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Smart Grid Sensor Market is projected to reach a valuation of US$ 2.39 billion by 2033

sensor

Smart Grid Sensor Market is projected to reach a valuation of US$ 2.39 billion by 2033

According to a recently released report from Fact.MR, a leading provider of market research and competitive intelligence, the global Smart Grid Sensor Market has achieved a scale of US$ 587.3 million in 2023 and is anticipated to witness substantial growth at a noteworthy CAGR of 15.1% throughout the forecast period (2023 to 2033).

Smart grid sensors play a pivotal role in reshaping the energy landscape towards a sustainable future. They are integral in the modernization of electrical grids and addressing the challenges posed by a dynamic energy environment. These innovative sensors deliver real-time data crucial for optimizing energy distribution, integrating renewable energy sources, and improving grid reliability.

As the world increasingly focuses on sustainability and environmental stewardship, smart grid sensors are propelling the shift towards a cleaner and more efficient electrical grid. They contribute to the reduction of carbon emissions, supporting a resilient energy future. Smart grid sensors actively monitor and control grid operations, enable demand response, and facilitate the integration of electric vehicles. Thus, they emerge as indispensable components in establishing a sustainable, reliable, and environmentally responsible energy infrastructure for the years ahead.

Key Takeaways from Market Study

·         The global smart grid sensor market is projected to expand at 15.1% CAGR and reach US$ 1.87 billion by 2033-end.

·         The market was valued at US$ 520.4 million in 2022, after expanding at a CAGR of 11.3% from 2018 to 2022.

·         Sales of voltage/temperature smart grid sensors are projected to increase at a CAGR of 17.3% through 2033.

·         The United States market for smart grid sensors is predicted to expand at a CAGR of 17% during the forecast period (2023 to 2033).

Market Growth Developments

Market players are adopting various strategies to strengthen their position and capitalize on emerging opportunities. Some of these strategies include identifying the target, advancing the technology, expanding their innovation, and increasing environmental sustainability, production, procurement, and supply chain. Establishing strategic partnerships with other industry stakeholders to access new markets and distribution channels.

Companies are also investing in marketing and branding efforts to raise awareness about the benefits of their products and differentiate themselves from competitors. By pursuing these growth strategies, market players aim to foster sustainable growth, gain a competitive edge, and meet market demands.

In 2023, the United States market is valued at US$ 128.5 million and is anticipated to grow at a compound annual growth rate (CAGR) of 15.9% from 2023 to 2033.

Smart grid sensors offer a multitude of advantages in the pursuit of carbon-neutral electricity in the United States. They facilitate the integration of renewable energy sources by monitoring their output and ensuring efficient distribution. These sensors provide real-time data on grid performance and electricity consumption, empowering decision-makers to make informed choices and reduce energy wastage.

Smart grid sensors also play a pivotal role in supporting demand-response programs, incentivizing the use of cleaner energy sources, and bolstering grid resilience. Therefore, investments in smart grid sensors, alongside other clean energy technologies and policies, are imperative for the United States to attain its goal of achieving carbon pollution-free electricity.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the smart grid sensor market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study reveals essential insights based on sensor (voltage/temperature smart grid sensors, outage detection smart grid sensors, transformer monitoring smart grid sensors, dynamic line rating smart grid sensors, others), application (smart energy meters, SCADA, advanced metering infrastructure [AMI], others), and end user (public grid operators, private grid operators), across major regions of the world (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa).

asset management

Unveiling the Dynamics of the Asset Management System Market: Trends, Benefits, and Future Prospects 

Research Nester is excited to share the findings of study on the burgeoning Asset Management System Market. We expect this sector to experience a growth rate of 14% from 2023 to 2035. One of the drivers behind this growth is the rising importance of effective risk management as well as the increasing demand for automated solutions and the preference, for cloud based options.

Managing assets in todays paced world can be quite overwhelming. Whether its keeping track of inventory or monitoring equipment there are components that require efficient management for a business to thrive. This is where asset management systems come into play. They offer organizations a centralized platform to effectively oversee their assets resulting in saved time and resources. Why are these systems so crucial? Well just imagine the chaos of keeping tabs on all your company’s assets—it would be an absolute nightmare! Asset management systems automate this process making it significantly easier and more efficient for businesses to operate smoothly.

Advancements in Technology

The market for asset management systems is experiencing growth due to various technological advancements that have simplified the tracking and management of assets. Among these advancements RFID technology stands out as a game changer. By utilizing radio waves RFID enables real time asset tracking revolutionizing how companies manage their inventory with accuracy and efficiency. It has been observed that implementing RFID technology in the supply chain can enhance inventory accuracy to a 99.99%. Moreover, manufacturers and distributors who adopt this technology in their operations experience an 84% improvement in shipping and picking accuracy. With real time inventory tracking capabilities companies gain access, to precise information allowing them to optimize their supply chain operations accordingly.

Growing Need for Efficient Asset Tracking

Efficient tracking of assets is crucial for any organization aiming to optimize its operations and cut down on costs. Businesses that successfully implement IT asset management can enjoy savings of up to 32% in the year with consistent savings of at least 6% in each subsequent year. By monitoring assets, in real time companies can identify areas of inefficiency and make informed decisions regarding resource allocation. For instance, a manufacturing company could utilize an asset management system to track the whereabouts and usage of production equipment. By analyzing this data, they can pinpoint which machines are being underutilized and which ones are being overworked enabling them to make adjustments that increase efficiency while minimizing downtime.

In 2022, The Healthcare Industry Emerged as The Force, In the Market Share of Asset Management Systems.

The healthcare industry has experienced a rise in the demand for asset management systems primarily due to the necessity of managing supply chains tracking inventory and ensuring efficient staff operations. According to statistics nurses spend hours each day searching their facilities for vital equipment required to serve their patients. Given that hospital workers typically spend an average of 70-75 minutes looking for assets, it’s not an overstatement to say that having access to critical equipment can make a life or death difference. These systems aid nurses and other healthcare providers, in locating the necessary equipment saving them valuable time and enabling them to provide enhanced patient care. Moreover, these systems assist healthcare organizations in cutting costs by streamlining operations and facilitating asset tracking.

Regional Overview of the Asset Management System Industry in North America

The asset management system market in North America is projected to generate the revenue reaching approximately USD 10 billion by the end of 2035. This can be attributed to the presence of a number of IT companies operating in the region. By the end of 2021, it was anticipated that there would be least 584,000 IT enterprises in the United States alone. Furthermore, advancements in technology such as the Internet of Things (IoT), artificial intelligence (AI) and machine learning have greatly improved the capabilities of asset management systems used by companies. These technological developments have facilitated efficient monitoring and management of assets resulting in increased adoption rates.

Important participants, in the Asset Management System industry include ABB Ltd., Adobe, Brookfield Asset Management, Honeywell International Inc., IBM Corp., Oracle Corporation, Rockwell Automation, Siemens AG, WSP Global Inc., Zebra Technologies Corporation and others. 

 

dutch scale capital

Global Semiconductor Capital Equipment Market is Expected to Generate a Worth of US$ 161 Billion by Forecast ending 2033

According to a report by Future Market Insight, the global semiconductor capital equipment market is expected to exhibit significant growth between 2023 and 2033. The market is projected to reach a value of US$ 161 billion by 2033, with a CAGR of 7.0%. This represents a substantial increase from its estimated value of US$ 82 billion in 2023.

The market growth is primarily driven by the growing demand for advanced electronic devices. These devices require high-performance semiconductors. Emerging technologies heavily rely on semiconductors for processing power. Therefore, the demand for semiconductor capital equipment is increasing.

The trend toward miniaturization and increased functionality of electronic devices is driving semiconductor manufacturers. They are adopting advanced manufacturing techniques and investing in cutting-edge capital equipment. Additionally, the shift toward 5G technology is further fueling the demand for semiconductor capital equipment.

The increasing complexity of manufacturing processes is anticipated to offer opportunities for semiconductor capital equipment manufacturers. Advanced packaging techniques are contributing to this complexity. Capital equipment manufacturers can develop innovative solutions to meet the demands of these processes.

The growing demand for electric vehicles and renewable energy technologies is driving the adoption of specialized semiconductors. The production of semiconductors for electric vehicles and renewable energy technologies requires specialized equipment.

The trend toward Industry 4.0 initiatives is increasing the demand for advanced semiconductor capital equipment. Manufacturers are seeking to automate production processes and improve productivity. This drive for automation and efficiency requires advanced equipment.

The increasing focus on cybersecurity in the semiconductor industry presents prospects for manufacturers. There is a growing demand for secure chips and robust encryption technologies. The intersection of smart manufacturing and cybersecurity is expected to create an exceptional opportunity for semiconductor capital equipment suppliers.

The rapidly growing consumer electronics market is likely to present significant opportunities for semiconductor capital equipment manufacturers. Semiconductor manufacturers require advanced equipment to meet the demands of this expanding market.

Key Takeaways:

  • The semiconductor capital equipment industry in the United States is predicted to reach US$ 26.7 billion by 2033.
  • The semiconductor capital equipment industry in the United Kingdom is estimated to expand at a CAGR of 5.4% between 2023 and 2033.
  • During the forecast period, the semiconductor capital equipment industry in China is expected to reach a market valuation of US$ 42.2 billion.
  • The semiconductor capital equipment industry in Japan is predicted to boom at a 7.2% CAGR through 2033.
  • South Korea’s semiconductor capital equipment industry is predicted to achieve a market revenue of US$ 10.1 billion by 2033.
  • With a CAGR of 6.9% from 2023 to 2033, the wafer-level manufacturing equipment segment is expected to dominate the semiconductor capital equipment industry.
  • With a CAGR of 6.8%, the memory manufacturers segment is expected to dominate the semiconductor capital equipment industry until 2033.

Competitive Landscape:

Here are certain notable approaches being implemented by key players to protect their competitive edge and capitalize on market opportunities:

  • Development of advanced and innovative semiconductor manufacturing equipment to cater to the increasing demand for high-performance chips.
  • Expansion of product portfolios to offer a comprehensive range of equipment for various stages of the semiconductor manufacturing process.
  • Focus on research and development activities to improve equipment performance, efficiency, and productivity.
  • Collaborations and partnerships with semiconductor manufacturers to jointly develop customized solutions.
  • Geographical expansion to tap into new regional markets and capitalize on the growing demand for semiconductor capital equipment.
  • Strategic acquisitions of smaller companies or technologies to gain a competitive edge and expand market presence.

Recent Developments:

  • Lam Research opened its second research and development center in India in September 2022. The primary objective is to empower local engineers to finalize designs and decrease reliance on their counterparts in the United States.
  • KLA Corporation unveiled its intentions to create a fresh research and development division as well as a manufacturing center for its SPTS division in the United Kingdom in September 2022.
mapping

Mobile Mapping Market Size to Surpass US$ 100 Bn by 2032

As per the report by Global Market Insights, Inc. “Worldwide Mobile Mapping market was valued USD 20 billion in 2022 and will surpass a revenue collection of USD 100 billion by 2032 with an annual growth rate of 15% over 2023 to 2032.”

The mobile mapping market is set to witness robust growth between 2023 and 2032, primarily owing to the increasing demand for mobile mapping in telecommunication and transportation sectors, since expanding telecommunication infrastructure requires accurate land-based maps for the construction of cable networks. Besides, the rising usage of optic fibers to run smart cities will also fuel the market demand during the next decade.

In addition, key providers operating in the mobile mapping market are also engaging in expanding their portfolios and entering meaningful mergers and acquisitions to strengthen their overall position. Citing an instance, in May 2022, Leica Geosystems launched Leica Pegasus TRK, a new mobile mapping system. As per reports, the new solution relies on AI for its mobile mapping functions and uses expandible imagery systems and laser scanning for measuring, recording, and visualizing environments.

The mobile mapping industry has been segmented in terms of component, hardware, software, services, application, end-user, and region.

The services segment is set to account for more than 15% market share by 2032. The segmental growth can be accredited to the ongoing development of technologies such as laser scanners, cameras, IMUs, and GPS/GNSS. Besides, increasing awareness about the utility and benefits of mobile mapping technology in the BFSI and retail sectors will also drive the market demand.

The market is likely to be defined through the imaging devices segment, which will witness significant growth during 2023-2032. Imaging devices are increasingly adapted in various mobile mapping applications including construction, defense, disaster management, and others.

The GIS data collection segment is anticipated to register more than 15% CAGR between 2023-2032. GIS data is widely collected for defense-related mapping works. This implies that increasing defense budget by countries across the world would potentially bolster the demand for the mobile mapping. For instance, in the USA, the military budget was valued at whopping USD 800.67 billion in 2021, depicting a 2.86% hike from 2020.

The mobile mapping industry will hold more than 25% market share by 2032 end. The regional market growth will be driven by the introduction of favorable government policies by countries such as Italy, Germany, and the UK, aimed toward promoting the usage of georeferencing. Besides, the rising popularity of smartphones and increasing demand for self-driving cars will also spur the product demand. As per reports, smartphone penetration rate in the United Kingdom stands at 79.3%, followed by France and Germany with 78.8% penetration, respectively.

The Mobile Mapping market consists of Google LLC, Apple Inc., Microsoft Corporation, Alibaba Group, Baidu Inc. 

 

communication

Global IoT Communication Protocol Market to Surpass US$ 24.6 Billion by 2032 Amid Skyrocketing Demand for Smart Home Appliances

In 2032, the IoT communication protocols Market is anticipated to be worth US$ 24.6 Billion. In 2022, its estimated value was US$ 15.9 Billion. It is likely to see a CAGR of 4.5% between 2022 and 2032.

Consumer electronics are integrating IoT communication protocols as they enable connectivity and communication across devices. These facilitate the development of connected and smart products further.

These protocols give data sharing a defined structure and make it possible for devices from various manufacturers to work together. They aid in guaranteeing smooth data transport and communication. Smart home appliances frequently use Wi-Fi to connect to a network at home and the internet.

Bluetooth is often utilized in audio and wearable technology. Consumer gadgets using IoT connection protocols can perform functions, including remote monitoring & control, real-time data analysis & feedback, and improved device compatibility.

Standardization and interoperability through IoT communication protocols are vital as IoT devices are being adopted more widely in consumer electronics. These are improving user experience and enabling smooth data sharing and communication between devices.

Demand for IoT communication protocols that can support edge devices is expected to increase. Edge computing, which involves processing IoT data at the edge of networks, is set to become highly popular by 2032.

Edge computing decreases the quantity of data that needs to be transferred to the cloud and allows for real-time data processing. It can lower the need for bandwidth while enhancing device performance.

The usage of IoT has increased significantly recently all across the world. Around 8.6 billion IoT devices were present worldwide in 2019. As IoT device adoption accelerated globally, the total number of IoT devices was estimated to be 12.14 Billion in 2022.

By 2030, it is predicted that there will be about 23.14 Billion IoT devices on the planet. The need for IoT communication protocols is anticipated to rise over the course of the assessment period, as there are more IoT devices in use worldwide.

Key Takeaways:

  • The global IoT communication protocol industry exhibited a CAGR of 3% in the historical period from 2017 to 2021.
  • The United States IoT communication protocol industry is expected to be worth US$ 7.5 Billion by 2032.
  • The United Kingdom IoT communication protocol industry is anticipated to reach a valuation of US$ 1.2 Billion in 2032.
  • By type, the Wi-Fi segment is expected to bolster at a CAGR of 4% from 2022 to 2032.
  • Based on application, the consumer electronics segment exhibited a CAGR of 0% from 2017 to 2021.

Competitive Landscape:

Leading developers of IoT communication protocols are concentrating on creating real-time protocols to support IoT applications. Applications, including industrial automation, smart grid management, and autonomous cars would call for quick and dependable data interchange.

Several additional businesses are creating protocols that can be connected with cloud services. They want to make it possible for IoT systems and devices to be managed, monitored, and have their data analyzed remotely. Scalable protocols that can handle a lot of devices and data traffic are still being developed.

For instance,

  • In April 2020, Infineon Technologies revealed its acquisition of Cypress Semiconductor. It encompasses Cypress’s range of IoT communication technologies, specifically Wi-Fi and Bluetooth. Through this acquisition, Infineon Technologies is aiming to enhance its IoT solutions for clients and broaden its range of offerings.
NFC chip

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

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).

telepresence

Telepresence Robot Market is Estimated to reach US$ 1.6 Billion by the End of 2033

The global telepresence robot market is expected to reach a valuation of US$ 1.6 billion by the end of 2033, expanding at an exceptional CAGR of 17% during the assessment period (2023 to 2033). Rising demand for telepresence robots from the healthcare industry is expected to drive market growth opportunities over the next 10 years.

A telepresence robot is a smartphone- or computer-controlled robot with an alien presence. Telepresence robots are also referred to as ‘Skype on Wheels’. Telepresence avatars offer various varieties and the robot can control the complete view of its surroundings instead of having a stationary view of target participants.

Improved operational efficiency in different medical organizations owing to technological advancements and virtual interactions through telepresence robots is anticipated to drive market growth. Telepresence robots come with different features, including zoom capabilities, laser pointers, and self-directed driving for improved convenience and communication. Users can interact and view remote environments, including manufacturing plants, nursing homes or hospitals, and warehouses, by using these robots.

Get Crucial Business Analysis (PDF): https://bit.ly/3KYpZnX

Key Takeaways from Market Study

  • The global telepresence robot market is valued at US$ 334 million in 2023.
  • Worldwide demand for telepresence robots is predicted to increase at a high-value CAGR of 17% from 2023 to 2033.
  • The global market is forecasted to reach a valuation of US$ 1.6 billion by the end of 2033.
  • North America is projected to hold a significant share of global market revenue over the next 10 years.

“Growing advancements in robotic technology, increased adoption of telepresence robots in residential & educational sectors, and rising R&D activities for product advancements are predicted to generate lucrative opportunities for players in the target industry,” says a Fact.MR analyst.

Increasing Demand for Telepresence Robots in Healthcare Industry

In recent years, there has been a noteworthy increase in the demand for telepresence robots in the healthcare industry, which is further accelerating growth opportunities. Increased adoption of telepresence robots is attributed to the easy availability of supporting devices due to their cost-effectiveness. Moreover, technological advancements in telepresence robots to increase the operational effectiveness of medical procedures are also contributing to enhanced market growth.

Market Suffering from Rising Technical Complexities and Lack of Secure Communication Protocol

There are certain technical complexities, which are leading to operational failures. These complications associated with the operation of telepresence robots are also estimated to curtail expansion opportunities. The lack of a secure communication protocol is also anticipated to further challenge providers of telepresence robots.

Winning Strategies

Key market players are investing in new developments, product launches, etc., to provide more efficient solutions and to gain a competitive edge in the industry.

For instance,

  • In February 2020, GoBe Robots introduced a new telepresence robot, which is predicted to reduce the emissions of CO2 by thousands of tonnes.
  • In August 2019, Blue Ocean Robotics acquired Beam, which is a remote-controlled telepresence robot. As per Blue Ocean Robotics, the company has taken sole possession of facilities, which work on hardware inventories, Beam robots, and other related assets.

Key service providers of telepresence technology are Double Robotics, Suitable Technologies, Inbot Technology, Mantaro Networks, VGO Communications, Qihan Technology Co. Ltd., Ava Robotics Inc., Omron Corporation, iRobot Corporation, and Fellow Inc.

More Valuable Insights on Offer

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

The study divulges essential insights into the market based on component (head, body), type (stationary, mobile), and application (education, enterprise, healthcare, homecare, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

newsight

Newsight Imaging Launches MT LiDAR 3.1, a State-of-the-Art Reference Design for Accurate 3D Mapping for Robotics and Industrial Automation Markets

New reference design, based on the NSI9000 1024×480 Newsight depth sensor, will allow leading industrial players to build individualized device solutions

Newsight Imaging Ltd., a leading semiconductor innovator developing proprietary 3D machine vision sensors, spectral vision chips and systems, today announced the launch of a new member of the Multi-Triangulation (MT) LiDAR reference design family, the MT LiDAR 3.1 reference design.

MT LiDAR 3.1 is based on the NSI9000 image sensor with 1024X480 pixel resolution and on-chip peak detection feature demonstrating Newsight’s multi-triangulation technology specially designed for ultra-high accuracy for short-distance measurement applications. The new reference design enables full 3D mapping by a single scan, with 480 depth points, supporting a depth resolution of 20um – 1mm, with the ability to achieve hundreds of frames per second, making it ideal for ongoing production and structure inspection control. MT LiDAR 3.1 is offered to customers for rapid development of their full solution based on Newsight chips and technology, and is highly configurable for different applications and very flexible in coping with different scenarios and lighting conditions.

Newsight’s MT LiDAR 3.1 reference design is now available for purchase. Newsight will present the MT LiDAR 3.1 reference design at the Hannover Messe conference, at Hall 17, booth no. B52, on 17-20 April, taking place in Hannover Germany. Newsight was selected to showcase its technology by GINSUM (German Israeli Network of Startup and Mittelstand) that is funded by the German government and aims to match Israeli startups with companies and business stakeholders in Germany.

solar panel

The Population Growth in Developing Nations has had a Direct Impact on the Production of Solar Panel

According to Future Market Insights’ most recent market study, the Solar Panel market will be valued at US$ 165.47 Billion by 2023. The Solar Panel market value is expected to reach US$ 355.24 Billion by 2033, with a steady growth rate of 8.86%.

According to FMI data, the worldwide solar power market grew by 16.1% between 2019 and 2021. In recent years, the population growth in developing nations has had a direct impact on the production of electricity. With more people trying to reduce carbon emissions, electricity from renewable sources is seen as the best alternative to oil and coal. It is also growing at a rate that is sustainable, at 8.84%.

Solar energy uses either thermal energy (heat) or photovoltaic cells in solar panels and photovoltaic glass to generate electricity. Currently, the total amount of solar energy incidents on Earth is enormous and sufficient to meet all energy needs. If adequately tapped, this highly dispersed source has the potential to supply all future energy demands. For every kilowatt-hour produced, solar energy has a 20-times lesser environmental impact.

The environmental norms to reduce the usage of fossil fuels and carbon emissions from their combustion have increased the demand for renewable energy and its source materials. This characteristic is projected to propel market growth throughout the decade.

Historical (2018 to 2022) v/s Forecast (2023 to 2033) Market Outlook for Solar Panel Market

The worldwide solar photovoltaic (PV) market is segmented by region as follows: North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. The majority of the international market was located in Asia and the Pacific. In 2021, the area will see an increase of more than 81 GW in solar capacity. High solar irradiation and low component production costs are the major factors propelling the market. Market expansion will be driven by increased power consumption and some countries’ ambitious goals to reduce carbon emissions. China and India are two such countries. By 2021, China will have put in place solar energy plants with a combined capacity of more than 51 GW. In 2025, the country will have the most solar power capacity of any in the world. Europe has the second-largest solar capacity in the world, measured by the number of solar PV installations. In 2021, the European Union will have more than 21 GW of solar photovoltaic installations. The construction of large-scale solar farms is flourishing in this area.

These factors are mostly responsible for the growth of the European market. The European Union’s (EU) Renewable Energy Directive laid out the organization’s plan for increasing the use of renewable energy and generating its own supply. This mandate established targets for including 20.5% renewable energy in the overall energy mix. The growth of the market in this area will be sped up by the presence of such factors. Europe, Asia, and North America are experiencing rapid growth in the solar industry. Solar photovoltaic capacity is growing in North America. By 2021, off-grid solar installations in the area and Central America will have a combined capacity of more than 100 MW.

Market Dynamics

Demand dynamics of Solar panels to flourish technological efficiency of energy generation.

With the help of efficient technology like thin film and polycrystalline panel innovation, the efficiency of solar panels has increased both during the sunshine day and during the rainy season, allowing energy to be generated year-round for the first time. This has increased the demand for solar acceptance in residential areas. You can easily maintain your solar systems functioning effectively with low expense by completing periodic maintenance and keeping checks on them.

Thriving Demand for the industrial segment to expand the market for Solar Panel

Solar panels can be installed on rooftops to collect solar energy or utilised to generate captive electricity for use in the industrial manufacturing supply chain. The cost of electricity seems to increase perpetually. Electrical costs average 14% of a warehouse’s entire budget. Rooftop solar panels have lower tariff rates than commercial and industrial ones by 18% and 26%, respectively. If any company requires a great deal of electricity to run things like machinery and indoor and outdoor lighting, they need to look into renewable energy options like solar to keep expenses down.

High Initial setup expenditures along with Income Gaps and delays in government subsidy support are Constraints on the Growth

Building operational costs will be cheaper in the short and long term as a result of having solar panels put on the roof. There are two types of partnerships that may be used to put solar panels on a roof: a capital expenditure arrangement and a power purchase agreement. The consumer invests in the solar system, and the energy it generates may be utilised to power the business on a regular basis. After then, people can sell their extra power to the government. In this calculation, there is a need for an initial investment that is huge to see as an electric charge in a short time span. For a setup of a 4KW power supply, there is a need to invest 4300$ on average in East Asia and South Pacific region.

What Is the Growth Outlook of the Solar Panel Market in the USA?

In 2022, the solar photovoltaic (PV) market in the United States was estimated to be worth 11.25$ billion. Carbon emissions from traditional fuels used in transportation and electricity generation have increased, prompting environmentalists to demand that the country switches to cleaner, more efficient alternatives. The region’s economy is predicted to expand because of the rising demand for sustainable energy and favourable government regulations, subsidies, and tax breaks for installing solar PV systems. Residential and commercial sectors have been strengthened in the current time period.

Competitive Landscape

New studies from the United Nations Environment Programme (UNEP) indicate that this is the largest ever. Most of the decrease in worldwide renewable energy funding may be attributed to slower investment in such sources in Japan and China, but other smaller markets also played a role. Investment from developing nations fell by 28% overall, while investment from industrialised nations fell by 15%. As a result, renewable energy becomes increasingly cost-competitive with grid electricity without the need for subsidies. In 2017, renewable energy won major energy auctions throughout the world at pricing unimaginable a decade earlier. Unsubsidized bids in Dubai reached 2.98 cents per kilowatt hour, which was lower than those for fossil fuels. Solarpack, a company in Chile, submitted a record-low bid of 2.8 cents per kilowatt-hour in 2016, which was about half the price of the most competitive bid for coal.

For Instance,

In 2022, the Top five sellers of Solar Panel Worldwide Sunrun, Inc., Pekat Group Bhd., Insolation Energy Ltd., Stilo Energy SA, Erato Energy SA and Enerside Energy SA.

digital engineering

Global Engineering Services Outsourcing Market Set to Skyrocket at 19.67% CAGR, Reaching US$ 6,802.92 Billion by 2031

The engineering services outsourcing market is projected to experience significant growth in the next decade. The market is driven by various factors such as cost-saving, expertise, scalability, and reduced risk. The telecom industry is the largest consumer of engineering outsourcing services, with a projected revenue share of 22% by 2031.

Global engineering services outsourcing market is expected to record a revenue of US$ 6,802.92 Bn by the end of the year 2031 from US$ 1,439.97 billion in 2022. The market is growing at a compound annual growth rate (CAGR) of 19.67% during the forecast period of 2023–2031. One of the primary drivers of this growth is the increasing adoption of technology, especially in the manufacturing sector. This trend has led to an increased demand for engineering services in areas such as design, prototyping, and testing.

Another significant factor driving this market’s growth is the increasing trend of outsourcing engineering services by companies to reduce costs and enhance efficiency. The COVID-19 pandemic has further accelerated this trend as businesses have sought ways to cut costs during these challenging times. As a result, there has been an increase in demand for engineering services outsourcing, particularly in software development, cloud computing, and cybersecurity.

Moreover, globalization has played a significant role in driving the engineering services outsourcing market. Many companies are exploring new markets, particularly in emerging economies, and outsourcing engineering services to gain a foothold in these markets. As a result, there has been an increase in demand for engineering services, especially in product localization and customization.

Digitalization, Automation, and Innovation: The Current Shift in the Global Engineering Services Outsourcing Market

The global market is currently experiencing a shift towards digitalization, automation, and innovation. With the increasing adoption of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT), there is a growing demand for engineering services that can integrate and optimize these technologies.

Additionally, the COVID-19 pandemic has further accelerated this shift towards digitalization and automation, as companies are looking to reduce costs, improve efficiency, and enhance their digital capabilities. This has led to an increased demand for engineering services in areas such as digital transformation, cybersecurity, and cloud computing.

Moreover, there is a growing need for engineering services that can help companies innovate and stay competitive in today’s rapidly changing business environment. This has led to an increased demand for engineering services outsourcing market in areas such as product design and development, prototyping, and testing.

Furthermore, there is a trend towards more strategic outsourcing partnerships, with companies looking for engineering services providers that can offer end-to-end solutions and help them achieve their business objectives. This has led to an increased focus on building long-term relationships and partnerships between clients and service providers.

More than 15% Revenue in Global Engineering Services Outsourcing Market is to Come from Process Designing Services

Outsourcing has become a popular choice for companies looking to design and develop their processes. This trend is driven by a variety of factors, including cost savings, expertise, flexibility, scalability, faster time-to-market, and reduced risk.

According to recent surveys, outsourcing has become a popular choice for companies looking to design and develop their processes. The trend is driven by a variety of factors, including cost savings, expertise, flexibility, scalability, faster time-to-market, and reduced risk. A survey by Astute Analytica found that 57% of companies outsource process design to improve cost efficiency, while 47% do so to gain access to specialized skills and knowledge. It was also found that 90% of executives believe outsourcing enables them to scale up or down more easily. Outsourcing process design to countries with lower labor costs allows companies to save money on salaries, benefits, and overhead expenses associated with hiring and managing an in-house engineering team.

Moreover, outsourcing to a specialized engineering firm provides companies with access to experienced engineers who are well-versed in the latest technologies and best practices, which can help reduce the design cycle time and bring products to market faster. By leveraging the expertise of experienced engineers, companies in the global engineering services outsourcing market can identify and mitigate potential risks early in the design process, thereby reducing the risk of costly mistakes and delays. As outsourcing continues to grow in popularity, it is likely that more and more companies will rely on outsourcing to drive their innovation and growth.

Telecom Industry is Leveraging Engineering Outsourcing Services for Growth and Innovation and Generate More than 22% Revenue

The telecom industry has emerged as the largest consumer of engineering outsourcing services in recent years. By 2031, the segment is projected to generate more than 22% revenue share in the global engineering services outsourcing market. This trend is driven by several factors, including the rapid growth of the telecommunications sector, the need for specialized engineering expertise, and the increasing pressure to reduce costs and improve efficiency. The telecom industry relies heavily on engineering outsourcing services for a range of activities, including network planning and design, software development, product testing, and customer support.

Outsourcing these activities allows telecom companies to focus on their core competencies, reduce costs, and improve agility. Moreover, outsourcing to specialized engineering firms provides telecom companies with access to expertise and experience that may not be available in-house. As the demand for high-speed internet and mobile communication continues to grow, the telecom industry is expected to remain a major consumer of engineering outsourcing services in the coming years.

Capgemini Set to Make Significant Contribution to the Engineering services outsourcing market with More Than 7% Market Share

The market is highly competitive, with several players operating in the market. The top 5 players are projected to hold a revenue share of more than 29% by 2031, owing to their wide range of engineering services, including product design, simulation, testing, and prototyping.

According to Astute Analytica’s recent report on the engineering services outsourcing market, Capgemini’s position as one of the largest players in the market can be attributed to the company’s focus on innovation and digital transformation. The company has been investing heavily in technologies like artificial intelligence, IoT, and cloud computing, which has enabled it to offer cutting-edge engineering solutions to its clients.

Capgemini’s extensive experience in the engineering industry and its ability to provide end-to-end engineering services have also been key factors in its success. The company has a strong track record of delivering complex engineering projects on time and within budget, which has helped it build a loyal customer base.

Despite its leading position in the market, Capgemini faces intense competition from other major players in the industry. To maintain its market share and continue growing its business, the company will need to keep investing in new technologies and adapting to the changing needs of its clients.

Some of the Top Market Players Are:

  • Accenture
  • AKKA Technologies
  • Altair Engineering, Inc.
  • ALTEN SA
  • ASAP Holding GmbH
  • Assystem
  • AVL List GmbH
  • Bertrandt
  • Capgemini SE
  • Cognizant
  • Cyient
  • EDAG
  • ESI Group
  • Ferchau
  • Genpact
  • Geometric
  • HCL Technologies Limited
  • IAV
  • IGate
  • Infosys
  • IBM
  • ITC Infotech
  • KPIT
  • L&T Technology Service
  • Neilsoft
  • QuEST Global
  • Ranal Inc.
  • Segula Technologies
  • Semcon
  • Tata Consultancy Services
  • Tata Elxsi
  • Tata Technologies
  • Tech Mahindra
  • Wipro
  • Other Prominent Players