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Stretching Towards Sustainability: Australia’s Eco-Friendly Pallet Wrap Trends

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Global Logistics, Global Trade Daily, Uncategorized

Stretching Towards Sustainability: Australia’s Eco-Friendly Pallet Wrap Trends

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The Australia pallet wraps market size is expected to surge at a CAGR of 3.0% in the next ten years. The market is projected to increase from US$ 361.9 million in 2023 to US$ 468.1 million by 2032.

It was valued at US$ 350.4 million in 2022, and is anticipated to exhibit y-o-y growth of 3.3% in 2023. As per Future Market Insights (FMI), the polyethylene (PE) segment by material held a share of about 78.3% in 2022 in the market.

In today’s world, due to high demand and consumption, need for transportation and packaging of materials is increasing rapidly. Owing to rising demand for packaging, manufacturers are aiming for the adoption of automation in their end-of-line packaging systems.

It offers high productivity with reduced costs. Hence, the government of Australia supports sustainability initiatives and bio-products, which will create an opportunity for pallet wrap manufacturers. They can develop new biodegradable pallet wraps in the next ten years.

The market is projected to create an extraordinary incremental growth opportunity of US$ 117.7 million in the evaluation period. It is also predicted to expand 1.3 times the current value during the forecast period.

Growing prominence of e-commerce in Australia and the consequent surge in online retail activities have significantly influenced demand for pallet wraps. With a greater number of goods being shipped across vast distances, ensuring safe transportation of products is paramount. Pallet wraps provide stability and containment for stacked pallets, ensuring that products remain intact throughout the complex delivery process.

Need for cost-effective solutions would also contribute to rising demand for pallet wraps. Australia-based businesses are constantly seeking ways to optimize their packaging expenses without compromising on quality.

Pallet wraps, with their ability to securely protect goods, offer a cost-effective alternative to more expensive packaging methods. At the same time, they can ensure reliable product containment and minimize potential losses, which would spur their demand.

A few factors propelling pellet wrap sales in Australia are

·         High demand for customizable packaging options as offered by pallets is anticipated to bolster sales.

·         Growing focus on improving operational efficiency in the packaging process is likely to aid demand.

·         Increasing complexity of supply chains and logistics operations across Australia is anticipated to spur sales.

·         Need for secure and protected packaging during transit is a key factor propelling demand.

·         Emphasis on cost-effective packaging solutions in Australia is estimated to create new growth opportunities.

·         Compliance with regulatory requirements and industry standards is anticipated to drive the market.

·         Enhanced product presentation and branding opportunities in Australia is set to be a vital driving factor.

Top Australia Pallet Wraps Market Trends Listed by Future Market Insights (FMI)

·         Rising Demand for Packaged Foods to Spur Sales in Australia

Growth in packaged food sales in Australia is likely to have a positive impact on the Australia pallet wraps industry. Pallet wraps are used to secure and protect palletized goods during transportation and storage. Increasing demand for packaged food products is projected to push the need for more pallets for wrapping and securing them for safe transportation.

As demand for packaged food products continues to rise in Australia, need for pallet wraps is also expected to increase. Pallet wraps are an essential component of the packaging sector. Increasing demand for sustainable and eco-friendly packaging solutions is anticipated to make consumers incline toward reusable and recyclable pallet wraps.

·         Rising Preference for Eco-friendly Packaging Solutions to Create New Growth Avenues

The Australia pallet wraps industry has been witnessing growing demand from various sectors such as food & beverage, pharmaceuticals, automotive, and construction, among others. With increasing focus on sustainability, there was a rising demand for eco-friendly pallet wraps made from biodegradable or recyclable materials. It is projected to impact the market for pallet wraps in Australia with changing consumer preferences.

Growing popularity of bio-based products is hence estimated to push the market. Rising demand for perfect & higher stacking, fast palletizing, safe operation, and reduced labor costs would also generate immense profit for pallet wrap manufacturers in Australia.

·         Demand for Antibacterial and Antimicrobial Pallet Wraps to Propel Sales in Australia

Antibacterial and antimicrobial pallet wraps have become increasingly popular in Australia. It is due to their ability to provide superior protection against the growth & spread of harmful bacteria and microbes.

Antibacterial wraps are designed to be used in a wide range of sectors, including food & beverage, pharmaceuticals, and healthcare. With more stringent and high regulations in place, businesses are looking for effective solutions to protect products from contamination.

The COVID-19 pandemic had previously heightened the need for effective antibacterial and antimicrobial solutions, particularly in the healthcare sector. Rise of e-commerce has also increased the demand for pallet wraps that can withstand longer transit times. Need to ensure product quality during shipping has surged demand in Australia.

Antibacterial and antimicrobial pallet wraps can provide an additional layer of protection against bacteria and germs during transit. These can further reduce the risk factors of contamination and product spoilage.

Sales of antibacterial and antimicrobial pallet wraps in Australia are expected to continue to surge through 2032. As businesses seek to improve their hygiene standards and protect their products from contamination, these would experience high popularity.

Competitive Landscape

Australia pallet wraps industry is expected to continue to expand due to increasing demand for efficient and cost-effective packaging solutions in various sectors. These include food & beverage, pharmaceuticals, and logistics sectors. Currently, leading players in the market are gaining high shares by developing innovative and sustainable products.

One of the recent industry developments:

·         In March 2023, Great Wrap, an Australia based pallet wrap manufacturer launched the world’s first compostable pallet wrap. It was manufactured by using compostable biopolymers and food waste.

5G
Archives, Uncategorized

Exploring the Growth Potential of the 5G Systems Integration Market Report, 2024 to 2034

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The global 5G system integration market is anticipated to reach a valuation of US$ 15.6 billion in 2024, driven by 5G in smart cities. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 28.8% between 2024 and 2034, and reaching a total valuation of approximately US$ 195.8 billion by 2034.

One of the major factors contributing to the growth of the market is the integration with legacy systems. Many industries have existing legacy systems that need to be integrated with new 5G infrastructure. System integrators play a crucial role in ensuring compatibility and smooth coexistence between legacy and modern systems.

The integration of edge computing with 5G networks for localized data processing and reduced latency creates opportunities for system integrators to design and implement solutions that leverage the capabilities of edge intelligence.

Telecom service providers undergoing digital transformation to adapt to the 5G era require system integration services to integrate new technologies, automate processes, and enhance overall operational efficiency.

System integrators can contribute to improving the overall user experience by ensuring the seamless integration of 5G networks with applications and services, optimizing performance, and minimizing disruptions.

System integration is increasingly important in vertical industries such as healthcare, manufacturing, and transportation, where 5G is utilized for industry-specific applications. Customized solutions that integrate seamlessly with existing processes are in demand.

The move towards virtualized network functions and software-defined networking architectures requires comprehensive system integration. The trend allows for greater flexibility and scalability in 5G network deployments.

Key Takeaways from the Market Study

  • Global 5G System Integration market was valued at US$ 12.3 billion by 2023-end.
  • From 2019 to 2023, the market demand expanded at a CAGR of 26.0%.
  • The market in Australia is expected to expand at a CAGR of 32.3% through 2034.
  • By vertical, the IT and Telecom segment to account for a share of 24.5% in 2024.
  • From 2024 to 2034, the 5G system integration market is expected to flourish at a CAGR of 28.8%.
  • By 2034, the market value of 5G system integration is expected to reach US$ 195.8 billion.

“Digital twins, virtual replicas of physical objects or systems, are being used for monitoring and simulation in various industries. System integrators can help integrate digital twins with 5G networks for real time monitoring and analysis,” – says Sudip Saha the managing director and co-founder at Future Market Insights

Competitive Landscape

Recent Developments

  • In 2021, Ericsson unveiled its intelligent automation platform, a cutting-edge service management and orchestration product designed to enable intelligent automation for any mobile network. Expanding upon its existing portfolio, which includes the cloud native dual mode 5G Core and the Cloud RAN portfolio, the introduction of the Ericsson intelligent automation platform and a suite of rApps represents a strategic advancement toward building the networks of the future.
  • In the same year, NEC Corporation and its wholly owned subsidiary, Netcracker, revealed the successful deployment of their 5G Core and comprehensive Digital BSS/OSS on Amazon Web Services. The deployment is designed to effectively orchestrate and automate the delivery of 5G digital services.
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Global Trade Daily, Market insight, Technology

Internet of Everything (IoE) Market is Expected to Reach US$ 5.0 billion by 2033

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The internet of everything (IoE) market is estimated to be worth US$ 1.2 billion in 2023 and is projected to be valued at US$ 5.0 billion in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 15.2%. The rapid increase in connected devices, including smartphones, sensors, wearables, and IoT devices, is expected to boost the IoE growth during the forecast period.

The proliferation of 5G, technological advances in telecommunication, and increased use of machine learning artificial intelligence (AI) are anticipated to drive market growth. The growing application of IoE in healthcare drives the market growth during the forecast period. IoE improves patient care through remote monitoring, telehealth, and wearable devices. It allows healthcare providers to offer more accessible and efficient services.

The growth of urban populations and the growing need for smarter, more sustainable cities boost the market demand. IoE is used in smart city initiatives, improving urban services, transportation, energy management, and public safety. The proliferation of consumer IoT devices, such as smart speakers, home automation systems, and wearables, and increased consumer awareness and familiarity with IoE concepts propel the market’s growth. Increasing government investment in IoE projects to improve public services, infrastructure, and overall quality of life for citizens further fuels the market growth.

Key Takeaways

  • From 2018 to 2022, the Internet of Everything (IoE) market demand expanded at a CAGR of 12.8%
  • Based on application, the smart cities segment is expected to account for a market share of 56.6% during the forecast period.
  • Global Internet of Everything (IoE) demand in Germany is predicted to account for a value share of 34.6% from 2023 to 2033.
  • In the United States, the market is expected to account for a CAGR of 15.1 % between 2023 and 2033.
  • A growth rate of 14.6% is estimated for the healthcare segment over the forecast period.
  • China is projected to expand by a value CAGR of 14.5% between 2023 and 2033.
  • By 2033, India’s Internet of Everything (IoE) market is anticipated to record a CAGR of 14.8% during the forecast period.

“The increasing application of big data and machine learning technology and increased use of connected devices are the major factors boost market growth,” says an FMI analyst. – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.

Competitive Landscape

To grow their market share, increase profitability, and stay competitive in the Internet of Everything (IoE) market, players have used new product launches and business expansion as key strategies. Some of the recent developments in the market are discussed below.

  • Cisco is a major player in the IoE space. The company has been developing IoE solutions for industries like healthcare, manufacturing, and smart cities. They have also been working on enhancing their networking and cybersecurity capabilities to support IoE deployments.
  • GE has been involved in the Industrial Internet of Things (IIoT) space, using data analytics and machine learning to optimize industrial processes, improve asset performance, and reduce downtime.
  • Microsoft provides various cloud and IoT services through Azure, enabling businesses to develop and deploy IoE solutions. They have been expanding their partnerships and offerings in the IoE ecosystem.
service
Global Logistics, Global Trade Daily, Technology

Drone Drops: Redefining Convenience in Delivery

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The global Drone Delivery Service Market is worth US$ 426.1 million in 2023 and is expected to reach US$ 7,217.4 million by 2033. The global market is projected to progress at a CAGR of 32.7% during the forecast period.

Cost-saving Technologies Drive Drone Delivery Service Market Growth

Various driving factors influence the global market. Some of these factors are as follows:

Efficiency and Speed: The demand for drone delivery services is rapidly growing due to reduced delivery times and efficient delivery packages to consumers.

Last-mile Delivery Solutions: Increasing adoption of drone delivery services to improve delivery challenges in less time. These delivery systems can quickly reach remote and hilly areas, significantly driving market growth.

Cost Savings: The increasing adoption of drone delivery reduces fuel expenses, labor, and vehicle costs. Businesses prefer these deliveries to optimize the supply chain, fueling market growth.

Reduce Carbon Emissions: The rising environmental pollution caused by traditional delivery systems is reduced by drone delivery solutions. Consumers are focused on sustainability, which is surging the demand for drone delivery services.

Innovation Technology: The growing technologies among drone delivery improve battery, payload capacity, and reliable solutions to enhance end users’ demand.

Market Competition: Key companies focus on developing new and advanced drone delivery by investing in research and development. The growing competition among startups, technology companies, and logistics organizations significantly drives the market revenue.

Rapid Urbanization: Rising urbanization leads to increased deliveries, surging the demand for drones to meet consumers’ desires. Drone delivery offers enhanced delivery solutions to attract end users’ attention.

Consumer Expectations: The increasing demand for convenient, fast, contactless delivery options is stimulating the adoption of drone delivery services.

Emergency and Disaster Relief: Drone delivery is widely adopted for disaster relief and emergency response teams to enhance rescue operations and natural calamities.

Challenges in the Drone delivery service market

Legal Hurdles and Regulations: Several countries imposed stringent safety, security, and airspace management regulations. These regulations may face challenges and decline the global market growth.

Safety Concerns: The growing number of mid-air crashes and collisions may decline the market growth.

Payload Limitations: The restriction on long-distance deliveries may decrease the demand for drone delivery.

Weather Conditions: The adverse effects of climates, including storms and wind, limit drone delivery services.

Air Traffic Management: Integration of drone delivery services in air traffic management is challenging due to its complexity.

Limited Use Cases: The acceptance of drone delivery for limited usage, such as medical and small-quantity deliveries, may restrain the growth of the global market.

Noise Pollution: The demand for drone delivery services is restrained due to generated noise. The growing concerns about noise pollution are limiting the adoption of drone delivery services.

Country-wise Insights

Advanced Technologies are Shifting Towards Drone Delivery in Canada

Canada is estimated to record a significant CAGR of 35.9% during the forecast period. Canada is prosperous in developing smart drones with strict regulations and heavily invests in research and development. The increasing demand for efficient delivery in remote areas is increasing the adoption of drone delivery.

Canadian companies are focusing on developing specialized drones with weather-resistance drone technology to improve deliveries. Various sectors such as food & beverages, healthcare, cosmetics, and others are significantly increasing the adoption of drone delivery during cold weather, expanding Canada’s drone delivery service market. The country frames regulations for effective and smooth drone delivery for various operations, fueling market revenue.

Sustainability Facilitates Suitable Growth in the German Market

During the forecast period, Germany is estimated to grow at a CAGR of 34.1% through 2033. Germany is a prior leader in technology and is developing a wide range of drones for smooth and efficient delivery with sustainability. German companies are actively developing smart integration of drone delivery with urban air mobility plans for better delivery services.

Key companies collaborate with research institutions, government bodies, and adjacent companies to innovate innovative drone technologies fueling the German drone delivery service market. Germany involved universities in developing new technologies with research activities to contribute to significant growth in the market.

Quick Medical Deliveries by Drones Propel the United Kingdom Market

The United Kingdom market is projected to register a CAGR of 35.4% during the forecast period. Increasing demand for drone delivery services for transport-safe and packed deliveries in the medical field, such as organ implants, is boosting the United Kingdom drone delivery service market. Growing innovations, urbanization, and robust healthcare settings are advancing the market share.

Growing initiatives toward universal traffic management systems encourage drone operations to foster cooperation and airspace management. The increasing demand for safe and efficient drone deliveries is surging the country’s demand for drone delivery services.

Growing eCommerce Sector Uplifts the China Market

During the forecast period, China is anticipated to capture a CAGR of 36.7% during the forecast period. Rising advanced technologies and industries are increasing the demand for drone delivery services for quick product deliveries to enhance consumer experiences. The rapidly surging eCommerce industry is fueling widespread drone delivery adoption for last-mile deliveries. China is adopting swarm technology for scalable and efficient product services through smart drones, attracting end users’ requirements.

The growing population is increasing the demand for products delivered at home office premises and the adoption of flexible drone delivery solutions. Increasing environmental issues, heavy traffic, fuel prices, and complex urban areas focus on drone delivery to enhance speed and reduce workloads, driving China’s drone delivery service market.

Expanding 5G Technology Brings Lucrative Opportunities in South Korea

The market in South Korea is expected to progress at a CAGR of 35.3% during the forecast period. The expanding communication sector, 5G networks, and advanced technologies are increasing the demand for drone delivery services for efficient deliveries. South Korea is expanding the agriculture sector by increasing the wide acceptance of drones for crop monitoring, spreading pesticides, and spraying.

The government of South Korea is shaping the market by collaborating with key players, and research institutions are expanding the market growth. Drone manufacturers are collaborating with e-commerce and logistic companies to promote drone delivery services nationwide, which are surging the demand for drone delivery. Drones transfer goods to rural and remote areas without hassle, and reducing vehicle transportation is booming in South Korea’s drone delivery service market.

Competitive Landscape

The global drone delivery service market is highly competitive due to the presence of critical international players. These players are essential to developing unique, advanced drone delivery systems to satisfy end users’ demands. Key players are adopting various marketing tactics such as mergers, acquisitions, collaborations, product launches, and agreements.

The key players bring lucrative opportunities through their new ideas, technologies, and expertise to drive market growth. These players heavily invest in research and development activities to expand the market revenue by offering cost-effective solutions to end users. The essential players are promoting their products at exhibitions, trade shows, and online platforms to reach more audiences, boosting sales.

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Global Trade Daily, United states news

Top Leading Import Markets for Milk

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Milk is one of the most essential and widely consumed dairy products globally. It provides essential nutrients and is a primary source of protein, calcium, and vitamins in many diets. While milk production takes place in numerous countries, there is also a substantial amount of milk that is imported across the world. In this article, we will explore the top import markets for milk, based on the data provided by the IndexBox platform.

1. Germany

Germany tops the list as the world’s leading import market for milk, with an import value of $1.5 billion in 2022. This is a significant indicator of the country’s demand for milk and dairy products. Germany is well-known for its high-quality standards when it comes to food products, including milk, which makes it an attractive market for both domestic and international suppliers.

2. Netherlands

The Netherlands secures the second position on the list, with an import value of $713.4 million in 2022. The country is renowned for its dairy industry, and imports play a crucial role in meeting the domestic demand for milk. The Netherlands is also known for its advanced dairy processing technologies, making it an important player in the global milk trade.

3. China

China’s import value of milk stands at $675.7 million in 2022, positioning it as one of the world’s top import markets. China’s rapidly growing middle class and increasing demand for dairy products have been driving its imports, including milk. The country’s large population creates a substantial market for milk and dairy products, making it an attractive destination for global milk suppliers.

4. Belgium

Belgium ranks fourth on the list, with an import value of $534.5 million in 2022. Belgium has a strong tradition of dairy consumption and imports a significant amount of milk to meet its domestic demand. The country also serves as a major hub for milk processing and distribution within Europe.

5. Italy

Italy imports milk worth $471.3 million in 2022, positioning it as another significant market for milk. Italy is known for its rich culinary heritage, and dairy products play a crucial role in Italian cuisine. Despite being a renowned producer of milk, Italy’s import market reflects the demand for specific types of milk and dairy products that may not be readily available domestically.

6. Ireland

Ireland’s import value of milk in 2022 stands at $360.2 million, marking it as a prominent import market. Ireland has a strong dairy industry, and its imports complement the domestic production to meet the growing demand for milk. The country is also known for its high-quality dairy products, making it an attractive market for both consumers and suppliers.

7. Lithuania

Lithuania secures the seventh position on the list, with an import value of $315.8 million in 2022. As a Baltic country, Lithuania imports a significant amount of milk to fulfill the needs of its population. The country’s imports also contribute to its vibrant dairy industry and provide a diverse range of milk products to the consumers.

8. United Kingdom

The United Kingdom is another important import market for milk, with an import value of $173.6 million in 2022. The country’s demand for milk is met through a combination of domestic production and imports. The UK’s import market ensures a consistent supply of milk throughout the year, meeting the needs of the population.

9. France

France, a prominent player in the global dairy industry, has an import value of $148.6 million in 2022. Despite being a significant producer of milk, France’s import market reflects the specific demands for various types of milk and dairy products. The country’s rich culinary culture and diverse consumer preferences contribute to its import market.

10. Croatia

Croatia secures the tenth position on the list, with an import value of $125.9 million in 2022. Croatia’s import market for milk contributes to meeting the diverse demands of its consumers. As a country with a growing food and beverage industry, Croatia relies on imports to support its domestic production and cater to the preferences of its population.

Conclusion

Import value of milk in these top markets demonstrates the global demand and consumption patterns for this essential dairy product. These countries rely on imports to complement their domestic production and provide a diverse range of milk products to their populations. With the help of platforms like IndexBox, businesses and policymakers can stay informed about the latest statistics and trends in the import market for milk.

Source: IndexBox Market Intelligence Platform 

machine iot
Global Trade Daily, Technology

The Agriculture IoT Market is anticipated to Show Promising Growth Prospects

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The agriculture IoT market is projected to register a CAGR of 10% during the forecast period, up from US$ 11.5 Bn in 2021 to reach a valuation of US$ 32.8 Bn by 2032.

The agriculture IoT market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfill the demand for agriculture IoT making it more accessible to customers in the global agriculture IoT market.

Sales of agriculture IoT are expected to rise significantly. In addition to this, sales of agriculture IoT are rising, accounting for US$ 18.5 Bn by 2026. Increasing sales of agriculture IoT is also projected to contribute to the growth of the agriculture IoT market share.

Drones are used in agriculture IoT to analyze crop health, monitor crops, sow crops, spray crops, irrigate fields, and do field analysis. Drones are also used to collect data using a variety of sensors for mapping, imaging, and surveying agricultural land. Plant counting, plant height, yield projection, stockpile measurement, drainage mapping, weed pressure mapping, and other insights are derived from the data gathered by a drone.

Manufacturers in the agriculture IoT market get a big platform from which to serve the whole demand for agriculture IoT. The worldwide sales of agriculture IoT are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for agriculture IoT more accessible to customers.

DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.

What are the Key Growth Propellers in the Agriculture IoT Market Share

Greenhouse farming helps to increase agricultural, fruit, and vegetable yields. In greenhouse farming, the ambient conditions are manually regulated, resulting in production losses and a less effective strategy. Smart greenhouses, which utilise IoT to monitor and manage the environment, reduce the need for physical intervention.

Different sensors are utilised to manage the environment depending on the need. Light levels, humidity, pressure, and temperature are all measured by IoT sensors. Through the usage of Wi-Fi, the sensors operate the actuators to regulate the heating, turn on the light, and open a window.

Precision farming is a method of making agricultural procedures more precise and regulated in order to raise livestock and cultivate crops. The utilization of information technology and objects such as sensors, robots, control systems, automated hardware, and so on are crucial components of this strategy. VRI optimization, which helps to boost yields and increase water usage efficiency, is one of the products and services offered by Crop Metrics, a precision agricultural company.

Owing to the most farmer groups are unfamiliar with the term “internet of things,” adoption and sales of agriculture IoT are low. Farmers are not provided adequate training in the demand for agriculture IoT, which limits the growth of the agriculture IoT industry.

How is the Competitive Landscape in the Agriculture IoT Market

DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.

Recent developments in the Agriculture IoT Market:

Deere & Company released an improved version of ExactRate in March 2021, which is an on-planter technology that fertilises new crops twice as fast as before and minimises the amount of fertiliser tank refills required during planting.

DeLaval added the RC550 and RC700 to their robot lineup in February 2021. These robots were created to increase cow comfort and hoof condition on solid flooring. Any form of manure may be handled by the collector thanks to their innovative rotational dung intake technology, and no additional water is required.

Raven Industries debuted its first autonomous farm device for harvesting activities in January 2021. It assists farmers in monitoring autonomous cars by allowing them to create field plans, modify speeds, and track location activities.

Trimble Inc. bought Midstates VRS, a network previously owned by Butler Machinery and Frontier Precision, in December 2020. Trimble’s VRS Now® GNSS connections now have a larger footprint as a result of this purchase. Trimble VRS now covers more than 1 million square miles in North America as a result of this purchase. This purchase is excellent for providing precision agriculture with a high-performance GNSS system.

Innovasea Systems unveiled new V3 acoustic telemetry transmitters in November 2020, the smallest in its industry-leading portfolio of fish monitoring tags. It allows researchers and scientists to examine both smaller and larger fish species that are in the early stages of their life cycles.

The AKVA group signed a deal with Nordic Aqua Ningbo in November 2020 to provide a comprehensive RAS facility outside of Shanghai. In 2026, the project is expected to produce 8,000 tonnes of steel.

Deere & Company bought Unimil (Brazil), a Brazilian producer of sugarcane harvester aftermarket components, in September 2020. The firm made investments in the Brazilian market as a result of this purchase, which will assist clients in Brazil lower their sugarcane production costs. Deere would also be able to provide a broader range of components with more cost-effective options for consumers as a result of this purchase.

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Global Trade Daily, Technology

The Rise of Smart Solutions: The IoT Application Enablement Market is expected to reach US$ 36 Billion by 2032

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According to Future Market Insights (FMI) IoT application enablement market report, the adoption of IoT application enablement platforms is expected to expand at a 26.5% CAGR over the assessment period, with a market valuation of US$ 36 Billion by 2032.

The communication infrastructure must be put up before an array of sensors, edge devices, or other devices in IoT technology solutions. Wireless data rates are the key issue with IoT networks. Wi-Fi 6, 5G, satellites, and LTE communication infrastructure have all been built in recent years.

In the world of network edge and IoT connectivity, 5G deployments provide low-latency communication that supports data-intensive applications like video surveillance, autonomous vehicle operations, optimizing citywide traffic flows, and high bandwidth. Thus, advancements in the infrastructure for 5G, Wi-Fi 6, and LTE connectivity will drive sales in the market over the forecast period.

Artificial Intelligence (AI) technologies are data-driven and IoT sensors are an asset to the Machine Learning (ML) data pipeline. Integration of artificial intelligence and IoT technology enables enterprises to achieve digital transformation. It enables IoT devices to collect and transfer data to the cloud or other spaces where they can accumulate data through the internet.

AI and IoT are integrating to offer greater control and visibility of the wide array of sensors and devices connected to the internet. Such IoT transformation helps businesses to implement conversational agents for customers, engage customers, obtain analytics, customize user experiences, or optimize productivity with predictions and insights.

Key Takeaways:

  • By solution, sales in the IoT application enablement platform segment are anticipated to increase at a 24.3% CAGR through 2032.
  • Among the enterprise size, demand in the SME segment is estimated to grow at a CAGR of 29.0% during the forecast period.
  • Based on industry, the adoption of IoT application enablement in the manufacturing sector will increase at a CAGR of 34.2% between 2022 to 2032.
  • The U.S. IoT application enablement market is expected to expand at a CAGR of 19.8% through 2032.
  • The China IoT application enablement market is expected to grow by 13.9X during the forecast period.
  • Demand in the Japanese market is expected to grow at a CAGR of 31.6% during the assessment period.

Competition Landscape

Altair, Amazon Web Services, ClearBlade, Ericsson, Fujitsu, IBM, Microsoft, Oracle Corporation, PTC, SAP, Siemens, AllThingsTalk, Hughes Systique Corporation, and Software AG are some of the leading players operating in the global IoT application enablement market.

chip
Global Trade Daily, Market insight, Technology

IoT Chip Market to Reach US$ 7.69 Billion, Globally by 2033 at 5.7% CAGR

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The IoT chip market is forecasted to garner revenue of US$ 7.69 billion in 2033, up from US$ 4.4 billion in 2023, advancing at a rate of 5.7% from 2023 to 2033.

The demand for advanced and efficient IoT chips is skyrocketing with the increasing adoption of IoT devices and solutions across various sectors. The proliferation of IoT devices, from smart home appliances and wearables to industrial sensors and autonomous vehicles, is a primary driver of the market’s expansion.

The need for seamless connectivity and efficient data processing in these devices is fueling the demand for specialized IoT chips, facilitating market size expansion.

The integration of AI capabilities in IoT chips is unlocking new possibilities for intelligent decision-making and automation. AI-powered IoT chips can analyze and interpret data in real time, enabling predictive maintenance, advanced analytics, and autonomous operations.

Despite the significant growth potential, the IoT chip market faces challenges such as interoperability issues, data privacy concerns, and the need for seamless integration with existing infrastructure. However, these challenges also present opportunities for innovation, collaboration, and partnerships among IoT chip manufacturers, device manufacturers, and software developers.

Edge computing, which brings data processing and analytics closer to the source of data generation, presents significant opportunities in the market for IoT chips.

By integrating edge computing capabilities into IoT chips, manufacturers can enable real-time data analysis, reduce latency, and enhance decision-making at the network’s edge. This opens up possibilities for intelligent IoT applications that require quick response times.

Companies that invest in developing IoT chips with enhanced edge computing capabilities can position themselves at the forefront of this transformative technology, catering to the evolving needs of IoT deployments.

Key Takeaways:

  • In 2022, North America held a value share of 32.5% in the IoT chip industry, with the United States alone accounting for 20.3%.
  • The European market accounted for a value share of 23.4% in 2022, with Germany contributing 10.4%.
  • In 2022, the sensors segment held a significant value share of 39.2% based on hardware.
  • The market value for IoT chips reached US$ 4.23 billion in 2022, with a CAGR of 3.6% from 2018 to 2022.
  • Based on end use, the manufacturing sub-segment was predicted to account for a 14.8% share in 2022.
  • The market for IoT chips in India is likely to secure a 6.5% CAGR from 2023 to 2033.

How Intense Is the Competition in IoT Chip Market?

The competition in the IoT chip industry is highly intense. The rapid growth and increasing demand for IoT devices have attracted numerous players, including established semiconductor manufacturers, technology giants, and start-ups.

The market is experiencing significant growth due to the proliferation of connected devices across various industries. This growth potential attracts existing players and new entrants, creating a crowded and highly competitive landscape.

Collaboration and strategic partnerships are common in the IoT chip industry as companies seek to leverage complementary expertise and resources. These alliances often aim to deliver comprehensive IoT solutions, combining hardware, software, and connectivity.

Competition arises not only between individual companies but also among alliances and consortia. The IoT chip industry is global, with players vying for market share in different regions. Competition is not limited to specific geographic locations but spans multiple continents, with companies targeting various markets to expand their customer base and revenue streams.

The market encompasses a wide range of industries, and this diversification leads to competition among companies specializing in different sectors, each striving to capture market share and establish dominance in their respective niches.

Global Trade Daily, Technology

The Growing Popularity of Compressed Natural Gas (CNG) as a Clean Energy Source

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The CNG tanks cylinders market reached US$ 1.7 billion in 2022. Demand for CNG tanks cylinders is estimated to surpass US$ 1.8 billion in 2023. During the forecast period, sales are poised to exhibit a 6.7% CAGR. Revenue is anticipated to cross around US$ 3.5 billion by 2033.

Key Market Highlights

The carbon fiber segment is likely to spearhead the material segment of the market. This segment is expected to expand at 6.6% CAGR during 2023 to 2033.

Growing concerns about environmental impact and emissions have led to an increased interest in CNG as a clean alternative to traditional fuels. This, in turn, is driving the demand for CNG cylinders.

CNG is becoming more popular as countries and companies move toward clean sources of energy to minimize carbon emissions. It will help reduce greenhouse gas emissions compared to traditional fossil fuels.

As per the data provided by the Department of Energy, in the United States, around 175,000 automobiles run on natural gas, while about 23 million vehicles do so globally. Compressed natural gas (CNG) fuelling is a consistent source in many regions.

High availability makes natural gas vehicles (NGVs) an excellent option for high-mileage, centrally fuelled fleets. NGVs might have applications that are confined to those areas with similar fuel range support. CNG is being utilized as a fuel for automobiles more often, particularly in fleets of public transit and commercial vehicles. This drives the demand for CNG tanks and cylinders for storing and transporting the fuel.

The expansion of CNG refueling infrastructure is crucial to support the adoption of CNG as a fuel. As a result, more CNG tanks and cylinders need to be produced and installed. CNG might be utilized to store energy, particularly when there is extra renewable energy that has to be kept for later use. This application calls for more CNG storage space. Clean energy sources such as CNG can also find applications in industries that require heat or power generation. This diversifies the demand for CNG tanks and cylinders beyond just transportation.

Strict environmental regulations on emissions can encourage companies to switch to clean fuels such as CNG. This drives demand for the necessary storage and transport infrastructure.

CNG can be a solution for reducing energy waste in situations where excess renewable energy is generated but cannot be immediately used. Storing this energy in the form of CNG can mitigate waste and bolster demand for storage solutions. As the global energy landscape evolves towards sustainability, CNG can play a role in reducing reliance on traditional fossil fuels. It will help in creating a sustained demand for CNG tanks cylinders.

Historical Performance of CNG Tanks Cylinders Market

The market experienced steady growth at 8.2% CAGR during the historical period from 2018 to 2022. In the forecast period, the CNG tanks cylinders industry is set to register 6.7% CAGR.

There has been a recent increase in the popularity of compressed natural gas (CNG) as a vehicle fuel, particularly in commercial fleets and public transit. This is likely to increase the demand for CNG tanks cylinders for storing the gas for usage in cars and buses. The growth of CNG as a transportation fuel necessitates the development of refueling infrastructure. This infrastructure expansion would require a greater number of CNG tanks and cylinders.

CNG is seen as a way to reduce carbon emissions in transportation. This will stimulate demand for CNG tanks and cylinders to support the growing fleet of vehicles running on CNG. Governments offer incentives and subsidies to encourage the adoption of clean fuels. These policies can increase the demand for CNG-powered vehicles and, subsequently, for CNG tanks and cylinders.

Apart from transportation, CNG is used in different industrial processes and power generation. The demand for CNG tanks and cylinders in industrial applications is likely to rise as businesses seek clean energy solutions. The diversification of energy sources for transportation and industrial sectors through CNG can enhance energy security. Thereby driving the demand for CNG tanks and cylinders.

The growth of the CNG market might lead to innovations in tank and cylinder design, material, and manufacturing processes, further contributing to market demand. Geopolitical considerations can influence energy transitions. Countries with ample natural gas resources might encourage CNG adoption, boosting the demand for associated tanks and cylinders. As the energy transition spreads to more regions globally, the demand for CNG tanks and cylinders could see increased adoption in previously untapped markets.

Latest CNG Tanks Cylinders Market Trends Listed by Future Market Insights (FMI)

Government Regulations

Strict emissions regulations and incentives to promote the use of alternative fuels are encouraging the adoption of CNG vehicles, thereby boosting the CNG cylinder market.

Advancements in Composite Materials

The development of lightweight and durable composite materials for CNG cylinders enhances their safety, capacity, and efficiency, making them more attractive to consumers.

Increased Adoption in Transportation

CNG is gaining traction in commercial fleets and public transportation due to its cost-effectiveness and lower emissions, driving the need for more CNG cylinders.

Infrastructure Expansion

Expanding CNG refueling infrastructure supports the growth of the CNG market and encourages fleet operators to invest in CNG vehicles and cylinders.

Urbanization and Air Quality Concerns

Increasing urbanization and air quality concerns in cities are pushing for clean transportation solutions, which in turn drives the demand for CNG tank cylinders.

Growing Popularity of Renewable Energy Pushing Sales of CNG Tanks Cylinders in the United States

According to Future Market Insights (FMI) analysis, the United States market for CNG tanks cylinders is set to hold a total of around US$ 632.7 million by 2033. It is predicted to expand at 6.6% CAGR during the forecast period (2023 to 2033).

Growing popularity of vehicles that operate with CNG gas is likely to drive demand in the United States. The demand for more affordable and sustainable fuel choices is what’s fueling growth.

Government regulations aimed at reducing emissions and promoting clean transportation have played a role in the growth of the CNG tanks cylinders market. The use of CNG and other alternative fuels is encouraged by these policies. Several commercial fleets, including taxis, buses, and delivery trucks, have started switching to CNG-powered vehicles. This has led to increased demand for CNG tanks cylinders to store the fuel.

Compressed natural gas, which produces fewer toxins and particles than gasoline or diesel, is seen to be a safer fuel than those two. It is a more enticing choice for consumers and businesses because it is less costly than conventional fuels.

The expansion of CNG refueling infrastructure is critical for the growth of the CNG tanks cylinders market. As more refueling stations are built across the country, the demand for CNG tanks cylinders is likely to increase.

Several companies are involved in the manufacturing and distribution of CNG tanks cylinders in the United States. These companies compete in terms of technology, design, and safety features. The CNG tanks cylinders market is also influenced by global energy trends and geopolitical factors that impact natural gas supply and demand.

Increasing Adoption of Natural Gas to Boost CNG Tanks Cylinders Market in China

China CNG tanks cylinders industry is poised to exhibit a CAGR of 6.6% during the assessment period. By 2033, China market size is expected to reach US$ 795.6 million.

The CNG tanks cylinders market in China is expected to witness decent growth during the forecast period. This is due to the increasing adoption of natural gas as a clean alternative to traditional fuels. China government’s focus on reducing air pollution and carbon emissions has driven the demand for CNG-powered vehicles. This is consequently boosting the CNG tanks cylinders industry in the country. China has been investing in the expansion of CNG refueling infrastructure, encouraging the use of CNG-powered vehicles across various regions.

Government policies, such as subsidies for CNG vehicles and refueling stations, have played a role in promoting the growth of the CNG tanks cylinders market. Several domestic and international companies are engaged in manufacturing CNG tanks cylinders in China to cater to the increasing demand.

Ensuring the safety of CNG storage and transportation is crucial, leading to the implementation of stringent safety standards and regulations for CNG tanks cylinders. Ongoing research and development efforts aim to improve the efficiency, capacity, and safety of CNG tanks cylinders, driving innovation in the market.

Competitive Landscape

To satisfy consumer requests and safety regulations, leading companies concentrate on producing lightweight, strong, and high-capacity CNG cylinders. To improve the effectiveness, safety, and performance of CNG cylinders, they are merging cutting-edge materials and production procedures.

Leading manufacturers seeking to expand into new markets by forming alliances, distribution networks, and partnerships with regional players.

For instance,

In April 2023, The Altroz iCNG, Tata Motors’ much-anticipated premium hatchback, made its formal debut. This design now boasts a new twin-cylinder CNG tank technology, making it the first vehicle in India.

In August 2023, The Tiago and Tigor upgraded CNG vehicles, which now have the upgraded twin-cylinder CNG tank layout, have been released by Tata Motors.

UV LED plastic
Global Trade Daily

FMI’ Analyst view: “Innovative Packaging for Lifesaving Solutions: Plastic Healthcare’s Eco-Advancements”

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The plastic healthcare packaging market is estimated to be valued at US$ 24,768.7 million in 2023 to reach an expected valuation of US$ 40,306.8 million by 2033. The demand for plastic healthcare packaging is projected to record a CAGR of 5% during the forecast period.

The healthcare industry is rapidly growing, and with it, the demand for high-quality packaging solutions. Plastic healthcare packaging is increasingly being preferred by manufacturers due to its durability, affordability, and versatility. The rise in demand for medical supplies and medicines has boosted the growth of the plastic healthcare packaging market.

Manufacturers are focusing on developing innovative packaging solutions to meet the diverse needs of their customers. They are experimenting with various shapes, colors, and designs to attract consumers and improve product visibility. Packaging solutions with advanced features, such as tamper-evident seals and child-resistant closures, are becoming popular among consumers.

Rising Demand for Child-Resistant Packaging

As the global population ages, the demand for medication and other healthcare products is increasing, leading to a growing demand for child-resistant packaging. This is especially important for products that pose a risk to children, such as medications and medical devices. Plastic healthcare packaging manufacturers are investing in new technologies to develop child-resistant packaging that is safe, durable, and easy to use.

Technological advancements in packaging design are helping to improve the functionality and safety of plastic healthcare packaging. For example, smart packaging solutions can improve product shelf life, reduce waste, and help consumers make informed purchasing decisions. In addition, advanced packaging design technologies are enabling manufacturers to produce lightweight, cost-effective, and easy-to-use packaging solutions that meet the needs of the healthcare industry.

Challenges Faced by the Plastic Healthcare Packaging Manufacturers

Despite the growth of the plastic healthcare packaging market, several challenges remain that players must overcome to continue their success. One of the major challenges is the increasing pressure from environmental groups and consumers for more sustainable packaging solutions. Plastic packaging has a significant environmental impact, and as consumers become more environmentally conscious, the demand for more sustainable packaging options is increasing.

Another challenge faced by players in the plastic healthcare packaging market is the need for specialized materials and designs to accommodate the specific requirements of different healthcare products. The materials used in healthcare packaging must be safe, effective, and meet strict regulatory standards. This requires a high level of expertise and investment, which can be a barrier to entry into the market for some players.

Companies are looking for ways to minimize packaging waste and increase efficiency, which is putting pressure on players to improve their operations and reduce the impact of their packaging on the environment. Companies must find ways to balance these concerns with the need to protect and preserve their healthcare products, making it a challenging market to navigate.

Country-wise Insights

Why is the United States Estimated to be a Highly Lucrative Plastic Healthcare Packaging Market?

The United States plastic healthcare packaging industry was estimated to be worth US$ 4,648.1 million in 2022. The United States is currently the most attractive market, according to FMI. The United States is estimated to hold a market share of 19.5% in North America and is estimated to have a year-on-year growth rate of 5% in 2023.

The United States remains one of the leading manufacturers of pharmaceutical drugs, directly increasing the demand for safe and high-quality healthcare packaging.

According to the Organization for Economic Co-operation and Development (OECD), the United States is globally the country with the highest per capita healthcare spending, totaling US$ 10,966 Mn in the year 2019. The United States also spends more per person on health care and medicines than any other country.

Why is the Demand for Plastic Healthcare Packaging Increasing across China?

China plastic healthcare packaging industry is anticipated to rise at a CAGR of 8.8% during the forecast period. The China plastic healthcare packaging industry is estimated to be worth US$ 3,125.7 million in 2022. As per PlasticsEurope, a European trade association, world plastic production was nearly 368 million tons in 2019 and China accounted for more than 1/3rd of the volume share.

Amid the COVID pandemic, the government in China has boosted the production of plastic healthcare packaging solutions. The availability of plastic raw materials is propelling growth opportunities for the key players of the target market.

China is one of Asia’s largest contributors to the production of healthcare products. The enormous market continues to grow rapidly driven by economic growth, expenditure, and an aging population owing to investments in basic health treatments. The country is projected to grow rapidly due to the low cost of raw materials and labor charges.

Why are Market Players Willing to Invest in India?

India plastic healthcare packaging industry was worth US$ 1,794.4 million in 2022. Increasing government initiatives and awareness regarding personal health and hygiene are key factors supporting demand. The country is expected to witness prominent growth of 8.6% during the assessment period.

According to FMI, the Indian market is growing steadily due to the presence of several small-and-large scale companies that are ready to widen their reach for the production of plastic healthcare packaging.

This growth is attributable to economic development, low cost of labor, and deployment. Many key players are looking to invest in multiple profit-earning opportunities in the emerging economies of India and China.

Why are Manufacturers Eyeing Germany to consolidate their Market Position?

In 2022, Germany accounted for a 4.6% share of the global plastic healthcare packaging industry. The German plastic healthcare packaging industry is estimated to be worth US$ 1,083.9 million in 2022.

The Federal Statistical Office of Germany has reported that healthcare spending rose by 4% in 2018 from 2017 in Germany. In 2018, the country’s healthcare expenditure accounted for 11.7% of the GDP. Moreover, the country’s projected healthcare spending exceeds US$ 505 Bn in 2020, creating a conducive environment for the expansion of the plastic healthcare packaging industry.

Demand for plastic healthcare packaging in Germany is expected to rise at nearly 3.8% CAGR over the forecast period. Germany is well known for its technology-driven industry and its developments in the healthcare sector owing to the stringent government rules and initiatives. The rise in several factories of medical devices and high consumer attractiveness towards healthcare is anticipated to cover over 4.6% of the Europe market by the year 2033.

Competitive Landscape

Companies operating in the plastic healthcare packaging industry are aiming for strategic collaborations and partnerships with other manufacturers to expand their product portfolio, in addition to investing in capacity expansions.

·         In April 2021, Amcor plc launched a recyclable polyethylene-based thermoform blister packaging format. It is intended to meet the high standards of regulated pharmaceutical packaging that creates a sustainable alternative.

·         In January 2021, Gerresheimer planned to build a second production plant near Mumbai, India to meet plastic healthcare packaging requirements worldwide. The product portfolio includes plastic containers, plastic ampoules, plastic bottles, and more in a variety of designs.

·         In December 2020, Airnov Healthcare Packaging introduced OXYNOV. The packaging products are applicable for high protective barrier bottles required for pharmaceutical, nutraceutical, and probiotic products.