Over $9.0 Billion Revenue Expected in Global Chiller Market by 2024

Due to the rising temperature, the demand for chillers is expected to surge across the world in the coming years. Since the last few decades, there has been a significant rise in the global temperature on account of global warming. Global warming is mainly caused by the greenhouse gas (GHG) emissions into the atmosphere. According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by almost 0.90 ⁰Celsius from 1951—1980 to 2017. Due to the rising temperatures across the world, the demand for various cooling systems such as chillers will increase tremendously in future.

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The other major factor propelling the demand for chillers is the soaring requirement of cooling equipment in several industrial applications. Chillers are mainly used in industries for the controlled cooling of factory machinery and other products. This equipment is widely used in chemical processing, pharmaceutical formulation, food & beverage processing (including dairies and breweries), power supplies and power generation stations, welding, paper and cement processing, and X-ray diffraction. In the food processing industry, chillers are highly sought after on account of the huge requirement of efficient cooling systems in the various applications and processes of the food processing industry. 

Due to the above-mentioned factors, the revenue generated from the sales of chillers around the world is expected to rise from $7.1 billion to $9.5 billion from 2018 to 2024. The global chiller market is predicted to advance at a CAGR of 4.9% during the forecast period (2019—2024). There are numerous types of chillers used in industries — screw, centrifugal, absorption, reciprocating, and scroll chillers. Amongst these the screw chiller recorded the highest usage in 2018, owing to the huge number of construction projects launched in North America and Asia-Pacific (APAC) in the last few years. 

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The surging adoption of R32 refrigeration is one of the major trends presently being witnessed in the chiller market. The R32 refrigerant is being increasingly used in a plethora of industrial applications on account of its numerous advantages over the conventionally used R22 refrigerant such as its ability to reduce the energy consumption by almost 10% and its ability to convey heat more efficiently. Furthermore, the R32 chillers have much lower Global Warming Potential (GWP) than the R22 and R410A refrigerants-based chillers and thus, emit lower amounts of greenhouse gases into the atmosphere than the other chillers.

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Automotive Cybersecurity Market Share: In-Depth Coverage And Various Important Aspects by 2030

Valued at $1,152.7 million in 2019, the global automotive cybersecurity market is predicted to attain a valuation of $7,280.2 million by 2030, advancing at a CAGR of 18.5% between 2020 and 2030. The main factors fuelling the growth of the market are the incorporation of artificial intelligence (AI) in level 4 and level 5 autonomous cars, integration of advanced safety features in automobiles, and the implementation of mandatory government regulations for the incorporation of safety features in vehicles in several countries around the world.

Based on vehicle type, the automotive cybersecurity market is categorized into commercial vehicles and passenger cars. Of these, the commercial vehicles bifurcation is predicted to register faster growth in the market in the coming years. This is because of the increasing incorporation of cloud-based solutions by vehicle fleet owners across the world. In addition to this, the governments of many countries are enacting strict regulations for the integration of safety features in commercial vehicles, which is, in turn, powering the progress of the category in the market. The adoption of fleet cybersecurity solutions helps the owners in getting real-time information about connected vehicles in the central control unit, which, in turn, assists in organizing and safeguarding various confidential information such as driver data.

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Under the application segmentation of the automotive cybersecurity market, the major categories are infotainment, advanced driver assistance system (ADAS) and safety system, powertrain, telematics, and body electronics. Out of these categories, the infotainment division held the major market share in the past. Apart from providing information, the infotainment systems also provide entertainment content through built-in hardware and software, thereby enhancing the driver and passenger experience. The consumers can pair their smartphones with these systems for accessing the features of the smartphone, which subsequently increases the demand for in-vehicle cybersecurity solutions for various infotainment applications in order to safeguard and protect the passenger data.

Geographically, the automotive cybersecurity market is predicted to exhibit the highest CAGR in the Asia-Pacific (APAC) region in the forthcoming years. The rapid advancement of the market in this region is because of the soaring automotive production and the rising disposable income of people in the various developing nations of APAC such as China and India. Furthermore, the increasing public awareness about the cybersecurity solutions developed by several original equipment manufacturers (OEMs), rapid technological advancements, and enactment of strict government policies regarding data security and vehicular safety are predicted to cause huge expansion of the market in the region in the upcoming years.

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The COVID-19 pandemic has negatively impacted the progress of the global automotive cybersecurity market primarily on account of the imposition of strict lockdowns in several countries and the subsequent disruption in supply chain and logistics, falling imports and exports of goods, declining availability of raw materials, reducing demand for automobiles, shutting down of OEM factories and manufacturing plants, and decreased output.

The major players operating in the automotive cybersecurity market such as Harman International Industries Inc.,Continental AG, Trillium Secure Inc., Vector Informatik GmbH,Visteon Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., Aptiv Plc, DENSO CORPORATION, and Honeywell International Inc. are increasingly focussing on getting into strategic partnerships with each other and mergers for increasing their available resources and technical expertise in order to improve the quality of their product and service offerings.

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E-Mobility Services Market Analysis, Competitive Share and Growth Forecast to 2030

P&S Intelligence cites the rising concerns for the environment and electric vehicles’ (EV) low cost of ownership as the primary reasons behind people shifting to electric mobility. As a result, the global e-mobility services market is projected to witness a massive 40.7% CAGR between 2020 and 2030, to reach $78,898.3 million by 2030.

The COVID-19 epidemic is impacting the e-mobility services market negatively, as the lockdowns initiated in numerous countries have led to almost no demand for public transportation services.

Last-mile connectivity, daily commuting, occasional commuting, and others are the various categories under the commuting pattern segment. Among these, daily commuting is expected to grow the fastest in the coming years, due to the increasing demand for shared mobility services for daily commuting purposes, especially by the younger, college- and office-going population. In addition, several initiatives have been taken around the world to bring down the number of personal vehicles in operation.

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The various categories under the service type category of the e-mobility services market are ride-hailing, two-wheeler sharing,car rental, and carsharing. In the near future, the ride-hailing category would experience the highest CAGR, as numerous ride-hailing giants, including Beijing Xiaoju Technology Co. Ltd. and Uber Technologies Inc., are deploying EVs in their fleets.

Asia-Pacific (APAC) held the largest share in the electric mobility services marketbetween 2014 and 2019, and it will continue doing so throughout the next decade. This is ascribed to government concerns regarding air pollution, rising disposable income, and increasing popularity of the shared mobility concept. Due to the rapid industrialization and urbanization in Japan, China,and India, the pollution level in these countries is rising, creating a need for reducing the emission of greenhouse gases. Due to these reasons, governments are taking numerous initiatives to reduce the vehicle ownership rate, such as reserving road lanes for shared EVs.

To gain a stronger foothold in the electric mobility services market, by targeting a larger user base, companies are launching new services. For instance, Lyft Inc. introduced its e-bikes in California and rebranded its bike-sharing system, Ford GoBike, to Bay Wheels, in June 2019. A new locking system has been provided to help users park the bikes at docking stations and safely lock them.

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In the same vein, in January 2020, EVs were introduced by Grab Holdings Inc. in its GrabCar Electric ride-hailing service, which is available at the Soekarno-Hatta Airport in Indonesia. The fleet, which was electrified with the introduction of 20 Ioniq electric cars manufactured by Hyundai Motor Co., is expected to be expanded to 500 in just one year.

The major global e-mobility services market players are Bird Rides Inc., Neutron Holdings Inc.,Cityscoot SAS, Donkey Republic ApS,Uber Technologies Inc., ANI Technologies Pvt. Ltd.,Grab Holdings Inc., Beijing Xiaoju Technology Co. Ltd.,Enterprise Holdings Inc., and car2go N.A. LLC.

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How is Digital Pathology Important when it comes to Managing Chronic Diseases?

The prevalence of chronic diseases, including cancer, around the world has been increasing rapidly. According to the World Health Organization, cancer is among the leading causes of death, second-leading to be precise, globally, and led to about 8.8 million deaths in 2015. In addition to this, approximately 70% increase is expected to be witnessed in the number of new of cancer cases over the next two years. Like cancer, there are a number of chronic diseases which still cannot be cured and can only be managed with proper medication.

In such cases, early detection of the disease is the key to get effective treatment for the management of the disease. Because of this, the demand for advanced technologies that can provide faster and more accurate and efficient diagnosis is rising. As per a report by P&S Intelligence, the global digital pathology market size is projected to advance at a significant pace in the years to come. The process of digitizing glass slides by making use of a whole slide image scanner for analyzing the digital images by utilizing an image viewer, such as a mobile device or computer monitor, is referred to as digital pathology.

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This can be attributed to the growing burden of chronic diseases, including cancer, hepatitis A and B, and the need for critical monitoring during the treatment for such diseases. This is made possible due to the precise consultations offered by digital pathology services. Other than disease diagnosis, training & education, teleconsultation, and drug discovery are also among the major applications of digital pathology. Among all these, the demand for digital pathology is expected to increase considerably for teleconsultation in the coming years.

The geriatric population especially is widely utilizing teleconsultation services, as they make the management of chronic diseases easy and reduce the number of hospital visits. Other than this, the demand for this technology is also predicted to rise substantially for disease diagnosis in the near future because of the increasing incidence of bacterial and viral diseases. Geographically, North America is predicted to emerge as the largest digital pathology market in the years to come. This is owing to the rising healthcare expenditure and supportive government initiatives about the development of technologically innovative systems in the region.

In conclusion, the demand for digital pathology technology is growing because of the surging prevalence of chronic diseases and increasing geriatric population.

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Business Impacts of COVID-19 on Silicon on Insulator Market | Strategies of Major Industry Competitors

In 2018, the global silicon on insulator market generated a revenue of $684.8 million and is predicted to attain $2,285.5 million by 2024, witnessing a 22.7% CAGR during the forecast period (2019–2024). On the basis of product, radio-frequency front-end module (RF FEM) is predicted to register the highest CAGR during the forecast period. This is because of the increasing number of 5G development projects in several countries, such as Japan, Qatar, Mexico, the U.S., China, and South Korea.

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On the basis of application, the SOI market was dominated by the automotive sector in 2018. This is primarily attributed to the rising investments by automotive giants such as Bayerische Motoren Werke (BMW) AG, Audi AG, and Robert Bosch GmbH. For example, Audi AG announced that the company is focusing on integrating fully depleted silicon on insulator (FD-SOI) with devices or sensors that will be utilized in autonomous cars. This will result in the growing demand for SOI-based wafers, which will further drive the market.

Other key factors driving the growth of this category include the type’s relatively high performance with the integration of RF functionality and higher cost-efficiency as compared to bulk complementary metal-oxide-semiconductor and fin field-effect transistor. A key trend in the SOI market is the miniaturization of devices and reduction in the cost of manufacturing chipsets for accelerating their adoption. 

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The demand for miniaturization is increasing due to the rising requirement for smaller assemblies in specific applications and the need for cutting material costs by using smaller parts that function similarly to large parts.Miniaturization has resulted in the emergence of small devices, which are majorly being deployed in consumer electronics and automotive applications including navigation control, infotainment systems, and collision detection.

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E-Commerce in Automotive Aftermarket to reach a value of $292.6 Billion by 2030

According to a report by P&S Intelligence, the global e-commerce in automotive aftermarket is predicted to generate a revenue of $292.6 billion by 2030, and is expected to witness a robust growth, of 23.3% CAGR, during the time period 2020–2030. This is due to the rising customer awareness regarding several vehicles parts and their specifications and convenience, growth of the overall automotive aftermarket, increasing number of do-it-yourself (DIY) customers, growth in average age of vehicles, and surging number of road accidents.

On the basis of channel, the e-commerce in automotive aftermarket is divided into direct-to-consumer and third-party retailer, between which, the latter division held the larger share of the market during 2014–2019 and is predicted to account for the highest revenue share in the coming years as well. This can ascribed to the increasing penetration of aftermarket sales operations by e-tailing companies, such as eBay Inc., Amazon.com Inc., and Alibaba Group Holding Ltd.

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In terms of component, the e-commerce in automotive aftermarket is categorized into drive transmission and steering parts, engine parts, equipment, suspension & braking parts, electrical parts, and miscellaneous parts. The equipment category is projected to register the fastest growth in the near future, owing to the growing number of DIY customers in the domain and the increasing requirement for the installation of accessories and parts that are intended to enhance the performance of the vehicles, improve the look, add comfort, and add more functions.

When geographical scenario is considered, the Asia-Pacific (APAC) region accounted for the major revenue share of the e-commerce in automotive aftermarket during 2014–2019, and the region is also projected to witness the highest CAGR in the years to come. This is due to the surging sales of automobiles in developing countries. Moreover, the increase in the gross domestic product and rise in disposable income of people are also leading to the growth of the market in APAC.

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The players operating in the e-commerce in automotive aftermarket are engaging in partnerships with each other for enhancing their presence in the industry. For example, Alibaba Group Holding Ltd. entered into a partnership with FAW Group in January 2020, with the aim of creating next generation intelligent connected vehicles in China. Under the agreement, FAW Group will make use of the former company’s open mobility platform, Banma Network Technology.

The major companies in the e-commerce in automotive aftermarket are Robert Bosch GmbH,DENSO CORP., Delphi Technologies PLC, ZF Friedrichshafen AG,Valeo SA, Continental AG, Amazon.com Inc., HELLA GmbH & Co. KGaA, Meritor Inc., eBay Inc., U.S. Auto Parts Network Inc., AutoZone Inc., Alibaba Group Holding Ltd., BuyAutoParts.com, Advance Auto Parts Inc., and Genuine Parts Co.

 

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What are Key Factors Responsible for Growth of Global Sterilization Equipment and Disinfectants Market?

One of the major factors fuelling the rise in the demand for sterilization equipment and disinfectants is the surging prevalence of chronic diseases and ailments, requiring surgeries, across the world. For instance, cancer kills 9.6 million people and heart diseases 17.9 million each year, according to the World Health Organization (WHO). The geriatric population is growing at a rapid rate in several countries too, and this is leading to a huge rise in preventive screenings, surgeries, and different medical tests. Moreover, there have been major technological advancements in the healthcare sector, which have propelled the volume of surgeries, thereby pushing the demand for sterilization equipment and disinfectants.

The other important factor boosting the demand for such products is the increasing awareness regarding sanitation and hygiene in healthcare settings, such as clinics, clinical laboratories, and hospitals and their important contribution toward preventing the outbreak and spread of diseases in these settings. For instance, the Hospital-Acquired Condition Reduction Program (HACRP) in the U.S has provisions for imposing severe financial penalties on hospitals if they are unable to stop the occurrence and spread of preventable healthcare-related infections, such as central line-associated bloodstream infection (CLABSI) and catheter-associated urinary tract infections (CAUTI).

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Due to the above-mentioned factors, the global sterilization equipment and disinfectants market is expected to witness huge growth in the coming years. Disinfecting agents and sterilization equipment are commonly used in the decontamination process. While sterilization kills microorganisms, such as viruses (such as COVID-19), fungi, spores, and bacteria, disinfectants reduce/eliminate microorganisms and their ability to spread diseases. These equipment and chemicals are widely used in the food & beverage, healthcare, and pharmaceuticals industries for killing disease-spreading microbes and maintaining proper cleanliness and hygiene.

Globally, North America recorded the highest usage of sterilization equipment and disinfectants in the past, mainly due to the presence of well-developed healthcare infrastructure and strict patient safety regulations in the region. The demand for both these types of products is expected to be considerably high in the Asia-Pacific (APAC) region in future, owing to the rising focus toward the prevention of various healthcare-related infections. The increasing need for healthcare services is expected to further boost the growth of the sterilization equipment and disinfectants market in the region in the coming years.

Therefore, it is clear that owing to the increasing awareness regarding hygiene and sanitation in healthcare settings, rising prevalence of chronic diseases, and burgeoning number of surgical procedures, the demand for sterilization equipment and disinfectants will increase at a rapid rate in future.

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