Gallium Nitride Semiconductor Devices Market To Reach $72,813.1 Million by 2030

 The gallium nitride semiconductor devices market shall touch $72,813.1 million in 2030 from $12,084.6 million in 2021. Moreover, the market is predicted to grow at a 22.1% CAGR from 2021 to 2030 owing to the lower costs of GaN semiconductor devices in comparison to silicon variants, swifter device speed, and greater efficiency of energy. Furthermore, the global market is influenced by the rising count of robot shipments, which increased by 100,000 in 2022 from 500,000 in 2020.

The rapid integration of advanced technologies in electronics will drive the gallium nitride semiconductor devices market. It is projected that by 2025, mobile data traffic will reach 160 exabytes every month. The surging demand can be satisfied by supporting high data transfer rates and large bandwidths through extremely high-frequency bands. For instance, 5 mmWave ranges from 24 GHz to 300 GHz will offer smooth connectivity, enhanced performance, and increased coverage. Capitalizing on the new technology, an American telecommunication company launched a mmWave 5G network in 2020, accompanied by the introduction of the S20 Ultra and Galaxy S20 Plus.

The opto-semiconductors category led the product type segment of the gallium nitride semiconductor devices market in 2021, generating revenue of approximately $5.0 billion. This can be attributed to the wide usage of semiconductors in several sectors, majorly consumer electronics and aerospace & defense, for numerous devices. Additionally, the application of these devices in the automotive sector, for pulse-powered laser systems and automotive lights, is rising, which, in turn, will fuel growth in the market. A lucrative opportunity for market players in the opto-semiconductors market is the surging demand for ADAS.

Within the component segment, the power ICs category will rule the gallium nitride semiconductor devices market from 2021 to 2030. Because of the need for real-time air traffic control, efficient navigation, and collision avoidance, the requirement for GaN-based power ICs is increasing. These factors will offer opportunities to the key players by increasing the demand for these components. Moreover, the technological advancements in power ICs designed for telecom and automotive applications by top manufacturers will augment growth in the market.

North America dominated the gallium nitride semiconductor devices market in 2021, and it is expected to continue this trend in the future, by generating approximately $26 billion revenue in 2030. This can be credited to the greater adoption of smartphones and increasing internet penetration. As per predictions, more than 50% of this region will be covered by a 5G network by 2030, which would fuel growth in the economy. Furthermore, all of this will go hand in hand with the aggressive investments in media and content abilities, IoT applications, and 5G services.

Thus, the rising demand for power semiconductors in energy-efficient wired communications, with the consistent efforts of internet service providers for reduced latency, smooth connectivity, and enhanced capacity via optical cables, will drive this market.

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How Does High Rise Structures Boost Structural Metal Products Market?

In 2021, the structural metal products market size stood at $448.3 billion, and it is expected to grow at a rate of 6.1% from 2021 to 2030, to acquire $764.0 billion in revenue, attributed to the rising construction activities led by infrastructure development worldwide. The surge in demand for structural metal products is attributed to their physical properties, including pest and mold resistivity, sustainability, and cost-effectiveness, propelling the market. The government-led infrastructure development projects such as railways and highway construction drive the market.

The infrastructure development activities to manage the transportation drive the structural metal products market. For instance, the massive usage of metal liners, casings, plates, culverts and bar joints in highway, railways and bridge construction leads to the expansion of the market. The government support to fund these infrastructure projects results in growing opportunities for businesses to generate more revenue. Highway construction activities are expected to rise in the near future, resulting in market proliferation.

Under the product segment, the support and structure category generate a significant structural metal products market revenue amounting to more than 35%. There is an expected increase in the demand for these products, majorly for the construction of staircases, sheds, decks, and skyscrapers. Fabricated metal structural beams are more preferred in construction due to their long life, good grip and fire resistance properties. Numerous fabricated metallic supports and structures companies are established in Germany, attributed to the rise in construction for residential and construction buildings. 

The residential sector holds the largest structural metal products market share. It is expected to retain the same position in the coming future. The rising infrastructure development activities in Africa are attributed to the increased requirement for residential buildings resulting in market expansion. Moreover, the market is expected to witness a surge in non-residential sectors. For instance, the Belt and Road Initiative will increase China’s import and export of steel for infrastructure development activities within the region. The construction of roads, railways and ports will result in a market boom. 

North America dominates the structural metal products market, attributed to multi-story residential construction. The demand for structural steel is rising in the region, attributed to the construction of open-air stadiums, power plants, petroleum refineries and power plants. The non-structural applications of structural steel include the construction of transportation facilities, marine structures, rack systems and mobile homes. The APAC structural metal products market is expected to grow at a rapid rate in the near future. 

Therefore, the surge in infrastructure development activities attributed to the construction industry's expansion led to market penetration.

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How Does Automotive Industry Boosts Polyurea Coatings Market?

In 2021, the polyurea coatings market valued at $995.2 million, and it is projected to reach $2,553.5 million by 2030, growing at a CAGR of 11.0% from 2021 to 2030. It is attributed to the growing awareness of environmental problems. Polyurea technology holds a significant share of the coatings industry, attributed to the high research and development investments. Under the end-user segment, the construction and transportation industries dominate the market. The surge in polyurea coatings demand in the defense sector propels the market. 

The aromatic isocyanates are the higher polyurea coatings market revenue generator under the raw material segment, amounting to 69.7% of the revenue. Aromatic isocyanates are comprised of amine hydroxyl groups that react to generate polyurea coatings. The aromatic isocyanates are used as basecoat. Aromatic isocyanates are highly utilized in the automotive industry, leading to market proliferation. The weather conditions of North America and Europe led to an increased usage of aromatic polyurea coatings. 

The automotive and transportation industry holds the largest polyurea coatings market share, ofthe  25.7%. The application of the polyurea coatings on the automobiles’ exteriors, such as trucks and two-wheelers, is driving the market, attributed to high resistivity from external physical and thermal pressure. Polyurea coatings are popular in Germany, Japan and China. The German automobile industry, which has household names such as Volkswagen, Mercedes, Opel, and BMW, contributes almost 20% of the industrial output of the country in terms of the value. 

The truck manufacturers highly utilize spray-on protective coatings due to the enhanced look and long-term protection, resulting in proliferation of polyurea coatings market. It is gaining popularity due to its properties, such as resistivity to corrosion, abrasion, and UV rays. The appealing look of the substrates and equipment safety offered by the polyurea coatings drive the market. Polyurea coatings are utilized on vehicle chassis as an alternative primer and as a topcoat on the vehicle’s body. The polyurea coatings market is expected to grow, attributed to the rising traction of heavy-duty vehicles on the road. 

Therefore, the expansion of the construction industry led by increase in infrastructure development activities is driving the market.

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How Will Greater Adoption of Technologies Drive the Smart Home Appliances Market?

 In 2021, the smart home appliances market valued at $34.8 billion and is likely to reach $139.0 billion by 2030. The market is predicted to grow at a  16.6% CAGR from 2021 to 2030 owing to enhancing the lifestyle of consumers, greater adoption of technologies, and gradually increasing smartphones and internet penetration. With the emergence of COVID-19, the demand for these appliances increased as, after the outbreak, almost all the people worked from home and required smart applications to perform the monotonous tasks with ease. 

The smart home appliances market is driven by aggressive investments by people toward home improvement or redesigning projects to upgrade the conventional households and adapt to the changes in the current market dynamics. There is a paradigm shift in consumer preferences toward a smart home owing to their change of preferences, complicated and busy lifestyle, coupled with an increasing disposable income which will improve the purchasing power. The equity of the homeowner is significantly surging with an improvement in home value. This trend is in favor of the owners who are focused on home improvement. 

Wi-Fi technology will have a positive effect on the smart home appliances market growth being the easiest way to use smart devices. Wi-Fi-enabled appliances will approximately reach $68 billion by 2030 and account for total sales of around $16 billion in 2021. This can be ascribed to its features of working with a huge amount of data by default through proper infrastructure. The computer manages aa the applications through Wi-Fi. With an improvement in automation technologies and worldwide internet penetration, the market for smart appliances will boom.

Within the distribution segment, the smart home appliances market is bifurcated into online distribution channels and offline distribution channels. It is projected that the online sales of these appliances will advance at a higher growth rate. This can be credited to increasing consumer preferences in e-commerce and the rapid expansion of digitalization, especially among working professionals. Furthermore, the benefits offered by online distribution channels like e-retailers start-ups and e-commerce websites will drive the market such as the wide variety of products, enhancing accessibility of products through home delivery, annual sales benefits, and discount coupons. 

The residential sector plays a prominent role in the smart home appliances market growth because of snowballing demand for smart home appliances in this sector at a swift pace. The residential sector dominated the market in 2021, generating a revenue of approximately 70%. Being aware of the latest trends in the market, the consumers are increasingly inclined toward connected home solutions in an attempt to build a convenient living space and upgrade the standard of living.

The largest market for smart home appliances is APAC because of the rapid urbanization, growing population, and skyrocketing demand for luxury housing projects in the region accompanied by surging disposable income will pave the way toward smart homes. This, in turn, will have a positive effect on the technically advanced products in the region. This innovation is driven by the diversifying of the products offered and rising investments in R&D activities by prominent market players to attain a competitive edge.

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How Does PEG400 Drive Polyethylene Glycol Market Growth?

In 2021, the polyethylene glycol market size stood at $4,534.8 million; it is expected to reach $6,909.6 million by 2030, growing at a rate of 4.8% from 2021 to 2030, attributed to the surge in demand for polyethylene glycol in the pharmaceutical industry to manufacture drugs and medical devices. Similarly, the increase in demand for PEG in inks, paints and water-based coatings drives the market growth. Moreover, the massive usage of polyethylene glycol as a specialty solvent or surface-active agents such as conditioners, shampoos, lotions, toothpaste and deodorants propel the market. 

PEG400 holds a significant share of polyethylene glycol market revenue, attributed to its low-molecular-weight grade with low toxicity. It is highly utilized in the manufacturing of drugs due to the hydrophilic nature of the PEG400, resulting in increased bioavailability and solubility of weaker water-soluble drugs. Ophthalmic solutions also use PEG400 as it acts as a relieving agent in irritation, discomfort or burning sensation in the eyes. Under the form segment, the opaque liquid category holds a significant market share. 

APAC holds the largest share of the polyethylene glycol market, attributed to the massive usage of water-based coatings, inks and paints in the construction industry. Similarly, the surge in the paper industry in China and India results in market proliferation due to the rising demand for chemicals. The hydraulic fracturing technology is expected to create new opportunities for market players, attributed to the surge in unconventional resources production such as tight oil and shale gas.

The U.S. Energy Information Administration reported that presently the crude oil production in the region amounts to 11 million barrels daily. This is why North America holds a 30% polyethylene glycol market revenue share. Moreover, the expansion of the food and beverage and cosmetics and self-care industries drive the market. The rise in the cosmetics & personal care businesses is witnessed in the region, attributed to rising employment, busy lifestyles and growing demand for personal care products. 

Therefore, the construction and pharmaceutical industry expansion drives the market. 

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Why Will APAC Dominate the Crop Protection Chemicals Market?

The major drivers in the global crop protection chemicals market are burgeoning population levels, the dire need to improve the scalability of crop production, scarce resources such as agricultural labor and land, and surging concerns over food security. In 2021, the market was valued at $78,407.3 million, and it is predicted to touch $117,436.6 million by 2030. Furthermore, the market will advance at a 4.6% CAGR from 2021 to 2030. In addition, there is a huge pressure exerted on the agricultural land and the farmers to improve the efficiency of agricultural lands. 

A skyrocketing investment in R&D will spur crop protection chemicals market growth. Enhanced integration of technologically advanced devices into the current farming activities will pave the way for generating higher revenue in the market by providing lucrative opportunities to the market players to gain a competitive edge. The farmers are in constant fear of crop failure because of the threat of pest attacks. Moreover, to minimize the risks associated with crop damage and to maximize crop production, pesticides are being extensively used in farming techniques.

Within the application segment, the cereals category will generate the highest crop protection chemicals market revenue, growing at a 5% CAGR from 2021 to 2030. The requirement to meet the skyrocketing need for food inventories by the population will enhance the efficiency of production, thereby helping the corporations to attain economies of scale. The surging awareness of leading a healthy lifestyle among the people is exerting a noticeable push on cereal production to cater to the dietary requirements of people. Therefore, this will propel growth in the market.

APAC led the global crop protection chemicals market in 2021, accounting for about 40% of the total market value. This can be credited to surging awareness of the use of pesticides, extensive farmland, and an inherent strong agricultural base. Moreover, the increasing adoption of technologically advanced products will propel growth in the market. In addition, it is also expected to exhibit the fastest CAGR because of the greater requirement for agrochemicals in emerging economies, such as China and India.

Hence, the skyrocketing population levels will drive the market by offering extravagant opportunities to the market players.

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Why Will APAC Witness Highest CAGR in Air Purifier Market?

 The most-prominent factors propelling the air purifier market are the rising prevalence of airborne diseases, poor indoor air quality, and surging global air pollution levels, accompanied by better living standards. In 2021, the market stood at $11,422.7 million, and it is expected to reach $31,195.6 million by 2030. The market is projected to advance at a CAGR of 11.8% from 2021 to 2030 due to the rising awareness about curbing the spread of respiratory illness by driving down pollution levels.

The accelerating pace of the spread of airborne diseases, including the common cold, tuberculosis (TB), measles, and influenza, has been driving the air purifier market over the past few years. For instance, TB is the second-deadliest infection, followed by COVID-19 currently, and it ranks 13th among the leading roots of death all around the world. There were 10 million reported cases of TB and 7.5 million reported cases of measles worldwide in 2020. Air purifiers result in lower amounts of airborne pollutants in constricted spaces, as per the U.S. Environmental Protection Agency.

Within the technology segment, air purifiers with ionic and HEPA technologies constitute more than half the total market share. Of these, HEPA-technology-based devices are dominant owing to their advanced filters, which encompass multiple layers of meshes made out of fine threads of fiberglass. Bombarded with swift-paced air, these filters can dry out all the viruses. The minutest airborne components in the indoor air are captured by these filters, thus curbing allergies and other lung diseases. In addition, they can even capture the minute 0.125-micron COVID-19 virus.

A greater adoption of advanced ventilation technologies will encourage the air purifier market players to adapt to the shifting market dynamics. Without using any filter, negatively and positively charged ions are leveraged by ionizers to not only remove the tiny allergens but also improve the air quality, by purifying the air. The cost of ionizing-technology-enabled purifiers ranges from a minimum of $30 to a maximum of $300, depending on the model, size, and brand. Apart from reducing the air pollution levels, this technology also causes less noise pollution at the lowest possible operational costs.

Under the application segment, by holding an around 20% share, the residential category occupied a significant position in the air purifier market in 2021. Additionally, it is projected to advance at the highest compound annual growth rate owing to the rising adoption of smart homes and green buildings, accompanied by a surging awareness of diseases resulting from deteriorated air among people. Owing to their enhanced performance, lower weight, lower costs, and higher reliability, HEPA-technology-enabled air purifiers are extensively used in houses.

In 2021, approximately 40% of the total revenue in the air purifier market was generated by APAC. This can be attributed to the extensive industrialization, swift urbanization (and subsequently rising disposable income), and growing population. All of this goes hand in hand with the deteriorating air quality levels, especially in Pakistan, Bangladesh, and India, where the pollution levels exceed by a minimum of ten times, as mentioned in the IQAir report of air quality.

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