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Anti-Reflective Prescription Goggles to Witness Considerable Demand

goggles

Anti-Reflective Prescription Goggles to Witness Considerable Demand

Prescription goggles are getting highly popular eyewear among people, who generally use contacts or glasses. These goggles are generally made up of tough polycarbonate and provide features of shatterproof design, better vision, comfort, stability, and many more. Prescription goggles are also specifically designed to be used during various sports and other activities including construction and landscaping. Some of these googles come with anti-fog coating, which prevents fogging and is highly suitable in situations where having a clear vision plays a critical role.

Prescription sports eyewear is witnessing strong demand across swimming, volleyball, diving, baseball, golf, snow sports, and others. With the increase in the number of sports participation and sports events globally, the adoption of prescription glasses is likely to mount considerably in the upcoming years. Global prescription goggles market size is anticipated to significantly grow by 2027.

Polycarbonate goggles demand over plastic glasses

The industry share from the polycarbonate goggles segment is predicted to grow at a notable rate up to 2027, owing to an increasing preference for plastic glasses or lenses. Polycarbonate lenses are lightweight, impact-resistant, and provide protection against UV rays, owing to which they are highly suitable in many applications. These applications include sports goggles, safety glasses used in industrial settings or workshops, space shuttle windshields, helmet visors for astronauts, and others.

Popularity of rimless lens

The rimless lens segment is expected to witness a considerable share in the prescription goggles industry. Rimless lenses are extremely lightweight, less noticeable than the framed glasses, and leaves no marks on the face. These properties are making them highly popular eyewear among corporate professionals, doctors, and students, who are required to continuously wear lenses due to their profession.

AR coated glasses for automotive

The prescription goggles industry share from anti-reflective coating lenses is slated to grow substantially over the next few years. Anti-reflective (AR) coated lenses reduce eyestrains, improve vision, and make eyeglass more attractive. AR lenses are highly preferred in sunglasses, as it eliminates glares from sunlight. Computer glasses are highly adopted among working professionals, employees, students, and computer operators, which help in eliminating eye problems caused by blue light rays.

Prevalence of eye injury in North America

North America’s prescription goggles industry will expand at a notable pace, owing to the presence of corporate sector consumers generating tremendous demand for anti-reflective and rimless lenses. Moreover, the region has a high prevalence of eye problems among employees, which is creating strong demand for polycarbonate lenses.

RxSport, Wenzhou Sunshine Optics, Uvex Safety Group, Speedo, Wenzhou Sunshine Optics, Goggleman, and Essilor, are among some notable makers of prescribed goggles globally. These companies are emphasizing partnerships, mergers, and new product development to enhance their market share and strengthen their presence in the global market.

Recent technological advancements in contacts and lenses have significantly enhanced eye vision even in the low-light and continuous light interference. For instance, the application of modern anti-reflective coatings can eliminate the reflection from lenses and allow 99.5% of light to refract through the lenses and enter the eye for better vision.

fireclay

Soaring Construction Activities to Underscore the Global Fireclay Tiles Market Share

Exponential demand for the production of tiles, ceramics, and firebricks from the construction sector will bolster the global fireclay tiles market volume. Fireclay tiles are highly sought-after owing to their ability to resist high temperatures and thermal and chemical stresses. These tiles are prevalently used for a slew of high-temperature applications, including commercial, residential, and other industrial manufacturing settings.

An upsurge in construction activities will bode well for industry players that are vying to expand their property development portfolios. Apart from the robust construction industry growth, expansion of the food industry will also boost the market share. Additionally, the ongoing trend for sourcing environmentally friendly materials will also contribute to the business outlook.

According to Global Market Insights, Inc., the fireclay tiles market will witness appreciable gains by 2027.

The global outlook faced hardships during the COVID-19 pandemic following severe supply chain disruptions. The outbreak created a plethora of short- and long-term business challenges that led to temporary shutdown or closure of construction projects. Meanwhile, a plunge in automotive production and modest growth in the food & beverage sector also dented the outlook.

However, given the fast-growing momentum of COVID-19 vaccination campaigns, construction activities have started picking up pace. Manufacturing and construction industries are expanding at a notable pace, underscoring the demand for fireclays tiles.

The demand for fireclays will be overtly noticeable in the residential settings, fueled by a surge in home renovation activities. Besides, the construction of outdoor spaces has witnessed a notable jump as patio professionals and landscape contractors are witnessing an increased demand from consumers. It is worth noting that homeowners have upped their focus on reconfiguring or updating both their indoor and outdoor spaces.

in the line of the rising number of infrastructural projects, the construction sector is poised to be a major recipient of fireclay tiles in coming years. Most notably, the construction of stadiums and other infrastructure projects would pan well for the business forecast. For instance, the launch of the Central 70 project in Colorado and the construction of Gordie Howe International Bridge in Detroit. Infrastructure development activities like these would add fuel to the fireclay tiles industry outlook.

The Middle East and Africa market will emerge as a promising region following the rollout of new economy-boosting construction projects. Prominently, the scheduled FIFA World Cup to be hosted by Qatar in 2022 has paved the way for the development of new infrastructure, which included the stadium, airport expansions, new metro lines, and hotels. Major dynamics driving the growth of fireclay tiles are increased availability of raw materials and technological innovations to develop better composites.

Stakeholders are also expected to inject funds into the Asia Pacific fireclays tiles market to capitalize on the demand from the expanding food & beverage sector in China and India. The trend of using environmentally friendly low thermal conductivity materials will bolster the demand for fireclay tiles in the food processing sector. Furthermore, emerging economies in the region are also likely to witness increasing demand for fireclay tiles in the construction of residential and commercial buildings.

The global fireclay tiles market is competitive with players such as Fireclay Tile Inc., Gruppo Ceramiche Ricchetti, Porcelanosa Grupo, Crossville Inc. (Curran Group, Inc.), Atlas Concorde, Mulia Industrindo, Mohawk Industries, and RAK Ceramics, among several others.

These companies will potentially focus on organic and inorganic strategies such as mergers & acquisitions, product launches, R&D, innovations, and partnerships. For instance, in September of 2020, RAK Ceramics announced the up-gradation of its manufacturing line in anticipation of a shifting trend towards bigger-sized ceramic floor tiles. The company is planning to upgrade and enhance its production lines and emphasize sustainability as well.

Notable rise in construction activities and the food & beverage industry will continue to underpin the fireclay tiles industry outlook in the next few years.

carbon fiber industry

Demand for Lightweight Vehicles to Foster Automotive Applications of Carbon Fiber

Carbon fiber is well known for its exceptional properties, such as low thermal expansion, high-temperature tolerance, high chemical resistance, low weight to high strength ratio, high tensile strength, and high stiffness. These properties make them a highly popular material in many applications in civil engineering, sports equipment, military, motorsports, and others. Carbon fiber-based components witness robust demand from aerospace, automotive, wind energy, and other end-use industries.

In aerospace and automotive industries, there is a growing emphasis on utilizing lightweight, durable, flexible, materials, such as carbon fiber, to enhance the performance and efficiency of automobiles and aircraft and aid in achieving the emission standards set by various authorities. Owing to this, the materials are quickly replacing aluminum and steel. The global carbon fiber market size is forecast to witness notable growth over the coming years.

Demand in automotive and aerospace applications

The carbon fiber industry share from automotive applications is predicted to expand significantly in the upcoming years. In vehicles, carbon fibers, due to lightweight, high thermal stability and electrical conductivity, are used in various important components, such as disk brakes, wheels, automobile hoods, and others.

Soaring carbon fiber consumption is expected due to the increasing production of cars to cater to strong consumer demand. According to the International Organization for Motor Vehicle Manufacturers, the global production of commercial vehicles and cars was combinedly around 91.78 million in 2019.

From aerospace applications, the carbon fiber industry share is slated to witness considerable growth by 2027. The superior physical strength, low coefficient of thermal expansion, high dimensional stability, and low abrasion characteristics of carbon fibers complement their applications in aerospace antennas, aircraft brakes, and support structures. Recent research and development in the manufacturing process of carbon fiber composites for aerospace applications are likely to boost its consumption in the sector.

For instance, researchers at the University of Sydney have recently developed an upgraded method for recycling carbon fiber reinforced polymer (CFRP) composites, that retain 90% of their original strength and allow their re-utilization in modern commercial airframes.

Flourishing clean energy projects in North America

North America is slated to register a considerable share of the global carbon fiber industry by 2027. The booming wind energy sector in the region is generating strong demand for carbon fiber composites for their use in wind blades. The exceptional fatigue and corrosion resistance property of carbon composites enhance the longevity of wind blades.

Wind energy is one of the major sources of electricity generation in the United States. For instance, approximately 337.5 terawatt-hours of electricity were produced by wind power between January and December 2020, which is equal to nearly 8.42% of all generated electricity in the U.S. Growing adoption of clean energy technologies to reduce emission should positively impact carbon fiber market share across various sectors in the region.

Leading manufacturers of carbon fiber composites are Zoltek, Formosa Plastics Corp, Hexcel Corporation, Toho Tenax (Teijin), SGL Carbon SE, Mitsubishi Rayon Co. Ltd., and Toray Industries. These prominent companies are focusing on R&D activities and leveraging advanced technologies to develop new procedures for carbon fiber manufacturing to reduce costs.

Carbon fibers are a multipurpose material, which has widespread applications across various sectors. Some of its other applications include the fabrication of carbon-fiber microelectrodes, textiles, and flexible heating.

3D Scanning

Top 3 Trends Influencing 3D Scanning Market Share Between 2021-2027

The 3D scanning market is estimated to grow at a substantial rate on the back of robust demand for 3D scanning solutions in the aerospace & defense sector for the correct measurement of components and parts. Since the sector complies with strict regulations related to the measurement of parts, authorities use 3D scanning solutions to scan assembled aircraft and its components.

3D scanning software allows for the accurate formation of a 4D image based on the data collected by scanners. The software can be utilized for the scan to BIM and scan to CAD models in the architecture industry.

Long-range scanners are being widely used in the construction sector as they allow scanning of large outdoor environments. Civil engineers use these scanners to measure large areas before starting the construction process. Additionally, there is a rising demand for structured light scanners owing to their ability to scan large objects at high speeds. These scanners provide highly accurate readings that can be analyzed using software to enable the restructuring or recreation of archaeological products.

Given several applications, companies in the 3D scanning market are developing new products. For instance, in 2020, Hexagon announced the launch of its new software plugin which allows full operation of structured light scanners from within a dedicated PolyWorks interface. With such innovations, Global Market Insights, Inc., reports that the 3D scanning market may register around USD 7.5 billion by 2027.

Mentioned below are some of the vital trends driving 3D scanning market expansion:

High demand for optical scanners

Optical scanners are witnessing rising demand as they are able to perform repeatable and highly precise 3D geometrical surface inspections and metrology-grade measurements. These scanners are widely used in reverse engineering applications, especially in the automobile industry. With 3D optical scanners, a highly accurate representation of the 3D printed part is obtained, which makes it an important tool in the manufacturing sector.

Multiple applications in the entertainment & media sector

In the entertainment & media industry, 3D scanning technology can be used to scan people for creating images for an animated movie. It can be used to virtually create an environment by scanning the actual geographic location. Entertainment design firms can make costumes, sets, and props. This technology decreases the cost of 3D movie production and game development, effectively transforming the innovative imagination into reality. Media & entertainment companies are likely to increasingly adopt 3D scanning software to reproduce real-world characters and objects and to construct virtual scenes.

Infrastructure development projects in MEA

The Middle East & Africa is witnessing an expanding construction sector. The growing tourism industry has led to the construction of new commercial complexes and shopping centers. Government organizations in countries like the UAE and Saudi Arabia are emphasizing modernizing and strengthening the infrastructure to ensure economic development. They are also undertaking large-scale transportation infrastructure development projects to maintain global economic competition. Moreover, new airport development projects could propel the regional 3D scanning business.

Source: https://www.gminsights.com/industry-analysis/3d-scanning-market

power

Large-Scale Oil & Gas Exploration Activities to Offer Impetus to Power Rental Market

The global power rental market has witnessed sizeable growth fueled by the increasing commencement of new projects in the mining, manufacturing, marine, and utility sector across diverse locations. Quick service allocation, favorable renting schemes offered by manufacturers as well as challenges associated with the transportation of equipment setup from one place to another will positively influence the business outlook.

Reports estimate that the global power rental market size is projected to amass USD 16 billion in valuation by 2027. Frequent cases of power outages and brownouts, the presence of aging distribution and transmission lines, and recurring natural calamities will support industry growth. Additional factors like rapid expansion of commercial spaces like hotels, malls, supermarkets, and other public as a result of increasing urbanization will support the adoption of 75kVA to 375 kVA rated power rental units.

The rise in population coupled with an increase in disposable income has led to the demand for continuous and reliable power supply. Notably, prime power rentals are slated to witness robust demand due to their extensive range of applications across off-grid and remote locations that have zero or restricted access to electricity.

According to the Energy Access Outlook report (2019) by IEA, nearly 771 million lacked basic access to electricity, out of which 75% of the people belonged to the Sub-Saharan region of Africa. Rising electricity demand from underdeveloped regions that witness extended power outage even during peak working hours will boost the market scenario.

Regionally speaking, European power rental market has emerged as a profitable revenue terrain led by Germany that held for more than 14% of the market’s revenue share in the year 2020. The regional market is likely to witness momentum due to shifting government focus on the reduction of cost, energy efficiency, and environmental compliances.

The frequent occurrence of storms and failure of the electricity grid will spark the demand for reliable power backup systems. Additionally, supportive public and private investment across the region in order to drive innovations across the sectors will steer product deployment.

The power rental industry is slated to grow substantially in the oil and gas sector based on surging demand for power across upstream, midstream, and downstream businesses for supporting continuous operations. Partial grid connectivity across sites that are located across offshore and remote locations will support the need for power rental units. Suitable infrastructural investment along with growing adoption of large-scale oil and gas exploration projects is likely to augment business outlook.

Moreover, site operators usually prefer power renting services on account of unbalanced operational structures of oil wells through upstream operations. Power rental companies are actively investing in R&D to advance their technology in order to offer reliable energy solutions. Few of the industry players that are making substantial advancements include Caterpillar, Cummins, United Rentals, and Atlas Copco. Growing demand for power rental units due to their easy accessibility, fuel flexibility, and reduced O&M cost will support industry outlook in the forthcoming years.

Industrial Sensors

Three Key Aspects that will Influence the Demand for Industrial Sensors by 2027

Large-scale adoption of industrial robots across manufacturing & processing industries is expected to offer a considerable push to the industrial sensor market outlook. According to the International Federation of Robotics, around 2 million industrial robots are expected to be utilized across factories worldwide by 2022. Robotic Process Automation (RPA) technology in the manufacturing sector, as well as automation equipment such as HMI (human-machine interface) and PLC (programmable logic controllers) in assembly and production lines heavily, rely on industrial sensors.

The demand for such automation equipment may accelerate supported by favorable government initiatives designed to advocate the acceptance of industrial automation in the food & beverage sector. In March 2021, the Government of Australia announced an investment of USD 993 million to support the region’s F&B manufacturers under its MMI (Modern Manufacturing Initiative) scheme.

Projections from a report published by Global Market Insights, Inc., suggest that the industrial sensors market is expected to surpass USD 30 billion by 2027. Although, it is vital to note that the shortage of raw materials & components due to imposed COVID-19 restrictions have severely impacted the industrial sensors market growth in mid-2020. The shift of existing manufacturing facilities to new regions due to political and business obstacles might hinder the market growth during the pandemic.

Here are some of the trends to look for in the industrial sensors market until 2027:

Force Sensors Witnessing High Demand

Industrial IoT is steadily extending its reach across the pharmaceutical, food & beverage, chemical, and oil & gas sector. As a vital component in industrial IoT, industrial sensors are used to detect, measure, and analyze parameters such as level, temperature, pressure, force, and position, among others. Reports indicate that the force sensor segment held a market share of around 8% in 2020.

Force sensors are used to measure various physical parameters such as torque, mass, and weight of an object in the industrial sector. These sensors are commonly used in counting scales, hopper scales, bench scales, platform scales, truck scales, and belt scales. Force sensors have high capabilities to monitor the load and prevent industrial machinery from overloading and find application in force exertion control and industrial test benches in industrial robotics.

Demand Across the European Pharmaceutical Sector

Europe is home to some of the world’s leading pharmaceutical manufacturers such as AstraZeneca, Novo Nordisk, and Pfizer, Inc., among others. These companies are currently emphasizing on the mass production of vaccines and novel drugs. Certain equipment used in the medical industry are integrated with force sensors for fluid monitoring applications, endoscopic surgery, dialysis machines, physical therapy equipment, orthopedics and MRI devices.

Pharmaceutical companies in the region are extensively focusing on new research & development activities, increasing the adoption of industrial sensors. High-volume manufacturing and large-scale investments in the pharmaceutical sector will devise new opportunities for industrial sensor manufacturers in Europe. As per estimates, the industrial sensors of Europe is anticipated to register 7% CAGR from 2021 to 2027.

Use of Gas Sensors in Mining Application

The demand for industrial sensors such as gas sensors is escalating in mining & exploration activities. Generally, industrial gas sensors are used undermining conditions to monitor safety parameters to safeguard miners from toxic & flammable gases. Linking sensors with IoT systems will help mining companies to extract real-time & exact data about the temperature, pressure, and gases in the mines. The mining application segment held a 7% market share in 2020 and is projected to grow at 8% CAGR by 2027.

Source: https://www.gminsights.com/industry-analysis/industrial-sensors-market

Memory Polymer

Will Increasing Application Across Aerospace Industry Boost Shape Memory Polymer Market Outlook?

The shape memory polymer industry is set to record appreciable gains through the coming years in the Asia Pacific region. This rise is on account of the surging income level of consumers and the high economic growth in the APAC.

Besides, the expanding automotive sector in the Asia Pacific is a major driver enabling the expansion of the shape memory polymer business. India, China, Japan, and South Korea are some of the largest automotive manufacturing countries at the global level.

In addition to that, the proliferating expenditure on healthcare in the Asia Pacific is poised to impel the growth of the regional industry. Along with that, the shape memory polymer market is touted to expand a rise in research activities by various organizations and key shape memory polymer manufacturers.

To cite an instance, in April 2021, a team of researchers successfully showed that the addition of gold nanoparticle clusters to shape-memory polymers and subsequent stretching alters their plasmon-coupling traits. This enables them to have beneficial and different optical properties that impel usage in numerous applications.

Owing to these trends and as per the latest study by Global Market Insights, Inc., the shape memory polymer market size is anticipated to surpass USD 1 billion through 2027.

Prominent shape memory polymer manufacturers comprise SMP Technologies, Inc., Composite Technology Development, Inc., Dupont De Nemours, Inc., The Lubrizol Corporation, Asahi Kasei Corporation, Nanoshel LLC, Covestro AG, Cornerstone Research Group (CRG), EndoShape, Inc., and others.

Rising aerospace application demand – a key propellant of shape memory polymer industry growth

Shape memory polymers are used in the aerospace sector for the manufacturing of deployable structures comprising antennas, radars, support structures, and solar arrays. The product finds extensive application in the development of morphing structures for aircraft.

These structures are created so that the body of the aircraft can alter its shape as per external activation signals for lowering the usage of fuel, and enhancing speed, and maneuverability. In addition, shape memory polymers are also used in outer space applications.

Considering the above facts, a rise in the number of space exploration activities, overall escalation in the aircraft manufacturing sector, and increasing expenditure in the defense industry will augment the value of the shape memory polymer market through the estimated period.

Why will acrylic SMP materials account for a substantial industry share?

Acrylic SMP materials are expected to depict a CAGR of 24% through the analysis period. These materials are utilized for both commercial as well as research purposes.

Acrylic has multiple advantages comprising excellent weatherability, good optical clarity, and resistance to sunlight. The product has good impact strength and rigidity, which allows its usage for damping applications, along with good chemical resistance and dimensional stability.

Numerous acrylic shape memory polymer applications comprise a variety of uses across construction, healthcare, automotive, and aerospace industries. These polymers have also been utilized for manufacturing household goods.

In a nutshell, the increasing number of plausible shape memory polymer applications in the construction and biomedical industries will escalate shape memory polymer market growth through the forecasted period.

contact lenses

5 Crucial Trends Set to Influence Contact Lenses Market Outlook

The growing geriatric population coupled with an increasing prevalence of visual defects across the world are some factors responsible for the expansion of the overall contact lenses market size. The increased occurrence of vision impairments across the world can evidently be cited by the 2018 WHO report which suggested that approximately 1.3 billion people were diagnosed with some kind of eye disorder.

On that note, according to Global Market Insights Inc., the contact lenses market is speculated to exceed USD 14 billion by the end of 2025.

Here are some trends that are expected to boost contact lenses market size from 2019 to 2027:

Growing adoption of hybrid lens

A hybrid lens is the combination of a soft lens and an RGP lens. These lenses provide a fine balance of clarity and comfort, owing to which the hybrid lens segment is touted to proliferate at a rate of 5% over the projected timespan. Hybrid lenses are primarily used by patients diagnosed with presbyopia and astigmatism owing to their large diameters that enable a stable vision. These lenses are also preferred by sportspersons due to their stable positioning even during rigorous physical activities.

Increasing usage of hydrogel material to spur the production of contact lenses

Hypoxia is the condition where the corneal surface of the eye receives less oxygen. Contact lenses made using hydrogel material allow more oxygen flow in comparison to the one with polymer material, thus relinquishing the possibility of hypoxia. Owing to all these factors, the hydrogel material is anticipated to account for an 80% market share by the end of 2025.

Surging penetration of smartphones to benefit online distribution channel

There has been a significant rise in the smartphone consumer base in recent times. This has subsequently paved the way for increased consumption of internet services. Such large-scale penetration has prompted contact lens manufacturers to promote and sell their products on e-commerce platforms. This widens their consumer reach to a greater extent.

Not only that, these platforms offer a premium shopping experience through their websites, and the products are priced competitively. Additionally, online shopping platforms prioritize consumer convenience with prompt home deliveries. Considering all these factors, it is forecasted that over 350 million units of contact lenses would be shifted through these channels by 2025.

Growing prevalence of near-sightedness to stimulate the demand for spherical lens

Globally, a significant number of people are being diagnosed with near-vision impairments like myopia and presbyopia. A WHO report of 2018 suggested that over 826 million were diagnosed with near-vision disorders worldwide. These patients are recommended to use spherical lenses to adjust their vision. In addition, people with low levels of astigmatism are also prescribed spherical lenses. Owing to these factors, the spherical lens is speculated to register a growth rate of above 7% through 2025.

Increasing patient awareness campaigns in North America

The contact lenses market in North America held a market share of 30% in 2018. This sizeable share can be credited to the increasing prevalence of eye disorders in the region. Supporting this statement, data provided by the National Health Interview Survey stated that over 26.9 million American adults are diagnosed with vision impairments.

This has prompted key contact lens manufacturers to initiate awareness programs regarding eye disorders and their treatments. For instance, Essilor Group initiated an awareness campaign for myopia across the United States in September 2018. This campaign addressed the rising prevalence of myopia in the country and provided solutions like using contact lenses for vision adjustment.

Fire Protection Systems

Fire Protection Systems Market Revenue to Observe 5.5% Gains to 2027

Recent trends in the global fire protection systems market are driven by an upsurge in product launches by major fire safety equipment suppliers.

For instance, in October 2020, Honeywell rolled out the first tools from its new suite of CLSS (Connected Life Safety Services), the company’s first all-in-one cloud platform for fire protection systems. The organization’s CLSS line of tools, developed on the Honeywell Forge platform, allows fire technicians to provide compliance, minimize disruption, and decrease the time required for installation, design, maintenance, commissioning, and reporting of life safety systems.

According to Sameer Agrawal, Honeywell’s General Manager of Global Fire Software and Services, today’s global environment requires the life and fire safety industry to innovate solutions that allow system integrators and facility managers to diagnose issues and monitor their systems irrespective of the time and location.

Similar advancements are expected to boost the demand for fire protection equipment through the forthcoming years. On this note, the global fire protection systems market size is estimated to surpass USD 70 billion by 2027, cites the latest research by Global Market Insights, Inc.

This growth is attributed to the rising product demand in light of the surging number of fire accidents due to the lack of fire protection systems at heritage sites.

For exemplar, in 2019, the NCHA (National Cultural Heritage Administration) reported almost six fire accidents at heritage sites and buildings. For overcoming like issues, the Chinese government has started the deployment of fire protection systems as prevention measures.

Some major trends driving fire protection systems industry outlook comprise:

Increasing industrialization and urbanization in the APAC

The Asia Pacific fire protection systems market is set to exhibit an appreciable CAGR through 2027, considering the rising urbanization and industrialization in the region.

Various countries comprising India, Japan, and China are focusing on the implementation of numerous building guidelines and codes for the fire safety of structures, bolstering the demand for fire protection equipment in the region.

Rising corporate strategies by major industry participants

Prominent players in the fire protection systems market include Schneider Electric, Johnson Controls International PLC, Siemens AG, Fire Suppression Limited, Napco Security Technologies, Hochiki Corporation, Schrack Seconet AG, and others.

These fire safety equipment suppliers are focusing on various collaborative strategies such as acquisitions and mergers for the expansion of their geographical footprint.

For instance, in June 2018, Johnson Controls rolled out its fire protection system, Autocall, in the Middle East for its application in large as well as small projects in industries comprising oil & gas and chemical.

Surging product usage across the residential sector

An escalation in the loss of life and property damage on account of the rising residential fire accidents is slated to foster the growth of the residential segment in the fire protection systems industry through the ensuing years.

Furthermore, a rise in the demand for construction activities due to an increase in population is expected to boost the deployment of fire protection systems in buildings.

In a nutshell, surging government standards and regulations for the improvement of the safety of individuals and industrial, commercial and residential property during fire outbreaks will augment fire protection systems market share over the assessment period.

Source: Global Market Insights, Inc.

HVAC

Three Major Trends Driving HVAC Fan and Evaporator Coil Market Share by 2026

The HVAC fan and evaporator coil market is expected to gain momentum over the coming years on account of improving the standard of living and increased spending on heating and cooling appliances. Rapid urbanization and industrialization across emerging economies could drive the demand for high-quality HVAC systems.

HVAC fan and evaporator coils are in demand in the residential, commercial and industrial sectors. Generally, residential air conditioner systems are portable and smaller compared to industrial and commercial systems. With heightening significance in the residential sector, reports estimate that the HVAC fan and evaporator coils may reach USD 1.7 billion by 2026. This growth can be ascribed to factors like an increase in urbanization and population growth, especially in the Middle East and Asia.

Global Market Insights, Inc., suggests that the global HVAC fan & evaporator coil market may record over USD 9.6 billion by 2026. Escalating concerns over indoor air quality and ventilation across industrial settings could encourage HVAC fan and evaporator coil manufacturers to develop new products and solutions. In 2020, industrial ventilation solutions manufacturer, Markair Inc., designed two high-performance air pollution control systems for Silica Grinding and Zinc Thermal Spray processes for a Florida-based electrical components producer.

Mentioned below are some of the key trends driving HVAC fan and evaporator coil market expansion:

Europe emerging as a lucrative business ground

The European HVAC fan & evaporator coil market is expected to account for over 20% of the global market share by 2026, with over 4% CAGR. The region is one of the early adopters of air conditioning systems. With stern environmental norms and an incremental increase in demand for eco-friendly heating and cooling solutions, the demand for energy-efficient HVAC systems could grow a steady rate across Europe, positively influencing fan and evaporator coil suppliers and manufacturers.

Rising aftermarket sales

Compared to the residential sector, the demand for aftermarket HVAC parts are relatively higher in the industrial and commercial sectors. In the residential sector, it is less costly and easier to change the whole air conditioning system as they are smaller and less expensive.

However, the costs to replace systems parts is relatively higher in the commercial and industrial sectors as these systems are bulky and complex. Given potential growth prospects in the industrial and commercial sector, it is estimated that the aftermarket segment could record a CAGR of more than 4.5% in the upcoming years.

Growing demand for HVAC fan coils

The demand for HVAC fan coils is anticipated to increase at a substantial rate as a result of robust growth in the residential and commercial construction industry of the Middle East and Africa (MEA). The tourism sector, as well as commercial construction, is growing rapidly in the Middle East. Africa is also experiencing a considerable rise in population and residential construction activities, which may boost the demand for HVAC fan coils in the region.

Source: Global Market Insights, Inc.