Rapid Industrial Automation To Take IoT in Manufacturing Market to $200.3 Billion by 2030

From $62.1 billion in 2021, the global IoT in manufacturing market value is expected to witness a CAGR of 13.9%, to reach $200.3 billion by 2030. This can be ascribed to the need for enhancing inventory management, growing requirements for higher production efficiency, and rapid industrial automation. Various industries have started implementing IoT due to the rising awareness on the fact that it plays a significant role in industrial automation. IoT can create new technologies for solving problems, increasing productivity, and enhancing operations.

In addition, IoT devices are helping in improving inventory management, by allowing manufacturers to automate inventory tracking and reporting. This ensures transparency and the constant monitoring of the time between an inventory order and its delivery. It also saves the valuable time of officials in finding any inventory. IoT-driven inventory management solutions save inventory cost and help manufacturers take a tactical business decision. In this regard, government initiatives such as Making Indonesia 4.0, Made in China 2025, and Make in India, are playing an important role in the industry advance.

When the IoT in manufacturing market is segmented based on component, the solution category held the larger share in 2021. It was because most manufacturing companies are inclined toward deploying IoT solutions as they help enhance the manufacturing process and grow their business. In addition, the IoT solutions used for manufacturing offer better control over the supply chain and reduce infrastructure and operational costs. The solutions include an array of sensors and transceivers and other components that help establish an internet connection with the production machine.

In the coming years, APAC is expected to witness the fastest IoT in manufacturing market growth. It will be because of the surging demand for IoT solutions in the manufacturing industry for smart automation. One of the most-significant pillars of the APAC economy is manufacturing, and it is witnessing rapid transformation due to the benefits of IoT solutions. On the other hand, North America is predicted to hold the largest market share in the coming years. It can be attributed to the fact that many large, medium, and small manufacturing enterprises in the region are using IoT.

Therefore, the strong focus of manufacturing firms on automating their process and adopting technologies that can help in predictive maintenance will drive the market.

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Implementation of Strict Environmental Policies Driving Electric Bus Deployment in U.S.

The increasing concerns being raised by several environmental agencies and local governments over the rapid deterioration of air quality are driving the demand for electric buses in the U.S. As vehicular emissions contribute heavily toward the escalating air pollution levels, the degradation of the environment is propelling the deployment of electric buses in the country. Presently, conventional diesel-powered buses are a major part of the public transportation system, but they contribute massively toward the soaring greenhouse gas emissions. 

Moreover, the enactment of strict environmental regulations is also positively impacting the deployment of these buses in the country.  Besides these factors, the falling prices of lithium-ion batteries are also supporting the expansion of the U.S. electric bus market, which will witness a surge in its revenue from $490.6 million in 2021 to $1,924.8 million by 2026. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 31.4% from 2021 to 2026. 

The average price of lithium-ion battery cells for large orders fell from nearly $1,000 per kilowatt-hour (kWh) to approximately $310/kWh in 2019. Since the battery accounts for nearly 25–40% of the total manufacturing cost of an electric bus, the falling prices of these batteries would assist bus manufacturing companies in keeping the prices of the buses under check. Further, it is predicted that the prices of electric vehicles, including electric buses, would plunge, owing to the rising operational efficiencies, in the coming years, which will also boost the sales of electric buses in the country.

In the U.S., inductive, pantograph, and plug-in techniques are used for charging electric buses. Out of these, the demand for the inductive charging type is predicted to rise at the fastest pace in the country over the next few years. This will be because of the ability of the technology to rapidly charge the electric buses. Furthermore, many manufacturers of these charging systems are focusing on collaborations and partnerships with bus manufacturers and several public transit authorities for augmenting the deployment of these systems. 

Currently, electric bus manufacturers in the U.S. are focusing on geographical expansions and partnerships to strengthen their position in the industry. For example, BYD and Levo Mobility LLC, which is a joint venture of Nuvve Holding Corp., affiliates of Stonepeak Partners LP, and Evolve Transition Infrastructure LP, which offers fleet-as-a-service (FaaS) solutions that allow fleets to switch to electric vehicles, entered into a collaboration in October 2021 for integrating Nuvve’s V2G technology with the battery electric vehicles (BEVs) of BYD and facilitating the launch of up to 5,000 BEVs over the next five years.

Hence, it can be said without hesitation that the sales of electric buses will surge sharply in the U.S. in the coming years, primarily because of the growing need for eco-friendly vehicles, on account of the soaring air pollution levels and increasing implementation of strict environmental policies and declining prices of lithium-ion batteries in the country. 

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Energy-Based Device Usage Rising in Minimally Invasive Aesthetic Procedures

In 2017, the American Society for Dermatologic Surgery (ASDS) had said that the number of people who wanted a cosmetic procedure had swollen up by two times since 2013. This clearly shows how important looking good is for people these days. With the rising influence of fashion magazines and TV shows and social media and increasing number of people employed in the corporate sector, appearance consciousness has grown manifold in the last decade or so.

Browse In-depth  Energy-Based Aesthetic Devices Market Revenue Forecast Report

As a result, compared to 17,902,692 in 2018, 18,160,785 cosmetic procedures were performed in the U.S. in 2019, according to the American Society for Aesthetic Plastic Surgery (ASAPS). Moreover, of the total procedures performed in 2018 and 2019, 16,090,952 and 16,349,031, respectively, were minimally invasive procedures. Citing such stats, P&S Intelligence expects the energy-based aesthetic devices market to grow from $2.6 billion in 2018 to $4.6 billion in 2024, at a healthy 10.4% CAGR between 2019 and 2024.

This is because devices using different types of energy, including laser, light, electromagnetic energy, ultrasound, suction, and plasma energy, as well as cryolipolysis devices, are being used for minimally invasive aesthetic procedures. The key drivers for the popularity of minimally invasive surgeries (MIS) are their shorter duration, lower cost, fewer side-effects, lesser operational and post-op discomfort, and lesser scarring compared to open surgeries. Moreover, with time, the awareness on the safety quotient and advantages of energy-based devices for minimally invasive aesthetic procedures has increased.

For instance, laser-based procedures for fine line, wrinkle, and skin laxity reduction are approved by the U.S. Food and Drug Administration (FDA). In addition, several of the energy-based aesthetic devices mentioned above can be easily used at homes. For instance, ultrasound-based devices, originally designed for skin rejuvenation procedures, have been modified to remove impurities and dirt from the face, without any technical expertise. This not only saves people the time spent in visiting a cosmetic center but also the price they would have paid there.

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How Is Skincare and Haircare Awareness Driving Dermacosmetics Demand?

 The European Commission reveals that the mean and median income of the people of Denmark, Germany, Spain, and France increased from 30,104 Euro in 2018 to 30,717 Euro in 2019, 22,713 Euro in 2018 to 23,515 Euro in 2019, 14,785 Euro in 2018 to 15,015 Euro in 2019, and 22,220 Euro in 2018 to 22,562 Euro in 2019, respectively. Likewise, the Bureau of Economic Analysis (BEA) states that the personal income of the people of the U.S. surged from $19,777.4 in the third quarter (Q3) of 2020 to $20,797.8 in Q3 of 2021.

Browse report with detailed COVID-19 impact analysis on  Dermacosmetics Market Competitive Landscape Report

The surging personal income will augment the purchasing power of people, owing to which the dermacosmetics market will showcase a CAGR of 7.3% during 2020–2030. The market was valued at $57.0 billion in 2020 and it is projected to generate $115.2 billion revenue by 2030. In contemporary years, high income is encouraging more people to spend on dermacosmetic products and treatments. The mounting public focus on physical appearance will increase the footfall of such people in hospitals and clinics, medical spas, and salons that offer skincare and haircare treatments. 

The large-scale consumption of dermacosmetic products can also be credited to the growing prevalence of skin diseases and the soaring number of dermacosmetic conferences. For instance, the Centers for Disease Control and Prevention (CDC) estimates that over 13 million workers in the U.S. are potentially exposed to chemicals at workplaces. Dermal exposure to hazardous chemicals can cause systemic toxicity and occupational skin diseases (OSDs) among workers. Exposure to toxic chemicals can cause pain, itching, redness, and swelling of the skin. 

At present, dermacosmetics producers, such as Allergan plc, Bausch Health Companies Inc., Beiersdorf AG, Coty Inc., Galderma SA, Johnson & Johnson, L'Oréal SA, Nu Skin Enterprises Inc., Pierre Fabre S.A., Shiseido Company Limited, The Procter & Gamble Company, The Estée Lauder Companies Inc., and Unilever Group, are engaging in acquisitions to cater to the surging needs of customers. For example, in April 2019, Unilever Group acquired Laboratoire Garancia, a French dermacosmetic brand, to benefit from the selective retail distribution channels of the latter. 

According to P&S Intelligence, the European region has emerged as the leader of the dermacosmetics market over the last few years, owing to the surging incidence of skin disorders and rising public awareness about skincare products in the region. For instance, the British Skin Foundation estimates that nearly 60% of the people in the U.K. suffer from skin disorders at some point in their lifetime, and approximately 70% of the British populace have visible skin conditions or scars. 

Therefore, the mounting purchasing power of people and the rising incidence of skin ailments will encourage the usage of dermacosmetics in the foreseeable future.  

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Why Is Demand Growing with Booming Geriatric Population?

In 2018, over 180,000 deaths were reported due to burn injuries every year, with majority of the cases occurring in the low and middle-income countries, as mentioned by the statistics published by the World Health Organization. Further, burns are considered to be one of the primary causes of disability-adjusted life years in low and middle-income countries. The report further mentioned that more than 1,000,000 people suffer moderate to severe burn injuries every year in India.

Further, due to burns, about 17% and 18% children have become temporarily and permanently differently abled, respectively, in 2018 in countries, such as Pakistan, Egypt, Colombia, and Bangladesh. This is indicative of the growing demand for wound care biologics to treat burn injuries. Biologics are biological agents, such as plant-derived active biomolecules, which help mend the innate repair mechanisms and have anti-microbial, anti-inflammatory, and anti-oxidant properties.

Wound care biologics are used for the treatment of acute and chronic wounds. Acute wounds can be caused due to trauma or surgeries and progress through stages of wound healing. They usually heal completely within four weeks. These are either surgical, burn, or traumatic. By definition, even an incision made during a surgery can also be considered a wound. Chronic wounds develop and persist over time, and usually are a result of some other chronic condition.  One of the types of chronic wounds is the diabetic foot ulcer. These are commonly observed in diabetic patients, and in some cases, may even lead to amputation of the limb. Some common risk factors of diabetic foot ulcer are structural foot deformity, peripheral arterial occlusive disease, and diabetic neuropathy.

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SLAM Technology Market To Reach $3,747.8 Million in 2030 with Adoption of Autonomous Vehicles

Globally, in 2021, the simultaneous localization and mapping technology market generated revenue of around $157.5 million, and it is predicted to grow at a robust CAGR of 42.2%, ultimately reaching $3,747.8 million by 2030. The adoption of UAVs, surging number of AR applications, and emergence of autonomous vehicles are the key factors driving the market. The demand for autonomous vehicles is rising as customers are inclining toward safe and efficient driving options.

Essentially, these automobiles reduce human error, which causes the majority of road accidents. These vehicles are integrated with the SLAM technology, a laser rangefinder, an inertial navigation system, and radar. These features make the vehicle capable of navigating and sensing the environment itself. With the surging demand for autonomous vehicles, the adoption of the SLAM technology will grow in the automotive industry, ultimately propelling the market in the coming years. 

Of the bifurcations based on offering, the 2D category held the larger share in the SLAM technology market in 2021. It is attributed to the increasing use of the 2D technology in residential robots and for location mapping in industrial sectors. It is based on red–green–blue depth (RGB-D) mapping, and it can enable robots to use RGB data, along with the depth data, from Kinect sensors for location mapping. Location mapping in industries is majorly required by mobile collaborative robots, which travel around the factory floor without any human involvement.

Geographically, the APAC SLAM technology market will witness the swiftest advance around the world in the coming years. This will be because countries such as India and China are witnessing an increment in the usage of robots. Aided by government initiatives, the regional manufacturing industry is procuring robots, which use this technology. The expansion of manufacturing facilities, rapid economic growth, advance of the IT industry, and increase in the adoption of drones by the automotive industry are also propelling the market in the APAC region.

Hence, the demand for the SLAM technology will surge sharply in the coming years due to the increasing adoption of autonomous vehicles, UAVs, and industrial robots worldwide.

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Vehicle-to-Vehicle Communication Reducing Road Accident Cases

The vehicle-to-vehicle (V2V) communication technology is being increasingly integrated by automobile original equipment manufacturers (OEMs) in their offerings due to the soaring public awareness about passenger and vehicle safety. As per the National Highway Traffic Safety Administration (NHTSA) under the U.S. Department of Transport, V2V communication messages have a range of more than 300 m, and they can detect dangers obscured by weather, traffic, or terrain. Additionally, V2V communication enhances the crash avoidance systems currently available that use cameras and radars to identify collision threats, thereby helping in reducing the number of road accidents.

In addition, the rising integration of autonomous vehicle technology will help the vehicle-to-vehicle communication market progress at a robust CAGR of 16.6% during 2020–2030. The market was valued at $14.5 billion in 2019, and it is expected to generate $77.1 billion revenue by 2030. The adoption of autonomous features, such as advanced driver-assistance systems (ADAS), has enhanced the driving experience and vehicle safety by allowing automobiles to communicate and analyze decisions in complex traffic conditions.

According to P&S Intelligence, North America dominated the vehicle-to-vehicle communication market in the preceding years, wherein the U.S. emerged as the larger user of these solutions. This can be primarily attributed to the increasing penetration of advanced technologies, such as ADAS and telematics, the mounting investments being made by private and government organizations in them, and rising implementation of favorable policy frameworks in the U.S. Moreover, the surging awareness about vehicle safety and the rising need to stay connected will fuel the adoption of the V2V technology in the region.

Whereas, Latin America, Middle East, and Africa (LAMEA) is expected to adopt V2V communication technology at the highest rate in the forthcoming years. This will be due to the increasing integration of telematics solutions in passenger cars and the mounting concerns and awareness of fleet owners regarding driver safety and vehicle diagnostics and tracking. Moreover, the Asia-Pacific (APAC) region is expected to display a high inclination toward V2V communication solutions due to the surging consumer focus on vehicle and passenger safety and escalating demand for fleet management solutions in India and China.

Thus, the rising public awareness about vehicle and passenger safety and burgeoning demand for autonomous vehicles will fuel the adoption of the V2V communication technology in the forthcoming years. 

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