Global Extended Reality Market Set to be Worth Over $1,000.0 Billion by 2030

The global extended reality (XR) market generated a revenue of $18.6 billion in 2019 and is predicted to attain a valuation of $1,005.9 billion by 2030. Furthermore, according to the forecast of P&S Intelligence, a market research firm based in India, the market would exhibit an explosive CAGR of 48.3% between 2020 and 2030.

The prominent factor fueling the progress of the extended reality market is the growing usage of augmented reality (AR)/virtual reality (VR), smartphones, connected devices, and 5G. Since the last few years, there has been a sharp rise in the number of smartphone users across the world and with the growing penetration of the internet and the rising spending power of people in several countries, this trend is likely to continue in the coming years as well. 

As per a report produced by the GSM Association in March 2020, as of December 2019, there were as many as 5.2 billion unique mobile subscribers in the world. This number accounted for almost 67% of the global population. Furthermore, the number of smartphone users is predicted to rise to 5.8 billion in 2025, accounting for a share of nearly 70% of the global population in that year.

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This will, in turn, massively push up the demand for AR applications in the future. The increasing partnerships and collaborations among the market players and the soaring popularity of gesture-based computing are the other major factors fueling the market boom. Thus, it is quite clear that the market will grow substantially all over the world in the years to come, primarily because of the rising usage of smartphones, growing popularity for AR/VR applications, and the rapid proliferation of AR/VR mobile applications around the world.

This market research report provides a comprehensive overview of the extended reality market

• Historical and the present size of the extended reality market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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What are Major Factors Propelling Surge of Global Second Life Electric Vehicle Battery Market?

The increasing number of electric vehicles (EVs) on the roads, owing to the presence of strict emission policies in many countries because of the increasing pollution levels caused from vehicular emissions, is one of the major factors fuelling the surging demand for second life electric vehicle batteries around the world. For instance, according to the Europe 2020 strategy, the European Union (EU) aims to reduce the carbon dioxide (CO2) emissions from vehicles by 20%, as compared to the emission levels in 1990, by 2020. Similarly, the U.S. targets to reduce the emission levels by 26–28% by 2025.

The batteries adopted in the electric vehicles are replaced very frequently (usually in every four to five years), which is significantly lesser than the complete life span of the electric vehicle itself. Moreover, the older battery, even after replacement, has almost 60—80% of its original power supplying capacity, which makes the battery highly useful in various other applications. Due to these factors, the global second life electric vehicle battery market is expected to exhibit huge growth during the forecast period (2020—2030).

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Across the world, Asia-Pacific (APAC) is predicted to observe the highest usage of second life electric vehicle batteries during the forecast period. In APAC, China is predicted to register the highest utilization of second life electric vehicle batteries during the forecast period. This is primarily credited to the rising adoption of electric vehicles in the country. In addition to this, the country aims to attain 50% share of electric vehicles in the entire domestic fleet by 2025, which will in turn, massively boost the demand for second life electric vehicle batteries in the country in the years to come.

Therefore, it can be concluded that the sales of second life electric vehicle batteries will surge throughout the globe in the upcoming years, owing to the soaring adoption of electric vehicles in many countries and the high charging capacities of the second life EV batteries which make them highly useful in several applications.

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Vertical Farming Market | Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The practice of growing crop in vertically stacked layers is referred to as vertical farming. The technique is basically utilized for producing food in challenging environments, such as where arable lands are rare or their unavailability. Vertical farming aids deserts, mountainside towns, and cities grow various types of vegetables and fruits by making use of skyscraper-like design and precision agriculture techniques. Attributed to such advantages, the global vertical farming market is expected to progress at a significant pace in the near future. 

Hardware and software are the two types of components that are utilized for vertical farming, between which, the demand for different hardware components was significant in the past. Hardware components utilized in vertical farming are hydroponic components (Including water filters, pumps and irrigation, and meters and solutions), lighting (including grow light ballasts, grow lights, and grow light reflectors), sensors (including crop sensors, temperature sensors, PH sensors, CO2 sensors, and nutrient sensors), and climate control (including air purification/control and ventilation fans). 

Among all these the demand for lighting components was the highest in the past. Shipping container-based and building-based are the two types of structures that are utilized for vertical farming, between which, the demand for building-based structure is predicted to increase considerably in the coming years. This farming type offers nearly 8 times more farming area as compared to single level farming land and further aids minimize the farming cost. 

In terms of growth mechanism, aquaponics, hydroponics, and aeroponics are the three techniques that are used for vertical farming. The demand for aquaponics is expected to grow considerably in the near future, since it combines fish farming ad hydroponics for creating an efficient closed loop system. A number of crops can be produced using vertical farming techniques, including tomato, lettuce, pepper, spinach, cucumber, and broccoli. Geographically, North America made the most use of vertical farming techniques in the past, which can be attributed to the growing popularity of commercial urban farming in the region and early adoption of advanced technologies. 

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Other than this, the adoption of vertical farming is also projected to increase in Asia-Pacific (APAC), thereby making the region the fastest-growing vertical farming market in the years to come. This is because of the fact that the fertile agricultural land in the region is decreasing, which is creating opportunities for urban farming. In addition, the high population in India and China is also driving the demand for different agricultural techniques in APAC. 

This market research report provides a comprehensive overview of the vertical farming market

• Historical and the present size of the vertical farming market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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LED Lighting Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

With the growing adoption of LED lighting solutions, “the global light emitting diode (LED) lighting market will grow, in valuation, from $30,500.8 million to $70,240.0 million from 2016 to 2023”. According to the forecast of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 12.6% between 2017 and 2023.

Lamps and luminaires are the most widely used types of LED lighting devices across the world. Of these, the revenue generated from the sales of luminaires was found to be higher over the last few years. For instance, the Indian government announced a smart city development program, under which, 100 cities throughout the country will be converted into smart cities by 2030. 

Geographically, “the LED lighting market exhibited the highest revenue growth in the Asia-Pacific (APAC) region over the last several years”. Furthermore, “the usage of these devices is predicted to increase at the fastest rate in the APAC region in the future years”. This is attributed to the soaring number of initiatives being taken by the governments of various APAC nations for promoting the utilization of energy-efficient lighting systems and the increasing electrification of villages in the APAC countries.

“A major factor fuelling the demand for light-emitting diode (LED) lighting solutions is the increasing number of construction and infrastructural development projects being undertaken by the governments of several countries around the world”. Due to the increasing urbanization and modernization, the governments of various developing nations such as China, Indonesia, and India are increasingly launching large-scale modernization and infrastructural development programs.

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This market research report provides a comprehensive overview of the drone analytics market

• Historical and the present size of the drone analytics market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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Increasing Mobile Data Traffic is Strongest Driver of Edge Data Center Market

According to the Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update 2017–2022 report published in February 2019, “the mobile data traffic has been estimated at nearly 26.8 exabytes per month in 2019, and it is predicted to reach over 77.5 exabytes per month by 2022.” Apart from the growing mobile data traffic, the rising over-the-top (OTT) traffic is also propelling the demand for edge data centers across the globe.

Because of these reasons, the global edge data center market will grow, in valuation, from $5.3 billion to $53.1 billion from 2019 to 2030. The market is also predicted to advance at a CAGR of 25.4% between 2020 and 2030. with the growing number of internet users, rising popularity of internet-based applications and online streaming services, and the increasing adoption of big data, IoT, and cloud solutions in business operations, the requirement for minimal latency will surge, which will, in turn, fuel the development of edge data centers across the world in the upcoming years. 

Solutions and services are the two main categories, under the component segment of the edge data center market. Between them, the solutions category will exhibit higher growth in the market in the coming years. This category is further classified into cooling, IT racks & enclosure, storage, networking equipment, data center infrastructure management (DCIM), and power and uninterruptible power supply (UPS).

Globally, the North American edge data center market is currently being observed to be the most prosperous, as per the findings of P&S Intelligence, a market research firm based in India. This is attributed to the commercialization of 5G and the increasing investments being made by the governments of North American countries for developing data centers in the region. 

The expansion of the market in this region will be driven by the rising internet penetration and rapid digitization, especially in the developing countries such as China, Indonesia, and India. According to the Internet & Mobile Association of India (IAMAI), the country was home to over 504 million internet users as of November 2019. Further, the organization found that there was a 12% rise in the number of internet users in the country from March to November 2019.

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Increasing Stem Cell Transplant Procedures Pushing Up Medical Gloves Sales in Asia-Pacific

With the recent outbreaks of various contagious diseases such as Middle East respiratory syndrome (MERS), Zika, severe acute respiratory syndrome (SARS), and Ebola, medical gloves are increasingly becoming extremely essential in healthcare operations. The outbreak of the COVID-19 (SARS CoV-2) pandemic has further pushed up the requirement for medical gloves, on account of their ability to prevent direct contact between persons, which is very essential for reducing the spread of the coronavirus.

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As per the estimates of the World Health Organization (WHO), the incidence of chronic diseases would rise by as much as 57% by the end of 2020. Due to soaring population, the prevalence of chronic diseases would grow massively in the developing nations in the coming years. Furthermore, the increasing prevalence of these diseases is pushing up the requirement for surgeries. For example, as per reports, in Mexico, 4,900 coronary artery bypass graft surgeries were performed in 2015.

This number rose to 5,125 in 2016 in the country. Similarly, in France, the number of such surgeries grew from 19,242 to 19,310 from 2015 to 2016. Because of these reasons, the sales of medical gloves are skyrocketing across the world. This is causing the expansion of the global medical gloves market. As a result, the value of the global medical gloves market is predicted to grow from $6,633.4 million to $20,435.6 million from 2019 to 2030.

Geographically, the medical gloves market is predicted to demonstrate the fastest advancement in the Asia-Pacific (APAC) region in the upcoming years, due to the increasing geriatric population, surging number of diagnostic examinations and surgical procedures, and the soaring cases of COVID-19 in the regional countries. In addition to this, the increasing number of stem cell transplant procedures in the APAC countries is fueling the demand for medical gloves in the region.

Therefore, it can be said without any doubt that the sales of medical gloves are predicted to rise enormously all over the world in the coming years, primarily because of the growing incidence of contagious and chronic diseases, the recent outbreak of the COVID-19 pandemic, and the rising awareness about hygiene among the people and healthcare practitioners.

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Demand for Peer-to-Peer Carsharing Services Expected to Increase in Europe

The need for cost-effective mobility solutions is increasing across the globe. Youngsters these days are becoming more and more inclined towards making use of alternative mobility options rather than buying personal vehicles. As people are becoming more aware regarding the negative impacts of fuel-based vehicles on the environment, they are shifting towards more eco-friendly solutions. Ascribed to this, the adoption of peer-to-peer (P2P) carsharing services has increased considerable across the globe. Under this service, car owners are able to rent their personal vehicles to other people in their area. 

In addition to being a cost-effective and convenient solution for users, P2P carsharing services enable car owner to generate additional revenue, thereby aiding them in recovering the car’s cost of ownership. Users of these services can book vehicles as per their requirement, and need to pay for services on the basis of distance and time taken, in addition initial registration cost. These factors make P2P carsharing services a viable option of commuting for users, and are leading to the growth of the global peer-to-peer carsharing market.

Luxury, economy, and executive are the three types of cars that are used for providing P2P carsharing services. Out of these, the demand for economy cars was the highest in the past, and the situation is expected to remain the same in the coming years as well. The high preference for these vehicles can be attributed to their increased fuel efficiency as compared to luxury and executive cars. Users can avail these services for personal or business applications. The demand for P2P carsharing services was higher for personal use in the past and is expected to be higher in the years to come as well.

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This can be ascribed to the fact that most people utilize these services for personal purposes such as commuting to workplace, travelling to specific destinations, such as airport or railway stations, and running errands including grocery shopping. Geographically, the European region is expected to emerge as a major P2P carsharing market in the near future, which can be attributed to the reluctance of people to buy personal vehicles due to their high maintenance needs in the region. In addition to this, the increasing number of initiatives in the region for decreasing environmental pollution and reducing traffic congestion are also resulting in the surging adoption of alternate mobility options.

In conclusion, the demand for P2P carsharing services is growing due to the increasing demand for cost-effective and convenient mobility solutions.

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