Why Is Demand for Energy-Efficiency VRF Systems Rising in Australia and New Zealand?

 In the Australia and New Zealand water-cooled heat recovery VRF systems market, the category of healthcare is projected to grow at a significant rate in the near future. This is credited to the rising population and the increasing requirement for improving the healthcare facilities in New Zealand and Australia. As per the ABS, Australia's population increased by 46,000 persons (0.2%) in June 2021 in comparison to June 2020. The requirement for medical and caregiving services is snowballing with the growing population, enabling an increase in the need for HVAC systems using the VRF technology in newly commissioned healthcare centers and as replacements at those that have existed for a while.

There are many benefits to choosing VRF systems, such as energy efficiency, compact size, flexibility, and silent operation. The system also can trap the heat as part of the cooling process and channel it to other areas of the building that might need heating. Moreover, with the use of these systems, energy savings of up to 55% are predicted over the traditional heating and cooling equipment, as it uses waste heat, rather than using electricity to generate the required amount.

Browse detailed report - Australia and New Zealand Water-Cooled Heat Recovery VRF Systems Market Analysis and Demand Forecast Report

There are two types of VRF systems: water-cooled and air-cooled. For using an air-cooled system, there has to be enough space for placing the condenser unit. Furthermore, the installation location must be able to sustain the weight of the systems, be free of windows, and be easily accessible for maintenance. Water-cooled systems are a good option if there is limited area, building heat capture and efficiency are sought, and a water loop is available. They can be designed to utilize the geothermal energy of lakes and rivers, or heat released during the cooling of computer servers and several other operations.

The corporate offices category had the largest share in Australia and New Zealand water-cooled heat recovery VRF systems market in 2021, and it is predicted to dominate the market in the near future. This is credited to the expansion of the construction and infrastructure industries, itself on account of the increasing population of these countries. For example, in 2022, the Australian Industry and Skills Committee stated that the construction sector generated over $360 billion in sales, accounting for roughly 9% of the country's GDP, which is expected to grow at a 2.4% rate in the coming years.

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Why Is Demand for Energy-Efficiency VRF Systems Rising in Australia and New Zealand?

 In the Australia and New Zealand water-cooled heat recovery VRF systems market, the category of healthcare is projected to grow at a significant rate in the near future. This is credited to the rising population and the increasing requirement for improving the healthcare facilities in New Zealand and Australia. As per the ABS, Australia's population increased by 46,000 persons (0.2%) in June 2021 in comparison to June 2020. The requirement for medical and caregiving services is snowballing with the growing population, enabling an increase in the need for HVAC systems using the VRF technology in newly commissioned healthcare centers and as replacements at those that have existed for a while.

There are many benefits to choosing VRF systems, such as energy efficiency, compact size, flexibility, and silent operation. The system also can trap the heat as part of the cooling process and channel it to other areas of the building that might need heating. Moreover, with the use of these systems, energy savings of up to 55% are predicted over the traditional heating and cooling equipment, as it uses waste heat, rather than using electricity to generate the required amount.

Browse detailed report - Australia and New Zealand Water-Cooled Heat Recovery VRF Systems Market Analysis and Demand Forecast Report

There are two types of VRF systems: water-cooled and air-cooled. For using an air-cooled system, there has to be enough space for placing the condenser unit. Furthermore, the installation location must be able to sustain the weight of the systems, be free of windows, and be easily accessible for maintenance. Water-cooled systems are a good option if there is limited area, building heat capture and efficiency are sought, and a water loop is available. They can be designed to utilize the geothermal energy of lakes and rivers, or heat released during the cooling of computer servers and several other operations.

The corporate offices category had the largest share in Australia and New Zealand water-cooled heat recovery VRF systems market in 2021, and it is predicted to dominate the market in the near future. This is credited to the expansion of the construction and infrastructure industries, itself on account of the increasing population of these countries. For example, in 2022, the Australian Industry and Skills Committee stated that the construction sector generated over $360 billion in sales, accounting for roughly 9% of the country's GDP, which is expected to grow at a 2.4% rate in the coming years.

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Increasing Installation of 3D Cameras in Construction and Manufacturing Sectors Driving 3D Camera Market Growth

 A number of factors such as the rising deployment of 3D cameras in the media & entertainment sector and the surging use of these cameras in construction and manufacturing applications across the world are expected to drive the 3D camera market at a robust CAGR of 50.2% in the foreseeable period (2016–2022). According to P&S Intelligence, the market generated revenue of $1,322.0 million in 2015, and it is expected to reach $19,893.0 million by 2022. 

Moreover, the 3D camera market is observing the arrival of new players that are concentrating on the production of 3D cameras for the installation in home automation products and virtual reality (VR) systems. Some of the major players operating in the market include Sony Corporation, Nikon Corporation, Canon Inc., Go Pro Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, Faro Technologies Inc., LG Electronics Inc., Fujifilm Holdings Corporation, and Eastman Kodak Company.

Browse detailed report - 3D Camera Market Analysis and Demand Forecast Report

The type segment of the 3D camera market is bifurcated into free camera and target camera. Of these, the free camera category accounted for a larger share in 2015 in the market, and it is also projected to witness huge growth during the forecast period. This can be attributed to the increasing deployment of 3D cameras in computers, laptops, smartphones, and tablets, due to the less complexity in the design of these cameras.

Furthermore, based on technology, the 3D camera market is categorized into stereo vision, time of flight, and structured light imaging. Out of these, the stereo vision category held the largest market share in 2015. This is attributed to the high adoption of stereo vision technology by camera manufacturers, owing to its easier operation in 3D cameras, in comparison to other technologies. On the other hand, the demand for time-of-flight technology is expected to witness the fastest growth during the forecast period.

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Increasing Installation of 3D Cameras in Construction and Manufacturing Sectors Driving 3D Camera Market Growth

 A number of factors such as the rising deployment of 3D cameras in the media & entertainment sector and the surging use of these cameras in construction and manufacturing applications across the world are expected to drive the 3D camera market at a robust CAGR of 50.2% in the foreseeable period (2016–2022). According to P&S Intelligence, the market generated revenue of $1,322.0 million in 2015, and it is expected to reach $19,893.0 million by 2022. 

Moreover, the 3D camera market is observing the arrival of new players that are concentrating on the production of 3D cameras for the installation in home automation products and virtual reality (VR) systems. Some of the major players operating in the market include Sony Corporation, Nikon Corporation, Canon Inc., Go Pro Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, Faro Technologies Inc., LG Electronics Inc., Fujifilm Holdings Corporation, and Eastman Kodak Company.

Browse detailed report - 3D Camera Market Analysis and Demand Forecast Report

The type segment of the 3D camera market is bifurcated into free camera and target camera. Of these, the free camera category accounted for a larger share in 2015 in the market, and it is also projected to witness huge growth during the forecast period. This can be attributed to the increasing deployment of 3D cameras in computers, laptops, smartphones, and tablets, due to the less complexity in the design of these cameras.

Furthermore, based on technology, the 3D camera market is categorized into stereo vision, time of flight, and structured light imaging. Out of these, the stereo vision category held the largest market share in 2015. This is attributed to the high adoption of stereo vision technology by camera manufacturers, owing to its easier operation in 3D cameras, in comparison to other technologies. On the other hand, the demand for time-of-flight technology is expected to witness the fastest growth during the forecast period.

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Growing Construction Sector Driving HVAC Sales in Middle East and Africa

 The Middle East and Africa (MEA) is one of the hottest regions on earth, with a large part of it covered by two great deserts: the Sahara and Arabian. This is why air conditioners are an important requirement here, especially during the scorching summers. Moreover, with climate change, higher temperatures are being recorded in the region every year. For instance, in 2017, temperatures of around 54 degree Celsius were recorded in Iran, Kuwait, and Iraq. Further, the Max Planck Institute for Chemistry says that the temperature rise in the region will be two-times faster than the global average.

This is why P&S Intelligence expects the Middle East and Africa heating, ventilation, and air conditioning (HVAC) market to reach $10.1 billion by 2024 from $7.8 billion in 2018, at a 4.9% CAGR during the forecast period (2019–2024). Similarly, countries near or on the equator have average humidity of 50%, which makes ventilation systems necessary here. Thus, with the strengthening of the economy of Kenya, Republic of Congo, Uganda, Gabon, and Nigeria, the sale of HVAC equipment is increasing in the MEA region.

Access Report Summary - Middle East and Africa HVAC Market Segmentation Analysis Report

The economic prosperity in the region is visible in the constant rise in the construction activities here. Many of the construction projects are part of the preparations for upcoming events, such as Dubai Expo 2020 (now rescheduled for 2021) and the FIFA World Cup 2022 in Qatar. In 2018, 106 4-, 5-, and 7-star hotels with a total of 13,733 guestrooms, along with eight football stadia, were under construction in Qatar. Similarly, in a bid to reduce their dependence on oil exports, numerous Gulf Cooperation Council (GCC) countries are giving a boost to other sectors.

Once these construction projects are commissioned, a large number of HVAC systems are installed. Among heating, ventilation, and cooling systems, which are the three categories of the HVAC type segment, the cooling category held the largest share in the Middle East and Africa HVAC market in 2018. The cooling category is subdivided into ducted split/packaged units, variable refrigerant flow (VRF), chillers, split units, and room air conditioners (RACs). Among these, ducted split/packaged units dominated the market during 2014–2018 (historical period).

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Growing Construction Sector Driving HVAC Sales in Middle East and Africa

 The Middle East and Africa (MEA) is one of the hottest regions on earth, with a large part of it covered by two great deserts: the Sahara and Arabian. This is why air conditioners are an important requirement here, especially during the scorching summers. Moreover, with climate change, higher temperatures are being recorded in the region every year. For instance, in 2017, temperatures of around 54 degree Celsius were recorded in Iran, Kuwait, and Iraq. Further, the Max Planck Institute for Chemistry says that the temperature rise in the region will be two-times faster than the global average.

This is why P&S Intelligence expects the Middle East and Africa heating, ventilation, and air conditioning (HVAC) market to reach $10.1 billion by 2024 from $7.8 billion in 2018, at a 4.9% CAGR during the forecast period (2019–2024). Similarly, countries near or on the equator have average humidity of 50%, which makes ventilation systems necessary here. Thus, with the strengthening of the economy of Kenya, Republic of Congo, Uganda, Gabon, and Nigeria, the sale of HVAC equipment is increasing in the MEA region.

Access Report Summary - Middle East and Africa HVAC Market Segmentation Analysis Report

The economic prosperity in the region is visible in the constant rise in the construction activities here. Many of the construction projects are part of the preparations for upcoming events, such as Dubai Expo 2020 (now rescheduled for 2021) and the FIFA World Cup 2022 in Qatar. In 2018, 106 4-, 5-, and 7-star hotels with a total of 13,733 guestrooms, along with eight football stadia, were under construction in Qatar. Similarly, in a bid to reduce their dependence on oil exports, numerous Gulf Cooperation Council (GCC) countries are giving a boost to other sectors.

Once these construction projects are commissioned, a large number of HVAC systems are installed. Among heating, ventilation, and cooling systems, which are the three categories of the HVAC type segment, the cooling category held the largest share in the Middle East and Africa HVAC market in 2018. The cooling category is subdivided into ducted split/packaged units, variable refrigerant flow (VRF), chillers, split units, and room air conditioners (RACs). Among these, ducted split/packaged units dominated the market during 2014–2018 (historical period).

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Crop Spraying Via Agricultural Drones Enhancing Farm Productivity

 Agricultural drones are being increasingly deployed in farms to improve crop productivity, as multi-spectral images captured by them offer vital data, such as soil and field analysis, crop growth, hydric-stress area, and health assessment, on real-time basis. The wide range of data helps farmers in locating underperforming areas, identifying crop-related diseases, and managing crops efficiently. Thus, the booming demand for enhanced crop productivity, owing to the soaring global population, will boost the deployment of agricultural drones in the forthcoming years.

Moreover, the surging use of such drones for crop spraying will propel the agricultural drones market at a CAGR of 25.0% during 2019–2024. The market was valued at $1.5 billion in 2018 and it is expected to reach $6.2 billion by 2024. Deployment of agricultural drones for crop spraying allows farmers to monitor faraway locations on their agrarian lands on a real-time basis. These drones help in ensuring efficient spraying as they use only an adequate amount of liquid for crop spraying. 

Get More Insights: Agricultural Drones Market Revenue Estimation and Growth Forecast Report

Additionally, the increasing prevalence of crop diseases, such as Verticillium and Rhizoctonia, caused due to pathogens like Bollworm and Fall Armyworm (FAW), will also augment the use of agricultural drones in the foreseeable future. As such diseases have a detrimental effect on agricultural productivity, farmers are using drones for crop monitoring, soil and field analysis, and crop health assessment. After gathering the appropriate data, farmers can deploy appropriate measures to protect farm produce from various pathogens.

Single-rotor, multi-rotor, and fixed-wing agricultural drones manufactured by SZ DJI Technology Co. Ltd., Yuneec International, Yamaha Motors Co. Ltd., AiroVironment Ltd., Drone Deploy Inc., Yuneec International, AGCO Corporation, Shandong Joyance Technology Co. Ltd., Trimble Inc., AGEagle Aerial Systems Inc., and Israel Aerospace Industries Ltd. can be deployed in large, medium, small, and micro-sized farmlands. Among the different types of agricultural drones, multi-rotor drones are being deployed in the largest quantity, due to their easy-use mechanism and low cost as compared to other variants.

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Crop Spraying Via Agricultural Drones Enhancing Farm Productivity

 Agricultural drones are being increasingly deployed in farms to improve crop productivity, as multi-spectral images captured by them offer vital data, such as soil and field analysis, crop growth, hydric-stress area, and health assessment, on real-time basis. The wide range of data helps farmers in locating underperforming areas, identifying crop-related diseases, and managing crops efficiently. Thus, the booming demand for enhanced crop productivity, owing to the soaring global population, will boost the deployment of agricultural drones in the forthcoming years.

Moreover, the surging use of such drones for crop spraying will propel the agricultural drones market at a CAGR of 25.0% during 2019–2024. The market was valued at $1.5 billion in 2018 and it is expected to reach $6.2 billion by 2024. Deployment of agricultural drones for crop spraying allows farmers to monitor faraway locations on their agrarian lands on a real-time basis. These drones help in ensuring efficient spraying as they use only an adequate amount of liquid for crop spraying. 

Get More Insights: Agricultural Drones Market Revenue Estimation and Growth Forecast Report

Additionally, the increasing prevalence of crop diseases, such as Verticillium and Rhizoctonia, caused due to pathogens like Bollworm and Fall Armyworm (FAW), will also augment the use of agricultural drones in the foreseeable future. As such diseases have a detrimental effect on agricultural productivity, farmers are using drones for crop monitoring, soil and field analysis, and crop health assessment. After gathering the appropriate data, farmers can deploy appropriate measures to protect farm produce from various pathogens.

Single-rotor, multi-rotor, and fixed-wing agricultural drones manufactured by SZ DJI Technology Co. Ltd., Yuneec International, Yamaha Motors Co. Ltd., AiroVironment Ltd., Drone Deploy Inc., Yuneec International, AGCO Corporation, Shandong Joyance Technology Co. Ltd., Trimble Inc., AGEagle Aerial Systems Inc., and Israel Aerospace Industries Ltd. can be deployed in large, medium, small, and micro-sized farmlands. Among the different types of agricultural drones, multi-rotor drones are being deployed in the largest quantity, due to their easy-use mechanism and low cost as compared to other variants.

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Why is Popularity of E-Cigarettes Booming in North America?

 The rising prevalence of deaths due to tobacco smoking is fueling the need for vaping devices such as e-cigarettes. According to the World Health Organization (WHO), tobacco use is responsible for many respiratory and cardiovascular illnesses. Moreover, more than 20 different types or subtypes of cancer and various other debilitating health conditions are caused due to tobacco use across the world. The organization also reported that over 8 million deaths are caused because of tobacco consumption across the globe.

Apart from impacting the health of smokers, tobacco also affects the health of non-smokers. As per the WHO, exposure to second-hand smoke is responsible for 1.2 million deaths every year and also causes various adverse health outcomes. Because of these factors, many people are preferring e-cigarettes over conventional tobacco-based cigarettes, thereby fueling the expansion of the e-cigarette market. Additionally, in response to the rising demand for these products, manufacturers are increasingly selling and promoting their products via dedicated in-store hubs at large grocery shops and retail outlets and kiosks.

E-cigarette sellers are also rapidly setting up their outlets and stores for providing a vaping experience similar to the one provided at a club. As e-cigarettes are available in various flavors in these stores, they are being increasingly preferred by traditional smokers. Besides, the growing social acceptance of e-cigarettes is also fueling their sales, owing to which, the revenue of the market is expected to rise from $15.7 billion in 2019 to $39.0 billion by 2030, while the market will progress at a CAGR of 9.2% from 2020 to 2030 (forecast period). 

The surging public awareness about the harmful effects of cigarette smoking is playing a pivotal role in propelling the popularity of e-cigarettes. Moreover, this increasing consciousness is encouraging governments to ban cigarette smoking at public places such as parks and monuments and focus on creating a cleaner environment. Vaporizers, T-vapors, vape mod, and cig-a-like are the most widely sold vaping devices across the world. Out of these, the demand for T-vapors is predicted to surge at the fastest pace in the coming years. 

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Why is Popularity of E-Cigarettes Booming in North America?

 The rising prevalence of deaths due to tobacco smoking is fueling the need for vaping devices such as e-cigarettes. According to the World Health Organization (WHO), tobacco use is responsible for many respiratory and cardiovascular illnesses. Moreover, more than 20 different types or subtypes of cancer and various other debilitating health conditions are caused due to tobacco use across the world. The organization also reported that over 8 million deaths are caused because of tobacco consumption across the globe.

Apart from impacting the health of smokers, tobacco also affects the health of non-smokers. As per the WHO, exposure to second-hand smoke is responsible for 1.2 million deaths every year and also causes various adverse health outcomes. Because of these factors, many people are preferring e-cigarettes over conventional tobacco-based cigarettes, thereby fueling the expansion of the e-cigarette market. Additionally, in response to the rising demand for these products, manufacturers are increasingly selling and promoting their products via dedicated in-store hubs at large grocery shops and retail outlets and kiosks.

E-cigarette sellers are also rapidly setting up their outlets and stores for providing a vaping experience similar to the one provided at a club. As e-cigarettes are available in various flavors in these stores, they are being increasingly preferred by traditional smokers. Besides, the growing social acceptance of e-cigarettes is also fueling their sales, owing to which, the revenue of the market is expected to rise from $15.7 billion in 2019 to $39.0 billion by 2030, while the market will progress at a CAGR of 9.2% from 2020 to 2030 (forecast period). 

The surging public awareness about the harmful effects of cigarette smoking is playing a pivotal role in propelling the popularity of e-cigarettes. Moreover, this increasing consciousness is encouraging governments to ban cigarette smoking at public places such as parks and monuments and focus on creating a cleaner environment. Vaporizers, T-vapors, vape mod, and cig-a-like are the most widely sold vaping devices across the world. Out of these, the demand for T-vapors is predicted to surge at the fastest pace in the coming years. 

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Sharp Surge Expected in Global Ambient Lighting Market in Near Future

 The global ambient lighting market reached a valuation of $60.8 billion in 2019 and it is predicted to progress at a CAGR of 9.2% between 2020 and 2030. Furthermore, the market will generate a revenue of $156.5 billion by 2030, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the burgeoning requirement for energy-efficient lighting solutions and the increasing implementation of strict regulatory policies regarding energy efficiency in several countries.

The ballooning demand for energy conservation is fueling the requirement for greater energy efficiency in various countries around the world. Moreover, the governments of several countries are enacting stringent policies regarding energy efficiency, which is consequently propelling the popularity of energy-efficient lighting solutions across the world. For example, as per the U.S. Department of Energy, the U.S. Energy Standard for Buildings is a critical parameter for building designs and associated systems.

Browse detailed report - Ambient Lighting Market Analysis and Demand Forecast Report

It is also the national model code for all commercial buildings in the country. According to several reports, the implementation of model energy codes for commercial and residential buildings is predicted to result in electricity costs savings of as much as $126 billion and a reduction of nearly 841 million metric tonnes (MMT) of carbon dioxideemissions. In recent years, China has become one of the largest consumers of energy in the world.

The country is currently accounting for nearly 14% of the total power consumption in the world. Due to this reason, the Chinese government made some serious commitments via its Development Plan for LED Lighting Industry in 2017. Under these commitments, the country aims to promote the usage of LED lights for augmenting energy savings in the coming years. This will help the country achieve sustainable growth in the future years.

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Sharp Surge Expected in Global Ambient Lighting Market in Near Future

 The global ambient lighting market reached a valuation of $60.8 billion in 2019 and it is predicted to progress at a CAGR of 9.2% between 2020 and 2030. Furthermore, the market will generate a revenue of $156.5 billion by 2030, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the burgeoning requirement for energy-efficient lighting solutions and the increasing implementation of strict regulatory policies regarding energy efficiency in several countries.

The ballooning demand for energy conservation is fueling the requirement for greater energy efficiency in various countries around the world. Moreover, the governments of several countries are enacting stringent policies regarding energy efficiency, which is consequently propelling the popularity of energy-efficient lighting solutions across the world. For example, as per the U.S. Department of Energy, the U.S. Energy Standard for Buildings is a critical parameter for building designs and associated systems.

Browse detailed report - Ambient Lighting Market Analysis and Demand Forecast Report

It is also the national model code for all commercial buildings in the country. According to several reports, the implementation of model energy codes for commercial and residential buildings is predicted to result in electricity costs savings of as much as $126 billion and a reduction of nearly 841 million metric tonnes (MMT) of carbon dioxideemissions. In recent years, China has become one of the largest consumers of energy in the world.

The country is currently accounting for nearly 14% of the total power consumption in the world. Due to this reason, the Chinese government made some serious commitments via its Development Plan for LED Lighting Industry in 2017. Under these commitments, the country aims to promote the usage of LED lights for augmenting energy savings in the coming years. This will help the country achieve sustainable growth in the future years.

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Surging Deployment of Electric Vehicles Propelling Battery Management System Sales

 With the surging emission of greenhouse gases, the demand for environment-friendly vehicles, such as electric vehicles, is soaring rapidly. As per Our World in Data, the transportation industry contributed 16.2% of the total greenhouse gas emissions all over the world in 2018. As electric vehicles can assist in reducing the emission of greenhouse gases, they play an important role in mitigating air pollution, improving public health, and reversing climate change. Since battery management systems are integral components of electric vehicles (EVs), the growing manufacturing and adoption of these vehicles is positively impacting the worldwide demand for these systems. 

Apart from the aforementioned factor, the surging utilization of rechargeable batteries in consumer electronic devices is also fueling the demand for battery management systems. These systems are used in consumer electronics for controlling the operation of the battery. Additionally, these systems monitor the state and health of batteries and collect and report data. Owing to these factors, the mushrooming use of consumer electronics, such as laptops, mobile phones, wearable devices, and digital cameras is driving the expansion of the global battery management system market.

Browse detailed report - Battery Management System Market Analysis and Demand Forecast Report

This will consequently propel the value of the market from $5,661.0 million in 2020 to $22,279.6 million by 2030. Furthermore, the market is expected to demonstrate a CAGR of 15.0% from 2021 to 2030 (forecast period). Depending on battery type, the market is classified into lead-acid, lithium-ion, and nickel. Amongst these, the lithium-ion category is expected to register the fastest growth in the battery management system market throughout the forecast period. 

This is credited to the fact that the utilization of lithium-ion batteries has grown sharply over the last few years. These batteries are extensively used in products, such as laptops, mobile phones, wearable devices, and digital cameras, as they enable proper and efficient battery management. Globally, Asia-Pacific (APAC) dominated the BMS market in the years gone by and it will also be the fastest growing region in the market during the forecast period, as per the estimates of the market research company, P&S Intelligence.

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Surging Deployment of Electric Vehicles Propelling Battery Management System Sales

 With the surging emission of greenhouse gases, the demand for environment-friendly vehicles, such as electric vehicles, is soaring rapidly. As per Our World in Data, the transportation industry contributed 16.2% of the total greenhouse gas emissions all over the world in 2018. As electric vehicles can assist in reducing the emission of greenhouse gases, they play an important role in mitigating air pollution, improving public health, and reversing climate change. Since battery management systems are integral components of electric vehicles (EVs), the growing manufacturing and adoption of these vehicles is positively impacting the worldwide demand for these systems. 

Apart from the aforementioned factor, the surging utilization of rechargeable batteries in consumer electronic devices is also fueling the demand for battery management systems. These systems are used in consumer electronics for controlling the operation of the battery. Additionally, these systems monitor the state and health of batteries and collect and report data. Owing to these factors, the mushrooming use of consumer electronics, such as laptops, mobile phones, wearable devices, and digital cameras is driving the expansion of the global battery management system market.

Browse detailed report - Battery Management System Market Analysis and Demand Forecast Report

This will consequently propel the value of the market from $5,661.0 million in 2020 to $22,279.6 million by 2030. Furthermore, the market is expected to demonstrate a CAGR of 15.0% from 2021 to 2030 (forecast period). Depending on battery type, the market is classified into lead-acid, lithium-ion, and nickel. Amongst these, the lithium-ion category is expected to register the fastest growth in the battery management system market throughout the forecast period. 

This is credited to the fact that the utilization of lithium-ion batteries has grown sharply over the last few years. These batteries are extensively used in products, such as laptops, mobile phones, wearable devices, and digital cameras, as they enable proper and efficient battery management. Globally, Asia-Pacific (APAC) dominated the BMS market in the years gone by and it will also be the fastest growing region in the market during the forecast period, as per the estimates of the market research company, P&S Intelligence.

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