Power banks are small and portable chargers that enable the users to charge a number of digital handheld devices such as smartphones, laptops, cameras, and others. These devices come in different battery capacities, different materials, and different types of technology such as wired and wireless.
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The global power bank market is projected to witness a healthy growth over the course of the next five years. The major factors driving the demand for power banks is constantly growing penetration of smartphones in both developing and developed economies of the world. The booming penetration of the internet has led to an upsurge in the adoption of the online distribution channels for the purchase of numerous types of convenience products, and power banks are considered to be an integral part of it. Thus, the expansion of distribution channels plays a significant role in shaping up the market growth for power banks in the long run. The rapid innovations in technology have led to the development of various low-cost products as the companies aim to tap the potential customers, and a major population across the developing economies of the globe fall under the middle-income groups. Thus, the constant decline in the prices of power banks has also led to an upsurge in the demand in lower-income countries, thus positively impacting the growth over the coming five years. Additionally, the incorporation of new technology and the development of new products such as wireless power banks and solar power based power banks is one of the key factors that is projected to propel the opportunities for the market to grow in the near future. For example, in May 2020, Gionee announced its re-entry in the tech market announced the launch of its first power bank with wireless charging capabilities for its sale throughout India.
The Tourism Sector Drives the Growth During the Forecast Period
Power banks are considered as one of the most important gadgets for frequent travelers as it offers on the go charging of smartphones and other handheld devices wherever and whenever required. This, a decent growth in the tourism sector throughout the globe is also considered to be a prime factor in fuelling global power bank market growth over the next five years.
Air Transport Passengers Carried, 2010 to 2018, in Units
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Source: The World Bank Group
The above graph represents the increase in the number of passengers carried through air transport in India and Thailand. For instance, in Thailand, the passengers carried through air transport reached 76,053,043 by the year 2018 from 28,780,723 in 2010. Similarly, in India, the number of passengers increased from 64,374,254 to 164,035,638 by the year 2018. These countries are well known for their tourism industry. However, the recent advent of the novel coronavirus disease is anticipated to inhibit the demand for power banks to some extent as the various government regulations to control the outbreak of the disease led to a ban on travel in many countries throughout the globe. Thus, anticipated to hamper the growth to some extent during the short run. Thus, the significant growth in the travel and tourism industry around the globe plays a significant role in shaping up the global power bank market growth throughout the forecast period.
Segment Overview:
The global power bank market has been segmented on the basis of type, application, and geography. By type, the market has been segmented into Lithium-Ion (Li-Ion) Battery, Lithium Polymer (Li-Polymer) Battery. By application, the market has been segmented on the basis of digital camera, laptops, portable media devices, smartphones, tablets, wearable devices, and others. Geographically, the market has been distributed on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Lithium Polymer to Witness a Healthy Growth
On the basis of type, lithium polymer segment is expected to show a healthy growth throughout the forecast period on account of the rising adoption of these batteries for various applications on account of considerably lesser weight and highly moldable properties of these batteries. Furthermore, lithium-ion batteries are anticipated to hold a significant share in the market as these have high voltage thus making them suitable for a wider number of applications. Also, these batteries have high conversion rates, energy density, and are also have low manufacturing costs is also one of the key factors bolstering the growth of this segment over the next five years.
Smartphones to Hold a Notable Share
On the basis of application, the digital camera segment is projected to show decent growth in the next five years on account of the rising vlogging trend in various countries around the globe. Thus, vloggers carry portable power banks to charge their various devices such as cameras and laptops on the go. The smartphone segment is projected to hold a significant share in the market on account of the wide adoption of power banks for their use on smartphones along with the growth of the tourism sector throughout the globe.
The Asia Pacific to Show Healthy Growth Opportunities
Geographically, the Asia Pacific region is expected to witness a healthy growth throughout the forecast period on account of the presence of a considerably larger population base in countries like India and China. Also, the rapid penetration of smartphones on account of the rising disposable income also propels the opportunities for the market to grow in the near future. Also, the rapid increase in the urban population has led to a change in the lifestyle of the people, this in turn has resulted in the upsurge for convenience goods, thus amplifying the demand in the next five years. For example, the urban population in India increased from 381763166 in 2010 to 471031528 by the year 2019. Similarly, in China, it reached 842933962 by 2019 from 658498663 in 2010 (Source: The World Bank Group). Furthermore, the presence of various domestic companies in the region is also a key factor bolstering the power bank market growth throughout the forecast period.
Urban Population – India, China
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Source: The World Bank Group
Global Egg Replacers Market Trend – Ensuring an Allergen Free Indulgence
Thought ArticlesThe growing prevalence of allergy towards eggs and egg-based products, the increasing pool of vegans, and flexitarians coupled with the recent upswing in plant-based alternative which in turn is driven by the growing awareness of environmental degradation caused by animal husbandry. Furthermore, consumers are increasingly inclined to experiment with the kind of food products they would include in their daily diet, this has facilitated increasing R&D investments facilitating product launches, among others. A few instances are being listed below:
March 2019 – Product Launch
Scramblit™ – A reportedly Delicious superfood and an egg alternative that is derived out of plant were launched by Spero Foods which was reported to constitute zinc, omega 3’s, iron, antioxidants which were 30 times more than present in animal eggs.
October 2019 – Product Development
Zero Egg which is an Israeli based startup has reportedly developed plant-based egg replacement for food manufacturers, which it claims to have the same characteristic and functionality of the real egg and can be used to make sauces, pasta, omelets, and baked goods
October 2020 – Product Improvement
As a response to the growing demand for high-quality vegan bakery goods, Ulrick & Short reportedly unveiled the latest addition to its egg replacement range ovaprox 5 which has been developed to mimic the functional properties of eggs in a 100% egg-free scenario, but with an emphasis on the improvement of the volume, texture, tenderization, emulsification, crumb structure of the vegan baked goods. The product is reportedly a clean label, non-GMO, and allergen-free and reportedly has a shelf life of 12 years in ambient conditions.
Rural Population (% of Total Population)
Source: World Bank
The factor that is at the core that is expected to drive the growth of the market is the rapid rate of urbanization
The rate of urbanization and the simultaneous migration from rural areas to urban regions are facilitating the trend of convenience snacking and consumption of ready-to-eat-food apart from other kinds of shifts in dietary patterns. Besides the other aspect that is poised to drive the global egg replacers market is the change in erstwhile food and beverage consumption which were essentially traditional to a range of food products that are processed thus leading to an increase in expenditure towards such products. This is partly due to FAO’s predictions that the individual consumption patterns of the population which in turn is based on respective consumption preferences and the available income to realize them. With the gradual rise in incomes the consumers’’ proclivity to spend their extra income on food is predicted to decline and consequently the share of expenditure on food in total disposable income is expected to fall, which is estimated to fall to 6% by 2029 from 8% estimated in 2020.
The emerging economies of upper and lower-middle-income countries are forecasted to experience the decrease, whereby food expenditure shares are expected to fall from 21% to 17% for lower-middle-income countries, and from 19% to 14% for upper-middle-income countries by 2029. It can be delineated that the aforesaid is expected to partly arise from the rapid growth of urbanization which is currently widespread. To this end it is important to note that according to the UN by 2030, Africa is expected to witness an urban settlement that would constitute 47 % of the population, Asia is expected to witness an urban settlement that would comprise 56% of its total population, and Oceania 71%. Moreover, the urban population in Africa is expected to triple by 2050. As of 2018 Africa and Asia represented the lowest levels of urbanization while in the case of Latin American and the Caribbean 81% of the population is concentrated in urban settlements and 74 % of the population of Europe that is concentrated in urban settlements. Northern America, was the estimated to be the most urbanized region as of 2018 that constituted 82% of its population was living in urban areas. Before all foregoing, the share of the global population living in urban areas is estimated to reach 60 % in 2030 from 55 % in 2018.
By Geography, Asia is expected to occupy a significant share of the market during the forecast period
The APAC region is known for its diverse food consumption trend and various eating habits that comprise more than half of the global population which was in the order of 4.1 billion. As per USDA, Indonesia’s grocery retail sales reached $115 billion in 2019. COVID 19 had fueled panic buying during the first quarter of 2020. Further, the normal trend of going to wet markets was refrained from due to considerations pertaining to hygiene which is also in a certain manner expected to contribute to the global egg replacer market growth due to increasing abstinence from products that are derived out of animals. With regards to Thailand, the increasing pool of young, middle-income populations with a higher disposable income and greater inclination to spend are core drivers that are expected to drive the opportunities for product development since with more availability of disposable income there is an increased likelihood of experimentation. Furthermore, in the case of China as per the National Bureau of Statistics of China the total retail sales of consumer goods accounted for 3,357.1 billion yuan, an increase of 0.5 % year on year (YoY).
Moreover, the segment of the urban consumer goods reportedly registered retail sales of 2,927.3 billion yuan that was reportedly an increment by 0.5 % (YoY). Additionally, from January to August, retail sales carried over online were in the order of 7,032.6 billion yuan which was growth by 9.5 % YoY. Thus, with such market conditions, the food-and-beverage industry is expected to witness a myriad of developments with products pertaining to egg replacers as one of them. For instance, JUST Inc. had reportedly announced in May 2019 that it is the first major U.S. food tech start-up to enter mainland China. Just-Egg which is rich in protein and derived from the plant was reportedly available for purchase on the country’s largest online retailer JD.com; Tmall.com an e-commerce platform; JUST’s WeChat Store; Hunter Gatherer – healthy restaurant chain; Hema – supermarket and food delivery service; e-commerce platform dedicated to food called FreshFresh.com; and City’super-specialty retailer.
A Detailed Study on the Shape Memory Alloy Market
Thought ArticlesA shape memory alloy belongs to the category of specialty materials. These alloys have the ability to deform themselves after being heated and can be returned to pre-deformed shape when cooled down. The global market for shape memory alloys is projected to show robust growth throughout the course of the next five years owing to the fact that these alloys have unique properties that are pseudo elasticity and shape memory effect. This further makes shape memory alloys suitable for a wide variety of applications across the different industry verticals. Furthermore, the market is also poised to witness growth on account of the growing investments by major market players in the form of research and development for the adoption and development of new materials. Also, the adoption of specialty metals across the healthcare sector is gaining a lot of traction these days on account of growing applications in biomedical devices. Thus, a significant increase in the health spending worldwide for the up-gradation as well as the adoption of new healthcare infrastructure especially in the developing economies of the globe is further expected to positively impact the market growth throughout the course of the next five years.
Current Health Expenditure (% of GDP) – China, Brazil, 2010 to 2017
Source: The World Bank Group
The figure above represents the current healthcare expenditure in Brazil and China as the percentage of the GDP of the respective countries which shows that in China the health spending reached 5.15% of the GDP by the year 2017 from 4.21% in the year 2010. Similarly, in Brazil, it increased from 7.95% in 2010 to 9.47% by the year 2017. Thus, the growing health spending further plays a significant role in shaping up the shape memory alloy market growth over the next five years.
The market for shape memory alloys is also projected to grow substantially on account of the constantly growing demand for consumer electronics such as household electronics appliances such as refrigerators, air conditioners, and coffee makers among others. The ability of these alloys such a superelasticity and shape memory effect further makes it suitable for the wide application in electronic appliances. The growing disposable income and the improvement in the standards of people living across the developed economies of the world are further propelling the demand for consumer electronics, thus positively impacting the market growth throughout the forecast period.
Shape Memory Alloy Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
The figure represents the global market size of shape memory alloys from 2019 to 2025 which further shows that the market reached US$19.276 billion by the year 2025 from US$9.581 billion in 2019.
However, the market is expected to be restrained by the fact that manufacturing activities across several industry verticals such as automotive and consumer electronics among others have been temporarily suspended in some countries due to the outbreak of the novel coronavirus disease. Several government restrictions such as lockdowns and social distancing measures have led to a temporary closure of manufacturing plants in many countries. Furthermore, the shortages of labor coupled with the non-availability of raw materials due to a disruption in the global supply chain have further impacted the manufacturing output of the industries globally. Thus, the advent of COVID-19 is expected to hamper the market growth moderately during a short period of the next six to eight months. Furthermore, the volatile prices of raw materials coupled with the availability of a range of substitute products of shape memory alloys is also a major factor that is projected to negatively impact the market growth to some extent until the end of the forecast period.
Segment Overview:
The segmentation of the shape memory alloy market has been done into type, end-user industry, and geography.
Copper-Based Alloys to Grow Substantially
By type, the market has been segmented nickel-titanium based, copper-based, and others. The copper-based alloys are anticipated to grow at a healthy pace throughout the forecast period. These alloys are widely used in actuators, fluid connectors, and couplings among others which is a key factor bolstering the growth of this segment throughout the forecast period. Furthermore, the lower cost of copper-based alloys is also supplementing the market growth of this segment during the forecast period. However, the nickel-titanium based alloys are expected to hold a notable amount of share in the market. The major factors supporting the growth of this segment include the vast use in cardiovascular applications across the healthcare sector.
Healthcare to Hold a Healthy Share
By the end-user industry, the shape memory alloy market has been segmented as automotive, healthcare, aerospace and defense, electronics, and others. The healthcare industry is expected to hold a notable share in the market owing to the vast applications of specialty materials in biomedical devices as well as the high adoption of shape memory alloys in cardiovascular applications. The majority of the cardiovascular stents are made using these alloys owing to high flexibility and fatigue resistance. Furthermore, the booming penetration of technologies in the automotive sector has further propelled the adoption of microcontrollers, sensors, and actuators among others. Features such as ADAS, ABS, and EBS further augment the use of sensors and other electronic components necessary for the functioning of these systems. Thus, a significant growth of the automotive industry is further expected to drive the growth of this segment throughout the forecast period.
Apac to Show Promising Growth
Geographically, the distribution of the market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific among others. The North American region is projected to hold a substantial market share throughout the course of the next five years on account of the early adoption of technology and the presence of a world-class infrastructure across the industries in countries like the United States and Canada among others. However, the APAC region is expected to show promising growth on account of the growing industries in the region coupled with the presence of well-established chemicals and materials industry in countries like Japan, China, and India among others.
Head-Mounted Display – An Integral Component for AR and VR
BlogHead-Mounted Displays (HMD), are display devices that contain a small screen right in front of the eyes. These devices are worn on the head like a helmet and they offer a cinematic experience to the users. The market for head-mounted displays is projected to witness rapid growth over the course of the next five years. The major factors boosting the market growth include the rapid adoption of these displays across various industry verticals that majorly include aviation and defense, media and entertainment, and healthcare among others. The booming adoption of head-mounted displays in scientific research is also playing a significant role in shaping up the market growth over the next five years as these displays have the ability to simulate risk infused and complex real-world scenarios. The rapid advancements in technology have led to the development of new and efficient products in terms of dimension, weight, impact on eyes, and others.
Booming Adoption of AR and VR Technologies
The major factors driving the head-mounted display market growth is the rising inclination of various organizations across the different industry verticals regarding the adoption of virtual reality and augmented reality technologies. The increasing importance of AR and VR technologies across the industries to eliminate the physical presence of humans in various environments is also propelling the adoption of head-mounted displays in various industries. Additionally, the growing adoption of VR in the military and media sector is also projected to propel the growth opportunities for the manufactures to invest in the market and tap the potential that the market holds.
Segment Overview:
The head-mounted display market has been segmented on the basis of technology, product, connectivity, display, industry vertical, and geography. On the basis of technology, the market has been segmented into virtual reality and augmented reality. By the product, the segmentation of the market has been done into head-mounted and eyewear. On the basis of connectivity, the segmentation of the market has been done into wired and wireless. By display, the classification of the head-mounted display market has been done into Slide-On HMDs, Discrete HMDs, and Integrated HMDs. By industry vertical, the market has been segmented on the basis of aviation and defense, media and entertainment, manufacturing, healthcare, education, and others. Geographically, the segmentation of the market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By technology, the virtual reality segment is expected to hold a significant market share. In virtual reality, a simulated environment is created with the help of computer technology. Virtual reality gives the user an intense experience by creating real-world scenarios and placing the users in them. Also, the rising adoption of virtual reality across the media and entertainment and the healthcare sector is also a key factor shaping up the growth of the market for the next five years. The augmented reality segment is anticipated to witness healthy growth over the course of the next five years on account of booming investments by various players in the AR market to develop and advance the technology.
By product, the head-mounted displays segment is anticipated to hold a substantial market share throughout the forecast period. The growth of this segment is primarily attributed to the wide adoption of these head-mounted displays across the military and defense sectors. The eyewear segment is expected to show decent growth throughout the forecast period due to the continuous investments by companies the development of advanced and latest products.
By connectivity, the wired segment is expected to hold a decent market share. However, the market for wireless head-mounted displays is expected to show notable growth over the course of the next five years. The major factors bolstering the growth of this segment include the rising adoption of these headsets across various industries due to ease of use. Also, comparatively low costs of these headsets is also one of the key factors propelling the market growth of this segment in the near future.
By industry vertical, the media and entertainment segment is anticipated to hold a substantial market share throughout the forecast period on account of the high adoption of VR and AR headsets for gaming purposes. Also, the growing availability of VR and AR content across various online streaming platforms is also supplementing the growth of this segment in the coming five years. The healthcare sector is projected to witness a healthy growth on account of the rapid increase in the adoption of technology across the various developing economies coupled with a significant increase in the healthcare expenditure for the up-gradation of the healthcare infrastructure around the globe. For instance, the current healthcare expenditure per capita (current US$) in China increased to 440.826 in 2017 from 97.747 in the year 2007 (Source: The World Bank Group).
Current Healthcare Expenditure per Capita (Current US$) – China
Source: The World Bank Group
Geographically, the North American region is expected to hold a significant share in the market throughout the forecast period on account of the early adoption of technology coupled with the presence of a well-established infrastructure across the various industry verticals especially healthcare and aviation and defense. Furthermore, the presence of major leading market players in the region is also supplementing the market growth in the coming years. Additionally, the well-established semiconductor industry also plays a significant role in driving the market growth in the North American region.
The market in the Asia Pacific region is expected to witness a healthy growth on account of booming technology adoption across the numerous industry in the major developing economies such as India, China, and Vietnam among others. Also, the increasing military expenditures in the various countries of the APAC region on account of rising regional tensions is led to the up-gradation of technology and infrastructure, thus expected to positively impact the head-mounted display market growth for in the Asia Pacific region over the next five years. According to the data from the World Bank Group, the military expenditure (current USD) in India reached 66.51 billion in 2018 from 46.09 in the year 2010. Similarly, in China, It reached 249.997 billion in 2018 from 115.712 billion in 2010.
Military Expenditure (Current USD) – India, China
Source: The World Bank Group
An Overview of the Global Shunt Reactor Market
Thought ArticlesThe shunt reactor increases the energy efficiency of a power system by absorbing reactive power. It is a piece of electrical equipment that is primarily used for the compensation of reactive power in cable systems as well as long high-voltage transmission lines. These reactors can also be connected to a tertiary winding of a three-winding transformer or directly to the power line.
The global shunt reactor market is poised to witness a decent growth over the course of the next five years. The major factors boosting the demand for shunt reactors include the constantly growing requirements for the enhancement of efficiency of systems coupled with the burgeoning requirements of reliable power globally. These reactors also offer protection from sudden voltage spikes which is also a key factor as there is a growing demand for voltage protection solutions, which is thereby providing an impetus for the market to grow in the near future. The market is also expected to witness a growth on account of the globally growing demand for power, especially in the developing economies such as India and China, which is further propelling the power demand, thus, playing a significant role in shaping up the global shunt reactor market growth during the forecast period. This has further propelled the investments in the utility sector across various countries which is further widening up the business opportunities for the manufacturers over the next five years. Furthermore, the inclining focus of the governments of various countries to reduce the dependency on fossil fuels has further fuelled the investments in renewable power projects globally. This, in turn, is further acting as a catalyst for the market growth during the forecast period.
Global Shunt Reactor Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Globally Growing Electricity Demand
The continuously rising demand for electricity across the globe on account of rising population and rapid industrialization and urbanization is one of the key drivers for the growth of the global shunt reactor market throughout the forecast period. The burgeoning demand for strong heating and cooling needs in some of the regions is also projected to be one of the factors responsible for boosting the demand for electricity as well. According to the IEA, the energy demand globally increased by 2.3% in 2018, which was considered at the fastest pace in this decade. The growing focus towards renewable energy on account of the growing demand in countries like the United States and China owing to initiatives towards sustainable development is also expected to push the investments in new and advanced facilities for catering the energy needs. Thereby positively impacting the demand for shunt reactors and add up to the growth of the market throughout the forecast period.
The graph below shows the total final consumption of electricity at the global level from the year 2007 to 2017, According to the International Energy Agency (IEA), the electricity consumption around the globe reached 23,696 TWh by the year 2017 from 20,503 TWh in the year 2010.
Electricity Consumption, in Twh, World, From 2010-2017
Source: IEA
The graph above clearly states that electricity consumption has increased significantly over the past years. This has further propelled the investments by the governments of various countries in the up-gradation of the infrastructure of the utility sector in various economies which also acts as a key driving factor for the market. Furthermore, the inclination of the various countries towards the investments in smart grid projects also plays a significant role in augmenting the demand for shunt reactors the governments are taking strict measures to reduce the carbon emission from the energy and power sector. Thus, smart grids play a crucial role in the adoption of renewable energy. Furthermore, the increasing investments as well as the growing penetration of electric cars further acts as a catalyst for the growing investments in smart grids, which in turn, is positively impacting the global shunt reactor market growth.
Rising Participation by the Market Players
The market is also poised to witness a healthy growth on account of the increasing participation by the market players in the form of partnerships, agreements, and investments in the R&D for the launch of new and enhanced products. This, in turn, further shows the potential for the market to grow in the near future. For example, in October 2017, Siemens AG, a globally leading industrial manufacturing company announced that it manufactured the world’s largest variable shunt reactor. Similarly, in August 2017, General Electric Company announced its partnership with the National Grid Corporation of the Philippines (NGCP) for the supply of a variety of electric components that included transformers, shunt reactors, and others for a new 500 kV transmission line project and substation. Additionally, in January 2017, Bharat Heavy Electricals Limited (BHEL) and ABB together announced the winning of a contract worth INR13.6 billion for the devilry of the ultra-high voltage direct current to from the Power Grid Corporation of India which was expected to be complete by the year 2019.
Segment Overview:
The global shunt reactor market has been segmented on the basis of type, end-user, and geography. On the basis of type, the market has been segmented on the basis of oil-immersed and dry type. On the basis of end-user, the market for shunt reactors has been classified as electrical utilities and industry verticals. Furthermore, on the basis of geography, the market has been distributed as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Asia Pacific to Hold a Considerable Market Share
Geographically, the Asia Pacific region is anticipated to hold a substantial market share throughout the forecast period. The major factors bolstering the market significant share of the APAC region includes the constantly growing expenditure in utilities by the governments of various countries on account of the growing demand of electricity due to rapid urbanization and industrialization in the major countries like India and China among others. Furthermore, the growing investments in renewable energy throughout the region further support the growth of the market in the Asia Pacific region throughout the forecast period.
Smart Sensors – Success for the IoT Technology
BlogSmart sensors are those devices that have the ability to take the inputs from the physical environment and consist of inbuilt resources that further perform the predefined functions only when it detects a specific input and then it processes the data.
The market for smart sensors is anticipated to witness rapid growth over the course of the next five years. The key factors supplementing the market growth include the rapid adoption of automation solutions across the numerous industry verticals as these sensors offer automated and accurate data with comparatively fewer errors. The wide applications of smart sensors include monitoring and control mechanisms primarily that detect and process data. This, further makes these sensors suitable for applications that include a wide variety of scientific processes. Additionally, the wide growing applications of these sensors across smart grids is also widening up the opportunities for the market to grow in the near future. The constant improvement and advancement of technology especially in the semiconductor industry is playing a crucial role in propelling the market growth during the next five years as this has further resulted in the reduction of the manufacturing costs of microprocessors, thereby positively impacting the smart sensors market growth. Increasing government focus, especially across the developing nations towards the development of smart cities and adoption of smart manufacturing are also some of the key factors that are anticipated to shape up the growth in the coming years.
Rapid IoT Adoption
The benefits offered by IoT has led to a rapid upsurge in the adoption of it across the various industries throughout the globe. Additionally, the number of IoT devices around the globe has also increased dramatically. Sensors are considered to be the most important factor that has enabled the easy deployment of IoT. The rising penetration of connected devices such as smart speakers, smart lightings is further providing an impetus for the market to grow in the near future. Internet of Things (IoT) is considered to be one of the most demanding technologies in almost every industry. The increased affordability of sensors is considered to be a key factor in driving the adoption of IoT in various industries. Booming adoption of IoT across connected cars, home automation, and others is propelling the opportunities for smart sensor manufacturers to invest in the market and tap the potential it holds.
Industry 4.0 Is Positively Impacting the Growth
The rapidly growing trend of Industry 4.0 has led to an upsurge in the demand for smart sensor technology. Various applications, such as control and monitoring of operations in fully-automatic industries along with the rapid increase in the adoption of automation solutions is significantly driving the smart sensor market growth throughout the forecast period. Rising inclination of the governments across numerous countries regarding the adoption of industry 4.0 has led to the implementation of several for its promotion as well. For instance, in April 2018, The Ministry of Industry Indonesia launched the ”Making Indonesia 4.0”, an initiative in order to accelerate the growth of the five major focus sectors mentioned in this initiative which are automotive, food and drinks, textile, electronics, and chemicals. This initiative was launched in order to boost the country’s global position and to measure and assess the progress, the index “INDI 4.0” was launched. Similarly, in March 2019, The Ministry of Science Technology, Innovation, and Communications (MCTIC) and the Ministry of Economy launched the “Brazilian Chamber of Industry 4.0”, which was an initiative that launched in order to facilitate increased production, employment, and economic activity. The basic purpose was to accelerate and expand the adoption of Industry 4.0, which very few industries were using. Therefore, these measures and initiatives by the government bodies of different countries are going to affect the adoption of Industry 4.0, providing numerous opportunities to the market players to boost their market share and augment the smart sensors market growth during the forecast period.
Rapid Product Innovation Is Boosting the Growth
The smart sensors market growth is also attributed to the constant participation of the key market players in the form of investments in R&D, acquisitions, mergers, and partnerships among others. There is a high volume of companies working in the smart sensors market, however, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments that further shows the potential for the market to grow in the near future. For instance, in June 2020, Petasense, a leading industrial IoT company based out of Silicon Valley announced the launch of its latest smart sensors especially to address the major challenges in the adoption of Industry 4.0. Similarly, in February 2020, Autogrow, a leading agricultural technology expert announced the launch of its new wireless smart sensor, Folium, for specific applications in greenhouses. Also, in January 2020, Elliptic Labs announced the next era of smart sensors with presence detection capabilities.
Manufacturing to Witness a Healthy Growth
On the basis of industry vertical, the market smart sensors market is segmented as automotive, healthcare, manufacturing, communication and technology, security, and others. The healthcare segment is expected to witness a healthy growth as the wearable technology recently has waved itself into society due to increasing demand by consumers to monitor their health. Creased health spending in many countries is also considered to be a key factor positively impacting the growth during the next five years. For instance, the current healthcare expenditure (% of GDP) in Brazil reached 9.467% by 2017 from 7.735% in 2012. Similarly in China, it reached 5.151% by 2017 from 4.549% in 2012.
Current Healthcare Expenditure (% of GDP) – Brazil, China
Source: The World Bank Group
North America to Hold a Substantial Share
Geographically, the North American region is projected to hold a considerable market share throughout the forecast period. The early adoption of technology coupled with well-established infrastructure across the industries along with the presence of key market players in the region are some of the factors boosting the market growth in the region during the next five years. Furthermore, the adoption of automation solutions across the industries coupled with the growth of the manufacturing sector in many countries across the region is also supplementing the market growth in the North American region. For instance, the Manufacturing, value added (current US$) in the United States reached 2.173 trillion by 2017 from 1.789 trillion in 2010.
Manufacturing, Value Added (Current US$)-United States US$ Trillion
Source: The World Bank Group
Power Bank – Smaller in Size Bigger in Capacity
BlogPower banks are small and portable chargers that enable the users to charge a number of digital handheld devices such as smartphones, laptops, cameras, and others. These devices come in different battery capacities, different materials, and different types of technology such as wired and wireless.
The global power bank market is projected to witness a healthy growth over the course of the next five years. The major factors driving the demand for power banks is constantly growing penetration of smartphones in both developing and developed economies of the world. The booming penetration of the internet has led to an upsurge in the adoption of the online distribution channels for the purchase of numerous types of convenience products, and power banks are considered to be an integral part of it. Thus, the expansion of distribution channels plays a significant role in shaping up the market growth for power banks in the long run. The rapid innovations in technology have led to the development of various low-cost products as the companies aim to tap the potential customers, and a major population across the developing economies of the globe fall under the middle-income groups. Thus, the constant decline in the prices of power banks has also led to an upsurge in the demand in lower-income countries, thus positively impacting the growth over the coming five years. Additionally, the incorporation of new technology and the development of new products such as wireless power banks and solar power based power banks is one of the key factors that is projected to propel the opportunities for the market to grow in the near future. For example, in May 2020, Gionee announced its re-entry in the tech market announced the launch of its first power bank with wireless charging capabilities for its sale throughout India.
The Tourism Sector Drives the Growth During the Forecast Period
Power banks are considered as one of the most important gadgets for frequent travelers as it offers on the go charging of smartphones and other handheld devices wherever and whenever required. This, a decent growth in the tourism sector throughout the globe is also considered to be a prime factor in fuelling global power bank market growth over the next five years.
Air Transport Passengers Carried, 2010 to 2018, in Units
Source: The World Bank Group
The above graph represents the increase in the number of passengers carried through air transport in India and Thailand. For instance, in Thailand, the passengers carried through air transport reached 76,053,043 by the year 2018 from 28,780,723 in 2010. Similarly, in India, the number of passengers increased from 64,374,254 to 164,035,638 by the year 2018. These countries are well known for their tourism industry. However, the recent advent of the novel coronavirus disease is anticipated to inhibit the demand for power banks to some extent as the various government regulations to control the outbreak of the disease led to a ban on travel in many countries throughout the globe. Thus, anticipated to hamper the growth to some extent during the short run. Thus, the significant growth in the travel and tourism industry around the globe plays a significant role in shaping up the global power bank market growth throughout the forecast period.
Segment Overview:
The global power bank market has been segmented on the basis of type, application, and geography. By type, the market has been segmented into Lithium-Ion (Li-Ion) Battery, Lithium Polymer (Li-Polymer) Battery. By application, the market has been segmented on the basis of digital camera, laptops, portable media devices, smartphones, tablets, wearable devices, and others. Geographically, the market has been distributed on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Lithium Polymer to Witness a Healthy Growth
On the basis of type, lithium polymer segment is expected to show a healthy growth throughout the forecast period on account of the rising adoption of these batteries for various applications on account of considerably lesser weight and highly moldable properties of these batteries. Furthermore, lithium-ion batteries are anticipated to hold a significant share in the market as these have high voltage thus making them suitable for a wider number of applications. Also, these batteries have high conversion rates, energy density, and are also have low manufacturing costs is also one of the key factors bolstering the growth of this segment over the next five years.
Smartphones to Hold a Notable Share
On the basis of application, the digital camera segment is projected to show decent growth in the next five years on account of the rising vlogging trend in various countries around the globe. Thus, vloggers carry portable power banks to charge their various devices such as cameras and laptops on the go. The smartphone segment is projected to hold a significant share in the market on account of the wide adoption of power banks for their use on smartphones along with the growth of the tourism sector throughout the globe.
The Asia Pacific to Show Healthy Growth Opportunities
Geographically, the Asia Pacific region is expected to witness a healthy growth throughout the forecast period on account of the presence of a considerably larger population base in countries like India and China. Also, the rapid penetration of smartphones on account of the rising disposable income also propels the opportunities for the market to grow in the near future. Also, the rapid increase in the urban population has led to a change in the lifestyle of the people, this in turn has resulted in the upsurge for convenience goods, thus amplifying the demand in the next five years. For example, the urban population in India increased from 381763166 in 2010 to 471031528 by the year 2019. Similarly, in China, it reached 842933962 by 2019 from 658498663 in 2010 (Source: The World Bank Group). Furthermore, the presence of various domestic companies in the region is also a key factor bolstering the power bank market growth throughout the forecast period.
Urban Population – India, China
Source: The World Bank Group
Global Farm Equipment Market: Making Farming More Efficient
BlogWith continuous increase in global population, which is being driven by continuous improvement in fertility rates and decline in mortality rates in many countries coupled with ongoing improvements in healthcare infrastructure, increasing burden on many resources is not surprising. Improving life expectancy due to availability of better healthcare services in many countries is one of the major contributors to the growing global population. Limited availability of many resources, coupled with growing global population, is increasing the number of individuals or consumers per unit of such resources. This is increasing the pressure on such resources thus mounting concerns among many governments. Agriculture sector is one of the sectors which clearly reflect the relation between growing global population and the burden on resources. As global arable land area continues to shrink, and demand for food continues to increase with growing population, farmers are witnessing a continuously increasing pressure on them to increase their productivity. The figure given below shows the pace at which arable land available per capita is declining across the globe:
Arable Land, Global, in Hectares per Person
Source: The World Bank Group
The pressure on farmers, added to by continuous shrink in arable land per capita, eventually increases the pressure on per unit area of arable land since farmers, now, have to meet the demand of a wider population base by squeezing out as much productivity as possible from the limited land available for farming. This is increasing the demand for smarter solutions which can efficiently improve farmers’ yields per unit of area. This is increasing the demand for advanced farm equipment among farmers, thus propelling the market growth. Improving farm income across countries is increasing the number of machines being used across farms. China, for instance, is witnessing a continuous increase in the number of tractors across farms nationwide. The figure given below shows the trend:
Number of Agricultural Tractors in China at Year-End, 2012 to 2018
Source: China Statistical Yearbook
The growing demand for advanced farm equipment is attributed to poor climatic conditions which are unfavourable for farming in many countries, and growing awareness among farmers regarding new methods to cope with them. Farmers in Europe, for instance, are drifting towards advanced farm equipment since the heavy drought of summers 2018 kicked in. A report from the World Meteorological Organization showed that the drought was a result of heatwaves and disastrous precipitation which was attributed to very high temperatures across the region. What is important to note here is that this situation has still remained unchanged, and the European Drought Observatory (EDO) reports of high degree of dryness across some parts of the continent starting from Estonia and Finland to the Netherlands and Belgium.
According to the observatory, ongoing climatic changes are expected to keep triggering such droughts, and this is pushing farmers towards solutions which can aid them in minimizing losses by helping them squeeze out maximum value from fields when the climatic conditions are favourable. Furthermore, as farmers, in many parts of the world, are being educated and being made aware of the best farming practices, adoption of advanced farm equipment is increasing among them, thus propelling the market growth. However, the market growth is being hindered by low farm incomes in many parts of the world. In many developing and underdeveloped countries, either there are no schemes for benefitting or strengthening farmers, or the benefits of government schemes get clogged in the system itself and are not able to reach farmers. In either way, farmers are deprived of help from the government.
Since it is difficult for poor farmers to buy expensive farm equipment, they usually remain stuck to traditional farming practices which involve minimum use of advanced farm equipment. Yet, continuous advancements in technologies, on account of huge investments by pumped into research and development by technology providers, are making many technologies and solutions more affordable for farmers. Still, continuous decline in farming population in many parts of the world is keeping the market from gaining much growth. Changing lifestyles across the globe, on account of rising influence of western culture on people, is pushing youngsters away from farming practices. In many countries, youngsters can be seen migrating towards cities in pursuit of better standard of living which is achieved by better access to resources. According to a data from the World Bank Group, only 47.14% of the global population used to live in urban areas in 2001, and this figure stood at 55.71% in 2019. As global urban population continues to grow at the rate of more than 1% per year, number of people associated with farming will continue to decrease, thus shrinking the demand for farm equipment. Furthermore, the demand for farm equipment is being further hindered by growing popularity of more modern approaches to farming across the globe. Vertical farming is gaining widespread adoption in many parts of the world. Commercial greenhouses are getting more attention from governments and people in many countries. As these approaches, which include minimal use of farm equipment, continue to gain traction, the demand for farm equipment will continue to get affected.
Geographically, the report, titled Global Farm Equipment Market, by Knowledge Sourcing Intelligence, segments the market into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Europe and North America together account for a significant share in this market and the market growth in these regions is majorly attributed to high farm income of farmers and increasing awareness among them regarding advanced farm equipment available in the market. The Asia Pacific silicon farm equipment market is expected to show a good growth over the next five years.
About the Author:
Dhiraj Kumar Sharma is a Market Research Analyst at Knowledge Sourcing Intelligence. He combines his outright understanding of technologies with years of experience working in the industry to deliver actionable information to clients who span across industries and geographies. Dhiraj often works closely with clients in order to better understand their requirements and is known for the quality of market insights he delivers to them.
Industrial Tank Trucks Market: Shipping Fluids With Confidence
Thought ArticlesA tank truck is a motor vehicle which is used to transport liquids or gases from one place to another in a temperature-controlled environment. In the United States, these trucks are known as tanker trucks, tankers in the United Kingdom, and gas trucks or fuel trucks in other parts of the world. Tank trucks have wide range of applications across industries like oil and gas, dairy, and chemical. These trucks come in various sizes, ranging from large railroad tank-type vehicles for carrying huge liquid loads, to small tank trucks to transport smaller quantity of liquid or gas. Tank trucks can be insulated or non-insulated.
One of the key industries which uses tank trucks for transportation of the final product as well as raw material is the chemical industry. With advancement in technologies, the demand for chemicals is rising at a substantial rate. As this demand for various chemicals from aligned sectors is poised to grow more and more in the coming years, chemical manufacturers are making huge capital investments to further expand their R&D as well as production capacities in order to maintain their presence in the global market while reaching out to the new customer base. The figure given below shows the capital spending by chemical manufacturers across EU member states for the period 2008-2018:
Capital Spending by Chemical Manufacturers Across EU Member Countries, in Euro Billion, 2008 to 2018
Source: The European Chemical Industry Council (CEFIC)
According the data provided by the European Chemical Industry Council (CEFIC), the European Union, the total spending of chemical manufacturers across member countries totalled €21.3 billion into capital in 2008 which increased to €22.8 billion in 2018. In Asia Pacific region as well, the presence of global chemical giants such as Toray Industries, Inc., BASF, Sumitomo Chemical Co., Ltd, and Mitsubishi Chemical Corporation is contributing to the overall growth of this region’s chemical sector, with companies constantly involve in growth strategies. For instance, the German-headquartered chemical major BASF has recently announced its investment programme for the next half-decade in Asia which is going to outpace expenditure on its European home market as the company seeks to increase its focus on higher-growth markets. Its investment programmes consists of 41 per cent of investment spending into the Asia-Pacific region over the next five years, as compared with 34 per cent into the European region. The company is expected to spend €8.2 billion into its new verbund site in Guangdong, China and will also allocate capital expenditure to a chemical complex under consideration in Mundra, India. As these chemical manufacturers continue to pump huge investments across different regions, total sales of equipment that are required during the production and distribution across this sector is also escalating. As such, the demand for industrial tank trucks across the global chemical sector is significantly rising, thus spurring the market growth.
The market growth of industrial tank trucks is also bolstered by the booming oil and gas sector, especially in the United States with rigorous investment and growth strategies being adopted by market players. Supportive U.S. government policies and initiatives have led the country to become the largest oil and gas producer in the world. According to the EIA (U.S. Energy Information Administration), the United States surpassed Russia in 2011 to become the world’s largest natural gas producer. In 2018, the country surpassed Saudi Arabia to become the world’s largest petroleum producer. Argentina is another country with huge reserves of oil and gas. According to the US Energy Information Administration and Advanced Resources International, the country has the world’s second largest shale gas resources and the fourth largest shale oil resources (27 billion barrels).
As the E&P (exploration and production) activities are increasing, the demand for tank trucks is also rising to transport oil and gas, which is extracted from reserves, to refining facilities for further processing. Moreover, these products are highly inflammable and need to be transported in a temperature-controlled environment safely. With growing focus on safety of workers as well as the environment, tank truck manufacturers are highly focused on manufacturing advanced tank trucks to avoid the spillage and any loss to human health and the environment.
Demand for industrial tank trucks is also augmenting with the continuously growing global dairy industry. Milk is one such product which is highly perishable and is required to store in a specified controlled environment at all times in order to prevent it from going bad. According to the OECD-FAO Agricultural Outlook 2018-27 report, growth in the global milk production is projected to rise by 22 per cent over the period 2018-27, with a large share of this increase coming from India and Pakistan. These two countries are expected to jointly hold 32 per cent of global milk production in 2027. Also, the share of the European Union (EU) in global exports of dairy commodities is expected to increase from 27 per cent to 29 per cent over this projection period.
The figure given below shows the trends in production of milk in India for the period 2013-2018:
Milk Production in India, 2013-14 to 2017-18, Million MT
Source: Department of Animal Husbandry, Dairying and Fisheries
Therefore, growing production of milk across different regions/countries will continue to bolster the growth of industrial tank truck market during the next five years.
The report, titled Global Industrial Tank Trucks Market, by Knowledge Sourcing Intelligence, segments the market by capacity, end-user, and geography. The market is classified by capacity as small duty (less than 1000 gallons), medium duty (1000 gallons-4000 gallons), and heavy duty (more than 4000 gallons). By end-user, the market segmentation is done as oil and gas, chemical, and dairy. Geographically, the global industrial tank trucks market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
Detailed Analysis of Automotive Radiators
Thought ArticlesRadiators are also known as heat exchangers which has a primary function of cooling the internal combustion engines of the vehicles. A liquid, which is also known as a coolant, is introduced in the radiator and it transfers the heat from the fluid inside to the air outside and thereby cools down the engine.
The global radiators market is poised to show a nominal growth throughout the forecast period. The rising disposable income in the developing economies as well as the growing middle class population especially in countries like India and China are some of the major factors that led to an upsurge in the demand as well as the production of vehicles. Furthermore, the growing investments by key automakers in new production plants as well as the expansion of their existing power plants to boost their automotive production is further expected to propel the opportunities for the manufacturers over the course of the next five years. Furthermore, stringent regulations regarding vehicular emissions further act as a catalyst for the global automotive radiators market growth over the next five years.
However, the market is expected to be restrained by the fact that there is an increasing deployment of electric vehicles over the past years. Also, a significant increase in the investments by the government of various countries for setting up of the necessary infrastructure for the easy deployment of electric vehicles further shows the growing potential of the electric vehicles in the near future. This, in turn, is expected to propel the adoption of electric vehicles as the governments of various countries are taking several initiatives to promote the sales of electric vehicles which is thereby expected to slow down the adoption of conventional vehicles in the coming years. Also, the recent outbreak of the novel coronavirus disease is also expected to hamper the market growth especially during the short period of next six to eight months as several initiatives by the governments across countries such as lockdowns social distancing, and others have further led to a temporary suspension in the manufacturing activities across the industries. Several automotive manufacturers have temporarily suspended their operations, which is further expected to restrain the demand for radiators by the OEMs in the short run.
Segment Overview:
The global automotive radiators market has been segmented on the basis of material type, vehicle type, end-user, and geography. By material type, the classification of the market has been done into copper and brass, and aluminum. By the vehicle type, the segmentation of the market has been done as passenger vehicle, light commercial vehicle, and heavy commercial vehicle. By the end-user, the market has been segmented as OEMs and aftermarket. Furthermore, on the basis of geography, the market has been distributed as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Aluminum to Hold a Notable Share
By material type, the aluminum segment is projected to hold a substantial share in the market on account of its wide adoption of passenger vehicles. The major factors supplementing the significant share of this segment during the next five years include the higher efficiency of these types of radiators than copper radiators. Furthermore, the lighter weight of aluminum radiators along with a long lifespan are some of the key factors augmenting the adoption of these radiators by the automotive manufacturers, thereby bolstering the growth of this segment throughout the forecast period. Furthermore, the copper and brass segment is expected to witness a decent growth owing to its wide adoption across the heavy vehicles such as trucks and buses. A significant increase in the production of trucks and buses due to the growing demand from the logistics sector as well as the export sector are some of the key factors supporting the growth of this segment during the coming years.
Light Commercial Vehicles to Show a Healthy Growth
By vehicle type, the light commercial vehicles segment is poised to witness a healthy growth over the course of the next five years. The booming e-commerce industry and the constantly growing logistics industry are some of the key factors propelling the growth of this segment in the next five years.
Light Commercial Vehicle Production, 2014 to 2019, in Units
Source: International Organization of Motor Vehicle Manufacturers
The above figure represents the production of light commercial vehicles globally which shows that it reached 20,223,655 units by the year 2019 from 17,897,835 in the year 2014. However, the passenger vehicle segment is expected to hold a substantial market share throughout the forecast period. The presence of a well-established manufacturing base of passenger vehicles along with a considerably high proportion of passenger vehicle production than other vehicle segments are some of the key factors supporting the share of this segment during the next five years. Furthermore, the heavy commercial vehicle segment is also expected to show a decent growth throughout the course of the next five years.
Electric Vehicle Deployment
Electric Car Deployment – World, 2013 to 2018, in Million Units
Source: IEA
The figure above represents the deployment of electric vehicles in between 2013 to 2018. It can be clearly seen that the deployment has increased significantly over the past five years. This is expected to be a major factor that is expected to pose a threat to the demand for conventional vehicles. The governments of various countries are taking the necessary steps to boost the adoption of vehicles with greener technologies. Electric vehicles are taking a lot of attraction these days and key automotive companies are also shifting their focus to develop and manufacture passenger electric vehicles to tap the middle-income group and to expand their market share in the automotive industry. For instance, in December 2019, Tata Motors Limited, a leading automotive manufacturer based out of India, unveiled its new electric vehicle Tata Nexon EV. Thus, the growing focus towards electric vehicles is expected to slow down the demand for conventional vehicles in the coming years as these types of vehicles run on the motor and thus does not require any radiator.
Photonics Market: Precision Is the Future
BlogPhotonics can be defined as a branch of science which involves detection, generation and control of photons. Simply put, photonics enables users to tap the potential of any form of radiant energy with photon as its quantum unit. Photonics is a very broad landscape with innumerable applications which span across industries like consumer electronics, aerospace, healthcare, manufacturing, chemical, and military and defence among others. As technical know-how associated with this field of science is already high among enterprises of all sizes and still continues to increase, penetration of this technology across sectors is also high.
The photonics market growth is partially attributed to rapid growth of precision manufacturing across the globe. Precision manufacturing can be defined as a type of manufacturing which has been gaining widespread adoption for the manufacturing of small parts with extreme accuracy for machinery and equipment across industries. As miniaturization continues to influence the design of many solutions, adoption of technologies which facilitate miniaturization is also increasing across industries. Communication and technology, for instance, is one of the major industries which are witnessing increasing penetration of miniaturization. Continuous transformation in IT infrastructures across the globe and increasing number of enterprises worldwide is increasing the demand for small hardware components which, in many cases, act as backbone of the infrastructure. This increasing demand for such components is pushing many manufacturers across economies, which have required infrastructure and resources to manufacture such components, to ramp up the production. South Korea, for instance, is one of the technology hubs in Asia Pacific, and has been contributing significantly in meeting the global demand for ICT equipment. The figure given below shows the trends in output of ICT equipment in the country:
South Korea ICT Equipment Production, 2014 to 2019, in Trillion Korean Won
Source: Korea Information Society Development Institute
Interestingly, sectors such as memory semiconductors are witnessing a very sluggish growth and increasing network virtualization across all key markets are shrinking the demand for hardware components. Yet, the country is witnessing a continuous increase in the production of such components. Other economies like China, Japan and India among others are also contributing to this increasing production. Although other regions like Europe and North America also contribute to the global supply of these components, a major chunk of this supply is held by the economies in Asia Pacific. Continuous expansion of data centers across the globe is also contributing to the growing demand for small hardware components. As per the data released by the World Bank, the total number of secure internet servers globally increased from 1.29 million in 2010 to 26.35 million in 2017. The rate of growth has been the highest in developing countries, with the year-on-year growth rate in 2017 going as high as 3,3336.36% in Somalia. China, Brazil, Chile and Italy are among some of the fastest growing countries in this sector. Google, in February, 2019, announced its plans to invest $13 billion in new data centers and offices in the United States. The company is planning to open 7 new data centers and 10 new offices across the country. Earlier in December, 2018, CtrlS Datacenters, a data center provider based in India, announced its plans to invest INR 2,000 crore to set up 3 new data centers in Mumbai, Hyderabad and Chennai. As communication and technology sector continues to show an increase in demand for precision components, the demand for technologies used for the purpose is also increasing, thus boosting the photonics market growth.
The market growth is also being driven by rapid growth of aerospace industry in regions like Europe and North America. These regions are witnessing inflow of huge investments by industry players. The United Kingdom, for instance, has been making significant investments into aircraft manufacturing. Although UK mainly manufactures and markets parts for aircrafts, assembly of aircrafts in this country has also been increasing. For instance, the Ministry of Defense, United Kingdom, in November, 2018, announced that it is in talks with Boeing regarding undertaking of the assembly of E-7 aircrafts and radar combination within UK. Spain, another key economy in this sector, has some very important facilities of Airbus and Boeing, two of the largest players in the aerospace sector. For instance, Getafe Madrid and Puerto Real, Cádiz (Andalusia) facilities take care of assembly of Airbus’ A380. Final assembly of Airbus’ Eurofighters for Spain takes place at Getafe Madrid. Final assembly line for Airbus’ military transport airlift A400M and for medium-sized tactical aircraftCN235s and C295s also takes place in Spain at Airbus’ Sevilla (Andalusia) facility. Photonics is used not only in manufacturing of aircraft components, but also for regular rigorous inspection of aircrafts in order to identify and mitigate any structural damages. Growth of this sector is thus supporting the market growth of photonics.
Consumer Electronics is another sector contributing to the global photonics market growth. Unlike many other sectors, this sector is witnessing continuous miniaturization. With increasing manufacturing of components with size in few nm, ongoing research in this sector is focused on making components and solutions of even smaller size. Although this requires robust technology infrastructure, many economies are still showing a continuous increase in production of such electronics products and components. Japan, for instance, has managed to maintain a good position in electronics manufacturing segment. The figure given below shows the trend:
Domestic Production by the Japanese Electronic Industry, in Yen 100 Million
Source: Japan Electronics and Information Technology Industries Association
Many other economies across the globe are also contributing to the increasing electronics production across the globe. We estimate that this sector holds a fairly large share in the global photonics market and as a large number of manufacturers continue to spend rigorously into technologies which can aid them in achieving size of solutions even smaller than a nm, we expect this sector to have the highest impact on the growth of this market throughout the forecast period.
About the Author:
Dhiraj Kumar Sharma is a Market Research Analyst at Knowledge Sourcing Intelligence. He combines his outright understanding of technologies with years of experience working in the industry to deliver actionable information to clients who span across industries and geographies. Dhiraj often works closely with clients in order to better understand their requirements and is known for the quality of market insights he delivers to them.