The global electric vehicle charging station market is projected to grow at a compound annual growth rate of 36.11%. Over the forecast period, this market is estimated to increase at a rapid pace and is anticipated to reach US$94,234.065 million in 2028 from US$10,887.717 million in 2021.

An EV charging station, which is sometimes referred to as a charge point or an electric vehicle supply equipment, is a piece of machinery that provides electricity for charging electric vehicle such as electric, buses, electric cars, electric trucks, plug in hybrids, electric bikes etc. Connectors that adhere to a number of international standards are offered by EV charging stations. The traditional locations for public charging stations include shopping malls, government buildings, and parking lots. Residences, businesses, and hotels are frequently where one may find private charging outlets. The global electric vehicle charging station market is categorised into various segments which include – the type of EV, the type of charging station and the geographical region.

The booming demand for electric vehicles by consumers is supporting the growth of the EV charging stations market during the analysis period.

Major advancements in technology are altering how various organisations and companies view their position in the transportation economy, together with rising awareness of the importance of clean and sustainable energy. This is causing enormous demand for electric vehicles and thereby creating new opportunities for EV charging stations businesses to have a bigger influence on the market.

The adoption of electric vehicles is speeding up thanks to rising customer demand, significant OEM investment, and increased government assistance. According to a report published by International Energy Agency, only approximately 17,000 electric vehicles were on the road worldwide in 2010. There were 7.2 million electric cars in operation in 2019 which is a 42,000 per cent growth. The same report also says that the sales of electric vehicles nearly doubled to 6.6 million, representing a sales share of approximately 9 per cent, compared to 2020, To reach 16.5 million electric vehicles or EVs on the road. In 2021, the sales proportion of electric vehicles rose by 4 percentage points. According to the Net Zero Emissions by 2050 Scenario, there will be more than 300 million electric vehicles on the road by 2030, and they will make up 60% of all new car sales.

The need for more charging stations only increases as the market share of electric vehicles rises. The growing presence of EV charging station companies is also driving the growth of the global market. For instance, in 2021, there were about 1.8 million publicly accessible charging stations. In 2021, more than 500 000 chargers were added, surpassing the total number of public chargers accessible in 2017. Companies that provide EV charging services are responsible for this quick proliferation, and they do much more than just set up charging stations. For example, EV Connect an American EV charging company provides any company that wants to instal a charging station with a comprehensive charge management solution.

According to the research and analysis, out of all the type of charging stations, DC charging station is expected to substantial market proportion, during the anticipated period.

Based on the type of charging station the market for EV charging stations is categorized into AC-type charging stations and DC-type charging stations. This onboard charger or AC charging station receives AC electricity from the grid, which it uses to generate DC power to charge the battery. By integrating the converter into the charging station rather than the car to get around the size and weight limits, DC chargers enable greater power charging.

Out of all these mentioned above DC charging stations are anticipated to account for a major share of the global market during the analysis period due to their ability to charge rapidly. Rapid charging is possible along busy roads at stations equipped with direct-current fast charging technology. Depending on the kind of charge port on the car, there are three different types of direct current fast charging systems which include SAE Combined Charging System, Tesla and CHAdeMO.

Due to the adoption of medium- and heavy-duty electric vehicle by fleets such as public and commercial buses, trucks and other modes of transportation, as well as the construction of fast charging hubs for transportation network firms, and other uses, DC fast charging is expected to rise. For instance, the data from the US Department of Energy shows that over 15 percent of public EV charging ports in the United States had DC fast chargers as of 2021.

During the analysis period, high initial investment, lack of appropriate infrastructure and stringent rules and regulations by govt for setting up charging stations are anticipated to obstruct the growth of the global EV charging station market.

The cost of installing the EV charging station is rather significant. In order to build up the EV charging infrastructure, some conditions must be met, including the suitable site, land, vendor, grid power stability, power remittance, variety of charger types, cables, and other auxiliary equipment. Electric car charging stations are expensive to establish. The cost of a level two charger in a public station can be as low as US$2,500 and as high as US$35,800. These pricing ranges exclude installation fees and “soft costs” such as navigating the application process, laws, and utility hookups. Therefore high initial investment associated with the construction of an EV charging station is one of the primary factors obstructing the growth of the market during the forecast period.

Other factors such as lack of appropriate infrastructure, stringent rules and regulations, finding technical safety and other software-related issues, especially in emerging economies such as India are also restricting growth.

During the analysis period, out of all the geographical regions the market is segmented into the North America region is likely to account for a rapid growth rate in the global EV charging stations market.  

The global low noise amplifiers market has been divided into five regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific. During the projected period, the North American EV charging station market is expected to grow significantly during the aforementioned period. The explosive adoption of electric vehicles in countries the United States and Canada are fuelling driving growth of the market in this region. For instance, according to official data, by 2030, there will be 27 million electric vehicles in the US, and by 2040, there will be 92 million. Comparatively, 3 million EVs are expected to be sold in 2022. Government initiatives are also providing support for market growth. The 2021 Infrastructure Investment and Jobs Act, which allocates $7.5 billion for EV charging infrastructure, gave the industry for charging electric vehicles a much-needed boost. Recent developments include California’s announcement that it will restrict the sale of new internal combustion engine-powered vehicles by 2035 and the Inflation Reduction Act’s provision of tax credits for both new and used electric passenger and commercial vehicles. Prime markets in the North American region include the United States, Canada and Mexico.

The global terahertz technology market is projected to grow at a CAGR of 25.83% to reach US$1,670.976 million by 2027, from US$334.634 million in 2020.

Terahertz technology is a new and rapidly evolving subject with applications ranging from airport passenger scanning to huge digital data transmission. The terahertz (THz) frequency range (0.1 THz – 3 THz) is the last portion of the electromagnetic wave spectrum that has not been technologically or commercially exploited. As a result, the terahertz frequency range is frequently referred to in the literature as a terahertz gap. At the same time, it is well understood that this frequency range holds exciting prospects for a wide range of applications. The growing demand for effective solutions to handle security systems across numerous industries, rising investments in the defence and security sectors of various countries, and expanding demand for security screening equipment across various public areas are all contributing to market expansion.

Terahertz technology implementation in the pharmaceutical sector

The increasing implementation of this technology in the pharmaceutical sector is likely to fuel the market growth during the forecast period. In the pharmaceutical industry, this technique is used to verify coating integrity, identify chemical and physical structures, and detect contaminants. Furthermore, rising demand for compact and energy-efficient transceivers increased penetration of terahertz technology in the medical science and biology fields, and rising applications of high-end terahertz devices in research laboratories and monitoring processes will all contribute significantly to market growth during the forecast period. For instance, using terahertz (THz) waves, Korean researchers created a technique to detect Covid-19 variations in February 2022. The biomarker detection system employs a very sensitive, label-free THz metamaterial core to detect the protein unit, which plays an important role in viral penetration without altering the virus’s characteristics. Although PCR testing is highly accurate, the results take more than four hours to obtain. Rapid antigen testing gets answers in 20 minutes or less, but their accuracy is low. This approach can help to compensate for the drawbacks of traditional PCR tests and fast antigen assays.

Terahertz technology is being used for security in a variety of industries

Terahertz has numerous applications due to its imaging capabilities. It can be used in airports and other facilities to identify hidden weapons and packaging components as a safer, more accurate safety measure than X-rays. Terahertz radiation shows the spectrum properties of numerous materials, offering spectroscopic and other unique identifying information used for chemical analysis, pharmaceuticals, and explosives detection. The ability to perform partial or full-body screening and other security operations without exposing vital structures to radiation is one of the key drivers driving the development of terahertz technology in the security industry. The method is gaining popularity in the airport screening business, where it can help improve screening throughput while also offering high-quality detection. However, building devices to detect and generate images from terahertz waves has proven difficult, with most contemporary terahertz devices being expensive, slow, and massive, requiring vacuum systems and extremely low temperatures. For instance, MIT, the University of Minnesota, and Samsung researchers in November 2022 created a new type of camera that can detect terahertz pulses quickly, with high sensitivity, and at room temperature and pressure. The device is more sensitive and faster than earlier models, and it might be utilized for industrial inspection, airport security, and communications.

By end-user, the healthcare industry has greatly benefited from the application of terahertz technology

Terahertz technology is increasingly being used in the healthcare industry for a variety of purposes, including biomedical imaging, terahertz imaging, and spectroscopy. The first stage in making significant strides in establishing the technology in the healthcare industry, which is driving the market expansion, was the replacement of traditional x-rays and infrared rays with terahertz rays. For instance, Tihive, a terahertz imaging business, received €8.6 million from the European Innovation Council’s Accelerator program in September 2020 to help scale up its industrial inspection technology. Tihive’s terahertz imaging technology is intended for real-time quality control inspection. The company, headquartered in Grenoble, France, focuses on the hygiene and personal care areas. The company’s method is being used to track the amount of super-absorbent polymer (SAP) placed on diapers on lines capable of producing up to 1,200 diapers per minute. SAP is the absorbent substance that is used in diapers. The inspection system keeps track of how much SAP is deposited and dispersed. Other irregularities that can be identified include high humidity and the presence of pollutants such as oil, small pieces of metal, and insects.

The defence sector is using terahertz technology for communication and target detection

The increased need for terahertz technology in defence-related applications is one of the primary factors driving the market growth. Terahertz sensors are utilized in a wide range of military applications, including intelligence, surveillance, and reconnaissance (ISR), identification of isolated troops behind enemy lines, and terminal guidance of precise weapons. As governments throughout the world place a greater emphasis on detecting hidden explosives, terahertz technology is in high demand in security and defence applications. For example, in January 2022, Chinese scientists created 6G technology for hypersonic weapons communication and tracking, addressing some of the blackout issues that occur at speeds five times the speed of sound or faster. Their laser technology is capable of producing continuous electromagnetic waves in the terahertz spectrum, which is employed in next-generation communications.

Covid Insights

The COVID-19 pandemic has made it difficult for the worldwide terahertz technology market to reach its full potential. The virus’s vigorous breakout and exponential spread over the world sparked severe worries. Governments implemented nationwide lockdowns to contain the epidemic. Security, automotive, ceramic, and wood industries saw a drop in operations due to physical shutdowns and international trade obstacles, resulting in a drop in market demand for the technology. However, a promising demand was identified in the food, pharmaceutical, science, and medicine industries. Nonetheless, the market increased at a slower rate than expected.

The sports technology market is expected to grow to US$74.390 billion in value by 2027, up from US$16.196 billion in 2020 at a compound annual growth rate of 24.33% during the projected period.

Sports technologies are man-made gadgets and systems created to enhance a person’s interests or objectives in or related to a specific sport. Furthermore, in sports, this technology is an operational technique that athletes use to try and improve their practice and performance environments in order to increase their general athletic efficiency. Sports engineering, which is always improving, has assisted various sports in overcoming the constraints of physical skill. A growing number of athletes feel compelled to attain a competitive edge in their particular sports as well as find it easier to excel due to the intricate speed and evaluation provided by these technologies. Sports productivity evaluation, precise time monitoring, information capture, outcome communication, rapid replay panels, digitized sportswear, and health therapy systems and equipment are some of the ways that various technologies are incorporated into sports.

With the use of advanced and complex cameras, sports productivity evaluation is now accessible, allowing coaches to identify even the smallest errors. Additionally, it has resulted in a significant improvement in the standard of the feedback intended for athletes. The use of precise time monitoring devices has made it much simpler to reduce a variety of conflicts while maintaining measurement accuracy. In particular, for extremely crucial factors required for success in precision sports, like judgment accuracy. It has been much smoother to gather data and verify reliability with the aid of advanced technological tools like application charts. Since incorporating information technology into sports, data collection on training, engagement, endurance, recuperation, and more have become extremely comprehensive and accurate. The framework of repetition and uniformity systems and recording devices has significantly improved measurement reliability.

Measurement mistakes in data collecting have also become minimal due to the development of cutting-edge technology gadgets like acceleration sensors and Navigation system. Sports officials now commit considerably fewer errors and poor decisions due to rapid replay technologies. This technique makes use of the triangulation principle by analyzing the visual pictures and time information captured by high-speed video cameras and provides accurate information that can be missed by the naked eye. The locations of these cameras are chosen so that any viewpoint will disclose the ball’s route in games like cricket, basketball and football. The optimal numbers of cameras set up depend on the playing field, game rules, and ball size.

The market for sports technology is expected to expand throughout the forecasted period as a result of rising demand for extremely accurate outcomes and the efficiency that technology offers during training and competition.

The past few years have seen an increase in the use of analytics, particularly in the sports industry. Athletes and organizations are now increasingly using sports analytics and evaluators in order to increase player and team effectiveness as well as training efficacy and to interpret data, and market their brands to fans and customers. This is due to advancements in sports and rising competition. Additionally, it is anticipated that increased demand for a variety of technologies, including cellular connection, visual recognition, machine learning, and artificial intelligence, will fuel this market’s expansion. AI offers complex, predictive analysis that can be utilized to improve an athlete’s or a team’s performance in terms of nutrition, conditioning, and performance. During the game, it can assist in determining tactics, approaches, and vulnerability characteristics. Due to its potential to estimate outcomes and simplify and deliver clear results after examining the vast amounts of data generated by each game, the usage of such technology in sports evaluation and data collection has also expanded.

The development of sports technology market has been aided by initiatives undertaken by key firms to collaborate as well as to innovate and improve sports technologies.

The XFL and Catapult Sports, an industry pioneer in providing professional athletes and teams with sports technology solutions, announced their partnership in January 2023. In order to keep players on the field and playing at their best while encouraging health and safety throughout the League, the XFL will make use of Catapult’s cutting-edge wearable technology, which is outfitted with football-specific algorithms. The eight teams in the League will rely on Catapult products like Vector, Thunder, and Scout to help coaches and staffs make better player decisions. The XFL now has access to advanced sports technology due to the new league-wide agreement, ensuring that players stay healthy and deliver their best efforts to the fans. The Vector SaaS technology, the industry’s top athlete monitoring system, gives the teams a wider access to powerful athlete performance data, such as speed, acceleration, and maximum velocity. This data enables staff to make unbiased decisions about athletes, ensuring to maximize their performance, and prevent potentially harmful injuries. In addition, Thunder, Catapult’s video analysis tool for American football, will allow coaches to examine game film, opponent strategy, and practice footage.

Teamworks, a sports technology company based in Durham, North Carolina, completed a second round of acquisitions in January 2023 that expanded the business’ product offering and bring it one step closer to becoming a one-stop shop for academic and athletic performance. With the addition of Smartabase, Retain, Grafted, and NextPlay, Teamworks will have more than 300 people spread across ten different countries, expanding what it refers to as the sports operating system. Along with the company’s prior competencies in team scheduling, communications, nutrition, and other areas crucial for collegiate and professional athletes, the four recently acquired employers offer Teamworks competence in athletic and academic performance.

In January 2023, football performance technology company Playermaker and artificial intelligence (AI) video expert Pixellot collaborated to develop an integrated platform that provides greater in-depth analysis capabilities for trainers and professionals. The AI cameras from Pixellot automatically record live events for television and social media with limited involvement from operators. It ensures that the video streams into analytics systems as algorithms analyze the video to provide automatic metrics like shot charts and heatmaps. With 2.5 million live streams to date, their system can manage 150,000 live games every month from 70 different countries.

The North American market is projected to account for a sizeable portion of the sports technology market over the forecast period.

As a result of the existence of numerous software companies, North America accounts for a sizeable percentage of the global sports technology market. The development of the sports technology market in the region is also anticipated to be aided by the sophisticated league sports culture and expansion of the technology sector over the course of the projected year. Furthermore, Due to the increased usage of wearable performance tracking devices, Europe is predicted to grow significantly throughout the anticipated period and currently maintains sizable market shares for sports technology. Furthermore, it is expected that in the upcoming years, the region’s sports technology market would expand due to the rising demand for smart camera technologies. The peak popularity of sports like football, the existence of some of the most well-known leagues and clubs in Europe, and the extensive use of technology in these sports, particularly Video Assistant Referee (VAR) systems and goal line technologies, have all contributed to the growth of this market in Europe.