How Mass Production of Medicines Drives Pharmaceutical Filtration Market?

Compared to 7.7 billion in 2019, the earth would be home to 9.7 billion people by 2050, says the United Nations, in its 2019 World Population Prospects report. With population boom, the demand for everything, be it food, water, clothes, housing, or medicines, will rise too. Plus, with the prevalence of chronic diseases surging, prescription as well as over-the-counter (OTC) drugs are needed more than ever. This is leading to huge investments in the pharmaceutical industry, wherein new production plants as well as research laboratories are being set up. At both these places, filtration is one of the most important processes, as the drugs being produced or researched upon must be completely contamination-free.

Thus, with the rising need for medicines, the pharmaceutical filtration market size is predicted to grow considerably in the coming years. For the process, membrane filters, prefilters and depth media filters, cartridge and capsule filters, single-use systems, filter holders, and filtration accessories are required. Among these, membrane filters have historically been bought in the highest numbers, as they are being rapidly used for pharmaceutical and other related purposes. The reason is that their installation in large as well as small settings is quite easy.

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Around the world, currently North America and Europe are the two largest pharmaceutical filtration markets, as they account for the highest medical drug production and R&D. These regions have already possessed more advanced technology than others, which automatically gives them an edge over other regions. The U.S., Germany, the Netherlands, Belgium, Switzerland, and Italy are the largest medical drug exporters around the world.

On similar lines, several developing countries are rapidly increasing their pharma production, for which a high requirement for filters is being created. For instance, the Indian pharmaceutical industry, which valued $33 billion in 2017, would reach $55 billion by 2020, according to the India Brand Equity Foundation (IBEF). Several multinational companies, such as McKinsey and PwC have iterated that India’s phara sector would be the fastest growing around the world in the coming years. It is not just because of domestic companies coming up, but also the shifting of the drug manufacturing plants of overseas firms.

Thus, with pharmaceutical production picking up in developing countries, the demand for filters and related accessories would also increase.

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Rising High Power Density Requirements to Drive the Growth of Power Electronics Market Globally

One of the key drivers of the power electronics market is the increasing demand for a higher power density. In the power electronics industry, power density is a major factor, especially in high-power applications. For instance, to increase the operational efficiency of wind power generators, electric rail traction drives, solar power generators, and inverter systems, power electronic devices are used.

These devices offer many advantages, such as simplified circuits, less driving power, and optimum forward and reverse blocking capabilities, which make them fit for higher-power-density operations.

Another factor driving the power electronics market is the growing preference for power electronic devices in utility applications. These devices effectively deliver power with high reliability, security, and flexibility to the power system.

Power electronic devices are of crucial importance in the conversion process of existing electrical grids to next-generation networks. Presently, about 30.0% of all power generation is done via power electronic devices, both at the point of generation and the point of electricity consumption, which is expected to rise to 80.0% by 2030.

The segments of the market are device, voltage, end user, and region. Based on device, the categories are power ICs, power discrete, and power modules. The market in the historical period was dominated by power discrete devices, which will continue to dominate it during the forecast period due to the growing requirement for renewable energy across the globe. But during the forecast period, the highest CAGR would be attained by power modules, as these make electronic devices efficient, which drives their demand.

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The region segment of the power electronics market is subdivided into North America, Asia-Pacific, Europe, and Rest of the World. In 2015, the highest revenue was generated by the Asian-Pacific region, where China led the market, whereas in the North American region, the U.S. was the largest revenue generator. In Europe, the market was led by Germany, while the U.A.E was the leader in the Rest of the World subdivision.

Thus, with the growth in demand for renewable energy, the application of power electronics would continue to expand.

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U.S. Digital Signature Market Future Trends, Prominent Players, Industry Impact and Global Forecast by 2023

The incidence of signature frauds in the US is on the rise, which is further resulting in the growth of the US digital signature market . Digital signatures are immensely useful for dealing with frauds and thefts in various sectors. For instance, specialists in the healthcare industry, such as lab investigators, researchers, and doctors, transfer digitally signed prescriptions and other related data from the hospital's server directly to the pharmacist. Due to this, any manipulation or fraud with the prescription can be prevented, which is leading to the increased usage of digital signatures.

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A key driver of the US digital signature market is the Government Paperwork Elimination Act (GPEA). The law states that individuals and entities should make transactions and maintain records electronically or digitally, whenever feasible, while dealing with federal agencies. The law also states that electronically stored signatures and records should not be denied validity. The GPEA encourages central agencies to utilize electronic signatures, electronic forms, and electronic filing for conducting business with the public. Due to these factors, the demand for this technology is increasing in the country.

Because of the expansion of the e-commerce industry, major opportunities lie in the US digital signature market. The e-commerce industry is witnessing growth due to the ease of transactions and rising internet penetration. As per the Ecommerce Foundation, in 2015, the US e-commerce market was the second largest across the world. By utilizing the technology of digital signature, companies are empowered with authentication, integrity, confidentiality, and legal non-repudiation in their business transactions. Because of these factors, the growing e-commerce market in the country is driving the demand for digital signature.

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On the basis of service, the US digital signature market is bifurcated into managed and professional services. The category of managed services dominated the market during the historical period (2013–2016), and it is also projected to lead the market during the forecast period. This is due to the emerging trend of outsourcing proactive basis management responsibilities and functions, because of which managed services have become popular among enterprises which want to focus on cutting down their operational costs and improving the organizational efficiency.

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Central Provinces to Witness Fastest Chinese Compressor Market Growth

The demand for compressors in China is expected to register exponential growth in the coming years, primarily due to the rapid advancements in the country’s construction sector. The burgeoning construction activities have contributed toward the rising demand for energy-efficient heating, ventilation, and air-conditioning (HVAC) systems, thereby fuelling the growth in the demand for compressors. 

As per the Council on Tall Buildings and Urban Habitat, China’s hotel industry is advancing at a 2% year-on-year (YoY) growth rate, which is boosting the demand for compressors in the country.

As a result, the China compressor market is predicted to generate revenue of $15.7 billion by 2024, which would be a huge increase from its valuation of $12.7 billion in 2018. The market is expected to advance at a CAGR of 3.5% during the forecast period (2019–2024). 

The other major factor raising the sale of these devices in China is the rising population, increasing urbanization across the country, and thriving automotive industry, which is set to witness massive growth in the coming years due to the soaring vehicle production and rising disposable income of the people. 

There are two types of compressors available in China, dynamic compressors and positive displacement compressors. Of these, the positive displacement variants recorded the larger sale in 2018, which is attributed to the high demand for rotary compressors, owing to the rising production of air conditioners across the country, because of the surging construction of commercial and residential buildings. PwC, in its Global Construction 2030 report, has said that China would be one of the three countries, which would result in the humongous growth of the worldwide construction sector till 2030.

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Enterprise Asset Management Market Research Report Segmented By Component, Deployment Type, Enterprise Size, Industry & Regional Outlook Forecast to 2024

One of the major driving factors of the Enterprise Asset Management Market is the surging adoption of EAM for efficient utilization of assets. The organizations make use of asset turnover ratio, which is the ratio of sales and price of assets, for the calculation of company’s productivity and efficiency. Hence, in order to increase the ratio, the company simply needs to grow its sales as compared to the price of its assets. The utilization of EAM enables the decision-makers to compare expected billing amounts and invoice and detect unusual activity to prevent fraud and reduce waste.

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Another factor driving the EAM market is the rising need for reduction in management and procurement expenses. EAM solutions and services can reduce maintenance costs by giving better information on capital investment decisions, closely tracking operation, and integrating the procurement to maintenance jobs for effective control of equipment. Furthermore, EAM aids in reducing operation costs by decreasing procurement of material cost, increasing project return on investment, and reducing maintenance cost. Because of these factors, businesses are optimizing their operating costs by making use of EAM software. 

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A major trend being observed in the EAM market is the rising integration of internet of things (IoT) with EAM solutions. IoT devices are increasingly being utilized in EAM for providing real-time data to the EAM system, which provides significant insights to the user. Because of this, the businesses can maintain, manage, and supervise their assets in real-time. Moreover, integration of IoT with EAM provides potential process control modifications, identification of performance non-conformities, and repair as well as replacement opportunities. 

Thus, the market is growing significantly due to the surging requirement for reduction in procurement and management costs and rising adoption of EAM for efficient usage of assets.

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How is Rising Data Theft Incidence Contributing toward Growth of Global Blockchain Technology in Healthcare Market?

One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.

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The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.

The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.

Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.

Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.

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Revenue Explosion Expected in Global Horticulture Lighting Market during 2020–2030

One of the biggest factors fuelling the growth in the demand for horticulture lighting across the world is the rising need for food items, on account of the surging population level. According to the United Nations, the global population level is set to increase from 7.7 billion in 2019 to 8.5 billion in 2030.

Due to the huge population boom, especially in India, China, Brazil, and the U.S., the demand for food products would rise massively, which will, in turn, result in the wide-scale adoption of indoor and greenhouse farming in order to increase the agricultural yield.

The other key factor responsible for the increasing uptake of horticulture lighting solutions is the rising government support toward energy-efficient solutions that would enhance the agricultural yield. In addition to this, the rapid development of new indoor cultivation techniques is predicted to further boost the adoption of horticulture lighting.

Due to these factors, the global horticulture lighting market is expected to see an increase in its revenue from $3.2 billion in 2019 to $20.3 billion by 2030, with a CAGR of 18.1% during the forecast period (2020–2030).

For horticulture, lighting is provided by light-emitting diodes (LEDs), fluorescent tubes, and high-intensity discharge (HID) lamps. Amongst these, LEDs are expected to record the fastest growth in usage during the forecast period. This is mainly ascribed to the burgeoning usage of LEDs in indoor and greenhouse horticulture, on account of their numerous advantages, such as lower costs and light of appropriate intensity, which helps in high crop yields.

Additionally, LEDs are also 80% more energy-efficient than other lights, says the U.S. Department of Energy.

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The horticulture lighting market is currently witnessing the rising popularity of vertical farming. This is primarily attributed to the decreasing availability of arable land, on account of the growing population levels and rising urbanization rate.

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