Development of Organized Retail Driving Commercial Refrigeration Equipment Market Globally

In 2017, the global commercial refrigeration equipment market generated a value of $41,396.7 million and is expected to advance at a 6.2% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the rising demand for ready-to-eat products and beverages and development of organized retail. 

The freezers and refrigerators that are utilized for storage, merchandizing, and commercial retail within hypermarkets, convenience stores, supermarkets, restaurants, and other commercial spaces are referred to as commercial refrigeration equipment.

There has been a major transformation in the refrigeration technology in the past few years, as manufacturers have shifted from fluorinated gases (F-gases) to natural refrigerants. Geographically, developed countries in Europe and North America are on the verge of completely eliminating the use of F-gases from their commercial refrigeration equipment.

For instance, a key player in the commercial refrigeration equipment market, Carrier Corporation, changed the technology of its MiniCO2OL commercial refrigerator series quite early by replacing F-gases with natural refrigerants, such as carbon dioxide.

The manufacturing cost of MiniCO2OL refrigerators is quite low, compared to similar F-gas-based equipment. The cost-efficiency factor of such natural refrigerant-based equipment is increasing their demand among small and medium-scale food retailers.

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On the other side, developing countries in Asia-Pacific (APAC) have not yet phased out F-gases, because manufacturers here are yet to get their hands on advanced technology for F-gas elimination. But, considering the CAGR forecasted in the region (9.3% in terms of revenue), it is being assumed that manufacturers will be able to acquire the technology and do away with F-gases.

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Rising Bus Sales Augmenting Automotive Air Suspension System Market Growth

The automotive air suspension system market is being driven by the growing disposable income, demand for luxury buses, population, and rate of urbanization. The market valued $4,963.6 million in 2015, and it is projected to progress at a 7.6% CAGR during 2016–2022 (forecast period). Air suspension systems comprise various individual components, which are integrated in vehicles to provide a smooth journey by reducing the effects of jerks as vehicles go over potholes or rough terrain.

An integrated system comprises an air spring, shock absorber, air compressor, height sensor, electric control unit, and air reservoir. Among all these, the automotive air suspension system market was dominated by shock absorbers in terms of revenue as well as sales volume during the historical period (2012–2015). Apart from minimizing the effects of jerks, shock absorbers also prevent the vehicle from tilting too much to one side when cutting a sharp curve. As these systems make the vehicle more stable and easily controllable, these are expected to continue leading the market during the forecast period.

In terms of vehicle type, the market is divided into buses, light commercial vehicles, and passenger cars. Throughout the historical period, buses were the largest division in the air suspension system market in value and volume terms and are predicted to retain their position during the forecast period. This is attributed to the rising pollution levels, which are impelling people to switch to public transit, which most commonly consists of buses.

Air Suspension System Business in Auto Sector

The major reason behind the rising pollution is rapid urbanization, which is accompanied with the setting up of factories that emit harmful substances into the atmosphere. The World Health Organization claims that currently 50.0% of the worldwide population lives in urban areas, and their proportion would increase to 70.0% by 2050. It also mentioned that air pollution killed 3.7 million people prematurely across the world in 2012. So, as governments raise awareness on the same and popularize public transport, the sale of buses will continue to drive the air suspension system in  automotive sector growth.

Apart from climate change and the need to reduce carbon emissions, the increasing demand for luxury buses is another reason for the growth of this division. With the rising popularity of mass transit, people are preferring to travel by buses for comparatively longer distances than before. Therefore, state governments as well as private transport agencies are rapidly purchasing luxury buses to offer passengers a comfortable journey with less jerks. The demand for luxury buses with air suspension systems for overnight journeys is also increasing as these offer passengers a sound sleep.

Another factor helping the automotive air suspension system market grow is the rise in the disposable income, which is encouraging customers to purchase premium cars. As per the National Bureau of Statistics of China, the annual per capita disposable income of urban households rose to $4,692.9 in 2014 from $2,818.6 in 2010. Similarly, in India, the per capita GDP, which was $1,432.3 in 2010, grew to $1,500.8 in 2012. Due to such factors, the sales of personal vehicles, especially in the premium segment, are drastically increasing.

in 2012, China became the second largest market for premium cars after the U.S. by recording 1.25 million car sales, which are further predicted to grow to 3 million by 2020. With this, China will become the largest market for such cars. As these cars come installed with air suspension systems, the growth in the premium car market in China would contribute to the global Vehicle air suspension system market progress.

Therefore, the market for automotive air suspension systems will grow with the rising premium car and luxury bus sales.

GLOBAL AUTOMOTIVE AIR SUSPENSION SYSTEM MARKET 

• By Technology – Manual Air Suspension, Electronic Air Suspension 
• By Component – Shock Absorber, Air Spring, Air Compressor, Air Reservoir, Height Sensor, Electric Control Unit (ECU), Others 
• By Vehicle Type – Bus, Passenger Car, Light Commercial Vehicle (LCV) 
• By Region – Europe, North America, Asia-Pacific and Rest of the World

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Blockchain Trend in Auto Industry - Technologies shaping the Future of Auto Sector

The global automotive blockchain market is projected to grow at a considerable rate during the forecast period. This can be mainly attributed to the benefits offered by the blockchain technology in the automotive industry, such as real-time monitoring, auditability, and scalability of information. The application of blockchain in various automotive functional areas is on the rise, as automotive original equipment manufacturers (OEMs) continue to invest in the technology to uncover its potential in the industry.

Blockchain in Auto Industry

On the basis of application, the automotive blockchain market has been categorized into manufacturing, supply chain logistics, retail finance and leasing, mobility solutions, and others. Of these, the market for mobility solutions is expected to witness significant growth in the coming years on account of the rapidly growing shared mobility industry, rise in the consumer demand for advanced mobility services, and inclusion of blockchain in automotive business models.

Based on the type of blockchain used, the automotive blockchain market has been categorized into public, private, and consortium. Of these, the public and private blockchains are the most preferred types, with their applications varying based on the business model adopted. During the forecast period, the market for private blockchain is expected to grow at a considerable rate, as the adoption rate of the technology is higher in the private domain as compared to other domains. Also, public blockchain has low scalability and involves high transaction costs, which make the private blockchain the preferred category in the automotive blockchain industry.

What are the factors impacting the growth of this market?

The major growth drivers for the automotive blockchain market are the benefits offered by the blockchain technology, such as real-time monitoring, auditability, and scalability of information. Also, with growing digitization, the technology has become an integral part of information technology (IT) budgets in the automotive industry. Blockchain in the automotive industry is useful in various areas such as mobility solutions, connected cars, supply chain logistics, retailing and leasing, autonomous driving, and IoT applications. The financial divisions of OEMs are now exploring the technology for financial applications. In the coming years, OEMs are expected to employ the technology in other automotive applications.

Also, various participants in the automotive ecosystem have started taking initiatives toward the formation of consortiums and formulation of policies to comply with the regulatory mandates on a global scale. In the coming years, besides disrupting the automotive industry, the blockchain technology is expected to create growth opportunities and facilitate digital transformation in the industry. Thus, it can be said that these factors are likely to boost the growth of the automotive blockchain market in the near future.

Industry Challenges

The growth of the automotive blockchain market is primarily hindered by the lack of proper legislations regarding blockchain technology applications and data protection. For instance, in European countries, the deployment of the blockchain technology-based applications is restricted by the rights granted to the public/private entities under the European General Data Protection Regulation (GDPR). The blockchain technology and its applications come with several potential technical and economic risks. It is due to this that the governments across the world are concerned about the potential threats that the technology poses to the data protection rights and privacy of individuals.

The global automotive blockchain market is characterized by changing consumer behavior, technological advancements, increased use of data for improvement in logistics and mobility services, and evolving operating models in different automotive functional areas. Although the market is in its nascent phase currently, it is expected to witness notable growth in the coming years on account of the increasing adoption of the technology by automotive manufacturers.

Some of the key players operating in the automotive blockchain market are IBM Corporation, Microsoft Corporation, Accenture PLC, carVertical, Helbiz Mobility System PTE Ltd., Tech Mahindra Ltd., ShiftMobility Inc., BigchainDB GmbH, ConsenSys, Context Labs BV, Ethereum, Factom Inc., Mesosphere Inc., Oaken Innovations, Productive Edge LLC, Project Provenance Ltd., Ripple Labs Inc., and XAIN AG.

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How is Rising Demand for Medication Management Helping Clinical Decision Support System (CDSS) Market Grow

Doctors, nurses, pathology labs and pharmacies, are just a few elements of the healthcare industry, which are involved in patient care. Sometimes, depending on the condition of patients, rehabilitation services are also availed.  As many components are involved in caregiving, the need for proper communication among them and the patients is necessary. This would not only help in reducing medication errors, but would also help in providing coordinated care. To achieve this, the demand for healthcare information technologies (HIT) is rising, which include medication management systems and Clinical Decision Support System (CDSS). These technologies help in consolidating patient-related medical information to aid in decision making for creating a suitable treatment plan, including medication, rehabilitation, and care. The advanced application of the HIT system that is providing clinical decision support (CDS) to healthcare professionals by assisting in clinical decision-making tasks for better outcomes.

The CDSS market is witnessing growth and expected to register a CAGR of 21.5% CAGR in the coming years. The software finds application in drug dosing support, clinical guideline, clinical reminder, drug–drug interaction, and drug allergy alert. During 2012–2015, the software was used the most for drug allergy alert applications. Many drugs are known to trigger allergic reactions in some patients, or if they are consumed with some other drugs. These drug-induced allergic reactions may prove to be fatal, and, therefore, drugs should be prescribed with utmost care. CDSS solutions not only help in studying possible drug–drug interactions, but also help in identifying the type of interaction that may initiate an unwanted immune response in the body. Majority of the electronic medical records (EMR) and computerized physician order entry (CPOE) systems have data related to a patient’s allergies. The database has all the information regarding the medication and allergies stored, which generates an alert if a potential drug interaction is detected. These CDSS systems are gaining popularity among healthcare service providers due to their high success rate and immediate query response.

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The clinical decision support system (CDSS) market is advancing due to the rising popularity of the software in healthcare facilities due to its advanced applications, including drug reminders, double-checking medication administration properties, and drug allergy alerts. They help in reducing the chances of adverse effects of drugs and medication errors, thereby improving the quality of healthcare services provided to patients at a reduced healthcare cost. In home healthcare settings, the medication management system is integrated with the CDSS, and simplifies the task for caregivers by correctly calculating the dosage and administration of medication. At times, patients are unable to remember their entire medication regimen and end up missing a dose. In such scenarios, the CDSS-integrated smartphone-based self-management systems enabled with real-time medication monitoring technology issues reminders to patients to timely consume the required dose of medicine.

In developed countries, mainly of Europe and North America, majority of the hospitals and other healthcare facilities are equipped with HIT including the CDSS software. In emerging economies of Latin America, Asia, and Africa, the deployment of the software is still in the nascent form.  With the improving economy of these regions, the healthcare sectors are booming with the construction of more hospitals and pharmacies, which are deploying the CDSS software for providing better healthcare facilities to the residents. 

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Electric Car in India Finally Showing Potential to Scale

Growing awareness about air pollution and government support toward adoption of electric vehicles (EVs) is driving the market for electric cars in India. Valued at $71.1 million in 2017 by P&S Intelligence, the Indian electric car market is projected to grow by almost 10 times during the forecast period 2018–2025, eventually generating a revenue of $707.4 million! And, it’s not just the total revenue, which is expected to be high during the forecast period, but also its CAGR (34.5%).

Electric cars are essentially battery-operated cars that produce little or no emission. Based on technology, the electric car market in India has been segregated into plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and hybrid electric vehicle (HEV). Among these, BEV led the market in 2017 with over 70% sales volume share. Similarly, the categories of the domain when segmented by battery are lithium-nickel-manganese cobalt oxide (Li-NMC), lithium-iron-phosphate (LFP), and others, among which the LFP category led the market in 2017 with 65% sales volume share.

Talking of the market drivers, India is expected to adopt BS VI emission norms in 2020. Aimed at reducing vehicular emissions even further, this move is predicted to drive the electric car market in India rapidly. To encourage EV adoption, the central and state governments are actively formulating favorable policies. For instance, the Central Government launched the FAME scheme in 2015, to bring down the price of electric cars across the country.

Similarly, in 2017, the NITI Aayog brought out a scheme for the construction of e-vehicle charging points along the Indira Gandhi International Airport-South Delhi-Noida corridor. Under this, 135 charging stations, including 89 slow alternating-current (AC) stations and of 46 quick charging direct-current (DC) stations are to be built at 55 locations. The governments of several states have come out with policies and schemes of their own, all of which are expected to aid in the growth of the Indian electric car market.

For instance, the Karnataka government offers 100% reimbursement on expenses incurred to set up EV manufacturing plants on agricultural land. Similarly, the Maharashtra government offers complete exemption of registration fee and road tax on electric vehicles. Under this scheme, EV and electric battery manufacturers also get 20% incentives. In another such initiative, the Uttarakhand government will set up an EV research hub in the state and offer every trainee a stipend.

All these factors have radically changed the scenario of the electric car market in India in recent years. Earlier dominated by Mahindra Electric Mobility Limited and Toyota Kirloskar Motor Pvt., the market has seen the entry of several new players, including Tata Motors Limited, Honda Motor Co. Ltd., and Hyundai Motor Company. All these manufacturers are launching electric cars with improved range, as short range has been somewhat discouraging people to buy electric cars. An example would be Mahindra Electric Mobility Limited’s eKUV100, which can run up to 140 km on a single charge.

Thus, we see that stricter emission norms and government incentives will lead to increase in electric car sales, taking the domain forward.

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Commercial Electric Vehicle Market - Growth Opportunities in Global Industry

The improvement in the operational efficiency of batteries and the long-term cost advantages of commercial electric vehicles are some of the key factors driving the growth of the commercial electric vehicle market. In addition, the rising government and environmental agency concerns over greenhouse gas (GHG) emissions and surging government initiatives to promote these vehicles over conventional fuel-based ones are predicted to strengthen the market during the forecast period (2018–2025). The market size is predicted to cross 1,839.4 thousand units by 2025, progressing at a CAGR of 18.1% during the forecast period.

In simple terms, electric vehicles are those vehicles that use one or more electric motors for movement. Such commercial vehicles are used for carrying passengers or transporting goods. The commercial electric vehicle market, on the basis of propulsion, is categorized into hybrid electric vehicle (HEV), battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), and plug-in hybrid electric vehicle (PHEV). Due to the increasing government incentives in the form of grants and subsidies and other financial benefits to encourage the use of BEVs, this category is anticipated to dominate the market during the forecast period.

There are two types of vehicles in the commercial electric vehicle market, i.e. electric bus and electric truck. Of these, during the 2013–2017 period, electric buses advanced at a CAGR of 75.4% in term of sales volume. This is ascribed to the rising replacement sales and long-term cost advantages associated with e-buses. Furthermore, with the increasing demand for these buses from end users such as city governments and public-transit operators, the market is witnessing robust growth.
The electric bus market, on the basis of length, is bifurcated into more than 10 m and less than 10 m. Of these, electric buses of less than 10 m length are predicted register faster growth in terms of volume as well as value during the 2018–2023 period. This is attributed to the high adoption rate of small buses in China and other emerging countries along with the cost-efficiency benefit, which continue to escalate the market growth across the world.

Similarly, the market for electric trucks is divided into medium-duty truck (MDT), heavy-duty truck (HDT), and light-duty truck (LDT). As compared to the other divisions, the CAGR of HDTs in terms of the units sold is anticipated to be the highest. On the global ground, Asia-Pacific, led by China, dominated the electric commercial vehicle market during the historical period (2013–2017). Some of the key factors behind the heavy sale of the electric vehicles in China are reduced battery prices and improved operational efficiency and the government’s commitment to increase electric vehicles’ share in the transportation system.

Increasing GHG emissions in the environment have become a major concern for governments and environmental agencies, globally. The air quality degradation due to the carbon-laden urban vehicular exhaust has led to the implementation of stringent policies. Presently, conventional diesel-powered commercial vehicles are a core part of the public transportation system, which majorly contributes to GHG emission. Therefore, the formulation of stringent policies is resulting in the adoption of low or zero-emission vehicles across the world.

Hence, the increasing adoption of BEVs and stringent government policies to curb air pollution are fueling the growth of the commercial electric vehicle market.

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Silicon on Insulator Market Globally – Learn the Investment Strategy of Market Major Players To Increase Business Growth

In 2018, the global silicon on insulator market generated a revenue of $684.8 million and is predicted to attain $2,285.5 million by 2024, witnessing a 22.7% CAGR during the forecast period (2019–2024).

A key trend in the SOI market is the miniaturization of devices and reduction in the cost of manufacturing chipsets for accelerating their adoption. The demand for miniaturization is increasing due to the rising requirement for smaller assemblies in specific applications and the need for cutting material costs by using smaller parts that function similarly to large parts.

Miniaturization has resulted in the emergence of small devices, which are majorly being deployed in consumer electronics and automotive applications including navigation control, infotainment systems, and collision detection.

When geography is taken into consideration, the APAC region is projected to register significant growth during the forecast period in the SOI market. The reason for this is the rising investments by wafer manufacturers for expanding their facility.

For example, Shin-Etsu Chemical Co. Ltd. announced in March 2018 that it is going to invest $996 million for expanding its production facility for its silicones business. The company is aiming to expand its business footprint in the APAC region in the near future with this investment.

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The competition in the SOI market has increased due to the swift development in fabrication technologies of SOIs, which include bonding, smart cut, and layer transfer. The four major companies in the market are SUMCO Corporation, Shin-Etsu Chemical Co. Ltd., STMicroelectronics N.V., and Soitec SA.

The players in the market are engaging in collaborations in order to expand their footprint in the market. For example, Shanghai Simgui Technology Co. Ltd. and Soitec SA announced that they are entering into an enhanced partnership in February 2019.

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