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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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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

esters
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U.S. Import of Methacrylic Acid Esters Plummets to $11M in February 2023

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U.S. Methacrylic Acid Esters Imports

In February 2023, overseas purchases of esters of methacrylic acid decreased by -32% to 2.5K tons, falling for the second consecutive month after two months of growth. In general, imports faced a abrupt downturn. The growth pace was the most rapid in August 2022 when imports increased by 67% m-o-m.

In value terms, methacrylic acid esters imports dropped dramatically to $11M (IndexBox estimates) in February 2023. Overall, imports recorded a abrupt decline. The pace of growth was the most pronounced in August 2022 with an increase of 50% against the previous month.

Imports by Country

Germany (518 tons), the UK (443 tons) and Brazil (382 tons) were the main suppliers of methacrylic acid esters imports to the United States, with a combined 53% share of total imports. South Korea, Japan, China, Thailand and India lagged somewhat behind, together comprising a further 46%.

From February 2022 to February 2023, the biggest increases were in South Korea (with a CAGR of +3.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest methacrylic acid esters suppliers to the United States were Germany ($2.3M), the UK ($1.6M) and Brazil ($1.4M), together accounting for 50% of total imports. South Korea, Japan, India, China and Thailand lagged somewhat behind, together comprising a further 47%.

South Korea, with a CAGR of +2.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In February 2023, the methacrylic acid esters price amounted to $4,223 per ton (CIF, US), declining by -7.4% against the previous month. Over the period under review, import price indicated notable growth from February 2022 to February 2023: its price increased at an average monthly rate of +4.2% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on February 2023 figures, methacrylic acid esters import price increased by +31.8% against December 2022 indices. The pace of growth was the most pronounced in July 2022 an increase of 63% m-o-m. Over the period under review, average import prices hit record highs at $5,399 per ton in September 2022; however, from October 2022 to February 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In February 2023, the country with the highest price was India ($5,881 per ton), while the price for Thailand ($2,612 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+22.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform 

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Archives, Global Trade Daily

 U.S. Imports of Bath Preparations Drop to $4.9M in February 2023

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 U.S. Bath Preparations

Imports Bath preparations imports into the United States fell to 1.3K tons in February 2023, declining by -11.5% against the previous month’s figure. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in August 2022 with an increase of 125% month-to-month.

In value terms, bath preparations imports contracted to $4.9M (IndexBox estimates) in February 2023. Overall, imports continue to indicate a slight downturn. The pace of growth appeared the most rapid in August 2022 with an increase of 124% against the previous month.

 Imports by Country

In February 2023, China (768 tons) constituted the largest supplier of bath preparations to the United States, with a 60% share of total imports. Moreover, bath preparations imports from China exceeded the figures recorded by the second-largest supplier, Canada (147 tons), fivefold. The third position in this ranking was held by Pakistan (105 tons), with an 8.2% share.

From February 2022 to February 2023, the average monthly growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (-0.8% per month) and Pakistan (+63.4% per month).

In value terms, Canada ($2.3M), China ($1.7M) and the UK ($223K) were the largest bath preparations suppliers to the United States, together accounting for 84% of total imports. These countries were followed by the Dominican Republic, Vietnam, India, Pakistan and Israel, which together accounted for a further 7.1%.

Pakistan, with a CAGR of +32.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In February 2023, the bath preparations price stood at $3,859 per ton (CIF, US), rising by 1.6% against the previous month. In general, the import price, however, showed a slight curtailment. The most prominent rate of growth was recorded in November 2022 when the average import price increased by 39% month-to-month. Over the period under review, average import prices attained the peak figure at $6,375 per ton in December 2022; however, from January 2023 to February 2023, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was Canada ($15,486 per ton), while the price for Pakistan ($472 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by Canada (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

semiconductor manufacturing
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Semiconductor Memory Market size to reach $340 Bn by 2032

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As per the report by Global Market Insights Inc. “Worldwide semiconductor memory market was valued at over USD 160 billion in 2022 and will surpass a revenue collection of USD 340 billion by 2032 with an annual growth rate of 7.5% from 2023 to 2032.”

Several memory chips developed for applications in intelligent machines and virtual reality gadgets by the gaming industry players are being used in gaming hardware. In addition, the growing inclination towards gaming in China and other Asian countries would significantly influence the semiconductor memory market growth in the coming years.

Besides, semiconductor memory offers faster access times compared to other types of data storage, which is further estimated to propel the market demand in the future. For example, a byte of data can be written or read from semiconductor memory in just a few nanoseconds.

The competitive landscape of the semiconductor memory industry is highly intact. The key market players are engaging in new data center establishment, R&D investment, and undertaking mergers, acquisitions, and partnerships to bolster their presence in the industry. For instance, in 2022, Samsung Electronics Co., Ltd. collaborated with NAVER Corporation to develop semiconductor solutions customized for hyper-scale artificial intelligence (AI) models. The newly developed solutions are expected to take large-scale AI performance and power efficiency to a new level.

Overall, the semiconductor memory market is segregated in terms of type, application, and region.

Considering the type, the random-access memory (RAM) segment will demonstrate sturdy growth through 2032, owing to the rising adoption of semiconductors in automotive & electronic systems, such as SRAM, DRAM, and MRAM. Besides, automobile manufacturers are making use of RAMs for everything, right from engine control to lane-change warning, which is slated to bolster its demand in the ensuing years.

Based on application, the aerospace and defense segment will be valued over USD 6 billion by 2032 end. The growth can be attributed to the rising need for memory chips due to ongoing technological innovations in military weaponry. To cite an instance, China’s leaders have made significant investments in technical fields that support artificial intelligence (AI), quantum computing, hypersonic, and microelectronics, with intentions to create a “fully modern” military by 2027.

Regionally, the North America semiconductor memory market was valued at over USD 40 billion in 2022 and is slated to demonstrate massive growth by 2032. The regional growth can be attributed to the developments in automation and digitalization as well as the use of memory-based elements in technically advanced products in the electronics industry in North America. In addition, various central governments are constantly investing in stabilizing the semiconductor industry, which will further offer lucrative growth opportunities over the coming years.

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US Cosmetic Exports Rise 4% to $487 Million in February 2023

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U.S. Cosmetics Exports

In February 2023, overseas shipments of cosmetics decreased by -3.3% to 14K tons, falling for the fourth month in a row after three months of growth. In general, exports, however, trend pattern. The pace of growth was the most pronounced in March 2022 when exports increased by 28% month-to-month.

In value terms, cosmetics exports expanded slightly to $487M (IndexBox estimates) in February 2023. The total export value increased at an average monthly rate of +1.2% from February 2022 to February 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in March 2022 when exports increased by 27% against the previous month.

Exports by Country

Canada (2K tons), China (1.4K tons) and the UK (1.3K tons) were the main destinations of cosmetics exports from the United States, with a combined 34% share of total exports. These countries were followed by Mexico, Australia, the United Arab Emirates, France, Singapore, the Netherlands, Belgium, South Korea, Malaysia and Switzerland, which together accounted for a further 37%.

From February 2022 to February 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +6.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cosmetics exported from the United States were Canada ($110M), China ($59M) and Australia ($37M), together comprising 42% of total exports. These countries were followed by the UK, Singapore, France, Mexico, Switzerland, South Korea, Belgium, the United Arab Emirates, the Netherlands and Malaysia, which together accounted for a further 34%.

Singapore, with a CAGR of +6.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Beauty, make-up and skin care preparations (11K tons) was the largest type of cosmetics exported from the United States, accounting for a 83% share of total exports. Moreover, beauty, make-up and skin care preparations exceeded the volume of the second product type, manicure or pedicure preparations (680 tons), more than tenfold. Lip make-up preparations (610 tons) ranked third in terms of total exports with a 4.5% share.

From February 2022 to February 2023, the average monthly rate of growth in terms of the volume of export of beauty, make-up and skin care preparations was relatively modest. With regard to the other exported products, the following average monthly rates of growth were recorded: manicure or pedicure preparations (-0.3% per month) and lip make-up preparations (+3.9% per month).

In value terms, beauty, make-up and skin care preparations ($369M) remains the largest type of cosmetics exported from the United States, comprising 76% of total exports. The second position in the ranking was taken by lip make-up preparations ($38M), with a 7.8% share of total exports. It was followed by talcum powder and other powders for cosmetic use, with a 6.7% share.

From February 2022 to February 2023, the average monthly rate of growth in terms of the export volume of beauty, make-up and skin care preparations stood at +1.1%. With regard to the other exported products, the following average monthly rates of growth were recorded: lip make-up preparations (+4.5% per month) and talcum powder and other powders for cosmetic use (+2.1% per month).

Export Prices by Country

In February 2023, the cosmetics price stood at $35,779 per ton (FOB, US), surging by 8% against the previous month. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in December 2022 an increase of 16% m-o-m. As a result, the export price reached the peak level of $35,915 per ton. From January 2023 to February 2023, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In February 2023, the country with the highest price was Switzerland ($58,624 per ton), while the average price for exports to Malaysia ($17,227 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

market
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Electrical Steel Market Sales to Capture US$ 55.1 Billion by 2032

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The global electrical steel market is valued at US$ 25.9 billion in 2022 and further expand at a CAGR of 8.5% to reach US$ 55.1 billion by the end of 2032. Sales of electrical steel accounted for nearly 12.3% of the global specialty steel market at the end of 2021. Industrial growth plays a crucial part in market’s growth over the forecast period.

It is a soft magnetic material with enhanced electric properties having multivariate usage across small relays, electric motors, and generator devices. Electric steel is also referred to as transformer steel, lamination, and silicon steel. It is dominantly used in electrical and power distribution systems.

Eminent players includes Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel, Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, among others.

This material is having high permeability which is increasing capacity to support magnetic applications. The higher electrical resistivity and decreased loss of hysteresis are other qualities for preference of electric steel.

Get Crucial Business Analysis (PDF): https://bit.ly/43WdJwP

Why Germany has High Demand for the Electrical Steel?

Europe led by Germany has a high demand for the electrical steel market as increased demand for electric vehicles. Germany has a deeply rooted and evolving market for electric vehicles, and data centers also increase the demand for the market. As for the production of electric vehicle components and motors, electrical steel is preferred due to its specific properties.

Further, the data centers require high connectivity coupled with numerous transformers for enhanced operations, thus, resulting in the high adoption of product to meet the specific requirements.

Key Takeaways from Market Study

  • The global electrical steel market is valued at US$ 25.9 billion in 2022 and is estimated to grow at a CAGR of 8.5%.
  • Electrical steel market to reach US$ 55.1 billion by the end of 2032
  • East Asia tops the global market accounting for 44.5% market share.
  • During 2017-2021, sales of the market increased at 5.9% CAGR.
  • Motors accounts for the highest CAGR growth of 7.0%, over the projection period.
  • Energy sub-segment dominates with 40.7% electrical steel market share in 2022
  • Motors account for the highest CAGR growth of 7.0%, over the projection period

Recent Market Developments

Major key electrical steel market players are focusing on safe and environment-friendly materials. The companies are focusing on developing products that comply with the safety norms of local markets. With effective research, development, and innovation, global manufacturers are working on the development of new products.

Further, the companies focus on cost reduction, improvement of existing products, process improvement, development of new manufacturing methods, quality assurance, and improvement of existing manufacturing methods to gain high-profit margins.

  • In April 2022, POSCO started the construction of an electrical steel production facility. The steel manufacturer in South Korea plans to invest US$ 805 million in the construction of the plant. The facility will have an annual production capacity of 300,000 tons of NOES.
  • In May 2021, JSW Steel and JFE Steel Corporation inked a memorandum of understanding (MoU) to carry out a feasibility study for the establishment of a GOES sheet manufacturing and sales joint-venture company in India.
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U.S. Microwave Oven Cost Jumps to $75.9 per Unit

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U.S. Microwave Oven Import Price in February 2023

In February 2023, the microwave oven price amounted to $75.9 per unit (CIF, US), rising by 11% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.4%. The most prominent rate of growth was recorded in March 2022 an increase of 28% month-to-month. Over the period under review, average import prices reached the peak figure at $91.4 per unit in July 2022; however, from August 2022 to February 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In February 2023, the country with the highest price was Malaysia ($199 per unit), while the price for China amounted to $69.3 per unit.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+2.8%).

U.S. Microwave Oven Imports

In February 2023, after four months of growth, there was significant decline in overseas purchases of microwave ovens, when their volume decreased by -11.7% to 1.3M units. In general, imports saw a perceptible setback. The pace of growth was the most pronounced in May 2022 with an increase of 39% against the previous month. As a result, imports reached the peak of 2.6M units. From June 2022 to February 2023, the growth of imports remained at a somewhat lower figure.

In value terms, microwave oven imports declined slightly to $98M (IndexBox estimates) in February 2023. Overall, imports saw a pronounced shrinkage. The most prominent rate of growth was recorded in May 2022 with an increase of 28% month-to-month. As a result, imports attained the peak of $198M. From June 2022 to February 2023, the growth of imports failed to regain momentum.

U.S. Microwave Oven Imports by Country

In February 2023, China (1.2M units) was the main supplier of microwave oven to the United States, with a 96% share of total imports. Moreover, microwave oven imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (45K units), more than tenfold.

From February 2022 to February 2023, the average monthly growth rate of volume from China amounted to -4.5%.

In value terms, China ($86M) constituted the largest supplier of microwave oven to the United States, comprising 88% of total imports. The second position in the ranking was held by Malaysia ($9M), with a 9.2% share of total imports.

From February 2022 to February 2023, the average monthly growth rate of value from China totaled -3.3%.

Source: IndexBox Market Intelligence Platform 

NFC chip
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NFC Chip Market Size is Estimated to Surpass US$ 7.6 Billion Rise at 15% CAGR by 2033

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The global NFC chip market is valued at US$ 1.9 billion in 2023 and is predicted to progress at a CAGR of 15% from 2023 to 2033.

One of the key drivers of the near field communication (NFC) chip market is the increasing adoption of mobile payments across the world. Many people are now using their smartphones to make payments, and NFC technology is a key enabler of this trend. NFC-enabled smartphones can be used to make payments at point-of-sale terminals that support contactless payments, which is more convenient and secure than using cash or traditional payment methods.

Get to Know More: https://bit.ly/41Xp6Tr

Another factor boosting the sales of NFC chips is the development of the Internet of Things (IoT). NFC technology is being used in a wide range of IoT applications, from smart homes to connected cars. NFC-enabled devices can be used to exchange data and enable secure communication between devices, which is essential for many IoT applications.

Sales of NFC chips are experiencing tremendous growth, with increasing demand from various industries, including healthcare, retail, transportation, and finance. The healthcare industry is significantly using NFC technology for patient monitoring and remote healthcare services, while retailers are using it to improve the customer experience by offering several mobile payment options and personalized promotions.

Key Takeaways from Market Study

  • The global NFC chip market is expected to reach US$ 7.6 billion by 2033.
  • The United States market for NFC chips is expanding rapidly due to the presence of key market players.
  • NFC technology is widely used in the healthcare sector in Germany.
  • China is the leading market in Asia Pacific due to its increasing use in the banking sector.

“Popularity of wireless charging and NFC-enabled vehicle diagnostic systems are fuelling NFC chip sales,” says a Fact.MR analyst.

Recent Market Developments

  • STMicroelectronics introduced an affordable NFC Type 2 Tag IC with privacy features and enhanced NFC data exchange format (NDEF) in November 2021. For high-volume utilisation cases such as customer engagement, product information, and brand protection, the solution offers a balance of cost and functionality.
  • In May 2019, NXP Semiconductors and Identive, a leader in digital security and identity for the Internet of Things, developed an ultra-cheap RFID inlay.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global NFC chip market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the market based on product type (auxiliary, non-auxiliary), storage capacity (up to 64 bytes, 65 to 168 bytes, 169 to 180 bytes, 181 to 540 bytes, above 540 bytes), application (smartphones, laptops & notebooks, smart cards, televisions, point-of-sale systems, medical devices, vehicles, smart wearables), and end-use industry (automotive & transportation, consumer electronics, retail, BFSI, healthcare, building & infrastructure, media & entertainment), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

face mask
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Protective Face Mask Market To Hit US$ 25.78 Billion By 2032

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As per Fact.MR, a provider of market research and competitive intelligence, the global market in protective face masks is USD 10.79 Billion in 2022. The market is anticipated to grow with a CAGR of 9.1% in the forecast period. The market is estimated to surpass a value of USD 25.78 Billion by end of 2032.

The rising awareness regarding the health and safety of employees working in the manufacturing industry has increased and many protective measures are being adopted. Rising concerns regarding proper protective equipment such as protective face masks for workers in several industries such as chemical, pharmaceutical, mining, agriculture, and construction, are expected to create growth opportunities for the market.

The high cost of face masks, as well as the lack of awareness regarding the usage of face masks in undeveloped economies, are factors expected to hamper the growth of the market. These masks are majorly demanded in chemical and mining industries owing to the high need for protection.

These masks are beneficial in protecting wearers’ faces and avoiding contaminated minerals and biological items which otherwise may enter the body. The recent pandemic of Covid-19 has generated significant awareness about these masks and expected to remain in demand for the forecast period.

Regional Outlook

North America & Europe are expected to be the leading regional markets for face masks during the forecast period. Emerging economies such as India and China in the Asia Pacific are expected to witness significant growth due to the increasing usage of protective face masks in the chemical & healthcare industries. Brazil is likely to be a possible large market for face masks in upcoming years owing to high disposable income in this region.

Asia Pacific market is expected to grow rapidly as the adoption of these masks has increased owing to rising pollution. The countries like India and China are major marketplaces for these masks. Asia Pacific is one of the dominant regions for hospitals as these regions are highly populated and owe major demand for hospital supply and lucrative opportunities for manufacturers.

Competitive Landscape

The industry has intensified competition as there are many competitors in the market. These companies are consistently investing in product research and technological upgradation in order to speed up production and save labor costs. Innovation, collaboration, and expansion are key tactics used by these firms to maintain a market edge over other firms.

Manufacturers have focused on technological innovation and trying to meet local and international standards in mask formation. The major players in this market benefitted from the development of automotive parts owing to cost-effectiveness. These firms are enhancing precision levels with the adoption of needed technology and it is expected to increase the commercialization of these tools in the forecast period.

transformer market
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Transformers Market Size to Reach USD 93 Bn by 2030

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As per a recent industry report put forward by Global Market Insights, Inc. Transformers Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 93 billion by 2032 with a projected CAGR of 7.1% over 2023-2032.

The market growth is driven by the proliferation of advanced transformer technology and the ongoing expansion of the grid infrastructure across the globe.

Recently, industry players in the transformer market have been making significant investments towards infrastructural advancements, which has positively boosted the market growth.

In fact, back in August 2022, Siemens Energy, the German energy giant, announced plans to deliver the first batch of $64 million mega transformers in Nigeria commissioned by the Federal Government under the PPI or Presidential Power Initiative by September 2022. To increase and stabilize the nation’s electrical supply, the first phase will include 10 mobile power sub-stations as well as 10 mega transformers.

The transformer market has been segmented in terms of core, product, winding, cooling, insulation, rating, mounting, application, and region.

Based on product, the sector has been divided into distribution transformer and power transformer. The distribution transformation segment is set to witness a propelling market growth through the forthcoming years owing to the growing concerns about energy security and exponentially escalating energy use in underdeveloped economies.

Also, rapid grid infrastructure growth and accelerated growth in the renewable energy sector created a favorable environment for business expansion.

With respect to cooling, the transformer market has been segmented into dry type and oil immersed. The dry-type segment is anticipated to record a yearly installation of nearly 8 million through 2030 due to the significant attributes of dry-type transformers such as competitive cost structure as well as operational safety.

However, the devices have yet to establish a sustained market share in high-voltage electrical applications, considering their enormous industrial growth potential.

Based on insulation, the industry has been categorized in terms of air, gas, oil, and solid. The air & gas insulated power transformers is slated to grow at a significant rate over the review timeline because of the increasing market penetration due to their reliable and safe operations as well as adaptable product applications.

In terms of application, the transformer industry has been bifurcated into residential, commercial & industrial, and utility. The commercial & residential segment is projected to grow at a sturdy rate through the forecast years credited to the increasing focus on the incorporation of wide-ranging frequency distribution links, combined with rising energy-efficiency concerns. The growing need for ultra-high voltage networks will further fuel product demand.

From the regional front, the Middle East & Africa transformer market is set to register considerable market valuation owing to the lack of grid infrastructure across all the nations and rising power consumption.

The industry outlook will be driven by rising private support from financial organizations like the IFC, the World Bank, and the Asian Development Bank for electrification throughout the area.