What Factors would be Responsible for Boom of Anatomic Pathology Market in Asia-Pacific in Future?

 One of the biggest factors resulting in the increasing demand for anatomic pathology services across the world is the escalating prevalence of chronic diseases, such as hypertension, cancer, heart diseases, autoimmune diseases, liver cirrhosis, and kidney diseases, especially in low- and middle-income countries (LMICs). According to a report of the World Health Organization (WHO), 9.6 million people died from cancer across the world in 2018. Furthermore, the report also states that almost 70% of the deaths from cancer occur in LMICs, which, in turn, boosts the demand for anatomic pathology screening in these countries. 

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The other key factor responsible for the growth of the anatomic pathology market is the soaring geriatric population across the globe. As per the World Population Ageing published by the United Nations (UN), the global geriatric population is predicted to increase from 703 million in 2019 to 1.5 billion by 2050. Additionally, the WHO reports that the prevalence of chronic diseases, such as depression, diabetes, organ failure, dementia, and pulmonary diseases, increases with age, which further pushes the need for efficient diagnosis, thereby propelling the volume of pathological tests.

The biggest rage currently being witnessed in the anatomic pathology market is the heavy investments in the rapid development of new technologies, in order to speed up the disease diagnosis process. For instance, Greg Clark of the U.K. government announced in November 2018 that several consortium groups will together develop five new digital imaging and pathology centers, in various places in the U.K., such as Oxford, Glasgow, Leeds, Coventry, and London. The U.K. government, in order to make this possible, plans to invest $65 million from the Industrial Strategy Challenge Fund. 

Geographically, the Asia-Pacific (APAC) region is expected to observe the fastest growth in the demand for anatomic pathology testing during the forecast period. The main factors contributing to the surge in this region are the rising acceptance of personalized medicine, mushrooming patient pool suffering from chronic diseases, increasing investments by the governments of various APAC countries, as well as numerous non-government organizations, on diagnostic research, and increasing penetration of major companies in the region, which provide products for pathological screening.

Therefore, it can be concluded that owing to the ballooning need for quick and effective diagnosis of chronic diseases and rapid technological advancements in the healthcare industry, the usage of anatomic pathology testing is set to observe huge growth in the coming years.

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Why Are Governments Constantly Monitoring Air Quality?

 From 29,848,570 kilotons (kt) of CO2 equivalent in 1990, global greenhouse gas (GHG) emissions surged to 45,873,850 kt of COs equivalent in 2018, as per the World Bank. The sources of these emissions are diverse, from power plants and factories to homes and even living things (nasal exhalations). The major ill-effect of these emissions is air pollution, which, in turn, gives rise to the more-serious global warming, climate change, and respiratory problems, such as asthma and chronic obstructive pulmonary disease (COPD). While nothing can be done about human exhalations, a lot could be done about checking the GHG emissions from other sources.

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Apart from this, it is important to measure the level of such pollutants in the environment, which is why, as per P&S Intelligence, the air quality monitoring (AQM) market value will likely surge from $3.9 billion in 2017 to $6.5 billion by 2023, at an 8.9% CAGR between 2018 and 2013. Air quality index (AQI) readings are commonly available these days at major city landmarks, news channels and papers, and government and private websites. These readings are generally available for various areas in a city, with an advisory for sensitive groups, in case the AQI is too bad.

The key reason behind air pollution is the rapid urbanization, with the United Nations (UN) saying that 68% of the people on earth will be city dwellers by 2050, compared to 55% in 2019. This is leading to the rise in the number of gasoline (petrol) and diesel automobiles, rapid construction of power plants, most of which still burn coal or crude oil; rampant construction, which releases huge amount of dust and other fine particles into the atmosphere; and surging consumption of cooking gas.

However, Asia-Pacific (APAC) is expected to be the fastest-growing air quality monitoring market in the years to come. Home to the most city dwellers in the world, APAC’s problem of GHG emissions is especially serious. Moreover, this region also has the largest number of automobiles on the roads, which are a major contributor to these emissions. Delhi, Beijing, and several other Chinese and Indian cities constantly rank as the most-polluted in the world, which has created a strong need for regular AQI bulletins based on the readings from AQM devices.

Thus, with the rising levels of pollutants in the air, the demand for devices to measure the indoor and outdoor air quality will rise.

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U.S. Automotive Tire Market Revenue To Exceed $75.0 Billion by 2024

The U.S. automotive tire market revenue reached $57.9 billion in 2018 and it is predicted to rise to $75.4 billion by 2024, owing to the booming automotive industry and surging requirement for tire replacement, because of the growing average lifespan of automobiles, in the country. According to the estimates of P&S Intelligence, a market research company based in India, the market will demonstrate a CAGR of 5.4% from 2019 to 2024. 

The U.S. is home to several leading automobile and automotive component manufacturing companies across the world. Out of the country’s total gross domestic product (GDP), around 3.0% was contributed by the automobile industry in 2018. Moreover, with the fall in tariff, emergence of technologically advanced automobiles, such as electric and autonomous vehicles, changing preferences of consumers, and growing compliance in manufacturing processes, the industry is set to prosper even more in the coming years. This will subsequently push up the demand for automotive tires in the country.

Furthermore, the soaring manufacturing of light commercial vehicles is predicted to create lucrative growth opportunities for the players operating in the U.S. automotive tire market in the near future. Additionally, the enactment of strict regulations, growing lifespan of automobiles, and mushrooming requirement for green tires are propelling the automotive tire industry in the country. The availability of a skilled workforce, introduction of an open investment policy, provision of incentives by state and local governments for encouraging vehicle adoption, and existence of a well-developed infrastructure are also fueling the advancement of the market. 

Depending on vehicle, the market is divided into passenger vehicle, medium and heavy commercial vehicle, light commercial vehicle, and two-wheeler categories. Out of these, the passenger vehicle category contributed the highest revenue to the U.S. automotive tire market in the years gone by. This was because of the high demand for pickup trucks in the country during the last few years, which massively boosted the sales of the tires used in these vehicles.  

Hence, the demand for automotive tires will soar in the U.S. in the coming years, mainly because of the growing tire replacement rate and increasing deployment of electric vehicles in the country. 

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Rapid Urbanization Driving Europe Water Pump Market Growth

The rising urbanization rate, surging consumer expenditure, and depleting groundwater levels are expected to drive the European water pump market at a CAGR of 1.8% during 2020–2030. The market revenue is projected to grow from $707.2 million in 2020 to $848.3 million by 2030. The groundwater level of Europe is declining rapidly, due to the rising temperature, on account of global warming. The National Aeronautics and Space Administration (NASA) states that the 2019–2020 winter in the region was warmest hitherto, owing to which there was little snow and spring was drier and warmer than normal.

The water pump demand in Europe is primarily driven by the accelerating urbanization rate in the region. According to the World Bank, the urban population of the European Union (EU) nations surged from 334,222,735 in 2019 to 335,651,231 in 2020. As per the organization, nearly 0.427% of the EU population resided in urban areas in 2020. With the booming urban population, governments of EU countries are focusing on improving the existing utility water and drinking water infrastructure.

Presently, the players in the European water pump market are introducing new products to gain a competitive edge. For instance, in March 2021, Ebara Corporation introduced the EVMS-K, a new model pump, for the European populace. This product integrates the EVMS model with the E-SPD inverter model. This pump is integrated with an inverter that helps in saving energy of the motor, simplifying writing and installation, saving installation space, and increasing the efficiency of pumps.

According to P&S Intelligence, Germany accounted for the largest share in the European water pump market in 2020. This was due to the presence of stringent wastewater treatment laws, which need to be adhered to, even by the domestic treatment facilities in the country. Moreover, the increasing need to lower the energy consumption of pumps in water and wastewater treatment plants is expected to drive the demand for energy-efficient water pumps in the country. 

Therefore, the accelerating urbanization rate and lowering groundwater levels will augment the demand for water pumps in Europe.

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How Is Healthcare Sector Supplementing Water-Based Adhesive Specialty Tapes Market Growth?

A number of factors such as the booming automotive sector, surging public awareness about the advantages of such tapes, burgeoning demand for medical products, and rapid technological advancements in the healthcare industry, are expected to drive the water-based adhesive specialty tapes market at a CAGR of 6.5% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $5,093.2 million in 2020 and it will generate $9,514.9 million revenue by 2030. 

The expanding automotive industry is driving the demand for water-based adhesive specialty tapes worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), 77,621,582 vehicles were manufactured and 77,971,234 vehicles were sold globally in 2020. In addition, rapid technological developments in the automobile sector and the introduction of new vehicles are also fueling the demand for water-based adhesive specialty tapes. The automotive industry uses water-based adhesive specialty tapes as double-sided tapes, foam tapes, and protection tapes because they are easy to fix and remove.

In recent years, the players in the water-based adhesive specialty tapes market have been engaging in product launches to stay ahead of their competitors. For example, in April 2018, Shurtape Technologies LLC launched Shurtape FM 200 flagging tapes to expand its safety and marking product portfolio. The new tapes are used for temporary applications, such as tagging, marking trails, color coding, indicating survey boundaries, and designating hazards. Other players like Nichiban Co. Ltd., Intertape Polymer Group Inc., Scapa Group plc, and 3M Company are also expanding their product portfolio to gain a competitive edge. 

Globally, the Asia-Pacific water-based adhesives specialty tapes market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be credited to the expanding healthcare, electrical and electronics, and automotive industries and surging disposable income of people in the region and the prospering economy of the regional countries. For example, the OICA states that China, India, Japan, and South Korea manufactured 25,225,242 units, 3,394,446 units, 8,067,557 units, and 3,506,774 units of vehicles, respectively, in 2020. 

Therefore, the prospering automotive industry and soaring demand for healthcare products are prominent growth drivers of the market.

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Saudi Arabia Lighting Market Technological Advancements, Evolving Industry Trends and Insights

The Saudi Arabian lighting market generated a revenue of $1,350.0 million in 2020 and it is predicted to reach a value of $3,577.0 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 10.2% from 2020 to 2030 (forecast period). The market is being driven by the surging use of light-emitting diodes (LEDs), owing to their customization benefits, falling prices, and energy efficiency, soaring popularity of smart homes, and launch of smart city development projects in the country.

As per various estimates, power consumption will rise by more than 50% over the next 20 to 25 years. As per the International Energy Agency (IEA), the deployment of smart lighting systems can reduce energy consumption by 35% as compared to traditional lighting systems. Lighting consumes most of the power in commercial, industrial, and residential sectors and it accounts for as much as 15% of the total power consumption in the country. Moreover, it is responsible for 5% of the total greenhouse gas emissions in the country.

Between the two, the wireless category is expected to demonstrate higher growth rate in the coming years. Since these lights do not need wires, they can be deployed in places which will allow users to save money and energy. Moreover, these lights can be placed at greater distances than that allowed by wired systems. Al Nasser Group, OPPLE Lighting Co. Ltd., LEDVANCE GmbH, Al AbdulKarim Holding, Alfanar Group, Zumtobel Group AG, National Lighting Company, Huda Lighting, NVC International Holdings Limited, TRILUX GmbH & Co. KG, CINMAR Lighting Systems, and Signify N.V. are some of the major Saudi Arabian lighting market players.

The players operating in the industry are actively focusing on product launches in order to strengthen their position and augment their revenue. For example, Al Nasser Group’s retail division inaugurated the first smart home called Al-Takhassusi Riyadh in November 2019 in the presence of the Hager Group’s representatives and engineers from the domain of design and lighting. Similarly, Alfanar Group launched the latest collection of switches and sockets, service boxes, switch and junction boxes, lighting products, distribution boards, and cables and wires at the IEE Conference in April 2019.

Hence, it is safe to say that the market will exhibit rapid expansion in the years to come, mainly because of the surging infrastructure development activities, mushrooming popularity of smart homes, and soaring use of LEDs in the country.

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How Is Rising EV Sales Supplementing Electric Motor Market Growth?

Factors such as the rising adoption of electric vehicles (EVs) and increasing compliance for energy-efficient electric motors are expected to propel the electric motor market at a CAGR of 6.3% during 2020–2030. According to P&S Intelligence, the market was valued at $105.5 billion in 2020 and it is projected to generate $195.1 billion revenue by 2030. At present, the manufacturing industry is opting for energy-efficient electric motors to reduce energy consumption and reduce operating costs. 

The surging adoption of EVs is one of the key growth drivers of the market, as electric motors are their major components. As per the International Energy Agency (IEA), the global stock of battery electric vehicles (BEV) (cars) and plug-in hybrid electric vehicles (PHEV) (cars) will surge from 6,850,327 in 2020 to 79,975,992 by 2030 and 3,346,713 in 2020 to 44,355,904 by 2030, respectively. Furthermore, the total number of BEV (vans) and PHEV (vans) will escalate from 427,525 in 2020 to 11,041,648 by 2030 and 8,384 in 2020 to 1,959,625 by 2030, respectively. 

The application segment of the electric motor market is categorized into medical, industrial, space, transportation, commercial aerospace, non-industrial robotics, defense, marine, and others. Under this segment, the transportation category generated the highest revenue in 2020, due to the surging adoption of EVs and booming demand for motor vehicles. The rising shift toward EVs can be attributed to the soaring public awareness about worsening air quality and increasing government support toward the EV industry in the form of tax rebates and subsidies.

Globally, the Asia-Pacific electric motor market generated the highest revenue in 2020, and it is projected to showcase the fastest growth throughout the forecast period (2021–2030). This can be attributed to the presence of a large number of manufacturing plants in developing countries, such as Bangladesh, China, Indonesia, and India. Moreover, the mounting investments being made by the market players in the untapped markets of the region will also augment the demand for electric motors in APAC.

Thus, the burgeoning EV production and escalating demand for energy-efficient electric motors are expected to steer the market growth across the world.

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