Business impacts of COVID-19 on Electric Car Market. Strategies of Major Industry Competitors

Since the Industrial Revolution, the levels of carbon dioxide (CO2), which is the primary greenhouse gas (GHG), have increased threefold, as per the National Geographic Society. This has been a result of the increasing rate of the burning of oil, coal, and other fossil fuels in power plants, vehicle engines, factories, and homes. As per the U.S. Environmental Protection Agency (EPA), the transportation sector is responsible for around 14% of the total GHG emissions around the globe. With alarm bells ringing, steps are being taken to reduce the emission of these harmful substances from automobiles.

As a result of the increasing consciousness and government initiatives, the electric car market is on path to reaching a sale of 5.3 million units in 2025, from merely 0.8 million units in 2016, with this number growing at a healthy 33.6% CAGR between 2017 and 2025. Around the world, countries are launching policies to not only make fossil-fuel-driven automobiles cleaner, but also ultimately replace them with electric vehicles (EV). For instance, apart from the already effective Euro VI emissions norms, certain European countries are targeting a 100% transition to EVs; the Netherlands aims to achieve this by 2030 and the U.K. by 2040.

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As per the International Energy Agency (IEA), after rising constantly for two years, CO2 emissions stabilized at around 33 gigatonnes (Gt) in 2019. This was primarily a result of the decrease in the emission of CO2 from the burning of coal in power stations, by around 200 million tonnes (Mt) during 2018–2019. So, while the efforts of the power sector have started being fruitful, the transportation domain has a long way to go. This is why not only European and North American countries, but even Asian nations, especially China, Japan, and India, are framing policies for a switch to 100% clean mobility.

Apart from the concerns for the environment, another reason for the rising sale of electric cars is the decline in the price of the battery, especially lithium-ion (Li-ion) variants. As the battery is the most crucial component of an EV, it decides the purchase price of the entire automobile. As the energy storage devices were quite expensive in the past, they made the EVs costly, which led to their low uptake. But, during 2010–2017, the battery prices dropped by almost 77%, to $227/ kilowatt-hour (kWh), and they are further expected to slump to $110/kWh in the next five years, thus making EVs affordable.

Presently, Asia-Pacific (APAC) is the most lucrative electric car market, on account of the high air pollution levels in regional countries, especially China, Japan, and India. This is why the governments here are offering numerous financial benefits to the customers as well as manufacturers of EVs. For instance, Government of India has invested $1,460 million (INR 10,000 crore) to support the purchase of 1,500,000 electric vehicles by March 2022, under its ambitious Fast Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme Phase II.

Thus, with governments strongly encouraging the adoption of clean automobiles for the sake of the environment as well as humans, the demand for electric cars will witness a massive rise in the years to come.

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What are Factors Contributing to Boom of Aerospace Titanium Blisk Market in Asia-Pacific?

Owing to the numerous advantages offered by titanium-based blisks, such as low weight and high strength, they are witnessing a rising demand from the aerospace sector. These components offer as much as a 50% reduction in weight, as compared to nickel- and steel-based super alloys. Moreover, titanium has a much higher strength-to-weight ratio compared to aluminum and steel, with a density of 4.5 g/cm3. The increasing demand for higher fuel efficiency is pushing the need for a high bypass ratio, which is, in turn, fuelling the adoption of low-weight blisks.

Driven by the above-mentioned factors, the revenue generated from the sales of aerospace titanium blisks increased from $3,988.3 million to $4,945.4 million, from 2017 to 2023. The global aerospace titanium blisk market size is predicted to progress at a CAGR of 3.7% during the forecast period (2018–2023). Titanium blisks are used in commercial, general aviation, military and various other aerospace applications, such as in model and experimental aircraft. Amongst these, commercial aircraft recorded the highest usage of these components in 2017, owing to the rising demand for cargo and passenger air transport across the world.

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One of the biggest phenomena presently being observed in the aerospace titanium blisk market is the increasing usage of additive manufacturing techniques, in order to produce the blisks, through two distinct processes — directed energy deposition (DED) and power bed fusion (PBF). These additive manufacturing techniques help in reducing the generation of material waste and increasing the designing freedom. Moreover, these methods help in overcoming the problems and drawbacks associated with the use of computer-numerical control (CNC) machines, such as those pertaining to chipping and complexity of design.

Geographically, North America recorded the highest utilization of aerospace titanium blisks in 2017. This is mainly ascribed to the huge demand for business air transport fleets in the region. The total business aircraft fleet size in North America was reported to be 24,297 units in 2017. The Asia-Pacific (APAC) region is expected to register the highest rise in the adoption of aerospace titanium blisks during the forecast period, due to several factors, such as the increasing fleet size of the air forces of China and India, soaring air passenger traffic, and mushrooming demand for cargo.

Therefore, it is clear that the demand for aerospace titanium blisks will observe tremendous growth in future, due to the burgeoning requirement for cheaper, stronger, and lighter materials from the aerospace sector and the ballooning cargo and air travel requirements.

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How will the Rising Adoption of Cloud Computing Contribute to the Boom of Global Virtual Mobile Infrastructure Market in Future?

The rising adoption of bring your own device (BYOD) in workplaces, owing to the burgeoning need for higher mobility in workplaces in order to increase the productivity and efficiency of employees, is one of the biggest factors propelling the demand for virtual mobile infrastructure across the world. The BYOD policy plays a major role in reducing information technology (IT) expenditure and set-up times in companies. Moreover, virtual mobile infrastructure (VMI) allows companies to host their mobile apps on servers and thus, offer remote and personalized access to these apps from any device.

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The rising need for data security is also a key factor responsible for the increasing adoption of virtual mobile infrastructure. This is mainly due to the fact that VMI allows the storage of data on secure servers and thus ,removes the need for storing data on personal devices. The soaring penetration of 5G network is expected to significantly boost the adoption of VMI in future primarily on account of the fact 5G network offers much higher speed and bandwidth than the 4G network and this will considerably enhance the overall VMI user experience, thereby leading to its high demand.

Powered by the above-mentioned factors, the global virtual mobile infrastructure market size is expected to increase its value from $115.8 million in 2018 to $194.3 million in 2024, with a CAGR of 9.7% during the forecast period (2019–2024). VMI is used in multiple sectors namely IT & Telecom, government, healthcare, and banking, financial services, and insurance (BFSI). Amongst these, the BFSI sector, owing to the rising need for enhanced data security, recorded the highest adoption of VMI in 2018 and is also predicted to demonstrate the fastest growth in the adoption of VMI during the forecast period.

The VMI market is currently witnessing shifting preference toward the use of cloud-based VMI platforms across the globe. Cloud-based solutions commonly include Software as a Service (SaaS) model, in which consumers can virtually access the VMI platforms, through the internet. The cloud-based deployment of VMI platforms offer several advantages to the users such as lower IT infrastructure costs, greater affordability, and higher scalability and flexibility, as compared to the conventional modes of deployment.

Globally, North America, owing to the rapid technological innovations, rising number of smartphone users, increasing internet penetration, and the presence of an established BFSI, healthcare, and IT & telecom sectors and a well-developed IT infrastructure, registered the highest adoption of VMI technology in 2018. The fastest growth in the demand for VMI technology is expected to be observed in Asia-Pacific (APAC) during the forecast period. This is attributed to the surging smartphone penetration, higher IT spending, and rapid economic growth in various APAC countries such as India and China.

Thus, it can be concluded that the demand for virtual mobile infrastructure will witness tremendous growth in the coming years, primarily on account of the soaring investments in the IT sector, increasing adoption of cloud computing, burgeoning need for data security, and rising utilization of BYOD in workplaces.

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COVID-19 Outbreak Distributed Fiber Optic Sensor Market is Expected to Boom in Coming Years

The global distributed fiber optic sensor market is expected to attain a value of $1,970.1 million by 2023, and it is projected to grow at a CAGR of 15.0% during the forecast period (2017–2023).

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Distributed sensing takes advantage of optical fiber and does not rely upon manufactured sensors, as opposed to traditional sensors, which utilize individual sensors measuring at pre-decided points. Distributed sensors replace the deployment of numerous sensors with a single optical fiber system.

Furthermore, the optical fiber is manageable, lightweight, unaffected by electromagnetic interference, and available at low cost, which makes it a flexible and economical sensor medium. 

Traditional sensors can only inspect physical parameters. DFOS in a monitoring probe, therefore, is predicted to be one of the core technologies to reveal information on different structures, which would result in an increasing demand for such devices.

One of the major trends in the distributed fiber optic sensor market is the use of such devices for structure health monitoring (SHM). Diagnosing the health of structures is leading to the development of distributed fiber sensors, as the effective measurement of the strains and internal stress affecting the structures’ frameworks is not possible with traditional sensors.

Thus, the rising demand for DFOS by the oil & gas vertical and the growing reliability of DFOS are leading to the growth of the market.

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What is Biggest Trend in Global Digital Twin Market?

One of the major factors propelling the demand for digital twins is the increasing adoption of internet of things (IoT) across the world. Over 41 billion IoT and connected devices are expected in the world by 2025. The tracking and monitoring of these devices become easy with the help of the digital cloning technology, thereby increasing the efficiency of these devices. Since the last few years, there has been a massive surge in the amount of unstructured data being generated, and this is impelling businesses to adopt digital cloning in their ecosystem, in order to avoid spending on physical product innovation.

The increasing focus on intelligent product and system maintenance techniques throughout the world, on account of the rising complexities in manufacturing processes, is another important factor fuelling the adoption of the digital twin technology. As a result, the value of the global digital twin market size is expected to increase from $3,645.1 million to $73,245.4 million from 2019 to 2030. The market is also predicted to display a CAGR of 31.9% during the forecast period (2020–2030).

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The biggest trend currently being witnessed in the digital twin market is the rising usage of a common platform for device simulation. For instance, companies dealing with multiple jet engines are utilizing a common platform for digital clones, creating a separate twin for each engine. This technique is helping these companies in collecting data from all the systems at one place, in order to improve manufacturing analytics. This method allows the study and analysis of similar patterns and trends more efficiently and quickly, which further helps the companies derive important insights that can aid them in their growth.

Globally, North America recorded the highest adoption of the digital twin technology during the historical period. This is primarily attributed to the presence of advanced information technology (IT) infrastructure and digital twin software providers, huge technological improvements, and early adoption of industry 4.0 standards in the region. The Asia-Pacific (APAC) region is expected to witness the fastest growth in the utilization of the technology in the years to come, owing to economic growth, soaring IT investments, and increasing government support aimed at the integration of IoT and IT in the industrial sector in the region.

Thus, it can be undoubtedly said that owing to the rising adoption of IoT in numerous industries and burgeoning need for intelligent maintenance methods, the demand for digital twin will observe huge growth in the coming years.

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How is Need for Higher Bandwidth Speed Driving Optical Networking and Communication Market?

The corporate sector has been witnessing a rapid growth and the dependence of different organizations on uninterrupted data connectivity is resulting in a high demand for higher bandwidth speed. The telecommunication industry is growing at a fact pace as well, on account of the rising number of smartphone users and rising penetration of internet all across the globe. The data traffic is further projected to increase in the coming years as the number of smartphone users is further expected to rise. This however is resulting in the considerable increase in the operational costs.

Attributed to these reasons, the preference towards optical networking and communication is rising, as it possesses much greater bandwidth capacity than the existing infrastructure. A communication system which makes use of light signals instead of electronic ones for sending information between two or more points is referred to as an optical network. These points could be computers in large urban centers, in an office, or nations in the global telecommunications system. As per a P&S Intelligence report, in 2018, the global optical networking and communication market size attained a value of $25.9 billion and is predicted to generate a revenue of $40.3 billion by 2024, progressing at a 7.6% CAGR during the forecast period (2019–2024).

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There are three types of network connectivity for this technology, namely long-haul, access, and metro. The demand for metro connectivity is expected to be the highest in the coming years, as metro network takes care of several customers in various applications such as wholesale services, data center interconnect, enterprise wavelength and packet connectivity services, and mobile transport. The demand for this connectivity is particularly rising for optical networking and communication from data centers all across the globe. This, in turn, is predicted to result in the growth of the optical networking and communication market.

A number of sectors make use of optical networking and communication including cable/broadcasting, telecommunication, data centers, government, industrial, and commercial. As mentioned above, the telecommunication sector is making wide usage of optical networking and communication due to the rising internet and smartphone penetration. In addition to this, governments in emerging economies, such as India and China, are focusing widely on infrastructural development and network planning and management for improving optical networking and communication in digitally supported business landscapes.

Hence, the need for optical networking and communication is rising due to the increasing demand for higher bandwidth speed and growing penetration of internet and smartphones.

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How is Global Warming Contributing to Surge in Global Chiller Market?

Due to the surge in the global temperature, on account of air pollution, the demand for chillers is expected to increase significantly in the coming years. The increasing release of greenhouse gases into the earth’s atmosphere is causing a huge surge in the absorption of infrared energy released from the surface, by the atmosphere, which is, in turn, increasing the overall temperature.

According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by 0.90 °Celsius from the 1951–1980 period to 2017.

Powered by the above-mentioned factors, the global chiller market generated revenue of $7.1 billion in 2018, and it is expected to attain a value of $9.5 billion by 2024. The market is also predicted to advance at a CAGR of 4.9% during the forecast period (2019–2024). 

Chillers are widely used in various residential, commercial, and industrial settings for cooling purposes. Amongst these, commercial spaces recorded the highest use of chillers in 2018, which was mainly due to the rising construction activities in the transportation and hospitality sectors.

The increasing demand for cooling equipment in various industrial applications is another factor boosting the need for chillers across the world. In industries, chillers are primarily used for the controlled cooling of factory machinery and products. 

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In addition to this, these devices are also used in chemical processing, pharmaceutical formulation, food and beverage processing, paper and cement processing, welding, power supplies, X-ray diffraction, and power stations. The increasing construction activities across the globe, on account of the rising infrastructural development projects and upcoming sporting events, are the other major factors pushing the demand for chillers throughout the world.

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