The scandium market is predicted to grow at a compound annual growth rate (CAGR) of 14.27% to attain a market size of US$299.791 million by the end of 2026. Scandium is a silvery-pure, squishy metallic chemical component that was previously classified as a rare earth source. Scandium iodide is used in film and photographic lamps because it helps to produce light with a similar tone to sunshine. It is also employed in metal-halide lamps, which are increasingly being used instead of mercury-vapor lamps because of their better efficiency. It is relatively stable in air, although it will gradually change color from silvery white to a yellowish look due to surface development. In diluted acids, the metal dissolves rather slowly, except in hydrofluoric acid.

Scandium-oxide, the primary form of refined scandium metal, as well as its various composites and alloys, are produced in tiny quantities at a few locations across the world. The best thing about the scandium oxide is that it is mined and taken from the rarest of earth and uranium compounds, which are then purified. Scandium has high electrical conductivity, is a heat stabilizer, has a creep-resistant description, and is lightweight, all of which contribute to it being a key component in a variety of profitable and industrial areas. The price of scandium oxide is expected to fall as the market expands due to production economies of scale. Aluminum or scandium is predicted to be used in an increasing number of applications as a result of the price decrease, expanding the potential market.

Rising Demand for Alternate Energy Sources Creates Demand for the Scandium Market During the Forecasted Period

Growing use in Solid Oxide Fuel Cells (SOFCs), rising demand in end-user industries such as the aerospace and automobile industry are just a few drivers of the market. The increased demand for clean energy because of environmental concerns about energy generation from conventional sources such as coal and natural gas is expected to fuel demand for SOFCs, which will drive scandium market expansion throughout the forecast period. Growing international trade has demonstrated to the rest of the world that production has relocated away from where products are used. Scandium is also employed in the production of alloys that are used in the manufacture of bicycles and other sporting goods. Many aluminum companies such as Rio Tinto and Rusal, have entered the scandium market owing to its growing demand. In conjunction with Deakin University's Institute for Frontier Materials, Australian Mines Ltd, one of the most potential main participants in the scandium market, will produce next-generation aluminum alloys. The 9-month research, which began on October 12, 2020, will rely on machine learning algorithms and Deakin's alloy development expertise.

Inconsistent Supply and Scarcity of the Raw Materials Restrains the Scandium Market’s Potential Growth

Scandium is a type of rare earth metal. Scandium is found in minerals such as thortveitite, bazzite, and wiikite, as well as a byproduct of uranium refining. The growing demand for scandium in a variety of industries has resulted in a scarcity of metal in the market. There is no reliable source of scandium, resulting in scarcity and inconsistency in supply. This may limit market expansion throughout the projection period, as companies will be forced to choose an alternative if scandium is not available to satisfy rising demand. The high cost and lack of technical know-how would also curtail the market's growth in the long term.

SOFCs are Progressing at a Lightening Rate

The market is predicted to rise due to the accelerated development of SOFCs for large energy savings, as aluminum-scandium alloys have electrical conductivity and thermal stabilization properties. Transportation, industrial equipment, aerospace, and other high-performance applications industries rely heavily on these alloys. SOFCs operate at low temperatures, lowering component costs and extending fuel cell life, making them a cost-effective and competitive source of energy. When compared to traditional yttrium stabilized zirconia solid electrolytes, scandium containing SOFCs have demonstrated superior performance. With rising electricity rates, the need to switch to more environmentally friendly power generating methods is predicted to open the substantial market potential for SOFCs, boosting scandium's importance. This is due to the fact that the use of electrolytes based on scandium has improved cell efficiency, ionic conductivity, and fuel cell operational life. As a result, market growth will be fueled by the rising use and development of SOFCs over the forecast period.

Aerospace Presents Diverse Market Opportunities for the Scandium Industry

Scandium is used in the creation of aluminum-scandium alloy, which is employed in the aerospace sector while producing airplanes. The aerospace industry is expected to have a significant market share. When a trace quantity of scandium, approximately 0.1 to 0.5 percent, is added to aluminum, the strength of the metal increases while the weight is reduced by 15 to 20 percent. As a result, the use of scandium in the aircraft industry is expected to increase over the projection period. Because of the movement toward urbanization, the increasing population, growing disposable income, and changes in people's lifestyles, more airplanes and airports are being developed, particularly in developing countries, which will boost the market growth of scandium throughout the projection period. Furthermore, with the increased building of airports in countries such as China, Qatar, India, and others, the need for airplanes is likely to rise even more in the coming years, driving up the demand for aluminum and, by extension, scandium.

The Asia Pacific Segment of the Market Will Grow at a Skyrocketing Rate While North America Will Dominate the Industry

Due to the existence of numerous end-user industries, the North American area is predicted to be the largest market for worldwide scandium. The US is expected to dominate the market. The United States possesses the world's largest aerospace industry and a huge electronics market. The overall active general aviation fleet is predicted to rise from 212,885 aircraft in 2018 to 211,575 aircraft by 2039, according to the Federal Aviation Administration (FAA). The Asia-Pacific area is expected to grow at a quicker rate compared to other regions owing to the fact that China holds one of the world's largest scandium reserves. China's market share is likely to grow further as a result of several government restrictions restricting trade exports. The region's focus on defense and aerospace investment is projected to play a key role in boosting APAC's market expansion. The production of scandium is dominated by a number of countries, including Ukraine, Kazakhstan, China, and Russia. Furthermore, numerous minor mining businesses in Australia are seeking to develop scandium reserves in New South Wales, indicating that Australia will become a new growth hub.

Coronavirus Pandemic Analysis

The report also provides a study about the impact of the coronavirus on market for scandium and other end-user industries, stating how the lockdown and employment have severely impacted the scandium market along with the impact of a disrupting supply chain on the industry.

A smart grid is an electronic network that uses a two-way digital communication system to deliver power. During the transmission and distribution process, it allows for the collection of data on energy demand and supply in real-time. Smart grid primarily use smart sensors and power meters to automate billing data collecting and identify equipment faults, as well as superconducting cables for long-distance power transfer via wireless communication technologies. These networks are designed to self-repair, provide a reliable power supply with no leaks, and encourage customer participation in grid operations, all of which help to improve overall efficiency and lower energy costs.

Rising Global Energy Consumption to Drive the Smart Grid Market

One of the main reasons driving market expansion is rising global energy consumption, which is fueled by increasing urbanization and the emerging trend of digitization. In developing countries, smart grid are being used to upgrade current grid infrastructure and implement the software-based architecture. In addition, the expansion of dispersed energy sources including photovoltaic (PV), geothermal, and hydroelectric power is boosting the market growth. Through microgrids and other linked devices, these sources enable on-site generation and storage of power.

Utilities 2.0 Twaake, the pilot project in Uganda established in June 2021, brings together distributed renewable energy firms to deliver clean electricity to everybody through an integrated energy approach. The Utilities 2.0 Twaake pilot project, led by Uganda's major power company Umeme, supervised by Power for All, and sponsored by The Rockefeller Foundation, takes an integrated energy strategy. It is meant to reduce costs by at least half by utilizing integrated energy. Solar home systems, mini-grids, grid, and smart grid systems are all part of this system, which blends centralized and distributed technologies.

Increasing R&D and Favorable Government Initiative to Provide Opportunities in the Market

Furthermore, the integration of smart grid with cloud technology has made it easier to analyze current energy consumption and monitor patterns to solve environmental and energy conservation problems. Other factors, including favorable government regulations, the growth of smart cities throughout the world, and an increase in research and development (R&D) activities, are expected to fuel the market even more.

The Ohio Public Utility Commission in June 2021 issued an order approving AES Ohio's as-filed stipulation with a virtually unanimous vote. The decision authorizes AES Ohio to go forward with its plans to invest $249 million in capital projects over the next four years, offering immediate consumer benefits through a modern, resilient, and efficient electric system. This is the first stage in AES Ohio's digital transformation, which aims to improve dependability and provide customized, creative, and seamless energy services to its consumers. The ruling authorizes the implementation of Phase 1 of the AES Ohio Smart Grid Plan, with a deadline of three years to file Phase 2.

Favorable Functional Benefits Provide by Smart Grid to Increase Adoption and Demand

The expansion of the smart grid business is fueled by a growing reliance on electronic gadgets and a continual need for power in both the residential and commercial sectors. Because it provides power to customers when they need it and meets their needs. Households, factories, towns, and businesses require a dependable and efficient power supply that can minimize the frequency and length of power outages or eliminate them. As a result, the smart grid industry offers technologies that enhance problem detection and allow network self-healing.

Furthermore, the smart grid provides real-time support to energy management systems by constantly detecting problems, thus increasing the distribution system's situational awareness. Additionally, the smart grid will make use of sensors and other technology, which is expected to reduce the amount of power consumed while the system is not in use. For example, sensors will recognize inhabited spaces and will only enable fans to cool that specific area.

Rising Infrastructure Investments by the Government to Augment Market Growth

Smart grid technology is increasingly being viewed as a strategic infrastructure investment by governments in both emerging and developing countries that will help them accomplish their long-term economic development and carbon emission reduction goals. As a result, firms participating in the smart grid network industry are likely to have plenty of opportunities in the near future.

The EU only compels member nations to switch to digital meters if it would save them money. As a result, Germany's deployment has chosen a different route, with research indicating that smart meters would cost the country more than they would benefit it. By 2040, the EU estimates that 77 percent of customers in its member countries would have a smart meter. Six nations have already completed their deployments. Italy has begun preparing a second deployment to replace 30 million first-generation devices that are nearing the end of their useful lives. These devices would be among the first of the second generation, with improved access and more regular data updates.

However, the lack of access to energy in impoverished countries throughout the world, as well as weak government regulations and attempts to expand and upgrade grid infrastructure, are likely to constrain market growth.

North America Is Predicted to Dominate the Smart Grid Market

North America is expected to have the highest market share and dominate the industry. This is because of major advancements in technology advancements like as smart grid distribution management, distribution automation, and enhanced metering infrastructure. The smart grid market in the area is being driven by increased investment in smart grid and smart city initiatives, as well as a growing need for improved smart grid mechanisms. In addition, the government has legislated numerous measures, including the rise of electric cars, which is propelling the smart grid industry forward. Due to the adoption of renewable energy in the regions, particularly in distant and rural populations, Asia Pacific is expected to expand at the fastest rate throughout the predicted period.

Electroplating, also known as electrodeposition, is the process of depositing material using an electric current resulting in a thin layer of metal being deposited onto the surface of the substrate. Electroplating is mainly used to change the physical properties of an object to give objects increased wear resistance, corrosion protection, or aesthetic appeal along with increased thickness.

The electroplating process dissolves metal and deposits it onto a different surface using an electric current. The process operates using four components of anode, cathode, solution, and power source. When the anode and cathode are put in solution and connected, the power supply supplies an immediate direct current to the anode. This current makes the metal oxidize, permitting metal atoms to disintegrate in the electrolyte solution as positive ions. The current then causes the metal ions to attract to the negatively charged substrate and deposit onto the surface in a thin layer of metal. The three factors affecting the quality of plating are bath conditions, part placement, and electric current.

Various Types of Metal, Non-Metal Coatings to Propel the Market Growth

Electroplating is generally utilized in different sectors for covering metal segments with a dainty layer of an alternate metal. Electroplating copper can be amazingly significant in mechanical applications like the assembling of electronic parts and segments, and valuable parts utilized in the aviation and defense sectors. In addition, the utilization of copper is broad in plating on plastics and other non-metallic surfaces. Other copper electroplating benefits incorporate better erosion assurance, remarkable thickness fabricates, and heat handling.

Similarly, nickel is perhaps the most utilized metal for electroplating in an assortment of utilizations where expanded substrate strength and decreased pressure is desired. Sulfate is a kind of nickel electroplating, which is ordinarily used to light up the outside of a substrate and sulfamate. Tinning or electroplating of tin is becoming famous as a cost-efficient option in contrast to plating with more expensive metals like gold, silver, or palladium. The bountiful supply and minimal expense of tin have expanded the ubiquity of tin in different applications across the globe. Tin is generally being utilized because of its incredible insurance against surface consumption, high solderability, and great contact obstruction. Nonetheless, the tin electroplating interaction can prompt tin stubbles or sharp minuscule bulges.

The electroplating market is likewise expected to grow owing to its uses for non-metallic substrates like plastic, which is more difficult than plating onto metal surfaces. All things considered, electroplating non-metals can offer significant advantages in a few mechanical applications. Applying a copper covering onto a plastic surface can permit the segment to direct power. It helps in making the dull plastic item engaging and gleaming metallic-looking. The utilization of covering plastic is generally being embraced in the design industry to give certain fabrics a sparkly appearance.

Rising Demand From Different End-Use Sectors to Drive the Market

Rapid industrialization, combined with high disposable income in emerging economies is boosting the demand for the automotive, electronics, and jewelry industry, which thus is pushing the growth of the electroplating market. The rising interest in electroplating from various end-use sectors is impelling the development of the market. For example, the electrical and hardware industry utilizes copper, nickel, silver, and gold plated parts for different end-use applications to improve attributes like consumption obstruction, wear resistance, solderability, and electrical conductivity.

The Electrical and Electronics Industry to Hold a Significant Market Share

Rapid urbanization and digitization have facilitated the demand for electrical and electronic devices worldwide. The utilization of compact portable devices, like laptops, cell phones, tablets, advanced cameras, camcorders, portable chargers, and wearable gadgets has been expanding at a quick pace because of the improvement in the way of life and ascend in purchasing power of consumers across the globe. Electroplating is a significant process in the assembling of electrical and electronic parts and segments for several reasons. Different metals are used in electroplating in the electrical and gadgets area like gold, silver, copper, palladium, and ceramics. Ceramics have a few remarkable electrical properties that are advantageous in the assembling of different electronic parts and segments. Some ceramic materials go about as semiconductors, while some others display superconductivity. So, the escalated demand from the electrical and electronics industry to grow the market share of the electroplating market.

Environmental Concerns and Regulations Imposed to Hamper the Market Growth

Albeit the electroplating market is developing quickly, environmental concerns identified with this procedure are hampering the development of the market during the forecast period. Electroplating activities, including hefty metals and cyanide, can create outflows of harmful air poisons. Moreover, harmful air toxins and volatile organic compounds are delivered by degreasing and cleaning arrangements. Cyanide is a critical segment of electroplating arrangements that negatively affects the sensory system, heart, and lungs. To check the discharge of destructive synthetic substances and gases that are delivered into the air through the electroplating process, the governments of several nations are imposing some electroplating industry guidelines. This is probably going to be a significant obstruction for the global electroplating market.

Impact of COVID-19 Pandemic

Since the advent of the COVID-19 pandemic, the demand from several sectors, including the automotive sector, has generally dropped, and individual organizations have lost up to half of their fairly estimated worth. This has seriously affected the electroplating market and noticed a diminishing demand from different mechanical applications. Moreover, the closure of several production facilities or the impermanent stop of activities has likewise added to the deficiency of creation. The conditions have constrained acquisition pioneers to assume an essential part in diminishing supply network hazards, limiting expenditure, improving efficiency in processes, and making conclusive options that will assist the business with getting fruitful with a more adaptable and serious expense base. On the flip side, the rise in demand from the electronics sector due to the work from home culture and online education systems have positively affected the demand. So, despite the advent of the pandemic, the market is expected to recover at a significant pace in the forecast period once the crisis dissipates.

Asia Pacific Region to Dominate the Electroplating Market

The Asia Pacific region is predicted to hold a significant share in the market attributing to the high manufacturing and demand of consumer electronics, combined with rapid industrialization in significant emerging economies and the presence of fundamentally enormous production enterprises in significant nations like China and India among others. Besides, a huge automotive producing base in nations like China, India, and Japan is likewise adding to the significant demand for electroplating in the region. Inclining investments for the development of manufacturing industries will consecutively add to the development of the market in the Asia Pacific region in the forecast period. North America and the European area are additionally projected to have a vital share in the market inferable from the grounded framework and the presence of significant players in the market.