Solar Tracker Market Demand To Reach 172.0 GW By 2025

The global solar tracker market demand is expected to reach 172.0 GW by 2025, expanding at a volume-based CAGR of 32.0%, according to a new report by Grand View Research, Inc. Solar tracker is installed on a photovoltaic (PV) system to get an increased energy output during the day. The PV system helps to minimize the angle of incidence between incoming light and panel, thereby increasing the amount of energy produced.

The single axis segment is predicted to have the highest growth over the forecast years and is projected to witness a revenue-based CAGR of 30.6% from 2019 to 2025. Single axis tracker is economical than dual axis tracker and easy to maintain. The market is expected to witness substantial growth over the forecast period owing to growing need for renewable power generation, especially in the single axis segment.

The dual axis segment accounted for lower market share in terms of volume and is projected to exhibit lower CAGR during the forecast period. Dual-axis solar trackers comprise two degrees of freedom that act as axis of rotation. The axis fixed to the ground is considered as the primary axis and the one referenced to the primary axis is called the secondary axis.

Dual axis trackers have modules that are oriented parallel to the secondary axis of rotation. They allow maximum absorption of the sun’s rays on account of their ability to follow the sun both horizontally and vertically, thus generating 8% to 10% more energy than single axis trackers.

In terms of technology, the PV segment is anticipated to hold majority share in the market over the forecast period. The simplicity of its design along with the cost-effectiveness make them ideally suitable for most PV applications at utility level.

Additionally, trackers installed on PV modules occupy less space as compared to the concentrated photovoltaic (CPV) and concentrated solar power (CSP) technologies. The PV technology does not require any additional lenses, mirrors or sterling energy to generate electricity, thereby making them suitable for use in non-utility applications.

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Further key findings from the report suggest:

The solar tracker market is estimated to witness a volume-based CAGR of 32.0% from 2019 to 2025. Solar tracker helps in increasing the efficiency of the cell. Increasing solar PV demand in various regions is expected to propel the growth of the market over the projected period
Solar PV emerged as a leading technology segment accounting for a revenue share of close to 91.0% in 2018. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation
The single axis segment leading product segment covering more than 64.0% of the market volume in 2018 and is projected to grow at highest CAGR during the forecast period. Single axis trackers are less expensive as compared to dual axis trackers and, therefore, are widely employed in utility and non-utility application
The utility application segment is expected to account for more than 87.0 % of the market volume in 2025 and is projected to grow at highest CAGR during the forecast period. Trackers are being used on a large-scale in utility applications in light of increasing government subsides coupled with feed-in tariff schemes particularly in North American and European region
North America accounted for the largest market share of more than 30.0% volume share in 2018 owing to favorable policies and incentives for solar PV installation in the country. However, Middle East and Africa market is projected to exhibit the highest CAGR during the forecast period on account of rise in investments for renewable energy sources in the region
Major companies actively operating in the solar tracker market in the present scenario include NEXTracker Inc.; PV Hardware; Soltec; First Solar Inc.; and Array Technologies Inc. These companies are adopting various organic as well as inorganic growth strategies to augment their market share.

Corrosion Inhibitors Market Size Worth $9.9 Billion By 2027

The global corrosion inhibitors market size is anticipated to reach USD 9.9 billion by 2027, expanding at a CAGR of 3.8%, according to a new report by Grand View Research, Inc. The growth in the market can be attributed to increasing investments in oil and gas extraction and production activities in the developing economies across the globe.

Corrosion inhibitors are primarily consumed by the oil and gas industry as pipelines, petrochemical plants, and refineries face significant challenges due to erosion. The application of corrosion inhibitors mitigates deterioration in pipelines, gathering lines, transmission lines, flow lines, and wellbores. It also decreases the occurrence of pitting and costly rust failures for various industry players. Therefore, the application of these products significantly reduces the amount of investment spent on the prevention of rust. This factor has majorly driven the consumption of products across various end-use industries.

Different industries, such as oil and gas, power generation, pulp and paper, metal processing, chemical processing, face several challenges due to rust. This signifies the number of investments by end-use sectors for the prevention of industrial parts and equipment and to extend their life or durability. Furthermore, internal corrosion caused by aggravated microbial activity, water, hydrogen sulfide, or carbon dioxide has increased the need for products among oil and gas companies.

Saudi Arabia is one of the prominent crude oil producers in the world. Moreover, the GDP (PPP) of Saudi Arabia is USD 1.8 trillion, which makes it one of the top-performing economies in the Middle East. With the presence of some of the leading global players such as Saudi Aramco and some of the prominent producing fields such as Ghawar field, the country is expected to boost the consumption over the forecast period.

This is likely to result from the higher preference for oil-based products given their long-lasting protection results for parts or equipment exposed to severe environmental conditions. Furthermore, these are preferred over water-based ones owing to their heavy film and water-rejecting properties. However, water-based products are expected to gain a significant market share over the forecast period due to their conservative nature and favorable government regulations pertaining to their use.

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Further key findings from the report suggest:

In 2019, organic emerged as the prominent product segment owing to their broad utilization in the petroleum refining industry because of their ability to form a protective layer on the metal surface of transporting pipes
In 2019, oil-based emerged as the prominent type segment owing to the excellent performance of these corrosion inhibitors in high-velocity flow conditions and elevated pressure
In 2019, oil and gas emerged as the prominent end-use segment owing to a surge of serious internal corrosion problems in several refineries, pipelines, and petrochemical plants, along with mounting production.

Costume Jewelry Market Worth $39.2 Billion By 2025

The global costume jewelry market size is expected to reach USD 39.2 billion by 2025, expanding at a CAGR of 6.5% in the forecast period, according to a new report by Grand View Research, Inc. Growing fashion consciousness, increasing number of working women, and rising disposable income are some of the factors for the market growth.

On the basis of type, the ring segment dominated the market with a share of 33.6% in 2018. Wide variety, application, and low cost of the product as compared to other product types is likely to fuel the segment growth in the forecast period. Earrings are expected to register a CAGR of 6.9% in the forecast period. Trend of changing the product on a daily basis among working women has led to the requirement of a variety of products, thereby influencing the product demand.

The offline segment is dominated the market and accounted for 74.4% share of the overall revenue in 2018. Traditional method of shopping, presence of a wide variety of products, and option of customization as per the customer preference are anticipated to propel the segment growth in the near future. The online segment is likely to expand at the fastest CAGR of 7.1% in the forecast period. Introduction of a large number of online platforms in recent times with trusted dealers is expected to drive the segment.

Asia Pacific was the largest regional costume jewelry market in 2018, accounting for 35.0% share of the total revenue. Growing demand among working women as well as men in the emerging countries such as India and China, which account for 34% of the global population, is driving the market in the region. The market in Europe is expected to expand at a CAGR of 8.0% in the forecast period. Presence of leading players in the region and frequent innovation in the designs are boosting the market growth in the region.

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https://www.grandviewresearch.com/industry-analysis/costume-jewelry-market

Further key findings from the study suggest:

By type, the ring segment is anticipated to expand at a CAGR of 7.1% in the forecast period
North America was the second largest regional costume jewelry market in 2018, accounting for 25.0% share of the overall revenue
Based on distribution channel, online stores are expected to register a CAGR of 7.1% in the forecast period.

Electrostatic Precipitator Market Size Worth $14.97 Billion by 2025

The global electrostatic precipitator market size is projected to be valued at USD 14.97 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.3% over the forecast period. Rising consumer awareness, inclination towards healthy lifestyle, and rise in air pollution are expected to drive the market growth.

Rising adoption of air pollution control equipment, coupled with stringent government regulations, is expected to boost the global electrostatic precipitator market by 2025. Industrialization of energy and manufacturing industries is predicted to further enhance business growth over the forecast period.

Increasing investments and technological advancements are expected to encourage expansion of the market for electrostatic precipitator in the forthcoming years. Critical air pollution level caused by vehicles and industries coupled with high demand for pollution controlling equipment in developing countries such as India and China are anticipated to spur market growth over the forecast period.

The power generation segment is expected to expand at a CAGR of 4.2% over the forecast period. High dependency on electricity in automotive backed up with industrial automation is expected to boosts demand for power generation application in near future. Power generation industry has witnessed drastic change in processes as majority of the industrial players opted for renewable energy sources such as wind, natural gas, solar etc.

In terms of technology, the dry type electrostatic precipitator was valued at USD 9.66 billion in 2017 and is predicted to witness robust growth over the forecast period. High adoption coupled with government policies and regulations is projected to encourage market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/electrostatic-precipitator-market

Further key findings from the report suggest:

The U.S. electrostatic precipitator market revenue is projected to expand at a 2.2% CAGR over the forecast period owing to stringent governmental policies along with rise in demand for air pollution control equipment
U.K., in terms of revenue, is projected to register a 1.8% CAGR over the forecast period
Growth in the India market can be attributed to rapid pace of industrialization, rising air pollution levels, and evolving regulatory framework.

Biocomposites Market Size Worth $46.3 Billion By 2025

The global biocomposites market size is projected to reach USD 46.3 billion by 2025, according to a report by Grand View Research, Inc., exhibiting a 12.5% CAGR during the forecast period. Increasing use of biocomposites in end-use sectors such as automotive, building and construction, electrical and electronics, and consumer goods is the main driver triggering the biocomposites market. Additionally, changing consumer preference from plastic composites to ecofriendly biocomposites is expected to spur market growth over the forecast period.

Biocomposites are composite materials made from natural fiber such as wood or non-wood fiber, along with polymer resin. Their use in various sectors is increasing due to their eco-friendly characteristics. They are effectively being used as a substitute for plastic composites. Strict environment laws are also favoring their usage.

Use of biocomposites made from wood fiber is growing as an increasing number of forests are under systematic and sustainable utilization. Wood plastic composites are manufactured from wood fibers. Use of natural polymer is also increasing as a result of push for 100% biodegradable products. There is a significant demand for 100% biodegradable products in developed markets of North America and Europe.

The handling of plastic waste globally is a serious issue as plastic products do not decompose easily. In order to tackle this problem, a number of governments have banned plastic products and are promoting the use of biocomposites as a substitute for plastic composites. Furthermore, they are used as a substitute for metal and alloys in automotive nonstructural parts such as parcel shelves and interior panels. Use of biocomposites in the automotive sector is likely to help in decreasing the overall weight of a vehicle and also reduce instances of injuries to passengers in cases of accidents. Similarly, surging demand in electrical and consumer durables sectors is expected to drive the market.

Rising disposable income in developing countries such as China and India and growing awareness about biocomposites and their advantages are key factors expected to drive the market in the region. Ban on non-reusable plastics in Europe is driving demand in the region.

A number of key players in the industry are investing in research and development of eco-friendly and high strength products. Some players have also integrated their operations throughout the value chain in an attempt to increase profitability and serve customers better.

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

Further key findings from the report suggest:

By type of fiber, wood fiber composites are expected to grow at the fastest throughout the forecast period
Transportation emerged as the largest end-use segment in the market, followed by building and construction
Asia Pacific is expected to be the largest regional market for biocomposites. It is also likely to be the fastest-growing regional market over the forecast period.

Smart Diapers Market Size Worth $11.4 Billion By 2025

The global smart diapers market size is expected to reach USD 11.4 billion by 2025, expanding at a CAGR of 6.5% from 2019 to 2025, according to a report by Grand View Research, Inc. Introduction of smart wearables is driving manufacturers of this industry to focus on developing diapers integrated with sensors, which will enable the caregivers to take effective care of the babies and old people.

Geriatric population also contributes significantly to the market demand. Old age homes, healthcare institutions, and clinics having elderly people are also prominent customers expected to drive the market over the forecast period. Possibility of infections such as inflammation of urethra in the aging population is one of the constraints to the market growth. In order to protect and reduce the possibilities of infectious diseases, companies are providing solutions by introducing apps, sensors, and Bluetooth devices.

Asia Pacific is expected to expand at the fastest CAGR of 5.7% from 2019 to 2025. Most of the new entrants are coming up with new technologies applicable in sensors, thereby driving the market in the region. Increasing population and nuclear families in this region are the major factors boosting the regional market growth. Taiwan, Korea, and Australia are considered to be the emerging markets for this product. High birth rates in Asia Pacific and the Middle East countries are expected to provide growth opportunities for the market.

North America and Europe hold a dominant share in the global market owing to increasing preference for technology driven products that make life easier for consumers having busy schedule and lifestyle.

Key players operating in the global market include Alphabet’s Verily, ElderSens, Pixie Scientific, SINOPULSAR, Monit Corp., Opro9, Simativa (Australia), Abena Nova, Indiegogo, and Smartipants. Some of the key players in the market are focusing on supplying the diapers with smart new sensors, which are well updated with technologies, such as Alert plus. Companies such as Alphabet’s Verily and Pixie Scientific are considered to be the prominent companies in the market.

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https://www.grandviewresearch.com/industry-analysis/smart-diapers-market

Further key findings from the study suggest:

Based on the end user, the babies segment is expected to account for a share of 57.2% by 2025
North America dominated the market and accounted for 34.1% share of the overall revenue in 2018. This trend is projected to continue over the next few years
The smart diapers market in Asia Pacific is anticipated to witness significant growth due to increasing awareness among consumers and growing population in India, South Korea, and China
The industry is highly competitive due to the presence of main players including Abena Nova; Simativa; Sino pulsar technology Inc.; Alphabet’s Verily; Pixie Scientific; Monit Corp.; Opro9; and ElderSens
Various manufacturers are focusing on new product launches and technological innovation to estimate existing and future demand patterns according to the needs of babies and adults, who can’t help themselves to change the diapers when required.

Edible Oil & Fats Market Worth $162.51 Billion by 2025

The global edible oil and fats market size is expected to reach USD 162.51 billion by 2025, according to a new report by Grand View Research, Inc. Rising popularity of edible oil as a key nutritional constituent on account of its various benefits including improvement in immune system and prevention from cardiovascular disorders is projected to drive the demand.

Rising concerns over glutamic disorders in developed countries including U.S. and Germany is expected to promote the scope of oilseed-based product forms as vegan alternatives for animal fats. Furthermore, changing lifestyle coupled with buyer preference for nutrition enriched food products among middle-class income groups from developing economies such as China, India, and Thailand is projected to increase the usage of edible oils over the next eight years.

Offline channels are projected to lead, accounting for more than 50% of total market share in terms of revenue. Increased concentration of supermarkets in emerging economies such as China, India, Mexico, Brazil, and South Africa is projected to provide the consumers a wide range of options when it comes to edible oils and edible fats.

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https://www.grandviewresearch.com/industry-analysis/edible-oil-fats-market

Further key findings from the report suggest:

Oil product segment generated revenue exceeding USD 60 billion in 2018. Rising importance of calorie-free products including olive and sunflower as healthier alternatives as compared to animal-based fats is projected to remain a favorable factor over the forecast period
Coconut segment is expected to witness a CAGR of 7.4% from 2018 to 2025. The product is expected to gain importance on account of being effective source of amino acids, vitamins, and minerals
Asia Pacific led with more than 30% of global market share in terms of revenue in 2018. The high concentration middle-income age groups in key markets including China, India, Bangladesh, and Thailand is expected to assist the region maintain the dominance in near future
The edible oil and fats market is highly competitive in nature. Key players include Aceities Borges Pont S.A.; ACH Food Companies, Inc.; ADM; Avena Nordic Grain Oy; and Cargill Inc.
Strategic partnerships with the distributors located in emerging economies with significant buyer base is expected to remain a critical success factor for the key market participants in the forthcoming years.

Leather Goods Market Size Worth $629.65 Billion By 2025

The global leather goods market size is expected to reach USD 629.65 billion expanding at a CAGR of 5.4% by 2025, according to a new report by Grand View Research, Inc. The market growth is driven by the millennials and Generation Z as younger shoppers seek a personalized shopping experience that integrates both online and offline platforms. In the offline platforms, the availability of leather goods in retail stores has an affinity to showcase its content to a large number of audiences. In U.S. it was reported that 94% of all the purchases made in 2016 were through retail stores.

The major reasons driving the sale included age, gender, and location. In the footwear product segment, casual shoes like sneakers, slippers, and flats are gaining popularity, which is expected to boost the segment growth in the coming years. The market for formal shoes is expected to witness a significant growth over the forecast period owing to constant innovations, in terms of products and designs. In the sports shoes category, major manufacturers in the market including Adidas AG; Nike, Inc.; New Balance Athletics, Inc.; and Sketchers USA, Inc. are increasingly focusing on developing innovative technologies to enhance the stability of sports shoes and make them more comfortable.

Application of leather in manufacturing bags and wallets has increased significantly in the recent years. Among all types of leather, synthetic leather has attained tremendous popularity as it is softer than conventional leather and offers high durability. The growth of casual footwear segment coupled with increasing online purchases is expected to drive the leather goods market in North America over the forecast period. Furthermore, rising number of athletes in the region and awareness about the benefits of staying active and fit are anticipated to fuel the market growth.

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https://www.grandviewresearch.com/industry-analysis/leather-goods-market

Further key findings from the study suggest:

Rubber & plastic material segment in the footwear market is expected to witness the highest growth rate over the forecast period
E-commerce distribution channel in North America was estimated as the largest segment of the leather goods market in 2017
China was the largest market. The Asia Pacific region is expected to be the fastest-growing regional market during the estimated period.

PET Compounding Market Size To Reach $7.82 Billion By 2024

The global polyethylene terephthalate (PET) compounding market is expected to reach USD 7.82 billion by 2024, according to a new report by Grand View Research, Inc. Rising polymer demand in end-use industries such as packaging, automotive, electrical & electronics and constructions is expected to remain a key driving force for PET compounding market growth.

Strong demand for PET bottles coupled with growing packaged food & beverage industry in emerging economies of Asia Pacific and Latin America such as China, India, Mexico, and Brazil are anticipated to fuel industry growth significantly.

Regulatory agencies to reduce Green House Gas (GHG) emissions by means of vehicular weight reduction and fuel efficiency improvements have formulated policies and guidelines. Automotive manufacturers & OEMs in order to meet these regulations have adopted plastics as a replacement for metals such as aluminum and steel.

Packaging accounted for over 55% of overall market volume in 2015. Growth in packaging industry can be attributed to the suitability of PET compounds to meet customer requirements with more durable, lightweight and corrosion-resistant parts.

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http://www.grandviewresearch.com/industry-analysis/polyethylene-terephthalate-pet-compounding-market

Further key findings from the study suggest:

The global polyethylene terephthalate (PET) compoundingmarket demand was over 2,000 kilo tons in 2014 and is expected to exceed 3,500 kilo tons by 2024, growing at a CAGR of 6.9% from 2016 to 2024
Increasing substitution for glass, metals, wood, natural rubber and man-made materials by PET is driving the global market
Developing recycling processes that utilize lesser input in terms of fluids, energy, and machinery is crucial for production improvisation
Government regulations restricting petrochemical derived polymers consumption in applications such as food packaging, and medical devices are expected to further boost bio-based PET production
China accounted for nearly half of the Asia Pacific compounding volume in 2015. The country is characterized by high demand for PET compounds in packaging & electronic applications
BASF and Avantium Dutch technology firm formed a joint venture company to focus on polyethylene furanoate (PEF) and furandicarboxylic acid (FDCA), a bio-based polymer to replace polyethylene terephthalate
Polyethylene terephthalate (PET) compounding market is highly fragmented among multinational players and small domestic companies
Key industry participants in the market include Dow Chemical Company, RTP Company, SABIC, LyondellBasell, BASF SE, DuPont, SRF Plastics, A. Schulman, Polyvisions, Covestro, Washington Penn Plastics and PET Processors LLC

MPD Services Market Size To Reach USD 5.06 Billion By 2024

The global managed pressure drilling (MPD) services market is expected to reach USD 5.06 billion by 2024, according to a new report by Grand View Research, Inc. Factors such as rising hydrocarbon production cost coupled with depleting extraction rates in conventional onshore wells have led to increasing offshore exploration activities. This is likely to have a significant impact on the managed pressure drilling market. The success of these extraction techniques in areas which were previously considered to be uneconomical has stimulated the market growth.

MPD techniques do not provide any surface return; this restricts the sampling sources for geologists. A significant amount of drill fluids required and variation in MPD techniques is likely to limit the market growth during the forecast period. Technological advancements along with coupling MPD techniques with horizontal drilling in tight formations is anticipated to create new avenues for industry participants in the near future.

Constant bottom hole pressure (CBHP) emerged as the leading technology segment and accounted for 43.3% of the global revenue in 2015. This technique facilitates better safety of the sites by controlling the pressure and detecting early fluid losses. Mud cap drilling (MCD) technique is likely to lose share to CBHP and dual gradient drilling (DGD) technologies owing to the high cost associated with this technology.

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http://www.grandviewresearch.com/industry-analysis/managed-pressure-drilling-mpd-services-market

Further key findings from the report suggest:

Onshore oilfields were the leading application segment and accounted for over 58% of the total industry revenue in 2015. Offshore operations are expected to witness the highest growth of 4.0% over the forecast period.
The U.S. offshore MPD services industry is estimated to witness the fastest growth over the next eight years to reach a net worth of USD 585 million by 2024. Significant development of offshore oil & gas wells in the Gulf of Mexico along with extremely complicated formations in the region is anticipated to drive managed pressure drilling services demand.
North America dominated the global demand accounting for 37.3% of total market revenue in 2015. Technological advancements along with deployment of advanced drilling techniques in complex formations such as tar sands, tight oil, etc. in the U.S. and Canada are key factors for high industry penetration in the region.
Africa is estimated to grow at a CAGR of 4.9% from 2016 to 2024 on account of increasing offshore activities in regions of Angola, and Mozambique. Algeria MDP services industry is estimated to reach a net worth of USD 110 million by 2024, at a CAGR of 5.4%.
Key market players include operating in the global managed pressure drilling services market include Archer Well services, Baker Hughes, Halliburton, Weatherford International, Schlumberger Limited.