ASEAN Air Compressor Market to Register 3.6% CAGR during 2019–2024

The countries in Association of Southeast Asian Nations (ASEAN) are registering economic growth and infrastructural development, due to which the construction industry is growing at a swift pace. The combines value of mega-projects across ASEAN stood around $3 trillion, as of 2018. Some of the major contributors to this amount are Singapore, Thailand, Philippines, Malaysia, Indonesia, and Vietnam. 

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In addition to this, a number of infrastructural projects are in the pipeline in Malaysia under ‘Eleventh Malaysia Plan’, which includes the construction of mass rapid transit, highways, water treatment plants, electricity power plants, and light rail transit.

Because of this robust growth of the construction sector, the demand for air compressors in the ASEAN region is growing rapidly, as they are widely utilized in a number of applications in the industry. Generally speaking, compressors are mechanical devices which are utilized for increasing pressure in a variety of compressible gases or fluids, air being the most common of them. 

Apart from the construction industry, air compressors are used in textile, power, food & beverage, industrial manufacturing, automotive, heating, ventilation, air conditioning, and refrigeration (HVAC-R), oil & gas, and chemical & cement sectors as well. The industrial manufacturing sectors accounted for the major demand for air compressors in the past, which is ascribed to the high industrial growth in the Philippines, Indonesia, Malaysia, and Thailand. 

In the construction industry, these devices are utilized in the development of tunnels, highways, subways, bridges, and ports construction. According to a P&S Intelligence report, in 2018, the ASEAN air compressor market reached a value of $902.9 million and is expected to progress at a 3.6% CAGR during the forecast period (2019–2024).

Positive displacement and dynamic are the two types of air compressors, between which the positive displacement variants were more in demand in 2018. This is because of the rising requirement for these devices from industrial manufacturing and food & beverages sectors.

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15.9% CAGR Expected in Global Automotive Lithium-Ion Battery Market During 2019—2024

One of the major factors fuelling the rise in the requirement of automotive lithium-ion batteries is the increasing adoption of electric vehicles (EVs) all over the world. As per the International Energy Agency (IEA), the number of electric cars in the world increased from 2.0 million in 2017 to more than 5.1 million in 2018. Moreover, the utilization of electric vehicles is expected to further surge in the coming years, on account of the increasing pollution levels and massive fluctuations in oil prices across the world.

The increasing number of incentives and financial benefits being provided on the purchase of electric vehicles by the governments of many countries in order to promote the adoption of these vehicles is another important factor pushing the demand for automotive lithium-ion batteries across the globe. Due to these factors, the revenue generated from the worldwide sales of automotive lithium-ion batteries is expected to increase from $24.2 billion to more than $74.3 billion from 2018 to 2024. The global automotive lithium-ion battery market is predicted to advance at a CAGR of 15.9% during the forecast period (2019—2024).

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Hence, it can be said with full surety that the sales of automotive lithium-ion batteries will increase significantly all over the world over the coming years, due to the rising adoption of electric vehicles in several countries and the presence of favorable government policies and regulations for the usage of electric vehicles in many countries all around the world. 

The research offers market size of the global automotive lithium-ion battery for the period 2014–2024.

Market Segmentation by Vehicle Type

·         Two-Wheeler

o    Bike

o    Scooter/ Motorcycle

o    Kick scooter

·         Passenger Car

o    Hatchback

o    Sedan

o    Sports utility vehicle (SUV)

·         Commercial Vehicle

o    Bus

o    Truck

Market Segmentation by Battery Type

·         Lithium-Iron Phosphate (LFP)

·         Lithium-Manganese Oxide (LMO) 

·         Lithium-Nickel-Manganese-Cobalt (NMC)

·         Lithium Titanate Oxide (LTO)

·         Lithium-Nickel-Cobalt-Aluminum Oxide (NCA)

Market Segmentation by Vehicle Technology

·         Hybrid

·         Plug-in Hybrid

·         Fully Electric

Market Segmentation by Structural Design

·         Cylindrical

·         Prismatic

·         Pouch

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How is Rising Incidence of Skin Diseases Fuelling Growth of Middle Eastern Dermal Fillers Market?

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The soaring geriatric population is one of the major factors propelling the demand for dermal fillers in the Middle East, owing to the fact that with increasing age, the body starts registering reduction in glandular and vascular tissues and loss of fibrous tissue. As per the United Nations Department of Economic and Social Affairs (UNDESA), the share of the people aged 60 years and above in Saudi Arabia is expected to be 25% of the total population of the country by the end of 2050.

Driven by the above-mentioned factors, the value of the Middle Eastern dermal fillers market is expected to rise from $34.3 million to $67.7 million from 2017 to 2023. The market is set to advance at an 11.9% CAGR during the forecast period (2018–2023). There are multiple types of dermal fillers available in the market — hyaluronic acid-based, synthetic polymer-based, hydroxylapatite-based, and collagen-based fillers. Amongst these, hyaluronic acid-based fillers are expected to record the fastest growth in utilization in the various Middle Eastern countries during the forecast period, as they hydrate the skin and raise the skin volume by attracting water.

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The major trends currently being witnessed in the Middle Eastern dermal fillers market are the burgeoning adoption of lip augmentation procedures, increasing number of product launches in the region, and the increasing popularity of minimally invasive cosmetic surgeries. Hyaluronic acid-based lip fillers are commonly used for lip augmentation procedures. This filler is a clear and biodegradable substance and it is normally produced by the human body. Due to the flourishing medical tourism industry in the Middle East region, a large number of people travel to this region for lip augmentation procedures and plastic surgeries.

Therefore, it can be said without any hesitation that owing to the rising incidence of skin diseases and ailments and the mushrooming geriatric population, the demand for dermal fillers will shoot-up in the region in the coming years.

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Next-Generation Firewall Market Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The growing IoT usage is a key trend in the next-generation firewall market. Companies are rapidly embracing the IoT technology to make better use of the asset sharing model, outcome-based model, pay-per-usage model, and other advanced business models. Additionally, IoT also helps businesses gain real-time operational insights into security issues and equipment monitoring. However, IoT devices give rise to data security issues, as they are connected to the internet. Thus, to combat the various applications, protocols, and internet-based security threats associated with IoT, companies are leveraging NGFW.

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When segmented by industry, the categories of the next-generation firewall market are banking, financial services, and insurance (BFSI), aerospace & defense, IT & telecommunication, retail, government & public utility, manufacturing, healthcare, and others. Among these, the market was led by the BFSI category, on account of the rapid digitization and rise in concerns regarding cyber security and securing customers’ data. During the forecast period, the healthcare category would grow the fastest, due to the high usage of cloud computing in the sector and need to prevent health data breach.

The rising instances of cyber-attacks, popularity of the bring-your-own-device policy, and challenges associated with traditional firewalls are leading to the adoption of advanced cyber security solutions. This is why the next-generation firewall (NGFW) market is expected to grow from $2,706.9 million in 2019 to $5,188.8 million by 2025, at an 11.9% CAGR during 2020–2025. NGFW operates beyond protocol and port inspection and blocking to offer intrusion prevention, application-level inspection, and intelligence gathering from outside the firewall. It combines port address translation, URL blocking, packet filtering, and network address translation.

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Based on the component, the market is bifurcated into services and solutions, of which solutions held the larger revenue share in 2019, as a result of the swift adoption of cloud computing. Cloud-based NGFW solutions are equipped with a cloud security gateway, which facilitates fast deployment of service and standardization. During the forecast period, the services division would observe faster progress, as the demand for professional services is rising, as a result of the heavy usage of internet of things (IoT) devices.

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Electric Motor Market to be Worth over $150.0 Billion by 2023

Almost everything which moves, apart from humans and animals, has an electric motor, be it a washing machine or a train. It is a simple device which converts electricity into mechanical energy, most commonly in the form of motion. In the current scenario, the major reason behind the increasing demand for such devices is the need to reduce the consumption of energy. For instance, in a factory, an electric motor accounts for the maximum electricity usage, and by using energy-efficient devices, not only can the expenditure on power be reduced, but the carbon emissions can also be ultimately brought down.

Thus, with the expansion in the industrial sector, especially in developing countries, in a world constantly plagued by air pollution, the electric motor market is projected to grow to $155.1 billion by 2023 from $108.5 billion in 2017, at a 6.2% CAGR during 2018–2023. The implementation of the International Energy (IE) standards, in order to reduce the electricity consumption, is bolstering the demand for compliant motors. Currently, motors compliant with the IE3 standards are majorly used, but with the implementation of stricter standards, the demand for IE4-compliant variants is rising. 

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Presently, Asia-Pacific (APAC) is the most lucrative electric motor market, owing to its extremely high number of manufacturing plants, high population, and increasing urbanization rate. The requirement for heating, ventilation, and air conditioning (HVAC) equipment is surging in the region, not only due to the vast difference in temperature, as the year progresses, but also because people can afford them, thanks to their higher disposable income than before. Similarly, the sale of EVs is also surging, especially in China and Japan, on account of government support and concerns for the environment.

Hence, with the growth of industries and rising sale of EVs, the procurement of electric motors will also surge around the world.

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Temperature Sensor Market Analysis (COVID19 Impact): Industry Growth, Size & Future Scope

Due to the mushrooming uptake of automobiles, the demand for temperature sensors is increasing. In vehicles, the temperature of gases, liquids, and several systems is measured with sensors, so that the performance efficiency of automobiles can be maintained. With the rising sale of automobiles, particularly electric vehicles, the procurement of temperature sensors is growing.

Hence, the revenue generated in the global temperature sensor market, which stood at $6.9 billion in 2019, is projected rise at a CAGR of 4.4% between 2020 and 2030 (forecast period), to reach $11.1 billion by 2030. Additionally, these devices help maintain optimum fuel efficiency, which has been mandated by governments around the world.

Resistance Temperature Detector (RTD) to be Largest Category till 2030

Till 2030, the resistance temperature detector (RTD) category is predicted to continue holding the largest temperature sensor market share. This is because of these devices’ linearity, high accuracy, and stability and customizable attributes.

In 2019, the non-contact bifurcation generated higher revenue in the market, due to the decreasing prices of these variants and growing demand for them among end users across industries.

In 2019, Asia-Pacific (APAC) generated the highest revenue in the temperature sensor market, and the region would also display the fastest growth in the coming years. This is because of the fact that the sales of smartphones and automobiles are rising swiftly in China, India, and other regional countries, on account of the swift urbanization and increase in the disposable income of people. China is already the largest consumer of temperature sensors in the region and second largest in the world, following the U.S.

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New Products being Launched by Market Players to Consolidate their Position

The temperature sensor market competitive landscape is presently characterized by the various products being launched by companies, in order to dominate the competition. For instance, Heilind Electronics introduced the 5024 EGR temperature sensor developed by Sensata Technologies in February 2020. Offering stable performance up till 300 ⁰C, it works on the negative temperature coefficient (NTC) principle.

Similarly, STMicroelectronics N.V. unveiled the STTS22H temperature sensor, which is accurate up to 25⁰C, in November 2019. The sensor has been designed for shipping container loggers, heat flow monitoring in asset trackers, air humidifiers, heating, ventilation, and air conditioning (HVAC) systems, building automation systems, refrigerators, and smart consumer devices.

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Among the companies operating in the global temperature sensor market, the prominent ones are Honeywell International Inc., TE Connectivity Ltd., Infineon Technologies AG, NXP Semiconductors N.V., Texas Instruments Incorporated, ABB Ltd., Panasonic Corporation, Amphenol Corporation, STMicroelectronics N.V., Analog Devices Inc., On Semiconductor Corporation, and Robert Bosch GmbH.

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How are Growing Cases of Cancer Driving Genetic Testing Market?

The prevalence of diseases, including chronic and genetic diseases, is rising at a swift pace. According to the World Health Organization, a genetic disorder named sickle cell anemia is primarily common among people who had ancestors in India, South America, Central America, Sub-Saharan Africa, Mediterranean countries (including Greece, Turkey, and Italy), Cuba, and Saudi Arabia. In addition to this, the high prevalence of chronic diseases, such as cancer, is also affecting millions of people all around the world. There are still several genetic and chronic diseases for which no cure has been developed yet.

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Because of this, the research & development activities in the healthcare industry are on a rise. Furthermore, the adoption of genetic testing in the industry is increasing as well, since it can reveal changes in genes which may cause disease. Genetic testing involves the examination of DNA, which is the chemical database carrying instructions of the body. While advancements still need to be made in the domain, genetic testing has the potential to provide necessary information for treatments, diagnoses, and prevention of illnesses. Therefore, the surging incidence of genetic diseases and cancer is expected to result in the growth of the genetic testing market in the years to come.

Geographically North America has been the largest genetic testing market, which can be attributed to the availability of technologically advanced products, increased government funding, and presence of a large number of academic and research institutes in the region. Other than this, the demand for genetic testing in the Asia-Pacific region is also expected to grow considerably in the near future. This is because of the increasing awareness about the advantages of predictive testing, and rising adoption of advanced technology for clinical applications.

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Hence, the demand for genetic testing is growing on account of surging prevalence of cancer and other chronic and genetic diseases.

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