Why will Demand for Facility Management Services Soar in Asia-Pacific in Coming Years?

The expansion of the construction, hospitality, and tourism industries is one of the major factors driving the demand for facility management services across the world. Furthermore, the rising urbanization rate, rapid economic progress, and the launch of smart city and infrastructural development projects by the governments of several countries are also pushing up the requirement for these services, as these services are heavily required by businesses and commercial establishments such as mega food parks, shopping malls, and special economic zones (SEZs) for catering to the needs of people. 

Additionally, the surging number of corporate offices and retail stores in several countries, on account of the economic growth and increasing industrialization and urbanization rates, is also fueling the demand for facility management services all over the world. Owing to the aforementioned factors, the facility management market is predicted to exhibit huge expansion in the coming years. Hard services and soft services are the two most widely used types of facility management services across the world. Between these, the demand for hard services is predicted to rise sharply in the coming years.

Further, the rapid development of green/sustainable buildings is also driving the demand for facility management services across the world. Globally, the demand for these services will rise at the fastest pace in the Asia-Pacific (APAC) region over the next few years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the increasing construction and infrastructural development projects in regional countries in order to meet the surging requirements of people. 

Furthermore, many international companies are setting up their offices, service centers, and research and development facilities in the region, owing to the high growth potential there. This is subsequently pushing up the requirement for facility management services in the region. Cleaning, property, security, support, catering, and environmental management are the major facility management services used all over the world. Some of the major organizations operating in the facility management market are Imdaad LLC, Tenon FM, Compass Group, Jones Lang LaSalle, G4S plc, Emrill Services LLC, and EMCOR Group.

Thus, it can be safely said that the demand for facility management services will surge sharply in the coming years, primarily because of the expansion of hospitality, tourism, and construction industries, rising urbanization and industrialization rates, and increasing number of retail stores and corporate offices across the world.

Read More

Non-Sugar Sweeteners Catering to Sweet Tooth of Diabetic Patients

Non-sugar sweeteners are substitutes for sugar, and they have different properties than organically produced sugar. This condiment is often advised by doctors to patients suffering from diabetes and reactive hyperglycemia. As the consumption of sugar-based food products harms the health of diabetic patients, food and beverage companies are focusing on the production of sweet dishes and bakery items made from non-sugar sweeteners. In recent years, the consumption of non-sugar-sweetener-based products has significantly surged in low- and middle-income countries (LMICs) due to the rising number of diabetes patients.

Non-Sugar Sweeteners Market Outlook

Thus, the increasing cases of diabetes, especially in LMICs, will support the progress of the non-sugar sweeteners market in the foreseeable future. The International Diabetes Federation (IDF) says that around 463 million individuals within the age group of 20–79 years had diabetes in 2019, globally. Furthermore, the federation forecasts that 578 million and 700 million people within the same age group will be affected by this common disorder of the endocrine system by 2030 and 2045, respectively.

According to P&S Intelligence, the European non-sugar sweeteners market will exhibit the fastest growth in the forthcoming years due to the surging incidence of diabetes and rising awareness about healthy eating, which involves reducing the sugar intake. According to the Organisation for Economic Co-operation and Development (OECD), around 32.3 million adults in the European Union (EU) were diagnosed with diabetes in 2019. As per the IDF, 465,916,400 diabetes-related deaths were recorded in 2019. Furthermore, the IDF forecasts that 65,993,300 people within the age group of 20–79 years in Europe will be diagnosed with diabetes by 2030.

Thus, the soaring prevalence of diabetes and escalating urbanization rate will fuel the use of non-sugar sweeteners.  

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More