From the very first enzyme-assisted alcohol production through the processing of grains, where aspergillus strains had been employed, in Neolithic China, wine production at the site of Tepe in Neolithic Mesopotamia, the use of microorganism and malt in bread making by Egyptians to applications of enzymes that are based out of 20th-century inventions like organic synthesis, textiles, animal feed, enhanced application in food and beverage, in pharmaceuticals, in personal care, in molecular biology as well as biofuels, among others, industrial enzymes remain integral to the sustenance of consumption.
Besides advancements in chemicals and materials industry, scientific progress has precipitated many breakthroughs, one that is contextually pertinent is an increase in life expectancy and increase in birthrate. This is also a result of increasing access to education, which is resulting in enhanced earning capacity that further leads to the awareness of a healthy lifestyle. Further, the share of working women has increased too during the past few years, which has resulted in enhanced postnatal care as well as more health-conscious consumption during pregnancy. Thus, to surmise the aforementioned the population is expected to grow rapidly so is the rate of urbanization underscoring the importance of food security more than ever. While vegan oriented consumption has gained steam in the developed economies, meat and dairy-based consumption hasn’t been entirely abstained from and still are among the mainstay of the economies. Further, consumers in emerging economies as well as those of the developing economies are expected to consume more meat and dairy products during the next few years. According to FAO, the consumption of animal products is expected to rise by 70 % by 2050. This in turn will necessitate an increase in animal production, which will require an additional amount of feed to be produced to ensure sustainable production of safe and affordable animal proteins.
Projections of Poultry Meat Production, Developing Countries
In kt cwe (thousand tons at carcass weight equivalent)
Source: OECD-FAO
Moreover, according to FAO, the global meat products in 2020 is forast to drop by 333 million tons (carcass weight equivalent), 1.7 % lower than that of 2019. Further, a drop in global production of pig meat is also expected due to African swine fever (ASF) that is largely concentrated in Asian countries. Nevertheless, in contrast, the global production of poultry meat is expected to expand with a modest output growth that is predicted for ovine meat, international meat trade is estimated to grow by 37 million tons in 2020, a year-on-year increase by 2.4%. Further world milk production is estimated to grow by 0.8 % to 859 million tons. The main reasons contributing to this increase are expansion in production in Asia and North America, with moderate increases in Africa, Central America, Oceania, and the Caribbean. Moreover, farm modernization in China and the growing market share of dairy cooperatives through the means of products derived from milk in India are expected to sustain milk products leading to the growth in dairy production in Asia. Moreover, owing to a robust consumer and industrial demand, Mexico is expected to witness decent growth in milk output. The Russian Federation too is expected to witness an increase in milk output due to modern dairy farms.
Albeit the economic hardship, due to COVID-19 along with logistical bottlenecks and a sharp decline in demand from the food services sector due to lockdown measure resulting in a global downward draft in import, demand for meat and dairy is expected to climb after the world economy normalizes especial now that a myriad of COVID vaccines is in the trial phase. Thus, to sustain the supply of food and ensure food safety, feed safety is of paramount importance leading to the reinforcement of the cognizance of feed to be an integral part of the food chain. Thereby feed production is also subjected to an equal degree of quality assurance as is the case of food production.
Enzymes; Prepared Enzymes, N.E.S. (Exports)
In Thousands of US$
Source: International Trade Centre
Thus, regarding animal feed, mycotoxins are a perennial issue and are always present in the feed, to date hasn’t been able to successfully eliminated and in a normal scenario, it will be resorbed and taken up into the bloodstream of the livestock animal. To this extent, it is important to note that leading animal nutrition firm BIOMIN had reportedly reached a milestone in the EU registration of FUMzyme®, which is the only commercially available mycotoxin-deactivating enzyme, in July 2020. Further climate change is also responsible of creating an environment that is conducive to spread of Fusarium fungi, leading to a rise in fumonisin contamination of crops, making it a concern for dairy farmers as it leads to a significant reduction of average daily milk yield, reduce the digestibility of dry matter and leads to liver damage in dairy cows. In view of above the European Food Safety Authority (EFSA) Panel on Additives and Products or Substances used in Animal Feed (FEEDAP) concluded that the aforesaid additive, when used at the minimum, recommended dose of 40 U/kg feed has the potential to degrade fumonisin in fermenting feed. Earlier FUMzyme® had received EU authorization for application in pig and poultry diets.
Besides the aforesaid, the have been notable developments that have reinforced animal feed industries share in the industrial enzyme market and facilitating a consequent increase in market share. The developments of 2018 are being elucidated below:
February – Joint Development Agreement
A joint development agreement for the development and commercialization of enzymes for animal feed applications was reportedly announced by Archer Daniels Midland Company (NYSE: ADM) and Qingdao Vland Biotech Group Co., Ltd.Under the terms of the agreement, enzyme-producing strains will be shared by the companies, based on which feed enzymes development will be carried out, ultimately facilitating the objective of animal nutrition and health enhancement. Further, it was also agreed that products developed under the agreement will be commercialized by both companies
September – Product Launch
DSM (Euronext: DSM) world leader in animal nutrition and Novozymes A/S (Nasdaq Copenhagen: NZYM B) world leader in biological solutions had reportedly announced a new feed additive called Balancius™, which was the world’s first at the time of the launch to improve gut functionality for broiler chickens, acting as an enabler for broilers for a better nutrients uptake from the feed aiding in better growth, minimization of feed use and facilitating the production of 3% more food from the same amount of feed. This product not only cut costs for livestock management but also reportedly aids in a significant reduction of greenhouse gas (GHG) emission.
November – Strategic Partnership
Kerry Inc’s (ISEQ: KRZ; LSE: KYGA) Kerry Animal Health & Nutrition and Agrivida, the Massachusetts-based biotechnology startup has reportedly announced a strategic partnership, providing Kerry with rights to promote Agrivida’s pioneering GRAINZYME® Phytase technology for poultry use for the U.S.A. market. This product was designed with the rationale to replace a fraction of the traditional corn that producers already feed their flocks, which would reportedly result in higher business profitability.
Therefore, from the aforementioned, it can be concluded that the need for food security requires assurance of food safety, among others, which in turn is poised to drive the need for feed safety. Moreover, with growing awareness of the negative externalities of animal husbandry on the environment coupled with the demand for high quality, affordable food as part of a healthy, balanced diet by consumers has led to the development of enhanced feed that is devoid of chemicals and is primarily derived naturally. Thereby leading to a higher demand for animal feed which in turn will facilitate healthy growth of industrial enzymes during the next few years.
The Bright Future of Electromechanical Relay
BlogElectromechanical relays are often referred to as switches that control high power electrical devices simply by using a small amount of power. These relays are used in the operation of both AC and DC current; and a magnetic force is generated when the power is supplied while controlling the mechanism in the switch. These electromechanical relays have various applications ranging from power supply switching in televisions and DTH boxes to the factory automation, and motor controllers, among others.
Expanding the telecom industry in developing countries like China and India coupled with increasing demand for energy-efficient solutions is expected to be the prime driver for the growth of the electromechanical relay market during the forecast period. For instance, according to the Chinese Ministry of Industry and Information Technology, the telecom sector revenue increased by nearly three percent year on year to 1.3 trillion Yuan in 2018 showing a great opportunity for electromechanical relay manufacturers and vendors.
Increasing energy prices globally is expected to drive the demand for advanced electromechanical relays aiming to reduce power consumption. Also, the growing number of renewable energy projects in various parts of the world is fuelling the demand for high capacity electromechanical relays, thus favoring the electromechanical relay market trend.
There has been a growing focus on reducing the construction time of a power plant to meet the growing global power demand. Simultaneously, the growing demand for electromechanical relays in the energy and semiconductor industry is due to its low cost, long operation life, less power consumption, and easy maintenance. Besides, the wide adoption of electromechanical relays in electronic appliances coupled with the rising use in the automobile sector in the fuse box to prevent the circuits from overload and faults is also expected to fuel the growth of the market over the forecast period. Simultaneously, there is also a growing trend towards the adoption and production of renewable sources of energy globally. For instance, in Europe, wind energy remains the second largest from power generation capacity and moreover, it is expected to overtake gas installations by 2019 (Source: Wind Europe) all such initiative by both public and private players is expected to create ample opportunities for electromechanical relay manufacturers and vendors. Simultaneously there are currently 454 operable civil nuclear power reactors globally, with a further 54 under construction (Source: World Nuclear Association). Thus, the growing plant turbine production to meet the growing global power demand along with its increasing use in the nuclear power plant will boost the demand for electromechanical relay solutions in the energy and power sector.
China Is Expected to Hold a Significant Share in the Global Market
Expanding the power and utility industry in the country coupled with increasing investment by both the public and private sectors is further expected to boost the adoption of the electromechanical relay in the coming years. In fact, according to China Electricity Council (CEC), the country is expected to put another 110 gig watts (GW) of new power generation into operation with half consisting of clean energy sources like solar by the end of this year. In addition, China is also stepping up its efforts to build charging stations in order to foster new energy car sector and these controllers are widely used across the charging station which is expected to boost the demand in the coming years. According to the China Association of Automobile Manufacturers, China is the world's largest new energy vehicle market with the sale of 1.25million cars in 2018 amid sluggish overall car market. Also, Volkswagen AG and FAW group Co sign an agreement as a part of the multibillion-dollar investment for setting up a network of a fast-charging station in China. Moreover increasing number of construction projects in the country along with the growing trend of mega projects like Beijing Daxing International Airport which started in 2014 whose first phase is expected to be complete by the end of 2019, increases the demand of automatic power factor controllers because of its ability to improve voltage, reduce power systems losses and increasing load carrying capabilities. All such factors are expected to further propel the electromechanical relay market growth opportunities for manufacturers and vendors in the coming years.
Aerospace and Defense Industry
Factors such as supportive government initiatives, effective talent recruitment strategies being adopted by the government, and the private sector, has led to relevant job skills training being provided to the new workforce. This, in turn, is bolstering the growth of the aerospace industry in developed regions such as North America and Europe and thereby impacting the growth of the electromechanical relay market. Favorable macroeconomic factors such as high economic growth and rapid industrialization have led to the setting up of aerospace clusters in the region, thereby positively impacting the demand for advanced electromechanical relays in various parts of the world. Rising investments by major aerospace companies in developing regions such as MEA and APAC owing to growing domestic demand and burgeoning tourism industry is further providing the necessary impetus to the thermal spray coating market for the aerospace segment. For example, in November 2019, Boeing predicted that India would require 2,380 commercial planes, valued at US$330 billion to handle the growing demand for air travel in the coming 20 years.
Source: The World Bank
In addition to this, rapid advancements in the electromechanical relay technologies are further estimated to boost their demand in the years to come. According to the World Bank, military expenditure at current USD in Germany and France has increased from US$42.552 and US$ 60.595 billion in 2007 to US$49.471 and US$63.8 billion in 2018, respectively. Furthermore, globally air transport passenger carried in recent years have also shown significant growth for instance, according to the World Bank recent report transport passenger carried has increased from 2.5 billion in 2009 to 4.233 billion in 2018 which is showing a growth of more than eighty percent thus opening the growth opportunities for electromechanical relay manufacturers and vendors.
World of Aseptic Packaging
Thought ArticlesAseptic packaging is the process of filling sterile products into the sterile containers, within the aseptic chambers and environment. A significant number of advantages offered by this process has led to an increased usage of aseptic packaging products across food, beverage, and pharmaceutical industries. The expanding food and beverage industry coupled with a shifting trend towards food and beverages without preservatives is expected to be the prime driver for the growth of the market during the forecast period.
Shifting Trends Towards Foods and Beverages Without Preservatives Is Driving the Growth of the Market During the Forecast Period
Today, preservatives have been widely used to extend the shelf life of various products. However, many of the preservatives, which are approved by many authorities around the globe are capable of causing multiple health hazards. This has led to people avoiding the adoption of products that use them. There are also alternative thermal sterilization techniques such as Ultra High Temperature (UHT) processing which eliminate the use of preservatives, but it also requires pre-sterilized packaging solutions in the form of aseptic packaging, which is expected to drive the growth of the aseptic packaging market. Furthermore, multiple food preservatives, such as Sodium Nitrate and Sodium Nitrite, have also been linked to cancer, but are allowed in smaller quantities in many countries. This has further increased the demand for the avoidance of any forms of preservatives in foods and beverages and is snowballing the demand for other forms of treatment and aseptic packaging solutions for their packaging.
Packaging Material Insight
By packaging material, the global aseptic packaging market is segmented based on paper, plastic, glass, and metal. Paper is expected to hold a significant share in the market and is also projected to grow at the exponential rate owing to the heavy regulations regarding the promotion of renewable and sustainable packaging in various parts of the world. Also, developed economies around the world have recently committed to creating 100% renewable, compostable, and recyclable packaging by 2025, positively impacting the demand for paper-based aseptic packaging. In addition to this, the paper is also preferred as the outer layer as it makes it easier to be printed on and increase the aesthetic appeal of the product. Multiple key players are also focusing on producing aseptic packaging solutions catering to this need for multiple foods and beverage manufacturers. Additionally, both plastic and glass segments are also expected to hold a substantial share in the market due to their growing applications in various industry verticals such as food and beverage, pharmaceuticals and healthcare, cosmetics among many more. Besides, plastic packaging is also heavily used in other food and beverage packaging juices, and multiple other beverages are commonly packed in bottles made out of PET (Polyethylene Terephthalate). The changing lifestyle and preferences of convenient and easy to carry packaging solutions have resulted in a rise in the consumption of such beverages, resulting in a further rise in usage of plastic for aseptic packaging in overall packaging industry. However, metal is projected to hold a nominal share in the market and is also seen to grow at the marginal rate in the coming years.
By Application, Aseptic Packaging for Food and Beverage Segment Is Holding a Significant Share
Food packaging and beverage packaging held a significant market share owing to the high adoption of processed foods and the trend towards the adoption of aseptic packaging solutions due to the numerous advantages it offers. Aseptic packaging is used by the beverage manufacturers for a variety of purposes including improving the shelf life, cost- efficiency, and the quality of the product at room temperatures. In addition, a rising number of supermarkets in the region and convenience offered by aseptic packaging to consumers boost the demand for this packaging technique.
Source: Organisation for Economic Co-operation and Development
The trend towards the adoption of aseptic packaging solutions due to its faster-processing speed and cost-efficiency due to its ability to relatively lower the logistics and storage cost is one of the major factors driving the demand for this packaging technology for beverage technology. The manufacturers and food processors are increasingly investing in aseptic packaging to gain a competitive advantage. For instance, in March 2018, Nestle has launched its largest ready-to-drink aseptic products factory in the world in Anderson, Ind., with production dedicated to meet growing the United States consumer demand for Nestle Nesquik ready-to-drink and coffee-mate liquid products through various distribution channels. In addition, new players entering the market by providing beverages without the addition of any preservatives will add to the demand for aseptic packaging. Furthermore, increasing healthcare expenditure and growing health concerns are some of the major factors driving the demand for aseptic healthcare packaging. Furthermore, the aging population in countries like Japan, Italy, and Canada will add to the growing demand for pharmaceutical products, thereby augmenting the demand for aseptic packaging in the coming years.
Product Segment Insight
Cartons and boxes hold a substantial share in the market owing to rising demand for convenience and quality products coupled with growing disposable income in developing countries like China, India, and Brazil. Bottles are widely used in the beverage industry and the established dairy industry in developing countries like India, China, and Indonesia will further favour the aseptic packaging market trend during the forecast period.
Furthermore, aseptic pouches are widely used in the food industry particularly to store semi-liquid products. With the shift in consumer preference against the use of food preservatives, there is an increase in the adoption rate of aseptic pouches by the manufacturers in the country and thereby augmenting the demand for aseptic pouches packaging in the coming years.
Recent News
February 2019, Sealed Air Corporation announced the acquisition of MGM, a specialist in printing and laminating in addition to providing flexible food packaging materials for consumer-packaged goods market in South East Asia. Following the acquisition, the company aims for the expansion of food packaging operations in Asia.
October 2018, SIG expands global partnership with Nestlé to Brazil. SIG has started supplying filling machines for 500, 750, and 1000ml combiblocMidi carton packs to Nestlé Brazil’s Molico and Ninho UHT milk.
October 2018, Tetra Pak acquired Big Drum Engineering GmbH, a leading supplier of filling machines for the ice cream industry to strengthen its product offerings for ice cream manufacturers. This deal further extends the company’s portfolio to provide end to end solutions for food and beverage companies around the world.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to automotive, with a special knack for packaging. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit https://www.knowledge-sourcing.com.
Industrial Enzymes Market Trend – Assuring Feed Safety to Ensure Food Security
Thought ArticlesFrom the very first enzyme-assisted alcohol production through the processing of grains, where aspergillus strains had been employed, in Neolithic China, wine production at the site of Tepe in Neolithic Mesopotamia, the use of microorganism and malt in bread making by Egyptians to applications of enzymes that are based out of 20th-century inventions like organic synthesis, textiles, animal feed, enhanced application in food and beverage, in pharmaceuticals, in personal care, in molecular biology as well as biofuels, among others, industrial enzymes remain integral to the sustenance of consumption.
Besides advancements in chemicals and materials industry, scientific progress has precipitated many breakthroughs, one that is contextually pertinent is an increase in life expectancy and increase in birthrate. This is also a result of increasing access to education, which is resulting in enhanced earning capacity that further leads to the awareness of a healthy lifestyle. Further, the share of working women has increased too during the past few years, which has resulted in enhanced postnatal care as well as more health-conscious consumption during pregnancy. Thus, to surmise the aforementioned the population is expected to grow rapidly so is the rate of urbanization underscoring the importance of food security more than ever. While vegan oriented consumption has gained steam in the developed economies, meat and dairy-based consumption hasn’t been entirely abstained from and still are among the mainstay of the economies. Further, consumers in emerging economies as well as those of the developing economies are expected to consume more meat and dairy products during the next few years. According to FAO, the consumption of animal products is expected to rise by 70 % by 2050. This in turn will necessitate an increase in animal production, which will require an additional amount of feed to be produced to ensure sustainable production of safe and affordable animal proteins.
Projections of Poultry Meat Production, Developing Countries
In kt cwe (thousand tons at carcass weight equivalent)
Source: OECD-FAO
Moreover, according to FAO, the global meat products in 2020 is forast to drop by 333 million tons (carcass weight equivalent), 1.7 % lower than that of 2019. Further, a drop in global production of pig meat is also expected due to African swine fever (ASF) that is largely concentrated in Asian countries. Nevertheless, in contrast, the global production of poultry meat is expected to expand with a modest output growth that is predicted for ovine meat, international meat trade is estimated to grow by 37 million tons in 2020, a year-on-year increase by 2.4%. Further world milk production is estimated to grow by 0.8 % to 859 million tons. The main reasons contributing to this increase are expansion in production in Asia and North America, with moderate increases in Africa, Central America, Oceania, and the Caribbean. Moreover, farm modernization in China and the growing market share of dairy cooperatives through the means of products derived from milk in India are expected to sustain milk products leading to the growth in dairy production in Asia. Moreover, owing to a robust consumer and industrial demand, Mexico is expected to witness decent growth in milk output. The Russian Federation too is expected to witness an increase in milk output due to modern dairy farms.
Albeit the economic hardship, due to COVID-19 along with logistical bottlenecks and a sharp decline in demand from the food services sector due to lockdown measure resulting in a global downward draft in import, demand for meat and dairy is expected to climb after the world economy normalizes especial now that a myriad of COVID vaccines is in the trial phase. Thus, to sustain the supply of food and ensure food safety, feed safety is of paramount importance leading to the reinforcement of the cognizance of feed to be an integral part of the food chain. Thereby feed production is also subjected to an equal degree of quality assurance as is the case of food production.
Enzymes; Prepared Enzymes, N.E.S. (Exports)
In Thousands of US$
Source: International Trade Centre
Thus, regarding animal feed, mycotoxins are a perennial issue and are always present in the feed, to date hasn’t been able to successfully eliminated and in a normal scenario, it will be resorbed and taken up into the bloodstream of the livestock animal. To this extent, it is important to note that leading animal nutrition firm BIOMIN had reportedly reached a milestone in the EU registration of FUMzyme®, which is the only commercially available mycotoxin-deactivating enzyme, in July 2020. Further climate change is also responsible of creating an environment that is conducive to spread of Fusarium fungi, leading to a rise in fumonisin contamination of crops, making it a concern for dairy farmers as it leads to a significant reduction of average daily milk yield, reduce the digestibility of dry matter and leads to liver damage in dairy cows. In view of above the European Food Safety Authority (EFSA) Panel on Additives and Products or Substances used in Animal Feed (FEEDAP) concluded that the aforesaid additive, when used at the minimum, recommended dose of 40 U/kg feed has the potential to degrade fumonisin in fermenting feed. Earlier FUMzyme® had received EU authorization for application in pig and poultry diets.
Besides the aforesaid, the have been notable developments that have reinforced animal feed industries share in the industrial enzyme market and facilitating a consequent increase in market share. The developments of 2018 are being elucidated below:
February – Joint Development Agreement
A joint development agreement for the development and commercialization of enzymes for animal feed applications was reportedly announced by Archer Daniels Midland Company (NYSE: ADM) and Qingdao Vland Biotech Group Co., Ltd.Under the terms of the agreement, enzyme-producing strains will be shared by the companies, based on which feed enzymes development will be carried out, ultimately facilitating the objective of animal nutrition and health enhancement. Further, it was also agreed that products developed under the agreement will be commercialized by both companies
September – Product Launch
DSM (Euronext: DSM) world leader in animal nutrition and Novozymes A/S (Nasdaq Copenhagen: NZYM B) world leader in biological solutions had reportedly announced a new feed additive called Balancius™, which was the world’s first at the time of the launch to improve gut functionality for broiler chickens, acting as an enabler for broilers for a better nutrients uptake from the feed aiding in better growth, minimization of feed use and facilitating the production of 3% more food from the same amount of feed. This product not only cut costs for livestock management but also reportedly aids in a significant reduction of greenhouse gas (GHG) emission.
November – Strategic Partnership
Kerry Inc’s (ISEQ: KRZ; LSE: KYGA) Kerry Animal Health & Nutrition and Agrivida, the Massachusetts-based biotechnology startup has reportedly announced a strategic partnership, providing Kerry with rights to promote Agrivida’s pioneering GRAINZYME® Phytase technology for poultry use for the U.S.A. market. This product was designed with the rationale to replace a fraction of the traditional corn that producers already feed their flocks, which would reportedly result in higher business profitability.
Therefore, from the aforementioned, it can be concluded that the need for food security requires assurance of food safety, among others, which in turn is poised to drive the need for feed safety. Moreover, with growing awareness of the negative externalities of animal husbandry on the environment coupled with the demand for high quality, affordable food as part of a healthy, balanced diet by consumers has led to the development of enhanced feed that is devoid of chemicals and is primarily derived naturally. Thereby leading to a higher demand for animal feed which in turn will facilitate healthy growth of industrial enzymes during the next few years.
Breaking the Myth of Underfloor Heating System
BlogThe underfloor heating system is a heat source that is simply used for keeping the room of a building warm. It can be installed under the floor, walls, or even the ceiling to ensure that the rooms heat faster. The growing trend of installing modern interior has been instrumental in supplementing the demand for an underfloor heating system since it does not occupy additional space and ensure that there is enough room for instating modern architecture. Furthermore, the ability of the underfloor heating system to work with all types of flooring further makes it an attractive option, with the global underfloor heating market size estimated to grow from US$4.110 billion in 2019 to US$6.303 billion in 2025 at a CAGR of 7.39%. Even though, the underfloor heating system requires an initial investment that is typically almost 30% higher than that of the traditional radiators, the ability of these systems to pay off the investment, in the long run, is seen as an appealing option for the building/homeowners as they are more efficient and require less maintenance in comparison to the traditional radiators. Moreover, the performance of electrical underfloor heating is similar to that of the radiators, making them popular, specifically in regions where the climate is harsh and cold.
Rising Focus on Building Energy Management
According to the U.S Department of Energy – heating, cooling, and ventilation captures 34.94% of the residential and commercial building’s energy use. Similarly, according to the Department of Industry, Science, Energy, and Resources – Australian Government, HVAC typically consumes 39% of the energy supplied to an office building in the country, within which, 6.6% of the overall energy is consumed by the heating requirement of the building.
Typical Energy Consumption in an Office Building
Source: Department of Industry, Science, Energy, and Resources – Australian Government
Thus, efforts have made by the government, specifically in the United States and Europe, to optimize energy consumption and make the commercial and residential building energy efficiency meet their respective climate change goals. The energy and power industry have been recommending replacing conventional equipment and appliances with green and power-efficient equipment. Comparing the environmental impact, due to its size and dimension, the underfloor heating system requires relatively less energy to provide a similar level of performance as the conventional radiator, with the former consuming 20%-40% less energy than the latter to heat a room of similar dimension. Thus, in order to reduce the share of HVAC in building’s energy consumption and to optimize overall building’s energy demand, replacing conventional heating equipment with the underfloor heating system may provide a small but significant stimulus in ensuring controlled carbon emission in the immediate future.
Recent Market Developments
Rising Remodeling Expenditure Providing High Revenue Generation Opportunity
According to the European Insulation Manufacturers Association, single-family and multi-family houses combine 67% of the total floor area in Europe. The underfloor heating system tends to improve the value of the property significantly. In fact, it has been suggested that underfloor heating is the second or the third most popular choice among the individuals that they spent on while getting a major home improvement in Europe. Thus, the rising household expenditure on remodeling/renovation directly correlates with the growth of the underfloor heating market. For instance, close to double-digit growth of household remodeling spending has been observed in key European markets such as the United Kingdom, Germany, and France in the last couple of years.
Distribution of Floor Area per Building Type in Europe, in %
Source: European Insulation Manufacturers Association
Similarly, in the Nordic region, specifically, in Norway – more than seven out ten apartments are owned by the private individuals (source: Statistics Norway) and property owners are the most important factors for carrying out the renovation activity in the country. In Finland, however, the spending on renovation construction has declined by 4.2% to reach EUR 6 billion in 2019 (source: Statistics Finland), however, a significant proportion of the individuals have planned spending on heating system renewal in the next three years. Similarly, in the United States, remodeling spending has been growing at a good pace over the years and has been instrumental in driving the underfloor heating market growth in the country.
Intelligent Packaging: Quality Checking at Its Best
BlogIntelligent packaging is referred to as a packaging system that is capable of carrying out smart functions such as detection, sensing, recording, tracing, communication, in addition to the application of scientific logic. This further helps in the facilitation of decision making, an extension of the shelf life of the product, safety enhancement, improving the quality of the product, providing relevant information regarding the product status, and warning about possible problems. The technology consists of temperature and freshness indicators, RFID tags, and sensors.
Intelligent Packaging for Food
The market is projected to grow at a significant pace with the rising trend towards the achievement of product safety, high-quality, and sustainability. With the increasing demand for food in order to satiate the rising global population, there is a need for sophisticated technologies that help in providing information regarding the quality status, thus preventing food wastage and spoilage. Hence, the adoption of intelligent packaging will help in the form of a quality indicator for the purchased food product. This will keep the consumer well-informed about the food quality and thus will curb food wastage to a greater extent. The growing demand for livestock products like meat, milk, and eggs will fuel the intelligent packaging market demand along with the growing demand for animal protein. As per the WHO information, there has been a surging pressure on the livestock industry for the production of high-value animal protein. Hence, the livestock sector is continuing to grow at a rapid pace and the major driving factors behind this growth are attributed to the rapidly growing population, increasing income, and rapid urbanization. The meat production on an annual basis is predicted to surge from 218 million tonnes during 1997-1999 to attain a production size of 376 million tonnes by the end of 2030.
Source: WHO, Annual Meat Production, 1997/99 to 2030, in Million Tonnes
A strong relationship between the rising income levels and animal protein consumption is depicted with the consumption of animal products like meat, milk, and eggs growing at the cost of commonly consumed staple foods. Additionally, with a sharp decline in prices, it has been noticed that the developing or the emerging economies of the world have commenced on higher meat consumption levels in comparison to the developed economies. According to the FAO predictions, the annual meat consumption in the emerging economies is projected to soar from 25.5 kg per person in 1997/99 to 37 kg per person by the end of 2030. In the industrialized nations, it is predicted to surge from 88 kg per person to 100 kg per person during the same time period. For milk and dairy products, the consumption is projected to grow from 45 kg per person per annum to 66 kg per person in the emerging economies, for the developed economies, it is predicted to surge from 212 kg per person to 221 kg per person. On the other hand, egg consumption is projected to rise from 6.5 kg per person to 8.9 per person; and from 13.5 per person to 13.8 per person in the developing and developed economies respectively.
The use of intelligent packaging for such perishable food items will definitely be of immense help in providing accurate information regarding the freshness level of the animal-derived food products.
Intelligent Packaging for Pharma Sector
The introduction of smart packaging in medicines is further providing an impetus in boosting the intelligent packaging market growth. The need for intelligent packaging is continuing to grow at a significant pace owing to the increasing prevalence of drugs that are sensitive to certain parameters such as moisture, increasing patient population that requires constant reminders for drug intake on a regular basis, and concerns regarding the sale of counterfeit drugs. It has been noticed that the use of Near Field Communication, NFC, can be highly effective in stopping the sale of counterfeit drugs. The technology involves a unique secure code that is invisible to the human eyes. The secure code is embedded inside the packaging of the pharma product. An authentication server stores the database of the pharmaceutical product, in addition, the server also stores the unique secure code related to the product. Then a mobile device is connected to the server and is configured to read the code that was inserted inside the product packaging. By bringing the mobile device close to the pharmaceutical packaging, the mobile is capable of identifying the genuine pharmaceutical product through communication with the authentic server, and, this, in turn, compares the unique secure code saved in the database.
Previous studies state that even high-income countries with strong regulatory systems that are capable of excluding false drug products also faced issues regarding the sales of counterfeit drugs in their markets. Also, as per OECD information, the incidence of adverse health consequences was noticed due to the use of fake medicines. It was estimated that around 72,000 to 1,69,000 children were expected to die from pneumonia every year after the consumption of fake drugs. Also, it was further assessed that false anti-malarial drugs are predicted to be responsible for additional 1,16,000 deaths (source: WHO, 2017).
Furthermore, significant product launches of smart packaging for drugs is contributing to burgeoning the market growth. In 2019, Log Pharma announced the release of its ActiveGuard Connect smart packaging solutions. The package designing is done for addressing the needs of patient adherence to a prescription drug or nutraceutical supplementation. The technology consists of an incorporated desiccant chamber that is designed to be attached and synchronized with a consumer’s smartphone.
Intelligent Packaging for Cosmetics
Beauty brands are also leveraging intelligent packaging technology that will not only allow the tracking of their cosmetic and personal care products but will also help in interacting with the user, in addition to offering an advanced product. Significant partnerships among organizations in the field of smart packaging for cosmetic and personal care commodities are further providing an opportunity for the market to thrive. In 2018, Cambridge Design Partnership teamed up with the international beauty brand, Avon, for utilizing smart packaging to support customer trials for a novel anti-ageing product.
A Guide to Display Panel Industry
Thought ArticlesDisplay panels are referred to the electronic viewing devices that enable people to view a piece of information in the form of images. These mostly comprise still images, moving images or texts, or any other visual material. Today, display panels hold immense market potential with the growing consumer electronics industry. The growing gaming and entertainment industry are further contributing to propelling the market growth. Also, the advent of mobile devices including smartphones, laptops, and tablets are propagating the market demand at present and in the upcoming years. Industries such as healthcare, transportation, and others integrate display panels into their equipment for providing a user-friendly interface for viewing data.
The growing HMI industry is further fueling the display panel market demand, also the adoption of touch screen panels has strengthened further market growth prospects. Human machine interface is an important tool providing convenience to the operator for interaction or machine control, or the entire process. HMI evolved from hard wired push buttons and indicator lights on a control panel to digital visual touch screens. Traditional HMIs lacked any sort of visual display. The operator had to constantly rely on the audible feedback, and alarm systems, in addition, push buttons were utilized for controlling the process. The next HMI panel consisted of text panels or alpha numeric-based operator interfaces. The hard-wired push buttons and indicator lights were replaced by the text panels having membrane push buttons on them. The only advantage of this type of panels was that an operator was capable of reading pre-programmed messages onto the LCD screen. Hence, providing the information to the operator in a visual format. Thus, in an HMI industry, since the onset of text panels, display panels started gaining momentum. With the revolution in industrial automation, there was a rise in the adoption of more refined control systems and visualization commodities. Slowly, touch screen models came into being with advanced graphical displays replacing text display panels with better screen resolution. This provided flexibility to a programmer in designing visually pleasing screen, also, the screen can provide a user or an operator what is going on in the entire plant without the need to manually conduct the scanning process. This is because of the fact that everything is displayed right onto the HMI screen.
The growing disposable income, especially in the developing economies of the world have put a significant impact on the market growth. The major reason lies in the fact that with the growing consumer disposable income, the willingness to spend on premium consumer goods, like kitchen appliances and other electronic gadgets, has certainly risen. This has resulted in the surge of the display panel demand for incorporation in these devices. The rising middle-income-population of the developing countries like India and China from the Asia Pacific region has provided a large consumer base for the consumer goods market to proliferate. Additionally, the increase in family income, with more than one earning member, specifically, with women entering the main workforce is also contributing to the market growth. The increasing global final consumption expenditure is adding to surge the display panel market growth. As per the World Bank predictions, the final consumption expenditure of the world grew from USD55.417 trillion in 2015 to USD63.083 trillion in 2018. In China, the final consumption expenditure grew from USD5.972 trillion in 2015 to USD7.65 trillion in 2018. In India, the final consumption expenditure rose from USD1.461 trillion in 2015 to USD1.91 trillion in 2018.
Source: The World Bank Group, Final Consumption Expenditure, World, India, and China, in USD Trillion
Significant investments in display panel manufacturing facility are providing an impetus in surging the market growth. In 2020, Samsung Display announced its investment of USD500 million in India. The investment amount will be dedicated towards setting up a manufacturing unit for the production of smartphone displays. The Korean company, Samsung recently, in 2018 inaugurated a smartphone manufacturing plant in Noida for expansion of its presence in India, the second-largest mobile phone market after China. Samsung Displays novel manufacturing unit to be located in Noida, Uttar Pradesh, is geared to help its parent organization in securing smartphone display panels at a cheaper rate and enhancing productivity.
The growing adoption of wearables worldwide is further propagating the display panel market demand. This can be assessed through numerous innovative wearable product launches. In 2019, Huami announced the release of the multiple series of novel and innovative wearable products at the consumer electronic show, 2020. The event was announced to take place in Las Vegas. The world’s largest company is poised to expanding its Amazfit portfolio beyond the smartwatch range. With growing consumer demand for health and fitness products, the company aims to build a strong foundation and ecosystem of wearables with a focus on health and fitness management.
In 2020, Huawei announced the launch of its next wearable, Huawei band 4 product. The novel product is equipped with heart rate monitor, oxygen saturation, and sleep monitoring features. The wearable fitness tracker band device consists of an in-built USB charging port, with a long-lasting battery, for nine days on a one-time full charge. The band has a colour touch screen display in addition to a glass front with 2.5D with an oleophobic coating. The band provides 9 exercise modules that include outdoor run, rowing machine, outdoor walk, free training, outdoor cycle, elliptical machine, indoor walk, and indoor cycle. In addition, there is a provision for setting reminder alarms. The band offers other features as well apart from the health and fitness capabilities, these include cold calls identification, remote shutter, smart clock, and phone finder features.
The increasing popularity of digital signage is providing an opportunity for the market to thrive at a significant pace. One can see the increasing adoption of digital outdoor signage in almost every industry vertical, hotel industry, at retail locations, transportation facilities, entertainment venues such as a sport event, and many more. The major reasons for its growing popularity are attributed to the dynamic and interactive content, it is cost-effective in comparison to the traditional broadcasting boards, digital signages have shown improvement in remembering the content, thus, contributed to increasing the content retention rates. Furthermore, digital outdoor signages are designed in a way that can be easily understood, even in direct sunlight, further providing the consumers with a much better viewing experience than before. Also, the availability of innovative outdoor-specific screens capable of enduring wind, high and low temperatures, and moisture is further offering robust market growth prospects.
An Electrical Engineered Innovation Capacitive Sensor
BlogCapacitive sensors are often called non-contact devices that are used to detect the presence or absence of virtually any object regardless of any type of material. Expanding the automotive industry is one of the prime drivers for the growth of the capacitive sensor market during the forecast period. Also, growing demand for smartphones, tablets, and other advanced consumer electronics worldwide is further fuelling the demand for capacitive touch displays, thus positively impacting the demand for capacitive sensors in various parts of the world.
Increasing Demand for Electronics Across Industry Verticals
Consumer electronics comprising capacitive sensors includes smartphones, wearables, and advance tablets among other consumer electronics. Increasing adoption of consumer electronics and the availability of a variety of products, the demand for consumer electronics is increasing, simultaneously which will further push the demand for capacitive sensor during the forecast period. In addition, the increasing household consumption expenditure also plays an important role in increasing the demand for consumer electronics, which further increases the demand for innovative sensors from semiconductor industry. For instance, as per the World Bank, the household’s final consumption expenditure has grown remarkably from US$ 2.732 trillion in 2011 to US$ 4.698 trillion by 2017. Furthermore, rapid urbanization and increasing disposable income in developing economies like India, China, and Brazil are anticipated to increase the demand for consumer electronics which will further widen up the growth opportunities for vendors and manufacturers during the forecast period.
Moreover, with the increasing popularity of wireless power, interactive displays, and advance robotics there is a burgeoning demand for better performance. With this heavy expenditure are being done by the manufacturers of consumer electronic devices worldwide, in the R&D to bring out the state-of-art technology, as a result, the demand for semiconductors is expected to grow in the coming years. In addition, the demand for these devices in the communication industry will see a rise due to their increasing application in smartphones and other communication devices. Smartphones utilize multiple sensors, ranging from proximity sensors, accelerometers and gyroscopes, magnetometers, and light sensors, among others. Furthermore, the technological advancements in the field have also led to manufacturers further improving the capacitive sensor usage in smartphones.
With the advancement in embedded technologies, technologies such as industrial PCs are used in electronics manufacturing plants so as to increase productivity. Industrial automation in the manufacturing industry is playing a significant role in increasing the demand for capacitive sensors. Panel PCs are increasingly being utilized in the manufacturing plants because they meet the demands of a rigorous working environment. Emerging technologies such as the Industrial Internet of Things (IIoT) are shaping the manufacturing processes in the electronics industry. It is becoming a core component of industrial transformation across the globe. Manufacturers are steadily adopting industrial IoT to upgrade their facilities and to gain a competitive edge. Thus, increasing demand for such technologies is expected to bolster the capacitive sensor market growth. The market is expected to grow at a steady pace owing to the growing semiconductor and electronics industry in the developed and developing countries. Emerging technologies such as Industrial Internet of Things (IIoT) is shaping the manufacturing processes in electronics industry. It is becoming a core component of industrial transformation across the globe. Manufacturers are steadily adopting industrial IoT to upgrade their facilities and to gain competitive edge. Thus the market is expected to grow at a steady pace owing to the growing semiconductor and electronics industry in the developed and developing countries.
Source: Apple Annual Report, Knowledge Sourcing Intelligence Analysis
China Is Driving the Growth of the Market
In China, the government policy also aims at supporting the creation of manufacturing innovation centers to 15 by 2020, and to 40 by 2025. Moreover, the availability of cheap labor and other supportive government practices have also assisted China in being a hub for electronic manufacturing and attracts producers from around the world to set up production sites in the country, further amplifying the semiconductor production and thus, positively impacting the demand for capacitive sensors in the coming years. The Chinese region is also a prominent manufacturer of solar cells. According to the Global Market Outlook for Solar Power, 2018 to 2022, by the European Photovoltaic Industry Association, China installed 53.3% of the world’s solar capacity in 2017, and the country is also responsible for more than half of the global demand. With the country still projecting a high growth in solar cell production, the demand for capacitive sensors to assist the same will also increase in the region during the forecast period.
Understanding the Japanese Capacitive Sensor Market
The domestic consumer spending has been relatively week in recent years, even though, there has been a growing indication of the improvement in real wages on account of rising employment trends. The growing consumer spending in the country is stimulating the production of personal computers, smartphones, and audio-visual equipment, among others. Thus, after a recent decline in domestic production of Japan’s electronic industry by 6% in 2016 (source: Japan Electronics and Information Technology Industries Association), the industry is projected to witness moderate growth during the forecast period, more specifically for display devices, storage/server equipment, electronic medical equipment, and electric measuring instruments.
Moreover, the production of passenger cars and commercial vehicles has also improved since 2015. For instance, the vehicle production in the country, including passenger vehicles, trucks, and buses, totalled 791, 315 units in December 2017, representing 1.3% year on year increase during the same month in 2016 (source: Japan Automobiles Manufacturer’s Association). Furthermore, the instance of a trade war between the United States and China in which the United States imposed steep import duties for the Chinese manufactured good is resulting in some firms shifting their production facilities from China to other countries such as Japan and Korea among others in order to maintain higher margins. Thus, the anticipated economic recovery and relatively favourable trade policies are projected to push the growth of the capacitive sensor market in Japan.
How Industrial Enzymes Changing Our Lives!
BlogIndustrial enzymes are the types of macromolecular biological that are commercially used in a wide range of industries such as chemical, biofuels, pharmaceuticals, and food & beverage, among others. The expanding food and beverage industry coupled with the recent advancements in enzyme engineering & green chemistry are boosting the demand for industrial enzymes. In the food and beverage industry specifically, the catalysts are used to enhance the end product’s texture, taste, and flavor. Growing demand for cosmetics and personal care products on account of the growing geriatric population in various parts of the world coupled with the rising awareness are contributing to the global industrial enzymes market growth. Furthermore, the demand for industrial enzymes is expected to increase in the coming years owing to increasing application in animal feed products to boost the nutritional value of the animal feed.
Increasing Demand for Products With Longer Shelf Lives and Convenient Storage
The widening of distribution chains, globalization and expansion of companies, a growing number of retail and wholesale outlets, and more have led to the development of food products with a longer life span. Industrial enzymes are used in the products that last for longer times. According to the USDA's Shelf-Stable Food Safety, some canned hams are shelf-stable and can be stored in the pantry up to 2 to 5 years. Due to this, there has been a rise in the demand for longer shelf life products which uses enzymes during the forecast period. Furthermore, packaging, storage, and logistics comprise a substantial part of the costing of the products and industrial enzymes are used in optimization of the production processes making it a better option for manufactures resulting in the investment in research and development in chemical industry.
Growing Demand for Convenience Products
The rise in the number of working populations worldwide is projected to be one of the key drivers to the convenience food market. According to a report by the United States Department of Agriculture (USDA), ready to eat and ready to cook foods amounted to 26% of the household expenditure on food between 1999 and 2010, with the portion of the average household food budget spent on ready to eats growing since 2007. Furthermore, according to APEAL, the Association of European Producers of Steel for Packaging, busier lifestyles have led to increased adoption of convenience products as it saves 50% time on average. Furthermore, the added benefits of portability, portion controlling, easier handling and opening, have further added to the demand for convenience products, thus resulting in an increase in the demand for industrial enzymes all around. In addition to this, multiple studies have shown the connection between advertisement and the demand for convenience products. And with the increase in the advertisement expenditure, the demand for convenience products will further rise, resulting in a snowball in the demand for industrial enzymes in the coming years.
Rapid urbanization coupled with the increasing demand for bioethanol in developing countries around the world is further boosting the demand for industrial enzymes over the forecast period.
According to the latest United Nations statistics, there is a rapid growth in the urban population of the world which has increased from around 751 million to more than 4.2 billion from 1950 to 2018. The migration of people has a consequence of an increase in disposable income, which resulted in the adoption of modern living conditions as well. Thus, all of the above factors created the market for industrial enzymes in various end-user industries.
The increase in cosmetic product demand is highly attributed to the growing middle-class population, especially in the developing economies of the world, thus creating a high consumer base. For instance, the Asia Pacific, by 2030 is projected to hold the maximum middle-class population, where it will represent more than 60% share in the global middle-class population and over 50% share on the basis of middle-class consumption. The graph below depicts the growth in the global middle-class population for the year 2009, 2020, and 2030 in billion units.
Source: OECD Statistics, Knowledge Sourcing Intelligence Analysis
Application in the Animal Feed Industry Is Growing During the Forecast Period
Growing consumption of meat and other end products such as milk, eggs across different regions is considered as one of the prime factors driving the growth of the industrial enzymes market during the forecast period. According to the Organisation for Economic Co-operation and Development, per capita, meat consumption in Brazil has increased from 24.633 kilograms in 2011 to 25.931 kilograms in 2017. Even per capita, meat consumption in Japan has increased from 6.491 kilograms in 2008 to 7.17 kilograms in 2017. Moreover, according to the Food and Agriculture Organization (FAO), milk consumption is expected to increase from 568 million tonnes to 700 million tonnes by 2020. Compound Feed is prepared by blending several raw materials and additives, based on the needs or requirements of the target animals. Compound feed is gaining traction due to its manifold advantages such as consistency, efficiency, economy, quality, and nutrition. Technological developments in the animal feed equipment in conjunction with investments, mergers, and acquisitions in this market is anticipated to expedite the process of compound feed production. For instance, Vermeer Corporation, which has a global presence, acquired family-owned Schuler Manufacturing to expand its feed production technology to provide support to the cattle producers throughout the feeding process. Another example being, in January 2020, Cargill made an investment of $20 million in India in a new premix and supplement manufacturing facility. The company has aimed to invest $240 million in India to expand its presence. This facility is also expected to generate feed additives to be used in Northern India to augment the animal feed industry.
Understanding the Pharmaceutical Packaging Industry
Thought ArticlesThe pharmaceutical packaging is essential for the protection of critical healthcare products. The whole process of presentation and information about the dosage form, identification of the components of the product, and the convenience associated with the administration of the product plays a vital role in the packaging industry. The growth opportunities for vendors and manufacturers of pharmaceutical packaging are driven mostly by the growing demand for drug delivery devices, technological advancements, and reduction in the packaging cost coupled with the advancement in the technology. In addition, a rise in the demand for reusable and specialty packaging is also expected to bolster the pharmaceutical packaging market growth during the forecast period. Besides, with the growing e-commerce and online purchasing trend in developing countries like India, China, and Brazil, drugs also need robust packaging keeping in view the safety of the final product. Hence, the growing e-commerce industry is further driving the growth of the global pharmaceutical packaging market in the coming years.
The latest pharmaceutical packaging technologies blister and aseptic packaging is getting popularity as most of the pharmaceutical products today need reliable and speedy packaging solutions that deliver a combination of product protection, quality, patient comfort, and security needs. Expanding healthcare and pharmaceutical industry in developing countries is considered as one of the major driving factors that are boosting the pharmaceutical packaging market growth in recent years. In fact, according to the International Trade Administration (ITA), the U.S Department of Commerce, the biopharmaceutical industry accounted for more than $1.3 trillion in economic output, representing nearly 4% of total U.S output in 2019.
Source: The World Bank
In addition, increasing investment by market players in the form of acquisition or production capacity to expand the product portfolio is expected to further drive the growth of the market for technologies like blister packaging in the pharmaceutical industry in the coming years. For instance, in October 2018, Merck invested nearly €63 million which is a part of €1 billion investment plan of the company in transforming the Darmstadt site which will be dedicated to the packaging and shipping of the company’s pharma medicine. Furthermore, rising health spending coupled with the growing geriatric population is further anticipated to boost the demand for medicines thus augmenting the market growth opportunities for the packaging industry in the coming years. According to the Organisation for Economic Co-operation and Development, per capita, health spending in the United Kingdom has increased from US$2969.6 in 2006 to US$4653.1 in 2019. Similarly, in the United States, health care spending per capita has increased from US$6,806.9 in 2006 to US$11,071.7 in 2019. Furthermore, advanced packaging solutions are increasingly being utilized in clinical trials, drug promotion, and commercial packaging. Thus, the burgeoning number of clinical trials in the developed and developing regions is unlocking growth opportunities for the pharmaceutical packaging to provide efficient solutions that are suitable for these trials.
By Raw Material Metal Foils Segment Is Expected to Grow at a Significant Rate During the Forecast Period
Metals such as aluminium foils are being extensively used in pharmaceutical packaging to create a barrier from light and oxygen, thus eliminating the need for refrigeration and further improving the shelf life of the products without the usage of any type of chemical. Furthermore, metal foils are also a commonly used form in blister form of packaging. Thus, an increase in the demand for these medicines and other healthcare products is estimated to push the metal foils aseptic packaging market positively
Geographically, the North American Region Is Anticipated to Hold a Substantial Share in the Market
Based on geography, North America is expected to hold a major share in the pharmaceutical packaging market owing to the early adoption of technology, and the high health expenditure in countries like the United States and Canada among all the developed regions of the world. The rising health concerns are anticipated to increase health spending on drugs by individuals. Also, initiatives are taken by the U.S Department of Health and Human Services which recently proposed a regulation aimed at lowering the drug prices and reducing the out of the pocket expenditure thereby encouraging pharmaceutical manufacturers to pass the discounts directly to the patients. This is further expected to push the demand for pharmaceutical drugs, thus, driving the pharmaceutical production and hence the revenue generation opportunity for the participants in the drug packaging value chain. Furthermore, the Food and Drug Administration (FDA) has recently passed a regulation requiring all the prescribed pharmaceuticals dispensed in the hospitals and nursing homes to be packaged in the unit dose format with barcodes to reduce dispensing errors, which is expected to significantly benefit the pharmaceutical packaging market in the region. While the Asia Pacific region is expected to be one of the fastest growing, this is due to the expanding pharmaceutical industry, especially in the emerging economies of India, Indonesia, and China. In addition, with the growing prevalence of chronic diseases in the Asia Pacific region, the market for pharmaceutical packaging is projected to expand due to the rising demand for drugs and other pharmaceutical products supported by effective treatment procedures in the region. Furthermore, growing health awareness among individuals in various parts of the world is expected to provide an exponential opportunity for the market to grow at a sustainable pace in the upcoming years.
Furthermore, with the growing global geriatric population, the pharmaceutical packaging market will continue to surge on account of the increasing number of hospitalizations for the treatment of age-associated chronic diseases. Also, as per the United Nations latest report, by the end of 2050, more than sixteen percent of the people in the world will be above 65 years of age, which is estimated to rise from nine percent in 2019. An increase of more than seventy percent. Besides, the number of individuals aged 80 years of age or more is estimated to grow to three times, from a population size of around 143 million to a population size of around 426 million from between 2019 and 2025. According to the World Bank report, the population ages 65 and above as the percent of the total population in Italy and Japan has increased from 20.08% and 21.23% in 2008 to 23.01% and 28.01% in 2019 respectively.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to automotive, with a special knack for packaging. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets,visit www.knowledge-sourcing.com.
The Smart Glass Market Trend – Raising Comfort, Cutting Costs, Saving Environment
BlogThe intrinsic capabilities of smart glasses to provide acoustic and thermal insulations, facilitate energy conservation and add aesthetics, effectively validating the evolving architectural philosophy are one part of the factor that is expected to drive the growth of the smart glass market. Additionally, the regulatory measures and policy-driven incentives by various national governments are expected to catalyze various strategic decisions pertaining to the smart glass market. The automotive sector along with public transportations such as trains and aviation-related applications are also expected to drive the market of smart glass. Further, robust demand from the commercial sector that stems from their strategic imperative of reducing their carbon footprint is also expected to be a noteworthy driver facilitating the growth of the market. Nevertheless, the demand from the residential sector for smart glasses will take some time to gain momentum which will be majorly supported by curiosity and initial interest. On the contrary, integrating smart glass solutions are expected to incur high initial expenditure which comprises procurement and installation expenditure. Further, even though smart glass solutions are dirt proof which necessitates occasional cleaning, maintaining them at regular intervals is required to prevent any possible malfunctioning, thereby incurring further expenses on maintenance. These factors are expected to deter market growth to a certain extent.
During the past few years, urban areas have experienced substantial growth with rapid changes experienced by nations around the world driven by their respective urbanized population. This has increasingly posed the challenge of meeting energy demands through sustainable means concomitantly reducing the cost of utilities. Thus, the initial endeavor of reducing the installation of light fixtures to increase daylight entering buildings and consequently reduce the cost of electricity manifested into the law of unintended consequences of increased glare and heat inside buildings which resulted in higher HVAC expenditures, which in turn stemmed from heat gains in warm months and heat loss in cold months. This realization has led to decisions about smart glass integration as exemplified by the reported announcement of California, USA, based Kinestral Technologies, Inc. in September 2018 that smart homes and buildings by Menlo Park, California based tech and construction company Katerra, will be having Halio Smart-Tinting Glass integrated into them, which is covered under a partnership between the two organizations. Further, the partnership also facilitates integrating Halio’s cloud-based automation system into Katerra’s systems, enabling an intuitive and seamless user experience for Karterra’s customers. Thus, such comprehensive partnerships are expected to contribute to the smart glass market growth, in the coming few years. This also effectively addresses the 2019 update to California’s Energy Code which necessitates greater than 50 % improvement in residential housing energy efficiency, which made it the most stringent building energy code in the USA.
The recognition of environment-friendly building codes are not just restricted to state energy policies but also has been acknowledged by supranational agencies like United Nations Economic Commission for Europe, which recognizes that buildings are central to meeting the sustainability challenge since buildings are responsible for 40% of CO2 emissions, 70% of the consumption of electric power generated requiring efficacious energy performance management of buildings. With respect to EU 28, it can be stated with certitude that the energy and power industry has benefited from the institutionalization of public financial and fiscal instruments supporting energy renovations in buildings. Many countries within the EU have opted for deploying a combination of different instruments, each of them tailored to address different barriers, specific segments, and recipient groups within the building sector. Financial support is predominantly offered in the form of grants and /or subsidies, which is a particularly popular instrument in Austria, Croatia, Ireland, Cyprus, Estonia, Latvia, Greece, and Poland. Whereas in countries like the UK, Spain, Slovenia, Slovakia, Romania, Portugal, Malta, Luxembourg, Lithuania, Latvia, Italy, Hungary, Germany, France, Estonia, Czech Republic, Bulgaria, Belgium, and Austria, loans and soft loans are made available.
Further schemes like the SALIX scheme in the UK, the National Revolving Fund for Energy Savings in the Netherlands, the Kredex Fund in Estonia and Energy Efficiency, and Renewable Sources Fund in Bulgaria, are designed in the form of revolving funds, ultimately facilitating the scaling up of energy efficiency investments using a revolving mechanism. In other words, a portion of the savings generated by supported investments is used to replenish in part the fund (i.e. revolved) facilitating the possibilities of reinvestment in future projects of equivalent value. Further, surmising the aforementioned, there are reportedly about 129 instruments which support energy renovations in buildings across the EU, out of which 10% constitutes tax incentives, 19% constitutes loans/soft loans, 61% constitutes grants/subsidies, and the remainder 10% comprises a combination of the above. As of 2019, 15 billion Euros have been spent approximately by public resources on an annual basis across the EU. The largest schemes in terms of public resources expenditure are the German KfW Energy Efficient Refurbishment Programme, the French Energy Transition Tax Credit scheme, the Austrian Regional subsidies for energy efficiency in residential buildings, Italian Eco-bonus tax rebate scheme. Thus, delineating the fact that the investment environment is conducive for further development of the smart glass market in the next few years.
Besides buildings, smart glasses have received worldwide cognizance in other applications such as automotive and public transport to name a few, which is also expected to fuel the growth of the market. For instance, marking the worlds’ first adoption to be used as a sunroof in a mass-production vehicle, WONDERLITE™ Dx by AGC Inc. has been reportedly integrated by Toyota's new Harrier that was commercially made available in June 2020. The rationale for the integration is its rapid response time, which is the fastest in the world to date, enabling instantaneous control of the light transmission. Earlier in September 2018, a collaboration was announced between Heliotrope Technologies Inc. and Oran Safety Glass (OSG) to introduce NanoEC™ smart glass technology thereby endeavoring the commercialization of the technology in the transportation industry. Further enabling transport operators to sustainably respond to the need for real-time passenger comfort. In this manner, the need for curtains has been eliminated which not only results in saving water as the need for laundering them is also eliminated at the same time but also provides the passengers with a technologically-driven-innovative means to control the degree of shade without comprising the experience of the view.