GCC Facility Management Market Set for Prosperity in Saudi Arabia in Coming Years

The GCC facility management market reached a value of $53,804.3 million in 2019 and is predicted to progress at a CAGR of 10.1% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $137,297.8 million by 2030. The market is being driven by the rising requirement for facility management services in residential and commercial buildings, industrial units, and civil infrastructure projects. 

As part of various strategic visions, the member nations in GCC are allocating high budgets to the construction industry. This will eventually push up the requirement for facility management services in the region in the forthcoming years. Moreover, these nations are focusing on decreasing their economic reliance on the revenue generated by the oil and gas industry. As per reports and surveys, the governments of GCC nations will increase their investments. 

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The rising requirement for sustainable development is another important factor fueling the progress of the GCC facility management market. The expansion of the travel & tourism industry is a major factor responsible for the rapid economic progress of the GCC countries. Supported by the implementation of government policies, the hospitality, tourism, and travel industries of the GCC countries are registering huge growth. Based on end user, the GCC facility management market is divided into residential, industrial, and commercial categories. 

Amongst these, the commercial category recorded the highest growth in the market during the past few years, on account of the huge investments in commercial real estate in the region. The National Transformation Program (NTP) 2020 was launched in 2016 for meeting the objectives and aims of the Saudi Vision 2030. Under this initiative, huge investments are being made for the accelerating the development of the region’s private sector. This is, in turn, propelling the demand for facility management services. 

Globally, the GCC facility management market is predicted to demonstrate huge expansion in Saudi Arabia in the coming years. This will be because of the launch of several real estate projects such as the Al Widyan by 2020, Red Sea Project by 2030, and Amaala by 2028 in the country. These projects will provide immense growth opportunities for the players operating in the industry. Many global organizations are announcing partnerships and collaborations with domestic firms for expanding their customer base.

Hence, it can be said with full surety that the market will register huge growth in the future years, mainly because of the launch of various development programs and the expansion of the travel & tourism industry in the region. 

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U.S. Electric Bus Market to Grow at 58.4% CAGR during 2020–2030

The U.S. electric bus market growth will be driven, by factors such as stringent emission norms in the country, environmental benefits of electric vehicles (EVs), favorable government policies to support EVs, long-term operational cost benefits offered by these buses to transit agencies, at a CAGR of 58.4% during the forecast period (2020–2024). The market generated $469.3 million revenue in 2019 and it is projected to reach $2,675.1 million by 2024. Moreover, the declining cost and rising efficiency of automobile batteries will facilitate market growth in the foreseeable future.

Increasing availability of government funding to transit agencies for procuring zero- and low-emission vehicles, such as electric buses, is one of the key factors fueling the U.S. electric bus market. For example, the Federal Transportation Administration (FTA) provided $85 million to 50 state and local governments to incorporate such vehicles in their public transportation fleets. This funding was a part of the State of Good Repair Program and Congestion Mitigation and Air Quality Improvement Program and the Low or No Emission Grant Program of the Department of Transportation (DoT).

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The U.S. electric bus market is consolidated with the presence of a handful of companies. To gain from emerging opportunities, leading automobile manufacturers are focusing on winning client contracts to supply their buses to a large number of transit agencies. For instance, in August 2018, BYD Company Ltd. signed a contract with the state of Georgia to provide electric buses. Similarly, in October 2018,Proterra Inc. received an order from the Rhode Island Public Transit Authority (RIPTA) to deliver three of its 40-foot Proterra Catalyst E2 electric buses to the latter.

Thus, with the rising subsidies and investments from the federal, state, and local governments of the U.S. to boost the adoption of EVs, the demand for electric buses will amplify significantly in the foreseeable future.

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Market Segmentation by Vehicle Type

• Battery Electric Bus (BEB)
• Plug-In Hybrid Electric Bus (PHEB)
• Hybrid Electric Bus (HEB)

Market Segmentation by Length

• >40 Feet
• <40 Feet

Market Segmentation by Battery

• Lithium-Ion (Li-Ion)
• Nickel-Metal Hydride (NiMH)
• Others

Market Segmentation by Charging Type

• Plug-In
• Pantograph
• Inductive

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Why Is Demand for Pharmaceuticals Driving Reefer Container Market Growth?

The reefer container market is growing on account of the increasing demand for pharmaceutical products, rising number of trade routes, expanding e-commerce industry, and surging penetration of the real-time tracking technology. The size of the market in 2019 was 3,169.2 thousand twenty-foot equivalent units (TEU), which is predicted to reach 7,063.3 thousand TEUs by 2030, at an 8.0% CAGR during 2020–2030 (forecast period). Reefer containers are essentially temperature-controlled containers used to ferry perishable cargo over long distances, via ships, trains, and trucks.

On the basis of size, the categories of the reefer container market are 20 feet, 40 feet, and more than 40 feet. Among these, the 40 feet category held the largest share in the market in 2019, and it will also grow the fastest during the forecast period. This is because 40-foot reefer containers are used for carrying high-volume cargo, and they are also similar to 20-foot variants in cost. Thus, the high loading capacity, combined with the reasonable price of these containers, offers logistics companies operational cost advantages.

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During 2014–2019, Asia-Pacific (APAC) dominated the reefer container market, and it will continue doing so till 2030. This is attributed to the growing population in the region, which is driving trade volumes. Currently, Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen are the busiest ports in the world, and all are located in APAC. Asa result, trade routes have increasing become directed toward Asian countries to make the most of the demand for various products.

Hence, as international trade volumes, especially of perishable cargo, grow, so will the procurement of reefer containers by shipping, trucking, and rail freight companies.

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Market Segmentation by Size

• 20 Feet
• 40 Feet
• More than 40 Feet

Market Segmentation by Transportation Mode

• Seaways
• Roadways
• Railways

Market Segmentation by Industry

• Food
  • Fruits
  • Meat/poultry
  • Fish/seafood
  • Vegetables
  • Dairy products
  • Others
• Pharmaceutical
  • Liquid medicines
  • Pills
  • Vaccines
  • Biologicals
  • Others
• Chemical

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How Is Paints and Coatings Industry Steering Crotonic Acid Market Growth?

The increasing consumption of crotonic-acid-based dispersions in paints, coatings, and adhesives will steer the crotonic acid market at a CAGR of 7.9% during the forecast period (2021–2025). Adhesives containing this acid offer rapid solidification, owing to which their application has significantly surged in high-speed manufacturing lines, such as those of packaging and textiles. The soaring demand for these adhesives will propel the market to $853.7 million by 2025 from $592.0 million in 2020.

Another key factor driving the market is the spurring demand for paints and coatings. This acid is a vital ingredient of these products as it can form copolymers when blended with other chemical compounds. Additionally, when the crotonic acid monomer is copolymerized with other compounds, it results in a thickener, which is applied in the manufacturing of glossy emulsion paints. These paints offer extra glow and protection to the interiors and exteriors of buildings. Thus, the soaring demand for glossy emulsion paints will facilitate market growth in the forecast years.

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Further, the end user segment of the crotonic acid market is categorized into chemical, pharmaceutical, paints and coatings, automobile, packaging, textile, and electronics. Among these, the paints and coatings category held the largest market share in 2020, and it is expected to register the fastest growth in the forecast years. This can be owed to the exponential use of crotonic-acid-based binders in paints and coatings to hold the pigments in place by binding them and form a coating layer. The spiking demand for paints and coatings from the automotive, packaging, and construction sectors will fuel the growth of this category.

Globally, China dominated the crotonic acid market during the historical period (2016–2020), and it is expected to reflect the same trend in the forecast years. Additionally, the Chinese market is also projected to demonstrate the fastest growth throughout the forecast period. This can be ascribed to the magnifying demand for adhesives and paints and coatings for the repair and renovation of residential and commercial buildings. Moreover, the growing application of crotonic acid as a plasticizer, fungicide, and intermediary in the chemical, agriculture, and pharmaceutical industries will boost the market growth in China.

With the rising consumption of adhesives and paints and coatings, the demand for crotonic acid will surge in the coming years.

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U.S. Expected to Witness Explosive Growth in North American Shower Glass Door Market in Future

The North American shower glass door market generated a revenue of $3,493.4 million in 2020 and it is predicted to advance at a CAGR of 7.6% between 2021 and 2030. According to the forecast of the market research company, P&S Intelligence, the market will attain a valuation of $7,151.7 million by 2030. The major factors driving the market advancement are the rising urbanization rate, the growth of the real estate sector, and the expansion of the tourism and hospitality industry.

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The increasing urbanization rate is one of the major factors propelling the expansion of the market. In this region, the urban population has grown at an explosive pace over the last few years and this trend is predicted to continue in the coming years. As per the 2018 Revision of World Urbanization Prospects produced by the United Nations Department of Economic and Social Affairs (UNDESA), nearly 68% of the global population will live in towns and cities by 2050.

The North American shower glass door market recorded the highest growth in the U.S. in the past years. Moreover, the market will demonstrate the fastest growth in the U.S. in the coming years. This is ascribed to the fact that the urban population of the country has grown massively over the last few years, on account of the surging employment opportunities and disposable income of the people residing in the country.

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Hence, it can be said with full confidence that the market will register huge expansion in the forthcoming years, mainly because of the rising disposable income of people and the increasing urbanization rate in the region. 

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Increasing Popularity of Renewable Energy Sources Fueling Demand for Energy Storage Systems

Due to the increasing adoption of renewable sources of energy, the demand for energy storage systems is growing rapidly across the world. With the rise in the pollution levels, the public preference for renewable energy sources such as solar and wind is increasing explosively over the conventionally used energy sources such as coal, gas, and oil. Furthermore, as the renewable energy sources have extremely variable outputs, their growing usage is positively impacting the demand for energy storage technologies.

Due to the above-mentioned factors, the popularity of energy storage technologies is soaring all over the world. This is propelling the growth of the energy storage market. As per P&S Intelligence, a market research company based in India, the size of the market was 171,039.3 Megawatts (MW) in 2019. The size of the market is predicted to rise by 69,917.6 MW between 2020 and 2030. Furthermore, the market will progress at a CAGR of 3.3% from 2020 to 2030.

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Based on type, the energy storage market is divided into electrochemical, mechanical, thermal, and chemical categories. Out of these, the mechanical category had a considerable share in the market during the last few years. This is credited to the fact that the usage of the mechanical utility storage devices has been traditionally very high all over the world, predominantly because of their very high storage capacities and the vast volumes of energy produced from the pump hydro mechanical systems.

Historically, the Asia-Pacific (APAC) energy storage market exhibited the highest growth in the world. This is attributed to the high number of engineering, procurement, and construction (EPC) projects in Japan, China, and India. Furthermore, the market is predicted to register major advancement in the region in the forthcoming years, on account of the increasing installation of energy storage systems in the region. Additionally, the storage capacity added by the APAC region in the market over the next several years is predicted to be the highest across the world.  

Hence, it can be concluded that the market will demonstrate tremendous growth in the upcoming years, primarily because of the increasing requirement of energy storage, on account of the rising power prices, environmental damage caused from conventional energy generation, and growing adoption of renewable energy sources such as wind and sunlight for power production throughout the world.

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Automated External Defibrillator Market to Have Bright Future in Asia-Pacific (APAC)

Every year, 800,000 people in the U.S. die of cardiovascular diseases (CVD), according to the American Heart Foundation. The annual global mortality associated with these conditions has been estimated by the World Health Organization (WHO) at 17.9 million. The most common CVDs include coronary artery disease, congestive heart failure, stress cardiomyopathy, and arrhythmias. Coronary artery disease ultimately results in a myocardial infarction (heart attack), while prolonged, untreated arrhythmias (most commonly ventricular fibrillation) can lead to cardiac arrest. During such events, the normal sinus rhythm is compromised, which is why it is essential to restore it, to manage these conditions.

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Semi-automatic and fully automatic are the two types of devices used, of which the fully automatic ones witnessed the higher demand during 2014–2019, as they are perfect for people prone to sudden cardiac arrest (SCA). These devices automatically detect the heart rhythm, asses the need for sending an electric pulse, and then send shock the myocardium themselves, without the requirement for a second person. Thus, they offer patients independence as well as quicker symptomatic relief, which is why the preference for them is high.

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Additionally, with the surging prevalence of CVDs, the focus on providing automated external defibrillators in public spaces is growing. Such devices are being rapidly installed in places with a high footfall, including schools, railway stations, shopping centers, colleges, airports, and leisure centers, wherein they are called public access defibrillators, as they can be used by anyone in need. For instance, the Sudden Cardiac Arrest Foundation funded a number of schools in the U.S., in 2016, to purchase AEDs. Similarly, in June 2019, the Heart Foundation and Coles Group partnered to make AEDs available at all of the latter’s supermarkets in Australia.

Therefore, the requirement for AEDs will continue to surge, as an increasing number of people fall prey to heart problems. 

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