How Does Industrialization Impact Ghana DG Set Market?

A DG Set is also known as a diesel generator set or diesel genset. It is comprised of a diesel engine ad electric generator, made to generate electrical energy. DG sets are mainly used where electricity connections are unavailable to facilitate the link to the power grid. It can also be used as an emergency power supply, which makes it vital for developing countries. Thus, in 2021, the Ghana DG set market valued at $54,572.6 thousand, from where it is expected to grow at a rate of 2.3% from 2021 to 2030, to reach $67,032.6 thousand.

The rising prices of electricity is credited for the increase in the demand for gensets in the country. Due to its expensive nature in the nation, the improving electricity access and distribution infrastructure have failed to lure businesses to utilize it for their operations. Thus, companies in Ghana tend to rely more on DG sets than the grid supply. An inexpensive power supply not only boosts local businesses’ operations but also attracts foreign investments. The Ghana DG set market is also driven by the unpaid bills, slow or no cost recovery, electricity theft, and power cuts.

In 2021, gensets of a power capacity of 15–75kVA generated significant revenue in the Ghana DG set market, amounting to $21,443.5 thousand. These variants cater to the needs of small-to-medium-size locations, such as individual houses and small commercial spaces, such as standalone shops. In the coming years, the demand for variants that offer power in the range of 751–999 kVA is predicted to grow the fastest in this African nation, as they are important in the mining, oil & gas, and construction sectors.

Numerous manufacturers of gensets are taking expansion measures, which will further favorably impact the Ghana DG set market, due to their operational dependency on diesel generators. They are launching new products, expanding their facilities, and collaborating with other brands to improve their portfolio. They are focused on increasing their customer base, getting a stronger brand recognition, and offering aftermarket services, which include repair, maintenance, and digital services. A significant example is of Takoradi, where Mantrac Group established a new component rebuild center in 2020.

Thus, the infrastructure development projects are significantly leading to a rise in the demand for diesel generators.

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Why Will 150–199 kVA Category Potentially Grow in the U.S. Diesel Genset Market?

By 2030, the United States diesel genset market will reach $3,132.4 million, from $2,175.6 million in 2021. The market is projected to grow at a 4.1% CAGR during 2021–2030, owing to the increasing instance of power outages and the rising need for reliable and uninterrupted power supply. Moreover, there is a surging need for power backup sources, ascribed to the skyrocketing development of residential homes, hotels, and corporate offices, which is boosting the demand for gensets.

The frequency of power outages in the country is increasing, owing to factors including overloading and aging power grids, and natural calamities. Prominent places that require a consistent and smooth power supply, include fire stations, data centers, telecom towers, nuclear power plants, and healthcare centers. The equipment and devices in these facilities can be affected by a power failure, which will lead to misfunctioning because of the lack of ability to handle load surges. Hence, the development in these application areas will drive the requirement for diesel gensets.

Within the power requirement segment, the U.S. diesel genset market is bifurcated into backup power and prime power. In 2021, the backup power category accounted for higher revenue, of $1.9 billion. This is ascribed to the surging use of DGs in manufacturing facilities, retail establishments, hospitality units, healthcare facilities, commercial buildings, hotels, shops, and houses, as a backup power solution. Further, people in the country are continually installing powered generators to curb power outages because of natural calamities and old electricity grid infrastructure.

The use of data in the U.S. diesel genset market is expanding as hyper-scale cloud providers and business organizations attempt to reap profits from local and worldwide data demand. With the gradual acceptance and swift expansion of technologies in the U.S., there is a dire need for extra storage space. This is predicted to create a snowballing demand for data centers in the future. Additionally, data centers create a high requirement for reliable power sources and need a consistent power supply, which, in turn, drives the requirement for diesel gensets.

Hence, the surging demand for reliable and uninterrupted power supply and the increasing instances of power outages will provide lucrative opportunities for market players to gain a competitive edge.

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Growing Health Awareness Leading To Dietary Supplements Market Advance

 The consumer awareness on nutrition, health, and wellness is constantly growing. Nowadays, people have become more conscious about their health, as they are concerned with building higher levels of immunity to fight off the diseases they may contract from outside. Hence, the value of the global dietary supplements market was $123.1 billion in 2021, which will likely rise to $288.5 billion by 2030, at a 9.9% CAGR. The rising prevalence of chronic diseases has essentially resulted in the rise in the consumer awareness on health.

In order to reach a broader target audience by accessing new sales channels, numerous companies are financing research and development activities. Numerous opportunities have been created in the dietary supplements market through the vigorous expansion of online channels and various physical retail channels or stores. The majority of the sales come through mass merchandisers, such as supermarkets and certain specialty retailers. Moreover, the growing trend of gym workouts is propelling the market, as trainers often prescribe protein, vitamin, and mineral supplements.

Dietary Supplements Market Size and Growth Forecast, 2030

A significant share in the dietary supplements market, of 31%, was captured by the vitamin category in 2021. The deficiency of several vitamins, such as A, B, C, and E, in people is balanced by supplements. Consumers are extremely relying on these supplements to fulfill the required daily vitamin intake. This is because of the wide array of disorders associated with the deficiency of this nutrient, including scurvy (vitamin C), anemia (B12), rickets (vitamin D), and excessive hemorrhage (vitamin K).

Moreover, it is clear that different vitamins cater to different needs of the body. For instance, vitamin C supplements are widely utilized by women as they provide protection to their skin from UV radiation due to exposure to direct sunlight. Similarly, vitamin B improves the immunity and functioning of the nervous system, as well as facilitates healthy cell growth and division. The adequate amount of vitamins, to balance the diet, vary depending on the age group. Therefore, vitamin supplements are largely used by adult women and adult men.

A significant share of the dietary supplement market was held by tablets, which accounted for 33% of the revenue, in 2021. Dietary supplements are highly consumed in the form of tablets as they are easy to eat. Further, the demand for liquid dietary supplements is expected to grow at a rapid rate as they are easily absorbed by the body. Hence, with a large number of people reeling under the effects of malnutrition, especially in developing and under-developed countries, the consumption of such products is bound to grow.

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With Ambitious Climate Targets, Energy-Efficient Lights Being Used Outdoors

 In the U.S., from 2014 to 2016, the Outdoor Lighting Accelerator garnered an assurance to upgrade 1.3 million street lights, with the aim to save an estimated $48 million every year for each of the 25 partners, including 16 cities, three states, and six regional energy networks. Outdoor lighting consumes a lot of energy, approximately 1.3 quadrillion British thermal units every year, adding up to a total cost of nearly $10 billion every year, as per the U.S. Department of Energy.

Hence, with the rising preference for energy-efficient lights, the worldwide revenue of the outdoor lighting market was $10,352.1 million in 2020, and it is predicted to grow at a 7.0% CAGR  during 2020–2030 and reach $20,269.7 million. Apart from the growing acceptance of energy-efficient lighting solutions, the rising number of government initiatives for energy efficiency and an increasing investment in infrastructure, especially in urban and semi-urban areas, are credited for the growth of the market.

Outdoor Lighting Market Trends and Demand Forecast, 2030

In the last decade itself, numerous municipalities started using LED technologies to reduce energy costs by about 50% over conventional lighting technologies and offer extra savings of 20 to 40% with smart controls. Apart from cost and energy savings, the higher effectiveness of LED lights offers benefits such as reduced carbon dioxide emissions, aiding cities to reach their goals of carbon reduction; decreased pollution by light, and better public safety due to enhanced visibility via better color rendition, and more-even distribution of the light.

The LED lights category reported the largest share in the outdoor lighting market in 2020, based on lighting type. It is further expected to be the fastest-growing category in the years to come. This can be credited to the rising penetration for LEDs as a source of light in numerous applications, for example, streets, parking spaces, and stadiums. Furthermore, LED permits the effective use of light intensity controls and enhances the potential for energy savings.

In recent times, in excess of 36.70 crore LED bulbs and 72.09 lakh LED tubes have been dispersed by the EESL all over India. This has brought about a projected savings of 47.98 billion kWh every year with an evaded peak demand of 9,747 MW, emission reduction of 39 million tons of CO2 equivalent every year, and projected annual savings of INR 19,156 crore on power bills. Dur to such advantages, LEDs for outdoor applications, such in parks, garages, and streets, is rapidly gaining popularity around the world.

APAC generated the highest revenue for the outdoor lighting market in 2020. This is credited to the rising adoption of smart LED lighting in the region, majorly under government initiatives. This region is correspondingly predicted to continue its dominance in the near future, because of the growing count of smart city projects in developing nations, such as China, South Korea, and India. Governments are also focusing on energy-saving through the usage of LED lighting on roads. The efficiency and low power consumption of LEDs are the important advantages that make them ideal for street lighting.

Hence, because of the presence of energy-efficient lighting solutions and increase in the number of government initiatives, the demand for smart outdoor lighting will rise further.

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Why Does APAC Generate the Highest Revenue in Embedded Security Market?

The global embedded security market accounted for around $6,140.8 million in 2021, which is predicted to hit $10,470.0 million by 2030, growing at a CAGR of 6.1% between 2021 and 2030. The growing count of security breaches and cyber-attacks in IoT devices, smart wearable devices, and consumer electronics. The rise of the market has been aided by the digital payment’s proliferation, which are sensitive events that must be protected from hackers.

Payment services may now be integrated into current mobile devices owing to the development of smart wearables and smartphones, mobile internet, and near-field communication technologies. Contactless and cashless payment methods have been driven by convenience as well as the elimination of the need to carry cash, whereas the internet has played a critical role in facilitating online commerce. The epidemic of the coronavirus has driven the popularity of contactless and cashless payments, emphasizing the necessity for more robust cybersecurity safeguards.

Embedded Security Market Report 2022-2030

The APAC region has the biggest embedded security market share in the world, and it will grow at a 6.5% CAGR during the forecast period. Improved IT security is becoming extremely relevant as billions of devices become increasingly interconnected through the IoT. Many emerging nations in the region, such as Singapore, China, and India, are becoming extremely worried about cybersecurity. Cyber-attacks, particularly those involving ransomware and malware, have increased as a result of the development of remote work environments.

The automotive industry will grow at a CAGR of around 7.0% in the embedded security market from 2021 to 2030, under the end user segment. For instance, owing to cyber-attacks the industry is predicted to lose more than $500 billion by 2024. Software and electronics are extremely important in the automobile industry. Security is becoming particularly crucial in connected automobile systems, including sensors, secure gateways, powertrains, chassis, and car access systems, as the sale of connected cars grows and emphasis on autonomous driving increases.

There are multiple large companies in the industry, which makes it fragmented. In order to keep ahead of their competition, they have been participating in product introductions in recent years. Moreover, top companies in the embedded security market are Renesas Electronics Corporation, Thales, Qualcomm Technologies Inc., Texas Instruments Incorporated, Samsung Electronics Co. Ltd., Microchip Technology Inc., NXP Semiconductors, STMicroelectronics, Infineon Technologies AG.

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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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