Expanding Packaging Sector Fueling Position Sensor Demand

 The International Energy Agency (IEA) estimates that global battery electric vehicle (BEV) (cars) sales and plug-in hybrid electric vehicle (PHEV) (cars) sales surged from 1,542,867 units in 2019 to 2,008,024 units in 2020 and 570,724 units in 2019 to 969,034 units in 2020, respectively. Further, the International Organization of Motor Vehicle Manufacturers (OICA) states that 77,621,582 vehicles were manufactured and 77,971,234 automobiles were sold around the world in 2020. Therefore, the burgeoning electric vehicle (EV) and motor vehicle sales will create an extensive requirement for position sensors, globally.

Additionally, the expanding packaging sector, especially in India and China, will help the position sensor market progress at a CAGR of 7.7% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue stood at $9.1 billion in 2018 and it will reach $14.2 billion by 2024. Packaging companies use these instruments in packaging machinery to meet international standards. Currently, the increasing adoption of smart position sensors in healthcare and aerospace companies, owing to better motion control offered by them, is becoming a prominent market trend. 

Get More Insights: Position Sensor Market Segmentation Analysis Report

In recent years, end users, such as aerospace, automotive, power generation, healthcare, packaging, consumer electronics, manufacturing, and oil and gas companies, have preferred rotary position sensors over linear variants, due to the wide application base of the former. Rotary position sensors are used in consumer electronic products and for throttle position control and detection in vehicles. Rotary encoders, resolvers, rotary potentiometers, and rotary variable differential transformers (RVDTs) are the different types of rotary position sensors being used in these end-use sectors.  

The contact type segment of the position sensor market is bifurcated into contact and non-contact. Under this segment, the contact category accounted for a larger market share in 2018, on account of the lower cost of contact position sensors than non-contact variants. The lower cost of these sensors makes them quite popular among developing countries, such as China, India, and Indonesia. Whereas, the non-contact category is expected to witness faster growth during the forecast years, owing to the higher accuracy of non-contact position sensors in nanometer and sub-micron levels. 

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Expanding Packaging Sector Fueling Position Sensor Demand

 The International Energy Agency (IEA) estimates that global battery electric vehicle (BEV) (cars) sales and plug-in hybrid electric vehicle (PHEV) (cars) sales surged from 1,542,867 units in 2019 to 2,008,024 units in 2020 and 570,724 units in 2019 to 969,034 units in 2020, respectively. Further, the International Organization of Motor Vehicle Manufacturers (OICA) states that 77,621,582 vehicles were manufactured and 77,971,234 automobiles were sold around the world in 2020. Therefore, the burgeoning electric vehicle (EV) and motor vehicle sales will create an extensive requirement for position sensors, globally.

Additionally, the expanding packaging sector, especially in India and China, will help the position sensor market progress at a CAGR of 7.7% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue stood at $9.1 billion in 2018 and it will reach $14.2 billion by 2024. Packaging companies use these instruments in packaging machinery to meet international standards. Currently, the increasing adoption of smart position sensors in healthcare and aerospace companies, owing to better motion control offered by them, is becoming a prominent market trend. 

Get More Insights: Position Sensor Market Segmentation Analysis Report

In recent years, end users, such as aerospace, automotive, power generation, healthcare, packaging, consumer electronics, manufacturing, and oil and gas companies, have preferred rotary position sensors over linear variants, due to the wide application base of the former. Rotary position sensors are used in consumer electronic products and for throttle position control and detection in vehicles. Rotary encoders, resolvers, rotary potentiometers, and rotary variable differential transformers (RVDTs) are the different types of rotary position sensors being used in these end-use sectors.  

The contact type segment of the position sensor market is bifurcated into contact and non-contact. Under this segment, the contact category accounted for a larger market share in 2018, on account of the lower cost of contact position sensors than non-contact variants. The lower cost of these sensors makes them quite popular among developing countries, such as China, India, and Indonesia. Whereas, the non-contact category is expected to witness faster growth during the forecast years, owing to the higher accuracy of non-contact position sensors in nanometer and sub-micron levels. 

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What are Key Factors Responsible for Growth of Global Blockchain Devices Market?

 The increasing adoption of blockchain solutions in numerous industries for strengthening the day-to-day operations and enhancing security is one of the biggest factors propelling the demand for blockchain devices across the world. Since the last few years, there has been a huge surge in the adoption of blockchain technology in the banking, financial services, and insurance (BFSI) sector, on account of the increasing prevalence of financial frauds and transfer errors. Currently, more than 25% of the BFSI companies across the world are using this technology and this number is expected to rise considerably in future. 

The burgeoning demand for cryptocurrencies is another major factor contributing toward the increasing demand for blockchain devices throughout the world. A cryptocurrency is basically a type of digital currency which is not regulated by any authority. Cryptocurrencies started becoming popular after the launch of Bitcoin in 2017 and this popularity is expected to soar massively in the coming years. Cryptocurrencies are being increasingly adopted in various government offices and BFSI institutions and this is in turn boosting the demand for blockchain devices across the globe. 

Due to the above-mentioned factors, the global blockchain devices market is expected to demonstrate a CAGR of 48.7% during the forecast period (2020–2030) and its valuation is predicted to rise from $0.3 billion in 2019 to $23.5 billion by 2030. Blockchain devices are used for personal and corporate applications. Of these, the corporate applications are expected to record faster growth in the utilization of blockchain devices, such as crypto hardware wallets, blockchain smartphones, and point of sales (POS) terminals, during the forecast period.

The biggest trend presently being observed in the blockchain devices market is the incorporation of wireless communication technology. The major blockchain devices manufacturing companies all around the world are increasingly focussing on the development of wireless devices owing to the rising customer need for these devices and to enhance the overall user experience. For instance, Ledger SAS and FuzeW, two of the major blockchain device manufacturing companies in the world, recently launched the wireless hardware wallet, which uses wireless communication technologies such as near-field communication (NFC), Wi-Fi, and Bluetooth for connecting with smartphones.

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What are Key Factors Responsible for Growth of Global Blockchain Devices Market?

 The increasing adoption of blockchain solutions in numerous industries for strengthening the day-to-day operations and enhancing security is one of the biggest factors propelling the demand for blockchain devices across the world. Since the last few years, there has been a huge surge in the adoption of blockchain technology in the banking, financial services, and insurance (BFSI) sector, on account of the increasing prevalence of financial frauds and transfer errors. Currently, more than 25% of the BFSI companies across the world are using this technology and this number is expected to rise considerably in future. 

The burgeoning demand for cryptocurrencies is another major factor contributing toward the increasing demand for blockchain devices throughout the world. A cryptocurrency is basically a type of digital currency which is not regulated by any authority. Cryptocurrencies started becoming popular after the launch of Bitcoin in 2017 and this popularity is expected to soar massively in the coming years. Cryptocurrencies are being increasingly adopted in various government offices and BFSI institutions and this is in turn boosting the demand for blockchain devices across the globe. 

Due to the above-mentioned factors, the global blockchain devices market is expected to demonstrate a CAGR of 48.7% during the forecast period (2020–2030) and its valuation is predicted to rise from $0.3 billion in 2019 to $23.5 billion by 2030. Blockchain devices are used for personal and corporate applications. Of these, the corporate applications are expected to record faster growth in the utilization of blockchain devices, such as crypto hardware wallets, blockchain smartphones, and point of sales (POS) terminals, during the forecast period.

The biggest trend presently being observed in the blockchain devices market is the incorporation of wireless communication technology. The major blockchain devices manufacturing companies all around the world are increasingly focussing on the development of wireless devices owing to the rising customer need for these devices and to enhance the overall user experience. For instance, Ledger SAS and FuzeW, two of the major blockchain device manufacturing companies in the world, recently launched the wireless hardware wallet, which uses wireless communication technologies such as near-field communication (NFC), Wi-Fi, and Bluetooth for connecting with smartphones.

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Athletes and Military Personnel Using Heat Stress Monitors in Abundance

 Heat stress monitors are being increasingly deployed in manufacturing facilities to track the health of workers being exposed to heated conditions. To ensure the health of workers, ministries/departments of labor of the U.S., Saudi Arabia, the U.K., India, Germany, Japan, Australia, and South Korea have set stringent guidelines regarding heat stress management at workplaces. For instance, the Occupational Safety and Health Administration (OSHA) has set workplace safety standards and drafted workplace monitoring regulations to protect employees from being exposed to hazardous environments.

Additionally, the rising application of heat stress monitors in military and sports sectors to monitor the health of sportspersons and military personnel in real-time will fuel the heat stress monitor market at a CAGR of 2.7% during 2020–2030. According to P&S Intelligence, the market was valued at $51.4 million in 2019, and it is expected to reach $62.5 million revenue by 2030. Intense training exercises and physical activities for long durations expose sports athletes and military personnel to considerable heat stress, owing to the high metabolic and ambient heat production in their bodies. 

Browse detailed - Heat Stress Monitor Market Revenue Estimation and Growth Forecast Report

In recent years, technological advancements in the domain of heat stress monitoring have led to the development of wearable monitoring equipment. For instance, Qatar Mobility Innovations Center (QMIC) offers innovative smart heat stress monitoring solutions to support occupational health and safety management efforts. These solutions run on a smart internet of things (IoT) platform and offer automated systems for monitoring the heat stress of workers in real-time. The adoption of these solutions has enabled the protection of the workforce from heat-related ailments.

At present, heat stress monitoring solution providers, such as TSI Incorporated, FLIR Systems Inc., General Tools and Instruments LLC, Nielsen-Kellerman Co. (Kestral Instruments), Romteck Australia Pty. Ltd., REED Instruments, Industrial Scientific Corporation, Narda Safety Test Solutions GmbH, Sensidyne LP, and PCE Instruments U.K. Ltd. are relying on geographical expansion to meet the increasing need for such systems for various applications. Heat stress monitoring systems developed by these companies are based on the wet bulb and dry bulb technologies. 

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Athletes and Military Personnel Using Heat Stress Monitors in Abundance

 Heat stress monitors are being increasingly deployed in manufacturing facilities to track the health of workers being exposed to heated conditions. To ensure the health of workers, ministries/departments of labor of the U.S., Saudi Arabia, the U.K., India, Germany, Japan, Australia, and South Korea have set stringent guidelines regarding heat stress management at workplaces. For instance, the Occupational Safety and Health Administration (OSHA) has set workplace safety standards and drafted workplace monitoring regulations to protect employees from being exposed to hazardous environments.

Additionally, the rising application of heat stress monitors in military and sports sectors to monitor the health of sportspersons and military personnel in real-time will fuel the heat stress monitor market at a CAGR of 2.7% during 2020–2030. According to P&S Intelligence, the market was valued at $51.4 million in 2019, and it is expected to reach $62.5 million revenue by 2030. Intense training exercises and physical activities for long durations expose sports athletes and military personnel to considerable heat stress, owing to the high metabolic and ambient heat production in their bodies. 

Browse detailed - Heat Stress Monitor Market Revenue Estimation and Growth Forecast Report

In recent years, technological advancements in the domain of heat stress monitoring have led to the development of wearable monitoring equipment. For instance, Qatar Mobility Innovations Center (QMIC) offers innovative smart heat stress monitoring solutions to support occupational health and safety management efforts. These solutions run on a smart internet of things (IoT) platform and offer automated systems for monitoring the heat stress of workers in real-time. The adoption of these solutions has enabled the protection of the workforce from heat-related ailments.

At present, heat stress monitoring solution providers, such as TSI Incorporated, FLIR Systems Inc., General Tools and Instruments LLC, Nielsen-Kellerman Co. (Kestral Instruments), Romteck Australia Pty. Ltd., REED Instruments, Industrial Scientific Corporation, Narda Safety Test Solutions GmbH, Sensidyne LP, and PCE Instruments U.K. Ltd. are relying on geographical expansion to meet the increasing need for such systems for various applications. Heat stress monitoring systems developed by these companies are based on the wet bulb and dry bulb technologies. 

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Governments Encouraging Utility Centers to Install Smart Meters

 Smart water, gas, and electricity meters facilitate a bidirectional flow of information, owing to which they are being increasingly deployed on the premises of end users. These meters use a local area network (LAN) to gather data regarding the utility consumption of all appliances at frequent intervals. The information collected from individual smart meters is accumulated by local data aggregators, using neighborhood area networks (NANs). The data collected during this phase is then transmitted to the utility center through a wide area network (WAN).

On the other hand, the utilities can send commands, information, or other signals to the meter installed at the end user’s premises and even remotely connect or disconnect the resource supply. This feature will help the smart meters market grow at a CAGR of 4.9% during the forecast period (2020–2030). Additionally, a surging number of government policies supporting their installation will help their sales value grow from $13.1 billion in 2019 to $20.0 billion in 2030. For example, in February 2020, the government of India completed the installation of 1 million of these under its Smart Meter National Programme.

Read Full Report: Smart Meters Market Revenue Estimation and Growth Forecast Report

In the recent past, electricity meters were installed in the highest numbers due to the soaring support of government and global bodies for their installation for energy conservation, fraud detection, and peak consumption knowledge. Apart from these, governments are encouraging the adoption of such measuring devices for accurate billing. All such smart meters are based on either the automatic meter reading (AMR) or the advanced metering infrastructure (AMI) technology.

The application segment of the smart meters market is categorized into industrial, water utilities, commercial, and residential. Under this segment, the residential category accounted for the largest market share during the historical period (2014–2019), and it is expected to retain its dominance during the forecast period. This can be owed to the burgeoning electricity demand from residential buildings and standalone houses, which is propelling the installation of these devices to reduce the demand for surplus energy from fossil fuel plants, and the increasing public inclination toward peak-time energy saving.

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Governments Encouraging Utility Centers to Install Smart Meters

 Smart water, gas, and electricity meters facilitate a bidirectional flow of information, owing to which they are being increasingly deployed on the premises of end users. These meters use a local area network (LAN) to gather data regarding the utility consumption of all appliances at frequent intervals. The information collected from individual smart meters is accumulated by local data aggregators, using neighborhood area networks (NANs). The data collected during this phase is then transmitted to the utility center through a wide area network (WAN).

On the other hand, the utilities can send commands, information, or other signals to the meter installed at the end user’s premises and even remotely connect or disconnect the resource supply. This feature will help the smart meters market grow at a CAGR of 4.9% during the forecast period (2020–2030). Additionally, a surging number of government policies supporting their installation will help their sales value grow from $13.1 billion in 2019 to $20.0 billion in 2030. For example, in February 2020, the government of India completed the installation of 1 million of these under its Smart Meter National Programme.

Read Full Report: Smart Meters Market Revenue Estimation and Growth Forecast Report

In the recent past, electricity meters were installed in the highest numbers due to the soaring support of government and global bodies for their installation for energy conservation, fraud detection, and peak consumption knowledge. Apart from these, governments are encouraging the adoption of such measuring devices for accurate billing. All such smart meters are based on either the automatic meter reading (AMR) or the advanced metering infrastructure (AMI) technology.

The application segment of the smart meters market is categorized into industrial, water utilities, commercial, and residential. Under this segment, the residential category accounted for the largest market share during the historical period (2014–2019), and it is expected to retain its dominance during the forecast period. This can be owed to the burgeoning electricity demand from residential buildings and standalone houses, which is propelling the installation of these devices to reduce the demand for surplus energy from fossil fuel plants, and the increasing public inclination toward peak-time energy saving.

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IoT-Based Emergency Lights for Optimum Output

 

The Asia-Pacific (APAC) region is witnessing a surge in the installation of internet of things (IoT)-enabled emergency lights, as the technology makes it easy for private and public organizations to preserve more energy via smart lighting systems. IoT allows lighting solutions to adapt to environmental conditions, such as rain and fog, thereby, ensuring adequate illumination according to the requirement and maximizing energy consumption. Furthermore, the integration of IoT helps in testing and monitoring all emergency lights from any location at any time. 

These technological advancements along with stringent guidelines by governments pertaining to safety in numerous establishments will drive the APAC emergency lighting market at 10.1% CAGR during 2019–2024. The market generated revenue of $1.2 billion in 2018, which is expected to reach $2.1 billion by 2024. For instance, safety norms in India state that restaurants, schools, offices, and shopping malls should have emergency/fire exits. Such escape routes must carry appropriate symbols and should be properly illuminated to indicate exists in emergency situations. Emergency lighting solutions offer constant lighting and help in safe evacuation.

Browse detailed report - Asia-Pacific Emergency Lighting Market Analysis and Demand Forecast Report

Currently, the APAC emergency lighting market is observing the trend of rising installation of light-emitting diode (LED) lights, due to the low-electricity consumption associated with the LED technology, in comparison to other technologies. Owing to the high-energy efficiency, these lights are considered a cost-effective option, especially in the long run. Moreover, LED emergency lights are less fragile and have longer life span, which make them more suitable in times of energy scarcity. Further, reducing prices of LED lamps have propelled the demand for these lights in recent years.

Emergency lights are widely used in industrial, commercial, and residential units of APAC nations. In the coming years, residential facilities are expected to deploy the largest quantity of emergency lights, especially in Taiwan, China, South Korea, and Japan. These countries mostly deploy central power emergency lighting systems, due to longer battery life and easier battery replacement in these systems, as compared to self-contained systems. With the surge in construction activities, rapid urbanization, and robust industrialization, manufacturing plants, housing units, and commercial units will witness growth, thereby, amplifying the utilization of emergency lighting systems.

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IoT-Based Emergency Lights for Optimum Output

 

The Asia-Pacific (APAC) region is witnessing a surge in the installation of internet of things (IoT)-enabled emergency lights, as the technology makes it easy for private and public organizations to preserve more energy via smart lighting systems. IoT allows lighting solutions to adapt to environmental conditions, such as rain and fog, thereby, ensuring adequate illumination according to the requirement and maximizing energy consumption. Furthermore, the integration of IoT helps in testing and monitoring all emergency lights from any location at any time. 

These technological advancements along with stringent guidelines by governments pertaining to safety in numerous establishments will drive the APAC emergency lighting market at 10.1% CAGR during 2019–2024. The market generated revenue of $1.2 billion in 2018, which is expected to reach $2.1 billion by 2024. For instance, safety norms in India state that restaurants, schools, offices, and shopping malls should have emergency/fire exits. Such escape routes must carry appropriate symbols and should be properly illuminated to indicate exists in emergency situations. Emergency lighting solutions offer constant lighting and help in safe evacuation.

Browse detailed report - Asia-Pacific Emergency Lighting Market Analysis and Demand Forecast Report

Currently, the APAC emergency lighting market is observing the trend of rising installation of light-emitting diode (LED) lights, due to the low-electricity consumption associated with the LED technology, in comparison to other technologies. Owing to the high-energy efficiency, these lights are considered a cost-effective option, especially in the long run. Moreover, LED emergency lights are less fragile and have longer life span, which make them more suitable in times of energy scarcity. Further, reducing prices of LED lamps have propelled the demand for these lights in recent years.

Emergency lights are widely used in industrial, commercial, and residential units of APAC nations. In the coming years, residential facilities are expected to deploy the largest quantity of emergency lights, especially in Taiwan, China, South Korea, and Japan. These countries mostly deploy central power emergency lighting systems, due to longer battery life and easier battery replacement in these systems, as compared to self-contained systems. With the surge in construction activities, rapid urbanization, and robust industrialization, manufacturing plants, housing units, and commercial units will witness growth, thereby, amplifying the utilization of emergency lighting systems.

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Why will Demand for Compressors Shoot-Up in Hubei, China in Future?

 

The rapid expansion in the construction sector is one of the primary factors responsible for the mushrooming demand for compressors in China. Because of the rising urbanization and the soaring population, the construction sector is expanding rapidly. Moreover, with the launch of several construction projects, the demand for highly energy-efficient heating, ventilation, and air-conditioning (HVAC) equipment is growing rapidly. The changing lifestyles of people and the rising average temperatures are also fueling the sales of HVAC systems in the country.

As per the Council on Tall Buildings and Urban Habitat, there are numerous skyscrapers in China. There are currently as many as 88 skyscrapers in the country. This is pushing up the requirement for HVAC systems, which is, in turn, propelling the demand for compressors in the country. Furthermore, the hotel industry in the country is recording nearly 2,481 hotel projects that are currently in pipeline and is growing with a year-on-year (YoY) growth rate of 2%. 

Besides the aforementioned factors, the boom in the automotive industry, because of the surging disposable income of people and the ballooning automobile manufacturing, is also positively impacting the demand for compressors in the country. This is because compressors are used extensively in vehicle manufacturing processes including product finishing, tire inflation, plasma cutting and welding, and car painting. For example, motor vehicle manufacturing increased from 7.7 million units to 29.7 million units in the country from 2013 to 2017.

Due to the above-mentioned factors, the China compressor market is exhibiting huge expansion. The value of the market is predicted to rise from $12.7 billion in 2018 to $15.7 billion by 2024. Furthermore, the market is predicted to progress at a CAGR of 3.5% between 2019 and 2024. Depending on dynamic compressor type, the market is divided into axial flow and centrifugal segments. Between these, the centrifugal compressor recorded higher growth in the market during the last few years.

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Why will Demand for Compressors Shoot-Up in Hubei, China in Future?

 

The rapid expansion in the construction sector is one of the primary factors responsible for the mushrooming demand for compressors in China. Because of the rising urbanization and the soaring population, the construction sector is expanding rapidly. Moreover, with the launch of several construction projects, the demand for highly energy-efficient heating, ventilation, and air-conditioning (HVAC) equipment is growing rapidly. The changing lifestyles of people and the rising average temperatures are also fueling the sales of HVAC systems in the country.

As per the Council on Tall Buildings and Urban Habitat, there are numerous skyscrapers in China. There are currently as many as 88 skyscrapers in the country. This is pushing up the requirement for HVAC systems, which is, in turn, propelling the demand for compressors in the country. Furthermore, the hotel industry in the country is recording nearly 2,481 hotel projects that are currently in pipeline and is growing with a year-on-year (YoY) growth rate of 2%. 

Besides the aforementioned factors, the boom in the automotive industry, because of the surging disposable income of people and the ballooning automobile manufacturing, is also positively impacting the demand for compressors in the country. This is because compressors are used extensively in vehicle manufacturing processes including product finishing, tire inflation, plasma cutting and welding, and car painting. For example, motor vehicle manufacturing increased from 7.7 million units to 29.7 million units in the country from 2013 to 2017.

Due to the above-mentioned factors, the China compressor market is exhibiting huge expansion. The value of the market is predicted to rise from $12.7 billion in 2018 to $15.7 billion by 2024. Furthermore, the market is predicted to progress at a CAGR of 3.5% between 2019 and 2024. Depending on dynamic compressor type, the market is divided into axial flow and centrifugal segments. Between these, the centrifugal compressor recorded higher growth in the market during the last few years.

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Burgeoning Smartphone Sales Driving Production of Silicon on Insulators

 

As per reports, in 2021, there are already 10 billion internet of things (IoT) devices active around the world, and by 2030, this number is set to cross 25 billion! Essentially, any electrical or electronic product that is integrated with sensors to capture a variety of data and an internet connection to share that data with another such device or a central control room is termed as an IoT device. In many applications, such as smart buildings and factory machines, the IoT devices need to be small. Thus, electronics companies are shifting away from conventional semiconductor manufacturing to the system-on-chip (SOC) arrangement, in which the sensor, processor, electronic circuitry, and memory are embedded into one small chip.

Considering the rapid miniaturization of IoT devices with the help of the SOC technology, P&S Intelligence expects the silicon on insulator (SOI) market revenue to reach $2,285.5 million by 2024, growing from $684.8 million in 2018 at a 22.7% CAGR between 2019 and 2024. This is because SOI fabrication, wherein an insulator is sandwiched between two layers of a semiconducting material, enables the creation of SOCs. Hence, with the growing demand for SoCs for IoT and miniaturized electronic devices, the adoption of SOI fabrication will rise around the world.

Browse detailed report - Silicon on Insulator Market Analysis and Demand Forecast Report

Moreover, the burgeoning demand for smartphones will drive the usage of SOIs. With the shift of mobile phone manufacturing to Asia-Pacific (APAC) and increase in the production output of consumer electronics companies, smartphone prices continue to come down. This, coupled with the rising disposable income in developing countries, is pushing up smartphone sales. Further, with the wide availability of 3G and 4G connectivity and strong focus on deploying 5G networks, smartphone sales will continue to boom, thereby driving the production of SOIs.

As a result, several public agencies and private companies are increasing their investments in this space. For instance, the city of Chengdu in China signed an agreement with GLOBALFOUNDRIES U.S. Inc. in 2017 for setting up a fully depleted-SOI (FD-SOI) ecosystem that would include numerous university programs and design centers in China. In all, more than $100 million are being pumped into the SOI sector in Chengdu so that state-of-the-art microchips can be designed for automobiles, IoT devices, mobile phones, and other next-generation systems.

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Burgeoning Smartphone Sales Driving Production of Silicon on Insulators

 

As per reports, in 2021, there are already 10 billion internet of things (IoT) devices active around the world, and by 2030, this number is set to cross 25 billion! Essentially, any electrical or electronic product that is integrated with sensors to capture a variety of data and an internet connection to share that data with another such device or a central control room is termed as an IoT device. In many applications, such as smart buildings and factory machines, the IoT devices need to be small. Thus, electronics companies are shifting away from conventional semiconductor manufacturing to the system-on-chip (SOC) arrangement, in which the sensor, processor, electronic circuitry, and memory are embedded into one small chip.

Considering the rapid miniaturization of IoT devices with the help of the SOC technology, P&S Intelligence expects the silicon on insulator (SOI) market revenue to reach $2,285.5 million by 2024, growing from $684.8 million in 2018 at a 22.7% CAGR between 2019 and 2024. This is because SOI fabrication, wherein an insulator is sandwiched between two layers of a semiconducting material, enables the creation of SOCs. Hence, with the growing demand for SoCs for IoT and miniaturized electronic devices, the adoption of SOI fabrication will rise around the world.

Browse detailed report - Silicon on Insulator Market Analysis and Demand Forecast Report

Moreover, the burgeoning demand for smartphones will drive the usage of SOIs. With the shift of mobile phone manufacturing to Asia-Pacific (APAC) and increase in the production output of consumer electronics companies, smartphone prices continue to come down. This, coupled with the rising disposable income in developing countries, is pushing up smartphone sales. Further, with the wide availability of 3G and 4G connectivity and strong focus on deploying 5G networks, smartphone sales will continue to boom, thereby driving the production of SOIs.

As a result, several public agencies and private companies are increasing their investments in this space. For instance, the city of Chengdu in China signed an agreement with GLOBALFOUNDRIES U.S. Inc. in 2017 for setting up a fully depleted-SOI (FD-SOI) ecosystem that would include numerous university programs and design centers in China. In all, more than $100 million are being pumped into the SOI sector in Chengdu so that state-of-the-art microchips can be designed for automobiles, IoT devices, mobile phones, and other next-generation systems.

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How Does Adoption of Modular Robotic System Reduce Manufacturing Cost and Time?

 

Factors such as the spurring demand for collaborative modular robotic systems, or cobots, from the logistics industry and escalating need for automation in the manufacturing sector will fuel the modular robotics market growth at a CAGR of 9.9% during the forecast period (2020–2030). These factors are expected to increase the revenue of the market from $5.6 billion in 2019 to $15.1 billion by 2030. Moreover, the increasing application of the industrial internet of things (IIoT) is the key manufacturing trend, due to the ability of this technology to reduce operational costs and enhance productivity.

The application of cobots has redefined the relationship between humans and robots across the manufacturing and logistics industries. These robots are used in the logistics industry to carry and transport loads and inspect fragile items. While working with cobots, the operator provides the parts to the robot directly, to perform the pending task, thus leading to a reduction in cost, time, and floor space requirement. Moreover, the versatile nature of these modular robots allows them to take on various tasks with the help of suitable end-effectors.

Browse detailed report - Modular Robotics Market Analysis and Demand Forecast Report

Apart from this, cobots are also adopted in the automotive and electronics sectors due to the integration of machine vision and speech recognition in the end-effectors, including controllers and grippers. Additionally, the automobile sector also deploys articulated modular robots to handle heavy automotive parts. Similarly, these robots are adopted in the metal and machinery industry to handle heavy metal components and sheets. In addition to these modular robots, industries utilize parallel modular robots, cartesian modular robots, and selective compliance assembly robot arm (SCARA) modular robots.

Further, the offering segment of the modular robotics market is divided into software, hardware, and services. Till 2019, the software division displayed the highest growth rate due to the soaring demand for software to track the real-time functioning of molecular robots and the rising adoption of AI and IoT technologies. Under this segment, the hardware category is projected to generate the highest revenue in the forecast period. The category is further divided into sensor, driver module, controller, manipulator, and others. Among these, the demand for controllers will be the highest due to their use in industrial robots for point-to-point repetitive processes.

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How Does Adoption of Modular Robotic System Reduce Manufacturing Cost and Time?

 

Factors such as the spurring demand for collaborative modular robotic systems, or cobots, from the logistics industry and escalating need for automation in the manufacturing sector will fuel the modular robotics market growth at a CAGR of 9.9% during the forecast period (2020–2030). These factors are expected to increase the revenue of the market from $5.6 billion in 2019 to $15.1 billion by 2030. Moreover, the increasing application of the industrial internet of things (IIoT) is the key manufacturing trend, due to the ability of this technology to reduce operational costs and enhance productivity.

The application of cobots has redefined the relationship between humans and robots across the manufacturing and logistics industries. These robots are used in the logistics industry to carry and transport loads and inspect fragile items. While working with cobots, the operator provides the parts to the robot directly, to perform the pending task, thus leading to a reduction in cost, time, and floor space requirement. Moreover, the versatile nature of these modular robots allows them to take on various tasks with the help of suitable end-effectors.

Browse detailed report - Modular Robotics Market Analysis and Demand Forecast Report

Apart from this, cobots are also adopted in the automotive and electronics sectors due to the integration of machine vision and speech recognition in the end-effectors, including controllers and grippers. Additionally, the automobile sector also deploys articulated modular robots to handle heavy automotive parts. Similarly, these robots are adopted in the metal and machinery industry to handle heavy metal components and sheets. In addition to these modular robots, industries utilize parallel modular robots, cartesian modular robots, and selective compliance assembly robot arm (SCARA) modular robots.

Further, the offering segment of the modular robotics market is divided into software, hardware, and services. Till 2019, the software division displayed the highest growth rate due to the soaring demand for software to track the real-time functioning of molecular robots and the rising adoption of AI and IoT technologies. Under this segment, the hardware category is projected to generate the highest revenue in the forecast period. The category is further divided into sensor, driver module, controller, manipulator, and others. Among these, the demand for controllers will be the highest due to their use in industrial robots for point-to-point repetitive processes.

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Booming Elderly Population Propelling Personal Robot Demand

 

The World Bank estimates that the population of women aged 65 years and above in Japan and Germany increased from 19,949,469 in 2019 to 20,150,701 in 2020 and 10,065,399 in 2019 to 10,132,696 in 2020, respectively. It also states that the number of men aged 65 years above in Germany and Japan surged from 7,851,701 in 2019 to 7,920,048 in 2020 and 15,407,952 in 2019 to 15,583,297 in 2020, respectively. The rising geriatric population, especially in developed countries, will, therefore, facilitate the adoption of personal robots in the forthcoming years. 

In addition, the burgeoning demand for mobile robots and the reducing prices of robotic systems will drive the personal robots market at a CAGR of 7.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $21.5 billion in 2019, and it will reach $51.5 billion by 2030. This growth can also be credited to the booming demand for home automation and the surging public awareness regarding different types of robots. In contemporary times, the emergence of artificial intelligence (AI)-enabled personal robots has become a prominent market trend. 

Browse detailed report - Personal Robots Market Analysis and Demand Forecast Report

In the upcoming years, companion robots will be adopted in enormous numbers due to the surging need for companions in the solitary lives of people, majorly in developed countries. Furthermore, cleaning robots will be adopted in the highest number due to the declining prices of such household robotic systems and the increasing need for assistance in the busy lives of people around the world. Additionally, customers are also opting for educational robots, entertainment and toy robots, security robots, personal transportation robots, and handicap assistance robots to ease their daily chores.  

In recent years, players operating in the personal robots market have engaged in product development to meet the evolving needs of customers. Additionally, the market players, such as Neato Robotics Inc., Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Ecovacs Robotics Inc., ZMP Inc., iRobot Corporation, F&P Robotics AG, Sony Corporation, GeckoSystems International Corporation, and Segway Inc., are also involved in partnerships to develop technologically improved and efficient products and gain a competitive edge in the industry.  

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Booming Elderly Population Propelling Personal Robot Demand

 

The World Bank estimates that the population of women aged 65 years and above in Japan and Germany increased from 19,949,469 in 2019 to 20,150,701 in 2020 and 10,065,399 in 2019 to 10,132,696 in 2020, respectively. It also states that the number of men aged 65 years above in Germany and Japan surged from 7,851,701 in 2019 to 7,920,048 in 2020 and 15,407,952 in 2019 to 15,583,297 in 2020, respectively. The rising geriatric population, especially in developed countries, will, therefore, facilitate the adoption of personal robots in the forthcoming years. 

In addition, the burgeoning demand for mobile robots and the reducing prices of robotic systems will drive the personal robots market at a CAGR of 7.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $21.5 billion in 2019, and it will reach $51.5 billion by 2030. This growth can also be credited to the booming demand for home automation and the surging public awareness regarding different types of robots. In contemporary times, the emergence of artificial intelligence (AI)-enabled personal robots has become a prominent market trend. 

Browse detailed report - Personal Robots Market Analysis and Demand Forecast Report

In the upcoming years, companion robots will be adopted in enormous numbers due to the surging need for companions in the solitary lives of people, majorly in developed countries. Furthermore, cleaning robots will be adopted in the highest number due to the declining prices of such household robotic systems and the increasing need for assistance in the busy lives of people around the world. Additionally, customers are also opting for educational robots, entertainment and toy robots, security robots, personal transportation robots, and handicap assistance robots to ease their daily chores.  

In recent years, players operating in the personal robots market have engaged in product development to meet the evolving needs of customers. Additionally, the market players, such as Neato Robotics Inc., Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Ecovacs Robotics Inc., ZMP Inc., iRobot Corporation, F&P Robotics AG, Sony Corporation, GeckoSystems International Corporation, and Segway Inc., are also involved in partnerships to develop technologically improved and efficient products and gain a competitive edge in the industry.  

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Growing Use of HUD-Integrated ADAS Driving Microdisplay Market Expansion

 The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to progress at a CAGR of 17.1% from 2020 to 2030. The major factors driving the expansion of the market are the growing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS), owing to the rising incidence of road accidents, especially in China, the U.S., and Japan, and surging number of near-to-eye (NTE) applications. 

According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project to facilitate the use of ADAS in the trucking industry in 2019 due to the ability of ADAS to mitigate the prevalence of road crashes, injuries, and fatalities. The government allocating $0.65 million to the project, which is predicted to be completed by the end of 2021. Besides, the burgeoning need for microdisplays in NTE applications is also driving the microdisplay market. These screens are being increasingly adopted in NTE devices, such as personal electronics like cameras and mobile phones, HMDs, and AR/VR headsets.

Get More Insights: Microdisplay Market Revenue Estimation and Growth Forecast Report

Depending on technology, the market is divided into liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal display (LCD) categories. Out of these, the OLED category is predicted to demonstrate the fastest growth in the market in the coming years owing to the mushrooming utilization of OLED screens in TVs, smartphones, and other electronic appliances. These screens are highly compact in size and provide a high pixel density, which is encouraging the players operating in the market to invest heavily in them. 

The microdisplay market is also classified, on the basis of end user, into industrial, consumer electronics, automotive, military and defense, retail and hospitality, sports and entertainment, and medical devices. Out of these, the consumer electronics category held the largest share in the market in 2020. This is credited to the large-scale use of microdisplays in virtual reality (VR) devices and digital cameras, on account of the ballooning requirement for wide viewing angle and clearer image among customers. 

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Growing Use of HUD-Integrated ADAS Driving Microdisplay Market Expansion

 The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to progress at a CAGR of 17.1% from 2020 to 2030. The major factors driving the expansion of the market are the growing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS), owing to the rising incidence of road accidents, especially in China, the U.S., and Japan, and surging number of near-to-eye (NTE) applications. 

According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project to facilitate the use of ADAS in the trucking industry in 2019 due to the ability of ADAS to mitigate the prevalence of road crashes, injuries, and fatalities. The government allocating $0.65 million to the project, which is predicted to be completed by the end of 2021. Besides, the burgeoning need for microdisplays in NTE applications is also driving the microdisplay market. These screens are being increasingly adopted in NTE devices, such as personal electronics like cameras and mobile phones, HMDs, and AR/VR headsets.

Get More Insights: Microdisplay Market Revenue Estimation and Growth Forecast Report

Depending on technology, the market is divided into liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal display (LCD) categories. Out of these, the OLED category is predicted to demonstrate the fastest growth in the market in the coming years owing to the mushrooming utilization of OLED screens in TVs, smartphones, and other electronic appliances. These screens are highly compact in size and provide a high pixel density, which is encouraging the players operating in the market to invest heavily in them. 

The microdisplay market is also classified, on the basis of end user, into industrial, consumer electronics, automotive, military and defense, retail and hospitality, sports and entertainment, and medical devices. Out of these, the consumer electronics category held the largest share in the market in 2020. This is credited to the large-scale use of microdisplays in virtual reality (VR) devices and digital cameras, on account of the ballooning requirement for wide viewing angle and clearer image among customers. 

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Huge Revenue Explosion Expected in Global Ultrasonic Sensor Market Between 2020 and 2030

 

Due to the rising requirement for ultrasonic sensors in the manufacturing industry and the growing usage of these sensors in vehicles, the sales of these sensors are predicted to rise steeply in the coming years. This will, in turn, cause the surge of the global ultrasonic sensor market in the near future. The market is expected to grow, in value, from $4.1 billion to $12.1 billion from 2019 to 2030, exhibiting a CAGR of 10.2% between 2020 and 2030.

The ballooning usage of ultrasonic sensors in manufacturing industries is a major factor fueling the advancement of the market. In these industries, these sensors are used for a plethora of applications such as the measurement of tank water level, diameter measurement of roll, height measurement, loop control, and distance measurement. The utilization of these sensors would rise enormously in the developing nations in the future years, because of the increasing industrial production in these countries.

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Ultrasonic sensors would be extensively used in level measurement applications in developing countries in the near future. For example, as per many reports published in September 2019, the total industrial production grew in Turkey by nearly 3.4% YoY (year-on-year). Apart from being required in manufacturing industries, these sensors are also widely used in automobiles in numerous applications such as object detection and identification, level sensing in fuel tanks, and park assistant systems. 

Moreover, with the increasing manufacturing of vehicles, especially in the emerging economies such as Thailand, Indonesia, and China, the demand for ultrasonic sensors is set to push-up in the forthcoming years. The ultrasonic sensor market is categorized, on the basis of application, into object and pallet detection, loop control, level measurement, diameter measurement, and distance measurement. The object and pallet detection category would exhibit rapid expansion in the market in the upcoming years.

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Huge Revenue Explosion Expected in Global Ultrasonic Sensor Market Between 2020 and 2030

 

Due to the rising requirement for ultrasonic sensors in the manufacturing industry and the growing usage of these sensors in vehicles, the sales of these sensors are predicted to rise steeply in the coming years. This will, in turn, cause the surge of the global ultrasonic sensor market in the near future. The market is expected to grow, in value, from $4.1 billion to $12.1 billion from 2019 to 2030, exhibiting a CAGR of 10.2% between 2020 and 2030.

The ballooning usage of ultrasonic sensors in manufacturing industries is a major factor fueling the advancement of the market. In these industries, these sensors are used for a plethora of applications such as the measurement of tank water level, diameter measurement of roll, height measurement, loop control, and distance measurement. The utilization of these sensors would rise enormously in the developing nations in the future years, because of the increasing industrial production in these countries.

Browse detailed - Ultrasonic Sensor Market Revenue Estimation and Growth Forecast Report

Ultrasonic sensors would be extensively used in level measurement applications in developing countries in the near future. For example, as per many reports published in September 2019, the total industrial production grew in Turkey by nearly 3.4% YoY (year-on-year). Apart from being required in manufacturing industries, these sensors are also widely used in automobiles in numerous applications such as object detection and identification, level sensing in fuel tanks, and park assistant systems. 

Moreover, with the increasing manufacturing of vehicles, especially in the emerging economies such as Thailand, Indonesia, and China, the demand for ultrasonic sensors is set to push-up in the forthcoming years. The ultrasonic sensor market is categorized, on the basis of application, into object and pallet detection, loop control, level measurement, diameter measurement, and distance measurement. The object and pallet detection category would exhibit rapid expansion in the market in the upcoming years.

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Image Sensors Market To Advance at CAGR of 6.2%

 The image sensors market stood at $15,934.8 million in 2017, and it is expected to generate more than $23,200.0 million by 2023. The market is advancing at a CAGR of 6.2% during 2018–2023 (forecast period). The growth is driven by the increasing application of image-sensing devices in biometrics, growing demand for dual-camera mobile phones, and advancements in low-power and compact image sensors based on the complementary metal-oxide-semiconductor (CMOS) technology. The major demand for imaging solutions is generated from the automobile and medical device sectors.

The automotive industry is creating a high demand for image sensors for advanced driver-assistance systems (ADAS), to enhance road safety. ADAS encompasses different semiconductor units that include radio detection and ranging (RADAR)- and light detection and ranging (LiDAR)-integrated cameras and sensors, to help drivers in getting images of their surroundings. ADAS also includes the lane departure warning (LDW) system to warn the driver while moving out of the lane. This increasing application of image sensors in automobiles will add to the image sensors market growth in the forecast years.

Get More Insights: Image Sensor Market Segmentation Analysis Report

The continuous developments in the CMOS imaging design, technology, and fabrication are the current market trends. Consolidation of the circuit design is the common process of maximizing trade-offs between limiters. By employing this process, CMOS imaging technology developers are manufacturing products that are ideal for machine vision applications. Recent developments in the CMOS technology have notably improved the signal-to-noise ratio (SNR) levels in high-speed machine vision applications, which are better than those of the charge-coupled device (CCD), in terms of cost, performance, and functionality.

The image sensors market is segmented by processing type, technology, operating spectrum, array type, application, and region. The technology segment of the industry has been categorized into CCD and CMOS, of which due to the lower power consumption and reduced system size, CMOS-based image sensing devices are preferred more than CCD-supported devices. Considering the surging demand for CMOS-enabled image sensing devices, Sony Corporation discontinued the shipment/delivery of its CCD sensors from March 2020 onward.

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Image Sensors Market To Advance at CAGR of 6.2%

 The image sensors market stood at $15,934.8 million in 2017, and it is expected to generate more than $23,200.0 million by 2023. The market is advancing at a CAGR of 6.2% during 2018–2023 (forecast period). The growth is driven by the increasing application of image-sensing devices in biometrics, growing demand for dual-camera mobile phones, and advancements in low-power and compact image sensors based on the complementary metal-oxide-semiconductor (CMOS) technology. The major demand for imaging solutions is generated from the automobile and medical device sectors.

The automotive industry is creating a high demand for image sensors for advanced driver-assistance systems (ADAS), to enhance road safety. ADAS encompasses different semiconductor units that include radio detection and ranging (RADAR)- and light detection and ranging (LiDAR)-integrated cameras and sensors, to help drivers in getting images of their surroundings. ADAS also includes the lane departure warning (LDW) system to warn the driver while moving out of the lane. This increasing application of image sensors in automobiles will add to the image sensors market growth in the forecast years.

Get More Insights: Image Sensor Market Segmentation Analysis Report

The continuous developments in the CMOS imaging design, technology, and fabrication are the current market trends. Consolidation of the circuit design is the common process of maximizing trade-offs between limiters. By employing this process, CMOS imaging technology developers are manufacturing products that are ideal for machine vision applications. Recent developments in the CMOS technology have notably improved the signal-to-noise ratio (SNR) levels in high-speed machine vision applications, which are better than those of the charge-coupled device (CCD), in terms of cost, performance, and functionality.

The image sensors market is segmented by processing type, technology, operating spectrum, array type, application, and region. The technology segment of the industry has been categorized into CCD and CMOS, of which due to the lower power consumption and reduced system size, CMOS-based image sensing devices are preferred more than CCD-supported devices. Considering the surging demand for CMOS-enabled image sensing devices, Sony Corporation discontinued the shipment/delivery of its CCD sensors from March 2020 onward.

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Energy-Efficient Electric Motors Helping Reduce Air Pollution in APAC

 

As the production of electric vehicles (EVs) is soaring in the Asia-Pacific (APAC) region, the demand for electric motors is also escalating at a substantial pace. The spike in EV sales is due to the high levels of air pollution in the region, which is why the government of several nations, such as India and China, is offering significant subsidies on EVs to facilitate their adoption. These initiatives will help the APAC electric motor market progress at a CAGR of 6.9% during 2018–2023. According to P&S Intelligence, the value of the market will rise to $77,876.8 million by 2023 from $50,948.1 million in 2017.

Moreover, the manufacturing sector in the APAC region is installing a large number of energy-efficient electric motors to reduce the requirement for power, in the face of the increasing pollution levels. Electric motors account for nearly 70% of the total energy consumption in factories, which is why the need to make them energy-efficient is rather strong presently. Compressors consume the highest amount of energy in any industrial unit, and approximately half of all that energy is used up by electric motors. In an effort to curb this issue and curtail their operational cost, industrial plants are opting for more energy-efficient electric motors.

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Apart from manufacturing and automotive, electric motors are also used in the construction industry, heating, ventilation, and air conditioning (HVAC) equipment, agriculture sector, household appliances, and consumer electronics industry. These end users deploy alternate current (AC), hermetic, and direct current (DC) motors, as per their requirement. Of the different types of motors, the adoption of hermetic motors is expected to surge in the construction sector and HVAC equipment. In this regard, the rapid replacement of older HVAC products with new ones will fuel the demand for hermetic motors in the coming years.

The output power segment of the APAC electric motor market is bifurcated into fractional horsepower (FHP) and integral horsepower (IHP). In 2017, the FHP bifurcation held the larger market share due to the increasing demand for FHP electric motors in low-power applications of HVAC equipment, household appliances, several aerospace and transportation components, and motor vehicles, excluding traction motors. On the other hand, the IHP category is projected to display the faster growth in the forecast period, on account of the surging use of high-power motors in EVs (traction motors) and industrial machinery.

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Energy-Efficient Electric Motors Helping Reduce Air Pollution in APAC

 

As the production of electric vehicles (EVs) is soaring in the Asia-Pacific (APAC) region, the demand for electric motors is also escalating at a substantial pace. The spike in EV sales is due to the high levels of air pollution in the region, which is why the government of several nations, such as India and China, is offering significant subsidies on EVs to facilitate their adoption. These initiatives will help the APAC electric motor market progress at a CAGR of 6.9% during 2018–2023. According to P&S Intelligence, the value of the market will rise to $77,876.8 million by 2023 from $50,948.1 million in 2017.

Moreover, the manufacturing sector in the APAC region is installing a large number of energy-efficient electric motors to reduce the requirement for power, in the face of the increasing pollution levels. Electric motors account for nearly 70% of the total energy consumption in factories, which is why the need to make them energy-efficient is rather strong presently. Compressors consume the highest amount of energy in any industrial unit, and approximately half of all that energy is used up by electric motors. In an effort to curb this issue and curtail their operational cost, industrial plants are opting for more energy-efficient electric motors.

Access Report Summary - Asia-Pacific Electric Motor Market Segmentation Analysis Report

Apart from manufacturing and automotive, electric motors are also used in the construction industry, heating, ventilation, and air conditioning (HVAC) equipment, agriculture sector, household appliances, and consumer electronics industry. These end users deploy alternate current (AC), hermetic, and direct current (DC) motors, as per their requirement. Of the different types of motors, the adoption of hermetic motors is expected to surge in the construction sector and HVAC equipment. In this regard, the rapid replacement of older HVAC products with new ones will fuel the demand for hermetic motors in the coming years.

The output power segment of the APAC electric motor market is bifurcated into fractional horsepower (FHP) and integral horsepower (IHP). In 2017, the FHP bifurcation held the larger market share due to the increasing demand for FHP electric motors in low-power applications of HVAC equipment, household appliances, several aerospace and transportation components, and motor vehicles, excluding traction motors. On the other hand, the IHP category is projected to display the faster growth in the forecast period, on account of the surging use of high-power motors in EVs (traction motors) and industrial machinery.

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Surging Use of UV Curing Systems in Food and Beverage Sector Improving Food Safety

 

The burgeoning consumption of packaged foods, on account of the booming population, rising urbanization rate, mounting disposable income of people, and flourishing e-commerce sector will augment the adoption of ultraviolet (UV) curing technologies in the food and beverage sector in the coming years. Since UV curing systems are ideal for use in adhesive, printing, and coating applications without compromising the quality and safety of the food products, they are being increasingly deployed in the packaging of food products and beverages. Additionally, the usage of such systems in the food and beverage sector also facilitates the food and beverage production process.

Moreover, the surging adoption of the UV light-emitting diode (LED) technology for manufacturing consumer electronic products, such as tablets, TVs, and mobile phones, will drive the UV curing system market at a CAGR of 8.8% during the forecast period (2019–2024). The market revenue stood at $1.4 billion in 2018 and it is expected to reach $2.4 billion by 2024. The increasing preference for UV LED systems can be attributed to their various beneficial traits such as lower operational costs, low power consumption, and faster curing than that offered by the conventional UV systems.

Get More Insights: UV Curing System Market Segmentation Analysis Report

 Additionally, the furniture manufacturing sector is also deploying UV curing systems for curing the coatings on substrates, such as wood, for providing high-quality finishing and reducing the drying time. Owing to these advantages, the usage of such systems helps in improving the productivity of furniture manufacturing units worldwide. The application of UV-cured coatings on substrates offers protection against external agents, such as accidental chemical spills, corrosion, and moisture. Thus, the burgeoning demand for furniture, primarily on account of rapid urbanization, will propel the deployment of UV curing systems in the coming years.

The type segment of the UV curing system market is categorized into spot curing, flood curing, hand-held curing, and conveyor curing. Among these, the conveyor category accounted for the largest market share in 2018 and it is expected to demonstrate the fastest growth throughout the forecast period. This is because the conveyor curing system offers uniform ink curing. After all, the constant speed of such systems ensures that each component is cured for the same time duration. This further enhances the throughput and facilitates mass production.

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Surging Use of UV Curing Systems in Food and Beverage Sector Improving Food Safety

 

The burgeoning consumption of packaged foods, on account of the booming population, rising urbanization rate, mounting disposable income of people, and flourishing e-commerce sector will augment the adoption of ultraviolet (UV) curing technologies in the food and beverage sector in the coming years. Since UV curing systems are ideal for use in adhesive, printing, and coating applications without compromising the quality and safety of the food products, they are being increasingly deployed in the packaging of food products and beverages. Additionally, the usage of such systems in the food and beverage sector also facilitates the food and beverage production process.

Moreover, the surging adoption of the UV light-emitting diode (LED) technology for manufacturing consumer electronic products, such as tablets, TVs, and mobile phones, will drive the UV curing system market at a CAGR of 8.8% during the forecast period (2019–2024). The market revenue stood at $1.4 billion in 2018 and it is expected to reach $2.4 billion by 2024. The increasing preference for UV LED systems can be attributed to their various beneficial traits such as lower operational costs, low power consumption, and faster curing than that offered by the conventional UV systems.

Get More Insights: UV Curing System Market Segmentation Analysis Report

 Additionally, the furniture manufacturing sector is also deploying UV curing systems for curing the coatings on substrates, such as wood, for providing high-quality finishing and reducing the drying time. Owing to these advantages, the usage of such systems helps in improving the productivity of furniture manufacturing units worldwide. The application of UV-cured coatings on substrates offers protection against external agents, such as accidental chemical spills, corrosion, and moisture. Thus, the burgeoning demand for furniture, primarily on account of rapid urbanization, will propel the deployment of UV curing systems in the coming years.

The type segment of the UV curing system market is categorized into spot curing, flood curing, hand-held curing, and conveyor curing. Among these, the conveyor category accounted for the largest market share in 2018 and it is expected to demonstrate the fastest growth throughout the forecast period. This is because the conveyor curing system offers uniform ink curing. After all, the constant speed of such systems ensures that each component is cured for the same time duration. This further enhances the throughput and facilitates mass production.

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Advancements in Healthcare Industry Will Drive Transparent Display Market

 

Factors such as escalating demand for smart glasses and growing adoption of transparent displays in the advertising industry will accelerate the transparent display market at 46.2% CAGR during the forecast period (2019–2024). The market stood at $524.7 million in 2018 and it is set to value $4,933.6 million in 2024. The market is currently observing high adoption of transparent organic light-emitting diode (OLED) displays, as these are more beneficial than liquid crystal display (LCD) displays, due to the fact that they offer better viewing angles and higher image resolution than the latter. 

One of the most significant growth drivers is the widescale installation of transparent displays for outdoor advertisements, because they amplify the aesthetic appeal of the advertisements. Businesses are setting up these displays to promote their products through digital signage. The increasing popularity of digital signage can be ascribed to the expansion of the out-of-home (OOH) advertisement industry, which thrives on the development of improved technology-based retail stores. Additionally, the mounting competition among retail companies has led to the widescale incorporation of these displays for advertising purposes.

Access Report Summary - Transparent Display Market Segmentation Analysis Report

Moreover, the intensifying advancements in the healthcare sector will fuel the transparent display market in the forecast period. Healthcare facilities are using these products during surgical procedures and checkup of patients. These screens display vital sign of patients, such as blood pressure, oxygen levels, and heartbeats, which assist doctors during regular checkups and surgeons during critical operations. Moreover, the growing healthcare spending across the world will boost the demand for these products in the future.

The application segment of the transparent display market is categorized into digital signage, heads-up displays, smart appliance, and head mounted display (HMD). Among these, the digital signage accounted for the largest market share in 2019, due to the burgeoning application of transparent displays in the education, healthcare, retail, and transportation sectors. Whereas, the HUD category is expected to exhibit the highest CAGR during the forecast period, owing to its widening application base in the aerospace and defense and automobile sectors. The automotive industry uses these screens to display the direction and speed to reduce the incidence of road accidents. 

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Advancements in Healthcare Industry Will Drive Transparent Display Market

 

Factors such as escalating demand for smart glasses and growing adoption of transparent displays in the advertising industry will accelerate the transparent display market at 46.2% CAGR during the forecast period (2019–2024). The market stood at $524.7 million in 2018 and it is set to value $4,933.6 million in 2024. The market is currently observing high adoption of transparent organic light-emitting diode (OLED) displays, as these are more beneficial than liquid crystal display (LCD) displays, due to the fact that they offer better viewing angles and higher image resolution than the latter. 

One of the most significant growth drivers is the widescale installation of transparent displays for outdoor advertisements, because they amplify the aesthetic appeal of the advertisements. Businesses are setting up these displays to promote their products through digital signage. The increasing popularity of digital signage can be ascribed to the expansion of the out-of-home (OOH) advertisement industry, which thrives on the development of improved technology-based retail stores. Additionally, the mounting competition among retail companies has led to the widescale incorporation of these displays for advertising purposes.

Access Report Summary - Transparent Display Market Segmentation Analysis Report

Moreover, the intensifying advancements in the healthcare sector will fuel the transparent display market in the forecast period. Healthcare facilities are using these products during surgical procedures and checkup of patients. These screens display vital sign of patients, such as blood pressure, oxygen levels, and heartbeats, which assist doctors during regular checkups and surgeons during critical operations. Moreover, the growing healthcare spending across the world will boost the demand for these products in the future.

The application segment of the transparent display market is categorized into digital signage, heads-up displays, smart appliance, and head mounted display (HMD). Among these, the digital signage accounted for the largest market share in 2019, due to the burgeoning application of transparent displays in the education, healthcare, retail, and transportation sectors. Whereas, the HUD category is expected to exhibit the highest CAGR during the forecast period, owing to its widening application base in the aerospace and defense and automobile sectors. The automotive industry uses these screens to display the direction and speed to reduce the incidence of road accidents. 

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