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Global IoT Communication Protocol Market to Surpass US$ 24.6 Billion by 2032 Amid Skyrocketing Demand for Smart Home Appliances

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Global Trade Daily, Technology

Global IoT Communication Protocol Market to Surpass US$ 24.6 Billion by 2032 Amid Skyrocketing Demand for Smart Home Appliances

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In 2032, the IoT communication protocols Market is anticipated to be worth US$ 24.6 Billion. In 2022, its estimated value was US$ 15.9 Billion. It is likely to see a CAGR of 4.5% between 2022 and 2032.

Consumer electronics are integrating IoT communication protocols as they enable connectivity and communication across devices. These facilitate the development of connected and smart products further.

These protocols give data sharing a defined structure and make it possible for devices from various manufacturers to work together. They aid in guaranteeing smooth data transport and communication. Smart home appliances frequently use Wi-Fi to connect to a network at home and the internet.

Bluetooth is often utilized in audio and wearable technology. Consumer gadgets using IoT connection protocols can perform functions, including remote monitoring & control, real-time data analysis & feedback, and improved device compatibility.

Standardization and interoperability through IoT communication protocols are vital as IoT devices are being adopted more widely in consumer electronics. These are improving user experience and enabling smooth data sharing and communication between devices.

Demand for IoT communication protocols that can support edge devices is expected to increase. Edge computing, which involves processing IoT data at the edge of networks, is set to become highly popular by 2032.

Edge computing decreases the quantity of data that needs to be transferred to the cloud and allows for real-time data processing. It can lower the need for bandwidth while enhancing device performance.

The usage of IoT has increased significantly recently all across the world. Around 8.6 billion IoT devices were present worldwide in 2019. As IoT device adoption accelerated globally, the total number of IoT devices was estimated to be 12.14 Billion in 2022.

By 2030, it is predicted that there will be about 23.14 Billion IoT devices on the planet. The need for IoT communication protocols is anticipated to rise over the course of the assessment period, as there are more IoT devices in use worldwide.

Key Takeaways:

  • The global IoT communication protocol industry exhibited a CAGR of 3% in the historical period from 2017 to 2021.
  • The United States IoT communication protocol industry is expected to be worth US$ 7.5 Billion by 2032.
  • The United Kingdom IoT communication protocol industry is anticipated to reach a valuation of US$ 1.2 Billion in 2032.
  • By type, the Wi-Fi segment is expected to bolster at a CAGR of 4% from 2022 to 2032.
  • Based on application, the consumer electronics segment exhibited a CAGR of 0% from 2017 to 2021.

Competitive Landscape:

Leading developers of IoT communication protocols are concentrating on creating real-time protocols to support IoT applications. Applications, including industrial automation, smart grid management, and autonomous cars would call for quick and dependable data interchange.

Several additional businesses are creating protocols that can be connected with cloud services. They want to make it possible for IoT systems and devices to be managed, monitored, and have their data analyzed remotely. Scalable protocols that can handle a lot of devices and data traffic are still being developed.

For instance,

  • In April 2020, Infineon Technologies revealed its acquisition of Cypress Semiconductor. It encompasses Cypress’s range of IoT communication technologies, specifically Wi-Fi and Bluetooth. Through this acquisition, Infineon Technologies is aiming to enhance its IoT solutions for clients and broaden its range of offerings.
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Global Trade Daily, Technology

The Advantages Obtained from Fuel Cell Stationary Power Generation make it a Suitable Alternative for the Future World

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The global fuel cell for stationary power market size is estimated to register a notable CAGR of 11.1% during the forecast period. The market is projected to reach US$ 5,676.8 million by 2033 from US$ 1,981.4 million in 2023.

In search of sustainable energy sources, mankind has explored the technology of hydrogen-powered fuel cells that can replace conventional fuel requirements with efficiency and few pollution levels. With the rapid expansion of stationary hydrogen fuel cells, the cost of technology is declining quickly, further boosting the fuel cell for the stationary power market in recent years.

The combustion-less generation of power by the chemical combination of hydrogen gas makes a system release a negligible amount of pollutants and high efficiency than the traditional power generation methods.

The advantages obtained from fuel cell stationary power generation make it a suitable alternative for the future world. This is further supported by the increasing global population, becoming increasingly concerned about environmental degradation and depleting fossil fuel resources. The market players dealing with any service or product concerning hydrogen fuel cells are predicted to experience significant growth in the coming years.

What are the Present Dynamics of the Global Fuel Cell for Stationary Power Market?

Increased government spending for providing suitable infrastructure for the establishment of clean and green energy sources is the main factor for such remarkable growth in stationary fuel cell power plants in different countries. To make it popular for use in daily life, the market players are optimizing technologies used in the making of fuel cells according to specific purposes.

Unreliability on the electricity supply grid is another main reason for the increased number of installation hydrogen electricity generators by many industrial and commercial units. Also, in the case of other unconventional energy sources, lithium-ion batteries are the quintessential material, which is a non-renewable resource. With the increasing demand for clean energy sources and dismissing stock of lithium elements, the hydrogen fuel cell is predicted to overtake the green energy market.

What are the Key Challenges Limiting the Growth of the Fuel Cell for the Stationary Power Industry?

The oil boom in Northern America and the deregulation of fossil fuels resulting in decreased prices of petroleum and diesel can delay the adoption of hydrogen fuel cells and hamper its development to make it a worldwide market.

The high cost of raw materials and the manpower required to operate is still at a developing stage in many regions. This may pose a key limitation for the market players in the fuel cell for the stationary power market. Providing sufficient service for installation and maintenance with an affordable stationary fuel cell cost is the main challenge that the market players need to overcome to make a successful business.

What is the Competitive Landscape in the Global Fuel Cell for Stationary Power Market?

All the leading market players are continuously investing in research and development activities and developing new products for making their brands popular among consumers.

The growing demand for hydrogen fuel cell generators for homes is the main attraction for new business ventures entering the market and competing with established companies.

The establishment of local players in different geographical regions is a prominent driving factor for the increased amount of mergers and acquisitions undertaken by key players to remain competitive in the stationary fuel cell power plants market.

Recent Developments in the Market

In December 2020, Robert Bosch declared its plans to invest in full-scale production of solid oxide fuel cells (SOFC) and set up a production unit with an annual capacity of about 200 MW. This development is expected to increase the market value of Bosch stationary fuel cells across all the regions

In October 2021, the global power leader Cummins Inc. released the large proton exchange membrane (PEM) electrolyzer that is operational in Quebec, Canada. It is been regarded as the beacon for the zero-carbon future.

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Global Trade Daily, Market insight

The United States Remains one of the Lucrative Markets for Silicon Anode Batteries

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The global silicon anode battery market is anticipated at US$ 2.3 billion in 2022. The sector is gaining pace as companies provide technologically improved silicon anode batteries that are cost-effective & high storage capacity. The market is estimated to garner US$ 131.6 billion in 2033, recording a CAGR of 47.5% from 2023 to 2033. The market is likely to secure US$ 2.7 billion in 2023.

Key Factors Shaping the Demand Outlook of the Silicon Anode Battery Industry:

  • Increasing demand for silicon anode batteries in developing nations like India & China
  • Increasing demand for electric vehicles globally
  • The rapidly growing consumer electronics industry
  • Advancements in battery technology, particularly in the design and manufacture of silicon anode batteries.

Opportunities in the Silicon Anode Battery Industry:

  • Growing demand for silicon anode batteries in the automotive sector
  • Opportunities for research and development to improve efficiency and affordability
  • Increased use of cost-effective manufacturing techniques and advanced raw material
  • Advances in electrical & electronic devices

Which Drivers Underpin Silicon Anode Battery Industry Expansion?

Advances in Battery Technology to Propel the Growth of the Market During the Forecast Period.

Battery technologies are important for delivering advanced performance in a wide range of applications including electric vehicles, consumer electronics, renewable energy, and industrial machinery. As battery applications are growing it has become a priority for lay players to build their position in the market.

Designers are keen on experimenting with new types of negative energy battery material which will act as a better substitute for graphite anodes. Various anode chemistry is in action such as silicon lithium and silicon anode graphite. A large number of next-generation technologies are under development which has the capability to serve large potential markets.

Growing Research & Development Activity Enabling the Market Growth

Some of the leading players are investing in research & development activities to gain a competitive advantage. The product development strategies & and product positions are adopted by suppliers to establish a stronger foothold in the market.

The key players in the silicon anode battery market are actively engaged in various forms of partnership ranging from partnering with battery suppliers, chemical manufacturers, material suppliers, and technical service providers. All these partnerships create new avenues for product development.

Country-wise Insights

Why is the Demand Rising in the United States Silicon Anode Battery Market?

The Presence of Leading Market Players to Boost the Growth of the Silicon Anode Battery Market in the United States

The global silicon anode battery market is expected to be dominated by North America. The market is anticipated to expand at a CAGR of 40.3% over the forecast period. The United States remains one of the lucrative markets for silicon anode batteries throughout the forecast period.

The growth of the market is attributed to the presence of some of the leading market players such as Amprius Inc, and Enevate Corporation among others. Among them, the companies are compressively engaged in patent filling and product development. The United States Department of Energy (DOE) Small Business Innovation and Research (SBIR) also pushing forward silicon anode market participants.

The Start-Up Ecosystem: How Key Players in Silicon Anode Battery Market Are Opening Frontiers for Future Growth?

New players in the silicon anodes battery market such as Leydenjar, Silib, and Ecellix among others, are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance

Founded in 2016 – Leydenjar is the provider of silicon anode technology for lithium-ion batteries. The platform develops pure Silicon anodes that are claimed to generate up to 50 percent more energy density in Li-ion battery cells. The company is currently optimizing the commercial thickness of the anode and fit with the best electrolyte, and proving their technology in pouch cells with 100 cycles.

Founded in 2018- Silib is the provider of silicon anode for lithium batteries. It provides a silicon anode for lithium batteries and has high capacity and ultra-thin durability. It provides silicon anode with a low-cost manufacturing process without using catalysts and silicon alloys

Founded in 2018- Ecellix is a silicon-based anode technology provider of lithium batteries. Claims to improve the charging and life of a battery

Who are the Leading Players in the Silicon Anode Battery Market?

Prominent players in the silicon anode battery market are Amprius Inc, Nexion Ltd, Enovix Corporation, Enevate Corporation, Nanograf Corp, Sila Nanotechnologies Inc, Boston Power Inc, XG Sciences Inc, Eocell Inc, Nanotech Instruments Inc, Zenlab Energy Inc. among others.

Leading players operating in the global silicon anode battery market are focusing on intensive research and development for launching innovative products and services in the market.

Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market.

The market players are also emphasizing offering silicon anode battery with high reliability and high performance. The market is benefiting from partnerships with a high focus on innovation.

In November 2021- Panasonic Corporation, Toyota Motor Corporation and Nexeon, the company developing advanced silicon materials for next-generation lithium-ion batteries, have agreed to extend their funded joint development agreement (JDA). The partners will focus their work on the commercialization of e-mobility applications of lithium-ion batteries.

In May 2022 – Sila, a next-generation battery materials company, today announced the purchase of a facility with more than 600,000 square feet of space located in Moses Lake, WA to be used to manufacture Sila’s breakthrough lithium-ion anode materials at automotive volumes and quality. Powered with hydropower, the facility is located on 160 acres of land close to rail lines for convenient and efficient shipping.

In February 2021- Zenlabs Energy, an advanced lithium-ion cell company, announced that Idaho National Laboratory (INL) has successfully tested over 1,000 charge-discharge cycles from their high-energy Silicon anode pouch cells. Zenlabs is the recipient of $4.8 million, 50% cost share development contract from the United States Advanced Battery Consortium LLC (USABC) to develop low-cost, fast-charge electric vehicle (EV) batteries

Asia Pacific Foam Blowing Agents Market to Hit Sales of $672.68 Million by 2030 PBAT nanocellulose
Global Trade Daily, Market insight

Growing Demand for Sustainable Products with better Features is likely to Bolster Nanocellulose Sales Through 2033

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The global nanocellulose market size is set to reach US$ 474.8 million in 2023. Between 2023 and 2032, global nanocellulose sales will thrive at 19.1% CAGR. Total market valuation at the end of 2033 is forecast to reach US$ 2,725.5 million.

In 2022, the worldwide nanocellulose market value crossed US$ 398.4 million. Burgeoning demand for nanocellulose across various industries will drive the global market forward.

In recent years, rising environmental concerns due to high usage of non-renewable petroleum-based materials have prompted people to look for sustainable bio-based materials. This has put nanocellulose market into limelight.

Nanocellulose has emerged as an ideal alternative to various synthetic materials. This is due to its unique properties which include high surface area, excellent mechanical strength, tunable surface chemistry, biodegradability, and renewable nature.

A lightweight solid substance derived from plant matter which comprises nano cellulose fibrils is known as nanocellulose. Nanocellulose is generally derived from the most abundant natural polymer on earth i.e., cellulose.

There are generally three types of nanocellulose that are being used across various industries. This includes cellulose nanofibers (CNF), also referred to as nanofibrillated cellulose (NFC), bacterial nanocellulose, and cellulose nanocrystal (CNC).

Nanocellulose consists of extremely small nanoscale fibers or particles with high tensile strength, making it an ideal material for various applications. Its properties, including optical transparency, low thermal expansion, and high mechanical strength, make it suitable for electronics applications.

Similarly, its biocompatibility, non-toxicity, scalability, and unique properties make it an attractive material for biomedical applications. This includes tissue engineering, drug delivery, and personalized medicine.

Growing demand for sustainable products with better features is likely to bolster nanocellulose sales through 2033. Rapid expansion of packaging industry coupled with rising need for environmentally & sustainable friendly packaging solutions will foster market development.

Widening applications of nanocellulose in paper industry will boost the global market. Nanocellulose is being increasingly used in paper manufacturing to enhance the fiber-fiber bond strength. It is also gaining popularity as a barrier in grease-proof type papers.

Nanocellulose enhances the mechanical properties of resins, rubber latex, starch-based matrixes, etc. As a result, it has become a suitable material for reinforcing plastics and other composites.

Nanocellulose has also become an ideal low-calorie replacement for carbohydrate additives in various food items. It is useful for manufacturing wafers, fillings, soups, gravies, etc. Thus, growing applications in food industry will elevate nanocellulose demand.

Widening applications in healthcare, pharmaceutical, and cosmetic sectors will create growth opportunities for nanocellulose manufacturers. Further, growing usage in electronic devices and textiles will trigger nanocellulose sales.

Which Factors are Shaping the Market for Nanocellulose?

The growth of the nanocellulose market can be attributable to a variety of reasons. This includes rising global demand for environmentally friendly and sustainable materials.

As customers become more environmentally concerned, there is an increasing demand for environmentally friendly products, and nanocellulose provides a feasible alternative.

Because of its remarkable mechanical properties, biodegradability, and non-toxic nature, it is an intriguing option for traditional materials such as plastics and metals. Its distinct qualities make it a great material for environmentally friendly and sustainable goods in industries such as packaging, textiles, building, and electronics.

Another factor driving the market is increasing government regulations on the use of non-biodegradable materials. Governments around the world are implementing regulations to reduce plastic waste and encourage the use of sustainable materials.

The use of nanocellulose in various industries, such as packaging, can help reduce plastic waste and offer a more sustainable alternative. The versatility of the product has also made it a promising material in the development of advanced technologies, such as nanocomposites, nanoelectronics, and biomedicine, further driving its demand.

The growing trend of startups in the market is driving innovation and growth in the industry. New startups focus on developing new applications for the material, customizing it to meet specific needs, and creating new business models to cater to changing market demands.

They are also developing bio-based materials for use in the automotive and construction industries and medical devices that mimic the properties of human tissue, among others.

By developing new applications and customizing the material to meet unique needs, startups are increasing demand and profitability in the nanocellulose industry.

What Factors are Limiting Market Expansion?

The limited commercialization of nanocellulose production is hindering the market growth of this promising material. Despite its potential applications in various sectors, including packaging, textiles, construction, and biomedicine, the commercialization of these applications remains limited.

The lack of standardized and scalable production processes is one of the main reasons for this limited commercialization. The production process is complex and involves several stages, such as raw material pretreatment, chemical or mechanical treatments, and drying.

The absence of standardized production processes and quality control measures is a significant hindrance to large-scale production and limits the material’s commercialization potential.

The limited commercialization of the product can also be attributed to the lack of awareness and understanding of the material’s properties and potential applications. As a relatively new market, certain potential customers are not aware of the unique properties and benefits of nanocellulose. This is slowing down demand for nanocellulose-based products and subsequently limits the market expansion.

Overcoming these challenges by developing standardized production processes and increasing awareness of the material’s unique properties could help unlock the full potential of the product and drive its market growth.

Why is the United States Considered a Key Market for Nanocellulose?

Rising Applications of Nanocellulose in Pharmaceutical & Biomedical Sectors to Boost Sales in the USA

North America, spearheaded by the USA, commands a significant market share of around 25% in the global market. This is attributable to the rising commercialization of low-cost production facilities for the product and considerable investments in research & development to develop novel applications.

Canada is rapidly emerging as a leading producer of nanocellulose, while the USA has positioned itself as the primary consumer in various industries.

As per Future Market Insights, North America market is set to thrive at 18.1% CAGR through 2033. The United States will hold a prominent share of 17.7% of the global nanocellulose industry in 2023.

Rising usage of nanocellulose in pharmaceutical and biomedical applications will drive nanocellulose demand in the USA. Similarly, growing popularity of nanocellulose in packaging sector is likely to boost sales.

Competitive Landscape

Nippon Paper Industries Co. Ltd., Sappi, CelluForce Inc., Anomera Inc., and GranBio are among the leading manufacturers of nanocellulose.

The nanocellulose market is evolving due to the growth of start-ups that are driving innovation, customization, and new business models aligned with the increasing demand for sustainable materials.

These start-ups are developing new applications for the material, such as bio-based materials for the automotive and construction industries, and medical devices that mimic human tissue. Further, they are exploring circular economy models to create a more sustainable and profitable future for the market.

Key Developments:

In March 2022, final acceptance of its first commercial Sunburst (CNC) unit was received by Sweetwater at the Sweetwoods project in Tallinn, Estonia.

In July 2022, Anomera, Inc. started production of CNC at its 170 tpy carboxylated CNC facility in Canada.

 

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Global Trade Daily, Technology

Industrial Solar Water Heaters have become an important part of the Industries as the Government Eco-system Compliance Policies are Implemented

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The global industrial solar water heaters market is likely to accumulate a market value of US$ 791.8 Million in 2022 and is expected to accumulate a market value of US$ 1,138.9 Million by registering a CAGR of 3.7% in the forecast period 2022 to 2032.

The growth of the industrial solar water heaters market can be attributed to the increasing demand for the same from end-user industries and commercial sectors. The market for industrial solar water heaters registered a CAGR of 3.1% in the historical period 2016 to 2021.

Industrial solar water heaters have become an important part of the industries as the government eco-system compliance policies are implemented. Industry owners adopt these solar water heaters systems to limit commercial emissions.

The commercial solar water heating system holds high performance and low cost, making it the first choice for small and mid-range industries.

Hospitals, hotels, hostels, and commercial spaces have also adopted solar-based energy systems. These systems all together help in cleaning the environment.

The trend of applying new elements in solar water heaters, such as inbuilt electric power back-up, aluminum reflectors, and glass wool insulation.

Governments around the world have started providing subsidies and tax cuts for industries that adopt solar energy alternatives, such as industrial solar water heaters.

Regional Landscape

Europe holds the highest market share of 24% due to the higher industrialization and urbanization, while dynamic weather pushes people to adopt new alternative fuel technologies.

Countries like India, China, and other Asian countries have started implementing alternative energy resources in different sectors. An international solar alliance led by India has signed treaties among the 75 signatory countries across the globe to reduce emission levels while promoting higher adoption of solar technology, including industrial solar water heaters. Hence, Asia Pacific is likely to hold a 21% market share of the industrial solar water heaters market.

Another factor that fuels the sales of industrial solar water heaters is the rising construction industry.

Developed countries like the US and Canada also have seen an increase in the adoption of solar technology. New companies launching solar technology that integrates with the existing systems have also helped the infrastructure. Hence, witnessing a growth of 18% market share.

The Paris Declaration & ISA

The Paris Declaration has established the International Solar Alliance (ISA) states that the countries share the collective approach to undertake innovative and concerted efforts to reduce the cost of finance and technology for the deployment of solar generation assets. This is expected to push the sales of solar products such as water heaters.

Industrial solar water heaters are heating equipment powered by solar cells which in turn is used for applications such as heating of water, space heating, and industrial process such as obtaining hot water, or preheating steam before it enters the industrial boilers. The primary source of energy is solar energy which can be utilized for various industrial applications.

Industrial solar water heaters are increasingly finding applications in commercial uses for hospitals, laundries, schools, breweries, and process heat in various end-use industries such as automotive, petrochemical, construction, etc.

Solar water heaters for industrial applications are more complex and operate at a higher efficiency as compared to residential applications. These systems require comprehensive design and to be installed for optimal performance.

Important factors such as the flow rates, hydraulic configuration, control system, and collector arrangement are considered accurate for the design and installation of industrial solar water heaters. The market for the industrial water heater is estimated to grow with a positive impact as there is no requirement for fuel for the production of energy.

Which are Some Prominent Drivers of Industrial Solar Water Heaters Market?

Currently, manufacturers of industrial solar water heaters have been focusing aggressively on innovative product developments to develop and launch new industrial solar water heaters that are strong and provide proper output heat with a minimum amount of energy from the sun.

It should be noted that the demand for new heating applications in various end-use industries such as automotive, petrochemical, construction, paints & coating, etc. is one the prominent driving factor for the global market. This increase in demand for heating with solar applications will, in turn, fuel the global demand for Industrial Solar Water Heaters in the future.

In developed economies, industries are looking for solar heating equipment equipped with advanced diagnosis and automation. Through research, development, and innovations in advanced automation systems, manufacturers have significantly improved their reaction time for such custom requirements from various consumers. This trend is anticipated to boost the global market and create vast opportunities over the forecast period.

Prominent market players in the global market are trying to develop industrial solar water heaters which can produce more amount heat with less consumption of solar energy i.e. even in dull climates the solar plates are designed in such a way as to absorb the maximum amount of heat from the sun.

The advancement in material science technologies in the manufacturing industries has enabled them to use newly invented materials such as silicon, polycrystalline thin films, copper indium diselenide, cadmium telluride, and gallium arsenide.

What are the Challenges Faced by the Industrial Solar Water Heaters Market?

However, the relatively higher price of advanced industrial solar water heaters is proving to be a deterrent for smaller, low-budget small-scale industries and firms. This particular factor is seen to be hampering the growth rate of the global industrial solar water heaters market.

One of the socio-economic factors for the growth of the global industrial solar water heaters market is the rising cost of natural resources such as natural gas, petrol, diesel, coal, etc., which has also a larger impact on the global market.

Also, an increasing pollution level due to the use of conventional fuel is being witnessed across multiple countries which have translated into various regulatory bodies of different countries. For instance, the pollution control boards across various regions have made it mandatory for manufacturers to ensure the installation of eco-friendly products such as industrial solar water heaters and the use of good quality fuel.

Usability of Industrial Solar Water Heaters Propelling Growth of Market in North America?

North America possesses luxurious lifestyles, high disposable incomes with a high standard of living, this has led to the growth of industrial solar water heaters in the respective regions. The main applications of industrial solar water heaters as bulk fillers in all the end-user industries are expected to act as catalysts for the growth of the overall Industrial solar water heaters market over the forecast period.

As industrial solar water heaters are small in size and have great compressive strength, they are used as a structural lightweight filler, thus industrial solar water heaters market is expected to see rapid growth in North America in the future. Thus, owing to the aforementioned reasons, North America is expected to possess an 18% market share for the industrial solar water heaters market in 2022.

Market Competition

Key players in the industrial solar water heaters market are ATR SOLAR, SunEarth, Racold, Heliodyne, Inc., Alternate Energy Technologies, LLC, Excel Innovations Private Limited, Apricus Solar Co. Ltd, Chandrlok International, SunMaxx Solar, Greentek India Pvt. Ltd, SUNPEAK USA Inc., and American Water Heaters.

In January 2022, SunEarth partnered with Nyle Water Heating System to launch a scalable water series for the commercial sector. Leveraging solar water heating and heat pump efficiencies allow SunEarth’s scalable Solar Series Heat Pump Water Heater to provide up to a 90% reduction in system operation cost over historical water heating solutions.

In November 2020, Indian company Racold introduced the #DontBeAHeaterHitesh digital marketing campaign for promoting its Omnis product range. The campaign was conceptualized by WATConsultant. It consists of two films promoting the Omnis Lux Plus and Omnis Wi-FI water heaters. The former is endowed with a unique Silver Ion Technology which prevents bacteria proliferation, while the latter comprises an intelligent ‘Smart Bath Logic’ function for customizing bathing requirements

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Global Trade Daily, Market insight

Key Drivers of the Industrial Gas Turbine Market

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Increasing demand for clean and efficient energy: The increasing demand for clean and efficient energy is one of the prominent drivers of the industrial gas turbine market. Gas turbines are considered one of the most efficient and cleanest forms of power generation, as they emit less carbon dioxide compared to traditional fossil fuel-based power generation systems. This has led to an increase in the adoption of industrial gas turbines in various industrial and commercial applications.

Expansion of industrial and manufacturing sectors: The expansion of industrial and manufacturing sectors across the globe is another major driver of the industrial gas turbine market. The growth in these sectors leads to an increase in the demand for power, which in turn drives the market for industrial gas turbines. The growing adoption of advanced manufacturing technologies, such as Industry 4.0, is also expected to drive the market for industrial gas turbines.

Growing adoption of cogeneration and combined heat and power (CHP) systems: Cogeneration and CHP systems are becoming increasingly popular in various industrial and commercial applications, as they offer the benefits of reduced energy costs and lower carbon emissions. The growing adoption of cogeneration and CHP systems is expected to drive the market for industrial gas turbines.

Technological Advancements: The industrial gas turbine market is also driven by technological advancements. The development of advanced technologies such as advanced materials, improved aerodynamics, and digitalization is expected to improve the efficiency and reliability of industrial gas turbines, which in turn will drive the market.

Fueling Growth: A Look at the Booming Industrial Gas Turbine Market in North America

The North American region is expected to be a significant market for industrial gas turbines during the forecast period. The region has a well-established energy infrastructure, a high demand for power, and a large number of industrial and commercial facilities. The increasing demand for power, driven by population growth and economic development, is expected to drive the market for industrial gas turbines. The growth in industrial and commercial sectors, such as manufacturing, oil and gas, and power generation, is also expected to drive the market in North America.

Unlock the Potential: Discover the Exciting Opportunities in Power Generation and Oil & Gas

The power generation and oil and gas industries are considered to be the most lucrative end-user industries for the industrial gas turbine market. The increasing demand for electricity and the need to meet the growing energy demand, as well as the growing demand for natural gas and investment in oil and gas exploration and production, are driving the market for industrial gas turbines in these industries.

The industrial gas turbine market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include General Electric, Siemens, Mitsubishi Hitachi Power Systems, and Rolls-Royce. These companies hold a significant share of the market and offer a wide range of products and services. Many other small and medium-sized companies are also operating in the market and are focusing on expanding their market presence through strategic partnerships, collaborations, and new product launches. In September 2021, OPRA Turbines B.V. and Silent-Power AG signed a distribution agreement to expand reach of innovative power generation technology.

Industrial Gas Turbine: Introduction

A gas turbine, an internal combustion engine, is the heart of a power plant that produces electricity by converting liquefied or natural gas into mechanical energy. Industrial gas turbines are used to power ships, aircrafts, trains, generators, gas compressors, pumps, and others.

The industrial gas turbine are available in wide array of capacity and most of the final solutions are customized according the end-user demand. The global industrial gas turbine market is led by the major industrial players including Mitsubishi Hitachi Power Systems, Siemens, and General Electric among others.

Industrial Gas Turbine: Market Drivers and Challenges

The power generation sector has a great social and economic impact, thus, manufacturers are under pressure to enhance efficiency of power plants with cost-effective solutions and minimum environmental impact. Thereby, the industrial gas turbine market is stipulated to witness optimistic grow over the projected period.

The industrial gas turbine yield power efficiently when compared to the conventional turbines which is the primary factor driving the demand for industrial gas turbines. The conventional turbines in power generation plants are usually coal fired that emit substantial amount of VOCs (volatile organic compounds) resulting into emission of greenhouse gases.

According to IEA (International Energy Agency) coal-fired thermal power plants are the one of the major contributor of VOCs thus the need of move towards cleaner source of electricity generation is expected to ramp up, in turn, creating market space for industrial gas turbines.

The oil & gas industry has witnessed sinusoidal growth in the past, and is expected to foresee similar growth in the coming years as well. Industrial gas turbines are one of the major asset employed in the oil and gas industry, and the growing demand for cleaner assets in the industry is anticipated to expand the new installations of industrial gas turbines over the forecast period.

With the substantial technological development, the electricity access has widened yet there are millions of people who are still facing issues and have limited or no reliable electricity access. Hence, with the penetration of renewable source of energy and increasing need of reliable electricity access the said market is anticipated to foresee significant traction over the years to come.

Industrial Gas Turbine: Regional Market Outlook

Among the regions, North America is estimated to lead the pack in the global industrial gas turbine market owing to the expanding mining and exploration activities in the region. Slower economic development and deficient power generation infrastructure are couple of the aspects that are estimated to present excellent opportunities in developing and under-developed regions such as the Middle East and Africa.

Regulations pertaining to adoption of renewables to shape the industrial gas turbine market across all the regions. For instance, according to the directive of European Parliament, the region plans to move towards lowest-carbon economy by the end of 2030. Amidst countries, both China and India are the major energy consumers with different dynamics. It is projected that China will become less energy intensive and the growth will be on the slower side.

On the flip side, the accelerating industrialization in India is estimated to drive up the demand for energy consumption, in turn, driving the demand for industrial gas turbine market. Rest of the regions as well are poised to create significant market scope for the industrial gas turbine market during the forecast period.

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Global Trade Daily, Market insight

The Power Management System takes on a New Look as Consumer Electronics Demand Rises and Technology Advances

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The solar tracker for the power generation market is projected to register a CAGR of 7.5% during the forecast period 2022-2032, from a valuation of US$ 6 Bn in 2021.

“Due to the efficiency of the solar tracking system and other technologies when compared to solar panels without tracking systems, rising demand for solar trackers fuels the overall solar tracker for power generation market growth.”

Solar PV has been one of the fastest-growing renewable energy sources in the United States in recent years. The same has been developed as a sustainable and continuous source of energy generation. The solar tracker for power generation market is likely to advance to a considerable extent.

What Changes has the Solar Tracker for Power Generation Market undergone due to COVID-19?

The global health crisis brought on by the spread of COVID-19 had a negative impact on the global economy as well as on the adoption of solar tracker for power generation, which was heavily reliant on China and India.

Due to supply chain disruptions and a lack of raw materials, these businesses were forced to close during the lockdown and, in turn, negatively impacting the solar tracker for power generation market statistics.

Furthermore, the United States, which stood out as a dominant force in the solar tracker industry, experienced supply chain disruptions due to a labor shortage, and a nationwide lockdown slowed manufacturing velocity.

In the coming years, however, factors such as favorable government policies and efforts to meet rising power demand with renewable energy sources are expected to favor higher sales of solar trackers for power generation.

What are the Factors Contributing to the Solar Tracker for Power Generation Market?

The massive increase in population over the last decade has directly impacted the amount of power demanded and generated. The capacity of each country’s power generation has increased at a healthy rate.

Renewable energy sources are considered the best possible replacement for conventional power sources. They help reduce carbon emissions while also being a cost-effective source of everyday power, thereby fueling the demand for solar trackers for power generation.

Simple solar installations are less efficient than solar farms and individual solar installations with tracking systems.

Furthermore, the solar tracker for power generation market growth is also propelled by features such as the better utilization of space, which is necessary for both fixed-tilt and moving systems.

These factors, along with the availability of single-axis and dual-axis trackers, provide customers with a range of options and are expected to drive global market growth.

The rising use of solar power as a potential source of commercial energy generation has gained popularity as the cost of PV panels has decreased, and the same is anticipated to augur well for a solar tracker for power generation market trends and forecasts.

What is the Region-Wise Outlook of the Solar Tracker for Power Generation Market?

By region, the solar tracker for the power generation market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.

North America is expected to remain at the forefront of the global solar tracker for power generation market during the forecast period.

The United States, which has the highest solar tracker deployment for operational efficiency of installed panels, is projected to provide impetus to the solar tracker for power generation market future trends.

Countries in Latin America, such as Brazil and Mexico, have emerged as major importers of solar trackers.

In Europe, demand for solar energy has grown at a healthy rate, and countries such as Italy, the United Kingdom, Germany, and Spain have been leading the solar penetration in their overall power mix, thereby positively impacting the solar tracker for power generation market outlook.

This trend, combined with aggressive green energy goals, presents an enormous solar tracker for power generation market opportunities for the region.

China manufactures 40% of the world’s tracker capacity, making the Asia Pacific the production hub for trackers. In the near future, some Southeast Asian countries, China and India, are expected to increase their renewable energy capacity, creating a huge demand for solar trackers for power generation.

South Africa holds a large solar tracker for power generation market size of the Middle East and Africa market, which is expected to grow steadily over the forecast period as solar power contracts are completed.

How Strong is the Competition in the Solar Tracker for Power Generation Market?

The market for solar trackers is fairly consolidated. This market is dominated by solar tracker manufacturers such as NEXTracker, Soltec, and Arctech Solar, according to the competitive landscape.

NEXTracker has the largest solar tracker for power generation market share in the world, with contracts from countries all over the world. The company’s success has been attributed to a well-established supply chain, customer preference, and a well-known brand name.

A wide array of solar tracker for power generation market opportunities likely opens up as companies are focusing on the development of advanced technology-based products as a result of demand for advanced technology for tracking purposes.

Manufacturing firms are pursuing a variety of organic and inorganic growth strategies in order to broaden their geographical reach and product portfolio thereby coming up with various emerging trends in the solar tracker for power generation market in the recent times.

The strategy framework of major tracker manufacturers is centred on bagging large purchase orders in order to achieve economies of scale. Tracker research and development is a key differentiator for manufacturers in the market.

A few recent developments in the solar tracker for power generation market are as follows:

Trina Solar introduced the TrinaTracker Agile 1P Dual Row, a dual-row, one-in-portrait, single-axis tracker compatible with modules ranging from 400 W to 670 W. After the Vanguard series debuted in December, the Agile series has joined the TrinaTracker family.

NEXTracker announced the successful completion of its largest tracker deal, billed as the industry’s largest of its kind, with 174 Power Global. The contract called for the delivery of smart solar trackers with 3.4 GW capacities to seven 174 Power projects across the United States.

Lyubar, Zhytomyr region, has become home to Ukraine’s largest solar tracking plant, with a capacity of 33 MW. SolControl, Soltigua’s cloud-based SCADA that was designed from the start to be optimised for remote assistance and monitoring of the solar plant, was used to carry out the commissioning.

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Global Trade Daily, Market insight

Rising Demand for Industrial, Residential, and Commercial Applications is Driving the Demand for Fire Pumps

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The Global Fire Pump Market is projected to reach US$ 767.7 Million in 2032. Rising demand for industrial, residential, and commercial applications with growing awareness towards safety concerns from hazards, is driving the demand for Fire Pumps.

According to FMI, the Global Fire Pump Market is estimated to be valued at US$ 528.7 Million in 2022 and is projected to increase at a CAGR of 3.8% in the forecast period from 2022 to 2032.

A fire pump is a water sprinkler system used as a fire extinguisher that can be operated with electricity, diesel, or steam. The fire pump is connected to a stationary water source (tank, lake, or reservoir) or an underground water supply line. It is also known as firefighting apparatus which can be easily transported to a location where a fire incident takes place and can operate for quick delivery of large water quantity to extinguish the fire. It is specially designed to increase the pressure of water which results in quick quenching of fire. Fire pumps play a key role in many water-based fire protection systems. It is mostly found in residential buildings, commercial complexes, and industrial areas that require spraying high-pressure water on heightened locations in case of a fire outbreak.

Rise in the sudden fire-catching incidents in various industrial and residential areas, fuelling demand for fire pumps globally. With a rise in global manufacturing industries, fire hazard risk also rises simultaneously. This type of risk is highly associated with flammable manufacturing bases like chemical industries, petroleum refineries, and oil & gas industries. Similarly, most of the residential buildings have installed fire pumps at their building premises for safety purposes in case of any fire incident at their respective buildings. However, the speed of rapid global urbanization accelerates the growth of residential buildings which increases the demand for fire pumps simultaneously. Thus, the above-mentioned most prominent demand from the industrial and residential sectors drives the global fire pump market and is anticipated to grow at a consistent pace in the upcoming years.

Historic Market Outlook for Global Fire Pump Market

The analysis of Fire Pump demand from 2017 to 2021 showed a historical growth rate of 2.2% CAGR. The rise in firefighting equipment, growing investment and awareness of fire hazard & safety, and rise in an application in the industrial and commercial sector was the main factor driving the expansion of the Fire Pump market during the historic period.

However, The COVID-19 epidemic had a negative impact on the industrial automation and equipment sector, which also includes the market for fire pumps. A number of fire pump manufacturers have seen a decline in sales and production, owing to interruption in business operations as a result of stringent government norms about social distancing. Moreover, due to restrictions in the supply chain network, the fire pump market was seen to be affected in the historic period.

However, when virus infection gets lowered, when every sector in the world as well as industries runs normally as before from the start of 2022. As a result, FMI’s global Fire Pump demand projection predicts a CAGR of 3.8% by 2032.

What are the Various Factors Driving the Global Fire Pump Market?

The rising application sector and an increase in fire hazards that takes place globally are the two main drivers driving the global market for fire pumps. The expansion is also fueled by rising energy demand, developing economies, and rising applications in industrial locations, airports, terminals, business complexes, and residential buildings. Demand for this equipment increases simultaneously with growing urbanization and industrialization. The most hazardous industry like the oil & gas industry, refineries, and flammable product manufacturing industry demand fire pumps for safety purposes, which fuel the market. Additionally, the market is being driven by a rise in irrigation and sludge-handling activities around the world.

The market is also expanded due to the development and availability of IoT-enabled pump controllers, as a result, consumer demand has increased, which has had an impact on the growth in demand for fire pumps in the end-use sector. Also, the demand for hydraulic firewater pumps is expected to grow significantly over the projected period as a result of the numerous manufacturing sectors that are being established and planned industry expansions. In the world of expanding smart cities, there is always a risk of fire outbreaks due to short circuits and other reasons, owing to which every residential building is equipped with a fire water pump to extinguish the sudden fire. Also, a fire pump is most commonly used for feeding water to boilers in industry, as there is always a need for high-pressure pumps in industries, which increases its demand. Thus, the growth of many end-use sectors has had a direct impact on the need for fire pumps, which drives the global fire pump market.

What are the Opportunities for the Global Fire Pump Market Growth?

The market for Fire Pump is having rewarding opportunities in the forecasted period as a result of stringent government rules and regulations. The government’s increased emphasis on the development of safety and hazard precautions will encourage the expansion of the Fire Pump market. The increasing government investment in fire hazards & safety to lower the economic losses that occurred due to fire outbreaks will pave the road for the market for Fire Pump to expand. Governments are imposing strict fire safety standards in factories and mandating the installation of adequate fire escapes and firefighting equipment in all industrial buildings. To achieve this goal, various nations are allocating funds from their budgets to install fire pumps in the industrial and domestic sectors, respectively.

The introduction of new technology is aimed at enhancing fire pump machines, like pumps having IoT-enabled controllers in them and artificial fire pump systems equipped with several sensors having the ability to assess and respond appropriately without human operation. This technical improvement saves time and allows for quicker resolution of the problem or carrying out any operation. This type of development is also producing lucrative opportunities for the market growth of fire pumps.

What is the Regional Analysis of the Global Fire Pump Market?

Geographically, in terms of Fire Pump sales, amongst all regions which are sub-segmented in the global market, North America and East Asia are the top regions and collectively account for a sizable portion of the global Fire Pump market in 2021.

The North American fire pump market is anticipated to maintain its dominance throughout the projected period in the global market. An increase in fire incidents in both the industrial and residential sectors in the region is primarily responsible for growth. For instance, in 2022 The latest Fire Loss in the US report released by the ‘National Fire Protection Association (NFPA)’ shows the largest number of home fire deaths since 2007, reflecting a 14-year high. Owing to this type of incident, the US government and National Fire Protection Association introduced new guidelines for the necessary installation of a fire pump or a multistage multiport pump in high buildings and every commercial complex in the country, which drives the fire pump market in the region.

The East Asia region also contributes to a prominent value share in the global market for fire pumps. East Asia has taken the lead position in the Asia region in terms of industrialization and urbanization contributing to around two-thirds share of the global GDP and a much higher share of industrial value-added and worldwide exports. The industrialization of East Asian nations, such as Japan, the Republic of Korea, Taiwan, and China has been made possible by the governments’ substantial strategic interventions to increase domestic manufacturing capabilities. Thus, the market for fire pumps in the region is driven by federal regulations governing the industrial ecology, broad acceptance and awareness of safety and hazard precautions, and the region’s rapidly accelerating urbanization.

Market Competition

Key players operating in the Global Fire Pump Market include Xylem Inc., Grundfos Pumps Corporation, Pentair Ltd, CET Fire Pumps Mfg. Inc., Eaton, Waterous, NAFFCO, Armstrong Fluid Technology, Canariis Corporation, and others.

There are a few major providers who hold the lion’s share of the fir pump market, which is only somewhat fragmented. In order to produce new and improved goods, the major players in the fire pump market invest a sizable sum of money in comprehensive research and development.

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Global Trade Daily, Market insight

The Population Growth in Developing Nations has had a Direct Impact on the Production of Solar Panel

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According to Future Market Insights’ most recent market study, the Solar Panel market will be valued at US$ 165.47 Billion by 2023. The Solar Panel market value is expected to reach US$ 355.24 Billion by 2033, with a steady growth rate of 8.86%.

According to FMI data, the worldwide solar power market grew by 16.1% between 2019 and 2021. In recent years, the population growth in developing nations has had a direct impact on the production of electricity. With more people trying to reduce carbon emissions, electricity from renewable sources is seen as the best alternative to oil and coal. It is also growing at a rate that is sustainable, at 8.84%.

Solar energy uses either thermal energy (heat) or photovoltaic cells in solar panels and photovoltaic glass to generate electricity. Currently, the total amount of solar energy incidents on Earth is enormous and sufficient to meet all energy needs. If adequately tapped, this highly dispersed source has the potential to supply all future energy demands. For every kilowatt-hour produced, solar energy has a 20-times lesser environmental impact.

The environmental norms to reduce the usage of fossil fuels and carbon emissions from their combustion have increased the demand for renewable energy and its source materials. This characteristic is projected to propel market growth throughout the decade.

Historical (2018 to 2022) v/s Forecast (2023 to 2033) Market Outlook for Solar Panel Market

The worldwide solar photovoltaic (PV) market is segmented by region as follows: North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. The majority of the international market was located in Asia and the Pacific. In 2021, the area will see an increase of more than 81 GW in solar capacity. High solar irradiation and low component production costs are the major factors propelling the market. Market expansion will be driven by increased power consumption and some countries’ ambitious goals to reduce carbon emissions. China and India are two such countries. By 2021, China will have put in place solar energy plants with a combined capacity of more than 51 GW. In 2025, the country will have the most solar power capacity of any in the world. Europe has the second-largest solar capacity in the world, measured by the number of solar PV installations. In 2021, the European Union will have more than 21 GW of solar photovoltaic installations. The construction of large-scale solar farms is flourishing in this area.

These factors are mostly responsible for the growth of the European market. The European Union’s (EU) Renewable Energy Directive laid out the organization’s plan for increasing the use of renewable energy and generating its own supply. This mandate established targets for including 20.5% renewable energy in the overall energy mix. The growth of the market in this area will be sped up by the presence of such factors. Europe, Asia, and North America are experiencing rapid growth in the solar industry. Solar photovoltaic capacity is growing in North America. By 2021, off-grid solar installations in the area and Central America will have a combined capacity of more than 100 MW.

Market Dynamics

Demand dynamics of Solar panels to flourish technological efficiency of energy generation.

With the help of efficient technology like thin film and polycrystalline panel innovation, the efficiency of solar panels has increased both during the sunshine day and during the rainy season, allowing energy to be generated year-round for the first time. This has increased the demand for solar acceptance in residential areas. You can easily maintain your solar systems functioning effectively with low expense by completing periodic maintenance and keeping checks on them.

Thriving Demand for the industrial segment to expand the market for Solar Panel

Solar panels can be installed on rooftops to collect solar energy or utilised to generate captive electricity for use in the industrial manufacturing supply chain. The cost of electricity seems to increase perpetually. Electrical costs average 14% of a warehouse’s entire budget. Rooftop solar panels have lower tariff rates than commercial and industrial ones by 18% and 26%, respectively. If any company requires a great deal of electricity to run things like machinery and indoor and outdoor lighting, they need to look into renewable energy options like solar to keep expenses down.

High Initial setup expenditures along with Income Gaps and delays in government subsidy support are Constraints on the Growth

Building operational costs will be cheaper in the short and long term as a result of having solar panels put on the roof. There are two types of partnerships that may be used to put solar panels on a roof: a capital expenditure arrangement and a power purchase agreement. The consumer invests in the solar system, and the energy it generates may be utilised to power the business on a regular basis. After then, people can sell their extra power to the government. In this calculation, there is a need for an initial investment that is huge to see as an electric charge in a short time span. For a setup of a 4KW power supply, there is a need to invest 4300$ on average in East Asia and South Pacific region.

What Is the Growth Outlook of the Solar Panel Market in the USA?

In 2022, the solar photovoltaic (PV) market in the United States was estimated to be worth 11.25$ billion. Carbon emissions from traditional fuels used in transportation and electricity generation have increased, prompting environmentalists to demand that the country switches to cleaner, more efficient alternatives. The region’s economy is predicted to expand because of the rising demand for sustainable energy and favourable government regulations, subsidies, and tax breaks for installing solar PV systems. Residential and commercial sectors have been strengthened in the current time period.

Competitive Landscape

New studies from the United Nations Environment Programme (UNEP) indicate that this is the largest ever. Most of the decrease in worldwide renewable energy funding may be attributed to slower investment in such sources in Japan and China, but other smaller markets also played a role. Investment from developing nations fell by 28% overall, while investment from industrialised nations fell by 15%. As a result, renewable energy becomes increasingly cost-competitive with grid electricity without the need for subsidies. In 2017, renewable energy won major energy auctions throughout the world at pricing unimaginable a decade earlier. Unsubsidized bids in Dubai reached 2.98 cents per kilowatt hour, which was lower than those for fossil fuels. Solarpack, a company in Chile, submitted a record-low bid of 2.8 cents per kilowatt-hour in 2016, which was about half the price of the most competitive bid for coal.

For Instance,

In 2022, the Top five sellers of Solar Panel Worldwide Sunrun, Inc., Pekat Group Bhd., Insolation Energy Ltd., Stilo Energy SA, Erato Energy SA and Enerside Energy SA.

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Global Trade Daily, Software

High-Speed Internet and Advanced Digital Infrastructure Increase the Demand for Video Streaming Software Market

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The video streaming software Market is anticipated to progress at an impressive CAGR of 10.2% to reach US$ 12.87 Bn by the end of 2030. At present, the broadcasting industry is experiencing an ever-increasing demand for original video content. Major competitors are spending billions on the production of new content to satisfy their existing audiences and attract new viewers.

As such, several developers and broadcasters are striving to boost their video streaming software and services by creating original content to enhance brand reputation. Availability and quality of premium live content on different devices continues to grow, as live video streaming is in its nascent stage. Viewers who were earlier watching live events and sports on TV have started to shift towards these platforms, mainly due to the availability of live video content as per their linking and convenience.

This demand-side trend is working in favor of the growth of the video streaming software market, which is projected for nearly threefold growth over the next decade.

Key Takeaways

  • For residential end-users, 4K or UHD video streaming software is becoming mainstream, and this trend is likely to grow with an increase in the availability of mobile devices that support these formats.
  • Although some regions such as Latin America have limited broadband penetration and high levels of piracy, they show great potential in becoming over-the-top (OTP) video streaming software market leaders in the coming years, owing to the changing habits of end users.
  • Although growth in the total number of video streaming subscriptions is slowing down in North America, consumption time or video streaming time per user continues to increase, as the content that is available to stream is constantly improving.

COVID-19 Pandemic Impact Analysis

The pandemic benefited the market for video streaming software. Because most individuals were staying at home due to mandatory confinement measures and health safety compliances, there was an increase in VoD and OTT subscriptions.

Several offices were closed due to supply chain disruptions across verticals and containment measures, while a majority of businesses adopted the “work-from-home” initiative. This increased the use of video streaming for business continuity needs such as internal communication, training & development, and massive audience interactions all around the world.

As per industry experts, most video streaming vendors or those from related markets experienced an increase of 20%-40% in their customer base due to the pandemic.

Competitive Landscape

Brightcove Inc., Haivision, IBM, Kaltura Inc. and Panopto are key video software solution providers featured in this report.

To strengthen their offers in the market, video streaming software providers are using both, organic and inorganic growth tactics, including new product launches, product upgrades, partnerships and agreements, business expansions, and mergers & acquisitions.

Leading video streaming software service providers are Netflix, Amazon Prime Video, Hulu, Disney Plus, and YouTube TV.

  • To unlock the potential of video streaming services, several major video streaming service providers are willing to invest extensively in innovation and research & development processes. Market players are also working on assuring greater quality and consumer satisfaction with technology.
  • Netflix introduced video games in July 2021 as part of a drive beyond films and television. It aided the corporation in making its first major leap outside television series and films, and it now plans to expand into video games.
  • Amazon introduced a free video offering on its shopping app in May 2021. The firm established MiniTV, a free, ad-supported video streaming service available within the Amazon shopping app.