Why is Worldwide Popularity of Critical Power and Cooling Solutions Soaring?

The increasing popularity of cloud computing and digitalization and the burgeoning requirement for improving cooling efficiency in data centers are some of the major factors propelling the demand for critical power and cooling solutions across the world. The mushrooming adoption of cloud computing and digitalization is fueling the development of data centers. Moreover, the existence of poor grid infrastructure is powering the demand for proper backup power sources that can protect electrical equipment from the consequences of grid power fluctuations. 

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Critical power and cooling solutions are highly reliable and help in extending the lifespan of various electrical equipment. Additionally, with the rising industrialization and urbanization, especially in Asia-Pacific, the demand for data storage and power generation is growing rapidly, which is, in turn, propelling the requirement for critical power and cooling solutions. Furthermore, the soaring power requirements in several end-use industries such as hospitals, power plants, and banking and financial services are massively boosting the demand for these solutions.

Due to the above-mentioned factors, the popularity of these solutions is rising sharply across the globe. This is driving the progress of the global critical power and cooling solutions market. Critical power and cooling solutions consist of generators, inverters, converters, uninterrupted power supply (UPS), transfer switches, breaker transfer pairs, power transfer switching, generator paralleling breakers, air conditioning, switch transfer pairs, chilling units, liquid cooling solutions, cooling towers, economizer systems, pumping units, control systems, air coolers, and humidifiers.

In this region, the demand for these solutions was found to be the highest in the U.S. during the last few years. The popularity of these solutions was also very high in several European countries such as Germany and also in the Asia-Pacific region in the years gone by. In the coming years, the critical power and cooling solutions market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Asia-Pacific regions.

Hence, it can be said with full surety that the demand for critical power and cooling solutions will surge sharply all over the world in the coming years, primarily because of the rising requirement for backup power in data centers.

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Where will Wearable Fitness Trackers Market be in 2023?

One of the key factors responsible for the surge in the demand for wearable fitness trackers is the rising adoption of smartphone-based fitness tracking apps across the world. These apps, owing to their ability to provide a wide array of useful features, functions, and designs that help the consumers in their fitness journey, are witnessing a ballooning demand. Furthermore, the support granted to these apps by all the major smartphone operating systems, such as Android, Apple, and Blackberry, is resulting in their easier accessibility, thereby leading to their high utilization. 

The global wearable fitness trackers market is expected to register massive growth during the forecast period (2018–2023), with a CAGR of 16.5%. The mushrooming sales of wearable fitness trackers, as a result of their escalating global demand, are expected to result in $48.2 billion revenue by 2023. In simple terms, a fitness or activity tracker monitors how well people are working on their fitness, by measuring the distance traveled, calories burnt, and also the heart rate. Many of the modern-day activity trackers are synced to a smartphone, which is why the increasing downloads of fitness apps is significant.

Several variants of wearable fitness trackers are now available for purchase: smart garments and body sensors, leg-wear, and wrist-wear. Amongst these, smart garments and body sensors, on account of the rising collaboration of fitness, fashion, and high-tech companies, are expected to record the fastest growth in demand in the near future. Wearable fitness trackers are sold in the market through direct and indirect distribution channels. Owing to the skyrocketing number of online stores and the rising popularity of the online shopping concept, indirect distribution channels recorded higher sales in 2017. 

An increasing number of product launches and  cross compatibility and integration of personal assistance and personal health apps are being observed in the wearable fitness trackers market. The prominent companies manufacturing such devices are frequently launching new and innovative products, primarily to achieve their aim of expanding their global presence and product portfolio. For instance, Garmin International Inc., owned by Garmin Ltd., launched the Approach X10, a golf band variant of its wearable devices, in January 2018, which is compatible with the company’s golf app. 

Geographically, North America was the region which recorded the largest sale of such devices during 2013–2017. This was a result of the presence of prominent consumer electronics companies, such as Fitbit Inc., Apple Inc., and Fossil Group Inc., high frequency of chronic diseases, growing adoption of fitness trackers for health monitoring, and rising healthcare expenditure in the region. In the coming years, people in Asia-Pacific (APAC) are expected to purchase these devices at the highest rate, as the internet penetration is rapidly rising here.

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Why Is Automotive Sector Replacing Nuts and Bolts with Hot melt Adhesives?

With the increasing disposable income around the world, industrialization activities are picking up. This is eventually leading to the growth of the packaging industry, as anything that leaves a factory needs to be packaged, to protect it from the elements till it reaches the end customer. An important raw material required for packaging, both rigid and flexible, is the adhesive. Presently hot melt adhesives, which are available as solid, cylindrical sticks, to be applied by being heated up inside a gun, are becoming popular.

Hence, as per P&S Intelligence, the booming packaging industry will take the hot melt adhesives market value from $7,717.0 million in 2019 to $12,761.3 million by 2030, at a 6.1% CAGR between 2020 and 2030. Within the packaging sector, the usage of such materials for food and beverage packaging is burgeoning. With the increasing purchasing power of people, especially in developing countries, the consumption of packaged food and beverage products, such as potato chips, cold drinks, bakery and confectionery products, ready-to-eat food, biscuits and cookies, and other snacks, is increasing.

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Moreover, the APAC region will also be the fastest-growing region in the hot melt adhesives market during the forecast period. Owing to the booming population in the region, the demand for packaged food, clothing, automobiles, and consumer electronics is rising. Further, raw materials and labor are available at cost-effective prices in regional countries, which is why manufacturers from North America and Europe are setting up their factories here. As a result, the region is also the largest producer of chemicals, including hot melt adhesives, thereby resulting in their ready availability at low rates.

Hence, with the growth of the automotive, packaging, and other sectors, the demand for hot melt adhesives is rising.

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Why Are Researchers Switching to E-Clinical Solutions?

E-clinical solutions are used by healthcare providers, contract research organizations (CROs), and pharmaceutical and biotechnology companies, to acquire, manage, convert, and standardize data. Owing to such features, e-clinical solutions are widely used for clinical trials conducted by pharmaceutical and biotechnology companies. Furthermore, the CROs are using such solutions for supporting the pharmaceutical and medical device sectors, by offering research services, such as biopharmaceutical development, clinical trials management, preclinical research, clinical research, and biological assay management, on a contractual basis.

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Adoption of e-clinical solutions has accelerated, due to rising attempts to invent treatments for diseases like cancer, acquired immunodeficiency syndrome (AIDS), and diabetes. These attempts have encouraged pharmaceutical, biopharmaceutical, clinical research, and life sciences firms to invest hefty amounts in the development of e-clinical solutions market. Furthermore, surging incidence of cancer and diabetes will increase the application of e-clinical solutions. For example, the World Health Organization (WHO) states that cancer accounts for nearly 9.6 million deaths, annually. Whereas, the International Diabetes Federation (IDF) estimates that around 629 million people will suffer with diabetes, globally, by 2045.

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Additionally, booming ageing population will accelerate the requirement of e-clinical solutions, as the elderly are highly susceptible to chronic diseases like cancer, diabetes, and cardiovascular diseases (CVDs). According to the United Nations Department of Economic and Social Affairs (UNDSEA), the population size of individuals aged 65 years or above will reach 225.4 million in India, 356.6 million in China, 84.8 million in the U.S., and 52.0 million in Brazil, by 2050. They require better drugs due to the rising complexities in life-threatening diseases, on account of climatic abnormalities and changing lifestyle pattern.

Another factor driving the demand for such solutions is the government efforts to digitally transform their medical infrastructure. For instance, as part of its Health Information Technology for Economic and Clinical Health (HITECH) Act, the U.S. government incentivizes healthcare professionals who use digital technologies. Similarly, in 2015, the European Union (EU) announced plans to invest $18.1 million for developing the digital health infrastructure in the region, so that as many medical services as possible can be dispensed virtually, thereby resulting in time and cost savings for patients as well as caregivers.

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Surging Deployment of Electric Vehicles Fueling Demand for Lithium-Ion Batteries

With the mushrooming sales of electric vehicles, the demand for lithium-ion batteries is growing rapidly across the world. Due to the soaring air pollution levels and the fluctuating oil prices, the governments of many countries are implementing policies aimed at augmenting the deployment of electric vehicles. As per the Global EV Outlook 2018, 3.1 million electric passenger cars were sold around the world in 2017. This registered an increment of 57% from the electric passenger car sales recorded in 2016. 

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As lithium-ion batteries are extensively used in modern battery electric vehicles (BEVs), due to their high energy density, the ballooning sales of electric vehicles (EVs) are positively impacting the demand for these batteries across the world. Besides the surging sales of EVs, the growing adoption of lithium-ion batteries in various consumer electronics devices is also propelling their worldwide sales. The rising energy density of these energy storage devices is creating lucrative growth opportunities for many lithium-ion battery manufacturing organizations.

Due to the above-mentioned factors, the demand for lithium-ion batteries is increasing sharply all over the world, which is, in turn, fueling the expansion of the global lithium-ion battery market. As a result, the valuation of the market is predicted to rise from $33,720.8 million in 2018 to more than $106,493.0 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 21.8% from 2019 to 2024. 

Across the globe, the lithium-ion battery market is predicted to boom in the Asia-Pacific (APAC) region in the coming years. This will be due to the burgeoning requirement for electric vehicles (EVs), on account of their rapidly falling prices and the implementation of favorable government policies regarding their adoption, and smartwatches, smartphones, smart vacuum cleaners, smart bulbs, laptops, and various other smart devices and the rapid technological advancements being made in this region. 

Therefore, it is quite clear that the sales of lithium-ion batteries will shoot up all over the world in the upcoming years, mainly because of their growing usage in consumer electronics products and the mushrooming deployment of electric vehicles in several countries.

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How Are Lead-Acid Batteries Aiding Transition to Renewable Energy?

Around the world, the population continues to grow, which is leading to the rising demand for electricity, among almost all other things. More people and houses mean more electrical appliances in use, which is putting immense pressure on national grids. In a large number of countries, especially the developing ones, the energy being produced is still way lesser than required. Thus, the existing grids regularly witness high-load conditions, which lead to power cuts for short and long durations.

As power cuts disrupt the day-to-day life, the demand for equipment that can continue to provide power in case of outages has been steadily increasing. Therefore, uninterruptible power supply (UPS) sales are increasing around the world. Since these devices draw electricity from lead–acid batteries, P&S Intelligence has forecast a 3.7% CAGR for the lead–acid battery market during 2018–2023. At this rate, the revenue generated from the sale of these energy storage systems will likely rise from $56.9 billion in 2017 to $70.7 billion by 2023.

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Similarly, the demand for these batteries is also growing in the renewable energy sector. As air pollution continues to mount and days become hazier every year, countries are setting up wind, solar, and hydroelectricity plants to reduce the consumption of crude oil and coal at thermal power stations. Though renewable energy can potentially make the earth greener, its output isn’t reliable. This is why batteries are required at such establishments to store any extra electricity that is produced, so that it can be discharged to the grid when the power demand surges.

Owing to the combined effect of the growing automotive, renewable, and other sectors, the lead–acid battery market is presently dominated by Asia-Pacific (APAC), a trend unlikely to change in the coming years. APAC is the largest producer of vehicles, both conventional and electric, as well as of renewable energy. Coupled with this, construction activities are rampant in the region, which is another factor propelling the installation of batteries, both during construction and for UPSs, after the properties have been bought or leased.

Therefore, with the rapid urbanization pushing up the demand for continuous electricity supply at houses, hospitals, factories, and public transport establishments, the sales of lead–acid batteries will keep escalating.

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Remote Consulting and Patient Monitoring a Reality with Telemedicine

To make healthcare easily accessible to the masses, governments of numerous countries are investing heavily in digital and virtual technologies. For instance, the Health Resources and Services Administration (HRSA) and U.S. Department of Health and Human Services (HHS) invested $15 million in May 2020 in 159 organizations working in the field of telemedicine, to help them ramp up their capabilities amidst the devastating COVID-19 pandemic. Moreover, a month ago, the congress, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, authorized the Federal Communications Commission (FCC) to invest $200 million for the provision of connected care across the country.

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This is because among many of its purposes, telemedicine is used for monitoring the condition of patients remotely. These days, a number of connected medical devices, such as multi-parameter monitors, blood glucose monitors, sphygmomanometers, capnographs, and electroencephalograms (EEG), are being used to monitor patients’ health and transmit the data over the internet or the phone line to the server of their doctors. Since it saves patients the trouble of physically visiting their doctor for routine stuff, remote monitoring is becoming increasingly popular in far-flung areas.

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However, the most-prominent purpose for which telemedicine is presently used is teleconsulting. In this method, the doctor communicates with the patient via telephone or internet audio and video, wherein regular conditions are diagnosed, symptoms shared, and medical and dietary advice taken. This helps patients in at least two ways: first, it saves them the time and money spent in visiting a healthcare facility, and second, it prevents the transmission of healthcare-acquired infections (HAI). With doctors currently not seeing patients personally for non-COVID illnesses, teleconsulting is being increasingly practiced.

Since the usage of audio and video equipment for remote healthcare purposes mandates technological advancements and heavy investments, the telemedicine market of North America has been the most productive till now. Moreover, the prevalence of chronic diseases, especially cancer and heart issues, is quite high in the region, which creates the need for extensive patient monitoring. Moreover, as per the UN, the geriatric population in the region will increase to 96.3 million by 2050 from 59.9 million in 2019, thereby driving the demand for various telemedicine services.

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