Author: industrytechnologyreports

HVAC Control Systems Market Size Worth $29.2 Billion By 2025

The global HVAC control systems market size is expected to reach USD 29.2 billion by 2025, expanding at a CAGR of 12.2%, according to a study conducted by Grand View Research, Inc. The rise in demand for HVAC equipment and advent of smart controllers are some factors anticipated to positively affect market growth. The growing adoption of building management systems is also expected to impel market growth.

Advancements in the field of sensors is anticipated to offer opportunities for market growth over the forecast years. Numerous sensors including temperature and humidity form a core component of any HVAC system. These sensors gather real-time data and help smart functioning of the equipment by analyzing surrounding changes.

Technological upgrades in systems that improve energy efficiency of HVAC equipment are expected to further fuel the HVAC control systems market. For instance, Siemens provides Synco 700, a primary controller equipped with KNX communication standard. KNX helps in communicating energy related information and thus saves energy wasted in unnecessary heating/cooling. Such advancements are expected to increase adoption of energy efficient systems for controlling heating, ventilation, and air conditioning over the forecast period.

Furthermore, the rising demand for replacement and retrofit of controllers is expected to drive the market growth. Considering high installation costs, consumers seldom replace their heating, ventilation, and air conditioning equipment. However, just changing a unit used to operate the HVAC equipment can increase its efficiency. Thus, the demand for replacement and retrofit systems is anticipated to surge over the next six years.

The Asia Pacific market held largest market share in 2018 and is anticipated to continue its dominance over the forecast period. This is attributed to rising demand for heating, ventilation, and air conditioning in emerging economies such as India and China. In addition, rising disposable income among consumers will drive the regional market. The North America market is likely to exhibit more than 10% CAGR over the forecast period. This is attributed to rising adoption of smart homes in the region. In addition, presence of key market players in the region such as Nest and Honeywell will drive the market in this region.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/hvac-control-systems-market

Further key findings from the report suggest:

  • The global HVAC control systems market is gaining traction owing to increasing popularity of building management systems that provide ease of controlling all the connected equipment in a building
  • The sensors segment accounted for a market share of over 30% in 2018 owing to the use of multiple sensors in HVAC controllers. These sensors are essential for measuring the environment condition and sending signals to the controller
  • The integrated control segment is anticipated to grow at a substantial CAGR of more than 12.0% from 2019 to 2025 owing to ease and comfort it offers by combining functions of multiple controllers in a single unit
  • The commercial segment is anticipated to witness healthy growth due to increasing demand across the hospitality sector
  • Climate change and increasing awareness regarding energy conservation are the primary growth drivers for the Asia Pacific market.

BFSI Security Market Size Worth $74.3 Billion By 2025

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth. Data related to the banking, financial services and insurance security (BFSI) industry is highly sensitive in nature as it contains personal or financial credentials. Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.

Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market. For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered. The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers. A generic solution would not have been enough to track this malware and that would have led to loss of large amounts of sensitive financial data.

Banking and insurance payment gateways require robust safety solutions to prevent breaches and enable secure transactions. Financial databases stored on cloud create need to verify safety systems of the cloud service provider. The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.

Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software. It has caused various companies to make huge investments in cybersecurity. Furthermore, governments across the globe have laid down stringent regulations to protect digital data related to BFSI. Such regulations have mandated response testing of threat management systems used in banks and insurance companies.

The industry includes a large number of Tier 1 companies that account for a majority share in the market. Industry giants acquire or collaborate with smaller players for sharing expertise and resources. Collaborations among big and small market players enable development of innovative products and services. The market is highly competitive in nature owing to the presence of major market players offering advanced safety solutions to the BFSI industry. Companies invest in R&D to develop innovative products for financial institutions. In addition, they adopt business strategies such as mergers and acquisitions to expand their product portfolio and gain a competitive edge.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/bfsi-security-market

Further key findings from the report suggest:

  • The Physical Security Information Management (PSIM) segment is expected witness the CAGR of 18.7% over the forecast period owing to increasing cybercrimes in financial institutions
  • The encryption software segment is anticipated to exhibit the highest CAGR of 17.5% over the forecast period owing to rising need for preventing unauthorized access and hacking of data
  • Asia Pacific is estimated to be the fastest-growing regional market due to growth of fintech companies encouraging implementation of threat management solutions
  • Key market players in the BFSI security market include DXC Technology Company; Axis Communications; Honeywell International, Inc.; McAfee, Inc.; Sophos Ltd.; Symantec Corporation; IBM Corporation; Dell EMC; Bosch Security Systems; and Booz Allen Hamilton, Inc.

Aircraft MRO Market Size Worth $104.46 Billion By 2025

The global aircraft MRO market size is expected to reach USD 104.46 billion by 2025, registering a CAGR of 4.7% during the forecast period, according to a new report by Grand View Research, Inc. The growing influx of aircraft OEMs into the MRO sector traditionally dominated by specialized maintenance providers has opened up new avenues for the market growth.

As per the International Air Transport Association (IATA), MRO activities contribute to about 15% of the total operating cost of the airlines. The OEMs as well as specialized MRO providers are making significant investments in new technologies to enhance their service quality and operational efficiency. Profitability of aviation industry hinges on the maintenance of old fleet rather than the sale of new aircraft, which has elevated the importance of the aircraft MRO market.

The service providers in the market constitute of separate department of airline operators or independent MRO providers. These service providers are transforming into full-service suppliers and their role is expected to become a one stop-shop to cater to all of the airline’s MRO needs. For instance, Lufthansa Technik have advanced technical capabilities and have succeeded in selling power-by-the-hour contracts.

In North America, independent MRO providers offer lucrative opportunities for experienced and skilled workers and attractive pay packages to address the growing demand for maintenance activities. For instance, mechanics and avionics technicians lead the laborers’ demand, followed by electrical and software engineers. In 2018, the region witnessed a steep rise in outsourcing for MRO spending.

France-based Airbus S.A.S.-one of the most prominent aircraft manufacturers-is developing its Air+ program, which offers the opportunity to MRO providers of collaborating with other players to seek the best services and to develop customized MRO solutions. The company is also keen on setting MRO service centers in Asia Pacific countries such as India within a partnership mode.

Since February 2019, AFI KLM E&M have been deploying mobile climbing robots in its line maintenance operations. The company is looking forward to integrate climbing robots with Donecle drones for aircraft inspections, used since 2016.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/aircraft-mro-market

Further key findings from the report suggest:

  • Aircraft and engine manufacturers such as Rolls-Royce and Boeing are putting additional focus on aircraft maintenance business and offering total care solutions
  • The opportunities for independent MRO providers are expected to remain buoyant as airlines are expected to continue outsourcing maintenance work for them to focus on their core business, although OEMs are gradually foraying into the MRO space considering the profitability involved
  • Electronic systems are swiftly replacing the mechanical systems. Increasing complexity of the electronic systems is expected to create demand for the skilled workforce for aftermarket service and repair activities

Mini LED Market Size Worth $5.9 Billion By 2025

The global mini LED market size is expected to reach USD 5.9 billion by 2025, at a CAGR of 86.6% over the forecast period, according to a new report by Grand View Research, Inc. Amidst rapid development of Organic Light-Emitting Diodes (OLEDs), mini LEDs have gradually forayed into the industry to bridge the application and technology gap between micro LEDs, which have not been able to overcome their inherent technical hurdles, and traditional LEDs. They are being integrated into backlight modules owing to their increased color gamut and brightness level, lower response time, and improved contrast ratio.

Increasing demand for miniaturized display in consumer electronics devices is expected to positively impact industry growth over the next few years. Mini light-emitting diodes are expected to aid chip makers in gaining market share and technology penetration. Chip sizes ranging from 100 to 200 µm were commercialized in late 2018. Consumer electronics, digital signage, and industrial displays have been the early adopters of this technology. High dynamic range and power-saving capability are some of the features that make them a suitable backlight solution for next-generation displays. Key players are expected to cash in on this opportunity by providing mini LED packages.

Currently, the applications are limited to backlighting in televisions and laptops. These light-emitting diodes have the potential to alter LCDs by decreasing the performance gap with OLED displays. Miniature LEDs are expected to grow beyond these applications in the automotive, smartphone, and digital signage segments. They are suitable for curved display and notch design, and thus in the coming years, are expected to become mainstream smartphones.

Asia Pacific is one of the prominent manufacturing hubs as there are numerous China- and Taiwan-based companies involved in the development and mass production of mini light-emitting diodes. As manufacturers themselves feel that the manufacturing cost is much higher than other technologies, the focus currently hinges on cost reduction before introducing the technology into mainstream applications. Once low-cost products are introduced, miniature LEDs are expected to expand their presence in other regional markets as well.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/mini-led-market

Further key findings from the report suggest:

  • Mini LED is expected to become one of the mainstream display technologies, and thus various vendors are reporting their developments by showcasing these products in several exhibitions and trade shows
  • The automotive display application segment is expected to exhibit the highest CAGR in mini LED market over the forecast period. Mini light-emitting diodes have high contrast and brightness ratio, which provide clarity in automotive displays, thereby ensuring safety and security
  • North America is expected to be early adopters of this technology owing to regional demand for premium gaming monitors and laptops
  • Innolux Corporation; Japan Display, Inc.; Everlight Electronics Co. Ltd.; and EPISTAR Corporation are some of the prominent companies working on the development of mini light-emitting diode technology and products.

Voice Picking Solution Market Size Worth $3.0 Billion By 2025

The global voice picking solution market size is expected to reach USD 3.0 billion by 2025, registering a CAGR of 14.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. The number of warehouses and distribution centers operating across the world is increasing rapidly in line with the growing online groceries sales; policies, such as next-day delivery, being pursued by retailers; and the subsequent growth of the eCommerce and retail industries. As a result, organizations are aggressively adopting various solutions, such as voice picking solutions, to meet the customers’ requirements. Changing consumer behavior and the growing emphasis on customer satisfaction is also prompting enterprises to opt for a voice picking solution.

Companies operating in several industry verticals are implementing some or the other kind of voice picking solution to enhance their warehouse operations. A voice picking solution is particularly used to assist in the picking process, among other tasks. It can also be integrated with RF scanning to overhaul the entire process. A typical can work efficiently even in the noisiest warehouse environments. Moreover, it is also offered with software to support multiple languages, thereby eliminating the communication barrier. Such a flexible nature is widening the application portfolio of these solutions to cover diverse industry verticals, including transportation & logistics, retail, and food & beverage, among others.

A voice picking solution can facilitate real-time communication between the warehouse management system and the distribution system. The use of voice-based technology can particularly help distribution centers in improving accuracy and productivity, reducing employee training time, and subsequently optimizing the warehouse operations. As such, a voice picking solution can help warehouses in augmenting revenues, increasing the number of customers served, and managing the inventory efficiently. All these factors are expected to contribute significantly to encourage the adoption of voice picking solutions and drive the market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/voice-picking-solution-market

Further key findings from the report suggest:

  • The software segment dominated the voice picking solution market in 2018 as large e-commerce companies emphasized on speeding up product delivery and realizing a higher return on investment
  • Benefits, such as increase worker satisfaction, enhanced customer service levels, and higher throughput, associated with voice-directed solutions are driving the market growth
  • Several retail companies and manufacturing and distribution companies are deploying a voice picking solution to reduce the cost of operations and augment the profitability
  • The Asia Pacific regional market has been gaining traction over the past few years in line with the growing emphasis on enhancing the efficiency of the warehouses in the region
  • Key players in the market include Bastian Solutions, Inc.; Dematic; Ehrhardt + Partner Solutions Limited; Honeywell International Inc.; Ivanti; Lucas Systems; Voiteq; Voxware; Zebra Technologies Corp.; and ZETES, among others.

Sweetened Condensed Milk Market Size Worth $9.4 Billion By 2025

The global sweetened condensed milk market size is anticipated to reach USD 9.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% over the forecast period. Long shelf life of the product, along with innovating packaging techniques, is expected to positively influence the market growth in the next few years.

Unflavored sweetened condensed milk dominated the global market in 2018. The product consumption has increased as a substitute for milk in countries like Thailand, Vietnam, and Indonesia. These countries use the product as a base for many traditional sweet dishes and beverages like teh terik. However, flavored variants such as caramel and chocolate are expected to witness substantial growth during the forecast period owing to popularity of these flavors among kids.

Can packaging type accounted for the maximum share in 2018, followed by bottles. High visibility of aluminum cans owing to its high recycling ability and low food spoilage rate is a main factor driving the market for can over the forecast period. However, consumer preference has shifted from cans to tubes owing to their convenient use and storage and introduction of milk tubes. These factors are expected to contribute to the overall growth of the market during the projected period.

Europe occupied the largest market share in 2018 owing to increase in production and consumption of sweetened condensed milk as a major beverage ingredient. Countries such as Germany, Poland, and U.K. contributed to the regional market growth. Consumption of this product is expected to reduce significantly due to its high calorie content and increasing awareness related to obesity.

However, the industry has high growth potential in Asia Pacific due to increasing consumption of the product in Vietnam and Malaysia. For instance, Vinamilk, one of the major players, is focusing on improving its brand penetration in Southeast Asia owing to huge demand for dairy products in these countries. This is expected to drive the overall market in the coming years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/sweetened-condensed-milk-market

Further key findings from the report suggest:

  • Tube packaging segment in sweetened condensed milk market is projected to ascend with a CAGR of 5.9% over the forecast period owing to longer shelf life and easy storage of the tube
  • Eagle brand, one of the most popular brands of sweet condensed milk, launched caramel and chocolate flavored, along with a series of recipes. The flavors were launched during the holiday season in 2015 to improve product consumption and increase product sales
  • Fraser & Neave Holdings Bhd (F&NHB) launched Milk Stix and Squeeze Tube, Malaysia’s first full cream sweetened condensed milk in such packaging to increase product sales.

Shoe Shine Machine Market Worth $72.8 Million By 2025

The global shoe shine machine market size is expected to reach USD 72.8 million by 2025 registering a CAGR of 5.95%, according to a new report by Grand View Research, Inc. Rising number of working individuals along with increasing demand for quick shoe cleaning services is projected to drive the demand for shoe polishing machines. In addition, the advent of innovative compact, portable, and automated products with dual cleaning brushes and sensors will dive the demand further. Hands-free operation of these machines is also boosting their demand.

Growing product usage in 5-star hotels, business complexes due to rapidly expanding corporate sector will also have a positive impact on the market growth. The shoe shining machine market in Asia Pacific is anticipated to ascend at the maximum CAGR from 2019 to 2025. This growth is attributed to the rapidly expanding commercial construction sector and number of commercial areas, such as hotels, restaurants, and offices, in the region. In addition, increased consumer purchasing power in emerging countries, such as India and China, is driving the sales for automated shoe polishing products, thereby augmenting market development.

Major companies in the shoe polish machine market follow several strategic initiatives, such as product launches, acquisitions & mergers, and online sales, to expand their geographical reach. For instance, in April 2019, Moneysworth & Best launched its own website for selling their products, which include shoe shine machine, creams, cleaners, soles etc. Some of the prominent industry participants include HEUTE Maschinenfabrik GmbH & Co KG; Beck Shoe Products Co.; Moneysworth & Best; Sunpentown, Inc.; Euronics Industries Pvt. Ltd.; and Dolphy India Pvt. Ltd.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/shoe-shining-machine-market

Further key findings from the study suggest:

  • The automatic product segment is projected to account for the largest revenue share over the next few years
  • The commercial application segment led the global shoe shine machine market in 2018 and accounted for a share of more than 80%
  • North America was the dominant regional market in 2018 and is projected to retain its position throughout the forecast years
  • However, APAC is estimated to register the fastest CAGR from 2019 to 2025 due to rising disposable income levels in emerging countries like India, South Korea, China, and Japan

Organic Soap Market Size Worth $383.4 Million By 2025

The global organic soaps market size is expected to reach USD 383.4 million by 2025, according to a new report by Grand View Research, Inc., registering an 8.1% CAGR during the forecast period. Rising awareness regarding environment conservation and increasing water pollution caused by harmful chemicals present in personal care products, including parabens, triclosan, phthalates, triclocarbon, and aluminum salts, are key factors driving the market.

Over the past few years, governments of several countries have been banning harmful chemicals used in cosmetics and personal care products in order to promote organic, herbal, and all-natural soaps. This is further fueled by growing consumer awareness regarding synthetic chemicals present in toiletries like hand and bathing soaps. In addition, consumer preference for natural ingredients in personal care products is supported by the efforts of various certification bodies such as The International Natural and Organic Cosmetics Association (NATRUE). The association mandated that at least 95.0% of physically processed agro-ingredients in rinse-off products such as soaps and shampoo must be organic. These initiatives, and evolving consumer trends are expected to boost product demand over forecast period.

The landscape of the liquid organic soaps segment is fragmented in nature due to the presence of a large number of players. Liquid soaps are preferred by consumers over bar soaps as they are more hygienic. Customers are becoming more aware regarding family bathing products and are offering a host of organic and natural personal care products. Key manufacturers such as SUNDIAL BRANDS LLC; Lush Retail Ltd.; Osmia Organics, LLC; EO Products; Pangea Organics, Inc.; and Brittanies Thyme are launching new products in order to cater to increasing product demand. For instance, in April 2019, Korkut Oil Soap Industries Inc. introduced a liquid soap made from unique ingredients: goat milk and extra virgin olive oil. The product, called ‘Olivos Goat Milk Liquid Soap’, helps delay signs of aging and removes dead skin.

Europe is expected to emerge as the fastest growing organic soap market over the course of the forecast period, registering a CAGR of 8.7% from 2019 to 2025. Manufacturers are launching new products that are organic, herbal, cruelty-free and chemical-free in order to cater to evolving customer demands. Over the past few years, Germany, France, and U.K. have seen an increase in product launches. For instance, in September 2016, Lush Retail Ltd., a U.K.-based manufacturer of natural personal care products, launched its concept retail store in Milan and Berlin where products are sold in innovative, packaging-free alternatives. Product information is provided by a mobile app and customers can take their products in ethically-sourced regenerative containers made from cork.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/organic-soaps-market

Further key findings from the report suggest:

  • Liquid product variants are expected to witness the fastest growth, exhibiting a CAGR of 8.4% from 2019 to 2025. Liquid soaps are preferred by consumers over bar variants as they are more hygienic
  • The online distribution channel is expected to witness the fastest growth by the end of the forecast period, generating a revenue of USD 75.3 million by the end of 2025
  • North America is the dominant market and accounted for more than 30.0% of the global revenue in 2018 owing to high concentration of U.S-based manufacturers
  • Key players in organic soap include SUNDIAL BRANDS LLC; Lush Retail Ltd.; Osmia Organics, LLC; EO Products; Pangea Organics, Inc.; and Brittanies Thyme.

Lithium Market Size Worth $4.93 Billion By 2027

The global lithium market size is anticipated to reach USD 4.93 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 1.9% from 2020 to 2027. Growing battery production across the globe on account of increasing demand from the end-use industries is anticipated to augment market growth.

Lithium is found in the form of compounds and not as a single element on account of its high reactivity. Of all its compounds, Li2CO3 is the most stable and is further used for preparation of other compounds. Demand for Li2CO3 persists owing to its high availability and low cost in comparison to others.

Increasing demand for lithium from end-use industries is propelling manufacturers to expand their production. For instance, in April 2019, General Lithium Corp announced about its plan to construct a plant for producing lithium carbonate equivalent (LCE) from spodumene mineral in China. The plant’s capacity is expected to be 60 kilotons of LCE per annum. The company aims at finishing the plant construction by end of 2020.

Growing demand for lithium, supported by its increasing production can be obstructed in 2020 owing to the coronavirus outbreak in the world. Battery is the major application of lithium and the temporary shutdown of major manufacturing facilities of consumer goods, electric vehicles, and batteries is anticipated to impact the market growth. However, certain Chinese manufacturers are expected to resume operations as of April 2020, which can be considered a positive sign.

There are various countries in the world that have been majorly hit due to the coronavirus outbreak. For example, Miners in Peru have halted their operations to prevent further spread of the virus. As of March 17, 2020, Chile, which is amongst the top 5 producers of lithium, reported over 200 coronavirus cases, which led to shutting down of schools, borders, and prohibition of gatherings. This resulted in disruption of the lithium supply chain, as SQM, one of the largest manufacturers in the market, reported the cut down of shipments to China by 2 kilotons.

Automotive accounted for the largest market share in 2019 on account of growing penetration of electric vehicles (EVs) in the industry, which is propelling the demand for lithium-ion (Li-ion) batteries. Growing demand from the battery sector, especially in China, has boosted lithium production. For example, in January 2020, Youngy announced its plan to build a plant in Kangding, Sichuan province worth USD 201 million for processing 1.05 million tons of lithium ore per annum.

The global market has been characterized by high competition owing to presence of major manufacturers in the industry. Albemarle, FMC Corporation, SQM, Tianqi Lithium, and few more players dominate the market. Mergers and acquisitions is a key strategic initiative in the market in order to gain a greater market share. For instance, a joint venture was announced in February 2019 between China’s Xinjiang TBEA Group Co Ltd and Bolivia’s Yacimientos de Litio Bolivianos for lithium production.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/lithium-market

Further Key Findings from the Study Suggest:

  • Asia Pacific anticipated to expand at the fastest CAGR across the forecast period in terms of volume owing to increasing government initiatives pertaining to adoption of electric vehicles, which is leading to growing production of li-ion batteries in the region
  • By application, grid storage is expected to emerge as the fastest growing segment with a revenue-based CAGR of 2.1% from 2020 to 2027 on account of growing emphasis towards clean energy, leading to increasing energy storage capacities in several nations
  • Li2CO3 accounted for the largest volume share of 60.0% in 2019 owing to its abundant availability and stability in nature
  • Consumer goods is expected to emerge as the second fastest growing segment with a volume-based CAGR of 4.0% from 2020 to 2027, considering increasing production of smartphones across the globe
  • Oversupply of lithium and advancements in the technology are leading towards decline in its prices. As a result, companies are postponing their capacity expansion plans. For instance, SQM postponed its planned expansion in Chile until late 2021 owing to weak lithium prices and quick evolution in battery requirements.