How Do Strict Regulations on VOC Emissions Resulting in Vapor Recovery Units Market Boom?

In 2021, the vapor recovery units industry valued at $758.5 million; it is expected to grow at a rate of 5.0% from 2021 to 2030, to hit $1,177.8 million by 2030, attributed to the rising production of the oil & gas, and petrochemicals. Furthermore, the strict regulations for volatile organic compounds and the rising concern toward environmental problems led by the increased toxic emissions from petrochemicals lead to market expansion. 

Under the application segment, the storage category captures a significant vapor recovery units market share, attributed to the increased usage of the storage tanks for recollecting vent gases from distillation tanks and crude petroleum at storage sites. The worldwide rise in crude oil storage tanks has increased the demand for vapor recovery units. For example, according to the U.S Environmental Protection Agency, the country has more than 500,000 crude oil storage tanks.

APAC is expected to witness the fastest growth in the vapor recovery units market, attributed to increased investments in the capacity of oil & gas. In addition, the expansion of the manufacturing industry, rising demand for oil & gas commodities, and petrochemical derivatives result in market proliferation. The developing countries such as India and China contribute substantially to the APAC market, attributed to the population explosion, and rising urbanization, and industrialization. 

The membrane separation technology is expected to witness the fastest growth in the vapor recovery units market, attributed to the low-cost installation and operations of the membrane separators. The vapor recovery units that facilitate the separation of the membrane have a higher recovery rate and low maintenance cost. However, the absorption technology captures a significant share of the VRUs market; expected to retain the same position in the near future, attributed to the massive usage of the absorption-based VRUs. 

Therefore, the expansion of the manufacturing entities and rising environmental concerns lead to the proliferation of the market.

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What Are Key Applications in Fuel Cell Market?

Green technologies, one of which is fuel cells, are being rapidly adopted due to their potential to mitigate environmental degradation. These energy storage devices contribute to controlling the pollutants in the environment and allowing for fuel flexibility, durability, scalability, and quiet operations, especially of vehicles. Hence, the estimated size of the fuel cell market, which was $1,799.9 million in 2021, will witness a humongous CAGR of 33.2% from 2021 to 2030, to reach $23,743.4 million by 2030.

As per reports, 17% of the global emissions are the responsibility of the transportation industry, which, additionally, consumes one-fourth of the world’s energy. Thus, the transportation sector contributes considerably in the expansion of the fuel cell market as this technology serves as an alternative to conventional ICEs and Li-ion batteries, in which the major part of fuel energy is emitted as heat. In order to reduce GHG emissions and improve the efficiency of energy conversion, there is a great need to invest in advanced propulsion technologies.

The highest revenue generator in the fuel cell market is polymer electrolyte membrane (PEM) variants, with a 60% share in 2021. Automobiles with PEM fuel cells have numerous advantages over fossil-fuel-driven automobiles, including a higher fuel efficiency, environment-friendliness, a comparable power density, and compatibility with renewable energy resources. PEM fuel cells are primarily being utilized in the transportation sector because of their suitability for cars and buses. A favorable power-to-weight ratio means that the weight of the vehicle can be limited by using lightweight fuel cells.

Apart from transportation, the usage of this technology for renewable energy generation is picking pace. South Korea has some of the largest fuel cell parks in the world. Similarly, fuel cell capacity in the U.S. rose by more than 750 MW in 2021. Small-scale systems are utilized by telecommunications entities, utilities, railroads, and governments and traffic departments in the U.S. for backup power. Furthermore, in Japan and Europe, small-scale fuel cell systems are widely used to produce electricity for homes and commercial spaces.

In order to curb carbon emissions and, in turn, reduce the greenhouse effect, the demand for fuel cells is surging for transportation and stationary power applications.

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What Will Industrial Hemp Market Value Be in 2030?

 The value of the global industrial hemp market in 2021 was $,4452.0 million, and with a CAGR of 33.7% from 2021 to 2030, it is expected to reach $60,682.8 million. Hemp belongs to the same flora species as cannabis. The only distinguishing feature is that it contains low levels of tetrahydrocannabinol (THC). According to the U.S. 2018 farm law, hemp is not considered cannabis if it contains 0.3% or less THC.

Hemp cultivation is permitted in 36 countries globally, and the crop is expected to cater to the increasing bast fiber demand for high-quality textiles. Selling hemp and hemp products is legal in the U.S., as numerous states have legalized its farming. Moreover, Canada has focused on hemp cultivation for seed production, as it is widely used in the food and cosmetics industries. Recently, it also started to utilize this crop for building materials, insulation, and composites. China exports hemp fibers to Europe and Northern America.

Industrial Hemp Market Size & Share Analysis Revenue Forecast to 2030

Since the legalization of industrial hemp cultivation, a surge in the industrial hemp market size is being witnessed. In the U.S., hemp with less than 0.3% THC has been removed from the definition of a controlled substance. Similarly, the cultivation of cannabis varieties with less than 0.2% THC is legal in the European Union. The Chinese National Anti-Drug Committee also announced in 2019 that CBD is not a controlled drug anymore and removed it from the narcotic drug's list. Further, cannabis with 0.3% or less THC can be grown in certain regions of China.

Get More Insights: Industrial Hemp Market Revenue Estimation and Growth Forecast Report

The food industry dominated the industrial hemp market in 2021, accounting for more than 25% share. Hemp is utilized as a source of fiber and oil seeds in various industrial products. That’s why industrial hemp is grown as an agricultural commodity in more than 25 countries. For more than 5,000 years, hemp seeds and oil have been used in the human diet in APAC and Europe. Butter pastes, non-dairy milk, non-dairy cheeses, non-soy tofu, salad oils, and health bars are the major food products with hemp seeds and hemp oil.

The burgeoning usage of hemp in the pharmaceutical industry is a major industrial hemp market growth driver. There are numerous benefits of hemp, which allows it to be used to treat and mitigate various health conditions. Hemp contains a favorable omega-6-to-omega-3-PUFA ratio, which provides support in the treatment of cardiovascular diseases, lessens osteoporosis symptoms, and alleviates eczema symptoms. Moreover, CBD serves as an agent for the treatment of illnesses of the central nervous system, including epilepsy, multiple sclerosis, and neurodegenerative diseases.

The largest revenue share, of 35%, in the industrial hemp market was captured by Europe in 2021. The cultivation of industrial hemp is legal in several European countries as it is approved by their government authorities. The presence of a large consumer base in the region is also resulting in the growing demand for hemp in the food & beverages, dietary supplements, and personal care industries. Moreover, the demand for industrial hemp-based skincare products is significant in the region as they provide a good organic alternative to products laden with chemicals.

Hence, the legalization of hemp cultivation has brought a boom in the demand for it across industries.

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Why Will APAC Rule the IoT Microcontroller Market in the Forecast Period?

 The major drivers of the global IoT microcontroller market include the surging requirement for IoT in several sectors, increasing preferences for automation, and technological advances. In 2021, the market stood at $4,836.9 million and it is predicted to reach $13,898.0 million by 2030. It is projected to advance at a CAGR of 12.4% from 2021 to 2030. This can be due to the surging need for connected products, including gaming consoles, security systems, smartphones, televisions, household appliances, and tablets. 

The technological advances will pave the way to generate higher revenue in the IoT microcontroller market in the forecast period. Recognizable alterations have taken place in hospitals and clinics because of data analytics methods, wireless devices, and developments undertaken in computer-embedded technologies. Furthermore, by enabling the inspection of huge amounts of very complicated medical information, clinical research is being transformed by IoT technologies. Additionally, there is an increase in the geriatric population, which leads to a higher prevalence of chronic diseases. This drives the requirement for IoT-based patient monitoring devices.

IoT Microcontroller Market Revenue Estimation and Demand Forecast to 2030

During the outbreak of COVID-19, lockdowns were imposed across the world. Thus, corporations of several sectors followed the work from home culture resulting in a dire need for PCs, mobile phones, wearables, and IoT-enabled smart gadgets. Furthermore, all of this went in harmony with increasing collective awareness about wellbeing, fitness, and health. Also, health parameters, including the heart rate and oxygen levels, are easily monitored and tracked by wearables. This exerted a push on the demand for wearables. 

Within the product segment, the global IoT microcontroller market will be dominated by the 32-bit microcontroller category in the forecast period, accounting for the highest CAGR, of around 12%. This can be credited to the variant’s better functional abilities, extending assistance to small implanted medical devices, Industrial 4.0 processes, and the latest IoT applications. Moreover, this type of microcontroller is witnessing extensive use in industrial automation on account of its higher processing power, better performance, enhanced efficiency, user-friendly features, and economic aspects over other microcontrollers. Additionally, it can send real-time sensor information to an IP network.

Segmented by application, the smart home category will spur the IoT microcontroller market growth. The category is expected to grow at a CAGR of around 12% in the coming years. With greater adoption of technology, players can adapt to the current market dynamics and paradigm shifts in the tastes and preferences of consumers. A snowballing need for energy-efficient, secure, and safe processes is created by controlled applications of smart devices, which result in their rising demand. 

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Video Surveillance as a Service Market To Touch $13,584.3 Million by 2030

By 2030, the global video surveillance as a service market is predicted to touch $13,584.3 million, since being valued at $2,992.4 million in 2021. The market will grow at an 18.3% CAGR from 2021 to 2030 owing to the rising number of smart cameras and several accompanying sensors, which has resulted in an inclination toward in-band analytics. This combination of variables will augment growth in the market. For instance, there is extensive use of in-band analytics, smart cameras, and other techniques to facilitate operations.

Video Surveillance as a Service Market 2022-30

The enormous adoption of cloud-based services is creating lucrative opportunities for the video surveillance as a service market. The swift adoption of technology will help the market players to adapt to the shifts in the tastes and preferences of the consumers and the existing market dynamics. Thus, the rising availability of higher frequency bandwidths and various innovations made in cloud computing technology will drive the global market. Users in the surveillance industry are robustly using cloud-based services to cater to their requirements. There is an inherent benefit of swifter response, evidence tampering prevention, and enhanced reach.

North America rules the video surveillance as a service market, accounting for approximately 40% of the total revenue. This can be credited to extensive government support, rising threats of terrorism, and surging crime rates in the region. The most usual users of VSaaS are office spaces, restaurants, and hotels. There is an increasing installation of modern surveillance systems by the government in public spaces. In addition, it is also working to expand the usage of these services in the infrastructure and defense industries. 

Moreover, there is a consistent growth in the European industry because of extensive government support, greater deployment of technologically advanced devices in numerous sectors, coupled with a rising integration of cloud-enabled VSaaS. In addition, APAC will also not lag due to the rising preference for the smart city concept and greater concerns about safety among the citizens in the digitalized era. Thus, the market will boom in the coming years globally.

Hence, extensive government support and rising internet penetration will drive the market.

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Why Natural Disasters Are Driving Philippines Diesel Generator Market?

The Philippines diesel generator market was $152.9 million in 2021, and it is set to reach $245.2 million by 2030, growing at a CAGR of 5.4% through 2021−2030. The main reason for this is the developing industrial sector, which, in turn, is increasing the demand for electricity, and the frequent power outages. The market is also expected to grow with the growth in the urban population, which is leading to the mass-scale construction of commercial spaces, such as hotels, shopping malls, stadia, and transport hubs.

The Philippines diesel generator set market revenue is also snowballing at a faster pace because the government is trying to attract FDI. The country has established monetary zones to entice foreign companies and aid them set up production facilities. For example, the net FDI flow into the Philippines augmented by 96% year on year, to $1.1 billion in November 2021, in the sixth successive month of development among constant economic improvement.

Industrial gensets held over 40% Philippines DG set market share in the application segment in 2021 due to the ongoing industrial projects. For example, DMCI Holdings, in August 2021, publicized plans to invest $70 million in developing of two electricity plants. Of this, $54.8 million was for a thermal power plant project on Palawan Island, and the rest for a hybrid diesel–solar power plant in Cataingan, Masbate. Upon operation, there will be a reduction in the cost of energy, and the r production capacity of DMCI will go up to 164 MW.

There is also a strong need to develop the transportation infrastructure in the Philippines to decrease the traveling time. In January 2020, the Philippines’ Department of Transportation confirmed a joint venture with three Chinese firms for the expansion of the first package of the Philippine National Railways South Long-Haul project (PNR Bicol). The design, construction, and electromechanical works on the initial 380-km stretch from Banlic, Calamba to Daraga, Albay, are to cost $2.76 billion under this project.

Therefore, the market is growing in the Philippines because of the constant power outages and natural disasters hitting the country.

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Government Initiatives Drive Electric Vehicle Fast-Charging Infrastructure Market

In 2021, the size of the electric vehicle fast-charging infrastructure market stood at $3,240.7 million; it is expected to grow at a CAGR of 21.7% from 2021 to 2030 and hit the $18,909.8 million value by 2030. The environmental concerns are booming the demand for electric vehicles led by zero emissions to save the earth from global warming, greenhouse gas emission and climate change. Government initiatives to promote electric vehicles are also driving the market. 

Electric Vehicle Fast-Charging Infrastructure Market 2022-30

Under the application segment, the public fast chargers dominate the electric vehicle fast-charging infrastructure market, attributed to the mass installation of public fast chargers for electric vehicles. Numerous original equipment manufacturers and electric vehicle network manufacturers are installing fast chargers at various sites such as parking lots, fuel stations, government offices, and hospitality facilities. For example, the U.S. government announced an investment of around $7 billion by implementing the Bipartisan Infrastructure Law, intending to deploy 500,000 public chargers by 2030. 

The increased investments to facilitate the mass adoption of electric cars with the construction of appropriate infrastructure such as installing fast-chargers boost the market. The countries such as the U.S, China and Germany are making heavy investments in R&D to cater to the rising demand for fast and efficient electric vehicle charging. For instance, Ford is planning to make investments to increase the production of electric vehicles to reach the number of 600,000 units by 2023. 

APAC holds the most-significant electric vehicle fast-charging infrastructure market share, attributed to the rising trend for clean transportation, creating an opportunity for network operators to expand. Governments’ initiatives to promote electric vehicles through state regulations and announced investments for infrastructure development drive the market, leading to increased adoption of zero-emission automobiles. For instance, the installation of fast-charging stations is rising in Australia, facilitated by government initiatives to promote zero-emission transportation.

Therefore, the government initiatives to promote electric vehicles, attributed to the environmental concerns to control the greenhouse gas emission resulting in global warming, are driving the market.  

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