Increased Adoption of Electric Vehicles to Surge the Demand for Liquid Silicone Rubber

Archives, Global Trade Daily, Market insight, Technology

Increased Adoption of Electric Vehicles to Surge the Demand for Liquid Silicone Rubber

March 9th, 2023 Future Market Insights Leave a comment

The liquid silicone rubber market is anticipated to register a CAGR of 3.9% during the forecast period. The market is expected to hold a valuation of US$ 6.9 billion in 2023. By 2033, the value is expected to cross US$ 10.1 billion.

Surging application in the construction and automotive industry.

The ability to withstand extremely high and low temperatures makes it highly flexible for many applications.

Enduring long-term exposure to UV rays, thereby providing resistance from weathering.

Expansion of production capacity at both local and global levels is one of the key industry trends currently being observed. In addition to this, key players aim to launch new & advanced products to expand their product portfolio.

Medical manufacturers are currently having a massive demand for liquid silicone rubber. This can be attributed to its ability to function efficiently at extreme temperatures and display chemical resistance. As per the sources, the liquid silicone rubber is capable of meeting FDA, ISO, and Class VI medical-compliant grades, which makes it reliable. Within the medical sector, it is used in general surgery, cardiology, neurosurgery, ENT, etc.

Why is the USA liquid silicone rubber market registering robust growth?

Rising number of body implantation surgeries to elevate the sales of liquid silicone

FMI states that the USA is anticipated to remain a lucrative liquid silicone rubber market in North America.

A substantial rise in the number of body implantation surgical procedures has been witnessed owing to the growing emphasis on enhancing body aesthetics across the country. According to a report by the American Society of Plastic Surgeons, nearly 193,073 breast augmentation and 1,179 buttock implantation surgeries were conducted across the USA in 2022.

As liquid silicone is used in the production of body implants due to its high biocompatibility, the rise in implantation surgeries is estimated to bolster the growth in the USA market. An increase in the sales of liquid silicone rubber in the USA assisted North America, accounting for nearly 25% of the revenue share in 2022.

The United Kingdom: Driven by the automotive market

Growing applications in the automotive industry to fuel the demand for liquid silicone rubber

The United Kingdom is home to a few famous automotive manufacturers. Liquid silicone rubber is finding applications in the automotive industry owing to its high thermal stability, superior compression set, and excellent chemical resistance. It is increasingly being used in sensor cover assembly, sealing covers, vehicle interiors, and others during the production of automotive vehicles.

Increasing production and sales of automobiles in the United Kingdom is anticipated to create strong demand for LSR in the forthcoming years.

What are the factors augmenting the sales of liquid silicone rubber in China market?

Growing popularity in the consumer electronics industry to bolster the liquid silicone rubber sales

China had a dominant market share of more than 34.9% in the Asia Pacific excluding the Japan region in 2022.

Liquid silicone rubber has become one of the prime manufacturing materials owing to its chemical inertness, electrical resistance, and ability to withstand extreme temperatures. It is extensively gaining popularity across the consumer electronics industry for manufacturing the components such as remote buttons, phone covers, wristbands, smartwatch belts, and others. Hence, the growing penetration of innovative devices, such as wearable technologies, across the country is estimated to favor the growth of the liquid silicone rubber market in China.

Japan market: Backed by the surging sales of electronic vehicles

The electric vehicle market in Japan is expected to witness a massive CAGR of nearly 23% during the forecast period. The market is projected to reach US$ 5.67 billion in 2023. The manufacturing of electric vehicles involves extensive usage of liquid silicone rubber. The seat covers, coatings, spark plug wires, and a lot of other components are manufactured by the application of liquid silicone rubber.

The construction sector in Japan has always displayed positive sentiments. Being prone to a number of natural disasters, the nation’s construction sector has always been creating innovative alternatives. Liquid silicone rubber is used in sealants and adhesives, which are very crucial for all kinds of buildings.

India: Home to a mammoth consumer electronics market

India is one of the largest buyers of consumer electronics. As of 2021, the valuation of the Indian consumer electronics market stood at US$ 75 billion. During the pandemic, the sales were even significant due to the imposition of the lockdown. The massive demand for consumer electronics might boost the sales of liquid silicone rubber. These are mainly used as Integrated Circuits for miniaturizing the size of the device and improving the speed as well.

Apart from that, there are a number of overseas electronics companies which are investing huge funds in India. This creates massive opportunities for the Indian liquid silicone rubber market.

Archives, Global Trade Daily, Market insight

Why are Vending Machines Failing to Gain Traction in India? Wherein North America Dominating the Market Holding 31% Revenue.

March 8th, 2023 Future Market Insights Leave a comment

The invention of the vending machine is just one example of India’s recent tremendous technological advancement. People prefer employing the newest devices that help the vending machine industry because of high-tech technology.

Certain locations are more likely to have vending machines, including metro stations, airports, hotels, restaurants, and offices.

Nonetheless, it is a minor market when we explicitly discuss the vending machine industry in India. In contrast to residents of the USA or Japan, where vending machines are a common sight, Indians have different behaviors and routines.

How is North America performing in the Global Retail Vending Machine Market?

Increasing Establishment of Retail Vending Machines to Benefit the Regional Market

As per the analysis, North America is anticipated to dominate the market during the forecast period. Future Market Insights expects the region to accumulate 31% revenue by the end of 2022. Dominance can be attributed to the increasing establishment of vending machines across the region. As per the data issued by the Center for Disease Control and Prevention, in October 2019, the state of North Carolina announced the placement of 76.7% of its vending machine on its interstate highway.

Furthermore, the increasing trend of self-service technology in the region is projected to be another salient cause driving the retail vending machine market in North America. Various vending machine operators are aiming to launch their business in strategic locations across the region.

The global retail vending machine market is likely to secure US$ 55 Billion in 2022, and reach US$ 130 Billion by 2032. From 2022-2032, the market is expected to display a CAGR of 9%. The growth of the market can be attributed to the increasing demand for on-the-go food and beverages because of changing lifestyles of consumers.

What are the Factors Driving the Global Retail Vending Machines?

Growing Innovation in the Retail Vending Machines to Benefit the Market

The willingness to adopt innovative products among the expanding populace is expected to drive the market significantly during the forecast period. Various types of vending machines have been introduced to produce fast food for consumers, which will benefit the industry in the coming time. For instance, France Pizza ATM comes up with a Pizza vending machine that is able to hold 96 pizzas, accepts cash, has a touch screen, debit/credit card, and contactless payment.

Increasing adoption of a vending machines in a large number of fitness clubs around the globe for offering their clients supplements like soft drinks, protein bars, energy drinks, and others, is anticipated to boost the demand for vending machines, thus, expanding the industry during the forecast period. As per International Health, Racquet and Sportsclub Association 2019 Report, the global fitness industry has witnessed a rise in membership of 183 million with an anticipated revenue generation of US$ 94 billion in 2019.

Innovations such as interactive display systems, voice recognition, and big data integration, have made it more convenient and user-friendly for consumers, thus, casting a positive impact on the global vending machines market during the forecast period.

What are the Factors Hampering the Global Retail Vending Machine Market?

High Expenses Associated with Vending Machines to Hamper the Market

The reluctance of developing and underdeveloped nations to adopt vending machines owing to high expenses associated with such equipment is anticipated to hamper the market during the forecast period. The equipment demands high maintenance, and a high risk of robbery, which is likely to limit the industry growth during the forecast period. Other factors affecting the market negatively are the imposition of stringent rules and regulations regarding the sales of junk and unhealthy food, tobacco products, and others.

However, the growing demand for vending machines in various spaces, from offices to high-end restaurants, and crowded bars to public places, are expected to counter the hampering factors and drive the growth of retail vending machine during the forecast period.

What is the Role of Startups in Developing the Global Retail Vending Machine Market?

Byte Foods, 365 Retail Pro, Daalchini, Farmer’s Fridge, ZoomSystems, Swyft, Stockwell, Gobbly, Vengo Labs, and Vendekin, are some of emerging start-ups in the retail vending machine market. Startups have an innovative approach to marketing their products, which will benefit the market during the forecast period.

· For instance, Vendekin, a start-up that helps in product dispensing of beverages and other products through cashless payment and also offers supply chain alerts and analytical reports to brands and distributors. It converts an existing vending machine to an intelligent one by providing the hardware that gets installed in the existing vending machine while the app for both consumer and distributor is installed on the users’ phone.

· In May 2022, 365 Retail Pro acquired Sentry, an Australia-based vending management software company. Through this acquisition, the company intends to leverage Sentry’s vending machine and micromarket management platform that includes a full-featured web application as well as a driver and inventory management mobile app. Its most notable features include intuitive planograms and optimized merchandising, routing, market maintenance and picking systems—all supported by a complete back-office system. The deal will add value to the company’s expanding suite of consumer-centric solutions.

Competition Analysis

Key players in the global retail vending machine market include Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., Sanden Holding Corp., Seaga Manufacturing Inc., Orasesta S.p.A, Sellmat s.r.l., and Fuji Electric Co., Ltd.

Recent Developments in the Industry include:

· In July 2022, Azkoyen Group, a Spanish vending machine manufacturer has acquired Barcelona-based espresso machine manufacturer Ascaso. Azkoyen Group said that the acquisition will provide a new leadership position in the premium coffee segment. The company’s coffee business currently accounts for 75% of turnover for its coffee and vending division.

· In October 2021, Dominus Capital and affiliates have completed their investment in Seaga Manufacturing, Inc. Seaga’s customized offering allows customers to enhance inventory management, demand planning, inventory costs, and shrinkage, all while providing safer products access.

· In April 2022, Cantaloupe Systems announced a partnership with Vendors Exchange for seamlessly integrating the latter’s Universal Control Board into Cantaloupe’s Remote Price Change (RPC) solution, available with Seed ProTM. This would help customers easily identify and upgrade legacy machines in the field to accept price changes remotely.

Archives, Global Trade Daily, Market insight

Owing to Increasing Investments in Construction Projects, the US Accounted for around 76.7% of the North American Compaction Machine Market

March 7th, 2023 Future Market Insights Leave a comment

The global compaction machines market is predicted to exhibit a healthy CAGR of 6.4% between 2022 and 2032 with an expected valuation of US$ 5.2 Bn in 2022 and totaling revenue of around US$ 9.7 Bn by 2032. The market was valued at US$ 4.9 Bn in 2021.

According to the historical forecast, the global compaction machines market grew at a value of 5.2% between 2017 and 2021. However, the surging investments in building and construction projects along with the rising prevalence of modern machinery to improve productivity and reduce labor costs are expected to elevate the demand for compact machines in the future.

Owing to the rapid expansion of the building and construction industry along with accelerated demand for advanced machinery, the overall sales of compaction machines are predicted to grow at a phenomenal pace across the forecast period.

Key Takeaways

Compaction machines are strong equipment utilized for compaction purposes throughout construction and building activities. Such powerful machines are used to reduce the size of the soil, concrete, gravel, or asphalt used in the construction of roads, dams, airports, and other structures. They help users to increase overall productivity and reduce labor costs.
The advancements in compaction equipment and the emergence of staunch government regulations are all expected to positively influence the growth of the compaction machine market over the coming years.
A significant surge in the compaction equipment market has been witnessed due to the emergence of compact paving materials such as asphalt mixes and roller-compacted concrete is expected to push demand in the global market.
Since there is a surge in construction activities all over the world, many new construction projects require advanced and compact construction equipment such as tandem rollers and pneumatic rollers, which can work efficiently in less time.
Governments in several countries are launching various construction projects due to the rising population and strengthening commercial infrastructure in their respective regions. This in turn is expected to bolster the sales of machines like compaction equipment.
Strict environmental regulations across the globe are rising environmental concerns along with growing infrastructures are predicted to propel the demand for electrically operated compaction machines in the global market during the forecast period.
To reduce pollution levels, small businesses are opting for electric machines that save costs and improve overall productivity. Therefore, the rising demand for electric compaction machinery is projected to support market growth during the next ten years.
The global construction market is predicted to exhibit a phenomenal growth rate by gathering a revenue of about US$4.0 trillion throughout the forecast period and is further anticipated to reach US$16 trillion with more than US$8.0 trillion in emerging economies by 2032.

Competitive Landscape

There is high competition witnessed in the global compaction machines market owing to the presence of several dominant regional as well as domestic players. Key compaction machine manufacturers are launching new products, collaborating, and partnering with vehicle manufacturers for better market opportunities.

More Insights into the Compaction Machines Market

The U.S. is expected to dominate the North American compaction machines market by accounting for about 76.7% of the total revenue. Owing to the rising need for smart cities and increasing government investments in the latest construction projects, the market is predicted to reach US$ 621.5 Mn in 2022.
According to the FMI analysis, China is estimated to show lucrative growth opportunities over the projection period. The market is expected to accelerate at a flawless CAGR of 8.1% in 2022. Despite the supply chain issues, China’s commercial construction industry is anticipated to maintain expansion over the assessment period.
The ever-rising need for residential and commercial development in the nation is expected to continue owing to the increase in household income and more people moving from rural to urban regions.
The expansion of the residential and commercial construction industry was bolstered due to affordable housing opportunities in both the public and private sectors. It has also been predicted that in the upcoming years, non-residential infrastructure would boom massively. Resulting in progressive sales of the compaction machines market.

Offshore drilling policy impacts shipments of export cargo and import cargo in international trade. feedstock

Archives, Global Trade Daily, Market insight

14% Increase in Offshore Drilling in North America makes USA’s Petroleum Liquid Feedstock Market Highly Important for the Economy

March 3rd, 2023 Future Market Insights Leave a comment

FMI anticipates that the global petroleum liquid feedstock market valuation could reach US$ 313 billion in 2023. As per the projection of the analysts, the market is likely to record a value of over US$ 474.1 billion by 2033, registering a CAGR of 4.2% between 2023 and 2033. Increase in oil & gas prices and the demand for aromatics and growth of the petrochemical industry and automotive fleet are expected to drive the global demand for petroleum liquid feedstock during the forecast period.

A significant area of the energy sector is the petroleum liquid feedstock market. This includes the supply and demand of different petrochemical products used as feedstock in multiple applications. It entails the production, refinement, and distribution of liquid petroleum products. They have various uses, such as the production of chemicals, polymers, and other industrial products as well as fuel for vehicles.

Global supply and demand, geopolitical unrest, and technical advancements are a few of the variables that have an impact on the liquid petroleum products market. The market is also subject to price volatility, with prices often fluctuating in response to changes in global economic conditions, production levels, and supply chain disruptions.

The market is significantly fueled by the petrochemical industry. An increase in petrochemical product utilization in end-use sectors has contributed to the petrochemical industry’s growth. Additionally, political and economic considerations have an impact on the price of oil and gas globally which shapes the market expansion.

The production and processing of aromatics are one of the main applications of petroleum liquid feedstock. Owing to their high usage as feedstock for several products, aromatic compounds like xylene, benzene, and toluene are in high demand from different end-use sectors including the chemical industries. This is likely to propel the market for petroleum liquid feedstock to expansion.

Naphthalene is a significant byproduct of petroleum liquid feedstock. The naphthalene products market is an important sub-segment of the petroleum liquid feedstock market and it has experienced significant growth lately. The increased demand for naphthalene products across different end-use sectors, such as textiles, plastics, and construction, is responsible for this expansion.

The growth in technological developments is another key market factor for the petroleum liquid feedstock industry. Specifically, the transportation industry is what drives demand for petroleum liquid feedstock. Local transportation uses naphtha and oil which are petroleum liquid feedstocks. They include motor vehicles, engine vehicles, and bunkers. Marine fuel is also used in the industrial and commercial sectors.

Naphtha is an important product within this market as it is a feedstock used in the production of various products. The naphtha products market is primarily driven by the petrochemical industry which uses naphtha as a feedstock for the production of plastics, synthetic rubber, and other chemicals. The growth of the petrochemical industry across the world has driven the demand for naphtha products in recent years. In addition to its use in the petrochemical industry, naphtha is also used as a fuel for power generation and as a blending component in gasoline production.

To produce low Sulphur fuels and high-value petrochemicals, the industry is witnessing a trend towards lighter and cleaner feedstock. Natural gas liquids (NGL) are being utilized more often as a petrochemical feedstock and as a crude oil alternative while biofuels and renewable feedstocks like biomass and waste oils are also becoming more significant.

The opportunities in the market are vast and varied. Expanding the uses of petroleum products as feedstock for new and ongoing applications in the petrochemical, refining, and energy industries is substantial potential. Developing new and innovative processing technologies to convert lower-value feedstocks into high-value products is another significant opportunity.

The Oil and Gas Sector in the United States Switches to Survival Mode

The United States petroleum liquid feedstock market is highly important for the economy of the country as it is one of the leading producers and consumers of petroleum products. The World Oil research of international petroleum ministries and departments predicted a 14% increase in offshore drilling in North America in 2022.

The availability of significant shale gas and crude oil deposits is likely to have a beneficial impact on the future of the United States industrial sector. For instance, according to the Energy Information Administration (EIA), proven crude oil reserves increased to 367 million barrels in 2019. The extensive shale resource development and the expanding use of data analytics to boost drilling and production are also anticipated to hasten the adoption of oil & gas analytics.

Nevertheless, factors including a drop in exploration and production activity and an increase in inventory costs limit market expansion. With growing concerns over climate change and the transition towards cleaner energy sources, the market is likely to face significant challenges during the forecast period.

For the first time since EIA started providing statistics on renewable diesel production, renewable diesel output topped biodiesel production in the January 2023 Petroleum Supply Monthly (PSM), which contains United States’ biofuel production data through November 2022.

Competitive Landscape

The global petroleum liquid feedstock market is highly fragmented with Tier-I players accounting for approximately 25%-35% of the global petroleum liquid feedstock market, while other global players along with several local players account for the remaining market share. Global market leaders in the petroleum liquid feedstock market are BP p.l.c., Exxon Mobil Corporation, TOTAL S.A., Royal Dutch Shell plc, Idemitsu Kosan Co., Ltd., Flint Hills Resources and YPF.

Key Market Players and Their Recent Developments in the Petroleum Liquid Feedstock Market

BP p.l.c. – The British Petroleum Corporation plc and BP Amoco plc were both renamed to become BP plc, a global oil and gas corporation with its headquarters in London. According to sales and earnings, it is among the top “supermajors” in the oil and gas industry. It is a vertically integrated business that engages in electricity generation, trading, distribution, and marketing, as well as oil and gas exploration and extraction.

In September 2022, the agreement to buy EDF Energy Services was announced by BP p.l.c. This increased BP’s market share in the retail electricity and gas market for the United States commercial and industrial (C&I) customers.

In August 2022, together, BP and Eni formally launched Azule Energy, a new independent joint venture that combines the two firms’ Angolan activities in a 50/50 split.

In February 2022, a strategic partnership between Nuseed and BP was formed to quicken the market’s acceptance of Nuseed Carinata as a low-carbon and sustainable biofuel feedstock.

Exxon Mobil Corporation – The ExxonMobil Corporation is a global oil and gas company with its headquarters in the United States. It was created on November 30, 1999, by the union of Exxon and Mobil. These two retail brands are still in use today with Esso for gas stations and downstream goods. The corporation is vertically integrated throughout the whole oil and gas sector. It also has a chemicals section that creates plastic, synthetic rubber, and other chemical goods.

In January 2023, ExxonMobil disclosed that it possessed a bulk stake in Imperial Oil Limited. The business will spend around US$560 million to advance the building of Canada’s leading renewable fuel facility.

In November 2022, ExxonMobil revealed the arrival of the first LNG cargo from the $8 billion Coral South floating LNG (FLNG) project off the coast of Mozambique, adding more LNG to the world energy market.

TotalEnergies – One of the seven supermajor oil corporations, TotalEnergies SA is a French multinational integrated energy and petroleum firm that was created in 1924. Its operations span the whole oil and gas value chain, from the exploration and extraction of crude oil and natural gas to the creation of electricity. Its maneuver also includes the movement of petroleum products across international borders and the sale of those products.

In January 2023, the Lapa South-West oil development, which is 300 km off the Brazilian coast in the Santos Basin, received TotalEnergies’ approval for the final investment decision. With a 45% ownership stake and a joint venture with Shell (30%) and Repsol Sinopec (25%), TotalEnergies manages the project. Three wells will be used to develop Lapa South-West.

In September 2022, in the Grandpuits (Seine-et-Marne) zero-crude platform, TotalEnergies and SARIA reached a partnership to develop sustainable aviation fuel.

Archives, Global Trade Daily, Market insight

United States and Canada Alumina Market is Likely to Reach a Valuation of US$ 5,491.3 million by 2032

March 2nd, 2023 Future Market Insights Leave a comment

According to a research study conducted by Future Market Insights on the United States and Canada alumina market, demand for alumina is to reach a valuation of US$ 3,324.8 million by 2022. Robust domestic demand for defense and military equipment, tanker pumps, naval vessel components, and munitions hoist components is projected to drive growth in the United States and Canada alumina market. The market is estimated to be valued at US$ 5,491.3 million in 2032.

Aluminum is considered to be the primary raw material for a wide range of industries, especially for automotive, aerospace, and defense sectors. During World Wars I and II, about 90% of USA aluminum production went into defense and military uses. The metal remains essential to several components of modern warfare and owing to this, there is a high demand for alumina for the production of aluminum.

The ongoing Russia-Ukraine war would create a new growth opportunity for key players for the manufacturing of military and defense weapons as the USA is a leading supplier of weapons to Ukraine. There will hence be huge demand for aluminum production across the country. Canada’s aluminum production is mainly exported to the USA and it is projected to further create a lucrative opportunity for alumina production in the United States and Canada during the assessment period.

Key Takeaways from United States and Canada Alumina Market Study

Based on application, the aluminum production segment is projected to generate a share of around 91.1% in the United States and Canada alumina market by 2032.
Canada is a prominent importer of alumina with an estimated import volume of 6,225 kilotons.
Central Canada and South United States are likely to together capture about 46.2% of the alumina market share.
The United States and Canada alumina market is estimated to witness a CAGR of around 5.1% on the basis of value.
The United States and Canada alumina industry is estimated to reach a valuation of US$ 5,491.3 million in 2032.

“Increasing demand for electronic components and home appliances such as laptops, refrigerators, television panels, smartphones, and washing machines is projected to drive sales of alumina across the United States and Canada. Key electronics manufacturers are set to use aluminum for manufacturing their in-house products to maintain cost-effectiveness and offer high performance,” says a lead analyst at Future Market Insights.

Competitive Landscape: United States and Canada Alumina Market

The market for alumina across the USA and Canada is set to be a consolidated industry, where key players are anticipated to hold a prominent share. Few of the renowned manufacturers in the market include REFRACTRON TECHNOLOGIES CORP., USA Electrofused Minerals, Inc., Washington Mills North Grafton, Inc., Great Lakes Minerals, LLC, Calix Ceramic Solutions, Illinois Valley Minerals (IVM), Cer-Met, Inc., Aluchem of Little Rock and Metal Exchange Corporation., and Nature Works LLC among others.

Key players are focusing on expanding their production capacities to improve their geographic footprint all over the globe, as well as to compete with their rivals. Few of the key companies are aiming to invest huge sums in alumina production backed by a significant surge in terms of demand from the automotive and defense industries.

Archives, Global Trade Daily, Technology

In the United States, The Need for Automated Test Equipment is Propelling the Growth of Rising Sales of Electric Vehicles and Connected Devices

March 1st, 2023 Future Market Insights Leave a comment

The automated test equipment market is anticipated to thrive at a CAGR of 9.8% between 2023 and 2033. The market is anticipated to cross a market share of US$ 23.76 billion by 2033 while it is valued at US$ 9.33 billion in 2023.

The growing manufacturing and corporate spaces adopting ioT systems are thriving the demand for automated test equipment. The demand for cost and time-reducing elements in the market is expected to play a vital role in the growth of the automated test equipment market.

Advanced machinery that works on high-speed networks and is autonomous is also adopting faster testing measures such as automated test equipment. The growth is attributed to the expanding component markets like cloud computing, AI, and machine learning

The growth of new connected devices along with higher penetration of 5G networks are fueling people to adopt IoT services. Hence, it fuels the demand for automated test equipment.

Advanced device manufacturing units functioning with high-end research have flourished in the automated test equipment market.

Lower cost and time-saving prospects delivered by these ATE units are helping the manufacturing units.

Expanding automotive industry fuels the demand for vehicle testing systems that automate machinery systems. The growth of healthcare wearables has also fueled the demand for ATE units as it freshly trends in the market.

Key Points

The United States market is attributed to the flourishing industrial growth along with the rapid digitization and addition of IoT devices in the manufacturing hubs. The extended research and development programs have also fueled the growth of the regional market.
China automated test equipment market is also a crucial market. The regional growth is attributed to the higher sales of connected devices across the verticals such as healthcare, automotive, and education.
Europe with hyper-digitized cities is adopting IoT and implementing it in almost every sector that fuels the demand for automated test equipment for better deployment.
The linear and discrete segment is likely to thrive in the type of category due to faster and better testing. It is expected to hold a value of US$ 2.5 billion by 2032.
The ICT industry segment tops the application category it holds a 25% share of the global market in 2023. The growth of this is fueled by the extra consumption and higher penetration of computing devices.

Competitive Landscape

The key competitors focus on building reliable, faster, cost-reducing technology for the end-users. Key competitors also merge, acquire, and collaborate with other companies to increase the network range, connectivity, supply chain, and distribution channel. The key players in the market are: Teradyne, National Instruments, Chroma ATE, Astronics Corporation, Star Technologies, Roos Instruments, Marvin Test Solutions, Cohu, Advantest Corporation, and OMRON Corporation.

Recent Market Developments

Advantest Corporation has added a new E5620 DR-SEM for the review and classification of ultra-small photomask defects. The product comes with high accuracy, high-throughput defect sensing, etc.
OMRON Corporation has introduced its IC test system and handler, semiconductor wafer test system, and general and in-circuit tester.

Archives, Global Trade Daily, Market insight

Why the U.S.A Dominates the Shale Gas Processing Equipment Market in North American Region, with Expected Market Size Reaching up to $13 Billion in 2027

February 27th, 2023 Future Market Insights Leave a comment

Shale Gas Processing Equipment Market Overview

Shale gas processing equipment are used to process shale gas before transportation. Gas is transported through pipelines within the state as well as across states. To prepare shale gas for use, some of the components such as N2, H2S, heavy hydrocarbons, CO2 and water need to be removed by gas processing to meet safety, pipeline, environmental and quality specifications.

The technique used to remove contaminates depends upon certain properties of gas stream such as pressure, temperature, composition and flow rate.

Acid gas is mainly removed by absorption of CO2 and H2S into aqueous amine solution.

Natural gas having high content of water in reservoir is removed by dehydration using glycol to increase the heating value of gas and prevent pipeline corrosion. Water content can also be removed by passing the gas through molecular sieves, which bring down the level of water in natural gas to very low percentage for cryogenic separation.

Distillation is used for separation of nitrogen and other hydrocarbons from natural gas.

Hydraulic fracturing along with horizontal drilling have magnified the capability of producers to economically recover methane rich gas and crude oil from low-permeability geologic shale plays.

Shale Gas Processing Equipment Market: Market Dynamics

The continuous increase in shale gas demand is expected to accelerate the need for investments and exploration activities. This has propelled the need for shale gas processing equipment and shale gas processing infrastructure.

Accelerated demand for energy has led many companies to increase their exploration activities of unconventional fuel reserves to meet the high energy demand.

Properties such as higher calorific value and lower carbon emissions when compared to other conventional energy sources such as petroleum & coal are projected to further drive the market.

Stringent environmental policies and regulations for hydraulic fracturing implemented by Governments to protect public interests coupled with fluctuating natural gas prices are expected to hamper the shale gas processing equipment market. Hydraulic fracturing process consumes large amount of water for the production of shale gas, due to shortage and contamination of groundwater across the globe. This in turn is expected to retard the shale gas processing equipment market growth.

Shale Gas Processing Equipment Market: Regional Outlook

North America is slated to be one of the biggest market holders in the shale gas processing equipment market. The U.S. dominates the market in North America, as it is the hub of shale gas processing equipment due to the abundant shale reserves exploration. Advancement in technology and cost effective drilling techniques coupled with favorable Government regulations are slated to drive the shale gas processing equipment market in North America.

Due to the Governmental policies in China, it is expected that the country will emerge as a leader in shale gas exploration activities, which as a result will fuel the shale gas processing equipment market, surpassing North America during the forecast period.

Increasing exploration activities and strict Government policies to reduce petroleum consumption and increase the consumption of natural gas are expected to drive the shale gas processing equipment market in Asia Pacific region.

Developing regions such as India, China, Brazil and South Africa are expected to create opportunities for the shale gas processing equipment market during the forecast period, but the less water availability for hydraulic fracturing process in some regions might hamper the growth of shale gas processing equipment market.

Europe is expected to exhibit growth in shale gas processing equipment market during the forecast period, especially in Western Europe, but due to strict Government rules and regulations regarding environment safety may slowdown the growth of shale gas processing equipment market in the region.

Archives, Global Trade Daily, Technology

Portable Fuel Cells Market is Projected to Witness Lucrative Growth Over the Coming Decade

February 22nd, 2023 Future Market Insights Leave a comment

According to latest research estimates, portable fuel cells market is projected to witness lucrative growth over the coming decade. Demand will witness sharp recovery with optimistic growth outlook in the long-run. Rising prominence of electric vehicles is projected to ascend the growth in demand over the forecast period.

What is Driving Demand for portable Fuel Cells

The rapid surge in demand for unconventional energy sources is one of the primary driving factor for the demand growth. Increasing concerns headed for zero ecological impact are vital aspects influencing the demand for portable fuel cells. In addition, ease of application and eco-friendly nature also paves the way for growth in consumption.

Being one of the most vibrant sectors of the economy, rapid surge in the growth of the electronic industry has prompted substantial changes in the investments in electronic manufacturing industry and hence fueling significant demand.

Eco-friendly objectives to eliminate emission rates and boosting regulations by the government authorities in developed countries are augmenting the demand for hydrogen power plants during the forecast period. Subsequently, resulting in upsurge in consumption of portable fuel cells over the coming years.

Additional pivotal element for the growth in demand for portable fuel cells is the availability of various fuels that can be implemented in fuel cells. Ethanol, Methanol, butane, hydrogen, and diesel are some of the most common fuels used in portable fuel cells.

The relatively easy acquisition of hydrocarbon fuels is creating positive prospects for demand growth by making them affordable and easier.

Rising Investments in Smart Grids to Augment Portable Fuel Cells Consumption

On accounts of substantial efforts by government authorities for power grid enhancements in order to create easy availability of grid power in previously unreachable areas.

Additionally, the adoption and development of smart cities is compelling the integration of smart grids implemented with IoT based connecting technologies.

These are impelling the use of locally small scale self-sustainable energy generation techniques such as wind, hydropower, solar have become cheaper and viable option for portable fuel cells.

The versatile benefits related to portable fuel cells such as improved storage and energy efficiencies, zero emissions and mobility among other coupled with the rising research & development activities by the manufacturers are paving the way for market growth during the forecast period.

Asia Pacific Market Growth Outlook

Asia Pacific region is anticipated to witness robust growth over the coming years, owing to increasing innovations in consumer electronics and prominence of electric vehicles in the countries such as China, Japan, etc.

Europe Market Overview

The European countries such as Germany, UK, Norway, Netherlands, etc. are among few major investors in the fuel cell powered vehicles.

Correspondingly, resulting in increased consumption of portable fuel cells during the forecast years. For instance, 23 European countries formed a collaboration on the HyLAW EU Project, targeted for recognizing and removing legal and administrative obstructions for the deployment of hydrogen fuel cells and hydrogen applications.

Furthermore, activities for research and product development regarding utilities and autonomous vehicles in defense sector have propelled in recent few years. The high focus on the using clean energy sources has resulted in increase in the investments in generating electricity using fuel cells.

Archives, Global Trade Daily, Technology

The Enterprise IoT Market has been Anticipated to Rise at a CAGR of 13% from 2023 to 2033, Surpassing US$ 2,021.19 billion by 2033

February 21st, 2023 Future Market Insights Leave a comment

The enterprise IoT market is anticipated to rise at a CAGR of 13% from 2023 to 2033, surpassing US$ 2021.19 billion by 2033. The market is anticipated to be worth US$ 595.42 billion in 2023.

The enterprise IoT market is driven by several factors such as the increasing adoption of IoT in various industries to improve operational efficiency and reduce costs. The increasing adoption of cloud-based IoT platforms is also expected to drive market growth.

In addition, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market. The increasing adoption of enterprise IoT in smart cities and smart homes, as well as IoT-enabled automation in various industries such as manufacturing and transportation, is also expected to drive market growth.

Another key driver of the enterprise IoT market is the increasing focus on digital transformation across various industries. With the rise of big data and analytics, organizations are looking to leverage IoT technology to gain valuable insights and make data-driven decisions. This is leading to increasing demand for enterprise IoT solutions in various industries such as healthcare, transportation, and manufacturing. Additionally, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market.

The increasing adoption of enterprise IoT in emerging technologies such as AI, ML, and big data is also expected to drive market growth during the forecast period. These technologies enable organizations to analyze large amounts of data generated by IoT devices and make data-driven decisions.

The growing demand for enterprise IoT in various industries such as agriculture and energy management is also expected to drive market growth. Government initiatives and regulations to promote the use of energy-efficient equipment are also anticipated to boost the adoption of IoT during the forecast period. These factors are making enterprise IoT an attractive investment opportunity for companies looking to tap into the growing market.

Key Takeaways:

The hardware sector accounted for more than 45% of total revenue in 2022 and is expected to dominate the market over the projected period.
During the projected period, the software and solutions category is predicted to grow at the quickest rate, with a CAGR of 15%.
The small and medium-sized firm category held the biggest share of 68% in 2022 and is expected to lead the market from 2023 to 2033.
Manufacturing held the greatest market share of 26% in 2022.
The enterprise IoT industry in the United States is expected to grow at a CAGR of more than 15% between 2023 and 2033.
The enterprise IoT industry in the United Kingdom is predicted to grow at a CAGR of 12% between 2023 and 2033.
The enterprise IoT industry in Japan is expected to grow at a CAGR of more than 14.5% between 2023 and 2033.
The enterprise IoT industry in China is expected to grow at a CAGR of more than 16% between 2023 and 2033.

Competitive Landscape

The enterprise IoT market is highly competitive, with a few major players holding a significant market share. Leading companies in the market are increasingly implementing growth strategies such as collaborations, partnerships, and product development & launches to maintain their market position. The market has a high entry barrier, making it difficult for small and medium players to enter. Technological advancements play a major role in driving the market, creating a differentiating factor between new entrants and established players.

In October 2021, Cisco Systems, Inc. introduced its first global work index, which utilizes AI and mobile technology and operates on a hybrid model.
Siemens AG and PTC Inc. have developed IoT solutions for use in industrial contexts such as manufacturing and transportation.
Cisco Systems, Inc. and Bosch have created security solutions for protecting IoT devices and networks from cyber-attacks.

goods SAAFF future-proof supply chain carl impact operations work overhaul global peak

Archives, Global Logistics, Global Trade Daily

2023 Supply Chain Woes Continue Giving Headwinds to the SCM Solutions Market, Large Businesses Continue to Dominate with a Staggering 59.7% share!

February 13th, 2023 Future Market Insights Leave a comment

The supply chain management market is predicted to grow at a CAGR of 11.8% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 25.7 Billion in 2023 to US$ 78.5 Billion by 2033 end.

The market for supply chain management is witnessing an upward market direction as the adoption of this software is surging among multiple firms and organizations. This could be ascribed to the growing cognizance pertaining to efficiency-promoting attributes of SCM software while sourcing raw materials, assembling, and manufacturing of goods or products. Supply chain management solutions also assist with financial information, tracking inventory and warehouse, product delivery, managing order entry, etc. All these benefits of using SCM solutions are projected to push the market forward in the forthcoming years.

Further on, SCM solution allows strategic management of work with the firm’s distribution network, thus promoting market growth. Supply chain management is witnessing increased adoption among SMEs and startups. The system offers benefits of an IT department via cloud management system sans any employment of additional staff at additional costs. This allows in-house employees to concentrate on daily business operations. The flexibility of cloud-based SCM storage provides scalability, which is significant for SMEs.

Key Takeaways from the Supply Chain Management Market:

The United States is projected to sustain its dominant market position in the forecast period by attaining US$ 16.6 Billion by 2033 end. The market is projected to grow at a CAGR of 9.6% in the meantime. The market growth can be attributed to the huge presence of adopters of such software in the region.
The fastest growing market for SCM software and services in China. The country is predicted to witness blistering growth rate of 11.8% CAGR over the forecast period. Growing opportunities and investments in SCM solutions are anticipated to drive market growth.
Japan is forecast to arrive at a market valuation of US$ 6.7 Billion by 2033, growing at a CAGR of 14.9% between 2023-2033. Surging investments by Japan to reduce its supply chain insecurity is expected to propel the market growth.
On the basis of solution, the software segment is estimated to witness rapid growth over the forecast period, in comparison to its counterpart. The segment is forecast to exhibit 12.8% CAGR during the stipulated time-frame.
On the basis of enterprise size, large enterprises are projected to lead with the largest market share. Over the forecast period, large enterprises segment is predicted to grow at a CAGR of 11.6%. Rising adoption of SCM solutions by large enterprises to integrate into the existing inventory and software is propelling segment growth.

Regional Analysis

North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to account for more than 79% of the North America market share through 2033. By 2033 end, the supply chain management market is estimated to reach market valuation of US$ 16.6 Bn. The market is projected to grow at a CAGR of 9.6% in the forecast period. This growth can be attributed to the rise in spending on logistics & transportation, which is boosting the automation of supply chain management in these industries. The transportation & logistic sector is huge as well as competitive in the U.S. and consists of distinct industries such as railroads, air services, and shipping.
Demand for supply chain management platforms in Germany is expected to account for a revenue share of more than 22.2% by 2023 end. As Europe’s largest economy, Germany has a well-established industrial sector and is a dominant producer of chemicals, machinery, and automobiles. The country also is recognized for its high-tech manufacturing potential and superior quality of products, due to considerable investments within educational, and research and development avenues.
The demand in India is estimated to exhibit tremendous growth between 2023 and 2033. India’s supply chain and logistics sector is one of the largest globally. The sector has the potential to grow multifold. One of the biggest revelations of the pandemic for this sector is the urgent need to leverage disruptive technologies for greater resilience. In 2023 and beyond, the supply chain management industry is expected to evolve in order to survive. New technology like cloud computing, Robotic Process Automation (RPA), and Artificial Intelligence (AI) are projected to replace the weaker link and transform the supply chain management market at large.
Demand for supply chain management solutions in Japan is estimated to account for a total sale of US$ 6.7 Bn by the end of 2033. Japan is trying to improve its supply chain security, while maintaining a positive economic engagement with China, as China is also a large market for Japanese firms. Even before the coronavirus pandemic, Japanese companies had started shifting their production away from China due to the impacts of the U.S.-China trade war.

News Featuring Market Developments by Companies Providing Supply Chain Management Solutions:

In February 2022, Oracle launched Supplier Rebate Management, which is a new solution under the category of Oracle Fusion Cloud Channel Revenue Management.
In February 2022, Oracle revealed that Bharti Airtel opted for Oracle Fusion Cloud SCM and Oracle Fusion Cloud ERP to simplify and digitize its planning, finance, and supply chain processes.

Increased Adoption of Electric Vehicles to Surge the Demand for Liquid Silicone Rubber

most viewed today