How Are Gensets Ensuring the Economy Never Comes to a Halt?

Electricity is the backbone of modern societies. From climate control and lighting to machines and Wi-Fi, literally every crucial system that we use in our homes, offices, and industries nowadays needs electricity. Moreover, with the rising urbanization and industrialization rates, having a reliable and continuous power generating source is becoming incredibly important. This is the main factor fueling the worldwide demand for generator sets, or gensets, as they are popularly called, around the world.

These systems add an extra layer of security in the event of power outages or brownouts and keep critical systems and machines running at industries, medical facilities, homes, and offices. In addition to this, gensets have the ability to provide power in remote areas not connected to the grid. These places include campsites, construction sites, deep underground mines, and rural areas. Therefore, it won’t be an overstatement to say that gensets are extremely essential systems that keep the wheels of the economy in motion.

Thus, owing to their importance for the modern human, gensets are rapidly gaining traction all over the world. This is, in turn, causing a sharp surge in their sales, which is consequently propelling the advancement of the global genset market. As a result, the total value of genset sales is predicted to grow from $17,592.6 million to $27,863.0 million from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 5.8% from 2020 to 2030.

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Unsurprisingly, Demand for Gensets To Rise Fastest Middle East and Africa (MEA) in Future

Due to the rapid industrialization and urbanization programs being launched by the governments of regional countries and the presence of a booming construction sector, the MEA region would certainly witness huge sales of gensets in the coming years. MEA countries are set to host some massive international events and competitions in the near future, such as the 2022 FIFA World Cup (Qatar) and the World Expo 2020 (Dubai) and are, therefore, witnessing large-scale infrastructure development and renovation projects.

Furthermore, the poor grid connectivity in many countries and the increasing commercial activities in Turkey, Egypt, Saudi Arabia, and the U.A.E. would ensure that the region witnesses the fastest growth in genset sales, out of all the other geographical regions in the world, during the next few years. In addition, many regional countries are focusing on reducing their reliance on oil and gas. 

For instance, the Saudi Arabian government launched Saudi Vision 2030 recently, a strategic framework that aims to reduce the country’s reliance on oil, develop public service sectors, and diversify its economy. This would massively boost the sales of gensets in the country in the forthcoming years.

Thus, it can be said without any hesitation that genset sales would shoot up all over the world in the future, primarily because of the growing power requirement and increasing grid uncertainties in several countries.

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How is Rising Prevalence of Diabetes Fuelling the Expansion of Global Self-Monitoring Blood Glucose (SMBG) Devices Market?

Owing to the soaring geriatric population and the rising prevalence of obesity and diabetes mellitus in several countries, the demand for self-monitoring blood glucose (SMBG) devices is expected to rise in the coming years. As per a report by the United Nations Department of Economic and Social Affairs (UNDESA) on the worldwide ageing population, the population of people aged 60 years and above is increasing at a huge rate. The share of the geriatric population across the globe recorded a huge increase, to 11.7% in 2013 from 9.2% in 1990, and it is predicted to increase to 21.1% by the end of 2050.

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The increasing awareness about diabetes and its numerous complications, such as diabetic foot ulcer and delayed wound healing, is another major factor propelling the adoption of SMBG devices across the world. For instance, the International Diabetes Federation (IDF) conducted an event in Hyderabad, India in October, 2018, called ‘IDF Diabetes Complications and Foot Congress’ for increasing the awareness regarding diabetes and its complications and management methods amongst the people of the city.

Due to the above-mentioned factors, the revenue generated from the worldwide sales of SMBG devices is predicted to increase from $13.2 billion to $18.6 billion from 2017 to 2023. The self-monitoring blood glucose devices market is further expected to advance at a 5.9% CAGR during the forecast period (2018–2023). The most common types of such devices used throughout the world are glucose meters, strips, and lancets. Amongst these, strips are expected to register the fastest growth in sales during the forecast period, because a meter and lancet can be used for a long time, while strips are mostly thrown out after every use.

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Asia-Pacific (APAC) is expected to record the fastest growth in the adoption of SMBG devices during the forecast period. This is primarily attributed to the rising incidence of type-2 diabetes, soaring geriatric population, and increasing government investments on healthcare, in the region. As per the International Diabetes Federation (IDF), around 82 million adults in Southeast Asia in the age group of 20–79 years were living diabetes in 2017. Moreover, the improving healthcare infrastructure is expected to further fuel the progress of the self-monitoring blood glucose devices market in the region.

Thus, it can be certainly said that the need for SMBG devices will increase around the world in the coming years, mainly on account of the escalating incidence of diabetes, surging geriatric population, booming healthcare sector, and rising awareness about the disorder amongst the people.

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Demand for Consumer Goods Fueling Pressure Sensitive Adhesives Market Growth

The pressure sensitive adhesives market growth is driven by a surge in the e-commerce industry size, escalation in the demand for fast-moving consumer goods (FMCG), and expansion of the automobile sector. Due to this factor, the market is projected to register a CAGR of 4.0% during the forecast period. At this rate, the revenue generated by the industry players will increase from $7,414.0 million in 2018 to $9,351.8 million in 2024. This is because manufacturers and vendors of all the aforementioned end-products are using pressure-sensitive adhesives for packaging.

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One of the key factors supporting the pressure sensitive adhesives market is the expansion of the e-commerce sector across the world. In recent years, e-commerce sales have increased due to the changing consumer preferences and rising purchasing power. People in several parts of the world are purchasing large quantities of electronic goods, stationery products, and FMCGs, which require packaging materials in substantial quantities. Traditionally, FMCG products created the highest demand for packaging materials, which has escalated even more due to the increasing e-commerce activities.

Geographically, the Asia-Pacific (APAC) pressure sensitive adhesives market held the largest share during the historical period (2014–2018), and it will continue its dominance during the forecast period. This can be attributed to the growth in the packaging, automotive, construction, healthcare, and electrical and electronics industries. All these sectors require pressure-sensitive adhesives for the manufacturing of tapes, graphical films, labels, floor tiles, and wall coverings. Among APAC nations, China and India are consuming a large volume of these adhesives owing to the increasing sale of FMCGs.

Thus, the expansion of the e-commerce sector and strategic developments by chemical companies will propel the market growth in the foreseeable future.

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Mushrooming Automobile Sales Fueling Boom of Global Paints and Coatings Market

The global paints and coatings market generated a revenue of $156,086.2 million in 2019 and is predicted to register a CAGR of 4.2% between 2020 and 2030. Furthermore, the market would reach a valuation of $227,834.0 million by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main growth drivers of the market are the presence of several commercial, industrial, and residential end users and soaring construction activities around the world. 

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Additionally, the government sanctioned the allocation of $24.27 billion to the infrastructure sector in the 2020–21 Union Budget for developing transport infrastructure in the country. This would push up the requirement for paints and coatings, which are heavily required for improving the aesthetics and durability of structures. The changing lifestyles of people and the growing urbanization are boosting the requirement for housing, which is, in turn, propelling the sales of paints and coatings across the globe. 

Apart from the aforementioned factors, the mushrooming sales of automobiles are also pushing up the demand for paints and coatings around the world. This is because paints and coatings are used heavily in various automotive applications. For example, the total sales of automobiles around the world rose from 88.3 million to 91.3 million from 2014 to 2019. The paints and coatings market is divided, on the basis of application, into industrial coatings, special coatings, and architectural coatings. 

Hence, it can be safely concluded that the market would demonstrate substantial growth across the world in the coming years, primarily because of the surging construction and infrastructural development activities in various countries and the ballooning sales of automobiles around the world.

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How Is Shale Gas Production Boosting Digital Oilfield Technology Market?

The compounding demand for energy and rising shale gas production in the U.S. are expected to accelerate the digital oilfield technology market at a CAGR of 4.6% during the forecast period (2018–2023). At this rate, the market will witness an increase in its size from $26,570.4 million in 2017 to $34,871.6 million in 2023. Additionally, a significant dip in the number of onshore reserves in oil-and-gas-producing nations is creating huge opportunities for the industry players, who are offering a range of exploration & production (E&P) solutions to increase the supply of oil and gas.

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The substantial growth in shale gas production in the U.S. will drive the market growth in the coming years. A rise in the E&P activities for shale gas is generating a large amount of spatial and seismic information and data related to drilling and production cycles. All these unstructured data sets need to be examined and analyzed to amplify the drilling and production performance. E&P firms are using the digital oilfield technology that uses big data analytics to capture, analyze, and transform this data into easy-to-understand sets.

During the forecast period, the Middle East and African digital oilfield technology market is set to demonstrate the fastest growth. This can be ascribed to the existence of numerous oilfields, increasing energy demand, and decreasing production from mature oilfields, all of which are coercing upstream companies to enhance the recovery rates by using digital oilfield technologies. Moreover, the recent discovery of a large number of brownfield oil and gas reserves is expected to propel the market growth in the region during the forecast period.

Thus, the declining production from mature oilfields, rising production of shale gas, and discovery of new oil and gas reserves are driving the growth of the market across the globe.

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Why will Popularity of Smart Grid Technology Skyrocket in North America in Future?

The increasing electricity wastage and the rising carbon footprint being produced during power production are becoming major issues in several countries with each passing day. Apart from over-burdening the public utilities sector, these factors are also responsible for the rapid environmental degradation across the world. Moreover, these factors are massively accelerating the depletion of fossil fuel reserves, on account of their overexploitation. Because of these reasons, smart grid technologies are increasingly being adopted in the utilities sector of many countries.

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Grid connectivity is normally a one-way communication between the end users and power transmission companies. However, the integration of smart grid technologies converts this one-way communication into two-way communication, which allows the transmission companies to take back extra power from the end users who are generating electricity at their commercial and residential installations. As per the estimates of the International Energy Agency, the U.S. government will invest $2.1 trillion in the development of smart grid technology infrastructure by 2035.

Due to the above-mentioned factors, the demand for smart grid technology will rise enormously in the coming years, which will, in turn, cause the surge of the global smart grid technology market in the upcoming years. The installation of smart grids is usually very expensive, but, in the long run, these grids will help reduce over expenditure and financial losses. Moreover, the installation of grids will drastically reduce the pollution levels over a significant period of time. 

In addition to the aforementioned factor, the huge investments being made by Canada and the U.S. in smart grid technology will massively augment the sales of these systems in the North American region in the coming years. The industry will also grow explosively in the Middle East and Africa (MEA) region in the future, on account of the abundant availability of various renewable and conventional energy resources and the growing implementation of community-based micro smart grids in the rural areas. 

Therefore, it can be said with surety that the requirement for smart grid technology will soar all over the world in the coming years, primarily because of the rising concerns being raised in several countries over the increasing electricity wastage and carbon footprints and the rapid depletion of fossil fuel reserves around the world.

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Affordable Housing to Boost Autoclaved Aerated Concrete Market Growth

The autoclaved aerated concrete market growth can be attributed to the increasing investments in the construction sector worldwide and the widescale construction activities in developing nations. Due to the growth in the construction sector, the market is expected to reach from $4,498.5 million in 2019 to $8,314.9 million by 2030, while displaying a CAGR of 6.0% during the forecast period (2020–2030). Other factors contributing to this market growth include increasing focus on sound-proof and green buildings, surging requirement for lightweight construction materials, rising urbanization and industrialization, and growing preference toward low-cost houses.

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People across the world are opting for low-cost houses and this can be achieved by employing low-cost construction materials, such as autoclaved aerated concrete (AAC) blocks. These blocks are manufactured at a cost lower than the clay bricks. Additionally, the AAC blocks can be easily transported in difficult terrains at a reduced cost, due to their lightweight that cuts down the transportation cost. With an increasing demand for affordable housing, the demand for AAC blocks is expected to increase during the forecast period.

Globally, the Asia-Pacific (APAC) region is expected to lead the autoclaved aerated concrete market in coming years. Additionally, the regional market is also projected to demonstrate the fastest growth in the same period. This can be ascribed to the increasing number of construction activities in APAC nations. Additionally, rapid urbanization, increasing purchasing power, government initiatives to provide affordable housing, and surging population is expected to propel the growth of the APAC market.

Thus, expansion of the construction industry and increasing demand for lightweight and environment-friendly building materials are projected to boost the market in foreseeable future.

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