Heat Exchanger Market Worth $25.5 Billion By 2027

The global heat exchanger market size is anticipated to reach USD 25.5 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Growing demand for energy in HVAC and refrigeration, power generation, and chemical industries, especially in developing economies including India, Brazil, and China anticipated to complement the market.

Energy infrastructure expansion coupled with increasing demand from the power generation sector is projected to drive the market. The market is characterized by technological innovation along with a rising focus to improve efficiency standards. These factors are likely to lower total ownership costs and increase the durability and efficiency of the exchangers over the coming years.

Heat exchangers are used in the manufacturing of chemicals in the chemical industrial production. In an industrial process, the device is used for cooling, heating, and mixing a substance at a temperature. The rapid expansion of the chemical industry is expected to act as a major factor in steering market growth.

The industry rivalry is expected to be high over the forecast period owing to the presence of numerous competitors of equal size and market share. The market is fragmented in nature with many major companies. Generic strategies employed by these companies include production capacity expansion and new technology innovation.

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Further key findings from the report suggest:

The shell and tube segment accounted for the market share of 35.9% in 2019 on account of increasing demand of product in numerous end-use industries including chemical, power generation, and oil and gas
The chemical end-use segment is expected to grow with a robust pace, registering a CAGR of 6.5% from 2020 to 2027 owing to rapid expansion in the chemical industry in Asia specifically in China and India
In Europe, the market was valued at USD 7.34 billion in 2019 and projected to have a moderate growth over the forecast period owing to growth in the chemical industries and rise in demand of power generation
Asia Pacific is anticipated to emerge as the fastest growing regional segment accounting for over 30.3% by 2027 owing to the increasing construction activities along with increase in chemical industries and rise in demand for energy in the region
Key players in the market are focusing on several strategies including new product developments, expansions, partnerships, and joint ventures

5G Testing Equipment Market Size Worth $3.23 Billion By 2027

The global 5G testing equipment market size is estimated to reach USD 3.23 billion by 2027, according to the new report by Grand View Research, Inc., expanding at a CAGR of 8.8% from 2020 to 2027. Rapidly escalating demand for smartphones, along with higher internet speeds, has resulted in vigorous manufacturing of 5G-enabled smartphones across the globe, which is propelling the market growth.

Applications of fifth generation technology continue to expand at a steady pace on account of increasing usage of IoT and connected devices. Besides, surging availability of large data centers makes it convenient to use 5G testing equipment for the deployment of fifth generation technology. The commercialization of fifth generation technology began most recently in 2019, thereby creating an opportunity hotspot for these devices in the upcoming years. Market penetration of fifth generation technology in specific sectors such as automotive, entertainment, medical, construction, and security is increasingly creating demand for 5G testing equipment. Continuously evolving research & development of these devices to make them more application-oriented and industry-compliant is anticipated to drive the market over the forecast period.

Hyper-connectivity of the world is one of the prime factors fueling the demand for 5G testing equipment. Increasing utilization of connected devices in emerging economies, such as China and India, continues to create data traffic in a network, thereby enforcing the need for establishing a more efficient and secure network. Escalating demand for data traffic control is anticipated to propel the fifth generation technology, which will consequently lead to exponential growth in the market. Furthermore, connectivity needs in smartphones, wearable devices, connected cars, smart home devices, and other consumer electronic devices are likely to augment the demand for 5G testing equipment. High speed of fifth generation technology and availability of wireless and wired technology are potential factors for easing the connectivity process. On the contrary, associated cost and technical issues due to multiple carrier involvement are considered the key restraints of the market.

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https://www.grandviewresearch.com/industry-analysis/5g-testing-equipment-market

Further key findings from the report suggest:

North America accounted for the largest market share in 2019 owing to the early adoption of the fifth generation technology
By equipment, the signal and spectrum analyzers dominated the market in 2019 due to its fast and simple signal analysis, along with its ability to capture and analyze phase-related information of the signal
Major market players in China, Japan, and South Korea are expected to focus on deploying fifth generation network infrastructure for the media and entertainment, transportation and logistics, healthcare, manufacturing, among other industry verticals.

Data Center Transfer Switches And Switchgears Market Worth $4.2 Billion By 2027

The global data center transfer switches and switchgears market size is anticipated to reach USD 4.2billion by 2027, expanding at a CAGR of 7.8%, according to a study conducted by Grand View Research, Inc. The growth of the market is attributed to the benefits offered by electrical devices such as protecting and isolating the electrical equipment that are directly linked to the electrical supply of the data centers. Moreover, transfer switches and switchgears, switch from primary source to back up supply like a UPS, and generators, thus allowing uninterruptible power supply operation in the datacenters.

Furthermore, volume of data to be stored in data centers has been increasing owing to the rise in cloud computing, mobile usage, and the evolution of the internet of things. Thus, datacenter operators need to function without interruption of power in order to prevent the loss of data. Moreover, the electrical devices ensure reliable power distribution throughout the data center and are responsible for handling utility as well as backup power supply. Thus, owing to the aforementioned factors the market is expected to witness significant growth over the forecast period.

Additionally, the companies operating in the market are focusing on offering advanced features to the equipment. However, companies like Eaton, Legrand, and ABB, are focused on introducing features like real time voltage monitoring, bypass isolation, evaluating load on the system, and identifying reserve capacity. These features ensure switchgears and transfer switches to switch faster between the backup and utility power based on the varying load conditions and power outages. Such advancements minimize the downtime and ensure continuous operation of the datacenter which is thereby expected to drive the market.

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https://www.grandviewresearch.com/industry-analysis/data-center-transfer-switches-and-switchgears-market

Further key findings from the report suggest:

High adoption of low voltage switchgears and automatic transfer switches is expected to drive the market
Asia Pacific is anticipated to witness a CAGR of more than 9.0% during the forecast period owing to the increase in the construction of datacenters. North America dominates the market with highest market share
The key market players are focused on forming mergers and acquisitions, for example in January 2020 Siemens announced its plans to acquire C&S Electric Ltd., which is an electronics manufacturer based in Delhi, India. This acquisition will help Siemens bolster its presence in low voltage switchgear market in India.

Thermal Spray Coatings Market Size Worth $13.6 Billion By 2027

The global thermal spray coatings market size is expected to reach USD 13.6 billion by 2027, expanding at a CAGR of 3.9%, according to a new report by Grand View Research, Inc. Increasing demand from the aerospace, industrial gas turbines, and a few other application industries is expected to propel market growth. Moreover, the growing demand for corrosion-resistant coatings from these sectors is expected to be a key driver for the market.

Thermal spraying is used to improve or restore the surface of a solid material. It can also be used for applying coatings to a wide range of components and materials for better resistance against cavitation, wear, abrasion erosion, and heat. In addition, it is used for providing insulation or electrical conductivity, chemical resistance, lubricity, sacrificial wear, high or low friction, and several other properties to the coated surfaces. These coatings have the high-potential market opportunities on account of their properties, such as biocompatibility, cavitation resistance, and aesthetic appeal. Increasing oil and gas exploration activities, particularly in the Asia Pacific, coupled with upcoming shale gas explorations across the globe are expected to fuel the demand further. There are several regulations governing the market.

These regulatory standards define thermal-spray processes for machinery element repair of ferrous and non-ferrous substrates. Medical is expected to be the fastest-growing application segment on account of increasing application scope of thermal spray coatings in the biomedical sector. These coatings help extend the shelf life and improve the performance of dental implants and orthopedic implants. The advantages of using such coatings in the biomedical sector include superior wear and corrosion resistance and bone bond enhancement. Asia Pacific is expected to be the fastest-growing regional market on account of increasing vehicle production along with rapid economic growth in China, India, and Japan, Indonesia, South Korea, and Thailand.

Further, the recent outbreak of COVID-19 has disrupted supply chains and sharply curtailed product demand. Restriction in transportation and supply due to slowdown or halting of factories and partial or nationwide lockdowns in several countries in order to restrain the spread of the pandemic is expected to negatively impact market growth.

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https://www.grandviewresearch.com/industry-analysis/thermal-spray-coatings-market

Further key findings from the report suggest:

Aerospace application segment led the market accounting for a revenue share of 32.3% in 2019 and is projected to maintain its dominance during the forecast period
In the U.S., the market is anticipated to reach USD 3.8 billion by 2027 owing to the presence of key manufacturers and suppliers in the country
The market is highly competitive in nature with the presence of a number of global medium- and small-scale companies
Key companies engage in strategies, such as mergers and acquisitions and product development, to expand their market reach and product portfolio

Plastics In PPE Market Size Worth $34.8 Billion By 2027

The global plastics in personal protective equipment market size is expected to reach USD 34.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 17.0% over the forecast period. Increasing demand from applications, such as construction and healthcare, and rising safety concerns are expected to drive the product demand.

The demand for plastics in PPE is expected to increase majorly in the respiratory protection and hand protection applications owing to the high in demand for masks, gloves, face shields, etc. across various industries, such as building & construction, chemical manufacturing industries, and laboratories, due to COVID-19 pandemic. Asia Pacific is expected to lead the global market due to the strong presence of prominent product manufacturers in the region.

The global market is segmented based on plastic categories, which include acrylic, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyester, polyethylene, polyethylene terephthalate, polyphenylsulfone, polypropylene, and others. Polyethylene was the prominent product segment and accounted for over 25% of the global revenue in the year 2019. The polyester product segment is expected to witness significant growth due to the high demand for protective vests, gloves, and body covers.

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https://www.grandviewresearch.com/industry-analysis/plastics-personal-protective-equipment-market

Further key findings from the study suggest:

The global market was valued at USD 3.8 billion in 2019 and is estimated to expand at a CAGR of 17.0% from 2020 to 2027
Respiratory protection is expected to be the fastest-growing application segment at a CAGR of 17.4% over the forecast period
This growth is attributed to the rising demand for different types of masks, such as surgical, N95, N93, and specialized gas masks
Hand protection segment is estimated to account for the largest revenue share by 2027 due to rising demand for these products
APAC was the largest regional market in 2019 and is estimated to retain its leading position throughout the forecast period due to the rapidly growing healthcare sector in countries, such as India and China

Secondary Water & Wastewater Treatment Equipment Market Worth $30.05 Billion By 2027

The global secondary water and wastewater treatment equipment market size is expected to reach USD 30.05 billion by 2027, expanding at a CAGR of 3.9%, according to a new report by Grand View Research, Inc. Rising demand for wastewater treatment plants owing to stringent regulations is expected to drive the market growth over the forecast period.

Growing concerns over environmental degradation and water pollution coupled with stringent regulations pertaining to wastewater discharges are likely to benefit market growth. In addition, increasing efforts to improve the wastewater treatment coverage, especially in the developing countries is anticipated to further propel the market expansion.

A growing requirement for upgrading the existing aging infrastructure, most notably in the developed economies, is expected to open new avenues for the market growth over the forecast period. Furthermore, the emergence of new pollutants is likely to drive the demand for more advanced and efficient treatment solutions, thereby benefitting the overall market growth.

Rising water scarcity, coupled with growing focus conserving and extending the availability of existing water supplies, is expected to drive the demand for wastewater reuse as a viable option for integrated water management. This, in turn, is anticipated to have a positive impact on the overall demand for secondary water and wastewater treatment equipment in the forthcoming years.

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https://www.grandviewresearch.com/industry-analysis/secondary-water-wastewater-treatment-equipment-market

Further key findings from the report suggest:

The sludge treatment technology segment accounted for 35.4% revenue share in 2019, on account of increasing demand for efficient, and better management and disposal of sludge generated from wastewater treatment plants
The equipment demand in the municipal application segment is anticipated to witness expand at a CAGR of 3.6% from 2020 to 2027 owing to the growing population, rapid urbanization, and improving municipal wastewater treatment infrastructure in developing countries
The equipment demand in Europe accounted for a revenue share of 26.8% in 2019, on account of developed wastewater treatment infrastructure coupled with a growing focus on rehabilitation, and upgrading the existing wastewater treatment facilities
The demand in China is expected to expand at a CAGR of 5.7% owing to increasing efforts towards combating the high levels of environmental pollution in the country
In January 2020, Xylem, Inc. launched a multi-disciplinary center for water, wastewater, and energy technologies in Singapore that will focus on developing technologies in the field of water distribution, and water, and wastewater treatment

Atmospheric Water Generator Market Worth $8.9 Billion By 2027

The global atmospheric water generator market size is expected to reach USD 8.9 billion by 2027, expanding at a CAGR of 19.5%, according to a new report by Grand View Research, Inc. Increasing consumer demand for atmospheric water generator (AWG) in industrial and commercial applications is expected to drive the market.

Moreover, depleting freshwater reserves, particularly in Asia Pacific and Latin America region is anticipated to further propel market growth. Furthermore, various characteristics offered by AWGs such as high purity water output, and easy transport are expected to drive their demand in military applications over the forecast period.

Growing demand for AWGs to replace traditional supply units such as water pipelines, especially at industrial and commercial workplaces, is likely to open new avenues for the industry over the forecast period. However, high capital cost and energy consumption associated with the product are expected to hinder market growth.

The water output offered by AWGs primarily depends on the humidity and temperature of the surrounding environment, which affects the performance efficiency of the system. Product innovations to reduce the cost and improve its efficiency are expected to propel the AWG market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/global-atmospheric-water-generator-market

Further key findings from the study suggest:

Cooling condensation accounted for 98.9% revenue share in 2019 on account of its high output coupled with less complex mechanism when compared to wet desiccation technique
The residential application segment, in terms of revenue, is expected to witness a CAGR of 16.7% from 2020 to 2027 owing to rising disposable incomes coupled with product innovations is expected to drive the demand for AWGs in the segment
The product demand in Latin America, in terms of volume, is likely to witness a CAGR of 17.7% owing to depleting freshwater resources coupled with uneven geographical distribution of freshwater resources, and inadequate water supply infrastructure
The product demand in India is anticipated to reach USD 302.9 million by 2027 owing to the rapid industrial growth coupled with increasing construction and manufacturing activities in the country
In January 2020, Energy and Water Development Corp., (EAWD) sold its self-sufficient energy supply AWG system to a Mexican company engaged in manufacturing bottled water.

Fire Alarm And Detection Market Size Worth $75.3 Billion By 2027

The global fire alarm and detection market size is expected to reach USD 75.3 billion by 2027, expanding at a CAGR of 8.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing awareness towards the safety and security of assets across the globe is expected to offer significant opportunities for technological innovations in the market. Additionally, rise in the consumer spending on fire protection devices especially across the enterprise and industrial sectors in order to reduce the risk of accidents is expected to spur market growth. Moreover, stringent government regulations and mandates regarding workplace safety, and increasing demand for state-of-the-art fire alarm & detection system is expected to fuel the market.

The need for upgrading the existing alarm and detection systems to advanced one and consequently complying with the stringent regulation will drive the market. Growing fire accidents has alarmed the need for installation of advanced alarm and detection systems across the residential, commercial, and industrial sectors. For instance, Legislative requirements from different countries including the National Fire Protection Association, USA, and Building Code of Australia have mandated the installation of fire detection devices, thereby boosting the demand for these devices.

North America dominated the market in 2019 and is expected to continue its dominance over the foreseen years. The anticipated growth in the construction industry in Canada owing to the government’s “Investing in Canada Plan”. Under the initiative, the government of Canada is planning to invest USD 139 billion in infrastructure till 2028. U.S. is attributed to the high demand for commercial and residential places across states such as Georgia, Florida, and North and South Carolina. Moreover, increasing automation in buildings and smart homes, stringent government regulations pertaining to safety standards, and the growing demand from the mining and manufacturing industries have fueled the demand for the alarm and detection systems in the region.

Asia Pacific is anticipated to exhibit the highest CAGR from 2020 to 2027. Growing industrialization and urbanization in emerging markets such as India, China, and Japan is expected to accelerate infrastructure spending including mass transportation such as airport security, including intelligent transportation systems across these regions is estimated to offer lucrative growth opportunities for the industry. However, the growing need for replacement and maintenance services of the deployed fire safety equipment owing to various building safety codes is offering lucrative opportunities for the manufactures to enter into the market.

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https://www.grandviewresearch.com/industry-analysis/fire-alarm-market

Further key findings from the report suggest:

The fire detectors segment is expected to dominate the market owing to stringent government regulations across different countries that have mandated the installation of the devices. For instance, in India, National Building Code (NBC) was published in 2016 to implement building standards ensuring safety through the use of active and passive smoke detection systems. The segment is expected to reach USD 38.1 billion by 2027
The smoke detectors segment is expected to dominate the fire detectors segment and the trend is expected to continue over the forecast period. The smoke detectors segment is anticipated to reach USD 17.0 billion by 2027. It is owing to the substantial use of smoke detectors in the commercial as well as residential buildings since they are cost-effective and have a longer lifespan as compared to other products
The fire alarm and detection market primarily includes applications such as industrial, commercial, and residential. The commercial application segment dominated the market in 2019 and is projected to exhibit a CAGR of 8.5% from 2020 to 2027. It is owing to the stringent regulations and norms by the government for the installation of smoke detection system across commercial places such as hospitality, government, healthcare, telecom and IT, BFSI, retail, and institutional
North America is projected to account for the majority share of the market over the forecast period owing to the booming infrastructural developments and implementation of stringent fire safety regulations and norms in the regions. The region is anticipated to reach USD 21.8 billion by 2027
The prominent industry participants include Bosch GmbH; Eaton Gentex Corporation; United Technologies Corporation; Honeywell International Inc.; and Johnson Controls.

LiDAR Market Size Worth $3.7 Billion By 2027

The global LiDAR market size is expected to reach USD 3.7 billion by 2027, expanding at a CAGR of 13.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing acceptance in environmental mapping, automobile safety application, construction and architectural sectors for monitoring, and 3D-modeling applications arenas is expected to boost the market growth. Furthermore, increasing development and adoption of self-driving cars and trucks is expected to boost the market growth, as Light Detection and Ranging (LiDAR) is one of the key sensing technologies that is required to enable hybrid to full autonomous driving.

The advanced driver assistance systems (ADAS) application segment is expected to grow at a remarkable pace owing to surging incorporation in automotive safety and forward-collision avoidance systems. In U.K., the regulatory authorities have mandated installation of certain automotive safety technologies such as the collision avoidance technologies. The Euro NCAP Advanced aims to provide buyers with clear guidance regarding the safety benefits offered by technologies such as blind spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing. Rising developments in 3D scanning solutions is anticipated to boost the market growth over the forecast period. For instance, in October 2018, Faro Technology, Inc. introduced new airborne LiDAR scanning in partnership with STORMBEE, in order to provide cost effective airborne 3D scanning solution.

Furthermore, growing environmental concerns have enforced governments to establish regulations over the past decade. The authorities have been implementing strategies, activities, and policies to tackle the concerns. The ability to store large LiDAR point files has been a stumbling block for new users however, the technological advancements in spatial resolution of LIDAR-based digital terrain models are providing incredible accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.

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https://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market

Further key findings from the report suggest:

The LiDAR market is estimated to grow significantly due to automation in industries, leading to reduced human efforts and increased efficiency. Technological superiority of LiDAR in engineering projects of large magnitude is estimated to trigger the demand further
Airborne systems are expected to remain the dominant product segment over the forecast period on account of the surging adoption of aerial mapping devices
North America is expected to emerge as one of the leading regional markets owing to rising R&D spending coupled with high adoption in the automotive sector and environmental scanning and modeling operations
Growing demand in emerging economies, such as India, Japan, and China, is driving the industry growth in the Asia Pacific region. The surge in the demand across the automotive industry is one of the reasons boosting the market demand
The key industry participants include Velodyne LiDAR, Inc.; Leica Geosystems Holdings AG; Faro Technologies Inc.; Trimble Navigation Limited; and RIEGL USA Inc.
The current market environment is witnessing an intense competition between the key players for achieving the market domination via product differentiation and enhancement of quality.

Image Recognition Market Worth $109.4 Billion By 2027

The global image recognition market size is expected to reach USD 109.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 18.8% from 2020 to 2027. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

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https://www.grandviewresearch.com/industry-analysis/image-recognition-market

Further key findings from the report suggest:

Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of the technology that has improved user experience and drawn the customers’ attraction toward this technology
Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at major public spaces or events
Advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the development of image processing software with multiple functions such as facial and object recognition, and landmark detection
Growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling the image recognition market growth
Key players in the market are Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH; among others.