Enterprise Asset Management Market Will Reach $19,401.9 Million by 2030

The enterprise asset management market was valued at $5,966.2 million in 2021, and it is set to reach $19,401.9 million by 2030, growing at a CAGR of 14% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.

This growth can be credited to the thriving requirement to lower the procurement and maintenance cost, improving asset availability, the snowballing acceptance of such solutions for the effective use of assets, and the demand for a higher return. These days, data breaches are one of the major worries for several companies and to avoid that, they are spending more on strengthening their security systems.

Based on deployment, the cloud category is estimated to grow at the highest rate of 14.3% in the years to come. This growth can be ascribed to the snowballing number of startups in developed and developing nations, preferring the increased cloud deployment of such solutions, to quickly establish their company. This is due to the cloud-based services allowing multiple users in an association to access data any time, any place, without any hardware expenditure.

The healthcare and life sciences category will grow the fastest. This can be credited to the heavy investment in the healthcare sector, rapid acceptance of digitization and high-tech medical devices, increasing concentration on advanced patient care management, a requirement for greater performance monitoring, and the strong need to fulfil compliance guidelines.

The solution category holds the larger share in the enterprise asset management market. This will be on account of the rising necessity to efficiently manage enterprise assets, the mounting importance of a proactive approach of asset management, snowballing demand for a better return on investment, an increasing requirement for streamlined business operations and extensively growing industries, such as telecommunications, healthcare, retail, and manufacturing.

North America was the highest revenue generator in the recent past, credited to the significant concentration of enterprises on predictive maintenance, optimal asset consumption, and supply chain management for streamlined business processes.

APAC is projected to grow at the highest rate of 15.1% in the coming years. The major reasons for the market growth are the rapid acceptance of digital services by organizations, increasing support of the governments to SMEs, rising information technology expenditure, the mounting focus of enterprises on business expansion, and snowballing industrial and commercial construction activities.

Hence, the thriving requirement to lower the procurement and maintenance cost, improving asset availability, the snowballing acceptance of such solutions for the effective use of assets, and the demand for a higher return on assets will drive the enterprise asset management industry in the future. 

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Extreme Climatic Conditions Boost Demand for HVAC TAB Services in Saudi Arabia

 The Saudi Arabian HVAC TAB services industry has garnered $45.0 million revenue in 2021, and it is projected to rise at a rate of 8.6% from 2021 to 2030, to capture $94.6 million revenue in 2030.

It is attributed to the expansion of the tourism sector, rising HVAC installation, and increasing development activities in the nation’s industrial and residential sectors.

Saudi Arabia HVAC TAB Services Market Insights Analysis, 2030

In addition, the growing demand for such services is projected to rise massively, and thus result in the expansion of commercial construction worldwide.

In Saudi Arabia, the changing lifestyles, extreme climatic conditions, and rising number of government policies aiming at revamping the oil-based economy of the nation are expected to boost the demand for TAB services and HVAC systems.

Furthermore, the increasing urbanization rate fuels the requirement for TAB offerings. For example, around 84.5% of the nation’s population lived in the urban region, which has boosted the requirement for  TAB services and temperature-control systems.

In addition, food loss and waste widely affect the environment, economy, and society. Hence, it is a major concern for any country that imports agricultural goods. Reducing food loss involves developing suitable cold-chain storage and transportation facilities to ensure balanced distribution in the food supply chain.

Moreover, the initiatives and activities to transform the attitude of the people involved in reducing FLW, through the usage of HVAC systems, as well as it requires the promotion of sustainable and energy-efficient systems.

The major key players are focusing on expanding the portfolio by offering advanced refrigeration systems, hence fuel the requirement for HVAC TAB services in the nation.

The balancing service category is projected to capture the largest industry share, or 64.0% in the Saudi Arabian HVAC TAB services industry. It is ascribed to air balancing which serves a major role in the planning of large commercial construction projects, with the application of the same principles in the residential sector.

Air is an essential factor that affects productivity as well as health. Thus, the commercial and industrial sectors focus on testing HVAC systems for the maintenance of superior air quality and appropriate indoor climate, which fuels the demand for testing services.

Moreover, companies are focusing on offering sound & vibration, electrical, high-efficiency particulate air filters, medical gas & laboratory system, network, building envelope, tunnel ventilation, duct leakage, diagnosis services, smoke testing, and indoor air quality.

Under the end use segment, the commercial sector captures the largest industry share, and it is projected to retain its position in the coming years. It is ascribed to the rising construction of commercial spaces and expansion of the hospitality sector.

Geographically, the western region holds the largest industry share, of 40%. The outlook of the industry is bright, and it is ascribed to various major infrastructure development projects in cities such as Makkah, Madinah, Jeddah, and Neom.

Therefore, the expansion of the hospitality sector fuels the demand for HVAC TAB services in the region. 

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Food Coating Ingredients Market Is Dominated by North America

 The total value of the food coating ingredients market was $3.95 billion in 2021, and it will rise at a growth rate of 6.35 % in the future, to reach $6.87 billion by 2030. 

Food Coating Ingredients Market Size Analysis Report

The major reason for the growth of this industry is the increasing demand for processed and ready-to-eat food globally. Moreover, the snowballing demand for bakery products, confectionery products, and poultry and meat products is projected to propel the demand for the food coating ingredients in the future.

Browse detailed - Food Coating Ingredients Market Revenue Estimation and Growth Forecast Report

On the bases of product type, the sugars & syrups category held the largest share and is projected to continue its dominance in the coming years. Syrups and sugars have been used as coating materials in the food processing sector, as they offer qualities including a rich flavor, sweetness, and color to the materials being coated.

Additionally, the flours category will hold the second-largest share of revenue in the coming years, as flour is used for several purposes in bakery & confectionery products

In 2021, the liquid form category held the largest revenue share in the past and will grow at a significant rate in the coming years. Liquid coatings are majorly used in ice creams, flavored nuts, bakery products, and confectioneries, including granola bars and candy bars. These coatings contain fat-based formulations, which are melted before being applied to donuts, cakes, fruit pieces, sugar wafers, cookies, nuts, ice cream bars, and several other solid food products for adding needed flavors. 

The meat & poultry products category is projected to grow at a significant rate in the coming years. One of the major reasons behind the growth of the food coating ingredients market are the growing usage of poultry and meat goods in North America. 

Food coatings offer savory flavors and also crispy texture to these products. That is why the growing consumption of fried and crispy chicken coated with crumbs and batter is contributing to the growth of this industry.

North America had the largest market share in the recent past. The presence of enhanced food coating technologies like coat food products mechanized equipment are present in the region. The people of Canada and the U.S. like salty and crispy foods, including corn chips and potatoes, coated with dry ingredients.

APAC is projected to grow at a significant rate in the coming years. The growing demand for these materials from varied industries, rapid industrialization, and the snowballing government expenditure to let food processing corporations update their technologies are contributing to the surging demand for these additives.

Therefore, the increasing demand for processed and ready-to-eat food globally, and the growing population will contribute to the expansion of this industry.

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Why Battery Swapping is Showing Lot of Promise in India?

Battery swapping means the exchange of a discharged battery for a charged battery at a swapping station. It has been gaining popularity in the industry as a key to comfort range concern, one of the prime impediments to the large-scale acceptance of electric vehicles.

Battery exchange could also solve the issue of setting up huge charging infrastructure in towns with the availability of limited space—it can take place in smaller places. A battery exchange station can be set up as a separate entity or even outside of a local store. Battery swapping is also projected to decrease the upfront expense of owning an electric vehicle.

What is Pay-Per-Use Model?

Pay-per-use model is when a customer is charged for specific usage of battery swapping services. Pay-per-use model does not assume a fixed monthly or annual fee; instead, a customer makes a single purchase at a fixed price based on usage.

What is the Subscription Model?

A future strategy for enabling the introduction of electric-drive vehicles calls for vehicle buyers to own the vehicle but rent the battery from a third party for reducing the first-price hurdle to customers. A further extension of this method for all-battery EVs would comprise the capability for customers to swipe their discharged batteries for charged ones at battery exchange stations. This reason would increase the driving range for EV service subscribers but with amplified expenses to build and operate the stations.

Why Battery Swapping is Good

Extra mileage Because of battery swapping

Swapping batteries functions well for high-power vehicles due to the bigger batteries they use. This arrangement is typically found in electric vehicles that need a lot of daily mileage.

Choice That Saves Money

When seeing the current average price of a completely electric vehicle battery, which is between Rs. 15,000 and 2,500 per kWh, it’s clear that system exchanging can be a cost-efficient option. Purchasing a new battery every time the old one expires is a waste of several thousand rupees. A cooler and more practical option than regularly replacing batteries is a swapping.

Shortest Possible Charging Duration

There is no requirement to wait for the battery to charge when swapping batteries is possible. The procedure of disconnecting and reconnecting is fast, so you can get back on the road in no time.

Hence, as global warming is increasing the need for EVs is also increasing, and this growing demand will also impact the battery swapping market positively and will reach a total value of USD 61.57 million in India.

 

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How Do Fire Resistant Fabrics Provide Safety in Extreme Temperature Work Conditions?

The fire-resistant fabrics industry has captured $3.04 billion revenue in 2021 and is expected to rise at the rate of 5.90% from 2021 to 2030, to generate $5.09 billion in 2030. It is due to the growing demand for these materials from the mining, chemical, and oil & gas sector, led by stringent workplace safety regulations in developed countries. 

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The fire-resistant fabrics provide a protective barrier during the explosion or direct exposure to fire. These fabrics are more resistant compared to traditional clothing due to their chemical structure, and hence they do not burn readily. 

Such fabrics are usually made of cotton-based textiles that reduce the risk of fire. These textiles possess greater natural resistance compared to fireproof fibers and other traditional fibers that require chemical treatment. 

These fabrics are flammable, and can be treated with fire-retardant chemicals to boost flame retardation. 

In addition, the rising requirement for fire-resistant textiles in commercial and residential furnishings, as well as surging government investment in safety improvement propels the industry growth.

Based on type, the market is bifurcated into treated and inherent fire-resistant fabrics. Of these two types, treated variants held the larger market share, with revenue of around $1.8 billion in 2021, due to their low cost.

The rising oil & gas industry application of fire-resistant fabrics fuels the material demand. Therefore, these are worn to protect from the extreme heat and working conditions at exploration refineries and sites.

The current government regulations, including direct and indirect expenses caused by workplace accidents, have increased the fire-resistant fabrics demand in traditional energy firms. 

Furthermore, oil & gas is the most -hazardous sector for employees, Operations related to refining goods drilling, servicing, and production is more likely to cause flash fire hazards. It may result in third-degree death and injuries. 

The fire-resistant fabrics are worn to reduce the burn injuries severity and increase the time for users to move away from the burning environment. 

Therefore, the increasing demand to reduce fire burn accidents fuels the requirement for fire-resistant fibers. 

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Growing Environmental Concerns Propelling Heat Exchangers Industry

Due to the rapidly growing hydrocarbon and chemicals industries, as well as several prospective mega power projects, the need for heat exchangers is predicted to rise dramatically. 

The need for heat exchangers is projected to increase as a result of the fast-growing HVAC industry and brisk capacity expansions in the power and hydrocarbons sectors.

By 2030, it is predicted that the heat exchangers market would be worth $25.8 billion. The existence and development of the end-use industries in each of the regions affect the market's expansion.

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The petrochemical, chemical, food & beverage, oil & gas, electricity, paper & pulp, and HVAC-R, sectors all employ several types of heat exchangers, including plate-and-frame and shell-and-tube.

Therefore, in addition to the large rise in HVAC-R deployment, other factors influencing the market growth include the sharp growth in energy prices and the brisk industrial growth in the Asia-Pacific developing nations.

Utilizing Energy-Efficient Equipment More Frequently To Increase Product Demand

The demand for HVAC appliances is increasing in the residential, commercial, and industrial sectors. The use of these systems is projected to rise because of rising disposable money, changing living standards, and extreme weather conditions worldwide.

The market is expanding as a result of the rising environmental concerns that are encouraging the usage of eco-friendly and energy-efficient technology. Government organizations have enacted stringent rules to reduce carbon emissions throughout industries, which has increased demand for the commodity.

Power Plant Construction Fuels Industry Growth

The effectiveness of a nuclear power plant's total power generation is significantly impacted by its heat exchangers. The main motivators for market players are the increasing use of nuclear reactors, the upgrading of existing nuclear facilities, and proposals for new nuclear power plant projects.

Due to its large volume use in the production of exchangers and its remarkable strength, longevity, and corrosion resistance across a broad pH range, the steel category contributed to a sizeable share of the market.

The two steel grades that are employed by the producers in this sector are mild steel and stainless steel. Steel also has good compatibility with ordinary, clean water, is light, has strong heat conductivity, and doesn't need special fluids.

Additionally, it is anticipated that the increased need for chemicals, the rapid advancement of technology, and the growing focus on improving the energy efficiency of constructed structures and machinery would support the market for these goods.

The vast number of petrochemical operations include high pressures and temperatures, necessitating power savings and heat transfer optimization, which drives the demand for energy-efficient exchangers.

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Machine Translation Market Is Propel by Increasing Need for Machine Translation for Post-Editing

 Automated text translation from one language to another using AI is known as machine translation. The whole meaning of the text in the source language is communicated in the target language using modern machine translation, which goes beyond mere word-to-word translation. It examines every aspect of the text and finds relationships between the words.

As per P&S Intelligence, the machine translation market is likely to hit USD 319.44 million value by 2030, owing to the surging demand for content localization among firms and the growing usage of computer-assisted tools.

Usage of Cloud-Based Solutions Is Rising

The demand for cloud-based solutions is predicted to rise dramatically in the near future. This can be attributed to the growing adoption of machine translation technologies in both small and big businesses. Several businesses are moving their data to cloud-based solutions for easier access, cost-effectiveness, scalability, and data control.

Platform-as-a-service (PaaS), software-as-a-service (SaaS), and on-demand computing are some of the major methods utilized by academic and commercial areas to offer software. A significant development in MT technology is the incorporation of cloud computing, as cloud-based MT systems have the potential to lower operational costs.

Military and Defense Organizations Drive Demand for MT Solutions

Military & defense produced the most demand out of all applications, accounting for more than 10% of the market share. In order to connect with multilingual people in real-time, military & defense personnel need to translate large volumes of material quickly. 

For most professions, communication is essential, but for defense and military professionals, it may be the difference between death and life. This is because language is a significant obstacle to military operations and defense research organizations.

Localization of Content Is in Increasing Demand

The market is also growing due to the increased need for content localization. Businesses uncover new justifications for localizing their goods, programs, and websites every day. Businesses all around the world are eager to expand outside of their local markets as they realize their appeal to the global industry.

Establishments can gain a local appeal by blending industry-specific elements with a specific culture and communicating with their target market in their own language using localization. A localization plan is important not only to generate interest in a company's product in the intended market but also to weigh all the advantages and disadvantages before making a choice.

Additionally, it helps businesses create marketing efforts that are successful since even the finest ads would be pointless without appropriate localization. Simply put, a lack of localization prevents certain businesses from realizing their full potential since their intended audience cannot comprehend what they are trying to say.

Increasing Need for Machine Translation for Post-Editing

One of the main prospects for software manufacturers has been noted to be the rising demand for PEMT services. Machine translation engines have been created using a variety of techniques, including RBMT, EBMT, SMT, and HMT, thanks to recent technological advancements.

In order to increase user approval, PEMT tactics encompass three main processes: identifying and classifying output mistakes, applying post-editing procedures to the output, and analyzing the impact on machine translation accuracy.

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