Why Are Offshore Wind Turbines Being Set Up around the globe?

“Global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018.”, the International Renewable Energy Agency (IRENA) says. It goes on to say that the amount of wind power generated around the world doubled between 2009 and 2013. Similarly, the International Energy Agency (IEA) had forecast capacity additions of 60 Gigawatts (GW) and 5.3 GW for onshore and offshore wind plants, respectively, for last year.

In the context of offshore wind plants, the IEA further says, “Additions are expected to reach a record 7.3 GW in 2021”. With such a high increase forecast for the offshore wind power capacity in the years to come, P&S Intelligence expects the market for offshore wind turbine to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026. The turbine is the main component of a wind power plant, as it generates the electricity in combination with an alternator.

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With the growing concerns regarding the emission of greenhouse gases from power plants, the focus on replacing fossil fuels with cleaner resources for creating electricity is increasing. The IEA says, “Global energy-related CO2 emissions grew 1.7% in 2018 to reach a historic high of 33.1 Gt CO2. It was the highest rate of growth since 2013, and 70% higher than the average increase since 2010.”, highlighting why switching to cleaner technologies is more important than ever. As a result, countries around the world are investing in renewable energy, including in the setting up of offshore wind power plants.

In 2026, Asia-Pacific (APAC) will be the dominating region in the offshore wind turbine market, as a result of the strong government support for renewable energy. The increasing requirement for electricity in the region, on account of the burgeoning population, coupled with the alarming air pollution levels, is driving the shift toward cleaner energy sources in APAC. Till 2030, China plans to have an aggregate wind power capacity of 400 GW, of which the first large-scale offshore wind farm will likely become operational in Chinese Taipei this year, as per the IEA.

Hence, with a strong focus on reducing the emission of GHGs from conventional power plants, the number of offshore wind power establishments will increase.

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Over $800 Million Worth of Genset Sales Predicted in India by 2030

The increasing enactment of strict regulations for curbing the emission of toxic gases is pushing up the sales of gensets in India. The utilization of gensets in the country is monitored under a regulatory framework implemented by the government, on account of the generation of toxic emissions during their various operations. In the recent years, there has been a sharp surge in concerns regarding the escalating pollution levels in the major cities such as Mumbai, Delhi, Kolkata, and Chennai.

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The rapid expansion of the manufacturing industry, because of government programs such as Make in India, is also fueling the sales of gensets in the country. With the establishment of new manufacturing facilities, the sales of gensets will rise enormously in the country in the coming years. This will be because of the ballooning power requirements. Apart from the manufacturing industry, the rapid growth of the construction industry is also propelling the sales of gensets in the country.

As a result, the valuation of the market is predicted to rise from $554.5 million in 2019 to $855.1 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 6.8% between 2020 and 2030. Based on application, the Indian gensets market is divided into industrial, residential, and commercial categories. Amongst these, the commercial category recorded the highest growth in the market in the past years and the trend will continue in the forthcoming years as well.

Hence, it can be said with surety that the demand for gensets would skyrocket in India in the coming years, primarily because of the rising requirement for a continuous power supply in various industrial, commercial, and residential establishments in the country.

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How is Increasing Incidence of Asthma Contributing to Boom of North American Air Quality Monitoring Market in U.S?

 The rising prevalence of cancerous diseases in people living in highly polluted areas is one of the biggest factors responsible for the surging demand for air quality monitoring solutions in North America. The industrial revolution is one of the main factors responsible for the high air pollution in the region. In addition to this, there has been a massive surge in public awareness regarding air pollution, the diseases caused by air pollution, and the various air quality monitoring techniques, in the region, which has in turn, propelled the need for air quality monitoring in the region. 

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The other major factors fuelling the rise in the demand for air quality monitoring are the rising urbanization, industrialization, and soaring number of government measures and initiatives, in the region, for promoting awareness amongst the public about the adverse effects of air pollution. For instance, the United Nations Environment Programme (UNEP) is seeking to promote the 2030 Sustainable Development Agenda in North America in order to protect the natural environment in the region. As per the Canadian government, pollution in the country is majorly caused by volcanic eruptions, emissions of volatile organic compounds (VOCs) from vegetations, and forest fires.

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The North American air quality monitoring market is expected to boom in the U.S. in the immediate future. This is primarily attributed to the rising incidence of respiratory diseases like asthma, increasing prevalence of smoking, and rapid technological advancements in monitoring products in the country. As per the statistics published by the Asthma and Allergy Foundation of America (AAFA), the number of adults (aged 18 years and above) who died due to asthma in the U.S. in 2017 was 3,564. 

Therefore, it can be concluded that due to the soaring air pollution levels and the rising incidence of respiratory diseases caused due to air pollution, the demand for air quality monitoring equipment will surge in North America in the coming years.

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Rising Demand for Electric Scooter Sharing Services Driving Growth of North American Electric Scooters and Motorcycles Market

The North American electric scooters and motorcycles market generated a revenue of $164.7 million in 2020 and it is predicted to reach a valuation of $590.4 million by 2025. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 25.1% between 2021 and 2025. The growing popularity of electric scooter sharing fleets and the rising provision of tax credits on their adoption are the major factors driving the market advancement.

As electric scooters and motorcycles contain fewer moving and vibrating parts, their maintenance requirements are very low. This massively reduces the demand for periodic maintenance and servicing that usually cost the owners of the conventionally used fossil fuel-powered vehicles a huge amount. Moreover, due to their lower maintenance requirements than traditional vehicles, they are increasingly being adopted by people who don’t have the time required for routine vehicle maintenance and servicing. 

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Apart from the aforementioned factor, the provision of federal tax credits and other financial assistance regarding the purchase of electric scooters and motorcycles by the governments of several North American countries is also fueling the expansion of the electric scooters and motorcycles market in North America. Depending on type, the market is divided into motorcycle, scooter, and kick scooter. Out of these, the electric motorcycle category is predicted to exhibit the fastest growth in the market in the upcoming years.

Additionally, the growing popularity of electric vehicles, due to the soaring environmental concerns and the mushrooming diesel and gasoline prices, is also propelling the advancement of the market in the country. One of the major trends currently being witnessed in the market is the rapid developments and advancements being made in the battery technology in order to increase the capacity of the batteries for meeting the requirements for a longer driving range and reduce their prices.  

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Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising public preference for eco-friendly vehicles and the increasing implementation of favorable government policies regarding the adoption of electric vehicles in the region. 

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Home-Use Beauty Devices Market to Register 20.4% CAGR during 2020–2030

People across the globe are becoming increasingly conscious regarding their appearance. Most because of societal norms, appealing appearance is often related to a likeable personality and good health. At times, one’s appearance can also affect their confidence level. Because of these, people have started paying more attention to their physical appearance.  

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The demand for anti-aging devices is predicted to increase considerably in the coming years due to the surging aging population across the globe. As per the United Nations, in 2017, there were about 962 million people aged 60 or above, which comprised about 13% of the global population. The geriatric population is further growing at a rate of 3% each year. Therefore, several age-related skin problems such as loosening of skin, drooping eyebrows and eyelids, growth in facial hair, and wrinkles are resulting in the rising demand for anti-aging home-use beauty devices. 

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In addition to this, the demand for hair growth devices is also predicted to rise in the near future because of the rising prevalence of androgenetic alopecia (hair loss), primarily in Europe. European population is more prone to this condition as compared to African-Americans, Asians, and Native Americans, which is why the home-use beauty devices market in Europe is expected to lead rather than North America during the forecast period. The region is further registering introduction of specialized hair regrowth devices and applications which educate consumers regarding the utilization of such devices. Other than this, the rising geriatric population and growing prevalence of hair and skin-related diseases is also resulting in the growing need for home-use beauty devices. 

In conclusion, the demand for home-use beauty devices is increasing due to the rising consciousness of people regarding appearance.   

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How Are Anti-Aging Devices Helping the Elderly?

According to the United Nations (UN) World Population Ageing report of 2019, the population of people aged 65 years and above is estimated to reach around 1.5 billion by 2050. This group of people is already adopting large quantities of anti-aging products, as it suffers from the loss of fibrous tissue and reduced glandular and vascular network in the skin layers. All these conditions lead to dryness, skin sagging, wrinkles, and pigmentary alteration, which can be treated with anti-aging products that give a younger look by tightening and revitalizing the skin.

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In recent years, the usage of easy-to-use at-home devices has surged significantly due to the easy availability of an array of such user-friendly and portable devices for skin rejuvenation, wrinkle reduction, microdermabrasion, and cellulite reduction. These products are more advanced and protect the skin from sun damage. The aging population is concentrating on preventive measures to minimize the signs of aging, and the adoption of these devices helps the elderly in maintaining a youthful appearance.

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Some of the most-widely used anti-aging products are anti-stretch mark, hair color, anti-wrinkle, and ultraviolet (UV) absorption devices. Among these products, the demand for anti-wrinkle products, such as dermal fillers and Botox injections, is substantially rising due to the growing awareness regarding aesthetic appearance. Dermal fillers are technologically advanced and can help in slowing down the aging process, which is why collagen-based, hyaluronic acid-based, synthetic polymer-based, and hydroxylapatite-based fillers are being adopted on a large scale.

To meet this demand, players operating in the anti-aging market are strongly focusing on product launches. For instance, Revlon Inc., in January 2020, launched NEW Total Color, a vegan, clean, and high-performance permanent hair color that covers gray hair almost completely. Similarly, in March 2020, Lumenis Ltd. launched the next generation of its multi-application platforms for skincare, named Stellar M22. It includes an enhanced user interface with a larger screen that allows for quick treatment and a more-convenient remote consultation process.

Thus, the booming population of the elderly and rising awareness about skin aesthetics will boost the demand for anti-aging products and procedures in the foreseeable future.

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Why Are Individuals Buying More Electric Scooters and Motorcycles Every Year?

In the context of transportation, one phrase that is on everyone’s minds these days is ‘electric vehicle (EV)’. Such automobiles are being considered the future of traveling, as they are specifically designed to reduce the air pollution levels drastically. Therefore, to increase their penetration among the masses, governments across the globe are offering purchase subsidies, tax rebates, and financial incentives. For instance, the Indian government has made an investment of INR 10,000 crore under the FAME India II scheme to promote EVs.

Thus, P&S Intelligence expects the electric scooter and motorcycle market value to rise to $10,529.7 million by 2025 from $5,913.9 million in 2019, at a high 14.4% CAGR between 2020 and 2025. Unlike several models of hybrid cars and buses, only pure-electric two-wheelers are available, which makes them, on average, more environment-friendly than other vehicles. Moreover, they are cost-effective, which is why government EV promotion schemes generally support more scooters and motorcycles than cars, trucks, and buses. For instance, the FAME India II scheme is offering support for one million electric two-wheelers compared to just 35,000 cars and 7090 buses.

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A key reason for the cost-effectiveness of electric two-wheelers is the reducing price of lithium-ion (Li-ion) batteries. Though the use of sealed lead–acid (SLA) batteries is more prevalent in such automobiles, the low weight, higher energy density, eco-friendliness, and smaller size of Li-ion batteries are making them popular now. Between 2010 and 2019, such battery packs witnessed a massive 87% decline in their prices, and since they account for almost 50% of the purchase cost of an electric two-wheeler, this slump is making these automobiles affordable.

Presently, Asia-Pacific (APAC) is the largest electric scooter and motorcycle market due to the dominance of China on the worldwide EV sector. According to the Global EV Outlook 2020 report of the International Energy Agency (IEA), 25% of all electric two-wheelers around the world are operational in China. This is a result of the rapid urbanization and people’s rising disposable income, as well as government bans on conventional scooters and motorcycles. With other regional countries also promoting electric two-wheelers strongly, their sales will keep picking up in APAC.

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Hence, with the rising environmental concerns and cost-effectiveness of electric scooters and motorcycles, their adoption will rise in the coming years. 

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