Machine Condition Monitoring Equipment Market Will Reach USD 4,946 Million By 2030

 The size of the machine condition monitoring equipment market was USD 2,773 million in 2022, and the figure is set to rise at a CAGR of 7.50% in the duration of 2022–2030 and reach USD 4,946 million by the end of this decade, as per P&S Intelligence.

For better asset management and to improve productivity, companies these days are focusing more on condition surveillance. The purpose of this equipment is to strategize maintenance and other tasks, in order to avoid malfunctions and ensure better usage of resources. 

Machine Condition Monitoring Equipment Market Size and Share Analysis Report

The usage of wireless technology in machine condition monitoring equipment is considered the major growth factor. The features of wireless devices include almost the same efficiency with reduced cost in comparison to wired devices. This has allowed remote monitoring of machines and helps in saving transportation costs to and from offshore facilities.

In 2022, the vibration monitoring category had the largest market share at 29%. This can be credited to the snowballing need for these machines in critical operations, including chemical and manufacturing that are prone to faults.

Companies in the machine condition monitoring equipment market have amplified their expenditure on equipment, continuously being monitored, including steam turbines, boiler feed pumps, and gearboxes for cooling and gas. So as to improve the dependability and protection of data, users possibly will enhance their usage of such systems.

The reason behind the larger market share can be also, the rising requirement to detect wear and tear, misalignments, and imbalances. The growing usage of vibration monitoring is vital in providing data regarding detection of flaws at an early stage. The decrease in integration, operational, and maintenance complexity has amplified the demand for such services.

To guard refrigeration and cooling systems against uncleanness and failure, lubrication characteristics within compressors required to be done. The existence of minuscule toxins can cause a system failure. So, refrigeration and HVAC fluid study programs and oil condition monitoring allow the operator to understand the condition of the machine or service needs, safe operating ranges, and lubrication and enable to schedule low-cost maintenance.

By the end of the decade, The APAC industry is projected to advance at a highest CAGR of 6.9%, mainly because of increasing acceptance of planned maintenance technology, rapid industrialization, and rising pressure to provide operational effectiveness in the region.

Manufacturing units are being established in Asian countries because of the developing emigration of production bases, specifically in Japan, India, and China, due to the availability of labor at a lower cost. 

Hence, for better asset management and to improve productivity, companies these days are focusing more on condition surveillance. The purpose of this equipment is to strategize maintenance and other tasks and many companies are increasing their dependency on these solutions, and such factors will drive this market in the future as well. 

Read More

Rising Adoption of Electric Vehicles Boost Adhesives and Sealants Consumption

The adhesives and sealants industry are projected to generate $66,49.9 million revenue in 2021, advancing at a rate of 4.9% from 2021 to 2030, to generate $102,604.3 million revenue in 2030. It is ascribed to the rising product application in the automotive and construction sector. Moreover, the rising materials demand from the packaging industry, with increasing vehicle safety standards and regulations boosts the industry.

Get the sample pages of this report: https://bit.ly/3JFsoFa

The bio-based adhesives and sealants are projected to create lucrative opportunities for industry players. Companies are focusing on developing bio-based products for replacing chemical-based products. In addition, companies are adopting advanced technologies for bio-based products to develop sustainability efforts without impacting performance.

The major trend in the adhesives and sealants industry is the worldwide rising traction of electric vehicles. The low usage of adhesives and sealants in electric vehicles is ascribed to the lesser automotive engine-related assemblies.

The rising focus on improving structural integrity with growing demand for reducing the overall weight. The demand for adhesives is projected to fuel the coming years.

Among all technologies, water-borne adhesives capture a significant industry share, accounting for over 50%, of the adhesives industry. These adhesives are created by combining polymers, water, and additives. They suit both porous and non-porous materials. These are massively used in the manufacturing of various products, such as home appliances, books, medical tapes, and packaging.

That is why they have lesser VOCs, and hence do not impact the environment-friendly. In addition, they offer excellent heat resistance, better water resistance, and high tack.

Under the application segment, healthcare is projected to witness the fastest growth in the coming years. Medical-grade adhesives are utilized for bonding products such as needles, catheters, dialysis filters, blood bags, syringes, and tube connectors. The manufacturing of such medical products involves types of synthetic materials, such as PEEK, PE, and PP, and difficult-to-bond plastics.

The Healthcare industry utilizes three types of standard adhesives, such as dissolvable, pressure-sensitive, and electrically conductive adhesives. For instance, pressure-sensitive adhesives are used in medical tapes.

The rising usage of adhesives in various medical applications, such as advanced wound care dressings, dental, skincare, incise and surgical drapes, prostheses, otology, and diabetes care devices is a major driver for the expansion of the industry.

The silicone category captures the largest industry share, accounting for more than 40%. It is ascribed to the chemical properties of silicone adhesives and sealants for withstanding high and low temperatures, high durability, insulating qualities, water repulsion, high thermal stability, and low chemical reactivity.

The major players operating in the industry are Henkel AG & Co. KGaA, Sika AG, 3M Company, Arkema Group, Avery Dennison Corporation, PPG Industries Inc., and Sika AG.

Therefore, the worldwide rising adoption of the EVs boosts the demand for adhesives and sealants.

 

Read More

Conversational AI Market To Reach USD 41,890 Million by 2030

Conversational AI offers a wide range of business advantages, including improved customer service, lead generation, and demand generation. Businesses frequently employ these AI-based solutions to increase the efficiency of cross- and up-selling by sales personnel.

Conversational AI Market Size and Share Analysis Report

Additionally, as the technology develops and becomes more sophisticated, new conversational AI applications will help and/or automate more operational areas.

By 2030, it is predicted that the conversational AI market would be worth USD 41,890 million, as per P&S Intelligence. The increasing need for AI-based customer support services, falling chatbot development costs, and omnichannel implementation are credited for this.

Demand for AI-Powered Customer Support Services Is Growing

One of the key drivers of the industry's growth is the increasing demand for AI-powered customer support services. These services have been automated using conversational AI technologies including chatbots, intelligent voice assistants, and intelligent IVR.

Additionally, the usage of conversational tools that are AI-enabled engages consumers by obtaining pertinent data about them before passing it on to a human agent, improving job productivity and giving users a more tailored experience. Moreover, these tools help customers make wiser selections when it comes to buying goods or services.

Companies would profit from constant customer interaction, 24x7 availability, higher engagement, and reduced mistakes as more businesses use conversational AI solutions in their company operations, which will fuel market growth.

The service sector will see a faster development, with a rate of 23.1%, in the years to come. This may be a result of the growing need for improved customer service in important industries, such as media and entertainment, BFSI, and tourism.

Moreover, conversational AI systems depend heavily on services, such as training, system integration, support and maintenance, and consultancy to work properly.

Furthermore, the platform category represented a large share, and it is predicted to hold this position in the years to come. This is because chatbots and IVAs are being used more often across all industries to engage customers, provide ongoing assistance, and deliver individualized service.

Around 46% of revenue was generated by chatbot sales, and it will continue to do so. This is linked to chatbot usage rising due to its numerous advantages, including more accurate data, constant customer service, quick responses, reduced error, and greater customer satisfaction levels.

Positive Return on Investment for Businesses Using Conversational AI Solutions

Conversational AI solutions have benefited organizations in a number of ways, most notably by enhancing the customer experience. Businesses must pay a one-time fee for the installation of conversational AI chatbots, but doing so will pay off for them in the long term.

By rapidly responding to customers' basic questions, chatbots may increase user engagement. They can also increase productivity by handing off difficult issues to human agents.

The need for extensive staffing is removed since a chatbot may participate in several conversations at once to address multiple inquiries simultaneously. Businesses save a ton of money as a result, and ROI increases.

Read More

Gas Insulated Switchgear Market To Reach USD 36,400.7 Million by 2030

The total size of the gas insulated switchgear market was USD 22,457.4 million in 2022, and it will hit USD 36,400.7 million by 2030, advancing at a rate of 6.2% by the end of this decade, as per a report by P&S Intelligence.

The indoor category had the larger share, about 70%, in the past because indoor switchgear is much safer and dependable, needs less space than an outdoor system, and more robust and easier to uphold. Because of the grounded metal enclosures, the danger of electrocution is also reduced. 

Gas Insulated Switchgear Market Size and Share Analysis Report

Also, it is more safe and less susceptible to ecological factors.

The outdoor category will grow at over 6% in the years to come. This substation was installed for meeting high voltage needs not associated with building construction. These substations are intended for voltage levels more than 66kV.

Furthermore, it makes it simple to surge the fitting of outdoor substations and visualize the gear of the outside substation.

The hybrid category dominated the gas insulated switchgear market with, over 40%, in the recent past. With the merger of more functions, the separation between components nearly reaches zero. The requirement for site space is greater for the AIS since permissions must be upheld between precise pieces of equipment, including CT, CB, ground switches, disconnectors, etc.

Furthermore, high-quality maintenance and preservation are required for AIS components. Instead, GIS has parts requiring less maintenance and upkeep. The incorporation of AIS and GIS nearly removes the necessity for maintenance of hybrid switchgear.

The power utility category dominated the industry and also will have the fastest growth in the years to come. The network of transmission has grown globally because of the increasing power requirements brought on by growing urbanization and population.

The transmission network will develop because of the increasing population, escalating the count of substations. This increase in substations will increase the requirement for gas-insulated switchgear.

APAC dominated the industry with around 40%, in the recent past because of the growing demand for electricity and increasing urbanization. 

Furthermore, 2.2 billion people, or 54% of the global metropolitan population, reside in APAC. Also, the region’s urban population will increase by 50% by 2050, or by a further 1.2 billion people.

North America followed APAC in the past because of the increasing requirement for electricity and surging renewable energy. In the U.S., numerous sources of energy and technologies are put to use for generating electricity. Over time, technology and sources have changed, and some are now used more often than others.

It is because of the increasing demand for electricity all over the globe, the requirement for gas insulated switchgear will continue to grow considerably in the years to come. 

Read More

Growing Prevalence of the Cancer Boosts Immunotherapy Industry Growth

Immunotherapy refers to the specific type of cancer treatment that involves the usage of substances made by the body or in a laboratory to strengthen the immune system and provide support to the body in detecting and destroying cancer cells. 

The immunotherapy drugs industry is projected to rise in the coming years, led by the growing prevalence of chronic diseases, and massive demand and development of monoclonal antibodies.

The two prevalent immunotherapy drugs are checkpoint inhibitors and vaccines. Among these, checkpoint inhibitors capture a substantial share of the immunotherapy drugs industry. Checkpoint inhibitors are the priority for chronic disease treatment. It is led by the enhanced treatment provided by them and their effectiveness.

Under the therapy area segment, the immunotherapy drugs are categorized into autoimmune, cancer, inflammatory, and infectious diseases. Among these, inflammatory and autoimmune diseases are predicted to reflect significant growth in the coming years.

The primary end user of the immunotherapy drugs industry is hospitals and clinics, accounting for 80.8% contribution. The wide adoption of immunotherapy drugs in hospitals and clinics is led by the rising footfall of patients, growing prevalence of chronic diseases, and surging healthcare expenditure, resulting in capturing the massive industry share.

Keytruda is a drug used for immunotherapy in the treatment of various conditions such as non-small cell lung cancer, melanoma treatment, urothelial carcinoma, cervical cancer, gastric cancer, and neck squamous cell cancer. The cost of the drug is around $84,000. The NHS England and Merck & Co. Inc. came into an agreement to reimburse the drug cost, and facilitate it for regular use, according to NICE recommendations.

North America captures an extensive share of the industry, accounting for 50%. It is led by the surging per capita healthcare expenditure, rising geriatric population, growing prevalence of chronic diseases, and increasing penetration of the industry players in the region.

The major companies operating in the industry are AbbVie Inc., Johnson & Johnson, Eli Lilly and Company, Medigene AG, C.H. Boehringer Sohn AG & Co., Celgene Corporation, and Takeda Pharmaceutical Company Limited.

Therefore, the growing prevalence of cancer and rising incidences of chronic diseases boost the industry's growth.

Read More

Increasing Cases of Chronic Diseases Calls for EHR Systems

When there are a lot of people in need of medical attention, there is a need for the digitization of healthcare to cope with the ever-increasing patient count. All the people seeking medical attention need to be provided with a diagnosis and prescriptions. In this ever-changing world, there is havoc created by chronic diseases. Between the years 2000 and 2030, Americans having chronic conditions will go up by 37%, an upsurge of 46 million persons.

It is a given that older people are in more need of medical assistance, as they are more prone to succumb to all kinds of health issues. The EHR market will continue to rise with the rising number of the elderly population. As per WHO, the elderly people will rise to 22% in 2050, approximately doubling the value of 125 in the year 2015. 80% of the older population will live in low-income countries.

The paybacks of EHR in epidemiology are another main factor for the development of the growth of the EHR market. For example, the FDA has requested over $100 million, for an EHR initiative, to assess the safety of the drugs controlled by it, as EHR allows researchers to analyze data. Additionally, with the use of this system, healthcare workers and patients can have an idea of the present drug development stage and clinical trials and outcomes that were attained from formerly accomplished trials.

Worldwide, North America had the highest demand for EHR in the past and the trend is continuing in the current scenario as well. This has a lot to do with the growth in its elderly population and the upsurge in the consciousness about the significance of EHRs in healthcare settings. The U.S will be the leader of the industry in the region. With scientific developments and the inclusion of AI, the demand for EHR has grown leaps and bounds.

The demand for EHR systems is rolling because of the increasing elderly population and the government initiatives for the same.

Read More

SD-WAN Market Will Reach USD 30,907.6 Million in 2030

The size of the SD-WAN market was USD 3,514.6 million in 2022, and it will reach USD 30,907.6 million in 2030, with a rate of 31.2% in the years to come, as per a report of a market research firm, P&S Intelligence.

Network security is at all times a precedence for IT executives. With the increasing usage of data worldwide, a wide variety of mission-critical assets, including applications, enterprise info, databases, and other resources, are becoming susceptible to unauthorized access.

Legacy WAN solutions are not enough to  provide a firewall to the network from threats, and they similarly provide weak overall control. Enterprises are, hence, unceasingly updating their IT infra for the reduction of chances of the malicious activities, such as unauthorized access to  important business data, and guarantee the continuity of business. 

Apart from this, IT administrators need immediate system visibility for tracking network activity from end to end.

SD-WAN helps in monitoring and measuring traffic, providing deep visibility to IT department into WAN, and lets them to swiftly pinpoint a security attack. It permits organizations for creating certain priority policies for informing the network about the way specific types of traffic should be treated.

Furthermore, IT executives can establish policies with the capabilities of built-in encryption, for specifying and controlling external traffic and preventing confidential data access by unidentified sources.

The solution category was the larger, with around 70% share in the past. This is largely because of the shift to multi-cloud environments, acceptance of connected IoT devices, proliferating compliance needs, strong need for secured network infra, and strengthening emphasis on application optimization.

Software had the larger share, and it is also grow faster in the future. This is mostly because of the high requirement for software that strengthens internet services inside of a company, for a secured connection of employers with applications.

North America was the leader of the SD-WAN market, with over 40% in the past. This has a lot to do with the strong existence of the major players in the region, increasing frequency of the launch of innovative solutions, vast acceptance of next-gen technologies, growing support from the government for the setup of 5G infra, and strong need of organizations for simplification of the networking operations.

APAC will grow the fastest in the near future. This is mainly because of the increasing IT spending, supportive initiatives of the government in India, China, and Japan for the acceptance of 5G connectivity, rampant digital revolution of enterprises, rapid acceptance of connected devices, and increasing focus on business development by players.

Owing to the rapid acceptance of digitalization, the requirement for SD-WAN solutions will increase rapidly in the years to come.

Read More