E-Cigarette Market to register 21.6% CAGR during 2019–2024

Other than the introduction of new flavors, a number of e-cigarette companies are making use of online channels and are offering promotions and discounts on the purchase of e-cigarettes. For example, in April 2019, Philip Morris International Inc., announced regarding the provision of insurance premiums to tobacco users who are switching toward vaping products. The aim of the plan was to offer 2.5% discount on premium plans to the buyers. 

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When geographic scenario is taken into consideration, Europe, primarily countries such as the U.K., Russia, and France,created the largest demand for e-cigarettes in the past. However, since the researchers are not sure regarding the actual effects of e-cigarettes, several countries are imposing laws regarding the utilization of e-cigarettes. 

The situation is still uncertain in some countries, however, nations such as Mexico, Singapore, Brazil, Saudi Arabia, and Thailand have imposed a complete ban on e-cigarettes, which has certainly reduced the potential growth of the domain. 

  

In conclusion, the demand for e-cigarettes may reduce in the coming years, however, people are adopting these devices to quit the habit of smoking traditional cigarettes

According to a P&S Intelligence report, the global e-cigarette market attained a value of $11.5 billion in 2018 and is predicted to generate a revenue of $41.7 billion by 2024, advancing at a 21.6% CAGR during the forecast period (2019–2024).

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Global Vertical Farming Market Predicted to Observe Rapid Growth in Future

The increasing need for organic fruits and vegetables is one of the biggest factors propelling the demand for vertical farming across the globe. Since the last few years, there has been massive rise consumer awareness regarding organic foods and the numerous health benefits offered by these organic fruits and vegetables. In addition to this, the widespread use of chemical feritlizers, pesticides, and insecticides in the conventional farming practices and increasing per capita income have made the people shift toward organic foods, which has in turn, promoted the adoption of fertilizer-free farming techniques like vertical farming.

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The rising demand for eco-friendly methods of food production that entail negligible utilization of pesticides, genetically modified organisms, and artificial fertilizers is one of the biggest factors driving the surge in the vertical farming market value. Moreover, the growing preference amongst the consumers for completely naturally produced food is leading to the rising implementation of vertical farming. 

In addition to being free of toxic chemicals, the organic foods produced by vertical farming are full of flavors, which further leads to the soaring adoption of the technique. The rising focus toward environment-friendly modes of fruits and vegetable farming is another important factor responsible for the surge in the demand for vertical farming. Nowadays, people are increasingly focusing on the farming techniques which can produce crops irrespective of the weather conditions which is significantly contributing to the popularity of vertical farming. 

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The soaring number of government incentives and measures supporting the cultivation of organic food in several countries is another key factor boosting the adoption of vertical farming practices across the world. Powered by the above-mentioned factors, the global vertical farming market is expected to advance at a rapid rate over the next few years. 

Vertical farming basically refers to the farming method in which the crops are grown in vertically stacked layers. This farming technique incorporates the use of controlled environment agriculture (CEA) technology in order to optimize plant growth. This type of farming process is also known as urban farming or indoor farming in some regions and it is observing increasing popularity throughout the world. 

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COVID-19 Impact Analysis on Europe Cleanroom Technology Market. Insights on Strategies of Key Players

The rising incidence of infectious diseases is one of the key factors resulting in the increasing demand for the cleanroom technology in Europe. As per the European Centre for Disease Prevention and Control (ECDC), human immunodeficiency virus (HIV) infection is one of the most prevalent diseases in the region, with almost 30,000 new cases recorded every year. It was reported that approximately 29,444 people were suffering from HIV in 31 countries of the European Union (EU) in 2016. The other most common diseases prevalent in the region are hepatitis B, respiratory tract infections, and tuberculosis, which is raising the demand for drugs and medical devices.

Due to the above-mentioned factors, the revenue generated from the sale of cleanroom consumables and equipment in Europe is predicted to increase from $1,126.6 million in 2017 to $1,701.8 million by 2023. The Europe cleanroom technology market is additionally expected to advance at a CAGR of 7.2% during the forecast period (2018–2023). Between consumables and equipment, consumables are expected to register faster growth in requirement during the forecast period, owing to their rising adoption, in order to maintain a contamination-free environment in hospitals, research laboratories, and pharmaceutical, medical devices, and biotechnology industries.

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In Europe, pharmaceutical production is increasing at a rapid rate, mainly due to the rising demand for drugs, on account of the increasing prevalence of chronic diseases and surging geriatric population. As per the EFPIA, the region reported pharmaceutical production worth $337,825 million in 2016. Apart from pharmaceutical, cleanrooms are required in the medical devices and biotechnology industries. Out of these, the pharmaceutical industry recorded the highest usage of cleanroom consumables and devices in 2017, primarily due to the rising number of pharmaceutical companies in Europe, which are mandated to have cleanrooms.

Germany recorded the highest adoption of the cleanroom technology in Europe in the past, and this trend is expected to continue during the forecast period. This is mainly attributed to the increasing number of cleanroom technology providing companies and ballooning incorporation of cleanroom products in the biotechnology and pharmaceutical companies in the country. France is predicted to register the fastest growth in the adoption of the cleanroom technology in the continent in years to come, owing to the presence of numerous companies offering and using these solutions. As a result, the European cleanroom technology market will grow rapidly in France.

Hence, it is clear that owing to the burgeoning demand for a pollutant- and contaminant-free environment in the pharmaceutical, biotechnology, and medical devices industries and increasing awareness regarding hygiene and sterilization, the demand for cleanrooms will rise in Europe in future.

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What are Key Factors that will Shape Growth of Europe Drug of Abuse Testing Market till 2023?

With the rapid rise of drug of abuse testing in Europe, technological advancements in the field, growing alcohol and drug consumption amongst the youth, and the consequent increase in addiction problems, the European DOA testing market is expected to generate $3.0 billion revenue by 2023. The market is predicted to witness a CAGR of 9.6% during the forecast period (2018–2023), which will contribute toward its huge revenue increase, from the $1.7 billion recorded in 2017.

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The high alcohol and drug consumption rates in Eastern and Western Europe, as a result of the rapid rise in the disposable income, have created a serious problem. As per a report by the World Health Organization (WHO), the mortality and disability rates in Eastern Europe, in particular, are much higher than that of Western Europe. For instance, Russia and some of its neighboring countries are witnessing excessively grave alcohol and drug abuse problems, thereby driving the growth of the European DOA testing market.

Depending on type, the European DOA testing market is bifurcated into products and services. The products bifurcation is further categorized into equipment and consumables, with the equipment subcategory including the various devices used for drug testing, such as breath analyzers, chromatography instruments, and immunoassay analyzers. The consumables subcategory comprises the products used for the testing of the intake of illicit drugs, such as cocaine, heroin, marijuana, and methadone. Overall, the services sector is projected to generate revenue of more than $600.0 million by 2023, growing with the higher CAGR, of 11.1%, during the forecast period.

Some of the major trends in the European DOA testing market are the growing mergers and acquisitions and the rapidly increasing number of drug testing innovations. The acquisition of Medical Laboratory Bremen, a laboratory located in north-western Germany, by Sonic Healthcare Limited, in January, 2017, is an example of the increasing number of acquisitions shaping the market. The main reason behind this acquisition was the company’s increasing focus toward expanding its market in Germany, along with strengthening its commitment to medical leadership in laboratory medicine.

In 2017, the market was dominated by the U.K., with a revenue contribution of $276.0 million, which is also projected to display the highest CAGR, of 11.0%, during the forecast period. The high alcoholism and drug use rate and increasing awareness among the people about easy testing methods are fueling the industry prosperity in the kingdom. The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) claimed that the country has the highest cannabis consumption, in 2017.

Thus, the rapid growth in drug and alcohol consumption in Europe and the steps taken by various regulatory bodies and governments to counter this will ensure the progress of the market.

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Business Impacts of COVID-19 on Automated Machine Learning (AutoML) Market. Strategies of Major Industry Competitors

As per a report by P&S Intelligence, in 2019, the global automated machine learning market attained a value of $269.6 million and is projected to generated a revenue of $14.511.9 million by 2030, progressing at a 43.7% CAGR during the forecast period (2020–2030). AutoML solutions are offered through platform and service, including managed and professional. 

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The demand for AutoML platforms was higher in the past because of their rising adoption across different industries for operational cost reduction, fraud minimization, and improved customer services. These services and platforms are used by both small & medium enterprises and large enterprises. Other than fraud detection, AutoML services and platforms are used in transport optimization, medical testing, and sales & marketing management applications.

AutoML solutions are projected to be adopted at a considerable rate for sales & marketing management applications in the coming years, which is ascribed to the fact that a number of companies are using these solutions for gaining insights into customer emotion and further facilitate content personalization, customer segmentation, lead scoring, and customer engagement. Industries including manufacturing, banking, financial services, & insurance (BFSI), information technology & telecom, retail, government, and healthcare are increasingly using AutoML platforms for different applications. 

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North America has emerged as the largest automated machine learning market, which is ascribed to technological advancements, presence of major companies, developed IT infrastructure, and advanced BFSI, healthcare, and IT & telecom industries. Other than North America, Asia-Pacific is also expected to increasingly adopt AutoML platforms and services in the coming years, owing to the increasing economic growth, adoption of emerging technologies, rising investments in IT infrastructure, and growing government initiatives towards the development of artificial intelligence technology.

In conclusion, the demand for AutoML is growing because of the growing need for personalized product recommendations.

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How is Increasing Usage of Wireless Electronic Devices Driving Energy Harvesting System Market?

Electronic devices that are wireless have become a very important part of everyone’s lives these days, whether it’s the industrial or domestic scenario. Such devices do not need to be connected to the main power grid and are powered by batteries.

Due to this extensive usage of batteries, manufacturers have been heavily focusing on enhancing their efficiency; however, the fact remains that batteries need to be replaced after a certain amount of time and the ones in use need to be maintained on regular basis. Additionally, these days, there is a high demand for devices and batteries which make use of clean and green energy.

According to a P&S Intelligence report, in 2017, the global energy harvesting system market reached a value of $358.5 million and is projected to generate revenue of $659.6 million by 2023, witnessing an 11.0% CAGR during the forecast period (2018–2023).

Due to all these factors, the shift has been increasingly moving energy harvesting systems, as they are efficient and make use of alternate energy that is gathered from the environment. Energy harvesting systems harness small amounts of energy from the surroundings that is otherwise wasted in different forms. The technology can prove immensely useful for powering up low-power electronics, therefore, the demand for energy harvesting systems is growing rapidly.

These systems are capable of harnessing energy from different sources, such as electromagnetic/radio frequency, light, thermal (heat), and vibration. Out of these, the light energy harvesting technology was utilized the most in the past, which is because of the easy availability of this technology and its innovative applications in the solar energy sector.

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Other than this, the demand for vibration energy harvesting technology is also expected to rise considerably in the near future, as this technology is being widely adopted in remote locations and harsh environments.

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How will Electric Vehicles Initiative Boost Global Battery Management System Market?

The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets.

Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades. As a result, the global battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020–2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.

The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead–acid and lithium-ion batteries.

A BMS helps prolong the life of the battery by making sure it doesn’t operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead–acid, and nickel batteries are widely used across the world.

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Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period. 

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