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Top 4 Trends Enhancing Self-Checkout System Market Size through 2027

checkout

Top 4 Trends Enhancing Self-Checkout System Market Size through 2027

The higher acceptance of compact kiosks designed with user-friendly interfaces will significantly augment the self-checkout system market. The escalating labor costs, specifically in Europe have stirred the need for automated systems to limit the involvement of staff and let end-users complete the checkout processes. The growing incursion of AI and machine learning techniques into the self-checkout software for enhanced functionalities and effective transaction handling will additionally influence the industry prospects.

In this regard, as per the recent study by Global Market Insights, Inc., the global self-checkout system market will reach a valuation of over USD 6.5 billion by 2027.

Here is a peek into some factors driving the overall market growth in the coming years:


Space benefits of wall-mounted/countertop systems

Industry share of wall-mounted/countertop systems is expected to grow in the forecasted timeline. This is ascribing to their increasing preference by small restaurant owners and medium-sized retailers as they are ideal for places having space constraints. Considering the surging number of retailers and restaurants looking for automated processes, self-checkout machine manufacturers are coming up with various solutions to offer powerful computational features in compact designs.

For instance, Advanced Kiosks introduced a self-checkout system comprising amplified speakers and a 17-inch touch screen LCD monitor to offer enhanced customer comfort.

Higher presence in the travel sector

Demand for self-service checkout systems in travel applications will grow with the increasing international passenger traffic. This has led transportation authorities to deploy advanced solutions for mitigating the checkout time to offer traveler convenience. The International Air Transport Association has estimated that around 80% of the global passengers will employ a complete self-service system produced under the association standards by 2020.

For instance, leading American travel experience provider, Hudson, in January 2021, deployed Amazon’s Just Walk Out technology, Self-service Bag Drop (SSBD) across a few travel convenience stores to limit traveler check-in times.

The retail industry as a big booster

The retail sector will see higher adoption of self-checkout machines through 2027 driven by rising advancements and the assistance to retailers in keeping the stores open in the absence of a workforce. According to a survey that analyzed the shopping habits of U.S. consumers, over 73% of respondents preferred self-service technologies for improved retail shopping experiences and reduced staff interactions.

The growing preference of consumers for fast checkouts with standalone kiosks has encouraged retailers to operate their stores with minimum employees. In addition, the systems help customers to scan as well as pay for their products by themselves, allowing retailers to provide enhanced customer comfort with busted long queues at the payment counters.

Expanding tourism sector in MEA

The Middle East & African self-checkout system industry will gain traction owing to the higher deployment of advanced digital technologies. The mounting economic development through retail, mainly in Saudi Arabia and the UAE has made way for a higher count of large malls in the region for attracting international tourists. The increasing preference for UAE as a shopping hub has led to higher product penetration to offer improved and hassle-free experiences. The growing number of international tourists and the booming hospitality sector are other factors impacting the regional market growth.

Furthermore, the higher incorporation of digital payment techniques, including mobile wallets and smart cards to limit the requirement for handle cash-based financial transactions, will favor the demand for self-checkout kiosks. There are also improving economic conditions across Latin America and the Asia Pacific. The growing usage of smartphones for timesaving and helping customers scan the items and pay through apps will also anchor the market forecast.

alloy

Heat-Resistant Nickel Alloy to Witness Soaring Demand from Onshore Power Plants over 2021-2027

Nickel alloy has always been an important material for various industries, including some high-revenue sectors such as automotive, aerospace & defense, owing to its high solubility with iron, chromium, and other vital metals. The high versatility of the material, along with its exceptional heat and corrosion resistance properties enables its application in aircraft gas turbines, steam turbines in power plants, and other high-performance applications.

In onshore wind power plants, nickel-based alloys are primarily used in the gearing and generator components. On the other hand, in hydroelectric installations, nickel alloys are used in turbines owing to their exceptional erosion and corrosion resistance features.


A growing world government emphasis on scaling up power plant infrastructures, coupled with the soaring number of onshore power projects sanctioned to cater to the rapidly rising electricity demand, would foster the demand for nickel alloy to a large extent.

According to Global Market Insights, Inc., report, the global nickel alloy market size is expected to witness remunerative growth by 2027.

Nickel-based alloys and metals have wide-ranging applications in the automotive sector. Apart from its utilization in many automotive parts, nickel is extensively used in the batteries of electric vehicles. Nickel-manganese-cobalt (NMC) lithium-ion battery is witnessing significant adoption in EVs due to its extended power backup.

The rise in electric vehicle production globally is likely to drive the demand for nickel alloy in the coming years. As per the International Environment Agency, approximately 2.1 million electric vehicles were sold in 2019. Moreover, nickel and chromium plating are also used on numerous automotive components to enhance vehicles aesthetics.

The heat-resistant nickel alloy segment is forecast to hold considerable market share by the end of 2027, particularly owing to increasing demand in high-temperature applications. These applications include oil & gas production, and power plants, among others. There have been rising government initiatives to develop a large number of onshore and offshore power plants and oil & gas refineries mostly in developed nations.

From a regional frame of reference, the European nickel alloy industry share is anticipated to expand exponentially owing to the rising number of passenger jet fleets. As per the CAPA Fleet Database, the passenger jet fleet in Europe rose by 1.8% month-on-month in February 2021, to 3,400. The applications of nickel in aircraft engine turbines bring toughness, high-temperature strength, and durability.

Meanwhile, stringent environmental norms encouraging the adoption of electric vehicles and the establishment of renewable-energy power plants would positively influence nickel alloy business in Europe.

Leading companies involved in global nickel alloy business include Ametek Inc., Sandvik AB, Rolled Alloys, Inc., Aperam S.A., Voestalpine AG, Allegheny Technologies Incorporated, Haynes International, Precision Castparts Corporation (Berkshire Hathaway), and ThyssenKrupp AG, among others. These industry players are focusing on strategic alliances and novel product development to strengthen their position in the global market.

Nickel alloy plays a vital role in the transportation sector, right from its utilization in EVs, aircraft, and traditional automotive. Nickel-based stainless steel is used in passenger trains and subways to offer strongness and durability to the outer body. Superior mechanical properties, along with the ability to dilute with other materials expected to foster applications of nickel and nickel-based materials in the forthcoming years.

biometrics

Top 4 Trends Propelling the Growth of Biometrics Market Over 2021-2027

The biometrics market has already established its significant presence across the security landscape in a bid to combat the increasing instances of data theft, security breaches, and data hacking. The growing significance of accurate access control systems across corporate organizations and commercial complexes has instigated the deployment of biometric solutions to a great extent. The widely used biometrics technology is fingerprint recognition, which is considered ideal to ensure accurate employee identification and track attendance automatically. Besides, facial recognition is also gaining traction, especially in government organizations for tracking criminals. These organizations use facial recognition technology to compare the facial features in real-time with the existing database of blacklisted people. The growing popularity of these technologies is accelerating the expansion of the biometrics market.

According to the recent report by Global Market Insights, Inc., biometrics market size is projected to surpass USD 45 billion by 2027, considering the following trends:

Growing popularity in the retail & e-commerce industry

The mounting popularity of biometrics in the retail & e-commerce industry can be ascribed to the growing necessity of understanding in-store consumer behavior among large retailers. They are majorly incorporating analytics with facial recognition for the same and offering customized services according to individual preferences.

Quoting an instance, in 2020, CyberLink Corp. collaborated with NTT DATA to deploy a remote retail solution based on the former’s FaceMe® facial recognition engine, at an unstaffed concept store with Tokyu Hands in Shibuya. According to the company, this integrated solution combines remote serving, anonymized AI data analytics, and digital information monitors to facilitate a strong self-service customer experience.

Increasing adoption of iris recognition technology 

Iris recognition technology is witnessing heightened demand as it offers higher accuracy in the process of user authentication. The identification algorithms used in this technology locate the boundaries of the iris and processes the image to deliver a concise and distinct representation of individuals’ iris patterns.

In addition, iris recognition has a very lower false match rate and is primarily used where the size of the population is large. For instance, in India, iris data from over one billion people has been collected for the Aadhaar Unique Identity program. Similarly, iris identity validation is used in the air and seaports of the UAE.

Rising demand from the automotive sector

The automotive makers are now increasingly integrating their vehicles with in-car biometric solutions for user authentication, driver liveness detection, and payments. These systems allow automakers to enhance passenger convenience. For instance, voice-enabled access control technology helps in addressing car thefts by enabling accurate user identification.

Another technology that is in huge demand in the automotive sector is iris recognition. Hyundai Motor Group, for instance, is working on adding an iris recognition feature that sends an alert when the driver is not attentive. It detects the risk of intrusion and lane departure caused by the driver’s carelessness in advance and calls the driver’s attention with cluster warning lights, alarm sounds, and vibrations.

Thriving electronics industry in North America

The ongoing expansion of North America’s consumer electronics sector is positively impacting the biometrics industry as electronics manufacturers are now integrating facial recognition and fingerprint authentication features in their devices. This helps in ensuring that the device is being accessed only by authorized individuals.

The integration of biometrics eliminates the need to enter credentials, providing better confidentiality in the event of security breaches caused by password leakage. Besides, the growing adoption of biometric systems in the government and defense sector is also favoring market growth. For instance, the application of voice recognition systems in government facilities enables seamless identification of individuals using their unique voice patterns.

The rising demand for accurate access control across corporate offices coupled with the growing necessity for identification solutions in the automotive sector, BFSI, government organizations, etc. is largely driving the growth of the biometrics market. Increasing adoption in the consumer electronics sector and continuous technological advancements are further strengthening the business space.

wind

Growing Demand for Lightweight Wind Blades to Augment Carbon Fiber Prepreg Market through 2027

The global carbon fiber prepreg industry is slated to record rapid growth from rising demand for greater durability, fuel efficiency, and low-weight components from the aerospace and automotive sectors. Carbon fiber prepreg is a reinforced fabric made from pre-impregnated and cured polymer matrix.

The material offers a high stiffness to weight ratio and superior resistance against chemicals and fatigue. Owing to these advantages, prepreg carbon fibers find a broad range of applications across a plethora of industrial avenues.

The incorporation of carbon fiber prepreg in automobiles drastically reduces the overall vehicle weight without compromising on strength. This leads to higher fuel efficiency and performance improvement in vehicles. Stringent carbon emission norms and growing demand for fuel-efficient vehicles are encouraging motor vehicle manufacturers to incorporate more of these carbon materials in their product portfolios.

 


Moreover, with growing automotive production, the demand for carbon fiber prepreg is likely to go up to a large extent. As per the International Organization for Motor Vehicle Manufacturers, nearly 77.62 million commercial vehicles and cars were produced in 2020.

According to the latest industry report by Global Market Insights, Inc., the global carbon fiber prepreg market size is anticipated to grow considerably by 2027.

Carbon fiber prepreg materials are seeing a very promising application scope in the aerospace industry. Various aircraft manufacturers are increasingly refurbishing aircraft with these reinforced carbon fibers in a view to minimize aircrafts’ weight, enhance gasoline mileage, and provide affordable & safe air transportation services to the customers.

Carbon fiber prepreg also boasts of many other applications, including sporting goods, racing vehicles, pressure vessels, and commercial products. There has been an increasing demand for light-weight high-strength materials, particularly in racing vehicles, including bikes and cars, to make them lighter and hence, amplify their velocity and stability on the racetracks. Meanwhile, various sporting goods manufacturers are emphasizing on utilizing soft carbon fabrics to provide comfort to their customers, opening up additional avenues of business growth.

Carbon fiber prepreg industry share from wind power plants is expected to witness substantial momentum in the forthcoming years. This is owing to the growing utilization of pre-impregnated carbon fibers in wind blades. These materials offer high tensile and compressive strength due to which they are broadly adopted for the latest generations of wind turbines.

In addition, the material’s use provides a number of cost and performance benefits to the wind industry. According to Sandia National Laboratories, wind blades made from carbon fibers weigh 25% less than the ones made from fiberglass materials. This means that the carbon fiber wind turbine blades can be much longer than the ones made out of fiberglass. As a result, the wind turbines can effectively harness more energy across locations that were previously deemed as low wind areas.

Electricity generation through renewable sources is surging rapidly in developed countries. As per the U.S. Department of Energy, wind power is the second-largest source of electricity generation in the country, which accounted for a total installed capacity of 105.6 GW in 2019. With carbon fiber wind turbine blades pegged to become industry standard, the adoption of carbon fiber prepreg materials is expected to witness a  significant jump.

The North American carbon fiber prepreg industry is slated to hold a considerable share of the global market, particularly owing to growing demand from the automotive and aerospace industries. Leading OEMs in the country are focusing on employing lightweight materials in automobiles to enhance fuel efficiency and comply with stringent vehicles emission norms set by the government. Growing penetration of electric vehicles and rising preference for air travel are some of the more notable factors that would foster business growth in the country.

Park Aerospace Corp (previously Park Electrochemical Corporation), Hexcel Corporation, Toray Industries, Mitsubishi Rayon Co. Ltd., Gurit Holdings AG, Axiom Materials, SGL Group, and Solvay SA are some prominent companies operating in global carbon fiber prepreg industry. These pre-impregnated carbon fiber manufacturers are eyeing focusing on leveraging novel technologies to produce highly efficient materials and cater to the larger consumer base.

Soaring adoption of lightweight, high-strength materials in numerous industries, to cater to the rising demand for efficiency, would outline the industry outlook. Additionally increasing environmental regulations to curb emission is also forecast to complement global carbon fiber prepreg industry trends.

POS terminals

5 Notable Trends Driving Global Retail POS Terminals Market Forecast

Consumer preference is shifting towards electronic payment systems. A growing emphasis of governments across the globe towards a cashless economy will primarily drive the retail POS terminal market expansion in the forthcoming years.

Reportedly, the global non-cash transactions increased about 14% between 2018 and 2019 to reach 708.5 billion transactions. In which the volume of cashless transactions in the Asia Pacific accounted for 243.6 billion in 2019. A surging number of non-cash transactions globally will complement the high adoption of POS terminals across retail shops.

According to a Global Market Insights, Inc., analysis report, global retail POS terminals market size is estimated to surpass US$45 billion by 2026. Below mentioned are some key aspects of a cashless payment system driving its demand among customers.


Growing preference for electronic payment cards

High usage of alternative forms of physical currency such as electronic payment cards, which includes ATM, debit, and credit cards would positively influence movements of cashless economy in the Asia Pacific and Europe region. Cash-based transactions have certain disadvantages and inconveniences, mainly in terms of security, irregularity in counting, and others.

On the other hand, retail POS terminals render advantages such as swift purchase transaction, consistent pricing, high reliability & durability, and others, as compared with other traditional payment systems. On account of such benefits, POS terminals have been increasingly deployed across small and medium-sized retail stores.

mPOS terminals in out-of-store transaction

The mPOS terminal segment is expected to witness considerable growth in the upcoming years, due to its mobility and ability to provide secure transactions in out-of-store environment. The product is widely utilized in local retail shops, flea markets, events, and tradeshows to easily process a large amount of sales transactions and reduce transactional time.

The escalating security concerns pertaining to data privacy due to the rising incidences of cyberattacks will impede the retail POS terminals industry growth to some extent. Also, the high cost of deploying these systems on a large scale could slow down its adoption rate in retail shops.

Software applications in POS terminals

The software segment in the retail POS terminals industry is projected to grow significantly by 2026. The software used in POS terminals stores transactional records of consumers which further helps in monitoring their buying behavior and shopping trends.

These features further aid retailers in enhancing customer experience and escalate sales. Additionally, the integration of sophisticated technologies including the Internet of Things and advanced security software protects the crucial data of consumers.

Robust demand in supermarkets

The hypermarkets and supermarkets segment will expand exponentially in the forthcoming years owing to the presence of a well-organized retail sector across the globe. The introduction of customized POS terminals provide real-time dashboard options and detailed users’ profile. It helps in classifying their preferences and brings more value to the customers. These features also enable large-scale retailers to organize their workflow and propel sales and profits.

Growing cashless economies across APAC

The Asia Pacific retail POS terminals industry is expected to experience substantial growth trends owing to the evolving retail sector in countries like India and China. The recent economic reforms in India such as demonetization have tremendously boosted consumer preference towards cashless transactions. The regional manufacturers are emphasizing on introducing QR code-enabled devices to accept payment through other cashless mediums, which will eventually complement the regional industry landscape in the upcoming years.

PAX Technology, NCR Corporation, NEC Corporation, Ingenico SA, and VeriFone Systems, are the prominent companies functioning in the global retail POS terminals industry. The industry expansion is majorly attributed to the growing demand for technologically advanced systems offering features like gathering customer information, payroll data, and inventory management.

The integration of highly secured software and other advanced technologies in retail POS terminals and the government support to encourage the utilization of electronic payment systems will positively impact the industry growth.

semiconductor

Semiconductor Memory Market to Have a Promising Future Ahead

The semiconductor memory market will witness considerable expansion driven by the higher adoption of memory and storage components in moveable medical devices and healthcare equipment. These intelligent point-of-care devices include glucose, heart rate, continuous temperature, and pulse oximeter monitors and are used to store real-time diagnostic data, which can be later easily derived from the semiconductor memory. This information not only assists in analyzing the disease source but also renders early treatment and diagnosis of the targeted diseases.

On this note, it has been reported that the global semiconductor memory market size will reach over USD 180 billion in annual remuneration by 2027.

Below are the key trends likely to influence the industry expansion

Rising preference for MRAM semiconductor memories

Magneto-resistive Random-access Memory (MRAM) semiconductor memory industry is pegged to see a CAGR of nearly 15% in the analysis timeframe. This is mainly ascribing to the non-volatility, low power consumption, higher durability, faster read/write cycles, and enhanced data storage capacities for extended durations of the MRAM devices. This has pushed leading business participants to come up with MRAM chipsets for use in consumer electronics applications. To quote an instance, Samsung Electronics, in March 2019, launched the eMRAM, deployed with 28FDS process technology to offer higher performance and endurance in applications of embedded systems.

Expanding industrial application scope

Demand for semiconductor memories in industrial applications accounted for around 10% of the overall market share in 2020. This is owing to the incessant requirement for semiconductor memory chipsets across numerous industrial components. The rise in the number of smart factories in South Korea, Germany, China, and the U.S. has bolstered the adoption of IIoT devices, robotics, and automation equipment. According to the Ministry of SMEs and Startups, the number of registered smart factories in Korea reached 19,799 in 2020. This penetration will add a positive edge to the intake of semiconductor memory solutions in the industrial sector.

Europe to emerge as a key producer

The semiconductor memory industry share in Europe is poised to expand at a 5% CAGR up to 2027 driven by the increased automotive production and the prominent presence of leading automotive OEMs in the region. The European Automobile Manufacturers’ Association estimated that Europe produced close to 15.8 million passenger vehicles in FY2019, accounting for nearly 21% of the total passenger vehicle production in the world.

Furthermore, semiconductor memories are widely integrated with in-vehicle communications, instrument clusters, navigation systems, telematics, among several other automotive electronics. This has paved the path for advanced automotive safety systems, including self-driving cars in the region.

Competitive business initiatives

Suppliers of different semiconductor memory types are working towards inorganic marketing strategies, like mergers and acquisitions to gain competitive advantages. For instance, SK Hynix, Inc., in October 2020, struck an acquisition deal with Intel Corporation to obtain its NAND memory and storage business for USD 9 billion. This acquisition is inclusive of Intel’s NAND component and wafer business as well as the Dalian NAND memory production facility from NAND SSD business Intel, which is in China.

Impact of COVID-19 crisis

The ongoing COVID-19 pandemic tremendously affected the growth of the semiconductor memory market particularly in the first two quarters of 2020 owing to the imposition of severe nationwide lockdowns by several governments. This made way for supply chain disruptions as well as international trade barriers with regard to raw materials and components. However, the emergence of the work-from-home policies supported the demand for semiconductor memories amidst the pandemic given the growing sales of consumer electronic devices, like tablets, laptops, and smartphones.

Rising advancements in medical science and equipment have given rise to multiple opportunities for semiconductor memory manufacturers in integrating AI and IoT technologies. There is also an escalating need for telematics, in-vehicle infotainment systems, instrument clusters, and ADAS solutions in advanced automotive and connected cars. The increasing developments in Flash memory, such as 3D NAND Flash drives to enhance the transmission speed while reducing latency will further complement the industry expansion.

terminals

5 Major Trends Transforming mPOS Terminals Market Outlook Over 2021-2027

Growing penetration of smartphones in conjunction with increased consumer proclivity towards UPI payment methods has led to the transformation of the payment landscape. The increasing card transactions across the globe are driving the adoption of mPOS payment solutions across various sectors including, hospitality, retail, healthcare, entertainment, etc. In March 2021, over 1.5 billion debit card transactions were recorded in the UK which represents an increase of 21.4% as compared to February 2021. A notable rise in the usage of card payments is expected to give a major impetus to mPOS terminals market over the upcoming years. The market size is projected to surpass USD 70 billion by 2027, cited the latest report by Global Market Insights Inc.

The industry growth is being further stimulated by the pivotal trends mentioned below:

Development of innovative solutions by market players

Various major players operating in the industry are inclined on developing advanced solutions that can suit the customer requirements and offer an enhanced experience. For instance, in 2021, Mastercard partnered with Global Payments Inc. and NMI to roll out the pilot of its first live Cloud Tap on Phone with Computer Engineering Group. This product is apparently Mastercard’s next-generation acceptance product, where the software is hosted on Microsoft’s Azure cloud platform.

Increasing consumer preference for cloud-based mPOS

Cloud-based mPOS terminals are observing mounting demand especially among small stores and restaurants owing to their low cost of installation and maintenance. These terminals require an efficient internet connection for carrying out payment transactions which reduce the need for costly infrastructure. The cost-effectiveness and space constraints encourage small merchants to deploy cloud-based mPOS systems.

Growing popularity of contactless payments

The massive popularity of contactless payment transactions due to the expansion of e-commerce sector and the emerging trend of card-on-delivery has accelerated the deployment of mPOS terminals. Consumers are now preferring contactless payment methods owing to more convenience and safety while performing transactions. Besides, the COVID-19 pandemic has also expedited the trend of contactless payments globally. For instance, effective from May 2020, the France government increased the limit on contactless payment from USD 35 to USD 59, on the recommendation of the European Banking Authority (EBA).

Increasing adoption in restaurants

Restaurants are increasingly adopting the mPOS terminals as they intend to enhance the customers’ dining experience. A large number of cafes, restaurants, bars and pantries are now investing in innovative POS devices to facilitate faster transactions during peak hours. For instance, in 2020, Shift4 Payments launched a contactless QR code ordering solution for restaurants. According to the company, this system provides restaurants with a customized QR code that can be displayed on placemats, table tents, etc. The customers can scan the code using their phone to access the menu and place an order. The order is then sent directly to the restaurant’s POS system.

Burgeoning demand in the hospitality sector of North America

mPOS terminals industry is witnessing significant growth in North America owing to the increasing adoption of POS terminals in the regional hospitality sector. The thriving travel & tourism industry has impelled the construction of various luxury hotels and resorts in the region. Citing an instance, in 2021, Wyndham Hotels & Resorts, Inc. announced the launch of a luxury hotel brand amid the recovery of the luxury sector from the pandemic. Several independent casinos, hotels, and resorts owners use mPOS solutions for providing the guests with a seamless experience and convenience while paying bills.

The industry will grow exponentially over the ensuing years as people around the world are showing great interest in more innovative and convenient ways of payments. This is indeed prompting numerous industrial sectors to invest in innovative POS solutions to meet customer demand. Increasing penetration of the internet and smartphones will further strengthen the mobile POS terminals industry landscape.

thin-film

Rising R&D in Photovoltaics to Propel Thin Film Materials Demand

The global thin film materials market is poised to record commendable gains in the ensuing years owing to an escalation in research and development activities centered around photovoltaics.

An instance of the same is the deployment of expertise by NREL (National Renewable Energy Laboratory) on the utilization of thin films for the development and enabling of technologically useful applications. A prominent exemplar in the renewable energy sector is photovoltaics (PV).

Over recent years, different types of thin films have become popular as they provide the potential for low-cost processing with the minimal usage of materials in the process of fulfilling application requirements. Thin-film uses comprise applications where mechanical flexibility and low weight are of prime importance.

Driven by these factors, the thin film materials market share is slated to gain remarkable traction through 2027.

This product is expected to witness considerable demand on account of the increasing usage of solar cells and LEDs. In September 2020, Missouri S&T researchers depicted the direct crystallization of highly ordered copper thin films on a one-molecule-thick-layer of organic material instead of inorganic substrates that have been utilized for years. The copper thin films are excellent candidates for utilization as underlying substances for high-temperature superconductors.

In addition, thin-film materials will record a high demand in Europe owing to the robust adoption of artificial lighting such as LEDs for the improvement of crop performance, particularly in northern Europe. The regional growth is driven by the surging installation of PV panels in Germany for greater energy independence.

Surging product development initiatives

Numerous industry participants and organizations are taking a keen interest in the adoption of strategic initiatives such as mergers, acquisitions, collaborations, partnerships, and product developments for boosting the penetration across several thin films applications. Few instances of the same are mentioned below:

-In April 2021, scientists evolved a method for turning X-ray fluorescence into an ultra-high position-sensitive probe for the measurement of nanostructures, which are tiny internal structures, in thin films. These nanostructured films form an essential component of numerous light-related and electronic technologies.

-In October 2020, a research group from the NIMS-University of Tokyo, formulated a machine learning technique that can be deployed for expediting the process of ascertaining optimal conditions for the fabrication of high-quality thin films. The method reduces the number of material samples that require up to 90% evaluation in comparison to the presently available methods of thin-film fabrication.

-In December 2019, scientists developed thin films produced from BaZrS3 (barium zirconium sulfide). The films integrate good charge transport with exceptionally strong light absorption, which makes them ideal for use in LEDs and photovoltaics.

-In April 2019, das-Nano was granted U.S. patent for its quality inspection of Onyx, a thin film materials device. The product has been designed for calculating indicative parameters of the quality of thin-film materials on the basis of reflection measurements.

Along with such developments, the industry is characterized by the trend of rising investments towards the launch of similar more initiatives.

In a nutshell, increasing product application on account of various advantages of thin-film will bolster the thin-film materials industry landscape over the estimated period.

Power Electronics

3 Prominent Trends Influencing the Demand for Power Electronics Market Between 2021-2027

The power electronics market is estimated to witness stellar growth underscored by the rising requirement for electronics modules in smart home appliances and the purchase of advanced consumer electronics. These modules are used extensively in air conditioners, smart TVs, HVAC control systems, robotic vacuums, smart energy meters, and other smart appliances for increasing the power efficiency of devices and to abstain the possibility of electrocutions. Mounting inclination towards IoT and AI technologies in smart homes could create new business prospects for power electronic manufacturers.

According to a report published by Global Market Insights, the power electronics market is projected to surpass USD 30 billion by 2027. This could be possible given to some of the trends mentioned below.

Ramping up sales of electric vehicles

Electric vehicles are steadily replacing conventional gasoline vehicles and are gaining prominence across North America and Asia Pacific. Escalating prices of fuel in APAC has incited consumers to shift towards more affordable transportation solutions like EVs. Over the coming years, it is likely that electric vehicles could become with the preferred mode of transit in view of new technological advancements in longer-lasting and affordable batteries.

This shift could also evidently ramp up the production of power electronics systems, such as MOSFETs, power switches, power modules, IGBTs, and power management integrated circuits (PMICs), as there are heavily integrated into battery management units (BMU), automotive powertrain systems, and motor drives. Government initiatives to encourage sales of EVs as to concerns over emissions and the environment could boost the supply and demand of power electronics in the EV sector.

Installation of EV charging stations across Europe

With production and sales of electric vehicles spiking up across European countries like France, the UK, Italy, Spain and Germany, the requirement for effective charging infrastructure is heightened. According to the Department for Transport, in January 2021, there were 20,775 public electric vehicle charging devices in the UK, of which, 3,880 were fast chargers. These charging infrastructures are integrated with a myriad of power electronic systems. Incremental construction of new EV charging stations across remote locations in Europe may augment the power electronics business outlook across the region. As per a report, the Europe power electronics market was valued at over USD 4 billion in 2020 is anticipated to register 4.5% CAGR between 2021 to 2027.

Technological advancements in power electronics

Companies like NXP Semiconductor N.V., Texas Instruments Incorporated, Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, STMicroelectronics N.V., ON Semiconductor Corporation, Infineon Technologies AG, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, among others are holding a significant share in the power electronics sector. All these companies are focusing on taking strategic initiatives like investing in R&D activities for developing technologically advanced products, and mergers & acquisitions.

Highlighting such instances, in May 2019, Infineon Technologies AG announced the launch of HybridPack series of power modules, which has applications in electric vehicles. While in December 2020, Toshiba launched 1,200V silicon carbide (SiC) MOSFET, which has applications in DC-DC converters, photovoltaic inverters, and AC-DC converters.

metal replacement

Metal Replacement Demand to Rise Across the Electronics Sector in the Coming Years

Over the past few years, manufacturers across the automotive, aerospace & defense, energy, and electronics industries are showing enormous interest in metal alternatives to obtain higher design freedom, improved performance and significant weight reductions. Metal replacement materials largely help in speeding up installations and enhancing the mechanical properties which in turn offers greater durability and reduces the overall cost. The growing prominence of these solutions is expected to proliferate the expansion of the metal replacement market in the ensuing years.

The industry is observing lucrative growth opportunities in the electronics sector on account of the elevated sales of consumer electronics, especially mobile phones, across the globe. According to the Consumer Technology Association statistics, revenue from the retail sales from the consumer technology industry in the U.S. will reach USD 461 billion in 2021, representing a rise of 4.3% year on year.


 

On the other hand, China is showing promising performance with regard to cell phone exports. According to the data published by the General Administration of Customs of China, cell phone exports in the country accounted for USD 22.9 billion during the first two months of 2021, representing year-on-year growth of 49.2%.

Such a considerable rise in the demand for consumer electronics goods is subsequently driving the adoption of metal replacement solutions. They find important usage in mobile device enclosures, circuit boards, batteries, sensors, audio speakers, etc. to address engineering challenges and improve the performance and reliability of products. For instance, high-performance polymer solutions offer high reliability, versatility, and design freedom for next-generation electronic devices.

The numerous product advantages are essentially driving its demand in the aerospace industry. The high-performance polymers are enabling aerospace companies to enhance the performance of their aircraft by replacing the metals. The adoption of these polymers is being driven by the growing necessity for fuel-efficient and eco-friendly aircraft. In addition, they also offer greater reliability, reduce assembly times and minimize operating and manufacturing costs.

As a result of the high product demand in aerospace, several eminent market players are inclined on developing innovative solutions designed according to the industry needs to gain a competitive edge in the market. To illustrate, in 2020, Victrex collaborated with French aircraft manufacturer Daher to develop a 176-ply laminate structural panel for aircraft with a 32 mm thickness, based on VICTREX AE™ 250 LMPAEK thermoplastic composite. According to the company, this new solution will expedite the aircraft manufacturing process and improve efficiency.

Speaking of the application of metal replacement in the transportation sector, it is being extensively used to make vehicles lighter and more fuel-efficient. Metal alternatives like polymers, plastics, composites, etc. not only enhance fuel efficiency but also improve durability and driving comfort through reduced noise and vibration.

Quoting an instance, in 2020, AIMPLAS, the Plastics Technology Centre, contributed to the European Mat4Rail project involving the manufacturing of new materials and components for the railway of the future. The initiative was aimed at reducing the weight of railway vehicles by replacing metal components with composite materials to enhance the vehicle capacity and passenger comfort. The role of AIMPLAS was to develop new hybrid resin formulations offering better resistance to flame propagation and to be used in fiber-reinforced polymers.

Rising demand for material that can enhance performance and offer greater freedom during manufacturing has impelled the demand for metal replacement solutions across sectors like electronics, aerospace, automobile, etc. Besides, technological developments in these solutions are further driving their demand and is expected to accelerate the business growth in coming years.