Why APAC Will Lead Glycolic Acid Market in Coming Years?

The amazing anti-aging chemical glycolic acid seems to do everything. It works wonders to exfoliate the face, diminish fine wrinkles, prevent acne, lighten dark spots, thicken the skin, and level out texture of the skin. In 2021, the global glycolic acid market was worth around $309.3 million value, which is predicted to touch $604.4 million by 2030, advancing at a 7.7% CAGR from 2021 to 2030.

Glycolic acid is a key component in skin care products but is also widely utilized in the electronics, oil and gas, and dyeing and tanning sectors. Boiler cleaners, concrete removers, and dairy farm tank cleaners have all made use of it. This is due to its primary traits, which include its small size, affinity for chelating calcium, powerful acidic property, and natural biodegradability.

The glycolic acid market in APAC is expected to increase at an average annual rate of 8.1% in the coming years. This can be due to the region's rapidly increasing need for cosmetics. The growing number of working women, a change in their lifestyle, and a rise in self-awareness are all contributing to an increase in the need for personal care products. Additionally, professional women view skincare products as a need that gives them self-assurance in their looks. The majority of cosmetic users are women between the ages of 20 and 40.

According to the data, in the past, the personal care & cosmetics segment held the biggest share in the glycolic acid market, at 58.2% in the past years. This is because of the various application of glycolic acid in cosmetics and skincare products such as moisturizers, anti-aging creams, toners, wrinkle-removal treatments, and other hair care items.

Additionally, the need for skincare products is boosting the requirement for glycolic acid as a result of the rising disposable income, growing awareness of personal hygiene, and increasing desire among people to improve their appearance.

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How Does Rise in Disposable Income Leads to Green & Bio-Solvents Market Proliferation?

In 2021, the green & bio-solvents market stood at $3,128.5 million, and it is expected to generate $5,322.2 million in revenue by 2030, progressing at a rate of 6.1% CAGR, ascribed to the expansion of the industry due to rising health & environmental concerns of synthetic solvents. Moreover, the paints & coatings category generates revenue worth over $1 billion, due to the economic surge and population growth, resulting in the expansion of the automotive and construction industries. Both the industries are major consumers of paints & coatings. It is expected to experience snowballing demand for eco-friendly solvents in the near future.

The next-largest green & bio-solvents market share is acquired by adhesives, attributed to the growing requirement for the eco-friendly adhesives solution in both automotive and construction industries. Moreover, the population explosion in developing countries such as India & China leads to the advancement of major industries such as automotive, building & construction, and furniture resulting in an increased demand for bio-solvents.

The growing use of chemicals worldwide resulted in governments imposing multiple regulations to reduce the technologies used for paints and coatings manufacturing, resulting in the green & bio-solvents market propulsion. Synthetic solvents pose a great threat to the workers of factories. It includes various health risks such as eyes, nose, and skin irritation. Moreover, conventional solvents cause volatile organic compound emissions to the environment. Therefore, regulatory authorities are focusing on curbing the manufacturing of these solvents by controlling technologies used in their production. Companies are also investing to improve their production processes and hence reduce toxic emissions. 

North America captures significant green & big-solvents market share, and it is expected to garner $2.0 billion in revenue by 2030, advancing at a rate of 6% during the forecast period 2021-2030, attributed to the dominance of the market players in the region such as Cargill Incorporated, and Dow Chemical Co., and Gevo Inc., that have developed capabilities for eco-friendly and cost-effective solvents with their advanced product research. 

Thus, the demand for green & bio-solvents is rising to minimize the VOC emission to the environment caused by conventional solvents. 

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How Does Increase in the Requirement to Reduce Dependency on Fossil Fuels Impact Phase Change Materials Market?

In 2021, the phase change materials market amassed revenue of $1,775.5 million, and it is set to progress at a rate of 16.8% from 2021 to 2030, to reach $7,206.2 million by 2030. This is owed to the expansion of construction and packaging industries with a rising focus on green buildings. Moreover, 50% of the world’s energy demand is driven by heating usage and more than 60% of that demand is dispersed as waste heat. It results in global climate change, with increased chances for improvements by saving waste heat for further use. The increased requirement to reduce the dependency on fossil fuels in order to conserve energy and minimize GHG emissions has resulted in the development of phase change materials.

The rise in the construction of green buildings in China has led to a surge in demand for PCMs. The construction industry of the country has experienced bolstered growth in recent years surpassing the 5-billion-m2 completed floor area of buildings annually. In addition, it has emerged as the largest contributor to the GDP of China, outgrowing other industrial sectors.

The building and construction category holds the most-significant phase change materials market share, of 35%, and it is expected to advance at a rate of 16% in the coming years. Due to the rise in the demand for low heating and cooling loads for residential buildings, the building envelope technologies have shown steady improvements. The large energy savings are experienced by the increased adoption of innovative building materials with active thermal components. 

In addition, Europe holds the greatest share of the phase change materials market, accounting for 40%, attributed to the inclination toward eco-friendly products, resulting in the proliferation of the PCM industry. Moreover, there are various initiatives taken by the European regulatory associations, to encourage the efficient building of mechanical solutions and increase the awareness of PCM applications that have caused a market boost. 

Therefore, the surge in green buildings and increased awareness of the environment resulting in reduced GHG emissions propel the market.

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Silicone Elastomers Market to Reach a Value of Around $16,425 Million by 2030

The size of the silicone elastomers market at a projected $8,3445 million in 2021, which will advance at a growth rate of almost 8% in the near future, to reach about $16,425 million by 2030. The industry is driven by the high requirement for silicone elastomers in the electrical & electronics sector, their better properties, and an elderly population, which is powering product requirements in the healthcare sector.

In 2021, construction had the largest share, at 42%, and it will maintain this position in the years to come. Silicone elastomers play an indispensable role in a diversity of building materials and equipment, like assembled building elements. Since the emphasis on enhanced construction eminence is rising, the competition is increasing in a more and more price-sensitive market. Concurrently, building companies must keep to the ever-stricter construction quality guidelines.

The silicone elastomers market is likewise driven by the high demand for these materials from the electronics and electrical industry. A diversity of grades is offered to offer flame retardation, heat resistance, low volatility for delicate components, protection from moisture, as well as adhesion to the variability of surfaces.

The Europe silicone elastomers market region held the largest share at around 35%, in 2021. The trend of plummeting the weight of the vehicles mainly driving the market. Silicone elastomers have the capability to supplement metals and other materials in vehicles, thus lowering their weight and improving fuel efficacy, and, eventually, lowering the emission of numerous pollutants, primarily CO2. Silicones retain their properties and, more importantly, guarantee that vehicles, aircraft, ships, and trains run efficiently and safely for long.

The increasing demand for elastomers is increasing in different industries, and other than that, there are various technological advancements as well.

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Why Will North America Dominate SOC as a Service Market?

 The major factor driving the global SOC as a service market is the rising count of cyberattacks and security threats. In 2021, the market stood at $4.4 billion, which is predicted to reach $11.8 billion by the end of this decade. In addition, the market will witness an 11.6% CAGR from 2021 to 2030. Furthermore, at least a 50% annual hike is observed in cyberattacks all around the world. Moreover, the market growth is owing to the work-from-home and BYOD trends, which is why the outbreak of COVID-19 had resulted in an increasing inclination toward SOCaaS solutions.

Within the type segment, the detection service category generated the highest revenue in 2021, accounting for an about 37% market share, and it will continue to show this trend during this decade. This can be attributed to the surging integration of digital technologies in all industries. Moreover, because people are sharing massive amounts of data and depending increasingly on digital information than ever before, the incidence of targeted attacks is increasing globally. To deal with this situation, the requirement for fraud detection solutions among several corporations is on the surge. 

SOC as a Service Market Size & Share Analysis Forecast, 2030

The SOC as a service market can be bifurcated into SMEs and large enterprises. The latter category comprises multinational enterprises, which are continuously developing and implementing the latest technologies to deal with all types of cyberattack, by detecting, preventing, and responding to it. Furthermore, there is a rising adoption of SOCaaS solutions by MNCs to enhance the security of financial resources, because they have numerous revenue streams and intricate corporate networks. Therefore, this category dominates the enterprise size segment of the industry.

In 2021, the BFSI sector ruled the SOC as a service market with at least 45% revenue, on account of being prone to cyberattacks because all it deals with is money, shares, and financial bonds. Furthermore, the BFSI is the target of at least 70% of the cyberattacks very year. Moreover, the count of breached bank accounts will surge to over 30 billion by 2030. Moreover, BFSI corporations are the most attractive of all kinds of companies for cybercriminals, losing about $6 million for every data breach on average.

The healthcare category, in the vertical segment of the SOC as a service market, is predicted to potentially grow in the coming years. This can be ascribed to the data records of healthcare organizations, which encompass every patient’s PII PCI data for billing purposes. Hence, there is a dire need to execute the security operation center as a service in this sector. Furthermore, unencrypted PII PCI data is transferred within laboratories, clinics, and hospitals, putting people’s lives in danger.

In 2021, North America dominated the SOC as a service market, generating approximately 40% of the global revenue, because it is home to the highest count of security operation centers as a service vendors on this planet. This is because of the unending number of cyberattacks and data breaches in this region. Moreover, the skyrocketing demand for cloud-based platforms, technologies, and apps will create a demand for stronger security solutions, because the data of corporations and customers, including information related on payments, is on these platforms and apps.

Hence, the rising concerns about data security among individuals and corporations will pave the way for market growth.

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Why Will Europe Dominate the Underfloor Heating Market?

The global underfloor heating market is driven by an increasing count of construction projects and surging awareness about economic heating solutions. In 2021, the market stood at $4,319.3 million, and it is predicted to touch $7,945.4 million by 2030. The market is expected to witness a 7.0% CAGR from 2021 to 2030, thereby generating extravagant opportunities for the market players in the future. Moreover, the U.K. market will grow at the swiftest CAGR in the coming years in Europe.

Geographically, Europe will rule the underfloor heating market, by advancing at a 7.0% CAGR in the coming years owing to extensive government support in an attempt to meet the environmental sustainability standards through an efficient energy system. The European government had lowered the carbon emissions significantly by imposing stringent rules and regulations. This will pave the way for a carbon-free environment by 2050. Furthermore, the dire need for the energy performance of buildings is being complemented by the New Building Energy Act of Germany.

Based on offering, the hydronic underfloor heating system bifurcation is the larger. This can be credited to its reduced operational costs and the ability to generate more heat than the conventional electric system. Therefore, the bigger revenue share is held by this category, and it will show this trend in the forecast period as well by advancing at a 7.2% CAGR. The prominent European and North American countries have contributed extensively to the boom in the market due to a paradigm shift in the living standards of people with a rising disposable income.

The new installations category in the underfloor heating market will advance at a higher rate owing to surging awareness about lowering carbon emissions. For instance, the EE regulatory framework outlines actions and encompasses policies evolved by the EU to minimize greenhouse gases by more than 55% by 2030. Furthermore, underfloor heating systems are being used in residential and commercial infrastructure projects, including smart city projects, to achieve these goals. In addition, the retrofit installations will also not lag as they are very comfortable, apart from being an economic option.

The residential category will boom the underfloor heating market and account for about $4.0 billion of the total revenue by the end of this decade. This can be ascribed to its increasing deployment in residential sectors because of its ideal benefits. Thus, the installation of these systems goes hand in hand with rising house construction activities in well-developed nations, such as Canada and the U.S. nonetheless, the commercial category will also expand on account of effective floor heating in retail enterprises and workplaces.

Therefore, the rising number of residential and commercial projects will exert a push on the revenue being generated in the market by offering lucrative opportunities to industry participants.

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Usage of Radiation Hardened Electronics in Space

 Electronic devices, single-board computer CPUs, and sensors that have been radiation-hardened and developed to be less prone to harm from radiation exposure and extremely high temperatures are known as rad-hard electronics. Radiation is undoubtedly a key design consideration for radiation-hardened electronics, but it is not the sole material for which radiation tolerance/survivability and radiation hardening testing are crucial.

Ordinary concrete is particularly vulnerable to neutron activation and radiation harm, and excessive radiation exposure can change the physical characteristics of concrete, rendering a concrete bunker structurally unsafe. Because of this risk, nuclear reactor facilities that won't be as vulnerable to high radiation levels must be designed and built using specialized radiation-tolerant concrete.

Radiation Hardened Electronics Market Size & Share Analysis Forecast, 2030

The market is being driven by the high demand for radiation-hardened components for airplanes, medical equipment, and nuclear power plants. This is why, the radiation-hardened electronics market is predicted to touch $2,104.2 million by 2030, progressing at a 3.5% CAGR from 2021 to 2030. Due to government efforts and investments made by entrepreneurs working in this domain internationally, the space industry is growing.

Get More Insights: Radiation Hardened Electronics Market Revenue Estimation and Growth Forecast Report

Reconfigurable radiation-hardened devices are in higher demand, which presents market opportunities for the participants. These tools enable satellite users to alter the scope of their operations while in orbit, significantly lowering the cost of reconfiguration. Top companies in the sector are involved in the creation of new software. electronics with specified radiation protection.

The demand for radiation-hardened electronics is mostly driven by the necessity of radiation-hardened electronics for space applications, and it will grow at the fastest pace in the coming years. This is mostly due to the growth in international ISR activities, which is pressuring companies to provide more durable and dependable electrical components for spacecraft. Additionally, the need for radiation-hardened electronics is being driven by the swelling data volume that is crowding the satellite spectrum due to the expanding worldwide internet user population.

The aerospace and defense industries are largely in need of radiation hardening and survival testing. Infrastructure and defense systems that must continue to operate in the wake of a nuclear explosion depend on radiation-hardened electronics because they must be tolerant of the high radiation levels caused by the explosion.

Additionally, such radiation-hardened electronics and systems must be free to operate in the case of secondary radiation impacts, including an electromagnetic pulse, which is a strong dosage of electromagnetic radiation. We need radiation-hardened electronics to be utilized in the design for that functionality to be sustained through an incident where such systems are exposed to high amounts of radiation.

The tremendous volumes of radiation that solar flares emit are one of the biggest risks to our aerospace and military satellite systems in orbit. Solar flares with sufficient energy can even damage electronics on Earth's surface, resulting in outages and system failures.

Due to the absence of an atmosphere to shield them, spacecraft like satellites, space stations, and shuttles are particularly susceptible to solar flares. Radiation hardening measures are essential for shielding human passengers from the effects of electromagnetic exposure to radiation as well as preventing damage to the electrical systems of spacecraft from space radiation.

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Why Differential Variants Hold Half Pressure Transmitter Market Share?

 The pressure transmitter market was worth around $2,904.0 million in 2021, which is predicted to hit $4,168.7 million by 2030, advancing at a 4.1% CAGR between 2021 and 2030. The main factor driving the growth of the market is the rising need for wireless pressure transmitters. By reducing wiring runs, such devices usually provide lower installation costs and simpler installation in remote areas. Another important aspect influencing the market is the increase in industrial automation adoption due to its enhanced product quality, lower operating costs, and maintenance of health and safety.

Pressure Transmitter Industry Revenue Estimation and Demand Forecast, 2030

The liquid category is the biggest revenue producer in the pressure transmitter market, based on fluid type, and it will grow at a rate of 4.1% in the coming years. In non-hydrocarbon liquids, a submersible pressure transmitter is used for fluid pressure and level measurement, including in the water & wastewater treatment domain. Moreover, differential and measured pressure transmitters are widely used to gauge groundwater pump levels, as well as the hydrostatic liquid levels in tanks.

The level measurement category holds nearly 54.0% share of the global pressure transmitter market, when segmenting by application. Additionally, the category is expected to grow at a CAGR of 4.4% in the years to come. In the chemical, water & wastewater treatment, and petrochemical industries, pressure transmitters are widely used to examine the level in fuel tanks. Moreover, they help reduce purchase and maintenance expenses, offer ease of usage, and are compact in nature, therefore are suitable for applications of level measurement.

Get More Insights: Pressure Transmitter Market Revenue Estimation and Growth Forecast Report

In 2021, the water & wastewater treatment category produced $243.8 million in the industry segment of the pressure transmitter market, and it is on the path to generating $371.4 million during the forecast period. Around the world, pressure transmitters are used in sewage systems, filtration facilities, chemical feeds, pumping stations, storage facilities, mixing vessels, and wet wells in the water & wastewater treatment industry. Such devices are used at various stages of the wastewater treatment process, such as tertiary, biological, primary, and secondary treatment.

Differential pressure transmitters hold around 51.5% revenue share in the market, on the basis of type. They are ideal in the oil & gas sector for level, pressure, and flow measurement, for process control and monitoring. Moreover, they are also utilized for measuring fluid flow, fluid level, and fluid density. Other applications include flow measurement and level detection in the aforementioned sectors, utilizing venturi tubes, orifice plates, low-loss flow tubes, pitot tubes, and flow nozzles.

Players have commenced a variety of strategic developments to remain competitive in the market. For example, Huba Control introduced the 555-pressure transmitter, which is suitable for high temperatures and designed for alternative-drive systems, in June 2021. Type 555’s compact design and ruggedness enable vibration and shock stability and also allow for long-term durability. Other key players in the pressure transmitter market are Emerson Electric Co., Yokogawa India Ltd., Schneider Electric, Hitachi High-Tech Corporation, Fuji Electric Global, Danfoss, Honeywell International Inc., Siemens, and ABB Ltd.

Hence, the potential of the market to grow in the coming years are high due to the rising demand for potable water, booming chemical exports, and advancing oil & gas industry.

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Why Will North America Rule the 5G Satellite Communication Market?

 The major 5G satellite communication market growth drivers are the increasing requirement for high-speed and low-latency connectivity and the swift adoption of technologically advanced devices. In 2021, the sale of such solutions generated $2,548.2 million, and this value is predicted to reach $33,896.7 million by 2030. In addition, the market will advance at a 33.3% CAGR from 2021 to 2030. A pivotal role is played by 5G networks in supporting policymakers and governments in transforming cities into smart cities. Moreover, this assists the citizens to reap the socio-economic benefits offered by an advanced economy.

Access Report Summary - 5G Satellite Communication Market Segmentation Analysis Report

Within the solution type, the backhaul and tower feed solutions category dominated the 5G satellite communication market, and it will continue to show this dominance throughout the decade. This can be primarily ascribed to their inherent abilities to cast videos to cater to the enormous coverage area and exhibit ultra-high and high design content. Moreover, there will be a higher inclination of consumers toward the fast 5G connectivity with low latency, coupled with the escalating count of 5G gadgets. This will go hand in hand with the skyrocketing demand for this category at a significant pace.

5G Satellite Communication Industry Revenue Estimation and Demand Forecast, 2030

Because of the shifting and rising nature of geopolitical conflicts and wars, the adoption of non-terrestrial technologies has become increasingly prominent for defense sectors. The defense agencies are assisted by the advanced 5G satellite communication technology to enhance their strategic and decision-making skills. Additionally, IoT solutions are now increasingly being used in the defense sector because of gradual technological changes in the market. Therefore, there is a vast potential in the market on account of the swift technological advances.

 

5G satellite communication technologies have the potential to bring economic internet connection to previously disconnected and rural parts of the world and will spur the 5G satellite communication market growth. The defense, government, and commercial businesses, as well as people, are ready to adopt technologies that can aid in connecting and interacting with remote regions of the world where terrestrial networks do not exist, using the current generation of networks and satellite technology. All of this will propel growth in the market. 

 

In 2021, the commercial sector held the biggest 5G satellite communication market share, accounting for about half of the total market share. This can be attributed to the rising application of satellite and 5G connections in countless commercial sectors, including commercial aircraft, automobiles, and the entire logistical network. Nonetheless, the government will also not lag and witness the highest CAGR in the coming years. This is because of the attempts made to facilitate effective supervision of the government assets and the swift communication requirements.

 

Geographically, North America rules the 5G satellite communication market, and its revenue contribution to the market players is predicted to touch $12.0 billion by 2030, exhibiting the fastest CAGR in the coming years. This can be buoyed by the existence of a huge count of market players, including Qualcomm Incorporated, Thales Group, and Inmarsat Global Limited, who continue to work with the present scenario in the industry and adapt to changes in customers’ preferences, coming up with technologically advanced communication devices and software.

 

Hence, increasing the requirement for high-speed and low-latency connectivity will drive the market to provide extravagant opportunities to corporations.

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Can applying AI to genomics improve healthcare?

Biology's interdisciplinary field of genomics focuses on understanding the composition, mapping, organization, and altering of genomes. A genome is an organism's whole set of DNA, which contains every gene. In addition, there are numerous R&D initiatives, businesses in the sector, and growing genomics research data sets.

Functional Genomics - in this field, scientists try to explain how genes interact and carry out their roles. Making promoters and enhancers, identifying subcellular localization, and classifying functional activity mutations are all possible uses for machine learning.

Structural Genomics – Here, scientists investigate the characterization of genomic structures. Protein tertiary structure may be categorized by machine learning, and linkages between protein secondary structures can also be made.

Regulatory Genomics – is the study of genetic traits and expression-control mechanisms. For instance, applications of machine learning in this field include categorizing gene expression predictions, creating transcription aspects and RNA-binding proteins, or utilizing ML techniques to predict promoters and modifiers for gene expression.

Role of AI in Genomics

One of the most cutting-edge areas of genomics is AI, which simplifies data processing and deep learning to speed up research. AI systems may progressively learn about topics and create algorithms using deep learning and neural networks after being trained by analyzing volumes of human-reviewed data.

In contrast to human input, this enables AI to process a higher volume of data, improving its capacity to decipher trends and predict events. Some instances where the pattern recognition capabilities of a trained AI network may be used demonstrate the power of AI-driven genomics. To help with the diagnosis of cancer and genetic disorder diagnosis, genomic analysis systems and computer vision algorithms have been combined.

Therefore, the global ai in the genomics market will hit a $19,596.2 million value by 2030, growing at a significant CAGR from 2022 to 2030. There are several subgroups of genomics: functional genomics, structural genomics, and regulatory genomics.

Browse detailed report on AI in Genomics Market Business Strategies

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Demand for Teleradiology Is Influenced by Lack of Radiologists in Several Nations

 In teleradiology, medical image processing is done by radiologists who are not physically present at the site where the images are created. Teleradiology is used by mobile imaging companies, urgent care centers, hospitals, and even some private clinics. The fundamental reason for using teleradiology is that having a radiologist on-site is expensive. Medical experts who would normally be unable to communicate with one another owing to good physical distances can work with one another because of teleradiology.

As per the Association of American Medical Colleges, by 2032, there will be around 122,000 physician shortfalls in the U. S. Teleradiology services that are growing in popularity as a result. Therefore, the teleradiology market is on the path to reaching $25,631.2 million by 2030. This is owing to the increasing count of advanced imaging procedures, rising need for nighthawk & specialty modalities, and lack of skilled radiologists.

How CT Scan Will Be in High Demand in Coming Years?

When someone may have inside wounds from car accidents or other forms of trauma, a CT scan may swiftly evaluate them and offer more thorough information. Nearly every portion of the body may be seen on a CT scan to detect disease or damage and to plan surgical or radiation treatments.

Moreover, since nearly every hospitalized COVID patient requires a CT scan, the epidemic has increased the need for them. The technique produces cross-sectional photographs of the body using computers and spinning X-ray equipment, and it is used to track the disease's progress.

Widespread Application of Teleradiology Is in Cardiology

With a revenue share of over 20%, cardiology applications lead the worldwide teleradiology market, partly as a result of the rapidly rising prevalence of CVDs. According to the WHO, 17.9 million people around the world die from CVDs each year, accounting for 32% of all death toll; strokes and heart attacks account for 85% of all CVD deaths. Additionally, as per the Centers for Disease Control and Prevention, 1 in 4 fatalities in the U.S. are caused by heart disease and around 659,000 individuals die from CVDs each year.

Hence, the growing count of advanced imaging methods and the scarcity of trained radiologists will boost the demand for teleradiology.

 

 

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How did the Outbreak of COVID-19 Impact the Australia and New Zealand Water-Cooled Heat Recovery VRF Systems Market?

 The major drivers in Australia and New Zealand water-cooled heat recovery VRF systems market are heat pumps in commercial applications, coupled with a dire need for effective VRF systems. In 2021, product sales in Australia valued at $14,881.0 thousand and at $2,590.8 thousand. Additionally, revenue growth in Australia will be an 8.8% CAGR, and in New Zealand, at 6.8% CAGR in the coming years respectively. At these rates, market players could make a combined $31,739.6 thousand and $4,677.2 thousand by 2030 in Australia and New Zealand, respectively.

The surging population levels will spur the Australia and New Zealand water-cooled heat recovery VRF systems market growth. Thus, this will pave the way for the real estate industry's expansion. Moreover, this will go hand in hand with the increasing number of construction activities in these two countries. Furthermore, there was a 6.2% and 0.4% escalation in the count of dwellings approved in New Zealand and Australia, respectively, during 2017–2021. Also, these magnificent figures show the enormous growth in the construction and real estate sectors of these two countries.

Australia and New Zealand Water-Cooled Heat Recovery VRF Systems Market Revenue Estimation and Growth Forecast Report

The extensive government support will create lucrative opportunities for the Australia and New Zealand water-cooled heat recovery VRF systems market players assisting them to adapt to the existing dynamics of the circular economy. This is accompanied by a rising inclination toward green buildings. Furthermore, this will result in skyrocketing demand for VRF systems in these countries because it is an all-in-one device: providing complete air conditioning, ventilation, and heating solutions for the building. New Zealand aims for completely carbon-free newly constructed buildings by 2030.

 

The outbreak of COVID-19 had ruptured the entire circular economy, and the Australia and New Zealand water-cooled heat recovery VRF systems market was not an exception. It reduced the manufacturing activities, lowering the water-cooled heat recovery VRF systems requirement. In 2020, there was a 1.4% and 2.2% decline in the manufacturing industries of New Zealand and Australia respectively. Moreover, the pandemic significantly increased the unemployment rates, lowering the disposable income, and consequently reducing the purchasing power of consumers. Resultingly, corporations witnessed huge losses due to declining sales and piling up the inventory. 

 

Furthermore, lockdowns were imposed in several economies to curb the spread of the virus. This led to the temporary shutdown of commercial offices and buildings. Additionally, there was a rising inclination toward the work-from-home culture by numerous corporations, which gradually ruptured the requirement for office spaces. Nonetheless, the Australia and New Zealand water-cooled heat recovery VRF systems market is recovering significantly, increasing the office occupancy rates because of the transmission risk aversion and reducing social restrictions.

 

Within the application segment, the healthcare category will exhibit the swiftest growth in the coming years. This can be credited to the growing geriatric population, rising incidence of chronic illnesses, surging disposable income, and enhancing healthcare infrastructure in these countries. Therefore, the robust growth in the market is due to the development of clinics and hospitals to meet the demands of the skyrocketing population levels. A key aspect of medical care is making patients comfortable, which pushes the requirement for appropriate HVAC systems.

 

Hence, the snowballing demand for VRF systems will drive this market.

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Not so Much Stress Now, with Intelligent Process Automation

Intelligent Process Automation is one feature of a wider shift in technology, that of Mechanization together. From autonomous cars to drones, automation helps make seemingly contemporary technologies obtainable today by creating and leveraging new procedures of intelligence. Whether it is customer communications in the form of desktop assistants or robotic tasks in an enterprise, automation is altering the way we live in our homes and work from an office.

Intelligent Process Automation Market Size & Share Analysis Report, 2030

Browse detailed report - Intelligent Process Automation Market Analysis and Demand Forecast Report

 IPA is the collection of knowhows coming together to manage, automate and integrate digital procedures. The main technologies that structure IPA include DPA, RPA, and AI. While these techniques are powerful in their own right, individual deployment is not enough. By merger of labor-saving solutions like RPA, AI with DPA, you can guarantee that you are taking a tactical approach and mechanizing not only tasks but entire procedures, enterprise-wide.

 There are some of the major benefits of IPA, making it very adaptable for a lot of businesses.

• Rather than just deploying technologies such as RPA and expecting them to complete individual tasks, IPA can help organize work between robots, systems, and people. Robotics is all well, but unless it is integrated with an IPA platform, you will turn out with isolated solutions contrasted with enterprise-wide solutions.

• Employees can be freed from labor-intensive responsibilities by RPA and they can work with added responsibility in the areas, whether much more efficiency is required.  With the combination of DPA AI, you can assure that the correct decision is made since it is planned out in the workflow with AI aiding to make informed decisions all the way.  

• By automating endways procedures, you can decrease the risk of faults like improper data entry. RPA takes care of these automating tasks, but if it deviates from the organizational standards, IPA gives you peace of mind knowing that your procedures are reliably being completed.

• When discrete automation algorithms are deployed, it can be hard to see the enterprise-wide outcome.  With the use of IPA, you can see the whole process, letting you recognize blocks or points at which the journey of the consumers can be smoother.

• IPA allows you to not only hasten endways processing but too makes it easy to make quick changes to procedures and the techniques that support them. This benefits organizations to repeatedly advance their business procedures.

It is because of this that, the IPA market was $10,801.5 million in 2021, which will reach $31,377.0 million by 2030 with a growth rate of almost 13%. This is largely because of the increasing acceptance of robotic process automation and AI in companies, all over the globe.

 The demand for IPA technologies is on the roll because of the increasing acceptance of technologies in the contemporary world.

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APAC Has Highest Demand for Project Portfolio Management Solutions

Due to the attainment of an all-inclusive view into the operations of the project and the management of resources in an efficient manner, the growing intricacy of projects of the company, and the rising requirement for the tools of collaboration and monitoring, the project portfolio management market is expected to reach a value of $8,161.8 million in 2030. The digital revolution has a lot to do with, in a way diminishing the boundaries between Information Technology and the core functionalities of the company.

Project Portfolio Management Market Size & Share Analysis Forecast, 2022-2030

The requirement for PPM solutions is the highest in the healthcare industry, in the project portfolio management market by the end of this decade.  It is because of fast digitization and an increase in the requirement for well-organized management of data and the medical history of patients. There is no need for paperwork and offers data to healthcare industries, letting them have a quick response to emergencies. Furthermore, healthcare administrations will get the assistance of valuable resources on time by merging PPM with an earned value performance measurement system.

BFSI has the maximum demand of PPM solutions in 2021. One of the main features responsible for the growth of the project portfolio management market is the upsurge in complications in banking processes. Financial institutions and services are experiencing numerous alterations like big data management, legacy overhaul, and digital business enablement, which are giving out intricate project portfolios. This has a substantial positive impact on the worldwide acceptance of progressive project operations and resource management solutions.

The cloud-based PPM solutions have started to grow in demand at a rapid pace. This is primarily because of key practical applications of business-like real-time data analytics, remote access and monitoring, and automated scheduling, which could be comprehended by merging cloud PPM systems. Also, advances in cloud and cloud-based applications, along with an increase in contemporary businesses and companies’ operations' dependence on cloud technology, have opened the gates for the project portfolio management market to grow stably in the near future.

APAC has a lot of demand for the PPM solutions, because of being home to some of the most populous countries in the world. This is one of the main reasons why the project portfolio management market is having the highest growth rate of approximately 7% during 2021-2030. This can be chiefly because of the increasing foreign investments in the region that promote financial development, thus preferring the growth of (SMEs).  There is a well-established infrastructure of IT businesses leading to the creation of pioneering project portfolio management solutions.

BYOD is becoming popular among businesses worldwide. It aids in simplifying operations, reduced company expenses, lower costs of operations, and fewer job postponements. By letting users bring their own devices, they can diminish the chances of data loss and malware attacks. When PPM software is used in combination with BYOD, it offers many benefits like increased agility of projects, improved efficiency of workers, and real-time monitoring of staff working in the office.

PPM solutions are high in demand because of the increased complexity of projects, and efficient management of staff.

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Why North America Is Biggest Building Automation System Market?

 In 2021, the size of the building automation system market was $77.1 billion, and it will reach $207.5 billion by 2030, propelling at a growth rate of about 12% during 2021–2030. The increasing need for energy-efficient infra, lower cost of operations and upkeep, improved quality of indoor air, and managed home automation services and the progressions in sensors, communication technologies, touchscreen displays, and analytics take the market forward.

Commercial users have the largest share, at about 40%, in the building automation system market. As per a government association, approximately 30% of the energy used in commercial buildings is wasted, and it can be saved using BAS, as these systems can regulate cooling and heating, lighting, appliances, and other electrical appliances for the maximization of energy efficiency and productivity of workers. Hence, supermarkets, shopping malls, restaurants, warehouses, office buildings, colleges, schools, libraries, museums, nursing homes, and hospitals are accepting these solutions to reduce the costs related to building management.

Building Automation System Market Size and Share Analysis  and Growth Forecast, 2030

Wireless systems will experience a higher sales growth rate, of about 14%, in the coming years, as they are easy to fit and use and offer greater operational and control freedom than wired ones. Wired technology dominates the building automation system market since wired systems perform specific tasks, which is why their performance is usually better than wireless systems. Additionally, system latency is significantly abridged, thereby enabling seamless operation of numerous circuits, chiefly when controlling numerous devices or circuits.

Browse detailed report - Building Automation System Market Analysis and Demand Forecast Report

North America dominated the building automation system market, with an estimated share of over 30%, in the year 2021. This is chiefly because of the technical developments and strict policies pertaining to energy efficiency and the quick acceptance of building automation. Furthermore, the increasing outlay for facility management in public buildings is encouraging the implementation of these solutions. Credited to the same factors, as well as regional countries’ efforts to meet the Paris goals, Europe is another significant user of these solutions

The growth of the APAC region will be the fastest in the building automation system market in the years to come. The increasing concerns for security and the rising requirement for integrated security systems are the main reasons driving the industry in the region. As the count of smart building solution providers has substantially increased and smart building know-how has become inexpensive, the cost of operations of a smart building project has seen a recurrent decline recently.

The rising demand for facility management in the tourism, hospitality, and construction industries is increasing the requirement for building automation systems in the world. Economic growth, driven by urbanization, is one of the key factors for the market growth, as the development of infrastructure in cities will make these services important. Moreover, the expansion of SEZs and mega food parks are expected to help the industry grow in the coming years.

Because of the growing demand for security and access control systems, there is a demand for building automation systems.

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Surging Demand for 5G Network Propels Satellite Launch Vehicle Market

 In 2021, the satellite launch vehicle market size stood at $6,202.0 million, and it is expected to acquire $8,517.9 million in revenue by 2030, growing with a rate of 3.6% from 2021 to 2030. This is attributed to the rising number of satellites launches for various purposes such as weather forecasting, communication, military, and earth observation purposes. The rising trend of reusable launch vehicles, attributed to cost-cutting, reliability, and instant access to space leads to a market boost. 

AI and machine learning are highly utilized in developing SLVs, attributed to the increased efficiency of mission with reduced downtime and paced up physical detection and diagnosis. In addition to this, artificial intelligence helps in easing the test and assembling of the vehicles attributed to the decline in cost and time saving and optimizing the manufacturing process. Moreover, AI facilitates assistance to communication and navigation systems of satellite launch vehicles and thus helps astronomers. 

Satellite Launch Vehicle Market Size & Share Analysis Forecast, 2030

Low-earth-orbit satellites gave captured an undisputed satellite launch vehicle market share, of 90%, attributed to faster communications with improved data processing in the network with easy installation. Additionally, the huge investments made by private and government organizations to deploy satellites in low earth orbit also expands the market. For example, Starlink named satellite internet constellation developed by SETC is LEO, there are around 3700 satellites revolving in the LEO. 

The commercial launch activity category’s satellite launch vehicle market share is around 80%, which is attributed to the increasing number of commercial satellite launches. The rising commercial activities, which include satellite navigation, commercial satellite imagery, and satellite television, combined with the reduced cost for launches and decrease in the investments on hardware space, lead to the expansion of the market. 

The growing 5G satellite communication market, which amounted to $2,548.2-million revenue in 2021 and is expected to acquire $33,896.7 million by 2030, is the key contributor to the satellite launch vehicle market boom. This is ascribed to the surging demand for high-speed connectivity with low latency networking. Moreover, 5G fuels the governments’ initiatives worldwide for the development of smart cities, it also provides socio-economic benefits by pacing up the digital economy, resulting in market proliferation. 

Communication applications contributed extensive satellite launch vehicle market revenue, of more than $4 billion. It is attributed to the surging requirement for 5G satellite connections in various sectors such as automobiles, shipping, and civilian aircraft. In attrition, the internet penetration with increased volume of data usage, supported by low latency transmission drives the market. Satellite launches are extensively utilized in defense communication technology, the major countries to make a huge investment to advance defense communication are China, South Korea, and India

North America dominates the market with a 55% share, it is ascribed to the rising commercial launch activity and the strong presence of key players in the market. Moreover, the advanced technologies in the region and increasing availability of certified technicians fuel the market expansion. Moreover, APAC is expected to witness the fastest growth in the coming future in the market, and it is ascribed to the surging satellite launches for space exploration and communication purposes in the region. 

Therefore, the rising internet penetration facilitated by the high-speed 5G network and increased satellite launches in the lower earth orbit.

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How Will $26.6-Billion Grand Mosque Expansion Propel Saudi Arabia HVAC Market?

 In 2021, $2,390.4 million was produced by the Saudi Arabia HVAC market, which is set to touch $4,821.8 million by 2030, advancing at a CAGR of 8.1% from 2021 to 2030. The market is primarily driven by rising infrastructure investment, the desire to reduce food waste, and the developing hospitality sector. Ground-source HVAC systems are becoming more and more popular, which might lead to new opportunities in the nation. By utilizing the energy contained in the ground to heat and cool homes, these systems conserve natural resources like coal and gasoline that would otherwise be used to generate electricity at power plants.

Saudi Arabia HVAC Market Research Revenue Estimation Report, 2022-2030

The demand for smart VRF systems is a noticeable trend in the Saudi Arabia HVAC market. To reduce energy use and improve sustainability, many customers are relying on intelligent and energy-efficient technologies. These systems include smart thermostats, enhanced monitoring systems, and better controls. Additionally, they offer more consistent temperatures and cleaner air than conventional systems. Users can utilize a smartphone app to track the functioning of these systems. Additionally, they produce less noise as compared to conventional systems.

Read Full Report: Saudi Arabia HVAC Market Revenue Estimation and Growth Forecast Report

The commercial sector had the biggest share in 2021, of more than 40%. To reduce its dependency on the oil trade, the Saudi government is generously supporting the hospitality and corporate sectors. The commercial sector's need for these products and services is rising as a result of the rise in hotels, travel destinations, and office buildings. Government and business sector investments in infrastructure also support the Saudi Arabia HVAC market.

For instance, there are now ongoing projects like the $26.6-billion Grand Mosque expansion in Mecca and the $16.5-billion Haramein rail line between Mecca and Medina. By 2025, 25 million people are expected to travel to the holy sites annually, owing to these upgrades, which are meant to increase religious tourism in the nation. As a result, increased commercial infrastructure development is anticipated to be a key factor in commercial market expansion.

The western region, which held a Saudi Arabia HVAC market share of over 40% in 2021, will advance rapidly in the coming years due to the massive magnitude of infrastructure development. Several of Saudi Arabia's most significant cities, such as Jeddah, Madinah, and Mecca, are located in the western part of the country. The completion of megaprojects like NEOM City and Amaala would increase demand for such systems and related services in the area. A large portion of this development is being carried out by Saudi Vision 2030, the government's objective to diversify the economy of the nation and lessen its reliance on the oil and gas sector.

Product launches are the primary strategic technique used by companies to differentiate themselves from market competitors. A list of some players in Saudi Arabia HVAC market is Daikin Industries Ltd., Zamil Air Conditioners, Johnson Controls International plc, S.K.M. Air Conditioning LLC, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Midea Group Co. Ltd., Carrier Global Corporation, Danfoss A/S, and Trane Technologies plc.

Hence, the rising requirement to lessen food wastage and growing infrastructure spending coupled with the developing hospitality sector are factors propelling demand for HVAC in Saudi Arabia.

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Content Services Platforms Market Booming due to Cloud Adoption in BFSI Sector

In 2021, the content services platforms market was valued at $39.8 billion, and it is projected to acquire a size of $155.8 billion by 2030, growing at a rate of 16.4% from 2021 to 2030. The increase in the implementation of SMAC technologies and the mass creation of digital content across enterprises facilitate market growth, as do the growing trend of mobile workforces, increasing research and development expenditures, and technological advancements.

The content services platforms industry is dominated by case management, workflow management, information security and governance, content reporting and analytics. The demand for training & consulting, deployment & integration, support and maintenance is also expected to rise, resulting in a surge in the market. The pandemic resulted in a 30% increase in the market in 2020 due to mass shifting in digital operations and increased work-from-home trends due to restricted movements.

Content Services Platforms Market Outlook by P&S Intelligence 

The cloud-based platform category has captured the largest share, of 55%, in the content services platforms market. It is attributed to the increasing demand for procurement, deployment, operations, and access to new technologies among different end users, which has further resulted in native SaaS and PaaS vendors' market growth. Moreover, traditional companies have also gradually started shifting to SaaS and PaaS solutions, resulting in market expansion. Cloud-based solutions reduce the need for storage on on-premises storage, reduce IT investments, and offer higher scalability.

North America generate the highest revenue, amounting to 30% of the content services platforms market value. The U.S. contributed massively to the North American market, accounting for an 85% share in 2021. The region's key vendors of content services platforms essentially invest in the research and development of new technologies. Moreover, the Chinese market generated 30% of the revenue in the market of APAC in 2021, attributed to a surge in internet traffic, low data prices, and high-speed connectivity in the region.

Artificial intelligence in content services platforms has gained tremendous popularity, primarily for productivity intelligence, security intelligence and content intelligence applications. Market players are making efforts to cater to the rising demand for AI. Moreover, the growing trend of digitization leads to the expansion of the e-commerce sector, facilitating the rise in the demand for single-source and cross-platform content services platforms. Similarly, numerous organizations utilize big data analytics for business intelligence, as content services platforms facilitate extensive data integration.

Thus, the growing trend of digitization, facilitated by high-speed internet connectivity, ls leading to the boom of the market.

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How Do Strict Regulations on VOC Emissions Resulting in Vapor Recovery Units Market Boom?

In 2021, the vapor recovery units industry valued at $758.5 million; it is expected to grow at a rate of 5.0% from 2021 to 2030, to hit $1,177.8 million by 2030, attributed to the rising production of the oil & gas, and petrochemicals. Furthermore, the strict regulations for volatile organic compounds and the rising concern toward environmental problems led by the increased toxic emissions from petrochemicals lead to market expansion. 

Under the application segment, the storage category captures a significant vapor recovery units market share, attributed to the increased usage of the storage tanks for recollecting vent gases from distillation tanks and crude petroleum at storage sites. The worldwide rise in crude oil storage tanks has increased the demand for vapor recovery units. For example, according to the U.S Environmental Protection Agency, the country has more than 500,000 crude oil storage tanks.

APAC is expected to witness the fastest growth in the vapor recovery units market, attributed to increased investments in the capacity of oil & gas. In addition, the expansion of the manufacturing industry, rising demand for oil & gas commodities, and petrochemical derivatives result in market proliferation. The developing countries such as India and China contribute substantially to the APAC market, attributed to the population explosion, and rising urbanization, and industrialization. 

The membrane separation technology is expected to witness the fastest growth in the vapor recovery units market, attributed to the low-cost installation and operations of the membrane separators. The vapor recovery units that facilitate the separation of the membrane have a higher recovery rate and low maintenance cost. However, the absorption technology captures a significant share of the VRUs market; expected to retain the same position in the near future, attributed to the massive usage of the absorption-based VRUs. 

Therefore, the expansion of the manufacturing entities and rising environmental concerns lead to the proliferation of the market.

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What Are Key Applications in Fuel Cell Market?

Green technologies, one of which is fuel cells, are being rapidly adopted due to their potential to mitigate environmental degradation. These energy storage devices contribute to controlling the pollutants in the environment and allowing for fuel flexibility, durability, scalability, and quiet operations, especially of vehicles. Hence, the estimated size of the fuel cell market, which was $1,799.9 million in 2021, will witness a humongous CAGR of 33.2% from 2021 to 2030, to reach $23,743.4 million by 2030.

As per reports, 17% of the global emissions are the responsibility of the transportation industry, which, additionally, consumes one-fourth of the world’s energy. Thus, the transportation sector contributes considerably in the expansion of the fuel cell market as this technology serves as an alternative to conventional ICEs and Li-ion batteries, in which the major part of fuel energy is emitted as heat. In order to reduce GHG emissions and improve the efficiency of energy conversion, there is a great need to invest in advanced propulsion technologies.

The highest revenue generator in the fuel cell market is polymer electrolyte membrane (PEM) variants, with a 60% share in 2021. Automobiles with PEM fuel cells have numerous advantages over fossil-fuel-driven automobiles, including a higher fuel efficiency, environment-friendliness, a comparable power density, and compatibility with renewable energy resources. PEM fuel cells are primarily being utilized in the transportation sector because of their suitability for cars and buses. A favorable power-to-weight ratio means that the weight of the vehicle can be limited by using lightweight fuel cells.

Apart from transportation, the usage of this technology for renewable energy generation is picking pace. South Korea has some of the largest fuel cell parks in the world. Similarly, fuel cell capacity in the U.S. rose by more than 750 MW in 2021. Small-scale systems are utilized by telecommunications entities, utilities, railroads, and governments and traffic departments in the U.S. for backup power. Furthermore, in Japan and Europe, small-scale fuel cell systems are widely used to produce electricity for homes and commercial spaces.

In order to curb carbon emissions and, in turn, reduce the greenhouse effect, the demand for fuel cells is surging for transportation and stationary power applications.

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What Will Industrial Hemp Market Value Be in 2030?

 The value of the global industrial hemp market in 2021 was $,4452.0 million, and with a CAGR of 33.7% from 2021 to 2030, it is expected to reach $60,682.8 million. Hemp belongs to the same flora species as cannabis. The only distinguishing feature is that it contains low levels of tetrahydrocannabinol (THC). According to the U.S. 2018 farm law, hemp is not considered cannabis if it contains 0.3% or less THC.

Hemp cultivation is permitted in 36 countries globally, and the crop is expected to cater to the increasing bast fiber demand for high-quality textiles. Selling hemp and hemp products is legal in the U.S., as numerous states have legalized its farming. Moreover, Canada has focused on hemp cultivation for seed production, as it is widely used in the food and cosmetics industries. Recently, it also started to utilize this crop for building materials, insulation, and composites. China exports hemp fibers to Europe and Northern America.

Industrial Hemp Market Size & Share Analysis Revenue Forecast to 2030

Since the legalization of industrial hemp cultivation, a surge in the industrial hemp market size is being witnessed. In the U.S., hemp with less than 0.3% THC has been removed from the definition of a controlled substance. Similarly, the cultivation of cannabis varieties with less than 0.2% THC is legal in the European Union. The Chinese National Anti-Drug Committee also announced in 2019 that CBD is not a controlled drug anymore and removed it from the narcotic drug's list. Further, cannabis with 0.3% or less THC can be grown in certain regions of China.

Get More Insights: Industrial Hemp Market Revenue Estimation and Growth Forecast Report

The food industry dominated the industrial hemp market in 2021, accounting for more than 25% share. Hemp is utilized as a source of fiber and oil seeds in various industrial products. That’s why industrial hemp is grown as an agricultural commodity in more than 25 countries. For more than 5,000 years, hemp seeds and oil have been used in the human diet in APAC and Europe. Butter pastes, non-dairy milk, non-dairy cheeses, non-soy tofu, salad oils, and health bars are the major food products with hemp seeds and hemp oil.

The burgeoning usage of hemp in the pharmaceutical industry is a major industrial hemp market growth driver. There are numerous benefits of hemp, which allows it to be used to treat and mitigate various health conditions. Hemp contains a favorable omega-6-to-omega-3-PUFA ratio, which provides support in the treatment of cardiovascular diseases, lessens osteoporosis symptoms, and alleviates eczema symptoms. Moreover, CBD serves as an agent for the treatment of illnesses of the central nervous system, including epilepsy, multiple sclerosis, and neurodegenerative diseases.

The largest revenue share, of 35%, in the industrial hemp market was captured by Europe in 2021. The cultivation of industrial hemp is legal in several European countries as it is approved by their government authorities. The presence of a large consumer base in the region is also resulting in the growing demand for hemp in the food & beverages, dietary supplements, and personal care industries. Moreover, the demand for industrial hemp-based skincare products is significant in the region as they provide a good organic alternative to products laden with chemicals.

Hence, the legalization of hemp cultivation has brought a boom in the demand for it across industries.

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