Insurtech Market Size Worth $16.8 Billion By 2025

The global insurtech market size is expected to reach USD 16.8 billion by 2025, registering a CAGR of 43.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing use of artificial intelligence (AI) along with Big Data by insurance companies to enhance customer targeting and to automate the decision-making processes is expected to drive the market over the forecast period. Additionally, integration of wearable devices into customer engagement metrics for insurance is further anticipated to keep the market growth prospects upbeat.

Insurance companies are heavily investing in digitizing their business processes, which will help them to simplify the transaction process and to improve the functionality of payment systems. The adoption of insurtech allow insurance companies to detect errors, prevent frauds, and access external data. Furthermore, technologies such as embedded analytics help insurance companies to understand market pattern, consumer behavior, and allow them to make informed business-related decisions. These benefits of digital technologies are creating a significant demand for the technology.

Rising demand for implementation of automation, improved communication between agents and clients, and better personalized offerings are expected to drive the market over the forecast period. The adoption of insurtech in various businesses has allowed insurance companies to minimize the risks associated with liquidity, operation, and counterparty credit. Additionally, increasing adoption of predictive analytics to identify risk of fraud, triaging claims, and to identify outlier claims is anticipated to propel market growth.

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https://www.grandviewresearch.com/industry-analysis/insurtech-market

Further key findings from the report suggest:

  • The home segment is anticipated to exhibit the highest CAGR of 44.3% from 2019 to 2025. Home insurtech allow customers to easily process their claims for property monitoring or assistance in repairs
  • The managed services segment dominated the market in 2018 owing to the growing dependence of insurance companies on IT assets to improve their productivity
  • The blockchain segment is expected to witness the highest CAGR of 44.9% over the forecast period. The adoption of blockchain in insurtech helps in increasing transparency, operational speed, and minimizing the associated delays and costs
  • The healthcare segment is expected to emerge as the fastest-growing end-use segment over the next six years. Insurtech in healthcare provide customers with custom insurance along with easy claim process
  • The North America region is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as machine learning, artificial intelligence, and blockchain by insurance companies in the region is contributing remarkably to the growth of the market
  • The key players in the insurtech market include DXC Technology Company; Damco Group; Majesco; Oscar Insurance; Wipro Limited; Trōv, Inc.; Quantemplate; Shift Technology; and Zhongan Insurance.

Image Sensor Market Size To Reach $26.41 Billion By 2024

The global image sensor market is anticipated to reach USD 26.41 billion by 2024, according to a new report by Grand View Research, Inc. The industry is poised for unprecedented growth over the forecast period owing to the rising expenditure on security & surveillance in public places across regions and increasing disposable income across the emerging and developing economies. The impact of information technology in the automotive, defense, medical, and industrial application has driven the demand for image sensors over the projected period.

The increasing adoption of technologies for improving anti-terror equipment mitigating the security lapses has demanded better camera resolution, which has further enhanced the market growth. The IP cameras are expected to have significant growth over the forecast period as compared to analog cameras, which is due to higher resolution, secure transmission, ability to cover more distance, high-speed recording, and lower cable cost. Consumer electronics is expected to be the key application segment having significant penetration and is also anticipated to grow at a considerable rate over the forecast period. The leading companies in the market are seeking new revenue sources as the smartphone market is attaining maturity. This has resulted in increased demand for image sensors in the wearable industry and other applications.

The increasing R&D expenditure on the deployment to have raw material access is expected to compel the backward integration at the buyer’s end. For instance, Beijing-based Hua Capital Management Co., Ltd. planned to acquire U.S-based OmniVision Technologies, Inc. in 2016 to overcome the supply shortage in the market.

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http://www.grandviewresearch.com/industry-analysis/image-sensors-market

Further key findings from the report suggest:

  • The image sensor market is anticipated to witness considerable growth over the projected period owing to the increasing awareness of early diagnosis. Moreover, a growing number of diagnostics imaging procedures have increased the demand for imaging systems in healthcare facilities.
  • The CMOS technology is anticipated to grow at a significant CAGR over the projected period owing to the characteristics such as low power consumption, high immunity to noise, and less emission of waste heat.
  • Consumer electronics is anticipated to gain the highest revenue over the forecast period owing to the wide applications in devices such as wearables, tablets, notebooks, PCs, webcams, gaming consoles, and so on.
  • The industrial/defense application is anticipated to witness a CAGR of over 15.2% over the forecast period. The growth is attributed to the increased defense spending by countries across the region. The increasing performance of the high-end CMOS technology is competing with the CCD technology on the factory floors. Reducing the cost of mainstream cameras and sensors allows the vision to be used effectively in industrial applications.
  • The North American image sensor industry is anticipated to have significant growth over the forecast period. The increasing per capita healthcare expenditure and prevailing large consumer base have influenced the growth in the region.
  • The key players in the image sensor market include OmniVision Technologies, Inc., (U.S.), Toshiba Corporation (Japan), and Pixart Imaging, Inc. (China). Companies are focusing on developing new products to enhance their market share.

Electric Vehicle Battery Market Size Worth $38.6 Billion By 2025

The global electric vehicle battery market size is expected to reach USD 38.6 billion by 2025, registering a CAGR of 16.7% from 2019 to 2025, according to the new report from Grand View Research, Inc. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles (EVs) is expected to drive the market growth. Several countries have taken a lead in deploying various EVs, including two wheelers, buses, and other commercial vehicles.

Increasing efforts to reduce the production cost of electric vehicle batteries is prompting manufacturers to invest in developing countries, including China, India, and Mexico. Having realized the potential for economic development in emerging economies, some large plants for manufacturing batteries have already been planned in Asia Pacific. At the same time, the rising fuel prices coupled with increasing environmental concerns are prompting several governments to encourage the adoption of EVs.

EVs require more battery power because apart from functions, such as GPS navigation system, power windows, air-conditioning systems, and dashboard displays, which are powered by a battery, their entire drivetrain is dependent on battery power. Advances in battery technology have led to the advent of batteries that can cater not only to the conventional battery-driven functions but also to the drivetrain. Such favorable advances in battery technology are expected to drive the market growth.

In several metropolitan cities across the world, city administrations are drafting policies to support the deployment of electric vehicle supply equipment (EVSE) and rollout of adequate charging stations. For instance, in the Netherlands, the metropolitan area of Amsterdam has adopted a demand-based approach for deploying its EVSE network and making it accessible to owners of EVs. Similarly, a multi-government policy forum named Electric Vehicle Initiative (EVI) was established in 2009 under the Clean Energy Ministerial (CEM) to monitor and encourage the adoption of EVs across the globe. The International Energy Association (IEA) is serving as the EVI coordinator.

At present, EVs account for a relatively smaller share in the overall automobile sales. However, favorable regulatory initiatives are expected to trigger the adoption of EVs and subsequently open growth opportunities for the market for over the forecast period. For instance, the Paris Agreement endorsed by the European Union, the U.S., and Japan to support zero-emission vehicles is conducive to an increase in the sales of EVs.

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https://www.grandviewresearch.com/industry-analysis/electric-vehicle-battery-market

Further key findings from the study suggest:

  • Continued efforts by automotive manufacturers to produce more vehicles with electric drivetrains is necessitating the use of lithium-ion batteries for onboard energy storage
  • The battery electric vehicle (BEV) segment dominated the market in 2018 and is expected to continue being the largest segment over the forecast period. The plug-in hybrid electric vehicle (PHEV) segment is anticipated to register the highest CAGR over the forecast period
  • Companies based in Europe and North America have entered the Chinese market either by setting up manufacturing units in China or by striking strategic partnerships with Chinese companies
  • The evolving automotive industry in Indonesia, Mexico, India, Vietnam, and Thailand bodes well for the market growth over the forecast period
  • Advances in battery technology coupled with the growing preference for hybrid vehicles and zero-emission EVs are expected to drive the electric vehicle battery demand over the forecast period
  • The electric vehicle battery market growth largely depends on the policies drafted by governments and government agencies to encourage the adoption of EVs and deployment of charging infrastructure.

Public Safety And Security Market Size Worth $812.6 Billion By 2025

The global public safety and security market size is expected to reach USD 812.6 billion by 2025, expanding at a CAGR of 14.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The rapid modernization of public safety regulations and policies across the globe is anticipated to drive the market growth over the forecast period. These solutions have provided users with effective measures to ensure the safety of organizations, individuals, and critical infrastructure against multiple threats such as illegal immigration, terrorist attacks, and illegal drugs and arms trafficking. Furthermore, the rapidly increasing number of natural and man-made disasters is also expected to play a pivotal role in driving the demand for these solutions worldwide.

Over the past few years, an increasing collaboration among countries has been witnessed regarding the measures taken for public safety. Countries are hence focusing on establishing regional cooperation in the area of cross-border disaster management to address key issues by deploying emergency management systems, critical communication network infrastructure, and geospatial data collection and analysis tools, among others. Furthermore, developed as well as emerging economies around the world have realized the importance of public safety and security solutions in emergency and crisis management. Governments are now developing regulations and standards to improve surveillance and enhance public safety. Surveillance systems are particularly effective for transit agencies to monitor their systems remotely, while critical communication network enables secure communication between various units, which is crucial for crisis management.

Due to rapid digital transformation of global financial and banking systems, there has been a constant focus on deployment of digital security measures to deal with the increasing number of cyber-attacks. The increasing awareness regarding security systems, replacement of obsolete systems and technologies, and rise in hazardous industrial operations are also some of the major factors expected to drive the demand for these systems. Hence, to comply with the growing demand, there has been a significant increase in financial allocation by countries for upgrading and modernizing the existing information technology infrastructure and the setting-up of dedicated departments to deal with the emerging cyber threats. However, the high system acquisition and deployment costs and lack of interoperability between legacy and emerging security systems is hindering the growth of the public safety and security market. 

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https://www.grandviewresearch.com/industry-analysis/public-safety-security-market

Further key findings from the study suggest:

  • Managed services is anticipated to emerge as the fastest-growing service segment over the forecast period owing to the increasing deployment of public safety and security solutions as part of smart city initiatives
  • The emergency & disaster management segment is expected to gain traction over the forecast period owing to the increasing need for these solutions for better management of natural calamities and emergency situations worldwide
  • The logistics & transportation systems segment is expected to register the highest CAGR over the forecast period due to the increasing focus of governments on the development of road and rail infrastructure projects
  • The Asia Pacific regional market is expected to grow at the highest CAGR from 2019 to 2025 owing to the increased spending on these solutions to improve public safety, particularly in emerging economies such as India and China
  • Key players operating in the market include Atos; ESRI; NEC Corporation; SAP SE; Cisco Systems, Inc.; Genetec; Harris Corporation; General Dynamics; Ericsson; and Huawei Technologies Co., Ltd.

Knee Implant Market Size To Reach $12.3 Billion By 2024

The global knee implant market was valued at USD 8.8 billion in 2015 and is expected to reach a value of USD 12.4 billion by 2024. This growth is majorly attributed to growing elderly population and surging prevalence of chronic rheumatic conditions such as osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis. Primary factors that lead to the occurrence of arthritis are aging, physical injuries, genetic inheritance factors, abnormal metabolism, infections, and immune system abnormalities.

Introduction of advanced technologies and products for are anticipated to keep the industry rivalry and market growth at par over the forecast period. For example, X3 Advanced Bearing Technology and Mako Robotic-Arm Assisted Technology with capabilities of providing patient-specific 3-D model to plan partial knee replacement surgery. Also, in March 2016, Zimmer Biomet launched the Persona Medial Congruent Bearing, which is designed to provide a more natural motion of the knee by maximizing joint stability.

The increasing investment in healthcare sector, geriatric population coupled with demand for minimally invasive surgeries are major factors fueling the increasing adoption of joint replacement procedures. In addition, untapped opportunities in developing economies such as China, and India are further anticipated to propel the knee implant market growth.

On the contrary, the stringent regulatory guidelines involved in gaining approval of class III medical devices are slowing down the approval of implants devices.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/knee-implants-market

Further Key Findings from the Study Suggest:

  • The total knee replacement was the largest grossing segment in 2015 with over 75.0% and is expected to maintain its position during the forecast period. Developed countries including the U.S. and Germany are major contributors of this vertical. Advances in the surgical technologies and its rising demand in the developing economies will be a vital factor contributing to the sector growth
  • The mobile-bearing implants segment is expected to exhibit fastest growth during the forecast period. The growth is attributed to the associated benefits such as longer performance with less wear and additional few degrees’ rotation compared to a fixed-bearing device
  • North America is estimated to reign the global knee implant market in the year 2016. The region is expected to maintain its dominance throughout the forecast period. High procedural cost and reimbursement coverage coupled with the availability of skilled professionals is anticipated to spur the demand for knee implants during the forecast period
  • The Asia Pacific region is projected to be the fastest growing regional market over the projected period. Rapidly booming medical tourism industry in the emerging economies of India and China is primarily propelling the demand for knee replacement products in Asia Pacific region
  • The industry involves several global as well as local players. Some of the major players in this sector include Zimmer Biomet, Stryker, DePuy Synthes, Smith and Nephew, Aesculap Implants Systems,LLC, Exactech, Inc., Medacta, MicroPort Scientific, CONMED, Kinamed, Inc., ConforMIS, and OMNIlife science, Inc.

Vascular Closure Devices Market Size Worth $1.3 Billion By 2024

Global vascular closure devices market size is anticipated to reach USD 1.3 billion by 2024, according to a new report by Grand View Research, Inc. Growing popularity of femoral artery cardiac catheterization and high success rate of vascular closure device (VCDs) for improved patient comfort and shortening of hemostasis time are potential factors for the projected growth of VCDs market over the forecast period. Adoption of VCDs for diagnostic and therapeutic interventions that facilitate endovascular image-guided interventions to detect coronary heart disease are expected to contribute toward the growth of this market throughout the forecast period.

Male cardiologist gestures while discussing diagnosis with an unrecognizable female patient.

Moreover, ability of VCDs to overcome complications, such as prolonged bed rest and patient discomfort caused by manual compression, is expected to revolutionize the market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/vascular-closure-device-vcd-market

Further Key Findings From the Report Suggest:

  • VCDs offer three types of products, which includes active approximators, passive approximators, and external hemostatic devices. Out of all three, active approximators dominated the market in 2015 as they shorten the time to ambulation and possess high efficiency rate.
  • Amongst the different end-users of VCDs, acute care facilities accounted for the largest share and are expected to maintain their dominant position over the forecast period. This is attributed to the rising popularity of VCDs in acute care treatment facilities.
  • Asia Pacific is estimated to witness the fastest growth over the forecast period owing to the presence of unmet demands by the hospitals and rising R&D investment in this region.
  • Some key players operating in this industry include Cardinal Health; Abbott Laboratories; COOK; Medtronic; W L. Gore & Associates; Boston Scientific Corporation; Biotronik GMBH & CO.KG; TZ Medical, Inc.; C. R. Bard, Inc.; ST. JUDE MEDICAL; Cardiva Medical, Inc.; Merit Medical Systems, Inc.; ESSENTIAL MEDICAL, INC; and Scion BioMedical.
  • This market is expected to witness lucrative growth owing to high level of competitive rivalry, which translates to high revenue generation in this sector. These prominent players are opting for different strategies to boost their status in this market. Companies are involved in developing novel VCDs and in turn broaden their product portfolios. Acquisition and collaboration with small companies in order to enhance presence is also expected to propel growth in this vertical.
  • For instance, in October 2015, Cardinal Health acquired Johnson & Johnson’s Cordis business. Cordis is a leader in manufacturing and marketing of cardiology and endovascular devices. This acquisition was intended to expand Cardinal’s VCD product catalog to reinforce its status in the market.
  • North America dominated the vascular closure device market in 2015, with over 33% of total revenue. The presence of key players in this region, which are primarily involved in marketing and development of innovative VCDs, to facilitate cardiac surgeries can be attributed to the largest share of North America. Demand of products for monitoring of coronary artery disease is also expected to drive growth.

Healthcare Cyber Security Market Worth $10.85 Billion By 2022

Global healthcare cyber security market size is expected to reach nearly USD 10,848.87million by 2022, according to a new report by Grand View Research, Inc. Key factors attributing to the growth of the market include the increasing incidences of cyber attacks for misuse of electronic patient health records (E-PHR), social security records, IP theft, and others. 

Cyber attacks are constantly increasing across the globe. On previous encounters it was witnessed that cyber attacks were focused on stealing, financial information, billing information, and bank account numbers using stolen devices with un-encrypted data, phishing and spam mails. Technological advancements have led to advanced cyber warfare using SQL injections, advanced persistent threats (APT), zero day attacks, and advanced malware. 

Lack of adequate IT spending by healthcare organizations and lack of awareness about cyber crime have exposed the vulnerabilities of healthcare organizations. The overall impact of cyber attacks on the hospitals and healthcare systems is estimated to be nearly six billion per year. 

Furthermore, these organizations face internal threats due to factors such as the use of cloud services, unsecure networks, employee negligence, bring your own device (BYOD), lack of internal identification and security systems, stolen devices with un-encrypted files. 

Healthcare cyber security market is segmented by, type of threat into malware, ddos, advanced persistent threat (apt), spyware, lost and stolen devices, others. In 2013, Boston Scientific, St.Jude Medical and, Medtronic witnessed cyber attacks and hacking. In 2015, Anthem, which is the second largest health insurance provider in the U.S., witnessed a massive cyber attack leading to loss of 80 million customer records. 

Security information and event management (SIEM),risk and compliance management, DDoS mitigation, antivirus, antimalware, identity and access management, intrusion detection system (IDS)/intrusion prevention system (IPS) and others are the solutions included in the scope of the study. These solutions can be used individually or can be used as a suite of products providing layer wise security. 

Market dynamics in this sector are dependent on the type of threat, effectiveness, and frequency of attack, ability to detect and destroy. New types of threats are detected each day, hence, the solutions need to be upgraded constantly to provide adequate firewall security and prevent data breach. 

Click the link below:
http://www.grandviewresearch.com/industry-analysis/healthcare-cyber-security-market

Further key findings from the study suggest:

  • In 2014, North America held the largest market share of more than 41% owing to the presence of sophisticated healthcare infrastructure, and increasing collaboration between pharmaceutical, medical device industries, with regulatory authorities. This can be illustrated using the U.S FDA guidance document on networked medical devices.
  • Furthermore, the U.S. is a prime target for cyber crimes due to, the presence of large fortune 500 healthcare organizations, full scale implementation of digital patient records, and use of extensive social security ids for various transactions.
  • Asia Pacific is identified as one of the most lucrative regional market, growing at a CAGR of over 8.5% during the forecast period. Rapidly improving healthcare infrastructure and high level economic growth in developing countries such as China, India, and South Korea is expected to boost usage rates over the forecast period.
  • Increasing number of internet users in China and India is expected to create a huge user base vulnerable to cyber attacks. According to data published by the Internet and Mobile Association of India (IAMAI), the internet user base in India is expected to reach nearly 402 million by December 2015
  • Key players operating in the healthcare cyber security market include, Cisco, IBM, MacAfee, Paulo Alto Networks, Symantec, Trend Micro Lockheed Martin, FireEye, Northrop Grumma, Kaspersky etc.

Hybrid Imaging Market Size Worth $9.8 Billion By 2026

The global hybrid imaging market size is expected to reach USD 9.8 billion by 2026, according to a new report by Grand View Research, Inc., registering a 4.5% CAGR over the forecast period. Increasing demand for accurate diagnostic techniques for cancer and cardiac disorders is expected to drive the market. Rising government initiatives for creating awareness regarding multimodal imaging devices are also expected to contribute toward market growth.

Increasing installation of such devices in research centers and institutions to enhance diagnostics in the field of oncology, cardiology, neurology, and others is expected to boost market growth. Leading players in the market are showcasing various multimodal imaging devices at medical conferences to increase their product reach. However, high cost and complications associated with these devices is expected to impede market growth during the forecast period.

Hybrid imaging devices require skilled professionals to understand the data collected by these combined devices. Therefore, various training programmes are conducted by several non-profit and government funded organizations to increase the adoption of hybrid imaging devices for the diagnosis of a disease.

North America dominated the hybrid/multimodal imaging market in 2018 and is expected to grow at a significant rate during the forecast period. The growth observed in this region is largely due to presence of global players and increasing adoption of advanced equipment such as hybrid imaging devices. Moreover, increasing awareness regarding nuclear medicine and molecular diagnostics in the region is expected to contribute toward the growth in this region.

Asia Pacific is expected register the strongest growth over the forecast period. This can be primarily attributed to growing usage of advanced devices such as PET/CT systems in radiology departments across emerging economies. Thriving medical tourism in numerous countries has piqued the interest of global market players, who are looking to invest in the development and launch of advanced software in the region. The Europe market is fueled by ongoing efforts by various non-profit organizations in conducting educational and training programs for scientists, physicians, technologists, physicists, radiographers, and others in the field.

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https://www.grandviewresearch.com/industry-analysis/hybrid-imaging-market

Further key findings from the report suggest:

  • PET/CT systems held the largest share in 2018 based on type, and the segment is expected to grow at a significant pace due to increasing development and installation of these devices in various end users such as hospitals and diagnostic centers
  • SPET/CT systems segment in hybrid imaging market will exhibit the fastest growth rate during the forecast period. Data captured by SPET/CT helps in understanding the detailed morphology and pathogenesis of a disease, thereby enhancing the quality of diagnostic output
  • In 2018, the oncology segment held the dominant share of hybrid imaging systems market by application, largely due to increasing number of cancer cases and growing awareness for cancer diagnosis
  • The cardiology segment is expected to grow at the fastest pace during the forecast period. Cardiac hybrid imaging helps in accurately capturing morphological and functional information in a single setting, thereby easing the diagnosis of cardiac disorders
  • Hospitals held the largest market share in 2018 on the basis of end use, mainly due to higher installation of technologically advanced devices for early diagnosis and treatment of a disease
  • Geographically, Asia Pacific is expected to register the fastest growth rate during the forecast period due to increasing number of radiology departments in the region and launch of advanced software by leading players.

P2P Electric Vehicle Charging Market Size Worth $351.7 Million By 2027

The global peer-to-peer electric vehicle charging market size is expected to reach USD 351.7 million by 2027, registering a CAGR of 21.8% from 2020 to 2027 according to a new report by Grand View Research, Inc. To eliminate the range anxiety issues of electric vehicles, various governments are emphasizing on the provision of funds for the development of peer-to-peer networks. For instance, the U.S. government has established the Northeast Corridor Regional Strategy, under which it is providing support for various activities to enhance their Electric Vehicle (EV) charging infrastructure. Under the strategy, the government is providing support for the development of public charging stations and peer-to-peer EV charging networks.

The growing emphasis of various governments, Original Equipment Manufacturers (OEMs), and automobile companies on enhancing the performance of charging solutions by including features such as Vehicle-to-grid (V2G) and blockchain payments, bodes well for the growth of the market. For instance, in 2016, the Government of Netherlands provided funding worth USD 180.3 billion for enhancing electric vehicle supply equipment, including peer-to-peer networks to companies including BMW AG and Eaton Corporation. Various OEMs and EV manufacturers are looking to strengthen the interoperability of charging infrastructure and electric vehicles, and that is expected to enhance the P2P networks. Additionally, various governments have mandated the allocation of space for electric vehicle charging in parking spaces of residential complexes, which is likely to provide lucrative opportunities to the market. For instance, in January 2019, the Government of India has mandated residential and commercial complexes to allot 20% of their parking space for electric vehicle chargers. However, in 2020, the growth of the market is likely to be impacted by the outbreak of COVID-19 that resulted in shifting focus of the governments on the provision of healthcare services.

Various utilities and charging station operators are collaborating for the expansion of peer-to-peer EV charging networks, which is further driving the market growth. For instance, in November 2017, Enexis Netbeheer B.V., innogy, and Vorarlberger Kraftwerke, among others, collaborated to launch the Oslo2Rome project. The Oslo2Rome project focuses on the developing P2P network, enabling EV drivers to access private and public charging stations along the Oslo to Rome highway. Furthermore, the increased number of automotive manufacturers emphasizing the development of peer-to-peer networks bodes well for market growth. For instance, in August 2016, Groupe Renault under its Elbnb campaign for the development of P2P networks across Sweden.

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https://www.grandviewresearch.com/industry-analysis/peer-to-peer-electric-vehicle-charging-market

Smart education and learning market report highlights:

  • The Level 1 charger segment is anticipated to expand at the highest CAGR during the forecast period, on account of increasing number of multi-unit dwellings installing Level 1 charging stations.
  • The commercial segment is projected to register the highest CAGR over the forecast period owing to companies such as The Coca-Cola Company and General Motors focusing on making EV charging stations at their facilities open to public
  • The European electric utilities such as Copenhagen Electric and Stromnetz Hamburg are collaborating to deliver e-roaming services to EV drivers through projects such as evRoaming4EU that bodes well for the growth of market in the region

Marine Fuel Injection System Market Size Worth $6.3 Billion By 2027

The global marine fuel injection system market size is expected to reach USD 6.30 billion by 2027, registering a CAGR of 3.36% over the forecast period, according to a new study conducted by Grand View Research, Inc. Marine fuel injection system is a combination of several components that include injectors, pumps, and valves. These components form a vital part in the entire propulsion system of the ship and are responsible for maintaining the adequate supply of the fuel in the combustion chamber for efficient functioning of the engine.

These systems require frequent replacements or repairs when used for marine applications. In addition, the shipbuilding companies are required to abide by the stringent emission regulations imposed by the government of their respective nations. Therefore, proper and efficient functioning of these systems is required to maintain the engine efficiency.

The product suppliers across the globe are undertaking strategic initiatives to develop innovative products with better efficiency and enhanced engine performance. Moreover, growing concern with regards to emission regulation is also making component suppliers to improvise their product offerings.

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https://www.grandviewresearch.com/industry-analysis/marine-fuel-injection-system-market

Further key findings from the study suggest:

  • A rise in the global seaborne trade is one of the major factors driving the market growth
  • Fuel injector segment is expected to account for the largest market share during the forecast period owing to the short lifespan of these components
  • Commercial application segment led the market in 2018 and is expected to maintain its dominance throughout the forecast years owing to widespread usage of cargo/container ships
  • Asia Pacific is anticipated to be the largest regional market followed by Europe owing to increasing demand for personal watercrafts in countries including Australia and China
  • The key companies in the market include Caterpillar, Inc.; Rolls-Royce Plc; Yanmar Co. Ltd.; Woodward, Inc.; and Liebherr International AG