Hot and Cold Therapy Packs Market To Generate $2,008.2 Million Revenue by 2030

The rising prevalence of orthopedic diseases, growing aging population, increasing healthcare spending, mounting number of sports injuries, rising number of product launches, surging adoption of non-invasive pain management therapies, and increasing number of road accidents are projected to propel the hot and cold therapy packs market at a 7.7% CAGR during 2021–2030. At this rate, the market size will reach $2,008.2 million by 2030 from $981.9 million in 2020. Moreover, the market is witnessing the shifting patient preference from medicines toward non-pharmaceuticals and non-invasive pain management therapies. 

The type segment of the hot and cold therapy packs market is bifurcated into cold therapy packs and hot therapy packs. Between the two, the cold therapy packs category led the market during the historical period (2015–2020), and it is projected to dominate the market in the coming years as well. This can be ascribed to the high preference of people suffering from chronic bone and joint pain for cold therapy packs. Moreover, athletes use these packs widely for reducing the inflammation and pain caused by sports injuries.

Additionally, on the basis of application, the hot and cold therapy packs market is classified into sports injuries, neuropathic pain, and post-surgical pain. According to P&S Intelligence, among these applications, the sports injuries category generated the highest revenue in 2020, and it is also projected to record the fastest growth in the coming years. This can be attributed to the high usage of hot and cold therapy packs for the treatment of sports injuries, as sportspersons prefer non-invasive pain relief therapies widely, across the globe. 

Geographically, Asia-Pacific (APAC) hot and cold therapy packs market is projected to record the highest CAGR during the forecast period. This will be due to the growing geriatric population, increasing prevalence of orthopedic diseases, rising healthcare expenditure, and surging casing of sports injuries and road accidents in APAC. Whereas, North America held the largest market share in 2020 owing to the presence of major market players, high disposable income, surging incidence of orthopedic diseases, such as arthritis and osteoporosis, growing aging population, and increasing cases of injuries in the region.

Thus, the rising incidence of sports injuries and road accidents and surging aging population are expected to propel the market growth during the forecast period.

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Increasing E-Commerce Sales Driving Demand for Retail Logistics

The expansion of the e-commerce industry, especially in the developing countries, on account of the increasing internet and smartphone penetration, and the changing styles of logistics models are driving the demand for retail logistics across the world. As per the findings of the United Nations Conference on Trade and Development (UNCTAD), the share of online retail sales in the worldwide retail sales grew from 16% to 19% in 2020. Additionally, the organization also observed that e-commerce sales all over the world increased to $26.7 trillion in 2019, recording a rise of 4% from 2018.

 Retail Logistics Market Outlook

Furthermore, according to the India Brand Equity Foundation (IBEF), in India, the e-commerce order volume surged by 36% in the last quarter of 2020. Retail logistics is basically a sub-arm of logistics. In simple terms, it can be defined as an instrumental process of managing the merchandise flow from the supply source to customers. The retail logistics system ensures smooth flow of products to customers via efficient logistics movement. Basically, this system ensures the delivery of the right product to the right customer at the right time and at the right place. 

Thus, the growing popularity of online shopping is positively impacting the progress of the global retail logistics market. There are mainly two types of retail logistics solutions— e-commerce and conventional. Between these, the demand for conventional retail logistics solutions was found to be higher between 2014 and 2019, on account of the inventory and retailer model of fast moving consumer goods (FMCG), under which, the retailer would manage the first mile delivery of the product, while the last mile delivery would be managed by customers, who will travel to the store and bring the product to his/her home. 

Therefore, it is quite clear that the demand for retail logistics solutions will shoot up in the coming years, primarily because of the expansion of the e-commerce industry, on account of the growing internet and smartphone penetration all over the world. 

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How Is Contract Farming Driving Agricultural Micronutrient Demand?

The United Nations Department of Economic and Social Affairs (UNDESA) forecasts that the global population will reach around 9.7 billion by 2050, and it could further surge to approximately 11 billion by 2100. The population boom will create an excessive demand for food crops in the forthcoming years. The population explosion would, therefore, put immense pressure on the agriculture community to augment the volume of the crops produced. To keep up with the mounting pressure, farmers are already using agriculture micronutrients in abundance.

Additionally, the burgeoning demand for horticulture and high-value crops, such as fruits, vegetables, nuts, and ornamental crops, will aid the agricultural micronutrients market in advancing at a CAGR of 7.5% during forecast period. According to P&S Intelligence, the market was valued at $5,848.0 million in 2017, and it is expected to generate $9,009.2 million revenue by 2023. Horticulture crops require a larger volume of micronutrients, on a per hectare basis, as compared to other agronomic crops.

The micronutrients offered by FMC Corporation, Haifa Group, Akzo Nobel N.V., Chambal Fertilisers and Chemicals Limited, BASF SE, Coromandel International Limited, Sinochem Group, The Mosaic Company, and SAPEC SA are based on diethylenetriaminepentaacetic acid (DTPA), ethylenediaminetetraacetic acid (EDTA), ethylenediamine- N,N'-bis (2-hydroxyphenylacetic acid) (EDDHA), and N,N′-bis(2-hydroxyphenyl)ethylendiamine-N,N′-diacetic acid (HBED). Additionally, these companies are also involved in the production of non-chelated agricultural micronutrients, which are more economical than other variants, therefore widely used in Indonesia, China, and India.

Geographically, Asia-Pacific (APAC) dominated the agricultural micronutrients market in the preceding years, and it is expected to retain its dominance in the upcoming years. This can be ascribed to the low biofortification of crops and high deficiency of micronutrients in the soil due to continuous sowing and reaping cycles in the region. Moreover, the rising number of government initiatives for educating farmers about the benefit of adding micronutrients to the soil and mounting income level of the people of India, Indonesia, and China will boost the consumption of such agents in the forthcoming years.

Thus, the booming global population and increasing practice of contract farming will create a huge requirement for agricultural micronutrients.

Read More: https://www.psmarketresearch.com/market-analysis/agricultural-micronutrients-market

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Why will Popularity of Electric Vehicle Battery Swapping Technology Boom in APAC in Future?

A number of factors, such as the slow charging process at charging stations, need for less time consumption in charging and lower upfront cost of electric vehicles (EVs), less availability of proper charging infrastructure, and rise in investments in the manufacturing of lithium-ion batteries, are driving the electric vehicle battery swapping market. The battery swapping technology acts a suitable substitute for supplying power to EVs as it eradicates the requirement of slow-charging stations. 

The market is currently witnessing a trend of technological advancements. The advancements in battery swapping technologies are allowing drivers to swap the discharged batteries at a dedicated swapping center with charged ones. This enhances the EV’s uptime, while reducing its operational costs. Additionally, the increasing sales of EVs, falling prices of batteries, and improving technologies are projected to drive the need for battery swapping technologies across the world.

According to P&S Intelligence, Asia-Pacific (APAC) is projected to hold the largest share in the electric vehicle battery swapping market in 2030, and the regional market is also projected to observe the fastest growth in the coming years. This can be ascribed to the rising number of research and development (R&D) activities to make advancements in battery swapping technologies, government strategies to facilitate the deployment of EVs, lack of adequate charging infrastructure, rising demand for electric mobility, and surge in investments in this domain in the region.

Thus, the increasing need for zero-waiting time for EV charging and improved run time of vehicles will accelerate the adoption of the battery swapping technology across the globe in the foreseeable future.

Explroe Full Report Description At: https://www.psmarketresearch.com/market-analysis/ev-battery-swapping-market

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How Are Technological Advancements Strengthening Automotive Data Logger Market?

Factors such as the rising integration of intelligent, compact, lightweight electrical and electronic systems in passenger vehicles and the surging need to monitor and analyze real-time automobile data to optimize passenger and vehicle safety will boost the automotive data logger market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached ~$3 billion in 2020. Nowadays, the mounting investments being made by market players in the advancement of automotive data logger systems have become a prominent market trend.

Automotive Data Logger Market Outlook

One of the key growth drivers for the market is the booming demand for in-vehicle connectivity features worldwide. To meet this demand, automakers are increasingly integrating in-vehicle connectivity solutions in their offerings, through partnerships with consumer electronics and software vendors. The installation of advanced features such as automotive data logger solutions enables automobile manufacturers to collect data and then provide information about the functions of systems such as lane assist and automatic brake. 

Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the automotive data logger market throughout the forecast years, due to the existence of a vast automobile manufacturing base in the region. Moreover, the accelerating industrialization rate and flourishing infrastructure sector in APAC nations will also propel the market growth in the region in the upcoming years. Besides, the surging adoption of advanced electronic components in automobile architecture will also augment the market growth in the immediate future.

Therefore, the rising demand for in-vehicle connectivity features and accelerating technological advancements in the automotive sector will drive the market growth in the forecast years.

Explore Full Report Description At: https://www.psmarketresearch.com/market-analysis/automotive-data-logger-market

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Automotive Differential Market Growth Driven By AWD Vehicle Sales

A number of factors such as the rising adoption of all-wheel-drive (AWD) vehicles, surging need for enhanced fuel efficiency and road traction, and burgeoning demand for heavy-duty and commercial vehicles will support the automotive differential market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at ~$20 billion in 2020. At present, the increasing electrification of vehicles is becoming a prominent market trend, due to the mounting focus on mitigating vehicular pollution.

The burgeoning need for AWD vehicles, owing to the enhanced safety, drive control, and stability offered by them, will augment the demand for automotive differentials in the coming years. AWD systems were initially used in high-end vehicles, but due to the escalating consumer focus on vehicle safety, automakers are rapidly integrating such systems in passenger cars as well. Additionally, the surging installation of AWD systems in electric vehicles (EVs) will also facilitate the market growth in the foreseeable future.  

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the automotive differential market throughout the forecast period. This can be attributed to the presence of the world’s largest automobile production hub—China—in the region, due to the easy availability of raw materials, the existence of a vast workforce, and huge demand for automobiles in the country. According to the OICA, China produced 5,231,161 commercial vehicles and 19,994,081 passenger cars in 2020.

Therefore, the burgeoning demand for AWD vehicles and increasing production of passenger cars and commercial vehicles will drive the demand for automotive differentials in the foreseeable future.  

Explore Full Report Description At: https://www.psmarketresearch.com/market-analysis/automotive-differential-market

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Growing Adoption of Intelligent Applications Driving Demand for Edge AI Software

With rapid advancements in the artificial intelligence (AI) software, the requirement for intelligent applications is surging sharply. This is, in turn, driving the demand for the edge AI software, as these intelligent applications need a high computing power to process and gather information continuously for providing significant and effective outcomes, which is only possible with the adoption of this software.

Additionally, the burgeoning requirement for greater efficiency in data processing is further boosting the need for edge AI software. Besides the aforementioned factor, the surging adoption of cloud computing solutions by enterprises is also fueling the demand for this software around the world. AI-integrated applications that are deployed on the cloud usually have latency issues and provide slow responses.

As the edge AI software can make the applications function with high bandwidth and low latency by keeping the computer resources at the edge of the network, it is being increasingly adopted by businesses. The other major factor pushing up the requirement for the edge AI software is the rapid advancements being made in the internet of things (IoT) applications.

IoT applications deal with various devices that interact with each other over the internet, with the AI assisting them in learning from the data collected. Moreover, IoT enables the trading of data between different machine parts or production lines over a wireless network. Due to these factors, many organizations are actively focusing on developing enhanced IoT-based applications and gadgets, thereby propelling the growth of the edge AI software market.

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

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