Increasing EV Sales Accelerating Automotive Battery Management System Adoption

A battery management system (BMS) is an intrinsic component of an automobile as it maintains the battery in operational condition, predicts battery life, and protects the storage units from damage. The system performs these tasks by controlling the charging process, protecting and balancing the cells, storing and monitoring historical operational data, and determining the state of health (SOH), remaining useful life (RUL), and state of charge (SOC) of the battery. This system aims to optimize the run-time per discharge cycle and the number of life cycles that can be attained by the battery during its lifetime.

This system is integrated into electric vehicles (EVs) and hybrid electric vehicles (HEVs) to improve the battery life and protect it from any damage. With the increasing environmental concerns, the sales of these vehicles have witnessed a significant spike in recent years. According to the International Energy Agency (IEA), more than 10.2 million EVs were in operation across the world in 2020. The surging adoption of these new-energy vehicles will thus support the automotive battery management system market growth in the coming years. 

Resultingly, according to P&S Intelligence, Asia-Pacific (APAC) dominates the automotive battery management system market, wherein China is the leading procurer of such solutions. The dominance of APAC can be credited to the favorable initiatives and policies supporting the production of EVs in China. Apart from China, Japan and India are expected to procure automotive BMSs in abundance. Among many initiatives, the increasing attempts by governments to end the production and sales of diesel- and gasoline-powered vehicles will support the adoption of such systems, by amplifying EV sales.

Thus, the surging EV sales on account of the escalating environmental concerns and strong government support will boost the adoption of automotive BMSs in the foreseeable future.

Read More

Demand for Wound Closure Products Set to Explode in Asia-Pacific in Future

The increasing incidence of road accidents is one of the major factors fueling the demand for wound closure products around the world. The wounds caused due to accidents are usually exposed to debris, soil, bodily fluids, and microbes. Moreover, these wounds often result in tissue loss, which subsequently extends the body’s healing process. Apart from the rising prevalence of road accidents, the increasing occurrence of burn cases is also positively impacting the demand for wound closure products around the world. 

According to the American Burn Association (ABA), the U.S. witnessed nearly 486,000 burn injuries in 2011. Surgical intervention is usually required for healing these injuries. As wound closure products are heavily used in surgical procedures for closing the wounds caused due to surgical incisions, the growing incidence of burn cases is propelling their worldwide demand. Wound closure products assist in the management of wounds in both external and internal surgical applications. 

The growing prevalence of chronic wounds is also fueling the sales of wound closure products around the world. This is because surgical intervention is usually required for treating chronic wounds such as pressure ulcers, venous leg ulcers, and diabetic foot ulcers. Due to these factors, the demand for wound closure products is surging sharply across the world. This is, in turn, driving the advancement of the global wound closure products market. 

Sutures, surgical staples, wound closure strips, adhesives and tissue sealants, and hemostats are the major types of wound closure products used all over the world. Out of these, the demand for sutures was found to be the highest during the last few years. This was ascribed to the huge prevalence of chronic wounds and surgeries across the world. General, cardiovascular, orthopedic, gynecological, and ophthalmic surgeries are the biggest application areas of wound closure products.

Read More

What are Key Factors Powering Global Technical Illustration Software Market Expansion?

The global technical illustration software market is set for lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. One of the major factors driving the market expansion is the changes being made in product demonstration for ensuring greater customer awareness. The software helps companies accurately convey information to clients via visual communication.

Nowadays, several companies are showing interest in the storyboard demonstration of a service or a product, that gives a concise, detailed, and clear information rather than simply text-heavy content. Technical illustration software helps consumers understand difficult concepts quickly and easily by simply observing an illustration, instead of reading a text-heavy and lengthy explanation. The software enables high-impact visual communication and provides various design features that businesses need for basing illustrations on.

Furthermore, with the help of this software, organizations can design 3D models of their products for demonstrating the features of the products from different angles, which will, in turn, help them attract customers and attain higher sales. Technical illustration software is used for designing and creating visual representations of services and products provided by a company.

It can be either raster-based or vector-based. While vector-based software draws shapes, lines, and paths on the basis of mathematical principles, the raster-based software generates images from pixels. Depending on component, the technical illustration software market is divided into service and solution categories.

This market research report provides a comprehensive overview of the 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
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

Read More

How Are Tourism and Hospitality Industries Boosting Mexico Shower Glass Door Market Growth?

The flourishing tourism and hospitality industries and increasing consumer focus on do-it-yourself (DIY) activities and home décor will drive the Mexican shower glass door market at a 6.7% CAGR during the forecast period (2021–2030). According to P&S Intelligence, the market stood at $255.7 million in 2020 and it is expected to reach $483.1 million by 2030. Moreover, the rising purchasing power of customers, on account of enhancing per capita income, will allow them to spend on luxury consumer goods, such as shower glass doors.

The expanding tourism and hospitality sectors have a positive impact on the Mexican shower glass door market. The growth in these sectors has resulted in an exponential rise in the number of resorts and hotels. Owing to this reason, the adoption of shower glass doors has significantly increased. As bathrooms are an important part of the resorts and hotels, the service charges of rooms also depend on the luxury components of the bathrooms. 

The shower glass door products offered through indirect sales and direct sales channels in Mexico are produced by Megaluminio Servicios Sociedad Anónima de Capital Variable, Luxury Glass Doors, Contractors Wardrobe Inc., Soliglass S.A. de C.V., American Standard Brands, Luma ´k S.A. de C.V., Vitralum Glass Solutions Inc., Kinetic S.A. de C.V., VIGO Industries LLC, and Foshan Korra Bath Ware Co. Ltd. These market players are involved in the production of framed and frameless shower glass doors, which are being adopted in the country. 

Explore More: https://www.psmarketresearch.com/market-analysis/mexico-shower-glass-door-market

Thus, the bolstering tourism and hospitality industries and the growing popularity of the DIY concept will augment the demand for shower glass doors in Mexico, during the forecast period.

Read More

Mushrooming Commercial Vehicle Sales Driving Electric Power Steering Demand

The growing integration of electric power steering (EPS) systems in commercial vehicles such as buses and trucks is pushing up their demand all over the world. Commercial vehicles usually operate at night and have to travel through remote locations, often facing harsh weather and conditions. Thus, commercial vehicle drivers and fleet owners are increasingly incorporating electric power steering systems in their vehicles in order to reduce the chances of road accidents.

Additionally, the implementation of regulations regarding the adoption of advanced driver assistance systems (ADAS) with several vehicle systems by the governments of various countries is also propelling the demand for electric power steering systems. For example, as per the Regulation No. 79 of the Economic Commission for Europe, of the United Nations (UN/ECE), the uniform provisions pertaining to the approval of automobiles mandate the installation of advanced steering equipment in vehicles. 

This is, in turn, fueling the expansion of the global electric power steering market. EPS systems are installed in both commercial vehicles and passenger cars. Between these two, the adoption of these systems was found to be higher in the passenger cars between 2014 and 2019. This was because of the large number of passenger cars in operation and the launch of new models equipped with advanced EPS systems. 

Hence, it can be said with confidence that the demand for electric power steering systems will surge sharply in the coming years, primarily because of their growing requirement in the commercial vehicles, on account of the rising prevalence of road accidents and the enactment of stringent government regulations regarding their integration in these vehicles across the world. 

Read More

Why Is Aerospace Industry Using Thermal Spray Materials?

Thermal sprays are widely used in the medical devices, oil and gas, aerospace, automotive, electronics, energy and power, rubber, mining, industrial manufacturing, textile, and food processing industries. According to P&S Intelligence, the aerospace industry used the highest quantity of thermal spray materials in the past, especially in the coatings applied on turbo-machinery, such as rotor-path linings, engine components, compressor seals, high-pressure turbine seals, airframes, and oil seals. The aerospace industry uses these materials to improve fuel efficiency, enhance fluid dynamics, reduce maintenance costs, and decrease wear and tear.

The rising penetration of the aerial mode of transportation and spurring demand for commercial and fighter aircraft will, thus, increase the requirement for thermal spray materials in the coming years. Moreover, the higher budgetary allocation for the defense sector by the governments of the U.S., Japan, China, and India will facilitate the growth of the aerospace industry. The expansion of the aerospace industry will, therefore, drive the thermal spray materials market at a 7.4% CAGR during the forecast period. The market revenue is expected to grow from $1,860.8 million in 2018 to $2,869.2 million by 2024.

In recent years, the usage of thermal spray materials has significantly surged in the Eastern European and Asia-Pacific regions due to the vast population and rapid urbanization here. These two factors have, in turn, led to a massive demand for machinery in the consumer products, construction, and automotive industries. Such equipment requires thermal spray coatings to protect them from wear, erosion, corrosion, and any other type of damage, which is why chemical companies that provide these materials are witnessing consistent business growth.

Geographically, the North American region held the largest share in the thermal spray materials market in 2018. This can be attributed to the presence of major military and civil aircraft manufacturing companies in the region, such as Bombardier Inc., The Boeing Company, and Lockheed Martin Corporation. Moreover, the existence of leading automotive companies, such as Ford Motor Company, General Motors (GM), Tesla Inc., Chevrolet, Lincoln, Chrysler, and Jeep, also stimulates the market growth in the region.

Thus, the growing aerospace industry, on account of the high demand for commercial and military aircraft and high penetration of aerial transportation, will result in the high-volume consumption of thermal spray materials in the coming years.

Read More: https://www.psmarketresearch.com/market-analysis/thermal-spray-materials-market

Read More

Booming Cosmetics Industry Driving Demand for 1,3-Butylene Glycol in Asia-Pacific

With the expansion of the cosmetics industry, the demand for 1,3-butylene glycol is rising sharply across the world. This is because the compound is heavily used as a humectant in cosmetics, due to its ability to be used as viscosity-decreasing component. In addition to this, the compound fixes volatile compounds such as flavors and fragrances in cosmetic formulations, which, in turn, stabilizes them, assists in aroma retention, and prevents the spoilage of cosmetic formulations by microorganisms.

To learn more about this report: https://bit.ly/3un9t6O

Furthermore, the compound has a high distribution coefficient, which leads to the higher efficacy of the preservatives mixed in the formulations. This allows the cosmetics producers to reduce the dosage of the applied preservatives. Besides this, the surging geriatric population, the huge investments being made in the cosmetics sector, and the soaring disposable income of people are also positively impacting the demand for 1,3-butylene glycol by pushing up the demand for beauty and personal care products across the world. 

Another major factor fueling the demand for the compound is its mushrooming requirement in the pharmaceutical sector. Due to these factors, the global 1,3-butylene glycol market is booming. As a result, its size is predicted to rise from $139,994.9 thousand in 2019 to $227,057.5 thousand by 2030. Furthermore, the market is expected to progress at a CAGR of 5.0% between 2020 and 2030. Cosmetics and personal care products and food products are the major application areas of 1,3-butylene glycol.

Globally, the 1,3-butylene glycol market will exhibit the fastest growth in the Asia-Pacific region in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This is attributed to the ballooning sales of beauty care products in the emerging economies such as India and China, due to the surging disposable income of the people residing in these countries. Moreover, many beauty care product manufacturers are rapidly expanding their production capacities for meeting the soaring requirements. 

Therefore, it is clear that the demand for 1,3-butylene glycol will surge in the upcoming years, mainly because of its growing usage in the pharmaceutical industry and cosmetics and personal care products and the expansion of these industries across the world.

Read More: https://www.psmarketresearch.com/market-analysis/1-3-bg-market

Read More