Surging Automotive Industry Drives Biocomposites Market

Biodegradable polymer serves as the matrix material in biocomposites, which typically also contain bio-fibers as reinforcing elements. Moreover, biocomposites have the following characteristics: low cost, low density, high toughness, acceptable specific strength properties, good thermal properties, ease of separation, improved energy recovery, and biodegradability.

As per a report by P&S Intelligence, the biocomposites market is on track to reaching USD 103.6 billion by 2030. This is because more people are becoming aware of eco-friendly materials and because the government is taking steps to replace plastics with them. A further factor driving material demand is the car industry's growing desire to lighten and increase passenger safety.

NFCs are frequently employed in car interior components such as windows, driver cabins, doors, and dashboards. On the other hand, WPCs are mostly used in the construction of seat bases, back shelf trims for the spare tire and trunk, headliners, and inside door trims.

As a result, practically all European and North American OEMs have included them in their ambitious goals to reduce weight in order to comply with stringent environmental laws. This is due to the rising use of these materials in vehicles.

Due to its fast industrialization, APAC also represented the greatest value share in the worldwide market. Essentially, the rising requirement for such materials from the automobile and consumer goods sectors is what is driving market expansion in the region.

The market is also expected to be driven by the growing need in the building and construction sector for materials that are biodegradable, non-toxic, moisture- and thermally-resistant.

Furthermore, APAC is developing into a hub for producers of biocomposite materials, and it is anticipated that it will record a strong need for such materials in the years to come. Additionally, these materials are widely used in cooling tower units to prevent moisture-related corrosion.

For instance, as part of the Saudi Vision 2030 development plan, the Kingdom of Saudi Arabia is undertaking a number of large-scale infrastructure projects, such as the Red Sea Project, Qiddiya Entertainment City, King Abdullah Financial District, and Neom City, all of which are expected to support business and corporate expansion.

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Why Is China Largest Manufacturer of Commercial Electric Vehicle

The commercial electric vehicle market is experiencing significant growth. The success of the industry is majorly credited to the snowballing apprehensions about greenhouse gas emissions, decreasing cost and increasing operational efficiency of batteries, and also the numerous long-term benefits of commercial electric vehicles for the people all over the world.

APAC was the fastest and largest growing industry in the recent past and projected to continue its dominance in the coming years also. This is mainly due to the Chinese government’s initiative to increase their overall share of electric buses in the transportation system of the country, improving the operational efficiency of batteries, and reducing their prices. 

The decreasing cost and better operational efficiency of batteries is the major contributor to the industrial growth in the region. 

According to industry experts, the average price of Li-ion battery packs for large orders decreased from about $642/kWh in 2012 to about $209/kWh in 2017. As the battery costs over 40% of the electric vehicle manufacturing expanse, if the cost of the battery is low, then the manufacturers can decrease the cost of manufacturing which would increase their sales.

Electric trucks had a larger share in the past. The sales volume of electric trucks under the HDT category is projected to grow at the fastest rate in the coming years. Due to the snowballing freight demand throughout the world and significant financial development in China.

The commercial electric vehicle market in other parts is still in its emerging phase and majorly dependent on government policies. 

The manufacturers of electric buses are few and, these buses are comparatively more expensive than gasoline or diesel-based engine buses, which in turn, has limited the sales of such vehicles in other regions.

 Though, the manufacturers in other regions are doing heavy investments for the expansion of commercial EV industry, which indeed will contribute to the growth of the industry in the years to come.

Therefore, the decreasing cost and better operational efficiency of batteries and the increasing acceptance of commercial EVs in developing countries, and also supportive government norms will drive the demand for commercial electric vehicles in the future. 

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Edge AI Hardware Market To Reach 4704 Million Units by 2030

The revenue of the edge AI hardware market was 1058 million units in 2022, and it will grow at a rate of 20.50% in the years to come, to touch 4704 million units by 2030, as stated by a market research firm P&S Intelligence.

For edge computing, latency is fundamentally non-existent since this approach makes approximately zero separation between the sites where data is produced and processed. 

Edge AI Hardware Industry Demand Forecast to 2030

AI processes IoT-generated data to near-end devices with the use of ML algorithms to cope with matters of high latency and low latency. An IoT device gathers loads of data, sent to the cloud where ML models operate and send the handled data back to the device, possibly postponing the response.

Therefore, speed of the network is increased and latency decreased with the use of edge computing. Every msec counts toward data availability, so, microseconds and not milliseconds are used to measure latency.

On-device AI, though, reduces data transfer, allowing a quicker response to the query that is generated. 

Moreover, storing lots of data in the cloud may not be a practical option. Since the capacity of processing for edge AI is situated on the device, it is not essential to transmit data to the cloud.

Smart cities make use of a number of systems for supporting the life cycle of people better in qualitative and quantitative ways. These systems are available in many forms, such as, smart energy, smart buildings, smart homes, smart farming, smart manufacturing, and smart healthcare. 

With more people choosing to live in cities, there will be greater requirement for automated services in the daily life. Therefore, the requirement for smart homes is changing from luxury to major necessities.

Furthermore, quite a lot of consumer electronics employed in smart homes, such as, wearables, gaming consoles, smart speakers, drones, and home automation robots, use edge AI. The uses of this technology are placed on natural language processing, computer vision, HMI, and customer experience.

Owing to the arrival of 5G in APAC, the increasing count of IoT-integrated devices, and the growing use of smartphones in Japan, India, China, and South Korea, generated the largest revenue  in the edge AI hardware market in the recent past. 

Another significant factor in the increasing requirement for vision processing unit integration to accelerate AI actions is wearable technology. APAC has a lot of potential for manufacturing, telecom, and automotive industries, generating higher requirement for such devices.

Due to the increasing requirement for smart homes and smart cities, the demand for edge AI hardware will grow like anything in the years to come, all over the world.

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Battery Technology Market Will Reach USD 176.92 Billion By 2030

In 2022, the battery technology market was worth around USD 101.44 billion, and it is projected to advance at a 7.2% CAGR from 2022 to 2030, hitting USD 176.92 billion by 2030, according to P&S Intelligence.

This growth can be credited to the growing demand for automotive applications and the increasing requirement for consumer electronics, including tablets, smartphones, LCDs, and wearable technology such as fitness bands.

Battery Technology Market Size and Share Analysis Forecast, 2030

Because of the continuously increasing requirement for remote controls, watches, electronic keys, and toys, throughout the globe, the need for battery technologies is estimated to have high development. Primary batteries are utilized in such products. Also, it is projected that the increasing requirement for solid-state and secondary batteries in the aviation and automotive sector would contribute to the development of the industry.

On the basis of battery type, the industry is divided into nickel-metal batteries, lead-acid batteries, nickel-cadmium batteries and lithium-ion batteries, and others. In which, 2022, lithium-ion batteries had the largest market revenue share. This is because of the increasing demand for such batteries in battery EVs and plug-in hybrid EVs throughout the globe.

In the coming few years, it is estimated that the increasing acceptance of EVs among customers would quicken the utilization of lithium-ion batteries, as they are an eco-friendlier substitute to orthodox fuels.

On the basis of application, the industry is divided into medical, automotive, commercial and residential, power and utility, consumer electronics, and others. In which, 2022, the automotive category had the largest market revenue share. This can be credited to the high acceptance of battery machinery, the augmented research and development spending, and the growth in the development of supportable travel options, in the automotive industry.

Furthermore, governments’ amplified focus on encouraging the utilization of commercial electric cars is estimated to boost the growth of the market.

In 2022, the APAC region, dominated the industry for battery technologies throughout the globe, with a share, of above 41%. This is because of the existence of top electric car makers in nations like China, South Korea, and Japan.

China is known as the world's topmost manufacturer of EVs. This is due to the demand for electric vehicles being more compared to other nations, as a result of increasing government steps in order to encourage the utilization of EVs.

In addition, Asian countries like South Korea, China, Japan, and India are the biggest manufacturers of consumer electronics. APAC has several top manufacturers of consumer electronics.

Hence, the growing demand for automotive applications and the increasing requirement for consumer electronics, including tablets, smartphones, LCDs, and wearable technology such as fitness bands, are the major factors contributing to the growth of the market.

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Application of Corrugated Boxes in These Industries

According to a recent study, corrugated packaging will become more and more popular over the next few years as the industry increasingly places more importance on recyclable and secure packaging. These kinds of containers, which may house everything from substantial industrial machine equipment to intricate particular electronic components, have a lot of benefits to offer their consumers.

Over 200 years ago, cardboard boxes became widely used. Adding flutes for corrugation became common during the first industrial revolution. Since its creation, corrugated boxes have been the most widely used type of shipping container and are used in all facets of material management and transportation.

Application of Corrugated Boxes 

Food Industry

To prevent the contamination of fresh produce, the glue used to join the liners and flutes during the manufacture of corrugated boxes is created from water and starch. Using corrugated boxes to convey food has a lot of advantages.

Their resistance and safety to bacterial infection are the two most crucial advantages. Numerous studies have demonstrated that food remains fresher longer in corrugated packaging.

Office Supply and Stationery

The biggest worry while transporting or keeping office supplies, particularly paper, is the potential for damage while in transit or while being stored. Corrugated boxes' durability and padding shield against this and ease your concerns about working with harmed supplies.

E-Commerce

A highly effective and rapid supply chain, a crucial component of e-commerce, is the most effective use of boxes in the e-commerce sector. Corrugated boxes, which have seen an increase in use over the past two years, are the foundation of the e-commerce supply change.

Shipping smaller volumes to an increasing number of unusual and odd places is a problem for the e-commerce sector. Corrugated boxes provide the level of protection and safety required by the e-commerce sector.

Textiles

Box usage for shipping textiles has rapidly increased due to online buying. Several trillion dollars are being spent on shipping supplies to ensure secure, dependable, and damage-free delivery. Corrugated boxes have grown to play a vital role in the planning for satisfying customer expectations since customer happiness is the key to retaining and gaining new clients.

Electronics

When selecting boxes for the transportation of electronics and electrical components, great attention must be given. These things are delicate and are easily destroyed if they are not packaged properly. For additional protection, corrugated boxes are utilized in addition to packing materials.

The most pressing issue is the strain that handling the box puts on its many parts. A circuit or a link may be damaged or loosened by the shock from the stress. An electronic device will be delivered on time and in pristine shape, thanks to the cushioning included in a corrugated box.

Healthcare

To ensure that pharmaceuticals reach safely, there are several regulations for shipping circumstances. Pharmaceutical firms may confidently export their medicines because of the large variety and choice of corrugated boxes, knowing that their items are well-protected and secure.

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Machine Vision Market Will Reach USD 27.86 Billion By 2030

 In 2022, the machine vision market was worth around USD 14.4 billion, and it is projected to advance at an 8.60% CAGR from 2022 to 2030, hitting USD 27.86 billion by 2030, according to P&S Intelligence. This growth can be credited to the growing need for quality inspection and mechanization in diverse industrial verticals; the increasing research and development investment by key players; and technological developments.

Machine Vision Market Size and Share Analysis Forecast, 2030

In 2022, the PC-based machine vision system category held a larger market share, 56%, and is also projected to be in the top spot till 2030. PC-based devices simply interface with direct-connect cameras or image acquisition boards and are well-maintained with modifiable software.

Such systems can be more lucrative and simpler to use for several camera applications. General inspection for defining the existence of parts is among the many cameras functioning. An illustration of this would be examined for studs on a car's underbody in an auto body store.

Industrial automatons and machine vision devices are incorporated into vision-guided mechanical systems. Because of their outstanding versatility, integration, and simplicity of bin-picking ability, the systems are being executed rapidly. Though fixed robotic measures were often utilized, industrial robots with this technology now direct goods to a certain site or portion for added operations such as welding, place, and picking.

On the basis of deployment type, the robotic cell category will witness faster development, progressing at a CAGR of 9.1%, during the forecast period. this is mainly because sorting, picking, and other production-line procedures are now being executed by robots, credited to the expansions of deep learning, machine vision, and AI technologies; and the rising manufacturing of line scanning equipment.

In 2022, the food and packaging category had a considerable machine vision market share and is also projected to be in the same position till 2030. This is mainly because these systems are utilized for quality assurance, measurement, guidance, and positioning and identification drives in this market.

Furthermore, the increasing requirement for packed food throughout the globe and the growing trend of online shopping in developing countries are fuelling the demand for retail e-commerce packing, which, indeed, needs such technology for packing purposes.

In the coming future, the APAC industry will experience the fastest development, progressing at a CAGR of 9.7%. This can be credited to rapid industrialization, the rising automotive and industrial sector, and the growing acceptance of artificial intelligence, robots, and ML by manufacturing organizations in countries like India, China, and Japan.

Hence, the growing need for quality inspection and mechanization in diverse industrial verticals; the increasing research and development investment by key players, are major reasons driving the machine vision industry.

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District Cooling Market is Driven by an Increasing Population

 The district cooling market has garnered USD 26,894 million in 2022, and it is projected to rise at the rate of 7.9% from 2023 to 2030, to capture USD 45,836 million by 2030, as per the report by market research company, P&S Intelligence.

This growth can be ascribed to the quick urbanization, increasing populace, increasing expenditure in infrastructure growth, and then the increasing temperatures in several geographic regions.

District Cooling Market Size and Share Analysis Forecast, 2030

The increasing global warming levels throughout the world are leading to quick changes in the environmental settings of several regions. There are regions including Africa and the Middle East that are quite prone to fluctuations in climatical conditions and are facing severe conditions, including arid conditions, drought, and heat waves, which impact the water and food supply.

As per an international agency, there were around more than 2 billion air conditioning units functioning globally in the past year and cooling systems and conventional air conditioning have a substantial contribution to the increasing global warming situation.

They not only want and consume high quantities of electricity but also produce loads of greenhouse gases that are worsening the overall environmental circumstances making it more complex for living beings to live.

On the basis of application, the District Cooling Market is segmented into industrial, residential, and commercial. Similarly, the commercial category includes spaces or buildings utilized for several purposes like schools, offices hospitals, and retail outlets.

The commercial category had the largest market share in the past few years. This can be credited to the snowballing knowledge regarding climatic conditions, fast infrastructural growths, and sustainability objectives of numerous businesses to decrease their carbon footprint.

In the past few years, the MEA industry held the largest market revenue share and is projected to develop at a CAGR of 8.2% in the years to come. It is a region considered as hot and dry weather conditions a boiling climate, and temperatures going above 50° C in some nations.

The heated conditions become intolerable, particularly in the summer season; thus, to live easily, individuals adopt mechanical and artificial systems to regulate the temperature in their housing as well as commercial spaces.

To attain climate goals and also to decrease pollution in order to advance air quality, initiatives like District Energy in cities have been launched. Such systems would allow individuals to have a permit to cleanse and more reasonable power along with better air quality to breathe in.

Hence, the rapid urbanization, increasing populace, increasing expenditure in infrastructure growth, and then the increasing temperatures in several geographic regions, such factors are contributing to the growth of the district cooling industry.

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