Why Will APAC Rule the Functional Safety Market?

The major driver in the global functional safety market is the dire need to reduce the hazardous impact on physical assets in facilities, including onshore and offshore oil & gas fields, refineries, and chemical plants, the environment, and people. In 2021, the market stood at $4,839.2 million, and it is predicted to touch $8,990.6 million by 2030, growing at a 7.1% CAGR from 2021 to 2030. Its application is extended to several industries including sectors where modern technology in safety-related systems must be implemented. These products are risk-averse for personnel safety.

The swift adoption of technologically advanced devices will provide lucrative opportunities to the functional safety market players to gain a competitive edge. The advancements in science are reflected by the existence of numerous technologies including ML, IIoT, and AI. Moreover, the manual or traditional control will be outweighed by these technological advances. They will pave the way for integrating such solutions with the latest technologies. Because IIoT assists in offering and controlling practical management of physical systems, IIoT is increasingly required in enhancing the performance of the system.

Within the device segment, safety sensors will grow at a 7.5% CAGR from 2021 to 2030. Safety sensors are utilized in a variety of applications, including high-risk zone safety, body part protection, personnel security, and machinery protection. As a result, a vital role in manufacturing facilities by processing, assessing, measuring, and detecting is served by safety sensors for a wide range of changes that occur on production sites. They also help manufacturers by giving real-time data about the equipment they utilize, such as system performance, failure likelihood, and system health.

APAC will rule the functional safety market in the coming years, and it is projected to attain a $2,000 million figure by 2030, advancing at the highest CAGR in the forecast period. In 2021, China had approximately one-third of the regional market share. These factors act as accelerators for the country's automation sector. Investments are being planned to ensure growth and quality, solve environmental challenges, and reduce overcapacity. Because China is one of the most advanced countries in terms of automation, it is expected to benefit from market growth.

Hence, swift adoption of technologically advanced devices will drive the market.

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Surging Residential and Commercial Construction Intensifying Water-Cooled Heat Pump VRF Demand in Australia and New Zealand

 With an increase in the population in New Zealand and Australia, there is a surge in the demand for commercial and residential buildings. The COVID-19 pandemic had a severe impact on the construction of residential and industrial buildings, but the situation has certainly improved. For instance, the Australian construction industry reported a gross value added of AUD 144 billion in 2021. As these activities are increasing in these countries, the need for VRF systems is also rising.

The revenue of the Australian water-cooled heat pump VRF systems market was $22,137.0 thousand in 2021, and it will rise at an 8.6% CAGR from 2021 to 2030, to reach $46,335.2 thousand by 2030. Furthermore, the New Zealand water-cooled heat pump VRF systems market generated approximately $3,782.8 thousand in 2021, and the size will propel at a CAGR of 6.5% in the same period, to reach $6,637.3 thousand by 2030.

In the years to come, there will be a surge in the demand for these systems in commercial spaces, such as offices. This can be ascribed to the rise in commercial infrastructure development activities, especially in the key financial hubs of the two countries, including Auckland, Wellington, Melbourne, and Sydney. The preference for these systems has a lot to do with the efficiency in meeting altering temperature necessities in space heating and cooling applications, while correspondingly leading to low operative costs.

A share of over 70% was held by the commercial category in 2021 in the Australia and New Zealand water-cooled heat pump VRF systems market. As the emphasis on the construction of green buildings surges, the need for these systems will rise significantly in the commercial sector. Thus, they are now being preferred over traditional counterparts, such as boilers, in educational institutions, shopping arcades, and hospitals. Additionally, owing to the environmental apprehensions, the demand for energy-efficient HVAC systems has increased rapidly, which would enhance the market growth in both countries.

The positive results of the shift to sustainable practices are due to the rising need to reduce CO2 emissions, which have already declined from 7.6 metric tons in 2000 to 6.6 metric tons per capita in 2018 in New Zealand. Furthermore, the demand for water-cooled heat pump VRF systems is increasing in these countries because they save energy, are economical, and have a long life, which makes them appropriate for both commercial and housing applications. 

The rising number of construction projects in these nations is boosting the need for VRF systems. For instance, the West Edge-New Lynn project involves the building of 2,088 houses in Auckland. The project will cost around $3 billion and will be commissioned in 2027, which will create a substantial necessity for this type of equipment. Furthermore, these systems play an important role in decreasing pollution levels, as they consume lesser energy.

Thus, the demand for the water-cooled heat pump VRF systems is on the rise in Australia and New Zealand due to the increase in the population and surge in residential and commercial construction activities.

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APAC is the Leader of the Goat Milk Product Market

 The size of goat milk products market was $8,672.9 million in the year 2021 and is predicted to progress at a 4.8% CAGR from 2021–to 2030 and reach $13,217.2 million. The market is largely driven by an increase in health-aware consumers, subsidies from the government for the farming of goats, and technical advancements. An increasing volume of people around the globe are more aware of health and eager to pay extra for products having health aids. Goat milk has high calcium and protein, making it a brilliant accompaniment for the teeth and bones of children and adults.

Cheese held the major part, of approximately 45% in goat milk products market, in the year 2021. The increase in goat cheese demand of late.  This cheese is a rich source of various healthy fats, like unsaturated fats, triglycerides, and fatty acids are attributed for this. There is also a good, easily palatable protein, offering amino acids are essential for the body of the humans. Furthermore, to help fight irritation and contribute to a hale and hearty gut, there are lower allergic properties in goat cheese.

In 2021, one of the most important networks is Hypermarkets & supermarkets for the distribution of dairy products. Therefore, this had the highest, over 40%, share of goat milk products market. Moreover, these huge retail stores permit vendors to endorse their products, helping in advertising their brands. Also, because of the variety of objects and the ease of customers, these places cater better than small retail outlets to customer needs.

Goats farming has a significant role to play in the economy of the rural areas of most countries. For example, in India around 70 out of 100 landless agrarian workers, and farmers with small areas of land farm goats. Compared to further cattle species, farming of goats offers great profits to small manufacturers. Goats are one of the most capable animals for the production of meat requiring the smallest area. Goats are able to survive in tough weather conditions and in the ones with limited vegetation apart from meat, they provide dung, milk and hide.

The improved consumption of products made with goat milk in APAC is responsible for the growth goat milk products market. This has a lot to do with higher populace, which is strengthened by the increasing disposable income of the people of the region. The region's APAC industry of food and beverage is enormous, having nearly half of the world market. Some countries like India and China are agricultural-based and they are hubs for producing a diversity of agrarian items. 

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How Does Integration of AI Recommendations Drive Interactive Kiosk Market?

An interactive kiosk is a computer terminal comprising both software and hardware and facilitates access to various applications and information for commerce, education, communication and entertainment. In 2021, the revenue of the interactive kiosk market was $26,312.3 million, and it will witness a 7.8% CAGR, to reach $51,582.0 million by 2030. An interactive kiosk can perform numerous tasks, enabling users to purchase items, check information about the available products, or collect cash.

Retailers widely use information kiosks in shopping complexes to lure customers, by displaying the items on offer and their details. Significant growth is expected for the retail vertical in the interactive kiosk market, attributed to their role in the expansion of e-commerce. Further, the advent of artificial intelligence, which leads to better recommendations, assists merchants in determining the right price, project demand, maintain inventory, and further analyze the kiosk purchases for marketing purposes.

Interactive Kiosk Market Report 2022-30 | P&S Intelligence 

The interactive kiosk market is driven by the rising demand for vending machines, especially in China. The food and beverage industry of the country is now able to make seamless deliveries through vending machines, with their capability to accept mobile payments. Due to the rise in travel and tourism activities post-pandemic, the demand for interactive ticketing kiosks has also risen. The technological advancements and minimized manufacturing costs are influencing the demand for such equipment, to make the booking and ticketing process seamless.

There has been a constant increase in the APAC population's purchasing power, thus significantly contributing to the improvement in the quality of life. This would further to a high spending on lifestyle-related goods, increasingly through interactive kiosks and e-commerce channels. Additionally, the highest growth rate in the interactive kiosk market is about to be witnessed in the APAC, considering the expansion of the BFSI industry. The increasing installation of ATMs to cater to the high demand for readily available cash is the major driving factor for the market.

Thus, the growing demand for cash, leading to popularity of ATMs, and usage of AI in such machines are driving the market.

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How Does Improved Smart Electricity Grids Lead to Switchgear Market Expansion?

In 2021, the switchgear market hit $93,432.6 million in revenue; it is advancing at a rate of 5.9% from 2021 to 2030 to reach a $157,045.5 million value by 2030. It is ascribed to the improved power distribution infrastructure and increasing construction activities led by infrastructure development. Due to the expansion of the industrial sector, there is an increased demand for energy in both developed and developing countries, led by increased automation and technological improvements. 

Low-voltage variants have captured the largest switchgear market share, ascribed to the three-phase power distribution products designed for electricity supply of a capacity of 6,000 Amperes at up to 1,000 Volts. Low-voltage variants are usually used for motor control centers and switchboards. The common usage of low-voltage switchgear involves power supply to low-voltage switchboards, other feeder and branch circuits and LV-MCCs. They are highly utilized in mining, manufacturing, utility, petrochemicals, water treatment and other sectors for power supply. 

APAC holds a significant switchgear market share, amounting to 45% of the revenue. It is expected to retain the same position in the market in the coming years. China dominates the APAC market as compared to other nations. The power generation sector is expanding to cater to the requirements of China’s rising population resulting in the expansion of the market in the country. According to Boston University Global Development Policy Center, the FDIs and Development led to overseas power generation capacity amounting to 106.2 GW in China from 2000 to 2018. 

The improvements in the smart grid infrastructure boost the switchgear market. There is a growing need to make advancements to the grid by utilizing innovative technology, controls and equipment for building smarter and more robust infrastructure. Smart grids generate power more efficiently in a reliable manner by interacting and collaborating. They reduce the instances of power outages for long durations. Smart grids are also effective during bad weather as they quickly restore the services by adding new capacity. 

Therefore, the expansion of the industrial sector leading to increased demand for energy to generate power drives the market.

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How Does Industrialisation Boost U.A.E. Diesel Generator Market?

In 2021, the U.A.E. diesel generator set market stood at $143.6 million; it is expected to hit the value of $204.5 million, growing at a rate of 4.0% from 2021 to 2030. It is attributed to the surge in demand for prime and backup power sources in central spaces such as retail stores, office spaces, hospitals and hotels. There is a massive demand for medium and large DG sets for power generation in the commercial sector, majorly in mining, oil & gas, energy & power, and manufacturing industries. 

The diesel generators are extensively utilized for global events in the country involving international participation or a vast number of visits. For instance, Expo 2020 conducted in 2021 was a recent global event in Dubai that increased the country's tourism and required an uninterrupted power supply, which was facilitated by the DG sets. Moreover, the rising power outages in the country have increased the demand for power backup sources resulting in the expansion of the market. 

The growing requirement of the gensets in the industrial sector leads to the U.A.E. diesel generator set market. The manufacturing, oil & gas production, and power generation industries massively require gensets for power supply reliability to carry out uninterrupted processes. For instance, construction sites having no or unreliable grid access depend on gensets for power supply. Similarly, the oil & gas industry depends on gensets for power supply to refineries, production sites, and distribution infrastructures such as gas stations and pipelines. 

The key players are focusing on launching new products to strengthen their presence and remain ahead of their competitors in the U.A.E. diesel generator set market. For instance, Kohler Co. launched diesel gensets named KD series diesel-powered generator sets with 4000 kVA and 4,500 kVA (50 Hz) or 3,500 kW and 4,000 kW (60Hz) capacity in November 2020. Similarly, Caterpillar Inc. launched Cat GC diesel gensets in October 2021. 

Thus, the increasing industrial development and construction activities with no reliable power supply in the region lead to market expansion.

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Tier III Data Center Dominate Data Center UPS Market with $3 Billion Revenue

The global data center UPS market produced $5,729.0 million in 2021, which is predicted to hit $10,096.5 million by 2030, growing at a 6.5% CAGR from 2021 to 2030. The market is being bolstered by the opening of new data centers, as the need for data storage is skyrocketing across all industries. The need for UPS systems is growing since they safeguard data centers from power spikes and outages. With high-density cloud computing systems, industries and businesses rely heavily on data centers, necessitating power supply continuity for effective data security.

The biggest end customer of data center UPS solutions is the IT industry. During the projected period, the segment is also predicted to increase at the fastest rate. Top IT firms rely on data analytics and cloud computing systems, and they have a high demand for data storage and security in data centers. Businesses use data center UPS systems to provide a continuous power supply to meet their business objectives. Amazon, Microsoft, and Google are a couple of the key companies in the data center UPS market that own over half of the data centers and contribute considerably to the market's growth.

North America held the biggest share of the revenue in the data center UPS market in 2021. This is due to the presence of key market companies including ABB Ltd., Eaton Corporation, and Schneider Electric, as well as the region's data center concentration, which is the highest in the world. On the other hand, the APAC market is expected to grow at the fastest rate in the future years. This is because of the region's growing investments, data center growth, and widespread acceptance of public and hybrid cloud by numerous sectors.

Governments are taking several steps to reduce their carbon impact. For example, The Carbon Neutral Government Program was created to help the public sector reduce emissions faster. As a result, businesses, manufacturing units, and IT companies are taking measures to move toward more efficient and environmentally friendly power backup systems, with green UPS systems leading the way in the data center UPS market, consuming less energy and producing a lower carbon footprint.

Hence, the market will grow significantly in the coming years, due to the growing count of new data centers and the heavy dependency of industries and businesses on data centers.

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