How is Global Warming Contributing to Surge in Global HVAC Market

The constant increase in the temperature, as a result of global warming, is one of the biggest factors responsible for the surge in the demand for air-conditioning systems and associated services across the world.

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The release of various airborne pollutants, such as nitrogen oxides, chlorofluorocarbons (CFCs), and methane, into the atmosphere, as a result of fossil fuel burning, is the biggest contributor to global warming. According to the National Aeronautics and Space Administration (NASA), there has been a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period to 2017.

The other key factors boosting the demand for heating, ventilation, and air conditioning (HVAC) systems and services across the globe are the expanding construction sector in various countries and increasing number of favorable government initiatives and policies, to aid their installation in residential, commercial, and industrial buildings.

As a result, the global HVAC market reached a value of $240.8 billion in 2019, and it is expected to generate revenue of $367.5 billion by 2030. This massive growth of HVAC market is during the forecast period (2020–2030) is projected to be at a CAGR of 3.9%.

Throughout the world, a high demand is generated for the installation, upgradation/replacement, repair and maintenance, and consulting services for HVAC systems. Amongst these, the demand for the upgradation/replacement of HVAC systems was found to be the highest in 2019.

This is mainly ascribed to the huge demand for the replacement of faulty components, in order to improve their energy efficiency, across the world. This will also improve the operational efficiency of these systems, and thus reduce the dependence on non-renewable energy.

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Retail cloud market is growing due to increasing demand for compliance and collaboration

A key trend in the retail cloud market is the adoption of multiple payment options in the retail niche. With digital technologies making inroads into people’s everyday life, their demand to shop as per their own preferences, be well informed, and for multiple payment options is rising. In an effort to make the experience of shoppers smoother, retailers are integrating cloud-based payment platforms in their operations. Apart from offering customers access to numerous shopping options, retail cloud also implements enhanced point of sale (POS) solutions.

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The growing adoption of smart devices is one of the most significant factors behind the advance of the retail cloud market. This is a result of the increasing online activities in the retail domain and rising requirement for smooth information sharing and better network connectivity. Around the world, people are increasingly paying for products using mobile platforms. Additionally, with smart devices, retailers find it easier to tap potential customers, by studying shoppers’ interest and purchase history. This lets retailers align their business strategy as per the interest of customers, which helps drive sales.

Geographically, the retail cloud market is categorized into North America, Europe, Asia-Pacific (APC), Latin America (LATAM), and Middle East and Africa (MEA). Among these, during the historical period, the largest share in the market, in terms of revenue, was held by the North American region. This was a result of the faster integration rate of the cloud technology in retail in this region than anywhere else, as well as the fact that retailers are scrambling to personalize the shopping experience of customers.

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Therefore, as people demand a more customized shopping experience and retailers look at it as an opportunity to increase their revenue, the adoption of cloud solutions would continue increasing.

The research offers historical market size of the global retail cloud market for the period 2013 – 2016 and market forecast for the period 2017 – 2023.

GLOBAL RETAIL CLOUD MARKET

By Type – Solution (Supply Chain Management, Customer Management, Workforce Management, Reporting and Analytics, Data Security, and Others) and Service (Managed Service and Professional Service)

By Service – Software as a Service, Platform as a Service, and Infrastructure as a Service.

By Deployment Model – Public Cloud, Hybrid Cloud, and Private Cloud

By Enterprise Type – Large Enterprises and Small and Medium Enterprises

By Region – North America, Europe, Asia-Pacific and Middle-East & Africa (MEA), and Latin America

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How is Rising Adoption of Electric Vehicles Fuelling Massive Surge in APAC Electric Motor Market?

The need for a reduction in energy consumption by the major industries is expected to increase significantly in Asia-Pacific (APAC) in the coming years. Electric motors can account for almost 70% of the total energy consumption in industries, and with the electricity usage and prices already too high, the adoption of energy-efficient motors is rising, in order to reduce the operating costs. 

The other major factor driving the sale of electric motors in APAC is the soaring deployment of electric vehicles, as they are an eco-friendly mode of transportation. Thus, the APAC electric motor market is predicted to grow from $50,948.1 million in 2017 to $77,876.8 million by 2023, with a CAGR of 6.9% during the forecast period (2018–2023).

There are various types of electric motors available in the market, namely direct current (DC) motors, alternating current (AC) motors, and hermetic motors. Amongst these, AC motors recorded high uptake during the historical period (2013–¬2017), primarily due to the surging adoption of environment-friendly electric vehicles and rising demand for industrial machinery. 

Furthermore, these variants require lower power and maintenance. Hermetic motors, owing to the ballooning demand for heating, ventilation, and air conditioning (HVAC) equipment from the thriving construction sector, are expected to register the fastest increase in sales, in the coming years.

Electric motors are widely used in motor vehicles, HVAC equipment, transportation and aerospace sector, industrial manufacturing, and residential buildings. Out of these, the adoption of electric motors is expected to be the highest in motor vehicles in the foreseeable future, which would be a result of the booming vehicle manufacturing sector in China. 

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Moreover, the flourishing automobile sector in other regional countries, such as India and Japan, is predicted to cause a huge upswing in the demand for electric motors in the coming years. 

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How are Innovations in Industrial Processes Driving Machine Condition Monitoring Equipment Market?

Now that industries have been established in almost every corner of the world for manufacturing numerous different types of products, innovation and advancements are bound to happen for making industrial processes more efficient. Some of the challenges which are being faced by firms at the present time include high labor cost, demographic change, resource & energy inefficiency, rising operational cost, and surging capital. 

For chemical factories, stringent regulations are being imposed by regulatory bodies for minimizing chemical contamination and ensuring the safety of workers through legislations including OHSAS 29 CFR 1910.107 and OHSAS 18001, which are imposing heavy penalties for the violation of the prescribed norms.

The equipment collects and analyses certain signals from motor in order to identify developing faults and inefficiencies. The process helps in avoiding unplanned downtime. According to a P&S Intelligence report, the global machine condition monitoringequipment market reached a value of $2.2 billion in 2017 and is projected to generate a revenue of $3.2 billion by 2023, advancing at a 6.8% CAGR during the forecast period (2018–2023).

Attributed to this, several companies are increasingly making use of plant automation solutions for ensuring regular monitoring of plant operations and processes. This is done by using machine condition monitoring equipment. Condition monitoring is a vital tool for predictive maintenance of machines. 

Various types of monitoring are motor current signature analysis, corrosion monitoring, ultrasound emission, thermography, lubricating oil analysis, and vibration monitoring. Out of these, the largest demand for condition monitoring equipment in 2017 was created for vibration monitoring, which is ascribed to the rising requirement for vibration monitoring in important applications including chemical and manufacturing industries that are highly prone to defects. 

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Fixed and portable are two types of monitoring systems, between which, fixed systems are predicted to become more popular as they provide more detailed analysis and monitoring in comparison to portable systems.

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Improved legislation to support research and education efforts makes sure growth of quantum computing market

The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 2020–2030 (forecast period), to ultimately reach $64,988.3 million by 2030. Machine learning (ML) is expected to progress at the highest CAGR, during the forecast period, among all application categories, owing to the fact that quantum computing is being integrated in ML for improving the latter’s use case.

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Government support for the development and deployment of the technology is a prominent trend in the quantum computing market, with companies as well as public bodies realizing the importance of a coordinated funding strategy. For instance, the National Quantum Initiative Act, which became a law in December 2018, included a funding of $1.2 billion from the U.S. House of Representatives for the National Quantum Initiative Program. The aim behind the funding was to facilitate the development of technology applications and quantum information science, over a 10-year period, by setting its priorities and goals.

Moreover, efforts are being made to come with standards for the quantum computing technology. Among the numerous standards being developed by the IEEE Standards Association Quantum Computing Working Group are the benchmarks and performance matrix, which would help in analyzing the performance of quantum computers against that of conventional computers. Other noteworthy standards are those related to the nomenclature and definitions, in order to create a common language for quantum computers.

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In 2019, the quantum computing market was dominated by the quantum annealing category, on the basis of technology. This is because the physical challenges in its development have been overcome, and it is now being deployed in larger systems. That year, the banking, financial services, and insurance (BFSI) division held the largest share in the market, on account of the rapid expansion of this industry. Additionally, banks and other financial institutions are quickly deploying this technology to make their business process streamlined as well as secure their data.

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Offering

1.3.2 Market Segmentation by Deployment Type

1.3.3 Market Segmentation by Application

1.3.4 Market Segmentation by Technology

1.3.5 Market Segmentation by Industry

1.3.6 Market Segmentation by Region

1.3.7 Analysis Period

1.3.8 Market Data Reporting Unit

1.3.8.1 Value

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents

2.2.1.1 By region

2.2.1.2 By industry participant

2.2.1.3 By company type

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Assumptions for the Study

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How is Need for Less-Harmful Alternatives to Tobacco Smoking Driving South Korean E-Cigarette Market?

Growing awareness about the ill-effects of tobacco smoke inhalation and technological advancements are leading to the growth of  South Korea e-cigarette market globally. From $874.3 million in 2018, the market is predicted to expand to $3.5 billion by 2024 at a 24.3% CAGR during the forecast period (2019–2024).

Electronic cigarettes do not contain tobacco, rather come with a nicotine solution in a refill or vial, which, on being burnt, creates mist instead of smoke. The product segment of the South Korean e-cigarette market is categorized into t-vapor, vaporizer, vape mod, and cig-a-like.

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Among these, vaporizers dominated the market during the historical period (2014–2018) in terms of volume and value, as these offer a similar experience provided by traditional cigarettes.

While these will keep leading the market in the forecast period, t-vapors would experience the highest revenue CAGR (30.6%), with global brands competing intensely to capitalize on their growing popularity.

The various distribution channels for e-cigarettes in the country include vape shops, tobacconists, hypermarkets/supermarkets, and online platforms. Among these, hypermarkets/supermarkets, vape shops, and tobacconists accounted for almost 65.0% value share in the South Korea e-cigarette market in 2018.

During the forecast period, online channels will experience the fastest growth as manufactures are increasingly using them to sell their products. As the health effects of such products are still unclear, the national government increased the taxes on e-cigarettes by 117.0% in 2015, making manufacturers look for alternative sales platforms. 

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Chronic Pain Treatment Market being Driven by Surging Geriatric Population

In 2017, the global chronic pain treatment market size reached a value of $69.3 billion and is expected to advance at a 6.4% CAGR during the forecast period (2019–2024). The market is registering growth due to the surging geriatric population, rising prevalence of chronic health conditions, and increasing government support for chronic pain management. The pain that persists in a patient beyond a period of three months is referred to as chronic pain. Chronic pain may limit mobility and reduce stamina, flexibility, and strength in patients.

In terms of indication, the chronic pain treatment market is divided into arthritis pain, cancer pain, fibromyalgia, neuropathic pain, chronic back pain, migraine, and others (which include nociceptive pain and visceral pain). Among these, the neuropathic pain division dominated the market during the historical period (2014–2018) and is projected to grow at a 6.2% CAGR during the forecast period. The reason for this is the rising incidence of neuropathic disorders and surging aging population around the world. Cancer pain is predicted to grow at the fastest pace during the forecast period.

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When product is taken into consideration, the chronic pain treatment market is bifurcated into devices and drugs, between which, the drugs category accounted for the larger share of the market during the historical period because of the growing prevalence of several types of chronic diseases. The category is further classified into non-steroidal anti-inflammatory drugs, antidepressants, opioids, anticonvulsants, and others. The devices category is expected to advance at the faster CAGR of 11.0% during the forecast period and is further classified into analgesic infusion pumps, neurostimulation devices, ablation devices, and others.

The increasing government support for chronic pain management is also among the primary driving factors of the chronic pain treatment market. The national and international government organizations have taken several initiatives in order to increase the awareness and funding for the effective management of chronic pain. For example, the Association for the Study of Pain (IASP) launched an IASP Developing Countries project in January 2018 for increasing pain education and practice in developing countries by providing sufficient grants.

Hence, the market is growing due to the increasing geriatric population, rising government support for chronic pain management, and surging prevalence of chronic health conditions across the globe.

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