Digital Twin Market Will Touch $195,347.6 Million by 2030

The digital twin market has garnered $7,683.4 million in revenue in 2022, and it is projected to rise at a rate of 49.9% from 2022 to 2030, to capture $195,347.6 million by 2030, according to the research company P&S Intelligence.

This growth can be credited to the snowballing adoption of artificial intelligence, the internet of things, machine learning technologies, and 5G, Industry 4.0, increasing emphasis on the manufacturing sector on digital twins to lesser cost and improved supply chain operations, rising solution demand in the healthcare industry, and growing shift toward cloud services.

 

In 2022, the small & medium enterprises category had a considerable market share, and their usage of these solutions is projected to grow at a CAGR of 52.2% in the years to come, owing to the fast digital transformation. Furthermore, the need for virtual modeling solutions is rising between these enterprises to improve products, estimate faults in early stages, and schedule timely maintenance. This further supports significantly lowering downtime and advanced product performance.

 

In 2022, North America had the largest revenue share, of 36%. This growth is mainly credited to the early acceptance of enhanced technologies, including ML, IoT, and AI, robust IT infrastructure, and a mounting concentration on Industry 4.0 standards, mainly in the automotive and manufacturing sectors. According to GSMA Intelligence, internet of things revenue in the continent is projected to be $337 billion by 2025, which will be around three times the revenue recorded in 2018.

 

In 2022, the product category was the largest revenue generator, and it is expected to continue its dominance in the future as well. This technology aids businesses to gather data on every possible prospect of a product, for greater visibility and to decline the mean time between failure and mean time to repair. This, indeed, enables advanced system and price effectiveness and enterprise productivity.

 

Additionally, virtual modeling is the most popular technology in product design. The expenditure for aerospace businesses in part design and growth is very high, which is why they are utilizing this technology to lower prices while making new designs. Aerospace companies use such solutions to make several critical systems, including thermal protection systems, airframes, and avionics.

 

The inclination toward interconnected environments throughout industries is growing the demand for digital twin solutions throughout the globe. Enormous acceptance of IoT is being experienced, with above 41 billion connected IoT devices projected to be in use by 2025. For the effective functioning and implementation of IoT, snowballing the quantity for every part, or “thing”, is essential, which is made possible by the support of this technology. 

 

Hence, the snowballing adoption of artificial intelligence, the internet of things, machine learning technologies and 5G, Industry 4.0, increasing emphasis on the manufacturing sector on digital twins to lesser cost and improved supply chain operations, rising solution demand in the healthcare industry, such factors will drive the digital twin market in the future.

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Battery Management System Market Is Set To Hit USD 26,797 Million by 2030

For overcharge discharge, under/over current, under/over voltage, under/ over temperature, and short circuit protection, battery management systems are utilized. They come in master-slave and single-board configurations.

Specific algorithms, such as cell/module balance, SOC, SOH, and real-time charge/discharge current management, are used in these systems. These systems are used in commercial and industrial buildings, utility grid support systems, specialized vehicles, and residential energy storage.

By 2030, it is predicted that the market for battery management systems will surpass a value of USD 26,797 million, as per P&S Intelligence. This is mostly related to the expanding popularity of rechargeable batteries in consumer gadgets and the growing demand for EVs.

The government constantly places a focus on hybrid and electric vehicles in order to reduce carbon dioxide emissions, both in industrialized nations like North America and in developing ones, such as the Asia Pacific market.

Public transportation has undergone a technological change as a result of the increase in air pollution. All the industrial players are converting to renewable energy sources in order to comply with government regulations. Batteries are widely used in the consumer electronics, communications, and automobile industries.

One of the best options for a sustainable environment is EVs. The use of EVs is increasing as environmental preservation is given more attention. R&D efforts are being prioritized by automakers to enhance the performance of EVs.

Wireless EV battery management solutions are increasingly preferred over traditional battery management systems because of their greater flexibility, cheaper price, and reduced complexity.

An electronic circuit known as the battery management system is specifically created for EVs to guarantee the stability and safety of their battery packs. Several elements, including battery life and health, safety, cell voltage, and charging-discharging rates, have an impact on how well EVs operate.

Lithium-Ion Battery Management Systems Are Popular in Consumer Electronics and EVs

Because lithium-ion (Li-ion) batteries have various advantages over other battery types, including a longer life cycle, higher energy density, lower maintenance required, and superior resilience, Li-ion batteries retained the greatest share of the market.

In addition, such batteries are environmentally beneficial because they have comparatively lower quantities of hazardous heavy metals than other battery types like lead-acid and nickel-cadmium batteries.

Additionally, the rapid growth of the automotive and consumer electronics industries in China and other European countries is promoting the usage of BMS. Li-ion batteries have drawbacks despite having a higher energy density, notably in terms of safety.

In 2022, Asia-Pacific accounted for the largest share in the market. The increase in need for battery management from automobile applications like electric cars, e-bikes, and automated guided vehicles is to blame for this. Hundreds of cells stacked in parallel high-energy-density lithium-ion batteries are used in such applications.

These cells need to be maintained and managed to prevent vehicle failure, making the system a crucial element in the design of EVs. The battery's performance, safety, and utilization are determined by the system.

China also dominates the APAC market because it is a significant center for the production of automobiles. A surge in the production of cars and the batteries used in them is boosting the nation's market.

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Mobile Medical Imaging Services Market To Be USD 24,344.0 Million By 2030

The mobile medical imaging services market garners USD 14,321.5 million in revenue in 2022, and it is projected to rise at the rate of 6.9% in the coming future, to hit USD 24,344.0 million in revenue in 2030, according to a research report by market research company P&S Intelligence. This growth can be ascribed to the increasing frequency of chronic diseases and the snowballing number of diagnostic imaging centers.

In 2022, The mobile X-ray category generated the largest revenue share, approximately 30%, owing to the heavy expenditures, several initiatives, and guidelines of government bodies to advance radiography services. digital X-ray systems offer several benefits, including quick processing, accuracy, speediness, and significantly advanced patient screening volumes, which have supported their acceptance.

By 2030, The adult patient category is set to hold the largest mobile medical imaging services market share, at approximately 60%. This can be credited to the increasing frequency of chronic diseases, including endocrinal, CVDs, GI, cancer, and neurological disorders, in adults. Chronic illnesses are long-lasting health conditions that mainly impact the elderly and, commonly, have no treatment.

Mobile devices allow imaging faculties to be offered to patients with restricted space and capital. Ultrasounds and Mobile X-rays can be utilized to offer diagnoses to individuals at their houses, which is particularly helpful for aged people.

In 2022, North America led the market, generating a revenue share, of approximately USD 6.5 billion. This can be ascribed to the existence of several key players in the U.S. North America has a greater rate of acceptance of mobile medical imaging faculties in comparison to other regions. The progress in the requirement for remote patient monitoring and telemedicine facilities in the continent is projected to boost the growth of the market. 

Hence, the increasing frequency of chronic diseases and the snowballing number of diagnostic imaging centers, are propelling the demand for mobile medical imaging services. 

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Nuclear Imaging Equipment Market To Reach USD 4,463.7 Million by 2030

As per a report by P&S Intelligence, the size of the nuclear imaging equipment market was USD 2,651.3 million in 2021, and it will grow at a rate of 6% in the years to come, for reaching USD 4,463.7 million by 2030.

For example, the SPECT/CT system allows specific localization and improved specificity of the data delivered by a CT scan, in the case of skeletal inspection. Numerous hospitals are progressively switching from standalone to hybrid equipment because of these advantages.

Some of the current progressions in imaging technology that are applicable to radionuclide therapy include:

A main benefit of PET/MRI over PET/CT is an improved soft tissue contrast, which is essential for treatment planning, dosimetry, and post-radionuclide therapy assessment. It is beneficial since it offers the concurrent co-registration of MR descriptions, which is significant for precise dosimetry.

Also, numerous nations, chiefly the U.S. and those in Europe, are making a eagerness assessment framework for effective and smart ways of putting to use radio drugs, so as to offer safe and effective treatments. Therefore, most hospitals are concentrating on the therapy for cancer patients, encouraged by its high efficiency and few side-effects. Nuclear imaging is by now making a main contribution in detecting the area of spread of the cancer in the body.

Doctors can rapidly compare scans to precisely track the ailment's course, with the usage of integration of data. Clinicians now wish easy access to comprehensive data on patient diagnostic history, for developing a treatment plan that would be fruitful along with being cost-effective.

It is because of the increasing aging population, the demand for nuclear imaging equipment will be om the rise in the future.

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Innovations in Bio-Decontamination: A Closer Look at the Market and its Future Prospects

As mentioned by P&S Intelligence, in one of its reports, the total size of the bio decontamination market was USD 171.4 million in 2022, and it will reach USD 294.7 million by 2030, powering at a CAGR of 7% by the end of this decade.

Equipment category dominated the industry, with around 55% share, in the recent past. This has a lot to do with the presence of numerous equipment and benefits related to them.

The equipment should be clean and have a surface free of any debris when steam sterilization is to be done, so that the sterilant can interact with all instrument surfaces.

Hydrogen Peroxide lead the industry, with over 40%, in the recent past. Low amount of hydrogen peroxide vapor is an efficient decontaminant for numerous bacteria. VHP might not only penetrate a lot of materials but also remove germs found in joints and seams. A vapor can efficiently enter these locations by permeating them. Plastic membranes can likewise be pierced by hydrogen peroxide vapor.

North America dominated the bio decontamination market with a share of 45%.  This has a lot to do with various factors, for example increasing HAIs frequency and surgical processes and incidence of major players. The main reason for augmented surgical procedures is growing incidence of cancer. In the U.S., and Canada cancer is the second-leading mortality cause, behind heart disease.

It is because of the increased incidence of hospital acquired infection and growing number of surgical procedures, the bio contamination industry will develop like anything  in the years to come, all over the world.

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U.S. HVAC Services Market To Reach USD 35,971.7 Million by 2030

The total size of the U.S. HVAC services market was USD 25,221.3 million in 2022, and it will grow at a CAGR of 4.5% in the years to come, to reach USD 35,971.7 million by 2030, as per a report of a market research company P&S Intelligence.

The developing construction sector is a major driving factor for the demand for HVAC services. Owing to increasing population, swift urbanization, and increasing building construction market in the country. For example, as per the U.S. Census Bureau, the population of the U.S. will increase about 7% during 2019–2029.

U.S. HVAC Services Market Research Report

Further, with growing number of government initiatives toward growing home ownership, the nation is exhibiting increased residential construction activities. With increasing requirement for HVAC equipment, the requirement for related services, including installation, upgradation/replacement, and maintenance & repair, for proper functioning of the equipment is significantly increasing.

The cooling category generated the highest revenue, amounting over USD 10 billion, in the recent past.

Furthermore, the split units had a the significant revenue share in the recent past. Split units generally have an extensive service maintenance guide. Though a large portion of the maintenance cost of a split unit has a lot to do with the labor charges, and filters and fan blades, required to be replaced regularly.

The upgradation/replacement category dominated the U.S. HVAC services market in the recent past.

Instead, the consulting category will grow the fastest with around 7%in the years to come. Consultation also includes visual examination by a technician, identifying the potential issues of the system before the recommendation of thorough maintenance.

Increasing emphasis toward energy efficiency is one more key factor driving the growth of the industry. Maintenance of HVAC system on a regular basis reduces the consumption of energy. Additionally, with growing government focus in the direction of improving the energy efficiency and reducing the emission of carbon.

The southern region dominated the industry with over USD 9 billion in the recent past. This has a lot to do with the fact that cities in the southern region have varying climatic conditions compared to the ones in other regions. This influences the industry for HVAC systems, positively, thus increasing the requirements for related services.

Furthermore, in the years to come, the western U.S. will grow the fastest. This is because of the large number of residential and commercial construction projects being carried out, with an emphasis on green buildings and office space expansion.

Rapid urbanization has a major role to play in increasing the demand for HVAC services in the U.S. in the years to come.

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Marketing Automation Market Will Reach USD 13,974.8 Million by 2030

 The size of the marketing automation market was USD 5,332.6 million in 2022, and it will grow at a rate of 12.8% in the years to come, to reach USD 13,974.8 million by 2030, according to a report by P&S Intelligence

The requirement for automated marketing solutions and services is growing significantly with organizations becoming more digitally integrated and an increasing number of people using the internet and mobile devices for shopping.

Marketing Automation Market Size and Share Analysis

The rising acceptance of digital marketing is one of the main reasons for the growth of the industry. Both SMEs and large enterprises are progressively accepting automation tools for advertising themselves on manifold channels, such as social media, email, and the web, and advancing the procedure of lead nurturing.

The development in digital campaigning is chiefly because of the increasing use of the internet in India, Japan, the U.S., China, Germany, the U.K., and other nations. Furthermore, most businesses are utilizing the automation software for making their digital promotion activities, including lead generation, relationship management, targeted segmentation, lead scoring, cross-selling and upselling, more fruitful. Furthermore, such software supports organizations in connecting with their likely customers, by analyzing their online activities.

Marketing automation software lets businesses produce leads by tracking and examining the activities and preferences of users, by means of the info users leave behind when browsing the internet. Moreover, with the assistance of such software, businesses can provide pertinent content to the potential customers, on the basis of their clicks and interactions on numerous social media platforms.

The increasing social media usage is also playing a vital role in the development of the industry. At present, social media platforms, including Twitter, Facebook, and Instagram, are driving novel forms of social interaction, giving businesses the aptitude to effortlessly reach a large count of potential customers.

SMEs will register the higher growth rate of, about 14%, in the marketing automation market, in the years to come. This is due to the increasing need for lessening burden of monotonous tasks, shift toward cloud computing, IoT, and other advanced technologies, and growing necessity for efficient business operations, ascertain the requirements of customers by analyzing their behavior on various online channels, and reducing operational expenditure.

Furthermore, these solutions provide cross-selling prospects, enhanced client engagement, reduced communication time, and augmented sales to smaller enterprises.

The cloud category had the larger market share, of over 70%, in the recent past. This has a lot to do with the vast implementation of the cloud computing technology amongst enterprises as it offers improved data access flexibility, high data storage, and reduced IT expenditure.

Hence, because of the increasing focus on business on promoting their product and services online, encouraged by the continuous growth of the e-commerce sector, the marketing automation industry is making giant leaps.

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