Why Will the Disposable Cables and Lead Wires Bifurcation Gain a Momentum?

 The major drivers in the global ECG cables and lead wires market are rising geriatric population levels and increased incidence of cardiovascular diseases. In 2021, product sales valued $1,800.0 million, and it is predicted to reach $3,071.7 million by 2030. Furthermore, the market will grow at a 6.1% CAGR in the coming years. Moreover, the rising prevalence of hyper-anxiety or insomnia among the patients will also propel growth in the market. This is because the number of ECG tests done will go hand in hand with the rising number of patients.

ECG Cables and Lead Wires Market Demand Analysis Forecast, 2030

The outbreak of COVID-19 had disrupted the entire circular economy but the ECG cables and lead wires market was among the few exceptions. When the entire economy went into recession, this market exhibited magnificent numbers owing to the skyrocketing demand for these lead wires and cables among the growing population. Resultingly, the entire market boomed by at least 15% amid the pandemic. This is because of the surging prevalence of cardiovascular diseases because of the outbreak of the COVID-19 virus. Hence, corporations upscaled their output to facilitate the urgent requirement of the population.

Within the product type, the ECG cables and lead wires market can be bifurcated into ECG cables and ECG lead wires. The latter bifurcation holds the bigger market share, of about 55%, while the remaining 45% is held by the former category. Because the 3-lead ECG lead wires and the 5-lead ECG lead wires are extensively utilized to diagnose heart-related problems, they hold at least 70% of the revenue share. 

Nonetheless, the 12-lead ECG lead wire demand will spur the ECG cables and lead wires market growth at a 7% CAGR from 2021 to 2030. This can be attributed to its ability to not only detect deadly arrhythmias but also provide the early diagnosis of diseases. Moreover, there is a rising inclination toward 12-lead ECG lead wires among the healthcare providers of the advanced economies. This will augment growth in the market.

When segmented on usability type, the reusable bifurcation holds a larger ECG cables and lead wires market share, of about 85%. This can be ascribed to their lower costs for healthcare centers, especially in emerging economies. Moreover, the disposable category will witness an approximately 7 CAGR in the coming years owing to the gradual attempts made by the healthcare providers to lower the cross-contamination. Furthermore, this results in both increasing prevalence of bloodstream infections and the spreading of antibiotic-resistant bacteria.

Geographically, APAC will witness the highest CAGR, of approximately 7%, from 2021 to 2030. Being home to some of the most populous countries including Japan, India, and China, there is a skyrocketing consumption of these products leading to rising healthcare expenditure in this country. Moreover, this is complemented by extensive government support. There is a rising investment in the healthcare infrastructure by the governments of various countries to meet the requirements of the growing geriatric population.

Therefore, the increasing incidence of cardiovascular diseases, coupled with a rising geriatric population will provide prospective opportunities to market players.

Read More

Why Will North America Lead Data Center Power Market in the Forecast Period?

The prominent factors thriving the global data center power market are robust adoption of cloud solutions, generation of a huge amount of data, and an increase in the number of data centers. In 2021, the market stood at $19,555.1 million and it is projected to touch $33,380.1 million by 2030. Moreover, the market is projected to advance at a CAGR of 6.1% from 2021 to 2030, owing to the huge requirement of entrepreneurs to drift to data centers from server rooms, the surge in smartphone penetration, the rise in social media usage, and the increase in the count of internet users.

In 2021, the tier III & tier IV category ruled the data center power market, holding approximately 90% of the total revenue share, and this trend will continue in the forecast period as well. This can be credited to its unique features, which include providing the N+1 and 2N redundancy, implying that the complete IT load can be assisted by the structure, simultaneously encompassing additional equipment for power backup, so that the execution is not hampered even if any part fails. The redundant systems ensure the smooth functioning of the performance during any failure.

Within the equipment type, the data center power market will witness a skyrocketing demand for UPS systems because of safeguarding critical components across a facility and maintaining continuity in the functioning of larger data centers. They comprise dual-bus capabilities and multiple configurations to confirm the working of critical systems during power blackouts and outbursts. To converge with the critical component’s power needs, the control system and modular creation of a completely redundant power can be sized by the UPS systems. For any changes in the power requirements, the simple inclusion of the capacity will work.

In 2021, North America held the largest revenue share in the data center power market. This is attributed to the significant spending on R&D activities in this region, which further pushes the formation of next-generation facilities, which are efficient in managing power and technologically advanced. Being home to many data center developers, the region will witness significant market growth. However, APAC will be the fastest-growing market in the forecast period because several regional countries, such as China, Japan, and India, have integrated edge computing locations. 

Hence, an escalating count of data centers, coupled with a dire requirement of entrepreneurs to drift to data centers from server rooms will drive the market.

Read More

Why are Sales of Electric Rickshaw Chargers Booming in Uttar Pradesh?

 The increasing deployment of electric rickshaws, on account of their lower operating costs than the conventionally used cycle rickshaws, is driving the demand for electric rickshaw chargers in India.  Additionally, the Indian government is launching various initiatives and providing financial incentives for encouraging the deployment of these vehicles in the country. According to the India Brand Equity Foundation (IBEF), the electric vehicle industry is predicted to generate a revenue of Rs. 50,000 crore (US$ 7.09 billion) by 2022, with the Indian EV industry expected to require investment worth Rs. 12.5 trillion (US$180 billion) till 2030 in order to cater to the country’s electric vehicle ambitions. 

Moreover, the government has enacted several environmental policies, which have propelled the adoption of electric rickshaws in the country. Besides the aforementioned factors, the entry of several leading automotive companies such as Hero Electric Vehicles Pvt. Ltd. and Mahindra & Mahindra Limited in the Indian electric rickshaw industry in recent years has catalyzed the growth of the Indian electric rickshaw charger market. In addition, the extensive usage of electric rickshaws in India for public transportation is also creating lucrative growth opportunities for the electric rickshaw manufacturers in the country. 

India Electric Rickshaw Charger Market 2022-2030

There are mainly two types of electric rickshaw chargers used in the country—fixed and portable chargers. Of these, the demand for portable chargers is predicted to rise rapidly in the coming years. This is attributed to the fact that portable chargers allow anywhere and anytime charging and provide an alternative to the conventional charging stations. Because of these reasons, these chargers offer greater convenience to users and are therefore, widely preferred by electric rickshaw operators in the country.

According to the observations of the market research company, P&S Intelligence, the sales of electric rickshaw chargers are currently the highest in Delhi. This is credited to the early and large-scale adoption of electric rickshaws in the city, on account of the escalating air pollution levels, because of the extensive usage of oil and gas-powered vehicles. Delhi is one of the worst cities in the country in terms of toxic emission generation and heat-trapping. As electric rickshaws are environment-friendly and highly convenient for short-distance commuting, they are being widely preferred by people in the capital city.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More