Thermal Imaging Market Size Worth $6.50 Billion By 2020

Global thermal imaging market size is poised to reach USD 6.50 billion by 2020 at a CAGR of 9.1%, according to a new report by Grand View Research, Inc. increasing demand for low-cost devices owing to its widespread applications. Commercialized thermal imagers resulting from the development of microbolometers expected to augment the growth of the market over the forecast period.

In addition to increasing demand in industrial and commercial sectors, thermal imaging devices are also used across several security and surveillance applications. Moreover, increasing adoption of integrated solutions across commercial applications would further fuel the growth of the industry. Furthermore, the use of thermal imaging in high-resolution camera and smartphone is expected to bolster further the growth of the industry.

Thermal Imaging application in commercial segment is also poised to experience growth over the next few years. Growth can be attributed to increasing the use of thermal imaging devices across various applications such as surveillance and security, thermography and transportation systems.

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Defense & Military was the dominant application segment in 2013 and accounted for over 40% of thermal imaging market during the same period. The thermal camera is used extensively by ground forces in the military to improve situational awareness. However, decreasing defense spending in developed markets would prove to be a restraining factor for the growth over the projected period.

North America was the largest regional market in 2013 and accounted for over 30% of the market. Growing industrial and commercial sectors are expected to fuel the market growth over the forecast period. The extensive use of thermal imaging sensors in security products and rising demand for safety and surveillance applications is expected to drive demand in Europe. Asia Pacific is also expected to witness significant growth owing to rising defense budget.

The market is highly competitive and is characterized by cost minimization strategies by key industry players. The companies emphasize on continuous innovation and R&D to outpace the competition. In the industry, there is a high degree of integration between the manufacturers and suppliers. Manufacturers focus on global deployment, technological innovation, and unique products to cater to growing demand. Furthermore, increasing focus on scaling production which leads to reduced product cost due to economies of scale is expected to propel demand over the next few years.

Key players in the industry include BAE Systems Inc., FLIR Systems Inc., Raytheon Company, and DRS Technologies Inc. Optimizing manufacturing throughput along with greater product reliability through vertical integration of production activities is expected to be a key growth driver.

X-Ray Security Screening Market Size Worth $2.89 billion By 2020

The global x-ray security screening market size is expected to reach USD 2.89 billion by 2020, according to a new study by Grand View Research, Inc. Threats pertaining to piracy, drug trade, cross-border terrorism, human trafficking, etc., are anticipated to fuel global x-ray security screening market demand over the forecast period. The risk of terrorist attacks has driven investment in aviation security. Further, illegal arms, drug trafficking, and immigration have heightened border security, which is expected to favorably impact the demand for body & baggage screening systems and explosive detection systems.

The sales of x-ray security and inspection systems significantly rely on the decision of governmental agencies to upgrade or expand existing border crossing inspection sites, airports, seaport inspection sites, military facilities, and other security installations. The decision of governmental agencies to incorporate new systems or to upgrade existing infrastructure plays an important role in driving market demand. Further, the aviation sector has to keep pace with the evolving travel environment by adopting several security measures, which is expected to drive the x-ray security screening market over the next few years. The development of flexible security screening systems in order to address terror threats is also anticipated to fuel market demand. In addition, upgrades for existing installations provide opportunities for market growth. However, ionizing radiations generated by x-ray security scanners are known to be carcinogenic and may hinder market growth over the forecast period.

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Further key findings from the study suggest:

The transit sector is poised for high growth over the forecast period. X-ray security screening systems are primarily used for baggage screening and account for substantial usage across the civil aviation sector.
X-ray security screening exhibits high penetration in the government sector and accounted for substantial market share in 2013. Upgrades for existing installations are expected to drive the regional market demand, particularly across the border security application. The decision of governmental agencies to incorporate new systems or to upgrade existing infrastructure plays an important role in driving market demand.
Product screening accounted for considerable market share in 2013, with significant demand originating from the cargo and baggage screening applications.
North America accounted for a sizable share of the global x-ray security screening market in 2013. The Homeland Security Department has invested heavily in U.S. customs and border security, which is expected to catapult the segment demand over the forecast period.
A few key industry participants, including OSI Systems (Rapiscan), Smiths Detection, American Science and Engineering, Morpho Detection and Analogic Corporation are constantly innovating with considerable R&D investments to gain competitive advantage, and maintain strong market position.

Electric Vehicle Battery Thermal Management Systems Market Worth $12.1 Billion By 2027

The global electric vehicle battery thermal management systems market size is expected to reach USD 12.1 billion by 2027, registering a CAGR of 28.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Thermal management systems are used in electric vehicles (EVs) for maintaining the heating temperature of the batteries used in these vehicles. These batteries provide power to the motors for the traction of the vehicle and therefore, the vehicle movement is entirely dependent on battery health. Hence, the need to control the battery heat becomes critical for the seamless operation of EVs.

Stringent government regulations have been observed in various nations for controlling the carbon emissions from the vehicles. Also, governments are taking initiatives to boost the adoption of EVs. For instance, the Chinese government has waived off the purchase taxes on EVs till 2020. In addition, most of the countries are planning for a complete transformation from Internal Combustion Engine (ICE) vehicles to battery EVs. As a result, the sales of new and more efficient EVs have increased. This trend is expected to fuel the growth of the overall market in the coming years.

Automobile manufacturers across the globe are increasingly investing in R&D to develop new methods and systems for maintaining & controlling the battery temperatures. For instance, in 2019, Robert Bosch GmbH announced a cloud-connected software service for battery management, which is capable of monitoring and managing the electric battery remotely. Such innovations and developments are projected to bolster the market growth.

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Further key findings from the study suggest:

The passive segment held the largest revenue share of over 78% in 2019. This growth was credited to the benefits offered by these systems including low cost and ease of installation in the vehicle
The active segment is expected to register the highest CAGR from 2020 to 2027 owing to the benefits of these products, such as enhanced efficiency and improved battery life
Passenger vehicles segment accounted for the majority share in 2019 primarily owing to the high penetration of EVs in this segment
The commercial segment is expected to expand at steady a CAGR over the forecast period due to the increasing demand for battery-powered buses and lightweight trucks
Asia Pacific is expected to be the largest as well as fastest-growing regional market from 2020 to 2027 owing to the highest production and adoption of EVs in the region

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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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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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

Tenant Billing Software Market Size Worth $544.21 Million By 2027

The global tenant billing software market size is expected to reach USD 544.21 million by 2027, registering a CAGR of 8.4% over the forecast period, according to a new report by Grand View Research, Inc. Rapidly growing adoption of automatic tenant metering and smart grid technology is a primary factor propelling the growth of the market. The market growth can be ascribed to growing demand for real-time tenant utility consumption.

Several commercial properties still use manual tenant metering and bill generation as part of their tenant sub metering workflow. However, the manual metering not only makes the process slow but often builds several errors and inconsistencies for owners and occupants. Whereas, automated metering tracks revenue recovery in real-time and drills down to individual occupants. Moreover, it offers improved experience by showing occupant’s real-time transparency into their utility costs.

Rapidly increasing number of retail stores, hotels, business buildings, airports, and industrial sites is also offering promising growth prospects for the market. North America accounted for the largest market share in 2019 on account of rising demand for advanced tenant billing software in the region. Furthermore, enterprises of all sizes are creating a huge demand for cloud-based billing software in North America, thus boosting the market growth in this region.

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Further key findings from the study suggest:

The tenant billing software market is anticipated to witness substantial growth during the forecast period owing to rising adoption of machine learning and IoT in various residential and commercial areas
The cloud deployment segment accounted for the largest market share in 2019 owing to increasing adoption among small, medium, and large enterprises and benefits offered in terms of decreasing disputes with occupants
The on-premise deployment segment is expected to witness significant growth over the forecast period owing to the benefits offered including easy integration with the enterprise’s existing IT infrastructure and high level of data security
Based on application, the commercial segment is expected to witness the fastest growth over the forecast period owing to increasing number of shopping stores, hotels, and business buildings
North America dominated the market in 2019 owing to the extensive adoption of cloud-based tenant billing software by enterprises of all sizes, coupled with growing real estate industry in the region
Key players in the market include Delmon Solution; Commercial Water & Energy Co.; Honeywell International Inc.; Entronix Energy Management, Inc.; Enertiv; TEAM (Energy Auditing Agency Ltd.); Accuenergy Ltd; MACH Energy; SystemsLink 2000 Ltd; Semsys; and IOTomation Ecotech Pvt. Ltd. New product or software development remains a key strategy among the leading players in the market

Aerospace Parts Manufacturing Market Worth $1.25 Trillion By 2027

The global aerospace parts manufacturing market size is expected to reach USD 1.25 trillion by 2027, exhibiting a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing passenger and freight traffic in emerging economies is driving the demand for next-generation aircraft, which in turn is expected to boost the market growth.

A majority of the aircraft manufacturing companies are integrated across the value chain and are highly active in the parts manufacturing process. These companies have in-house production facilities as well as supplier contracts for the procurement of these parts. The manufacturers are also involved in raw material procurement and designing and quality control of the parts offered by third party suppliers.

The market for aerospace part manufacturing is primarily concentrated in North America and Europe, owing to the presence of major aircraft manufacturers. China and India are expected to emerge as the leading markets in the forthcoming years, owing to the rapid growth of aircraft part manufacturing and export activities. The global trade in components and sub-assemblies has increased by approximately 25% during the past decade. However, the sector still remains consolidated with the top 3 countries including U.S., Germany, and France, accounting for over 60% of the total aircraft manufacturing.

The market has observed a trend of a collaboration of the major companies entering into a joint venture. This helps the companies to sustain in the highly competitive market in terms of geographical expansion, technological advancements, and lowering the risk of failure. This also aids the companies to easily access the market for gaining long term contracts.

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Further key findings from the report suggest:

In 2019, aerostructure dominated the product segment, with 52.2% of revenue share on account of strong replacement rate of aluminum with high-cost composites in fuselage and airframe structures
Commercial aircraft segment is estimated to expand at the fastest CAGR of 4.6% over the forecast period, as significant changes are being incorporated in the aircraft structure to reduce the carbon emissions by replacing existing parts with lightweight materials
The market in Asia Pacific was valued at USD 149.6 billion in 2019 and is expected to expand at the highest CAGR owing to the rapid growth of aviation industry, augmenting the growth of MRO services thereby impacting aerospace parts manufacturing industry on a positive note
The aerospace parts manufacturing market has stringent manufacturing norms, safety regulations, and certifications, which restricts the entry of new entrants
Emerging players in Asia offering low-cost innovative solutions to the end-users are expected to challenge the established players in North America and Europe, leading to competition disruption in the market

North America Smart Trash Bin Market Size Worth $12.3 Million By 2025

The North America smart trash/garbage bin market size is estimated to reach USD 12.3 million by 2025, according to the new report by Grand View Research, Inc., expanding at a CAGR of 6.9% during the forecast period. The smart trash bins considered under the scope of the study refers to the automatic garbage bins. These touchless trash cans are sensor-based and are capable of operating without making any physical contact. The market formulated estimates the market sizing & forecasts for the automatically operated touchless garbage/trash/waste bins.

Regional manufacturers of smart trash cans are investing aggressively in product development to incorporate innovative solutions into their product portfolio. They are targeting consumers by offering attractive touchless waste disposal solutions to create lucrative opportunities for expansions. The 14 to 23 gallon capacity segment accounted for the largest market share in 2017. Availability of smart trash bins in several variants under this category and significant adoption of these products across the commercial sector is contributing to the growth of the segment.

Demand for touchless garbage bins in North American countries, particularly the U.S., has witnessed a significant growth over the past few years to generate substantial revenue. The U.S. is anticipated to continue leading the North America touchless trash bin market over the forecast period on account of growing demand for automatic garbage bins in line with the increasing awareness about hygiene and cleanliness to avoid cross-contamination of germs.

The commercial subsegment dominated the North America smart garbage bins market in 2017 The commercial end use of automatic garbage can encircles the use of touchless garbage bins in corporate offices, retail shops, hotels, restaurants, hospitals, clinics, and other public places, which include malls, multiplexes, restrooms, airports, and bus & metro stations. The demand for touchless waste bins from the residential sector is also anticipated to escalate significantly over the next seven years in line with the expanding popularity of the automatic trash bins among the residential sector, modernizing lifestyle of families, and growing awareness about maintaining clean and tidy surroundings and hygiene.

The North America region can be considered as the manufacturing hub of the automatic garbage bins, as it is the homeland to the prominent manufacturers and suppliers, such as iTouchless Houseware & Products, Inc. (U.S.), Nine Stars Group (USA) Inc., simplehuman (U.S.), Walmart, and Costco Wholesale. Moreover, these manufacturers are supplying their product worldwide through various e-commerce platforms by collaborating & partnering with the eminent e-commerce players. Hence, the e-commerce and online shopping are expected to have a positive impact on the market.

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Further key findings from the report suggest:

The 8 to 13 Gallon subsegment is anticipated to portray substantial growth over the forecast period.
The residential end-use sub-segment is projected to witness the highest CAGR over the forecast period.
The U.S. market dominated the overall North America regional market in terms of revenue as well as shipments.
The increasing awareness about maintaining a hygienic lifestyle and avoiding cross-contamination of germs is prompting households to adopt modern and advanced appliances, including touchless garbage bins.
The convenience of hands-free operation while disposing the waste without spilling is driving the North America smart garbage bin market
Key industry participants include Ausko Pte Ltd. (Singapore), Nine Stars Group (USA) Inc. (U.S.), iTouchless Housewares & Products, Inc. (U.S.), simplehuman (U.S.), and HANGSHAU Houseware Co., Ltd. (China).

Command and Control Systems Market Worth $25.04 Billion by 2025

The global command and control systems market size is anticipated to reach USD 25.04 billion by 2025, registering a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing military budgets of Asian countries, such as China and India, rising influence of terror groups in Iraq, Syria, and Palestine, and technological advancements in defense industry are anticipated to fuel the Command and Control (C2) demand.

Geopolitical conflicts in Asian countries, such as India, China, and Pakistan coupled with multinational military practices performed by the armed forces in Middle East are expected to fuel the demand for C2 systems as they enhance efficiencies of military operations. Command and control systems offer technological advantages, such as real-time information sharing and situational awareness, which enhance operational competences of military operations. Moreover, extensive adoption of C2 systems to effectively manage mission-critical situations in the commercial sector as well as manufacturing, transportation, and other industries is predicted to drive the market over the forecast period.

The maritime segment is estimated to witness the highest growth over the forecast period. Growing investments in naval development across the world along with increasing global trade activities and usage of cargo ships in maritime trade are contributing to the segment growth. Technological advancements offer benefits such as higher efficiency in battlefield operations, situational awareness and effective planning and decision making in mission-critical situations.

Some of the major vendors active in the Command and Control (C2) systems market are Lockheed Martin Corporation, BAE Systems, Rockwell Collins, and The Boeing Company. Vendors operating in the market are poised to witness a rise in the demand owing to increasing technological advancements.

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Further key findings from the study suggest:

Maritime is predicted to register the fastest CAGR of 5.5% over the forecast period owing to the increasing marine trade, need for safety and security of the shipping operations and growing investments in naval forces by the developed countries
The land segment is anticipated to hold the largest market share throughout the forecast period due to the increasing adoption of the C2 systems in land-based military operations
Asia Pacific is anticipated to be the fastest growing regional market, on account of the growing geopolitical conflicts and military expenditures on the next generation of communication activities
Some of the prominent players operating in the command and control systems market are Lockheed Martin Corporation, BAE Systems, Rockwell Collins, and The Boeing Company.

LED Lighting Market Size Worth $127.04 Billion By 2027

The global LED Lighting market size is expected to reach USD 127.04 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.4% over the forecast period. The LED lighting offers benefits such as energy efficiency, cost-saving, longer service life, lower heat emission, and nanosecond switching capability, fueling the product demand in the market. Advantage of directional controlled light is anticipated to further drive the demand. Technological advancements and availability of numerous design options for fixtures and lamps due to compact shape and features, such as daylighting, occupancy senor, dim-ability, and timer, are anticipated to positively influence the growth. The energy conservation policy introduced by governments across the world, providing incentives, and attractive rebates for individuals and organizations in commercial and industrial spaces has further contributed to market growth.

LED lighting is widely adopted across commercial and industrial space as the LED lights contribute towards delivering maximum visibility for an appropriate work environment. The introduction of LED in the lighting industry readily became an accepted standard for lighting for commercial and industrial buildings. Moreover, technological advancements such as connected and app-controlled lighting proved to be vital for boosting the market growth. Improvements in lighting technology have led to the emergence of flicker-free LED products, which is appropriate for uninterrupted bright light for application areas such as classrooms, hospitals, and offices, among other spaces. The demand across the residential sector is expected to bolster with the development of smart cities providing lucrative growth opportunities for prominent market players.

The pandemic due to COVID-19 has affected the industries across the world and severely impacted the business functions. The need for a lockdown has adversely impacted the businesses leading to reduced employee strength and forced companies to practice social distancing across countries. The demand for indoor and outdoor general lighting is declining owing to the reduced spending capacity of individuals and budget constrain across industries such as retail, manufacturing, and other businesses as they are incurring losses. The delay in construction projects is another concern for LED lighting vendors, which has led to a decline in the performance for the first quarter of the year 2020. The market is expected to recover post-pandemic and achieve positive revenue growth by the end of 2021.

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Further key findings from the report suggest:

LED Lighting is estimated to grow at a CAGR of 13.4% over the forecast period 2020 to 2027. The higher demand for illuminating the commercial and industrial space as per the aesthetics of the rooms for better visibility at an affordable price has driven the market growth over the forecast period.
The lamp segment is anticipated to witness the highest growth of a CAGR of 14.5% over the forecast period. The demand is primarily driven by the residential sector owing to encouraging government policies and initiatives.
The Asia Pacific region is expected to dominate the market during the forecast period is anticipated to grow at a CAGR of 14.6% from 2020 to 2027