Rising Demand for Cloud-Based Compensation Software to Propel Market to $5.62 Billion by 2030

The global compensation software market is projected to generate $3.22 billion in revenue in 2024, with expectations to reach $5.62 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2025 to 2030. This growth is primarily driven by the increasing adoption of cloud-based solutions, which offer advanced features, scalability, and ease of workforce management. Additionally, the rising trend of remote and hybrid work models necessitates efficient compensation management systems to ensure equitable and competitive pay structures. The integration of artificial intelligence and machine learning into compensation software is further enhancing decision-making processes, contributing to market expansion.

Key Insights

The compensation software market is segmented by offering into solutions and services. The solutions category dominates the market, attributed to the increasing adoption of software that centralizes, streamlines, and automates employee data, aiding in the creation of competitive compensation packages compliant with company pay standards. These solutions assist managers and HR professionals in managing employee compensation, including salaries, bonuses, and benefits, and provide tools for creating dashboards and graphics to present critical data such as pay equity, sales incentives, and merit bonuses.

In terms of deployment type, cloud-based compensation software is experiencing significant growth due to its advanced features compared to traditional on-premises solutions. Cloud-based platforms offer organizations scalability and ease in managing their workforces, along with updates and technical support that allow HR departments to focus on core tasks rather than IT maintenance. These platforms can be accessed by employees and HR teams from anywhere, facilitating hybrid work modes, and offer real-time monitoring and data analytics required for regular automatic updates. Additionally, they provide data protection and privacy through data redundancy, multi-factor authentication, and encryption.

Geographically, North America holds the largest market share, driven by the early adoption of advanced technologies and a strong focus on employee satisfaction and retention. The Asia-Pacific region is expected to witness the fastest growth, propelled by increasing investments in digital transformation and the rising adoption of cloud-based solutions. The growing number of small and medium-sized enterprises (SMEs) in this region is also contributing to the demand for efficient compensation management systems.

Technological advancements are significantly shaping the compensation software market. The integration of artificial intelligence and machine learning is enhancing decision-making processes by providing predictive analytics and insights into compensation trends. These technologies enable organizations to design competitive compensation packages that align with market standards and employee expectations. Furthermore, the development of user-friendly interfaces and mobile applications is improving accessibility and user experience, encouraging wider adoption among organizations of varying sizes.

The market is characterized by fragmentation, with numerous players offering diverse solutions tailored to different organizational needs. Key companies are focusing on strategic initiatives such as mergers, acquisitions, and partnerships to expand their product portfolios and global reach. The increasing emphasis on employee satisfaction, retention, and the need for transparent and equitable compensation practices present significant opportunities for innovation and growth within the compensation software market. As organizations continue to navigate the complexities of modern workforce dynamics, the adoption of advanced compensation management systems is expected to play a crucial role in achieving strategic human resource objectives.

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APAC Is Dominating Cryogenic Pump Market

In 2021, the cryogenic pump market size stood at USD 1,407.6 million, which is projected to witness a 3.1% CAGR during 2021–2030, reaching USD 1,860.1 million by 2030. 

P&S Intelligence majorly credits this growth to the increasing installation of such pumps in the metallurgy, chemicals, and electronics sector. Along with, the surge in expenditure throughout the energy generation industry armed with the shift toward energy production from renewable and natural gas resources to reduce carbon emission.

The nitrogen category is all set to experience the fastest growth rate of approximately 3%, in the near future. This can be owed to the extensive utilization of nitrogen gas for the maintenance of plants, and start-up and shutdown provisions of refineries and petrochemical companies.

Thus, the increasing utilization of nitrogen gas in numerous industries, including metallurgy, healthcare, and oil and gas, is escalating the acceptance of cryogenic pumps for capturing the gas and its vapor from the base.

The oil and gas sector is the largest utilizer of cryogenic pumps in the industry, owing to the increasing production of natural gas because of its rising demand from the special chemical, petrochemical, fertilizer, and refining industries.

In 2021, APAC cryogenic pump market  was largest revenue generator, with USD 538.2 million, and projected to continue its dominance in the future as well. This can be credited to the rapid urbanization; the growth in industries, including energy & power and metallurgy in Japan, China, and India, and the escalation in the requirement for power across the region. Additionally, in India, the government is preparing to guarantee a 24*7 electricity supply.      

In order to get this target, the country needs to improve its energy generation systems. Therefore, the government is focusing more on natural gas-fired power plants, which, indeed, will grow the demand for cryogenic pumps in the coming few years.

Hence, the increasing installation of such pumps in the metallurgy, chemicals, and electronics sector, the demand for cryogenic pumps will increase in the future.

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How Does Utility and Power Sector Expand Indian High-Capacity Inverters Industry?

In 2021, the Indian non-solar high-capacity inverter market generates $391.3 million, advancing at a rate of 7.7% from 2021 to 2030, to capture $760.1 million in revenue in 2030. It is ascribed to the growing demand for power backup solutions across residential, commercial, and industrial sectors, along with the growing requirement for inverters in tier II and tier III cities of the country. 

In addition, the sales of solar high-capacity inverters in India generate revenue, amounting to $426.0 million in 2021, and it is projected to reach $1199.0 million, rising at a rate of 12.2% in the coming future. It is led by the rising use of solar power for various applications, government initiatives for encouraging the adoption of renewable power sources, more specifically solar energy, and the geographical location of the country garnering benefits of massive solar energy sources. 

The advancements in the solar energy sector concerning power generation and usage contribute to the rise in the number of solar PV installations for numerous applications in India. Moreover, the growing adoption of renewable energy in the country results in increasing sales of renewable power inverters in the country.

The substantial utility & power sector application of the solar high-capacity inverters contributes the largest revenue to the industry, accounting for 91.7%, and it is projected to follow the same trend in the near future, growing at a rate of 12.3%. It is ascribed to the massive usage of these inverters in solar power plants. In addition, Govt. of India focuses on expanding the solar power capacity from 288 GW to 50 GW by 2030. 

Presently, 20% of the everyday power demand of Karnataka is catered by solar power the country, accounting for 7,346 MW. Moreover, the biggest solar plant is established in Pavagada, Tumakuru. 

In addition, the geographical location of Karnataka suits solar energy generation with the presence of a massive number of players. In addition, the earth's movements with respect to the sun, resulting in an appropriate tilt of the rotational axis of the earth with favorable attenuation results in high solar energy intensity. Moreover, Karnataka is the largest high-capacity inverters market in the country. 

Therefore, the geographical location of the country favors power generation by solar energy resources, and thus results in industry propulsion.

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How Does Rapid Urbanization Boost Vietnam Diesel Generator Set Market?

In 2021, the Vietnam diesel generator set market generated around $109 million revenue, and it will progress at a rate of 3.6% from 2021 to 2030, to garner approximately $150 million revenue by 2030. The continuous rise in the sales of diesel generators in Vietnam is projected to increase its dominance in Southeast Asia as gensets market. The surge in construction activities in the country is driven by SEZs construction, government infrastructure projects such as smart cities, metro trains, and national and state road construction with the increased consumption of power proliferating the market.

The expansion of the industrial and construction sectors led by the rapid urbanization has also resulted in the propulsion of the Vietnam diesel generator set market to cater to the increasing demand for power. Moreover, the lack of a proper grid infrastructure causes an inadequate power supply in the country that negatively impacts the operations of the commercial and industrial spaces. Therefore, it results in an increase in demand for generators for an uninterrupted power supply during blackouts with a continuous supply of electricity for various applications.

In addition, the Vietnamese government has planned to increase the total housing space to 27 sq m per person by 2025 and 30 sq m by 2030, under the MOC strategy. Moreover, in the next decade, the government will be focusing on the redevelopment of housing development associated with urban development, old apartment buildings, along with green and smart homes. Furthermore, the housing solutions for low-income earners and workers in the urban areas are covered under government policies. The rise in the residential units, caused by government initiatives leads to a boost in diesel generator sales to cater to the backup power requirement.

The industrial sector captured a significant share in the Vietnam diesel generator set market, ascribed to the country becoming an industrial hub with an extensive and educated workforce. Moreover, the government of the country provides support to businesses that facilitate raw materials, spare parts, and components to various sectors such as automotive, IT, electronics, leather and footwear, and apparel and textile. Therefore, the expansion of the industrial sector has resulted in a surge in the requirement for power with the growing demand for generator sets.

Therefore, the insufficient power grid infrastructure leads to increasing demand for diesel generators in Vietnam for the continuous supply of power.

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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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Global Solid-State Battery Market Will Reach $3,915 Million by 2030

In the year 2030, the solid-state battery market will reach $3,915 million from $290 million in 2021, at a mammoth 33.5% CAGR in the coming years. The increasing acceptance of gadgets, the rising disposition of EVs, and the rising efficacy of battery managing and energy storing systems are the main factors pushing the industry. Furthermore, the market will be influenced by an increasing volume of robot shipments worldwide. Furthermore, the increasing R&D actions related to solid-state batteries, rising disposition of IoT, and contraction of electronic devices have appeared as the foremost driving forces.

Thin-film batteries had the majority of the share of the solid-state battery market in the recent past, and they are all set to propel at a healthy growth rate to touch $3,486 million by the year 2030. These variations are normally put in fitness bands and smartwatches, because of their smaller size, effective revitalization rate, higher output voltage, lesser weight, advanced energy concentration, higher elasticity, lower possibilities of electrolyte leak, extended shelf life, tighter packing, shortened structure.

In the year 2021, APAC accounted for the largest share in the solid-state battery market, of about 50%, and this will continue in the near future as well. Progressions in the renewable energy sector, a large customer base for movable electronics, and progress in the use of battery management systems are the aspects instigating the sales of these batteries. Furthermore, public establishments in India and China aim to decrease the carbon emission of vehicles and improve the usage of electric vehicles.

Solid-state batteries are advanced to deliver higher energy concentrations, which will advance their proficiencies, therefore resulting in increased sales. For example, in September 2021, scholars from University of California, San Diego, advanced a new battery blending a solid-state electrolyte along with an all-silicon anode, giving improved energy density. Silicon anodes have tenfold higher energy concentration as compared to graphite anodes, usually used in lithium-ion batteries. Also, for uses like grid storage and electric vehicles, these batteries are harmless and enduring.

The demand for solid-state batteries is increasing with the increasing acceptance of electric vehicles.

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Why Will North America Lead Data Center Power Market in the Forecast Period?

The prominent factors thriving the global data center power market are robust adoption of cloud solutions, generation of a huge amount of data, and an increase in the number of data centers. In 2021, the market stood at $19,555.1 million and it is projected to touch $33,380.1 million by 2030. Moreover, the market is projected to advance at a CAGR of 6.1% from 2021 to 2030, owing to the huge requirement of entrepreneurs to drift to data centers from server rooms, the surge in smartphone penetration, the rise in social media usage, and the increase in the count of internet users.

In 2021, the tier III & tier IV category ruled the data center power market, holding approximately 90% of the total revenue share, and this trend will continue in the forecast period as well. This can be credited to its unique features, which include providing the N+1 and 2N redundancy, implying that the complete IT load can be assisted by the structure, simultaneously encompassing additional equipment for power backup, so that the execution is not hampered even if any part fails. The redundant systems ensure the smooth functioning of the performance during any failure.

Within the equipment type, the data center power market will witness a skyrocketing demand for UPS systems because of safeguarding critical components across a facility and maintaining continuity in the functioning of larger data centers. They comprise dual-bus capabilities and multiple configurations to confirm the working of critical systems during power blackouts and outbursts. To converge with the critical component’s power needs, the control system and modular creation of a completely redundant power can be sized by the UPS systems. For any changes in the power requirements, the simple inclusion of the capacity will work.

In 2021, North America held the largest revenue share in the data center power market. This is attributed to the significant spending on R&D activities in this region, which further pushes the formation of next-generation facilities, which are efficient in managing power and technologically advanced. Being home to many data center developers, the region will witness significant market growth. However, APAC will be the fastest-growing market in the forecast period because several regional countries, such as China, Japan, and India, have integrated edge computing locations. 

Hence, an escalating count of data centers, coupled with a dire requirement of entrepreneurs to drift to data centers from server rooms will drive the market.

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How Does Industrialization Impact Ghana DG Set Market?

A DG Set is also known as a diesel generator set or diesel genset. It is comprised of a diesel engine ad electric generator, made to generate electrical energy. DG sets are mainly used where electricity connections are unavailable to facilitate the link to the power grid. It can also be used as an emergency power supply, which makes it vital for developing countries. Thus, in 2021, the Ghana DG set market valued at $54,572.6 thousand, from where it is expected to grow at a rate of 2.3% from 2021 to 2030, to reach $67,032.6 thousand.

The rising prices of electricity is credited for the increase in the demand for gensets in the country. Due to its expensive nature in the nation, the improving electricity access and distribution infrastructure have failed to lure businesses to utilize it for their operations. Thus, companies in Ghana tend to rely more on DG sets than the grid supply. An inexpensive power supply not only boosts local businesses’ operations but also attracts foreign investments. The Ghana DG set market is also driven by the unpaid bills, slow or no cost recovery, electricity theft, and power cuts.

In 2021, gensets of a power capacity of 15–75kVA generated significant revenue in the Ghana DG set market, amounting to $21,443.5 thousand. These variants cater to the needs of small-to-medium-size locations, such as individual houses and small commercial spaces, such as standalone shops. In the coming years, the demand for variants that offer power in the range of 751–999 kVA is predicted to grow the fastest in this African nation, as they are important in the mining, oil & gas, and construction sectors.

Numerous manufacturers of gensets are taking expansion measures, which will further favorably impact the Ghana DG set market, due to their operational dependency on diesel generators. They are launching new products, expanding their facilities, and collaborating with other brands to improve their portfolio. They are focused on increasing their customer base, getting a stronger brand recognition, and offering aftermarket services, which include repair, maintenance, and digital services. A significant example is of Takoradi, where Mantrac Group established a new component rebuild center in 2020.

Thus, the infrastructure development projects are significantly leading to a rise in the demand for diesel generators.

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Why Will 150–199 kVA Category Potentially Grow in the U.S. Diesel Genset Market?

By 2030, the United States diesel genset market will reach $3,132.4 million, from $2,175.6 million in 2021. The market is projected to grow at a 4.1% CAGR during 2021–2030, owing to the increasing instance of power outages and the rising need for reliable and uninterrupted power supply. Moreover, there is a surging need for power backup sources, ascribed to the skyrocketing development of residential homes, hotels, and corporate offices, which is boosting the demand for gensets.

The frequency of power outages in the country is increasing, owing to factors including overloading and aging power grids, and natural calamities. Prominent places that require a consistent and smooth power supply, include fire stations, data centers, telecom towers, nuclear power plants, and healthcare centers. The equipment and devices in these facilities can be affected by a power failure, which will lead to misfunctioning because of the lack of ability to handle load surges. Hence, the development in these application areas will drive the requirement for diesel gensets.

Within the power requirement segment, the U.S. diesel genset market is bifurcated into backup power and prime power. In 2021, the backup power category accounted for higher revenue, of $1.9 billion. This is ascribed to the surging use of DGs in manufacturing facilities, retail establishments, hospitality units, healthcare facilities, commercial buildings, hotels, shops, and houses, as a backup power solution. Further, people in the country are continually installing powered generators to curb power outages because of natural calamities and old electricity grid infrastructure.

The use of data in the U.S. diesel genset market is expanding as hyper-scale cloud providers and business organizations attempt to reap profits from local and worldwide data demand. With the gradual acceptance and swift expansion of technologies in the U.S., there is a dire need for extra storage space. This is predicted to create a snowballing demand for data centers in the future. Additionally, data centers create a high requirement for reliable power sources and need a consistent power supply, which, in turn, drives the requirement for diesel gensets.

Hence, the surging demand for reliable and uninterrupted power supply and the increasing instances of power outages will provide lucrative opportunities for market players to gain a competitive edge.

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