Feeding Formulas Market Will Reach USD 10,963.7 Million By 2030

The global enteral feeding formulas market, valued at USD 5,781.8 million in 2023, is projected to reach USD 10,963.7 million by 2030, with an anticipated growth rate of 9.7% during 2024–2030. This growth of the market can be credited to the surge in the elderly populace and the surge in the occurrence of chronic illnesses, such as diabetes, cancer, neurological diseases, and gastrointestinal diseases.

Another reason that is propelling the development of the industry is the high occurrence of malnutrition or shortages in nutrient consumption. Patients who are undernourished or who are in danger of malnutrition can fulfill their need for nutrition by taking enteral feeding formulas mainly because they comprise all the vital nutrients, like calories, vitamins, and protein needed for everyday activities. As per the WHO, around 45% of the demises among kids below 5 years of age are linked to undernutrition. They typically happen in middle-income nations.

In 2023, standard formulas had the largest share of 35% and they are projected to lead the product segment during the projection period. This can be credited to the fact that this formula is made for grownups or kids who have normal digestion. Additionally, standard formulas can be utilized for both enteral feeding and as an oral supplement. Furthermore, standard formulas are lucrative easily obtainable, and can be utilized in hospital and homecare settings.

In 2023, gastrointestinal diseases held the highest feeding formulas industry income, of approximately USD 1.5 billion, and it is projected to lead the application segment during the projection period. This is because of the growing occurrence of gastrointestinal illnesses, which affect the GI tract from the buccal cavity to the anus. Some instances are lactose, nausea, food poisoning, and diarrhea.

During the projection period, North America is projected to continue dominating the industry with a share of approximately 55%. This is mainly because of the standardized and favorable FDA rules for these products in the U.S. The U.S. FDA has announced it would permit makers of infant formula products to use implementation discretion to surge the supply of pediatric formula throughout the nation.       

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Cross Laminated Timber Market Will Reach USD 3,783.7 Million By 2030

In 2023, the revenue from the cross-laminated timber market totaled USD 1,376.9 million, with a projected compound annual growth rate (CAGR) of 15.8% through the forecast period. This growth is anticipated to propel the market to reach USD 3,783.7 million by 2030.

This is mainly because of its advanced flexibility in design and technique with quicker execution, furthermore, economic development in emerging economies, increasing expenditure in infrastructure, rigid ecological guidelines, rising buying power, and growing need for ecologically friendly and green materials are propelling the industry development.

Increasing demand has led to an expansion in production capacity, highlighting the significance of investment as a crucial aspect of the value chain. Consequently, the quantity of production needs to be understood in terms of both machinery and workforce. 

On the basis of applications, the non-structural category is projected to experience the fastest development, over 15% CAGR during the projection period in the industry. This can be credited to the developing residential sector. Furthermore, cross-laminated timber panels can be used in the construction of wall, floor, and roof applications that are both load-bearing and non-load-bearing. The materials primarily were used to build the low and mid-rise buildings.

On the basis of industry segment, the non-residential category leads the industry with more than 80% industry share. The construction of buildings has structured the environment, which comprises the utilization of electricity and water. Cross-laminated wood is extensively utilized by businesses working in construction for non-residential areas, because of its stiffness, and mechanical and aesthetic benefits. 

On the basis of region, the European cross-laminated timber industry grips the largest revenue share. The industry is driven mainly by the smooth growth of the residential and construction sectors and the existence of major market players in the continent. Furthermore, a surge in the understanding of the usage of wooden items credited to their features like light in weight and comfort of remodeling is propelling the demand for these materials in the region.

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Exploring the Potential of Pumped Hydro Storage Market

The pumped hydro storage market was USD 353.8 billion in 2023, and it will reach to USD 643.9 billion by 2030, powering at a rate of 9.2% by the end of this decade. 

The important factors powering the industry growth are growing deployment of intermittent renewable energy sources, for example solar and wind power; increasing requirement for grid stability and dependability; and stringent regulations of the government aiming to decrease the emissions of carbon. 

Apart from this, the long operational lifetimes and a moderately low environmental impact as opposed to other energy storage technologies make them a rather feasible option for power grids.

With the growing urbanization and rising global population, energy demand worldwide has grown exponentially in the recent past. As per a UN report, the population of the world in 2022 of 8 billion will reach 9.8 billion by 2050. 

Furthermore, it has a lower environmental impact, as it does not make use of water from lakes or rivers. These systems can be set up where grid support is needed; consequently, they need not be situated near a river.  

Apart from this, they are more effective, as there is no requirement to evaporate water from the lower reservoir. As per the NREL analysis, closed-loop pumped storage has the lowest Global Warming Potential.

APAC leads the pumped hydro storage market, with a share of about 45%, in 2023, credited to the snowballing installation of pumped hydro stowage capacity. 

Additionally, the fast economic growth has brought about increased consumption of energy, which PHS can help meet, along with supporting industrial expansion. This is because this stowage tech is the most-scalable sort of energy storage solution as opposed to other solutions, for example hydrogen fuel cells, battery storage, and gravity battery storage.

India has a substantial potential for pumped hydro stowage as there are more than a few locations in the country, ideal for pumped storage projects, for example lakes, river valleys, and dams. The government of India wants to install 20 GW of pumped storage capacity by the end of this decade.

 Because of the increasing demand for grid stability and reliability all over the world, the demand for pumped hydro storage is on the rise. This will continue like this in the years to come as well.

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Liquid Air Energy Storage Market is Led by North America

The liquid air energy storage market was USD 1,472.9 million in 2023, and it will rise to USD 4,887.6 million, powering at an 18.8% compound annual growth rate, by 2030.

Moreover, it is a long-duration energy storage (LDES), flexible technology. It utilizes air to generate electricity; the air is kept as a liquid by cooling it down and, after, transformed to a gaseous form to boost turbines.

Compared to the present storage technologies, liquid air energy storage has numerous benefits, such as easy setup and a high energy density, and it also aids in peak shaving and load leveling. This assists in decreasing the effectiveness of power systems, reducing the peak-time load on the grid, regulating the grid frequency, and allowing effective power plant utilization.

The electricity & heat industry is the greatest emitter of greenhouse gases globally, emitting around 14.65 Gt in 2022. Governments of numerous nations have set aims to attain net-zero by 2050, for which emission cutback directives have been employed across different sectors, including manufacturing, transportation, and electricity & heat.

North America is the largest contributor to the industry. The U.S. has financed in renewable power for a substantial time and set high targets for the future. For example, according to reports, around 90 projects for energy storage have been commissioned in California.

APAC will advance significantly, with a 19.2% compound annual growth rate, during this decade. This is mainly because of the region's speedy economic development as well as industrialization.

With the surging need for power, coupled with increasing industrialization, the liquid air energy storage industry will continuously advance in the coming years.

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Particle Counters Market Will Reach USD 1,069.6 Million by 2030

The projected value of the worldwide particle counters market will be approximately USD 549.1 million in 2023, with an anticipated growth to reach USD 1,069.6 million by 2030. This represents a compound annual growth rate (CAGR) of 10.2% over the period from 2024 to 2030.

The growth of end-use sectors, such as automotive, aerospace, energy, and oil & gas, has been eased by supportive funding conditions. Moreover, the growing acceptance of pioneering technologies in the industrial and healthcare industries is driving the industry. 

Additionally, the execution of severe governing strategies to guarantee the best quality of items, particularly food items, is a key reason for helping the particle counters industry expansion.

The particle counters market is expected to experience growth throughout the forecast period, driven by the enforcement of regulations aimed at enhancing air pollution monitoring and management by governmental bodies. Similarly, there is a rising trend of governments imposing stringent regulations to uphold water quality standards. This is a response to the noticeable deterioration in air and water quality, primarily attributed to the increasing levels of industrialization over the years.

In 2023, the airborne category held the larger share, of more than 70%, this can be credited to the substantial usage of airborne particle counters in an extensive variety of sectors, like electronics, pharmaceutical, and biotechnology. Additionally, within this category, portable counters are significantly utilized for air quality tracking. This is mainly because they offer reliable, user-friendly tech for real-time cleanroom particle counting. The confined display of the portable type permits workers to view the count without leaving the cleanroom, which gives an instant warning of the pollution risk. In-depth communication and info organization choices are also built into these systems.

Cleanroom panels are essential in industries where tiny particles can disrupt production processes, regulating factors like temperature, pressure, humidity, and contamination levels. Cleanrooms, which come in various sizes and complexities, are particularly critical in sectors 

like biotechnology and pharmaceuticals, where stringent controls are necessary. 

The quality of the final product is significantly influenced by the cleanroom environment. The widespread use of cleanrooms across industries underscores the importance of monitoring, leading to an increased demand for particle-counting devices to uphold sterility within these facilities.

Hence, the market for particle counters is growing with rapid industrialization and rising water and air pollution.

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Closed-Loop Stepper Motor Market was Led by the Industrial Machinery

The closed-loop stepper motor market was about USD 2.9 billion in 2023, and it will power at a rate of 4.2% by the end of this decade, touching USD 3.7 billion in 2030. 

The fast expansion of the robotics and automation industry has heightened the requirement for stepper motors that can fit into slenderer spaces. Motor manufacturers have, therefore, been encouraged to more and more emphasis on improving design and industrial procedures, to offer better products with cutting-edge competence.

The automation trend in numerous sectors, for example packaging and manufacturing, is powering the acceptance of closed-loop stepper motors for accurate control. 

This has powered the requirement for CNC machines in industries to exactly cut wooden, metallic, and plastic parts to generate the projected designs. Additionally, stepper motors have applications in consumer electronics, for example, printers, camera systems, and scanner.

Based on type, hybrid motors led the closed-loop stepper motor market, accredited to the amalgamation of permanent magnet and adjustable reluctance features, aiding in reaching the chosen output power despite their small size.

Furthermore, the hybrid tech offers a high torque, low stepping rate, and high accuracy at low speeds, making them prevalent amongst industries. These alternatives are mostly used in manufacturing machinery and medical tools.  With regards to medicinal devices, they are put to use in surgical hand tools, medical pumps, and ventilation equipment. 

Additionally, the high accuracy and control provided by hybrid closed-loop stepper motors has powered their acceptance in industrial machinery.

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Printing Inks Market Will Reach USD 36.1 Billion By 2030

 The printing ink market was valued at USD 20.2 billion in 2023 and is projected to reach USD 36.1 billion by 2030, with a growth rate of 8.9% from 2024 to 2030.

During the projection period, the market is projected to grow moderately due to its already huge size. The industry is mainly propelled by the growing requirement for colorful wrapping with sharp characters and text in the personal care & cosmetics and food & beverages sectors.

Furthermore, the rising need for paperboard & cardboard packing with the thriving e-commerce industry has boosted the usage of inks for printing purposes. Likewise, the need will stay strong in the future because of the growing requirement for wrapping items and commercial printing, with the changing customer preferences.

The increasing utilization of printing inks in commercial printing, industrial printing, publication, and packaging applications is projected to fuel the industry's advance in the coming years. Printing inks are widely utilized in numerous food packaging applications, on materials such as paper, carton boards, multilayered materials, and plastics.

The printing ink market is projected to advance significantly in India, China, Indonesia, Mexico, Philippines, Cambodia and Brazil. This surge will be because of the surge in such nation’s standards of living, economic growth, and industrialization. 

With a greater gross domestic product and growth in manufacturing activities, such developing economies will require more printing inks. Furthermore, consumption will be propelled by their growing application on consumer goods with complex packaging needs.

In 2023, on the basis of formulation, the oil-based category is generating significant revenue share. The growing need for oil-based printing inks arises from their broad applications throughout numerous sectors, mainly packaging, publication, and commercial printing.

In 2023, the labels and packaging category, based on application, led the industry. The explosive growth of the middle-class populations in emerging economies, such as Thailand and India, has led to a sharp rise in consumerism and an accompanying surge for packaged products.

On the basis of applications, in 2023, the labels and packaging category dominated the market. the explosive development of middle-class populaces in developing economies, like India and Thailand, has led to a sharp increase in consumerism and an accompanying rise in packaged products.

In 2023, the Asia-Pacific region played a crucial role in driving the industry forward. The increased demand for packaged food items, coupled with rapid advancements in labeling and packaging, has bolstered growth in this area. Moreover, the expanding food and beverage, healthcare, e-commerce, and consumer goods industries are key factors propelling market growth in the region.

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Compressed Air Energy Storage Market is Powered by the increasing Global Population

The compressed air energy storage market was about USD 6,027.4 million in 2023, and it will reach USD 26,605.3 million by 2030, powering at a rate of 23.7% by the end of this decade. 

This is credited to the surge in the population and the subsequent surge in the power demand. As per the reports, global energy consumption increased from about 122.8 TWh in 2000 to more than 178.8 TWh in 2022.

On the basis of type, the diabatic category led the industry with 45%. Share. A D-CAES system compresses air and stows it in physical underground voids, for example salt caverns; or further appropriate media, such as hard rocks, aquifers, and underdevelopment gas fields. 

The stowed energy can produce electricity by heating air, by burning natural gas. This extra heat causes the air to expand, driving the conventional gas turbines, producing the generators to produce electricity.

D-CAES plants normally have lower operational costs as opposed to adiabatic and isothermal plants, making them further reasonable in the long run. Though, they are not much-friendly toward the environment as they depend on gas combustion. 

Furthermore, even though this system accomplishes a competence of only 50%, it is the most prevalent, as in 2020, it was the only marketed variant globally.

The isothermal category will grow at a rate of 23.9% in the years to come, as this method can attain a flawless or nearly textbook heat exchange with the environs. 

This is for the reason that it lets for twice the amount of air compression as opposed to adiabatic systems. It is for this reason, the lasting expenses on an isothermal CAES system are approximately 14% lower than that of traditional procedures.

The energy management category will lead the compressed air energy storage market of over USD 9 billion. Energy management is a methodical procedure concerning the monitoring and enhancement of energy use in a building, to decrease the overall consumption and indirect GHG emissions. 

This procedure consists of more than a few key steps, for example incessant data collection & analysis for identification of prospects to advance energy competence through enhancing equipment schedules and flow rates and setting parameters.

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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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Phishing Protection Market Will Grow the Fastest in the Asia-Pacific Region

The phishing protection market was USD 2,307.5 million in 2023, which will power at a rate of 13.7% by the end go this decade, to touch USD 5,609.3 million by 2030. This is because of the growing phishing attacks and continuing tech progressions.

Furthermore, a surge in remote working and an increase in the acceptance of cloud-based communication increase the cases of phishing threats, which drives the requirement for solutions of phishing protection.

Furthermore, tech progressions, developing vectors, and regulatory compliance power the requirement for flexible and state-of-the-art phishing protection strategies. These elements have aided players in incessant battle to stop determined and dynamic cyber threats.

The healthcare category will grow the fastest at a rate of 14.4% by the end of this decade. This development is related with the growing count of phishing attacks in the healthcare sector, as a result of human faults, third-party susceptibilities, outdated tech, and the unawareness of healthcare staff pertaining to online threats.

APAC will have the fastest growth, progressing at a rate of 14.2% by the end of this decade. This is majorly because of the continuing and dynamic digital revolution of various industries and the growing acceptance of cutting-edge cybersecurity measures for protecting digital assets.

The growing count of phishing attacks all over the world has a lot to do with the growing demand for phishing protection solutions all over the world. This trend will continue to grow in the years to come as well.

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Exploring the Electrolyzers Market Trends, Applications, and Future Prospects

The electrolyzers market was USD 496.7 million in 2023, which will increase to USD 51,992.8 million, advancing at a 94.7% compound annual growth rate, by 2030.

Moreover, the increasing need for green ammonia derived by electrolysis is assisting the expansion of this industry. The majority of ammonia is made via conventional approaches, necessitates more power, and it contributes approximately 1.8% of worldwide carbon dioxide emissions.

The rising emphasis of nations around the world on net-zero carbon dioxide emissions is the major reason behind the rising utilization of the electrolysis technique for making green ammonia.

The proton exchange membrane (PEM) category, on the other hand, is likely to advance significantly in the years to come. This can be primarily because of the progressions in this technology, coupled with the fact that these types are a basis of high-purity hydrogen.

The more than 2,000 kW category, based on capacity, will advance significantly during this decade. This is because of the rising need for electrolyzers of this category in the industrial and automotive sectors.

In addition, because of the rising incorporation of these devices in electric grids, the industry is expanding.

APAC is likely to observe a high compound annual growth rate in the years to come. This is because of the increasing need for fuel-cell EVs in South Korea, Japan, and China and the commencement of key green H2 projects in China.

It is because of the rise in the need for clean energy sources, the electrolyzers industry will continue to advance significantly in the years to come.

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Transdermal Drug Delivery Systems Market is Led by the North American Region

The total value of the transdermal drug delivery systems market was USD 4.2 billion in 2023, and it will power at a compound annual growth rate of 4.7% by the end of this decade, to touch USD 5.8 billion in 2030.

The sector is mostly driven by the rising incidence of chronic illnesses, and for the same, a conservative drug delivery system is weaker than required due to hepatic first-pass metabolism.  What is meant by this is that, when utmost oral drugs enter the liver, they are mostly digested before reaching the targeted tissue, therefore bringing about insufficient efficacy.

More than one billion people at a global level smoke cigarette, with incidence continuing to be high in spite of surveillance, educational, and supply restriction efforts on the international and national levels.

This factor is driving the requirement for transdermal nicotine patches for ages.  If the reports are to be believed, as opposed to a placebo administered for a year, nicotine patches are 50–60% more successful in helping individuals give up cigarettes.

North American transdermal drug delivery systems market is the leader. The expansion in this continent is chiefly driven by patent expirations, letting more businesses to enter the industry with generic alternatives of these devices.

Also, the relaunch of previously failed drugs for subcutaneous delivery and the vast spending by the stalwarts on related research and development are key reasons for the substantial share seized by this region.

Due to the growing incidence of chronic illnesses all over the world, the demand for transdermal drug delivery systems is on the rise. This trend will continue in the years to come as well. 

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Auto Injectors Industry was Led by the North American Region

According to the latest market research study published by P&S Intelligence, the auto injectors market made a total revenue of USD 1,011 million in 2023, and it will propel at a rate of 14.8% in the years to come, to touch a value of USD 2640.2 million in 2030.

The key factors powering the industry expansion include the mounting requirement for the drug administration ease, growing incidence of chronic and lifestyle associated diseases, and evolving healthcare technologies.

According to the WHO, over 16 billion injections are given on a yearly basis at a global level. So, the rising need for ease and safety throughout the procedure is powering the advance of the industry.

North America is the leader of auto injectors market, and this prominent position will persist in the years to come as well. This is for the reason that the continent provides ready reimbursement for the use of autoinjectors. Furthermore, the growing occurrence of anaphylactic shock will encourage the acceptance of auto-injectors filled with epinephrine. Moreover, the two nations in the region exhibit a high awareness with regards to self-administration drug delivery devices.

The fastest growth is observed by the APAC region, chiefly as a result of the growing occurrence of diabetes. Since diabetics need normal insulin administration, auto-injectors save the trouble of seeing a medic every time and, therefore, make them independent. 

Moreover, the mounting occurrence of severe reactions as a result of food allergies is driving the requirement for epinephrine injections.

Due to the increasing occurrence of lifestyle and chronic diseases all over the world, the demand for auto injectors is on the rise. This trend wil continue in the near future as well.

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Process Analyzer Market Will Reach USD 10.1 Billion By 2030

The worldwide market for process analyzers was valued at approximately USD 7.9 billion in 2023 and is expected to grow to around USD 10.1 billion by 2030, with a compound annual growth rate (CAGR) of 3.7% between 2024 and 2030.

The mounting concentration on advancing water quality and public well-being, growing water needs from sectors and people, the thriving oil & gas sector, and severe government rules on wastewater treatment are the key industry propellers. 

The optimization of procedures, fortification of assets, and compliance are the major advantages of a process analyzer. The device is mainly utilized for the equipment-aided accurate periodic measurement of the chemical and physical features of an industrial procedure. Additionally, the acceptance of AI, automation, and smart tech in the manufacturing sector is catering as a key booster factor for the industry. 

The lessening obtainability of freshwater is because of the distressed weather patterns because of the pollution-encouraged climate change. Additionally, the surge in the awareness to preserve water, implement rainwater harvesting and wastewater treatment methods, and surge in the effectiveness of water supply systems propels the industry.

MLSS analyzers, based on liquid analysis, are projected to experience the most significant growth rate during the forecast period. These types of analyzers are predominantly utilized in environmental monitoring and wastewater treatment processes. 

They play a crucial role in optimizing and monitoring processes, analyzing microorganism concentrations, and effectively breaking down waste within activated sludge. By enabling continuous monitoring, MLSS analyzers alleviate the necessity for manual sampling and laboratory tests, thereby saving time and resources for operators of wastewater treatment plants.

In 2023, on the basis of gas analyzers, oxygen analyzers produced revenue of approximately USD 3 billion. The quantity of oxygen obtainable plays a leading role in determining whether the burning of a fuel is rich or lean.

Thus, such instruments are utilized to determine the amount of this gas in boilers, furnaces, and furnaces. The key benefits of this device are fast and precise readings in high-temp and corrosive atmospheres.

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North America Is Dominating Active Implantable Medical Devices Industry

The market size for active implantable medical devices was valued at USD 22.5 billion in 2023 and is projected to grow to USD 37.1 billion by 2030, with a compound annual growth rate of 7.5% from 2024 to 2030.

The occurrence of chronic illnesses is increasing, the population is rapidly aging, cardiovascular and neurological illnesses are becoming more dominant, and the implantable medicinal device tech is advancing. Apart from such reasons, the industry advance is aided by the increasing funding to develop technically advanced items, increasing acceptance of neurostimulators, and growing growth in and awareness regarding medical implants.

The rising aging population is one of the key reasons behind the development of this sector. According to the World Health Organization, 2 in 12 people worldwide will be 60 years old or more by 2030. By this time, the count of individuals who are 60 years and older will touch 1.4 billion from 1 billion in 2020. Furthermore, the number of people who are 80 years or older will triple in 2020–2050 and touch 426 million.

In 2023, the hospital category, based on end users, dominated the market. This can be credited to the huge aged population and the surging occurrence of chronic illness, the requirement for healthcare facilities is increasing. 

Hospitals face an increased influx of patients, leading to greater demand for medical equipment used in patient monitoring, treatment, and diagnosis. Additionally, hospitals often provide specialized procedures and therapies necessitating specific equipment.

In 2023, based on product, the implantable cardioverter defibrillators category was the major contributor to the market. This growth can be credited to the growing count of people with cardiovascular diseases worldwide, the growing requirement for such life-saving apparatus in developing nations, and the arrival of tech technical innovations in such devices.

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Enactment of Strict Emission Regulations Driving Demand for Automotive Elastomers

The automotive elastomers market was USD 34.6 billion in 2023, and it will power at a compound annual growth rate of 5.7% by the end of this decade, to touch a value of USD 50.6 billion in 2030. 

The increasing consciousness of the numerous advantages of these materials, for example, noise and emission reduction, boost in performance, and safety enhancement will power the requirement for them.

Based on type, the thermoset elastomers category is the leader of the industry, and it will also continue like this in the years to come as well. 

The tire category has the largest share, and it will also continue like this in the years to come as well. This would be mostly because of the use of elastomers in tire making to advance the performance considerably. This is mostly because the adding of intermediates reimbursements the chemical structure of rubber by providing reliable seals, elasticity, and toughness.

The APAC automotive elastomers market is the leader of the pack and it will also continue like this in the future. The existence of key players, the availability of raw materials and labor at reduced costs, and the high acceptance of advanced technologies are driving the industry. South Korea, Japan, India, and China are not just the major automotive manufacturers in the region, but at a global level.

It is because of the growing per capita income all over the world, that the demand for automotive elastomers is on the rise. This trend will continue in the years to come as well.

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Red Biotechnology's Soaring Growth in Global Healthcare

The global red biotechnology market has garnered USD 576.7 billion in revenue in 2023, and it is projected to rise at the rate of 10.8% from 2023 to 2030, to capture USD 1,172.3 billion by 2030. The development of the industry can be credited to the growing use of hereditary engineering to make biological medications and the rising need for modified medicines.

The rising research and development effort by the major biopharma companies, with strong aid from governments, propels the industry. This is itself in view of the increasing occurrence of chronic diseases and communicable illnesses, which is why businesses are increasing their research efforts for emerging new drug molecules.

According to the reports, the count of biotech patents applied per year has been rising by 28% since 1995, and there are presently over 1,500 biomolecules undergoing clinical trials.

Red biotechnology is widely used in the growth of human vaccines and antibiotics, new medications, molecular diagnostic methods, and regenerative treatments, which has been propelling the industry.

In the coming few years, biopharmaceutical production is projected to experience incredible development credited to the growing research and development activities in this field of drugs. This is mainly because of the increasing making of antibiotics and other types of biologics for chronic illnesses.

In 2023, the North American region held the largest share, approximately 55%, and the regional market is also estimated to advance at a strong CAGR during the projection period. This can be credited to the increasing occurrence of chronic, rare, and hereditary diseases, the rising number of research and development initiatives, and the high technical improvement rate in the healthcare sector of this region.

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Measuring Progress Exploring the Testing and Measurement Equipment Market

The size of the testing and measurement equipment market was about USD 34.8 billion in 2023, and it will power at a rate of 4.8% by the end of this decade, to touch USD 47.9 billion by 2030.

The rising EV acceptance worldwide is consistently supporting testing tool requirement as each automobile needs widespread testing before launch. The main EV components that require to be determined in performance comprise the motor, battery, and on-board charger. Moreover, the related systems, such as charging stations, back-office systems, and telematics modules, need testing.

At present, the nation has the second largest telecom network with approximately 1.2 billion subscribers, the second-highest count of internet users, and the fastest-rising mobile app industry in the world. This is mostly because of the snowballing low prices, convenience, and promising coverage. 

Hence, the need of telecom businesses for testing solutions for their carrier networks continues to increase.

Additionally, the healthcare sector has observed significant tech interventions recently, such as the advent of wearable devices, for example smartwatches. Such devices allow the collection of health data, letting for instantaneous health monitoring and the proactive treatment of health situations before the developing of the symptoms.

Wi-Fi tech is widely used in healthcare devices and smart homes, with over 30% of the IoT connections employing it. Additionally, in 2022, over 50% of the Wi-Fi-enabled devices were making the use of the latest Wi-Fi 6 and Wi-Fi 6E. The communication amid IoT devices has become more effective because of the acceptance of these technologies, therefore leading to improved performance.

The growing electronics sector has a lot to do with the growing requirement for testing and measurement equipment market in the world.

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Medical Packaging Films Industry had a Considerable Share in the Asia-Pacific Region

According to the latest market research study published by P&S Intelligence, the total size of the medical packaging films market was USD 7,904.2 million in 2023, and it will power at a rate of 6.1% by the end of this decade, to touch  a value of USD 11,752.8 million by 2030. 

The requirement for medical packaging films is widely driven by the high requirement for medical products and apparatus in response to the growing count of patients and the mounting aging populace globally, and the beginning of improved packaging solutions to offer protection to concerned products.

An increase in healthcare spending is the main growth driver for the medical and pharma industry and hence provides a boost to the requirement for numerous protective packaging materials for suitable handling of needed products from their transit to end-use.

The high investment is due to the high predisposition of governments to invest in medical infra to offer required and cutting-edge healthcare facilities to the masses, the increasing living standards, the rising aging populace, and the growing R&D actions by companies.

APAC generated a substantial value, and it will also grow at a healthy rate of 6.5% ibn the years to come. This is credited to the growing requirement for pharma, because of the augmented healthcare outlay, improved obtainability of pharma and medical devices particularly for chronic ailment treatment, the rising aging populace, the increasing occurrence of chronic ailments, and the facility of support of the government and incentives in the region.

It is because of the increasing aging population around the world, the demand for medical packaging films is on the rise. This trend will continue in the years to come as well.

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Hybrid Power Solutions Market Will Reach USD 5,020.3 Million By 2030

 In 2023, the global market value for hybrid power solutions was approximately USD 2,506.2 million. Forecasts suggest that by 2030, this figure could double, reaching around USD 5,020.3 million, with a projected compound annual growth rate (CAGR) of 10.6% during the period from 2024 to 2030.

The need for power is growing mainly because of the rising extent of industrialization. Amidst this growth, the rising focus on sustainability has increased the addition of clean sources into the present traditional power resources. This is, ultimately, encouraging expenditure for the improvement of hybrid power solutions.

In 2023, the wind–solar–fossil category is leading the industry within the segment, with a share of 35%. In the past few years, an extraordinary development in the placement of these electricity production systems has been witnessed in many emerging countries, like Indonesia, China, South Africa, and India.

This is propelled by the initiatives of the governments of such nations for rural electrification. Such systems are positioned in remote regions and places that lack grid connections. Moreover, they are utilized in installations like mining processes and telecom towers because of the same factor.

A PV–diesel hybrid system is made of several key components, like a PV system, a diesel generator, and sophisticated organization systems. Such basics work together to coordinate solar power generation with real-time power demand, therefore guaranteeing well-organized operations and power balance.

During the projection period, hybrid power solutions will continue to develop at 10.7% CAGR. These approaches are highly appreciated in areas that don’t have local electricity grid coverage based on their efficiency level. The result of this issue is the continual increase in options for sourcing power that’s reliable and eco-friendly mostly, recommended locations without central grid systems.

Many off-grid locations such as mines, telecommunications points of presence (PoPs), islands, and remote rural centers are faced with frequent challenges in providing the needed energy. As a consequence, various hybrid power is developed to meet the specialized energy requirements.

During the projection period, the APAC region is projected to lead the industry, with an income share of 55%. This growth of the region can be credited to the steps taken by governments to produce electricity using renewable sources. The industry is also driven by the growing alertness of the harmful impact of diesel generators on the atmosphere and human health. Also, in the Asia-Pacific region, numerous stakeholders are setting up separate mini-grids boosted by hybrid electricity systems to decrease transmission expenditures.

Hence, the hybrid power solutions industry is propelled by the rising GHG emissions and increasing renewable energy focus.

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