Why Is North America Dominating Bioethanol Market?

The bioethanol market growth during the forecast period (2021–2030) will be driven by the surging need for sustainable and eco-friendly fuels, rising energy consumption, and increasing volume of greenhouse gas emissions in the environment. Moreover, the rapid depletion of natural resources will also facilitate the market growth in the foreseeable future. According to P&S Intelligence, the market was valued at $38.0 billion in 2020. Additionally, the soaring number of research and development (R&D) initiatives in this domain, owing to the large-scale availability of biomass, will also augment the market growth in the foreseeable future.

One of the key growth drivers for the market is the depleting reserves of natural resources, primarily on account of the surging energy consumption. Non-renewable resources, such as natural gas and crude oil, are available in limited quantities and thus, need to be preserved for sustainable development. Since bioethanol is primarily obtained through the fermentation of sugars derived from starch-intensive crops, it has the potential to serves as a promising alternative fuel. Besides, the harmful effects associated with oil also encourage people to opt for eco-friendly substitutes.

The end user segment of the bioethanol market is classified into transportation, cosmetics, alcoholic beverages, pharmaceuticals, and others, such as paints and coatings and chemicals. Among these, the transportation category held the largest market share in 2020, and it is projected to retain its market dominance throughout the forecast period. This can be owed to the rising implementation of government initiatives mandating the use of bioethanol as a biofuel in the transport sector. In comparison to conventional fuels, bioethanol is cheaper, cleaner, and more effective.

Globally, the North American bioethanol market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be primarily attributed to the implementation of favorable biofuel policies and large-scale production of bioethanol in the region, owing to the rising environmental concerns. The Governments of the U.S. and Canada have mandated the use of bioethanol blends in automobiles. Moreover, the increasing production of corn-based bioethanol, escalating focus on energy efficiency, and surging crop yields will also support the market growth in the region in the upcoming years. 

Therefore, the escalating need for alternative fuels and rapid depletion of fossil fuel reserves will contribute to the market growth in the forthcoming years.

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How Are Developing Nations Steering Flywheel Energy Storage Market Growth?

A number of factors such as the escalating need for electricity in remote areas, increasing number of government policies related to electricity generation, and rising need to replace the conventional energy generation methods with new variants will complement the flywheel energy storage market growth during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at around $300.0 million in 2020. Flywheel energy storage systems are being used to aggregate power in traditional power generating plants, to meet the burgeoning energy demand and solve power quality problems.

The mounting demand for continuous energy supply in developing countries, such as Brazil, Russia, India, China, and South Africa, will contribute to the market growth in the upcoming years. Moreover, the escalating need for backup power sources, such as uninterruptible power supply (UPS), and the rising installation of intermittent power sources, including microgrids, will also boost the market growth in the upcoming years. Flywheels are also being integrated into the electrical networks to supplement power generation through intermittent renewable energy sources.

The application segment of the flywheel energy storage market is categorized into distributed energy generation (DGE), UPS, and others, including circuit breakers, voltage regulators, power quality improvement systems, and frequency regulators. Among these, the UPS category generated the highest revenue in 2020, and it is also expected to demonstrate the fastest growth during the forecast period. This can be attributed to the booming demand for continuous electricity supply across all industries, to operate electrical equipment and devices without interruption. 

Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period as well. This can be credited to the soaring number of flywheel energy projects to conserve power in the region. Whereas, the Asia-Pacific (APAC) market is expected to exhibit the fastest growth during the forecast period, due to the burgeoning demand for continuous power supply and increasing government efforts to produce clean energy. 

Thus, the mushrooming demand for regular and backup power supply will drive the market growth in the upcoming years.

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Why Are Automakers Using Wireless Charging Systems in Electric Vehicles?

Wireless chargers being used by various industries consist of transmitters and receivers. Wireless charging technology uses radio frequencies transmitted through a wireless charger and picked up by a receiver within the device to convert them into direct current (DC) voltage. Wireless chargers offer an easier charging experience to customers as the transfer of power through wireless technology is not dependent on the alignment of the receiver and transmitter. 

As many receivers are utilized to charge multiple devices from a single source, EV charging stations are deploying them in abundance. In the preceding years, the wireless charging market was dominated by North America, due to the presence of a large number of wireless charger manufacturers, such as Qualcomm Technologies Inc. and Plugless Power Inc., in the region. 

Wireless Charging Market Drivers and Growth Rate, Forecast by 2030

Moreover, the advancements in the charging technology in the medical equipment sector, especially in the U.S., and the expansion of the EV industry will also fuel the usage of wireless charging systems in the region in the forthcoming years. Owing to these reasons, North America will retain its dominance in the coming years as well.

Whereas, the Asia-Pacific (APAC) region will witness the fastest rise in the sales of wireless chargers in the forthcoming years, due to the burgeoning demand for EVs, such as smartphones, laptops, smartwatches, ear pods, gaming consoles, and personal digital assistants (PDAs) in the region. 

For instance, according to the Society of Manufacturers of Electric Vehicles (SMEV), 155,400 units of EVs were sold in India during the financial year 2019–20. Furthermore, the China Association of Automobile Manufacturers (CAAM) states that 200,000 new energy vehicles were sold in China in November 2020.

Therefore, the booming demand for EVs and consumer electronics will augment the adoption of wireless charging systems in the foreseeable future.

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Rising Aromatherapy Demand Fueling Essential Oils Market Growth

A number of factors such as the booming demand for aromatherapy, surging customer preference for natural products, and increasing consumption of essential oils in the cosmetics and food and beverage industries are expected to drive the essential oils market growth during the forecast period (2021–2030).  According to P&S Intelligence, the market generated a revenue of ~$11 billion in 2020. In recent years, the escalating use of essential oils at spas has become a prominent market trend, owing to the rising public awareness of skincare treatments.

The burgeoning demand for aromatherapy is one of the primary growth drivers for the market. Aromatherapy refers to an alternative treatment process that utilizes naturally harvested essences to support, harmonize, and balance the mental and physical health of patients. This treatment process uses essential oils as they activate the smell receptors in the nose, which convey information to the brain through the nervous system. The oil is also used to treat anxiety or chronic stress, fatigue, skin problems, depression, and respiratory infections.

Whereas, the Asia-Pacific (APAC) essential oils market is expected to showcase the fastest growth during the forecast period. This will be due to the surging availability and rising affordability of essential oils in the region. Additionally, the improving lifestyles of people and mounting awareness about such oils will facilitate the market growth in the region in the foreseeable future. Besides, the escalating awareness about the outcomes of aromatherapy and the booming number of patients suffering from chronic diseases will also augment the demand for essential oils in the region in the coming years. 

Thus, the increasing public awareness of aromatherapy and surging demand for natural products will fuel the market growth in the years to come.

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Asia-Pacific 1,5-Cyclooctadiene Market To Prosper in Coming Years

The global 1,5-cyclooctadiene market revenue stood at around $210.0 million in 2020, and the market is predicted to progress rapidly during 2020–2030 (forecast period). This is attributed to the surging adoption of various modern agricultural methods, which are driving the use of agrochemicals such as pesticides and fertilizers. In addition to this, the increasing industrialization and urbanization rates and soaring disposable income of people, especially in the Eastern countries, are also fueling the expansion of the market across the world. 

As 1,5-cyclooctadiene is a major raw material for polystyrene, which is heavily required in the production of food packaging, the burgeoning need for packaged meals, on account of the mushrooming population of working people in both developing and developed countries, is driving its demand. In addition, the growing preference of people for purchasing food products and groceries online is also pushing up the requirement for polystyrene packaging, which is, in turn, propelling the expansion of the market.

Across the globe, the Asia-Pacific (APAC) region contributed the highest revenue to the 1,5-cyclooctadiene market in 2020, as per the observations of P&S Intelligence, a market research company based in India. This trend is also expected to continue in the upcoming years. This is credited to the surging per capita income and the growing demand for personal care and home-use products in regional countries such as South Korea, China, Thailand, and India.

In recent years, the agriculture sector has witnessed the large-scale usage of the hydrocarbon, primarily because of the surging requirement for agrochemicals such as insecticides and fertilizers. Moreover, the ballooning utilization of agrochemicals for augmenting the crop yield and preventing the chances of crop losses is becoming highly essential for sustainable and organic agriculture, thereby driving the demand for 1,5-cyclooctadiene. Additionally, the rising scale of farming operations, especially in developing countries such as China, Brazil, India, South Africa, South Korea, and Indonesia, is expected to propel the need for 1,5-cyclooctadiene in the coming years.

Hence, the market will grow rapidly in the forthcoming years, primarily because of the burgeoning requirement for food packaging and processed food products, expansion of the personal care industry, and the surging usage of agrochemicals such as pesticides, insecticides, and fertilizers in farming processes all over the world.

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How Is Booming Construction Sector Fueling Mobile Cranes Market Growth?

A number of factors such as the expanding construction industry in developing countries, accelerating industrialization rate in emerging economies, and surging adoption of global positioning system (GPS) technology will support the mobile cranes market growth during the forecast period (2021–2030). The market generated a revenue of ~$13.0 billion in 2020. At present, the increasing frequency of product launches is becoming a prominent market trend. For example, in February 2021, Manitex Valla of Italy, a subsidiary of U.S.based Manitex International, introduced a remote-controlled and battery-operated electric mobile crane named V110 R.

One of the primary growth drivers for the market is the rising construction activities, owing to the booming world population. A spike in the population is encouraging the governments of several countries to invest in the construction sector. Moreover, the mounting purchasing power of people, escalating urbanization rate, increasing government efforts to provide affordable housing, and soaring investments being made in the construction of offices, hotels, retail centers, apartments, and civic infrastructure will also supplement the market growth in the forthcoming years.

In recent years, companies operating in the mobile cranes market have been focusing on mergers and acquisitions to gain a competitive edge. For instance, in August 2019. Tadano Ltd. acquired Demag Mobile Cranes to expand its product portfolio of lifting equipment. The former acquired eight lattice boom crawler crane models, which have a lift capacity of 400–3,200 tons. Similarly, in September 2019, Solley Equipment & Rigging LLC was acquired by Maxim Crane Works L.P. With this acquisition, the latter expanded its operations across the U.S. and improved its full-service, nationwide crane lifting, and rental solutions platform.

According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the mobile cranes market in 2020, and it is expected to retain its dominance throughout the forecast period. This can be primarily ascribed to the surging construction activities in developing countries, such as India, the Philippines, Indonesia, and China. Besides, the escalating purchasing power of people, increasing urbanization rate, burgeoning population, and rising government efforts to offer affordable housing will also augment the demand for mobile cranes in the foreseeable future. 

Thus, the flourishing construction industry and amplifying frequency of product launches will facilitate the market growth in the foreseeable future.

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Increasing Prevalence of Neurological Diseases Propelling Brain Implants Demand

 With the surging geriatric population in several countries, on account of the falling death rates and increasing life expectancy of people, the demand for brain implants is growing rapidly across the world. As per the findings of the United Nations (UN), the share of people aged 65 years and above in the global population increased from 6% in 1990 to 9% in 2019. Furthermore, the share will to rise to 16% by 2050, as per the estimates of the UN. 

Access Detailed Report on Brain Implant Market Revenue Estimation

Additionally, according to the 2020 World Population Aging report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people are highly vulnerable to various neurological diseases such as Parkinson’s, epilepsy, essential tremors, depression, and Alzheimer’s, their soaring population is augmenting the need for brain implants.

Spinal cord stimulation, vagus nerve stimulation, and deep brain stimulation are the most commonly used types of brain implant procedures around the world. Out of these, the demand for deep brain stimulation treatments is expected to surge sharply in the upcoming years. This will be because of the several advantages of deep brain stimulation over the other treatment procedures such as reduced stiffness, lesser difficulties in walking, and quicker reaction times. This treatment is usually prescribed to the patients who show no improvement in their condition from therapies over a period of at least five years. 

Across the globe, the brain implant market will register the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the surging investments being made in research and development activities for developing long-term treatment procedures for psychiatric and neurodegenerative diseases and the presence of a rapidly improving healthcare infrastructure in the region.

Therefore, the demand for brain implants will rise tremendously in the forthcoming years, mainly because of the surging population of geriatric people and the rising prevalence of neurological diseases all over the world. 

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