APAC Dominates Biodegradable Mulch Film Market

The biodegradable mulch film market was USD 50.8 million in 2022, and it will reach USD 87.8 million by 2030, advancing at a rate of 7.1% in the years to come, as per P&S Intelligence. The sector is driven by the increasing awareness concerning the damaging effects of inorganic mulching and supportive government guidelines.

Starch is working as an emulsifier, encapsulant, viscosifier, defoaming agent, and sizing agent in a diversity of industrial uses. Starches are prized for their aptitude to impart textural properties accompanied by delivering gelling or film formation.

The requirement for biodegradable mulching for fruit & vegetables is growing, because of its low life time cost and ban on inorganic mulching materials in numerous countries. Globally, nearly 2,500 square miles of agricultural land is employed for mulching of fruits & vegetables. About 99% of the mulching of fruits & vegetables is led by the usage of polyethylene mulch.

Polyethylene mulch is used as a layer for protection on the soil top in crop production, as it bids benefits including, conservation of soil, reduces soil erosion, and soil temperature maintaining. The fruits and vegetable mulching also helps in weed control, better moisture retention, faster crop growth, diminished fertilizer leaching, and enhanced quality of crops.

Furthermore, Europe was the second largest in terms of revenue generation. In the region, 95% inorganic mulching comprises the usage of fossil-based and non-biodegradable materials mostly manufactured outside Europe. Benefits presented by biodegradable mulching technique has encouraged farmers to make use of this this technique for the production of crops. Governments of Italy and France have formulated guidelines concerning the usage of biodegradable mulch films.

 Due to the supportive regulations of the government all over the world, the demand for the biodegradable mulch films will increase significantly all over the world.

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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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Variable Frequency Drive Market Will Touch USD 35.34 Billion by 2030

The revenue generated by variable frequency drive market was USD 23.56 billion in 2022, and it will propel at a compound annual growth rate of 5.20% by the end of this decade, to touch USD 35.34 billion by 2030, as mentioned in one of the reports of P&S Intelligence.

Variable Frequency Drive Market Size and Share Analysis Report

Rapid industrialization also drives the demand for such drives. With increasing number of industries established all over the world, the requirement for variable frequency drives is on the rise, as they are put to use in mixers, conveyors, welders, ventilation fans, pumps, cutting machines, grinders, and many more.

The AC drive had a revenue share of over 69% in 2022. This is due to the fact that most of the traditional DC drives are replaced by AC drives, as a result of their higher costs of operation and maintenance  and generation of carbon dust. They also produce poor power factors, damaging to electrical systems.

Furthermore, in AC drives, the requirement for power system apparatuses is low, as there is no necessity for breakers, transformers, and HT capacitors. 

Also, these reduce consumption of energy and improving life of the equipment. Therefore, these factors will boost the requirement for AC drives in the years to come.

The low-voltage drive category dominated the variable frequency drive market in 2022, and it will continue like this in the years to come as well. This is due to the fact that these drives offer numerous industry-specific and general solutions with numerous functions.

Furthermore, they are used in numerous industrial automation applications in various industries, for example rubber, and plastics, pulp & paper, cement, oil & gas, steel & metal, mining, sugar, water & wastewater. 

Similarly, as a result of their capability to work for both low- and high-power uses, the requirement for these drives is on the rise.

APAC dominated the industry with 35% share in 2022.  It will also have the fastest growth. This is because of the fast industrialization, driven by Japan, China, India, and Australia; numerous initiatives of the government for reducing the consumption of energy through energy-efficiency standards; and the increasing investments, leading to the progression in technology to concentrate on high dependability and reduced costs of energy.

Furthermore, the requirement for VFDs is also growing in North America, as a result of strict regulations for energy efficiency, the upgradation of infra to secure electrical distribution systems, and quick industrialization.

As a result of the rising demand for energy efficiency all over the world, the impact will be positive on the demand for variable frequency drives, and they will be demanded more in the years to come.

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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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