Boom Expected in North America Aromatherapy Market in Future

Because of excessive exposure to pollution and ultraviolet radiation, the prevalence of skin diseases and skin related issues, including reduced elasticity has increased considerably across the globe, including North America. For example, in the U.S., acne is the most common skin condition, and affects up to 50 million Americans each year, according to the American Academy of Dermatology (AAD). One of the more serious skin conditions is skin cancer, and is has been observed that over 9,500 people in the U.S. are diagnosed with this cancer every day. While skin diseases are non-fatal, in most cases, they can considerably affect a person’s mental health, social participation, and ability to function.

Since essential oils have been found to be effective in the treatment of some of the skin conditions, people in North America are increasingly adopting aromatherapy for several purposes. Aromatherapy, also known as essential oil therapy, is a holistic healing treatment which utilizes natural plant extracts for promoting health and well-being. The medicinal use of aromatic essential oils improves both emotional and physical health. While aromatherapy has been around since thousands of years, it has started gaining popularity in the fields of medicine and science in recent times. 

Browse detailed COVID-19 impact analysis on North America Aromatherapy Market Revenue Estimation

Aromatherapy is offered by hospitals & clinics, beauty spas, and homes & offices. Beauty spas have been the major contributor to the North American aromatherapy market in the past. The rising disposable income of people in the region is resulting in the growing adoption of aromatherapy for different applications.

Hence, the adoption of aromatherapy in North America is growing due to the rising prevalence of skin diseases and growing disposable income of people.  

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Rapid Industrial Development To Propel Growth of Nigeria Gas Genset Industry

The revenue of the Nigerian gas genset market in 2021 was estimated at $259.8 million, and it is predicted to witness a CAGR of 7.9% during 2021–2030, to reach $514.4 million by 2030. The key factors supporting this growth include the rapid commercial and industrial development amidst the long-standing energy crisis. Almost every industry, such as manufacturing, food and beverage, oil and gas, agriculture, and construction, uses gas generators. The demand for these systems would increase with the rising number of commercial and industrial projects as Nigeria cannot provide enough power from its grid.

Construction sites need a constant and reliable supply of energy to keep the machines running. Similarly, oil and gas fields are located in remote locations and lack grid connectivity, thus leading to their dependence on gas-based gensets. The population growth and rural-to-urban migration are also propelling the demand for gas-based gensets. Similarly, in the manufacturing industry, the requirement for electricity is extremely high, which is why the growing industrial production is a major Nigerian gas genset market driver.

Based on application, the commercial category is predicted to witness the highest growth rate in the coming years. It will be due to the increasing adoption of gensets fueled by gas in commercial areas such as telecom towers and real estate sites. Therefore, the growing commercial sector, along with the revival of construction projects, is expected to offer thrust to the demand for gas gensets in the coming years. With the rapid pace of urbanization in the country, the development of these industries has become vital.

In addition, players in the Nigerian gas genset market are playing a vital role in its growth, through their multiple strategies. Some of the major providers of gas-powered generators in this African nation are YorPower Ltd., Honda Manufacturing (Nigeria) Limited, Jubaili Bros, Atlas Copco AB, JMG Limited, Mitsubishi Heavy Industries Ltd., John Holt Plc, General Electric Company, Caterpillar Inc., Mikano International Limited, and Siemens AG. They are launching newer systems and strengthening their distribution partnerships to improve access to these products.

Therefore, with the rapid pace at which the Nigerian industrial and commercial industries are growing, the demand for gas-based gensets will continue to rise in the country.

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What Are the Evolving Opportunities for the Players in the Intraoperative Neuromonitoring Market?

The number of surgical procedures across the globe is growing rapidly, since surgical procedures are necessary for managing a number of health conditions, such as obstructed labor, injuries, cardiovascular diseases, infections, and malignancy. Therefore, this component of the healthcare system is indispensable when it comes to the proper functioning of the healthcare sector. It was estimated that about 234,2 million operations were carried out across the world in 2004. The surging prevalence of chronic diseases and rising geriatric population are further leading to a significant growth in the number of surgical procedures.  

Ascribed to this growing number of surgeries, the demand for intraoperative neuromonitoring (IONM) is also increasing rapidly. IONM is not only important for diagnosing an injury but also for salvaging neural tissues at risk before the damage becomes irreversible. The technology is particularly useful in the perioperative period for patients who are at high risk of developing neurological complications due to surgery. In such cases then, IONM is important as it has high response time, high sensitivity and specificity, aids in clarifying physiological targets, provides prognostication for guiding subsequent care, and is able to detect injury early enough to allow therapeutic interventions to take place on time. 

Visual evoked potentials, brainstem auditory evoked potentials (BAEP), electromyography, electroencephalography, somatosensory evoked potentials, and motor evoked potentials are the different modalities of IONM. Out of these, BAEP is projected to be the most in demand in the coming years as it is utilized for monitoring the vestibulocochlear nerve and brainstem function. It is utilized during posterior surgeries for assessing brainstem and hearing function that can be compromised because of cerebellar retraction, direct mechanical or thermal injury to the vestibulocochlear nerve and brainstem, or vascular injury. 

North America emerged as the largest intraoperative neuromonitoring market in the past, which is because of the growing prevalence of neurological disorders, presence of highly sophisticated healthcare infrastructure, high adoption rate of IONM, increasing awareness of patients regarding IONM services, and favourable reimbursement framework for IONM services in the region. Apart from this, the Asia-Pacific region is also expected to create significant demand for IONM in the coming years, owing to technological advancements, and growing medical tourism in the region.  

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AI in Retail Market Thrives on E-Commerce Sector Growth

Factors such as the increasing focus of retailers on improving the shopping experience of customers, booming e-commerce sector, mounting investments being made in the AI domain, increasing proliferation of digital marketing strategies, and soaring online retail sales will help the AI in retail market demonstrate a robust CAGR of 40.5% between 2021 and 2030. Additionally, the rising number of complementary supportive government policies will also contribute to the market growth. The industry was valued at $1,714.3 million in 2021, and it is projected to generate $36,462.5 million revenue by 2030.

The growth of the e-commerce sector will supplement the market growth in the foreseeable future. A surge in the e-retailing sector can be primarily attributed to the rising internet penetration, mounting investments being made in the logistics industry, growing usage of smartphones, and surging use of alternate payment methods. To predict customer behavior and provide personalized services, e-retailing companies across the globe are deploying AI-enabled solutions for multiple applications and making huge investments in the AI field.

In recent years, the surging use of AI for multi-channel marketing has become a key trend in the AI in retail industry. Analysis of high-volume data generated through e-mail marketing, campaign management, and in-store customer behavior helps in the development of personalized campaigns and identification of consumption patterns, owing to which retailers can improve their decision-making process. To achieve these goals, retailers are using AI solutions for automating repetitive tasks, such as product labeling and data entry. 

According to P&S Intelligence, the North American region accounted for the largest share in the AI in retail market in the preceding years. This is credited to the booming e-commerce sector and the increasing dependence of enterprises on digital marketing in Canada and the U.S. In addition, the high penetration of the internet and smartphones and the greater convenience offered with online shopping will also propel the market growth in the region. 

Whereas, the APAC AI in retail market is projected to demonstrate the fastest growth throughout this decade. This will be on account of the rapid adoption of ML technology by online retailers in regional countries, especially China. Online retailers such as Amazon.com Inc., Alibaba Group Holding Limited, and JD.com Inc. are observing high sales in the region, due to the increasing use of price optimization solutions, AI-driven recommendation engines, and supply chain management solutions. 

Thus, the booming e-commerce sector will fuel the demand for AI solutions from the retail sector, globally.  

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What Makes Blockchains Preferable for Securing Online Financial Transactions?

The blockchain technology is gaining phenomenal growth in usage because of the shift toward the digital economy. This technology is widely used for securing online financial transactions, as with it, it is nearly impossible to cheat or hack a system. It can create a cross-national system of different participants, including NGOs, government bodies, any individual, and companies. Each of the entities involved with a blockchain has a verifiable record of all the transactions, and these records can only be altered with the participants’ consent.

This technology is virtually non-hackable due to its timestamp property, which is why it is becoming popular with banks, which are looking for options to enhance their data security by making their transactions impossible to be hacked and altered. Another key factor propelling the blockchain market is the integration of related solutions with the legacy system, for handling various functions served by the latter. These features offer an extreme level of security for anyone using this technology.

As a result, blockchain technologies are utilized for multiple non-financial and financial applications, among which it is utilized the most for payments. It is because digital identity applications will continue gaining popularity in the coming years as they help in eliminating the requirement for a central authority and third party. It will expand the need for blockchain-based management solutions used within any financial transaction. As per a December 2021 article in The Times of India, the value of digital transactions in India is likely to grow to $1 trillion by 2026 from $300 billion in 2021.

On the other hand, according to the estimation of market research company P&S Intelligence, APAC will also witness a massive rise in the demand for the blockchain technology, due to the heavy investments in designing such networks for minimizing labor costs. Moreover, the strongest driver for the APAC blockchain market is the rapid digitization in the region, led by India and China. With the increasing number of people with smartphones and internet access, online banking and shopping activities are rising, thus mandating the usage of this technology.

Hence, the shift toward the digital economy and increase in the requirement for securing online financial transactions are propelling the demand for the blockchain technology. 

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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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