Why North America Is Biggest Building Automation System Market?

 In 2021, the size of the building automation system market was $77.1 billion, and it will reach $207.5 billion by 2030, propelling at a growth rate of about 12% during 2021–2030. The increasing need for energy-efficient infra, lower cost of operations and upkeep, improved quality of indoor air, and managed home automation services and the progressions in sensors, communication technologies, touchscreen displays, and analytics take the market forward.

Commercial users have the largest share, at about 40%, in the building automation system market. As per a government association, approximately 30% of the energy used in commercial buildings is wasted, and it can be saved using BAS, as these systems can regulate cooling and heating, lighting, appliances, and other electrical appliances for the maximization of energy efficiency and productivity of workers. Hence, supermarkets, shopping malls, restaurants, warehouses, office buildings, colleges, schools, libraries, museums, nursing homes, and hospitals are accepting these solutions to reduce the costs related to building management.

Building Automation System Market Size and Share Analysis  and Growth Forecast, 2030

Wireless systems will experience a higher sales growth rate, of about 14%, in the coming years, as they are easy to fit and use and offer greater operational and control freedom than wired ones. Wired technology dominates the building automation system market since wired systems perform specific tasks, which is why their performance is usually better than wireless systems. Additionally, system latency is significantly abridged, thereby enabling seamless operation of numerous circuits, chiefly when controlling numerous devices or circuits.

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North America dominated the building automation system market, with an estimated share of over 30%, in the year 2021. This is chiefly because of the technical developments and strict policies pertaining to energy efficiency and the quick acceptance of building automation. Furthermore, the increasing outlay for facility management in public buildings is encouraging the implementation of these solutions. Credited to the same factors, as well as regional countries’ efforts to meet the Paris goals, Europe is another significant user of these solutions

The growth of the APAC region will be the fastest in the building automation system market in the years to come. The increasing concerns for security and the rising requirement for integrated security systems are the main reasons driving the industry in the region. As the count of smart building solution providers has substantially increased and smart building know-how has become inexpensive, the cost of operations of a smart building project has seen a recurrent decline recently.

The rising demand for facility management in the tourism, hospitality, and construction industries is increasing the requirement for building automation systems in the world. Economic growth, driven by urbanization, is one of the key factors for the market growth, as the development of infrastructure in cities will make these services important. Moreover, the expansion of SEZs and mega food parks are expected to help the industry grow in the coming years.

Because of the growing demand for security and access control systems, there is a demand for building automation systems.

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Surging Demand for 5G Network Propels Satellite Launch Vehicle Market

 In 2021, the satellite launch vehicle market size stood at $6,202.0 million, and it is expected to acquire $8,517.9 million in revenue by 2030, growing with a rate of 3.6% from 2021 to 2030. This is attributed to the rising number of satellites launches for various purposes such as weather forecasting, communication, military, and earth observation purposes. The rising trend of reusable launch vehicles, attributed to cost-cutting, reliability, and instant access to space leads to a market boost. 

AI and machine learning are highly utilized in developing SLVs, attributed to the increased efficiency of mission with reduced downtime and paced up physical detection and diagnosis. In addition to this, artificial intelligence helps in easing the test and assembling of the vehicles attributed to the decline in cost and time saving and optimizing the manufacturing process. Moreover, AI facilitates assistance to communication and navigation systems of satellite launch vehicles and thus helps astronomers. 

Satellite Launch Vehicle Market Size & Share Analysis Forecast, 2030

Low-earth-orbit satellites gave captured an undisputed satellite launch vehicle market share, of 90%, attributed to faster communications with improved data processing in the network with easy installation. Additionally, the huge investments made by private and government organizations to deploy satellites in low earth orbit also expands the market. For example, Starlink named satellite internet constellation developed by SETC is LEO, there are around 3700 satellites revolving in the LEO. 

The commercial launch activity category’s satellite launch vehicle market share is around 80%, which is attributed to the increasing number of commercial satellite launches. The rising commercial activities, which include satellite navigation, commercial satellite imagery, and satellite television, combined with the reduced cost for launches and decrease in the investments on hardware space, lead to the expansion of the market. 

The growing 5G satellite communication market, which amounted to $2,548.2-million revenue in 2021 and is expected to acquire $33,896.7 million by 2030, is the key contributor to the satellite launch vehicle market boom. This is ascribed to the surging demand for high-speed connectivity with low latency networking. Moreover, 5G fuels the governments’ initiatives worldwide for the development of smart cities, it also provides socio-economic benefits by pacing up the digital economy, resulting in market proliferation. 

Communication applications contributed extensive satellite launch vehicle market revenue, of more than $4 billion. It is attributed to the surging requirement for 5G satellite connections in various sectors such as automobiles, shipping, and civilian aircraft. In attrition, the internet penetration with increased volume of data usage, supported by low latency transmission drives the market. Satellite launches are extensively utilized in defense communication technology, the major countries to make a huge investment to advance defense communication are China, South Korea, and India

North America dominates the market with a 55% share, it is ascribed to the rising commercial launch activity and the strong presence of key players in the market. Moreover, the advanced technologies in the region and increasing availability of certified technicians fuel the market expansion. Moreover, APAC is expected to witness the fastest growth in the coming future in the market, and it is ascribed to the surging satellite launches for space exploration and communication purposes in the region. 

Therefore, the rising internet penetration facilitated by the high-speed 5G network and increased satellite launches in the lower earth orbit.

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How Will $26.6-Billion Grand Mosque Expansion Propel Saudi Arabia HVAC Market?

 In 2021, $2,390.4 million was produced by the Saudi Arabia HVAC market, which is set to touch $4,821.8 million by 2030, advancing at a CAGR of 8.1% from 2021 to 2030. The market is primarily driven by rising infrastructure investment, the desire to reduce food waste, and the developing hospitality sector. Ground-source HVAC systems are becoming more and more popular, which might lead to new opportunities in the nation. By utilizing the energy contained in the ground to heat and cool homes, these systems conserve natural resources like coal and gasoline that would otherwise be used to generate electricity at power plants.

Saudi Arabia HVAC Market Research Revenue Estimation Report, 2022-2030

The demand for smart VRF systems is a noticeable trend in the Saudi Arabia HVAC market. To reduce energy use and improve sustainability, many customers are relying on intelligent and energy-efficient technologies. These systems include smart thermostats, enhanced monitoring systems, and better controls. Additionally, they offer more consistent temperatures and cleaner air than conventional systems. Users can utilize a smartphone app to track the functioning of these systems. Additionally, they produce less noise as compared to conventional systems.

Read Full Report: Saudi Arabia HVAC Market Revenue Estimation and Growth Forecast Report

The commercial sector had the biggest share in 2021, of more than 40%. To reduce its dependency on the oil trade, the Saudi government is generously supporting the hospitality and corporate sectors. The commercial sector's need for these products and services is rising as a result of the rise in hotels, travel destinations, and office buildings. Government and business sector investments in infrastructure also support the Saudi Arabia HVAC market.

For instance, there are now ongoing projects like the $26.6-billion Grand Mosque expansion in Mecca and the $16.5-billion Haramein rail line between Mecca and Medina. By 2025, 25 million people are expected to travel to the holy sites annually, owing to these upgrades, which are meant to increase religious tourism in the nation. As a result, increased commercial infrastructure development is anticipated to be a key factor in commercial market expansion.

The western region, which held a Saudi Arabia HVAC market share of over 40% in 2021, will advance rapidly in the coming years due to the massive magnitude of infrastructure development. Several of Saudi Arabia's most significant cities, such as Jeddah, Madinah, and Mecca, are located in the western part of the country. The completion of megaprojects like NEOM City and Amaala would increase demand for such systems and related services in the area. A large portion of this development is being carried out by Saudi Vision 2030, the government's objective to diversify the economy of the nation and lessen its reliance on the oil and gas sector.

Product launches are the primary strategic technique used by companies to differentiate themselves from market competitors. A list of some players in Saudi Arabia HVAC market is Daikin Industries Ltd., Zamil Air Conditioners, Johnson Controls International plc, S.K.M. Air Conditioning LLC, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Midea Group Co. Ltd., Carrier Global Corporation, Danfoss A/S, and Trane Technologies plc.

Hence, the rising requirement to lessen food wastage and growing infrastructure spending coupled with the developing hospitality sector are factors propelling demand for HVAC in Saudi Arabia.

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Content Services Platforms Market Booming due to Cloud Adoption in BFSI Sector

In 2021, the content services platforms market was valued at $39.8 billion, and it is projected to acquire a size of $155.8 billion by 2030, growing at a rate of 16.4% from 2021 to 2030. The increase in the implementation of SMAC technologies and the mass creation of digital content across enterprises facilitate market growth, as do the growing trend of mobile workforces, increasing research and development expenditures, and technological advancements.

The content services platforms industry is dominated by case management, workflow management, information security and governance, content reporting and analytics. The demand for training & consulting, deployment & integration, support and maintenance is also expected to rise, resulting in a surge in the market. The pandemic resulted in a 30% increase in the market in 2020 due to mass shifting in digital operations and increased work-from-home trends due to restricted movements.

Content Services Platforms Market Outlook by P&S Intelligence 

The cloud-based platform category has captured the largest share, of 55%, in the content services platforms market. It is attributed to the increasing demand for procurement, deployment, operations, and access to new technologies among different end users, which has further resulted in native SaaS and PaaS vendors' market growth. Moreover, traditional companies have also gradually started shifting to SaaS and PaaS solutions, resulting in market expansion. Cloud-based solutions reduce the need for storage on on-premises storage, reduce IT investments, and offer higher scalability.

North America generate the highest revenue, amounting to 30% of the content services platforms market value. The U.S. contributed massively to the North American market, accounting for an 85% share in 2021. The region's key vendors of content services platforms essentially invest in the research and development of new technologies. Moreover, the Chinese market generated 30% of the revenue in the market of APAC in 2021, attributed to a surge in internet traffic, low data prices, and high-speed connectivity in the region.

Artificial intelligence in content services platforms has gained tremendous popularity, primarily for productivity intelligence, security intelligence and content intelligence applications. Market players are making efforts to cater to the rising demand for AI. Moreover, the growing trend of digitization leads to the expansion of the e-commerce sector, facilitating the rise in the demand for single-source and cross-platform content services platforms. Similarly, numerous organizations utilize big data analytics for business intelligence, as content services platforms facilitate extensive data integration.

Thus, the growing trend of digitization, facilitated by high-speed internet connectivity, ls leading to the boom of the market.

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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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