case

Renewable energy alternatives are a huge trend in the market these days as people are switching over to more sustainable options for responsible power generation and creating a sustainable future. Solar power is one of the fastest-growing renewable energy resources among users and industries. However, to use this energy resource, the precision and reliability should be very high. Therefore, with a rise in demand for solar energy a lot of research and development is done to harness its power efficiently. SiC devices can provide 98% efficiency with solar power systems and reduce the total cost of ownership and inverter size.

Furthermore, key players in the ecosystem industry provide SiC devices for solar power systems such as ON Semiconductor and WOLFSPEED INC. with a wide range of products such as SiC diodes and SiC MOSFETs. SiC diodes provide higher and superior switching performance reliability to silicon and SiC MOSFETs are designed to be rugged and fast and include system benefits from reduced system cost and size to high efficiency.

Wolfspeed Inc. is one of the global leaders in silicon carbide technology. They make a lot of power systems that contain SiC wafer technology. The company further supplies advanced high-quality silicon carbide materials in large quantities. They are power device manufacturer that can enable silicon carbide applications in a broad range of industries, such as electric vehicles, renewable energy and storage, charging infrastructure, industrial power supplies, variable speed drives, and traction.

Figure 1:  Revenue Growth by Power Products of Wolfspeed Inc., in USD Millions, 2021-23

revenue growth by power products

Source: Wolfspeed Inc. Annual Reports

Market Dynamics and Drivers

Several factors drive the SiC wafers market, including a rise in applications of SiC in renewable energy in recent times coupled with the rise in demand for EVs in the automotive industry has contributed significantly to boosting the overall SiC wafers market. So, with this rapid growth in electric vehicle technology and popularity, the need for SiC wafers is rising proportionally. SiC wafers are used to provide powerful electronic components capable of effective and efficient functioning at high temperatures. Therefore, with a rise in demand for these products in the market, the market is also predicted to grow.

The development and innovation in semiconductor technology across several industries is one of the growth factors in the SiC wafers market. The traditional silicon-based power semiconductors are outdated now and new SiC power semiconductors outperform them and are compatible with current industry standards. They help power modules become smaller and more energy-efficient. Most power semiconductor devices have 6-inch diameter but innovations are being made for 8-inch diameter power semiconductors. So, with these constant innovations and developments in SiC wafer technology, the market is anticipated to grow in the forecast period.

Challenges and Constraints

Despite the huge advantages and use cases of SiC wafers the companies that manufacture them require a lot of materials to build SiC wafers. This includes micropipes which are micro-sized holes found in crystals. Also, while manufacturing these semiconductors workers need to be very precise and highly concentrated because one mistake can ruin a whole set of manufacturing. They are prone to various defects such as stacking faults or dislocation. These factors are predicted to contribute to and affect the market negatively.

The expansion of applications of SiC is wide but with these continuous developments and innovations, the complexity and process to manufacture these SiC wafers are also getting high proportionally. The major challenge these manufacturers face is keeping the cost low while achieving better efficiency with a less complex structure. Also, the different applications of SiC wafers require different design complexity, therefore, hindering the market.

Emerging Opportunities and Innovations

The SiC wafers market presents numerous opportunities for innovation and growth. Also, the presence of major key players offering silicon carbide devices such as Toshiba Corporation from Japan, TanKeBlue Co. Ltd. From China, and Renesas Electronics Corporation from Japan which are making significant innovations in SiC wafers technology are anticipated to increase its demand in the market globally. Furthermore, the growing innovations in the automotive industry and the electric vehicle’s popularity among people create various new opportunities for innovation in SiC wafer technology.

Key Developments

  • In February 2024, Onsemi announced the availability of its 1200V SPM31 Intelligent Power Modules. It provides a smaller footprint, higher efficiency, and higher power density resulting in lower total system cost than other leading solutions on the market. Also, it has the latest generation Field Stop 7 (FS7) Insulated Gate Bipolar Transistor (IGBT) technology.
  • In January 2024, Onsemi announced nine new EliteSiC Power Integrated Modules which will be used to enable bidirectional charging capabilities as they can charge electric vehicle batteries up to 80% in as little as 15 minutes for fast energy storage systems and electric vehicle chargers.
  • In January 2024, Wolfspeed Inc. one of the global leaders in silicon carbide technology announced the expansion of an existing long-term silicon carbide wafer supply agreement with a leading global semiconductor company.
  • In July 2023, Axcelis Technologies Inc. announced a shipment of a Purion H200™ SiC ion implant system to Wolfspeed. This was used to support the production of power devices for electric vehicle (EV) applications.

In conclusion, the SiC wafers market presents significant opportunities for growth and innovation, driven by the increasing popularity of EVs and applications across various industries like harnessing renewable energy technologies. While facing challenges such as high complexity structures across various industry verticals and huge investments for research and development, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for SiC wafers.

Increasing Health Consciousness to Cause a Spur in the Frozen Fruit Market

The frozen fruit market is expected to grow at a compound annual growth rate (CAGR) of 6.81%, from US$4.517 billion in 2022 to US$7.163 billion in 2029.

The rising demand for exotic fruits coupled with an all-time availability of non-seasonal fruits, especially due to the technological advancements in the refrigeration market has led to a rise in demand for frozen fruits, thus augmenting market growth. With the robust growth in food processing companies, rapid urbanization, and growing usage of frozen foods in a variety of products when it comes to food and beverage, as well as the growing awareness regarding health benefits are also a few factors which contribute to the growth of the frozen fruit market. Adding to that, constant innovations in the food packaging industry, inclination in disposable income across the globe and especially in the emerging economies, and the expansion of offline as well as online retail spaces are some more factors that are expected to be contributing towards the growth of the market. Further, since the consumption of frozen fruit is better and healthier than canned and dehydrated fruits, it is considered a more preferable choice over the other two. On top of all this, the essential characteristics are observed to be well retained in frozen fruits along with the nutritional aspects of the actual fruit, which is projected to further increase their demand and augment market growth. However, the trade disruption experienced due to the COVID-19 pandemic is predicted to create a decline in the frozen fruit market trend to a certain extent.

Increase in demand of frozen fruits as a healthy and organic food option to drive market growth

As the trends in then market continue to evolve and develop at a steady pace, the impact of the younger population on the food and beverage business is quite evident and this generation dominates the world population with millennials forming the largest adult cohort globally, constituting 23% of the population according to the World Population Prospects, United Nations, 2019. This acts as a catalyst in the rising demand for healthy food options which makes frozen fruits stand out and thus contributes to the growth of the market. Modern consumerism mostly constitutes of health-conscious and aware customers who are increasingly trying to avoid processed foods and foods containing synthetic substances. Considering this growing demand for natural and organic foods, which keep the health aspect in mind, the market is projected to show significant development throughout the analysed period. Further, with the growing knowledge of consumers regarding the potential benefits of indulging into natural food items, demand for these fruits is predicted to rise and increase market size. Additionally, many commercial, as well as local customers have demand for seasonal fruits that may be not available at all  times. The consumer’s demand for such fruits is fulfilled through these frozen fruit products, especially in the off-season when they are not naturally available. Furthermore, an increased utilization of frozen fruits in bakery products is expected to augment the growth of the frozen fruit market. Manufacturers are constantly on the lookout for newer and advanced technology and innovative solutions to increase the quality as well as the shelf life of bakery items. Thus, in order to increase the profitability, the use of frozen fruits in these products is seeing an incline. Frozen fruits are used in a broad range of modern bakery products including cakes,, tarts, muffins, jellies and so on while frozen berries are used widely in yogurts, fruit snacks, smoothies and many other desserts. Hence, all these factors are expected to contribute to a rise in the demand for frozen fruits which in turn would lead to an inclination in the generation of sales and the growth of the market.

Europe to hold a significant share in the market due to increasing trade and also augment market growth

The prime factor expected to bring about a change in the frozen fruit market is the rising inclination towards consuming food that is not only easy to prepare but also packs nutrition value. Due to tropical fruits not being able to be cultivated throughout Europe, the growing markets of Europe, especially eastern Europe, offer a plethora of opportunities for the growth of this market. For instance, in June 2020, it was announced that a trial was being conducted by Waitrose & Partners for a refillable zone that was reported to be UK’s first borrow-a-box scheme and the also the first frozen ‘pick and mix’ to be made available in supermarkets. This concept reportedly included frozen fruits like blueberries, cherries, strawberries, mango, pineapple and raspberries. Further, in June 2020, it was reported that Agrimola, base company of Casalfiumanese (Bologna) which deals in frozen and semi-processed fruits acquired Vicenza based La Nuova Tradizione being backed by FondoAgroalimentareItaliano in the process to complement the former’s portfolio with the latter’s semi-processed and frozen fruit products which catered to patisseries and ice-cream parlours and sold under the brand, Vergani 1881. Adding to that, since 2018, the consumption that was registered during the preceding five years has been risen by an annual growth rate of 6.0%. Countries like Germany, Belgium, France, and UK are seen as the largest markets for frozen berries. Belgium serves as a base to several huge frozen processing companies but most of the frozen berries imported in there are not sold within the country. They are instead re-exported or further processed which makes it emerge as a trade hub. The largest importer of frozen berries is Germany, which reported a total import value of €371 million as of 2018 and increase in imports by 6.7% in volume annually between 2014 and 2018, to 250,000 tons, according to the Ministerie van Landbouw, NatuurenVoedselkwaliteit. Hence, Europe is predicted hold a substantial market share and is therefore also expected to drive overall growth of the market as well.

Covid-19 Insights

The onset of the coronavirus pandemic very negatively affected the frozen fruit market. Due to the subsequent lockdowns most manufacturing links were disrupted which caused a stir in the supply chain. As most agricultural producers were not able to supply their produce to the frozen fruit manufacturers, the demand in the market suffered as well. With the shutting down of supermarkets and retail stores due to the lockdown, the availability suffered and caused a decline in revenue. However, with the ease pf restrictions and the revival of the functioning of various industries, the demand in the frozen fruit market is also expected to grow.

Frozen Fruit Market Scope:

Report Metric Details
Market Size Value in 2022 US$4.517 billion
Market Size Value in 2029 US$7.163 billion
Growth Rate CAGR of 6.81% from 2022 to 2029
Study Period 2019 to 2029
Historical Data 2019 to 2022
Base Year 2023
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Billion
Segments Covered
  • Product
  • Form
  • Source
  • Distribution Channel
  • Geography
Companies Covered
  • Val-Mex Frozen Foods, LLC
  • Willamette Valley Fruit Company (Oregon Potato Company)
  • Frozen Fruit Co. LLC
  • De Marchi
  • Dawtona Frozen
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope Free report customization with purchase

Lentil Protein a Healthy Option for Health-Conscious People

The Lentil Protein market was valued at US$15.801 million in 2020.

Lentils are a member of the legume family and are regarded as an important protein source. Lentils have a high protein and fibre content but a low-fat content. The growing awareness of protein-rich food products is driving up demand for plant protein and, as a result, the growth rate of various types of protein ingredients. Furthermore, in order to achieve economies of scale, food processing companies are increasingly investing in product innovations that necessitate the use of plant-based protein, such as lentil protein. These strategic initiatives not only allow them to expand their product portfolio, but also allow them to expand their regional presence, thereby augmenting the projected growth of the lentil protein market over the next few years. Moreover, the growing awareness of the benefits of vegan products over animal-based products in developed countries is fueling a surge in demand for this product. Consumers are looking for healthier, lower-cost protein sources that will improve their health. Other plant-based protein ingredient sources, such as soy and wheat, are also acceptable protein sources, but they contain gluten and other potentially harmful compounds that may not be suitable for all consumers. Intolerance of soy and protein sources, as well as the prohibition of animal protein in diets, are among the primary factors expected to influence the growth of this market.

Types of Lentils:

Lentils are of two types organic and inorganic. Organic lentils are legumes famous for their ease of preparation, earthy flavour, and high protein content. It is produced using processes without synthetics such as chemical fertilizers and pesticides. Inorganic lentils, on the other hand, are produced using synthetics. Rising global awareness of organic lentils is one of the factors that is expected to accelerate the growth of the organic food market. Furthermore, rising public concern about the use of hazardous chemicals in agriculture and farming, as well as their negative health effects on consumers, has led to an increase in global demand for organic lentils.

Application of Lentil Protein

Based on application, the lentil protein is divided into animal feed, food and beverage, pharmaceuticals and nutraceutical.  Lentil protein powder is high in nutrients and is thought to have numerous health benefits. This powder can also help build muscles, which can be used in conjunction with resistance training. Having a large muscle mass is a popular trend among modern consumers. The highly popular body-building culture has created a market for various supplements, which invariably boosts market growth prospects. Lentil protein is an excellent source of post-workout nutrition for athletes who may struggle to consume other types of protein. Lentil protein producers are eyeing lucrative opportunities in the sports nutrition market. Lentil protein has made its way into the sports nutrition and supplement market as a result of the growing emphasis on health and fitness.

In the global animal feed industry, quality has become increasingly important. Until recently, the industry paid little attention to feed quality; however, the tide has now turned. The industry has been compelled to invest in higher quality feed due to increased awareness of the importance of livestock health and changing consumer perceptions of the quality of food derived from livestock. As a result, the demand for high-quality, nutrient-dense protein ingredients is increasing. Lentils are regarded as an excellent source of protein for livestock, assisting in their proper development and yield. As a result, demand for lentil protein for livestock consumption is expected to increase.

Increasing Consumer Health Awareness:

Consumers are becoming increasingly concerned about their health. Synthetic colours and additives add exciting tastes and flavours to food products but have a long-term negative impact on the body. As consumers become more aware of these additives and preservatives, they are choosing healthier food products that will assist them in maintaining good health. The majority of consumers consume functional foods, dietary supplements, and other nutritional supplements. As their consumer bases become more proactive, developed regions such as Europe and North America are increasingly moving toward health consciousness. Because health consciousness is a growing consumer trend, the demand for it is increasing globally.

Consumers prioritise the prevention of chronic diseases, which influences their consumption of health-promoting foods. It is regarded as an important source of nutrients such as protein, vitamins, carbohydrates, and so on. It also has disease-fighting properties.

Regional and Geographical Insights:

On a Geographical note, The European region is expected to hold a significant market share during the forecast period, facilitating subsequent lentil protein market growth. The European Commission acknowledged in its communication titled A Farm to Fork Strategy for a Fair, Healthy, and Environmentally Friendly Food System, published in May 2020, that agriculture is responsible for 10.3% of the EU’s GHG emissions, with livestock farming accounting for nearly 70% of those emissions (animal sector). These are non-CO2 GHG emissions (methane and nitrous oxide). Furthermore, animal agriculture consumes 68% of the total agricultural land. To help reduce the environmental and climate impact of animal production, avoid carbon leakage through imports, and support the ongoing transition to more sustainable livestock farming, the Commission will reportedly facilitate the market inclusion and utilisation of sustainable and innovative feed additives. It will reportedly examine EU rules to aid in the reduction of reliance on critical feed materials, such as soy grown on deforested land, by fostering EU-grown plant proteins as well as other alternative feed materials. Furthermore, the commission reportedly proposes to spend EUR 10 billion on research and innovation (R&I) to accelerate the transition from primary production to consumption of sustainable, healthy, and inclusive food systems. One of the key research areas has been reported to include, among other things, increasing the availability and source of alternative proteins based on plants. As a result, such an international initiative will unquestionably create a favourable environment for the growth of the lentil protein market during the forecast period.

Lentil Protein Market Scope:

Report Metric Details
 Market size value in 2020  US$15.801 million
 Growth Rate  CAGR during the forecast period
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments covered  Form, Type, Application, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  AGT Food and Ingredients, Batory Foods, Milhão Alimentos, Cargill, Inc.
 Customization scope  Free report customization with purchase

Travel Management Software Market valuation worth US$6.951 billion by 2029

The travel management software market is expected to grow at a CAGR of 15.57% with a market valuation of US$2.525 billion in 2022 and is expected to reach a market value of US$6.951 billion by 2029.

The growth of the travel management software market has been driven by factors such as the growing demand from enterprises and booming traveling activities are driving the market growth. This enables people and companies to track and document the expenses incurred by workers and business travelers.

As per the report, the travel management software market is expected to grow significantly.

Travel management software allows companies and organizations to create a budget-friendly, flexible vacation or tour design. This software is making travel agencies and many enterprises work easily and more efficiently with customer data. Organizations around the globe are switching over to software-based services to provide the best experience to the customer and smooth daily operations of the organization. Therefore, many industries are using this software to immediately track actions and costs by documenting travel’s minute details in the travel management software.

The market growth is driven by the widespread adoption of travel management software by enterprises and multi-strategized and complicated organizational frameworks. The growing use of mobile phones has brought the need for travel and cost management software to the market. Every business wants to cut costs, and travel management software helps users organize their work trips more comfortably and affordably so the market for travel management software is predicted to grow with an increase in business travel expenses.

The travel management software market encompasses various deployment options, including Cloud, and On-Premises. This travel management software works with employee and customer data. Therefore, some enterprises prefer cloud technology to store these data and deploy the software there.

The travel management software market caters to various business needs based on enterprise size, including small, medium, and large. Different organization or businesses has different needs for travel management software based on the size of the enterprise. If a large enterprise is using travel management software it will need software that can handle huge amounts of big enterprise data. Whereas in small enterprises it will need to handle less data hence they will need software accordingly. So, catering to different enterprise’s needs according to their size is predicted to positively impact the market during the forecast period.

The travel management software market encompasses various industry verticals, including Tourism and Hospitality, Healthcare, BFSI, Transport, and Manufacturing. Each industry vertical has its use case for managing its employees or customer travel data expenses which they manage using travel management software. For instance, Tourism and Hospitality use this software to manage all their customer data such as travel dates, accommodations, transport details, and personal details. This data makes the tourism business work easier and more efficient to handle customer data.

The travel management software market is poised for growth in the North American region due to rising demand for travel management solutions across businesses and the development of mobile booking technologies and travel apps. The region’s widespread adoption of travel management software solutions in the area coupled with significant firms are contributing to its growth. Also, the market for travel and expense management software, adoption of machine learning and predictive analytics, presence of small and medium-sized businesses, rising demand for online booking formats, and adoption of numerous futuristic travel management platforms are going to contribute to the region’s travel management software market growth.

Nexonia, Ariett, Basware, Paychex, Expense 8, Chrome River Technologies (Certify Inc), Oracle Corporation, SKYJUNXION, and Coupa Software Inc.—these are some of the key players in the travel management software industry. Each company brings its expertise and products to the market, catering to the diverse needs of organizations and enterprises. From providing innovative solutions for travel management, these companies play a vital role in improving travel management software.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/travel-management-software-market

This analytics report segments the travel management software market on the following basis:

AI Chipsets: Powering Smarter Devices, From Edge to Cloud

An AI chip is a special integrated circuit that is specifically designed to perform AI tasks. It is specialized computing hardware used in the development and deployment of artificial intelligence systems. The field programmable gate arrays (FPGAs), graphics processing units (GPUs), and application-specific integrated circuits (ASICs) are all examples of AI chips.

Global Production Trends

The production of AI chipsets has been steadily increasing over the years and the industry has been booming in recent times, driven by factors such as rapid growth in its various applications across various industries. In the automotive industry, they drive tasks such as identifying objects, merging sensor data, and making decisions, thus bolstering safety and enabling self-driving capabilities. Also, in the healthcare industry, AI chips play a major role in analyzing medical images and facilitating diagnoses from X-rays, MRIs, and CT scans.

Moreover, the rise of automation in technology is also a factor contributing to AI chipset production growth. The use of automation to automate tasks using robotics is becoming very common, and many firms are adopting AI and robots to automate their tasks in the organization rather than using any other advanced technology. For instance, as per the United States Census Bureau, around 30% of all workers are potentially exposed to advanced technologies used for automation purposes.

Figure 1:  AI and Robotics Adoption, in Percentage, 2023

AI and Robotics Adoption

Source: Census.gov

In recent years, there has been a notable increase in the production of AI chipsets in emerging economies with technological advancements in the AI field. They have a diverse set of end-users and can cater to all their needs. For instance, companies creating AI-centric products and services, smartphones featuring AI-powered technologies, and enterprises use these AI chips within data centers to tackle tasks such as refining business operations through predictive analysis and training expensive machine learning models.

IBM launched the AI Hardware Center to improve the technology of AI and reach its true potential so that they can improve AI hardware efficiency continuously each year. By 2029, the goal is to train and run AI models much faster than the company could in 2020.

AI chipsets production

Nvidia has been in the market for a long time. They have been producing GPUs (Graphics Processing Units) for the gaming sector like PlayStation, and Xbox since the 1990s. The company also makes AI chips such as Volta, Xavier, and Tesla. Additionally, owing to the generative AI boom in the tech industry, NVIDIA reached a trillion in valuation and reached the status of leader of GPU and AI in hardware markets. Also, companies like AMD (Advanced Micro Devices), and Intel are a major part of AI chipset production.

Furthermore, NVIDIA is raising the production of AI chips to meet surging demand in the market. Nvidia has come to dominate the market for Artificial Intelligence (AI) chips used in various things like robotics, electric vehicles like Tesla, and others. Additionally, the computer chip designer Nvidia shares have soared, taking the company’s valuation above the one trillion dollar mark. This also means that it joins tech giants Apple, Amazon, Alphabet, and Microsoft in the elite club of $1tn US companies.

Figure 2:  Revenue Growth of Nvidia, in USD Millions, 2021-23

Revenue Growth Of Nvidia

Source: NVIDIA Annual Reports

Market Dynamics and Drivers

Several factors drive the AI chipsets market, including a rise in generative AI in recent times coupled with the launch of ChatGPT has contributed to boosting the overall AI market. So, with this rapid growth in AI technology and popularity, the need for AI chipsets is rising proportionally. AI chipsets are used in a wide range of products such as electric vehicles with self-drive features, and smartphones which allow the processing to be done more efficiently, reducing power consumption and increasing battery life. Therefore, with a rise in demand for these products in the market, the AI chipset market is also predicted to grow.

The importance and rise in big data across several industries is one of the growth factors in the AI chipsets market. The growing need to handle this big data by using deep learning techniques and neural networks contributes to the market’s growth. An AI chip is an important part of processing AI algorithms. The more fast the chip will be the more amount of data it will be able to process quickly. These chips are mostly deployed at high-end servers or data centers because end computers are not able to process such huge loads of data and they don’t have enough time frame & power to process that data.

Challenges and Constraints

Despite the huge advantages and use cases of AI chipsets the companies that manufacture them require a lot of investments, a skilled workforce, and experts to manage, develop, and implement these AI technologies. The cost to do all these can be a hindrance to market growth. Also, the workforce should know AI technologies such as machine learning, neural networks, and deep learning and should be able to manage them after developing them.

The expansion of AI technology worldwide will require to integrate AI technology to be integrated into already existing technologies. The process of integrating AI into already existing technology will require special research and development to implement this practically. There can be no mistakes during this process as even one mistake and the whole operation of research and development will fail and the cost to do that is also very high which affects the market negatively. Furthermore, the lack of significant investments and skills required to work in developing and managing AI technologies will hinder the growth of the AI chipsets market in the forecasted period.

Emerging Opportunities and Innovations

The AI chipsets market presents numerous opportunities for innovation and growth. Advances in AI chipsets technology have led many major smartphone manufacturers to adopt AI chipsets in their devices like Samsung, Apple, and other smartphone manufacturers. These AI chipsets provide AI hardware with increased data privacy and security, sensitive data can remain on the device and doesn’t need to be sent over the internet for processing in the cloud. They will allow for processing to be done more efficiently, reducing power consumption, increasing battery life, and lowering response time.

For instance, Nvidia is integrating AI into GPUs (graphics processing units) that can utilize the Hopper architecture to accelerate AI applications. Nvidia is working with global system manufacturers and cloud service providers to make them available. The new GPU has 1.4x more memory bandwidth and 1.8x more memory capacity, improving its ability to handle intensive generative AI work.

Key Developments

  • In February 2024, Intel announced the official launch of Altera. This is a new standalone FPGA company. They aim to secure leadership across a $55 billion-plus market opportunity and expand the company’s portfolio. Their solutions range from low-power embedded applications to networking and communications infrastructure.
  • In February 2024, Intel announced that they would extend the benefits of the AI PC to commercial customers with the new Intel vPro platform. The new processor will deliver enhanced power efficiency, leadership performance, and available built-in Intel Arc GPUs.
  • In February 2024, Qualcomm revealed an advanced 5G Modem-RF System that harnesses integrated AI to enable the next generation of 5G. It is the most advanced modem-to-antenna platform which has artificial intelligence with unparalleled power efficiency, spectrum flexibility, and performance. It enables readiness for 5G advancement across various product segments.
  • In February 2024, Qualcomm announced the FastConnect 7900 product range which is the first AI-optimized Wi-Fi 7 System. It redefines user-connected Experience and enhances it. It will set a new bar for high performance, low latency, and low-power connectivity. FastConnect 7900 is the first to integrate Ultra Wideband, Bluetooth, and Wi-Fi technologies on a single chip.

In conclusion, the AI chipsets market presents significant opportunities for growth and innovation, driven by the increasing popularity of AI technologies like self-driving cars, ChatGPT, and 5G and smartphone technology. While facing challenges such as a lack of knowledgeable workforce and huge investments for research and development, the industry is poised to capitalize on technological advancements and innovations to meet the needs of a growing global demand for AI chipsets.

Demand for Communications and Electronics to Fuel the Semiconductor Dry Etch Systems Market

Semiconductor dry etch systems are equipment used in the production of semiconductors, microprocessors, and other microelectronics. The technique is selectively removing or etching specific layers of material from a wafer, leaving behind the patterns and structures required for the device’s operation.

Dry etching systems use a variety of processes to remove material from the wafer surface, including plasma etching, reactive ion etching, and deep reactive ion etching. Dry etching is an important stage in semiconductor production because it enables accurate patterning and the development of detailed patterns on the wafer’s surface. These characteristics may include channels and trenches, which are key components of contemporary semiconductor devices. The capacity to create exact and consistent patterns is required to improve device performance, minimize size, and expand functionality.

The semiconductor dry etch systems market is being pushed by rising demand for improved semiconductor devices and high-resolution patterning capabilities. The drive for better processing speeds, smaller form factors, and more functionality is driving the development of more accurate patterning and etching capabilities. As a result, dry etching has become an important stage in the semiconductor production process.

In the 1980s, the US semiconductor industry lost more than half of its global market share. This was due to fierce competition from Japanese manufacturers, illegal “dumping,” and a severe industrial slump in 1985–86. The sector lost 19 worldwide market share points, surrendering leadership to Japan’s semiconductor industry.

However, the company rebounded throughout the next decade, regaining its leading position and peaking at 50% global market share by 1997. US semiconductor companies maintain a competitive edge in microprocessors, R&D, design, and process technology, with a current market share of 48%, Korea 19%, Japan 9%, the EU 9%, Taiwan 8%, and other nations’ industries accounting for 7–20% of global market share.

Figure 1:  Semiconductor Industry Countries Market Share

semiconductor industry countries market share

Source: World Semiconductor Trade Statistics (WSTS), Omdia, and SIA Estimates

The demand for modern semiconductor and electronic equipment, such as microprocessors, memory chips, and sensors, as well as mobile devices, tablets, and laptops, is fast expanding due to the widespread use of digital technology in numerous industries. Higher processing speeds, smaller form factors, and greater functionality are increasing demand for more accurate patterning and etching capabilities.

Furthermore, technical improvements in semiconductor production, such as the development of novel materials, methods, and devices, are increasing demand for more sophisticated dry etch systems. For example, the developments of novel materials like silicon carbide and gallium nitride for high-power and high-frequency devices needs more accurate and uniform etching skills. Furthermore, the growing need for three-dimensional (3D) architecture in semiconductor devices drives the need for deep reactive ion etching (DRIE) equipment.

Consumer-purchased items, including laptops and cellphones, fuel most of the semiconductor demand. Consumer demand is growing in emerging markets such as Asia, Latin America, Eastern Europe, and Africa. Global semiconductor sales are generated by goods that are eventually purchased by customers.

Semiconductors are critical components in a wide range of consumer electronics and products, including smartphones, tablets, laptop computers, TVs, gaming consoles, digital cameras, smart home appliances, wearables, and automotive electronics, among others. These semiconductor chips, also known as integrated circuits (ICs), perform a variety of activities in electronic devices, including processing, memory storage, communication, display control, sensor input, and power management.

According to data from World Semiconductor Trade Statistics Communication sectors have the largest market share of 30% followed by PC/Computer devices that holds the et share of 26% followed by industrial, automotive, consumer sector holding market share of 14% each and government holding 2%.

Figure 2:  Global Semiconductor Sales Share by End User

semiconductor sales share by end user

Source: World Semiconductor Trade Statistics (WSTS)

Semiconductor technology is continually evolving to meet the needs of many sectors through enhanced products and processes. Memory, logic, analog, and mpu have been the leading segments of the global semiconductor business in recent years. In 2022, these items represented 78% of semiconductor industry sales.

Figure 3:  Worldwide Semiconductor Sales by Product Segment 2022

worldwide semiconductor sales by product segment

Source: World Semiconductor Trade Statistics (WSTS)

In conclusion, semiconductor dry etch systems are critical equipment in the semiconductor manufacturing industry for accurate material removal and patterning. They employ plasma, a state of matter made up of ionized gases, to remove material layers from wafers. Compared to wet etching procedures that employ liquid chemicals, this process provides more control, accuracy, and selectivity, making it excellent for generating delicate patterns and features on semiconductor devices.

Key Developments

  • February 2024: Toppan Photomask and IBM had entered a research and development collaboration for 2-nanometer logic semiconductor nodes utilizing extreme UV lithography. Beginning in the first quarter of 2024, the cooperation would focus on establishing photomask capacity at the albanyNanoTech Complex and Toppan Photomask’s Asaka Planted, to provide commercial solutions for mass production of 2nm nodes and beyond semiconductors.
  • December 2023: Tokyo Electron had announced Ulucus™ G, a wafer-thinning solution for 300-mm wafer production. The technology intended to improve silicon wafer flatness for improved patterning in semiconductor manufacturing while also reducing the amount of personnel necessary for mass production. It included a ground unit, a scrubbed cleaned unit, and a spin wet etch unit enabling in-system feedback and feedforward of process data. The technology had been completely tested in coating and development applications and projected to minimize mass production labor.
  • May 2023: CVD Equipment Corporation had sold Tantaline CVD apS, a Danish subsidiary, with an earn-out provision based on expected net profits for the five years ended December 31, 2027. The firm anticipates a loss of around $250,000 in the quarter ended June 30, 2023. Tantaline’s revenues and net income for the fiscal year ending December 31, 2022, and the three months ending March 31, 2023, were $1.7 million and $0.4 million, respectively.
  • July 2022: Hitachi High-Tech Corporation (“Hitachi High-Tech”) announced the development of a service to remotely assess the deterioration condition of on-board automobile lithium-ion batteries. The achievement of battery stability and efficiency was increasingly critical for the deployment of electric vehicles (“EVs”). Hitachi High-Tech would begin to offer this service to worldwide clients via various networks to helped built a circular society by resolving customer difficulties.

Commercial Aviation Aircraft Tires Soaring High

The global commercial aviation aircraft tires market was valued at US$1.232 billion in the year 2020, while growing at a CAGR of 3.14%, and is estimated to reach a market size of US$1.531 billion by 2027. 

An aircraft tire is a unique kind of tire, which is specially designed for different types of aircraft that range from military jets to private jets, commercial jets, and cargo planes, among many others. These tires are made out of rubber and are designed in a way that offers good stability in crosswind conditions and also offers a way to channel away from the water, which is primarily done to prevent hydroplaning and also to make the braking effect more efficient.

The primary factor which drives the growth of the commercial aviation aircraft tires market is the globally growing aviation industry, despite a slip up by the pandemic, and the inclining number of investments by numerous major airline companies for the procurement of new generation aircraft. Air travel is growing across the globe, which can be attributed to factors like the rise of the tourism sector, inclining disposable income, a rise in business travel, as well as medical tourism, among others. The market is also expected to show substantial growth due to the presence of even more stringent regulations when it comes to the maintenance and operations of commercial aircraft tires by numerous government organizations across various countries in the world. However, the outbreak of the COVID-19 pandemic caused a major slowdown in market growth to an extent, especially during the initial phases of the pandemic that resulted in nationwide lockdowns in many countries.

Single-aisle aircraft to witness substantial growth

On the basis of aircraft type, the commercial aviation aircraft tires market is segmented into Single-aisle and wide-body. During the forecast period, the single-aisle segment is expected to show robust growth. The neck-to-neck competition between major single-aisle commercial aircraft market players has propelled the market for single-aisle aircraft to a great degree. For instance, Bahamas Trade Info reported in July 2022 that Airbus had climbed past Boeing in single-aisle market share. Such tough competition among the market players is the prime reason for the growth of this market segment. Further, due to the benefits such as low operational cost, ease of maintenance, and economical purchase. The demand for small-size aircraft has witnessed a surge in the past years which has been supporting the demand for commercial aviation aircraft tires in this segment. However, it is anticipated that wide-body aircraft are expected to hold a considerable market share. Owing to the growing air passenger traffic the companies are expanding their fleet capacity with large-size aircraft, because of which, this segment is expected to show substantial growth during the forecast period. For instance, in September 2022, Air India announced the signing of a lease agreement with Boeing to progressively induct five wide-body aircraft from December 2022 to boost its domestic and international operations over the next 15 months. Such developments are expected to create opportunities in the commercial aircraft tires market during the forecast period.

Participation by key players to augment market size

There is a significant number of companies that are working in the commercial aviation aircraft tires market and some of them have solidified their position in this industry as the leading providers. These players are involved in a broad range of product launches, investments, and R&D, which form a part of their growth strategies, in order to strengthen their positions even further and aid their con summers with better products and services worldwide. This factor is expected to augment the growth of the market in the analyzed period. For instance, in June 2019, a major market player, Goodyear Tire & Rubber Company, announced a partnership with Airbus in order to supply its Flight Radial tires as the main and nose landing gear for the new Airbus aircraft, A321XLR. 

The stir caused by COVID-19

The outbreak of the coronavirus pandemic is one of the major factors that has caused a restraint to the growth of the market, due to the slowdown of activities by the commercial aviation sector on a global level. The COVID-19 scenario resulted in a reduction in the volume of production of commercial aircraft, owing to which, the demand for aviation tires market was very negatively affected. Furthermore, there was also a halt in the overall commercial flights across the globe which also led to a decrease in the demand in the market. The IRBD (International Bank for Reconstruction and Development) reported that the spread of the virus affected the aviation industry as it recorded very less air passengers in 2020 as compared to 4,3 million in 2019. Major aircraft manufacturers in the industry, like Boeing and Airbus, were reported to have reduced their production forecasts by approximately 50%. The airline industry reported a drop in their revenue by about 40% to a figure of $328 billion in 2020 due to the declining demand for air travel and a wide-scale cancellation of flights. Thus owing to the pandemic, there has been a drastic decline in the active fleet by airlines, further adding to the negative impact on the commercial aviation aircraft tires market. 

Commercial Aviation Aircraft Tires Market Scope:

Report Metric Details
 Market size value in 2020  US$1.232 billion
 Market size value in 2027  US$1.531 billion
 Growth Rate  CAGR of 3.14% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Type, Aircraft Type, Position, End-User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Bridgestone Corporation, MICHELIN, Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Limited, Specialty Tires of America Inc., Wilkerson company, Inc., Sentury Tire, Desser Holdings LLC
 Customization scope  Free report customization with purchase

Genetically Modified Seeds Market size worth US$63.555 billion by 2029

The genetically modified seeds market is expected to grow at a CAGR of 8.68% with a market valuation of US$35.492 billion in 2022 and is expected to reach a market value of US$63.555 billion by 2029.

The rise in nutrition concerns, rapid urbanization, and favorable initiatives are key drivers propelling the growth of the genetically modified seeds market.

As per the report, the genetically modified seeds market is expected to grow significantly.

Using cutting-edge technology, genetic modification (GM) modifies an organism’s genetic composition and alters its genetic characteristics in the lab to introduce new traits. The process of genetic modification involves several techniques, including gene splicing, gene silencing, and the application of viral carriers. The production of genetically modified crops and seeds is one of the most popular uses of genetic modification in agricultural practices. Increased yields in the same or less area, decreased crop damage from weeds, diseases, and insects, and the possibility of better nutritional value or other health benefits are some of the benefits of genetically modified seeds over normal seeds. These seeds are modified to address issues like food security and climate change by adding features like pest resistance, herbicide tolerance, or higher nutritional value. The most often modified crops are canola, soybeans, maize, and cotton. Adoption varies by location and crop type. Genetically modified seeds are controversial despite their potential advantages due to worries about the effects they may have on the environment, health risks, and socioeconomic ramifications. Topics like pesticide use, biodiversity loss, and corporate influence over agricultural systems are still being debated. However, as research is driven by changing agricultural requirements and technological breakthroughs, the market for genetically modified seeds is growing. Corteva unveiled a gene-editing technique in March 2023 to safeguard the superior maize hybrids. In particular, for maize growers in North America, the new technology represents the next phase of plant breeding and aims to induce disease-resistant characteristics in the maize genome.

The genetically modified seeds market can be categorized into various crop types: corn, soybean, cotton, canola, and others. With several variables driving demand and adoption, maize and soybeans are likely to continue rising in the genetically modified (GM) seed industry. First of all, among the most extensively grown crops worldwide for use in food, feed, and industrial uses are maize and soybeans. Therefore, farmers have a strong incentive to embrace genetically modified (GM) cultivars that offer features like herbicide tolerance, pest resistance, and increased yields. Second, weed competition, yield unpredictability, and insect pressure are some of the agricultural issues that maize and soybean farmers confront, which makes them excellent candidates for genetically modified agriculture (GM) technology. Features like as glyphosate tolerance in soybeans and Bt insect resistance in maize have gained widespread acceptance because of their proven ability to effectively handle these issues. The adoption of GM maize and soybean varieties is also fuelled by the ongoing rise in the world’s need for food and feed, as well as the need to boost agricultural production to feed an expanding population. Since these crops are essential to the food chain, efforts to modify their genetic makeup should be prioritized for agricultural innovation and sustainability. All things considered, the demand from the market, the difficulties faced by farmers, and the adaptability of GM technology position maize and soybeans for sustained expansion in the GM seed business.

The genetically modified seeds market can be segmented based on resistance, namely herbicide-tolerant and insect-resistant. Within the larger genetically modified seed sector, the market for herbicide-tolerant and insect-resistant GM seeds is a sizable subset. These seeds provide farmers with efficient ways to control weed and insect pressures because they are designed to tolerate the application of particular herbicides or to release proteins poisonous to specific insect pests. Genetically modified seeds that are resistant to herbicides, such as glyphosate, allowing farmers to manage weeds more effectively, increasing agricultural yields and lowering labor expenses. Corn, soybeans, and cotton are examples of glyphosate-resistant crops that have gained considerable traction in areas where weed pressure poses a serious problem. Gene-engineered insect-resistant genetically modified seeds (GM seeds) that generate proteins harmful to particular insect pests (Bacillus thuringiensis, or Bt) reduce the need for chemical insecticides. Beneficial insects and the environment are both preserved while targeted pests are effectively controlled by Bt crops, such as Bt corn, cotton, and soybeans. The market for genetically modified (GM) seeds that are resistant to pesticides and insects is expanding due to several factors, such as the need for sustainable farming methods, improved pest management techniques, and higher agricultural production. Despite debates surrounding genetically modified crops, the use of these features is spreading throughout the world due to their proven advantages in resolving important agricultural issues.

The market for genetically modified (GM) seeds is expanding significantly in the Asia-Pacific area for several reasons. The demand for food and agricultural goods is rising due to factors such as urbanization, rapid population expansion, and shifting dietary preferences. Farmers in the area are using genetically modified (GM) seeds, which provide features like pest resistance, herbicide tolerance, and increased yields, to meet this need sustainably modified crops, like Bt cotton, have gained widespread acceptance in nations like China and India, where agriculture plays a significant role in the economy. This has resulted in appreciable gains in farmer productivity and revenue. Furthermore, the use of insect-resistant genetically modified seeds has lessened crop losses and decreased the need for chemical pesticides due to the presence of diseases and pests in many Asian agricultural landscapes. The use of GM technology is also being fuelled by government programs and policies that aim to increase food security and agricultural production. For example, the Chinese government has approved the commercial cultivation of various genetically modified crops and has actively sponsored biotechnology research and development. Nonetheless, there are several obstacles to the Asia-Pacific region’s GM seed industry expansion. The acceptance of GM crops may be impacted by national differences in regulatory frameworks, food safety, and environmental impact concerns. The way the public views and accepts genetically modified products also continues to play a significant role in determining the direction of the market. Despite these obstacles, the Asia-Pacific area offers a lot of potential for the GM seed industry to grow, driven by the need to meet global food demands and sustainably boost agricultural production.

The genetically modified seeds market is supported by key players such as BASF SE, Bayer AG, KWS SAAT SE & Co. KGaA, Syngenta, Corteva, and Limagrain.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/genetically-modified-seeds-market

This analytics report segments the genetically modified seeds market on the following basis:

  • By Crop Type
    • Corn
    • Soybean
    • Cotton
    • Canola
    • Others
  • By Resistance
    • Herbicide-tolerant
    • Insect-resistant
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East And Africa
      • Saudi Arabia
      • Israel
      • Other
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others
  • Poppy Seeds Market Report
  • Global Pumpkin Seeds Market Share
  • Hybrid Seeds Market Growth

Exploring the Top Energy Industry Trends

The energy sector encompasses the production, distribution, and utilization of a wide range of energy sources, including nuclear power, renewable energy, and fossil fuels. It is necessary for sparking economies and maintaining global infrastructure. Oil and gas, power generation, renewable energy, and energy storage are important segments of the energy economy. Geopolitical unrest, environmental concerns, and the shift to renewable energy sources are some of the obstacles the business must overcome. Technological developments like smart grid systems and renewable energy technologies are changing the face of industry. In addition, to meet the rising demand for energy worldwide while reducing the effects of climate change, the energy sector is putting more and more emphasis on resilience, sustainability, and efficiency. Join us as we explore the “Top Energy industry trends” in this article that have evolved the industry trends in the energy sector.

Top Energy Industry Trends

  • Renewable Energy
  • Internet of Energy (IoE)
  • Energy Storage
  • Blockchain
  • Energy as a Service (EaaS)

Let’s discuss each one in detail.

1. Renewable Energy

The world’s energy landscape is changing due to renewable energy, characterized by sources like biomass, solar, wind, and hydroelectric power. It provides environmentally friendly substitutes for conventional fossil fuels, lowering greenhouse gas emissions and slowing down global warming. Photovoltaic panels are used in solar energy to capture sunlight, whereas wind turbines are used in wind power to generate electricity. Electricity is produced by hydroelectric dams using water flow, while biomass energy is produced from organic resources such as wood or agricultural waste. Technologies for renewable energy are developing steadily, becoming more efficient and affordable. Globally, governments are promoting the use of renewable energy through investment incentives, subsidies, and legislation, which is causing the industry to expand quickly. Renewable energy, with its availability and advantages for the environment, is well-positioned to satisfy future energy demands and advance a cleaner, more sustainable future.

The 554 MW Babilonia wind power project will be developed through a joint venture between ArcelorMittal and Casa dos Ventos, a Brazilian renewable energy firm, according to an announcement made by the company in April 2023. The project will be situated in northeastern Brazil’s central area of Bahia and will be developed for USD 800 million. Casa dos Ventos will own the remaining 50% of the joint venture, with ArcelorMittal holding the other 55%.

Figure 1:  Installed Capacity for Renewable Energy in India (2023)

installed capacity for renewable energy

Source: Invest India

2. Internet of Energy (IoE)

The Internet of Energy (IoE) is revolutionizing the energy business and promoting the development of a more flexible, efficient, and sustainable energy environment by combining cutting-edge digital technology with traditional energy infrastructure. The IoE enables smooth coordination and communication between energy generation, delivery, and consumption through networked devices, sensors, and smart grids. The IoE leverages real-time data analytics and predictive algorithms to optimize energy management, improve grid reliability, and enable dynamic demand-response mechanisms. Energy and information technologies are coming together to allow consumers to take an active role in the energy market, boost energy efficiency, and reduce carbon emissions. Furthermore, by facilitating the integration of renewable energy sources like solar power, IoE encourages the shift to a cleaner and more resilient energy future.

The official completion of Chevron Corporation’s acquisition of PDC Energy, Inc., took place in August 2023. As part of this deal, Chevron Corporation acquired several assets. These properties are located advantageously next to Chevron’s present activities on 275,000 net acres in the Denver-Julesburg (DJ) Basin. The proved reserves contributed by these recently acquired properties total about one billion oil-equivalent barrels. In addition, production now owns 25,000 net acres in the Permian Basin that are part of the deal.

3. Energy Storage

In the current energy landscape, energy storage is essential because it enhances grid stability, makes it possible to integrate renewable energy sources, and meets fluctuating energy demands. Batteries, pumped hydro storage, thermal energy storage devices, and other technological advancements are all included. These systems store excess energy during periods of low demand and release it during periods of high demand, balancing supply and demand dynamics. The heightened scalability, reduced cost, and better efficiency of energy storage technologies have made them indispensable for both decentralized and centralized energy systems. As the world evolves towards a more sustainable energy future, energy storage devices are critical to deliver backup power in an emergency, incorporate intermittent renewable energy sources like solar and wind, and improve grid resilience.

For example, in February 2022, Albania received 14 PVS-100 inverters, a three-phase string solution, from FIMER and Vega Solar. FIMER’s PVS-100/120-TL is a cloud-connected three-phase string inverter intended for affordable decentralized solar systems installed on rooftops and the ground.

4. Blockchain

The methods for storing, protecting, and exchanging data in digital settings are completely transformed by blockchain technology. Peer-to-peer transactions are made possible by its distributed and decentralized ledger operation, which eliminates the need for middlemen. Since each transaction is documented in a “block” and connected to the others in a chronological “chain,” the data is transparent and unchangeable. Beyond cryptocurrency, supply chain management, identity verification, smart contracts, and decentralized finance (DeFi) are among the uses of blockchain technology. Transparency, security, and traceability are some of its primary advantages that boost efficiency and confidence across a range of businesses. But issues like energy usage, scalability, and regulatory problems still exist. Nevertheless, blockchain is still developing, with new projects and research aimed at resolving these problems and realizing blockchain’s full promise to transform sectors and open up new digital ecosystems.

In January 2023, the widespread adoption of blockchain technology by all spheres of society, from huge multinational corporations to casual DeFi aficionados, is crucial to the industry’s long-term growth and viability. The news that Ava Labs, the primary creator of the Avalanche blockchain technology, has formally partnered with Amazon Web Services (AWS), a cloud computing platform under the management of e-commerce behemoth Amazon.com, has greatly bolstered this aim. AWS is the biggest supplier of cloud infrastructure globally.

The blockchain market has grown significantly in North America because of its growing usage in several areas, including supply chain, healthcare, banking, and government. A hospitable legislative landscape, a strong technological foundation, and widespread interest and investment in blockchain technology are some of the factors driving this rise. Businesses in the area are using blockchain because of its ability to improve digital transactions’ efficiency, security, and transparency. Furthermore, alliances among tech companies, financial institutions, and governmental organizations are quickening the creation and application of blockchain solutions and establishing North America as a primary center for blockchain innovation and application.

5. Energy as a Service (EaaS)

The energy sector is seeing a rise in the practice of providing energy demands as a holistic solution rather than just as a commodity, or energy-as-a-service, or EaaS. It entails the provision of energy services—such as power, lighting, heating, and cooling—through creative business models that put economy, sustainability, and efficiency first. Energy management systems, renewable energy installations, demand response plans, and energy-efficient technology are common components of EaaS solutions. With this strategy, customers may obtain dependable and environmentally friendly energy options without having to pay for new equipment or infrastructure upfront. By outsourcing their energy requirements to specialized service providers, businesses can maximize energy efficiency, minimize operating expenses, and meet their sustainability objectives. Additionally, EaaS models encourage the transition to decentralized energy systems and the incorporation of renewable energy sources.

Reputable cleantech integrator Ameresco, Inc., with an emphasis on energy efficiency and renewable energy, announced today that it has extended its EaaS agreement with Northwestern University. Without needing any up-front funding, the deal will help the university handle its energy-related deferred maintenance challenges while advancing its academic and sustainability goals. As per the agreement, Ameresco will design and implement energy-saving improvements for the 175 buildings on campus and the central plants, in addition to providing ongoing energy monitoring and associated services. Energy efficiency initiatives aimed at these buildings will use state-of-the-art technologies to create more efficient, high-performing building systems, in addition to enhancing the learning environment for students.