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Aerial Imaging Market Soars: Expected to Exceed $25 Billion by 2032

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Global Trade Daily, Technology

Aerial Imaging Market Soars: Expected to Exceed $25 Billion by 2032

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In an era of rapid technological advancement, aerial imaging has emerged as a transformative force across various industries. This cutting-edge technology leverages drones, satellites, and aircraft equipped with high-resolution cameras to capture detailed imagery from above. With applications ranging from agriculture to urban planning, the global aerial imaging market is poised for exponential growth. Experts predict that by 2032, the market size is set to surpass a staggering $25 billion.

Expanding Applications

Aerial imaging is finding applications in a diverse range of sectors. In agriculture, it aids in precision farming by providing farmers with vital insights into crop health, enabling more efficient resource allocation. In urban planning and infrastructure development, it offers detailed 3D models and maps, aiding in design, monitoring, and maintenance. Furthermore, industries like real estate, environmental monitoring, and disaster management have also been quick to adopt this technology.

Technological Advancements Driving Growth

The rapid evolution of imaging technologies has been a major catalyst for the aerial imaging market’s growth. High-resolution cameras, LiDAR (Light Detection and Ranging) systems, and advanced image processing algorithms are now capable of capturing incredibly detailed and accurate data. This has unlocked new possibilities for applications such as forestry management, geological surveys, and wildlife conservation.

Cost-Efficiency and Time Savings

Aerial imaging significantly reduces the time and resources required for data collection compared to traditional ground-based methods. Drones, in particular, have become indispensable tools for industries seeking to gather precise information in a cost-effective manner. This has made aerial imaging an attractive option for businesses looking to enhance their operational efficiency.

Regulatory Frameworks and Compliance

The aerial imaging industry is subject to evolving regulatory frameworks. Governments around the world are recognizing the potential of this technology while also implementing measures to ensure safety, privacy, and data protection. Industry players are working closely with regulatory bodies to establish guidelines that strike a balance between innovation and responsible use.

Emerging Markets and Untapped Potential

While developed regions have been at the forefront of adopting aerial imaging, emerging markets are now catching up. Countries in Asia, Latin America, and Africa are increasingly recognizing the benefits of aerial imaging across various sectors. This presents a significant growth opportunity for companies in the industry.

Challenges and Future Prospects

Despite its tremendous potential, the aerial imaging market faces challenges such as limited access to airspace, weather-related constraints, and data processing complexities. However, continuous research and development efforts are focused on overcoming these hurdles. Advancements in AI-powered data analysis and automation are expected to further streamline workflows.

chip
Global Trade Daily, Market insight, Technology

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

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

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

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

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

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

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

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

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

Key Takeaways:

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

How Intense Is the Competition in IoT Chip Market?

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

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

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

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

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

wwex iot market suppliers EMO logistics fuel warehouse
Global Trade Daily, Market insight

IoT in Supply Chain Market is likely to witness a worth of US$ 41.8 Billion, rising at a CAGR of 12.9% from 2023 to 2033

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The global IoT in the supply chain market is projected to be worth US$ 41.8 billion by 2033. It’s expected to be worth more than US$ 12.4 billion by 2023. The global market is anticipated to expand at a CAGR of 12.9% from 2023 to 2033.

Several factors contribute to the rising demand for the Internet of Things (IoT) in the supply chain sector. Real-time tracking and monitoring of commodities across the supply chain are made possible by IoT devices. It is anticipated that it will be widely utilized to gather precise and timely information about their whereabouts, health, and status.

IoT adoption is anticipated among supply chain managers who want to improve visibility and control over their operations. Additionally, it can aid in maximizing inventory control, lowering losses, and boosting productivity. Demand would be further boosted by IoT technology’s ability to provide predictive maintenance of important machinery and equipment in the supply chain.

Vehicles, storage spaces, and industrial plants are a few of these. Potential failures or performance issues can be discovered in advance, allowing for preventive maintenance and reducing downtime, by gathering and analyzing data from IoT sensors implanted in these assets. By 2033, it is expected to make IoT in supply chains more popular.

IoT-enabled supply chain solutions would make it easier for different process participants to communicate and integrate with one another. Suppliers, producers, distributors, and retailers are a few among them.

The connection can facilitate quicker decision-making, improve collaboration, and expedite procedures. Improved coordination and reactivity within the supply chain ecosystem are anticipated as a result of these qualities.

Key Takeaways:

  • The global IoT in the supply chain industry showcased an astonishing CAGR of 5% from 2018 to 2022.
  • The United States IoT in the supply chain industry is expected to be worth US$ 8.4 billion by 2033.
  • The United Kingdom IoT in the supply chain industry is expected to surge at a CAGR of 5% from 2023 to 2033.
  • China IoT in the supply chain industry is expected to surpass a value of US$ 10.4 billion by 2033.
  • The hardware segment by component is projected to surge at a CAGR of 7% from 2023 to 2033.

Competitive Landscape

Several well-known technology giants are active in the IoT market and provide complete IoT supply chain solutions. IoT platforms, cloud infrastructure, and analytics tools are all provided by organizations such as IBM, Microsoft, and Oracle. They are frequently positioned as leading players in the competitive environment thanks to their extensive network of market relationships and solid customer base.

On the market, there are specialized IoT solution providers who concentrate solely on the supply chain sector. For example, IoT-enabled tracking and monitoring systems designed for supply chain operations are offered by Savi Technology and Roambee.

They offer the hardware, connectivity, and software platforms needed for supply chain process improvement, real-time visibility, and predictive analytics. These individuals frequently have extensive domain knowledge and a thorough understanding of the unique requirements and problems of supply chain management.

For instance,

  • Siemens and Amazon Web Services (AWS) announced a partnership to integrate Siemens’ MindSphere with AWS IoT services in November 2021. Through this agreement, industrial customers would be able to utilize IoT data from their supply chains. Additionally, they have the ability to use machine learning and advanced analytics.
cargo
Global Logistics, Global Trade Daily, Market insight

Global Electric Cargo Bike Market is Estimated to be Worth US$ 6.2 Billion, Growing at a CAGR of 11.4% by the Year 2033 end

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The global electric cargo bike market is expected to attain a valuation of US$ 2.1 billion in 2023 and is projected to reach US$ 6.2 billion by 2033, expected to rise at a CAGR of 11.4% during the forecast period.

The rise of e-commerce has sparked an increased need for last-mile delivery services, a demand that electric cargo bikes are well-positioned to meet. In urban areas, where congestion and limited parking spaces can hinder delivery vans or trucks, electric cargo bikes offer an efficient solution. These bikes enable quicker and more cost-effective deliveries, addressing the challenges of congested urban environments. With the continued growth of e-commerce, the demand for electric cargo bikes is expected to rise further.

The demand for electric cargo bikes is anticipated to rise due to increased investments from key players driven by the growing e-commerce industry. For example, on November 24, 2022, Amazon, specializing in e-commerce, announced plans to expand its United Kingdom electric-cargo bike fleet in the coming years. This expansion aims to enhance foot-based deliveries, contributing to the decarbonization of the transportation network used for package deliveries across the country.\

The rise in e-commerce and the impact of the pandemic have led to an increased demand for home deliveries of products and services. In response, businesses and industries are investing more in improving logistics and transportation to minimize downtime, save costs, and enhance customer satisfaction.

Key Takeaways:

  • The United States electric cargo bike market is expected to grow with a CAGR of 9.5% during the forecast period.
  • The demand for electric cargo bikes in Australia is expected to grow with a CAGR of 11.5% during the forecast period.
  • By battery type, the lithium-ion battery segment is projected to grow with an impressive CAGR of 12% during the forecast period.
  • The market in Germany is expected to grow with a significant CAGR of 11.6% throughout the forecast period.

“The thriving e-commerce industry and use of electric cargo bikes for fast parcel deliveries are expected to drive market growth during the forecast period,” – comments an analyst at FMI.

Competitive Landscape:

The market for electric cargo bikes is highly competitive, with numerous prominent industry players making substantial investments in their production.

The key industry players are Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., CERO ELECTRIC CARGO BIKES, Worksman Cycles, DOUZE Factory SAS, XYZ CARGO, Butchers & Bicycles ApS, NIHOLA, Babboe, Yuba Electric Cargo Bikes, BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Carqon (Accell Group N.V.), XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH ), Riese & Müller GmbH, Urban Arrow, Rad Power Bikes Inc., Tern Bicycles (Mobility Holdings, Ltd.), Pedego Electric Bikes, Xtracycle Inc, Amsterdam Bicycle Company, Triobike.

Some recent developments in this market are:

  • In October 2022, French company Douze Cycles introduced a series of cargo bikes comprising four models, three of which feature electric assistance. These bikes offer an impressive hauling capacity of up to 205 kg.
  • In June 2022, Tern unveiled NBD, a low-step e-bike capable of supporting a maximum gross vehicle weight of 140 kg. It features a rear rack with a capacity of up to 27 kg and a front rack that can handle up to 20 kg.
  • DOUZE Factory SAS, a French company specializing in cargo bike design and manufacturing, revealed a collaboration with Toyota on March 8, 2023. Together, they will co-develop and launch a new lineup of electric cargo bikes.
  • On November 3, 2022, Yuba Bikes from California introduced their popular non-motorized ‘longtail’ bicycles. These bikes have an extended deck for carrying cargo or passengers. Yuba expanded its cargo bike range with the new Fastrack model, featuring a patent-pending integrated Dual Rack System that can be adjusted in four ways to accommodate different cargo or passengers.
data wealth
Global Trade Daily, Market insight

Wealth Management Platform Market is Projected to Surpass USD 10 Bn By 2032

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The wealth management platform market is set to grow from its current market value of more than $3 billion to over $10 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Wealth Management Platform Market is expected to exhibit massive growth during 2023-2032 owing to the emergence of innovative technologies including AI and blockchains. These advancements have been assisting key players in revolutionizing new operating models to offer credits to several individuals and businesses. The data-driven AI wealth management platform is also slated to speed up the digital investment process, augmenting market expansion.

In addition, several initiatives taken by the government and regulations to escalate the use of wealth management platforms will drive industry growth by 2032. Besides, increasing government inclination towards credit seekers to increase the financial inclusion of people will spur the industry expansion.

Overall, the wealth management platform market is segmented in terms of advisory mode, deployment model, application, end-use, and region.

Based on advisory mode, the human advisory segment held more than 60% market share in 2022 and is projected to exhibit massive growth through 2032. The growth can be attributed to the wealth management sector’s growing security concerns, encouraging HNWIs (high-net-worth individuals) to turn to human advisory services.

By deployment model, the cloud-based wealth management systems are expected to depict commendable CAGR through the forecast timeframe. Cloud-based wealth management systems are gaining strong traction among finance-based enterprises owing to their benefits including easier setup, flexibility required for remote work, and lower investment in infrastructure. The cost-effectiveness and scalability offered by the cloud platforms will further support segment expansion in the future.

On the basis of application, the performance management segment will grow significantly as the system helps align the employees with the corporate goals. Performance management tools enable firms to perform fair, periodic inspections while expediting the performance management process, which will further aid the segment in future growth.

Considering the end-use, the investment management firms segment accounted for more than 25% market share in 2022 and is expected to demonstrate sturdy growth owing to the rising number of high-net-worth individuals along with small business owners. Besides, the wealth management platform assists investment management firms in planning new policies, attracting new investments, and obtaining insights as per clients’ requirements.

In the regional context, the Asia Pacific wealth management platform market is anticipated to register notable gains through the estimated timeframe. The growth can be accredited to the constantly increasing digital transformation of the financial institutions in the region. In addition, consulting companies in APAC are collaborating with wealth management software providers to focus on the rising digital transformation of financial institutions, which will boost wealth management platform penetration in the region.

september frozen mirrors unit copper blanket console
Global Trade Daily, Market insight

Passenger Car Price in UK Increases to $36,155 per Unit

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 United Kingdom Passenger Car Import Price in February 2023

In February 2023, the passenger car price stood at $36,155 per unit (CIF, United Kingdom), rising by 8.9% against the previous month. In general, import price indicated a moderate increase from February 2022 to February 2023: its price increased at an average monthly rate of +2.0% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on February 2023 figures, passenger car import price decreased by -3.1% against December 2022 indices. The most prominent rate of growth was recorded in March 2022 when the average import price increased by 31% month-to-month. As a result, import price reached the peak level of $37.5M per thousand units. From April 2022 to February 2023, the average import prices failed to regain momentum. \

Prices varied noticeably by the country of origin: the country with the highest price was Mexico ($36,135 per unit), while the price for Japan ($18,073 per unit) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

United Kingdom Passenger Car Imports

In February 2023, overseas purchases of passenger cars increased by 28% to 129K units for the first time since November 2022, thus ending a two-month declining trend. In general, imports, however, saw a pronounced setback. The growth pace was the most rapid in November 2022 when imports increased by 66% m-o-m. Over the period under review, imports hit record highs at 174K units in February 2022; however, from March 2022 to February 2023, imports remained at a lower figure.

In value terms, passenger car imports surged to $4.7B (IndexBox estimates) in February 2023. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 with an increase of 52% against the previous month. Imports peaked at 5.3B units in March 2022; however, from April 2022 to February 2023, imports stood at a somewhat lower figure.

United Kingdom Passenger Car Imports by Country

China (24K units), Spain (21K units) and the Czech Republic (12K units) were the main suppliers of passenger car imports to the UK, together accounting for 45% of total imports.

From February 2022 to February 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +11.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to the UK were China ($596M), Spain ($450M) and Slovakia ($366M), with a combined 30% share of total imports. These countries were followed by the Czech Republic, South Korea, Japan, Hungary, Belgium, Romania, Turkey, Mexico, the United States and Portugal, which together accounted for a further 31%.

Among the main suppliers, Mexico, with a CAGR of +5.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

 

 

gummed
Global Trade Daily, Market insight

U.S. Gummed Paper Price Peaks at $4,556 per Ton

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 U.S. Gummed Paper Export Price in March 2023

In March 2023, the gummed paper price stood at $4,556 per ton (FOB, US), growing by 4.6% against the previous month. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in January 2023 when the average export price increased by 5.6% m-o-m. The export price peaked in March 2023.

There were significant differences in the average prices for the major overseas markets. In March 2023, the country with the highest price was Singapore ($6,579 per ton), while the average price for exports to India ($2,043 per ton) was amongst the lowest.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Gummed Paper Exports

In March 2023, overseas shipments of gummed paper and paperboard (excluding self-adhesives) decreased by -11.1% to 3.1K tons, falling for the fifth month in a row after two months of growth. Over the period under review, exports recorded a perceptible descent. The most prominent rate of growth was recorded in October 2022 with an increase of 21% against the previous month. As a result, the exports attained the peak of 5.3K tons. From November 2022 to March 2023, the growth of the exports remained at a lower figure.

In value terms, gummed paper exports dropped to $14M (IndexBox estimates) in March 2023. In general, exports continue to indicate a noticeable decline. The most prominent rate of growth was recorded in October 2022 with an increase of 16% month-to-month. As a result, the exports reached the peak of $22M. From November 2022 to March 2023, the growth of the exports failed to regain momentum.

U.S. Gummed Paper Exports by Country

Canada (1.7K tons) was the main destination for gummed paper exports from the United States, accounting for a 54% share of total exports. Moreover, gummed paper exports to Canada exceeded the volume sent to the second major destination, Mexico (480 tons), threefold. The third position in this ranking was taken by Brazil (177 tons), with a 5.8% share.

From March 2022 to March 2023, the average monthly growth rate of volume to Canada stood at -4.2%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Mexico (-1.1% per month) and Brazil (+22.7% per month).

In value terms, Canada ($8M) remains the key foreign market for gummed paper exports from the United States, comprising 57% of total exports. The second position in the ranking was taken by Mexico ($2.1M), with a 15% share of total exports. It was followed by Brazil, with a 4.4% share.

From March 2022 to March 2023, the average monthly rate of growth in terms of value to Canada amounted to -3.8%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Mexico (-0.0% per month) and Brazil (+18.0% per month).

Source: IndexBox Market Intelligence Platform 

cola
Global Trade Daily, Market insight

Nitro-infused Cola Market To Accumulate US$ 151.2 Million By 2033

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According to Fact.MR, a market research and competitive intelligence provider, the global nitro-infused cola market is forecasted to touch US$ 151.2 million by 2033, increasing rapidly at 22.3% CAGR from 2023 to 2033.

Nitro-infused beverages are carbonated drinks infused with nitrogen gas, giving them a creamy and smooth feel. Nitro-infused coffee and beer have grown in popularity in recent years, and the trend has now spread to other beverages such as cola. A nitro-infused cola is a form of carbonated beverage that is injected with nitrogen gas, resulting in a creamier and smoother texture than standard carbonated sodas. Nitrogen gas is commonly used to lend a frothy, velvety texture to beverages such as coffee and beer, and it is now being employed to offer an unusual experience with soft drinks as well.

Nitrogen is infused into cola by dissolving the gas under high pressure in the liquid. Consequently, the drink features a creamy head, comparable to a latte or stout beer. This creamy head not only looks good but also improves the drink’s texture, making it smoother and creamier. Nitro-infused cola is gaining popularity as a speciality beverage, especially at craft soda shops and cafes. The addition of nitrogen produces a different drinking experience from typical carbonated sodas, and it’s a delightful way to enjoy a familiar beverage with a twist.

Growing demand for distinctive and artisanal beverages is one of the primary drivers of the worldwide nitro-infused cola market. Customers want new and interesting products that provide a different taste experience than conventional sodas. Nitro-infused cola can have a creamy texture and a distinct flavor profile, distinguishing it from other beverages. Another main reason is the growing interest in health and wellness. Nitro-infused cola can be perceived as a healthier alternative to conventional soda, as it contains less sugar and calories.

Key Takeaways from Market Study

  • The global nitro-infused cola market amounted to US$ 20.2 million in 2023.
  • The market for nitro-infused cola is predicted to reach US$ 151.2 million by 2033.
  • Demand for nitro-infused cola is predicted to surge at a CAGR of 22.3% from 2023 to 2033.
  • The United States market is expected to garner US$ 72 million by 2023.
  • Consumption of draft cola is projected to increase at a CAGR of 22.9% during the forecast period.

“Consumers’ growing interest in alternative and artisanal beverages is a major factor boosting the global market for nitro-infused cola products. More consumers are looking for unique and interesting products that are different from the mass-produced options available in supermarkets. Nitro-infused cola is a more premium and specialized version of traditional cola, which may appeal to those who are willing to pay more for a unique drink experience,” says a Fact.MR analyst.

Regional Analysis

North America is dominating the global nitro-infused cola market due to the presence of leading market players in the United States. Asia Pacific, backed by China, India, Japan, and South Korea, is witnessing considerable growth in the worldwide market. Moreover, the United Kingdom is pushing the growth of the European market.

fish
Global Trade Daily, Market insight, United states news

 U.S. Frozen Fish Import Grows Markedly to $476M in March 2023

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 U.S. Frozen Fish Imports

In March 2023, approximately 56K tons of frozen fish were imported into the United States; leveling off at the previous month. Over the period under review, imports, however, showed a noticeable setback. The pace of growth was the most pronounced in May 2022 when imports increased by 15% month-to-month.

In value terms, frozen fish imports expanded significantly to $476M (IndexBox estimates) in March 2023. Overall, imports, however, saw a slight descent. The most prominent rate of growth was recorded in May 2022 with an increase of 12% month-to-month.

Imports by Country

China (14K tons), Vietnam (7.4K tons) and Chile (6.7K tons) were the main suppliers of frozen fish imports to the United States, together accounting for 50% of total imports. These countries were followed by Indonesia, Norway, Mexico, Peru, Iceland, Canada, Taiwan (Chinese), Ecuador, Japan and Brazil, which together accounted for a further 36%.

From March 2022 to March 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +4.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen fish suppliers to the United States were Chile ($91M), China ($71M) and Norway ($49M), with a combined 44% share of total imports.

Chile, with a CAGR of +2.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Imports by Type

In March 2023, frozen fish fillet (41K tons) constituted the largest type of frozen fish supplied to the United States, with a 72% share of total imports. Moreover, frozen fish fillet exceeded the figures recorded for the second-largest type, frozen whole fish (15K tons), threefold.

From March 2022 to March 2023, the average monthly rate of growth in terms of the volume of import of frozen fish fillet amounted to -2.2%. With regard to the other supplied products, the following average monthly rates of growth were recorded: frozen whole fish (-2.8% per month) and frozen fish meat (-5.2% per month).

In value terms, frozen fish fillet ($392M) constituted the largest type of frozen fish supplied to the United States, comprising 82% of total imports. The second position in the ranking was held by frozen whole fish ($77M), with a 16% share of total imports.

Import Prices by Country

In March 2023, the frozen fish price stood at $8,452 per ton (CIF, US), surging by 8.8% against the previous month. In general, the import price recorded modest growth. The growth pace was the most rapid in April 2022 when the average import price increased by 9% month-to-month. The import price peaked in March 2023.

Prices varied noticeably by the country of origin: the country with the highest price was Japan ($18,372 per ton), while the price for Mexico ($2,334 per ton) was amongst the lowest.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by Norway (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

industrial
Global Trade Daily, Technology

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

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

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

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

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

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

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

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

Regional Landscape

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

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

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

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

The Paris Declaration & ISA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Competition

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

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

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