Reed Relay Market Will Reach 1,162 million by 2030

In 2022, the reed relay market was worth around USD 370 million, and it is projected to advance at a 15.40% CAGR from 2022 to 2030, hitting USD 1,162 million by 2030, according to P&S Intelligence.

This growth can be credited to the growing industrialization, the increasing acceptance of EVs and advancing associated infrastructure, and the rising demand for solar devices worldwide. Furthermore, the growth in the utilization of such switches in medical devices and instruments is a main trend experienced in the market.

With the launch of Industry 4.0, the manufacturing sector is transforming its processes. Businesses are merging novel technologies into their production amenities. Therefore, the use of smart sensing and robotics is growing in manufacturing amenities.

Such technologies result in the automation of procedures and the installation of smart machines in plants, worldwide. thus, because of the huge automation, the need for reed relays is growing significantly.

The increasing popularity of EVs and the rising requirement for electric vehicle infrastructure are the main factors boosting the industry for such switches, because of their excellent utilization at low loads. They can be utilized in the battery, engine, screen wiping, lighting, electric mirror, and steering modules and in several other ways in electric vehicles.

With the rapidly growing EV market, the demand for such switches is also growing at a very high pace because of their many uses in electric vehicles. Such relays are also utilized in electric vehicle charging infrastructure as they support the good union of connectors, and are utilized in sockets of electric vehicles in the charging cable to guarantee that an accurate locking signal is approved to initiate the charging.

In 2022, Europe held the largest revenue share, at 26.4%. This is because of the growing need for renewable power devices in Europe and the combined efforts of European nations toward the reduction of CO2 emissions.     

Also, because of the Russia–Ukraine war, the region is rethinking its dependency on Russia for power requirements and taking a move toward the use of renewables in order to attain net zero emissions by 2050. This amplifies the need for renewable power, and therefore, expenditure on sustainable power infrastructure is growing, which is one of the main factors the European region is the leading industry for reed relays throughout the globe.

For example, as per the World Economic Forum, in Europe, to get its target of becoming free from conventional fuel by 2050, an expenditure of approximately USD 3.8 trillion would be required in renewable sources of power like solar and wind projects.

Hence, the growing industrialization, the increasing acceptance of EVs and advancing associated infrastructure, and the rising demand for solar devices worldwide, are the major reasons behind the growth of the reed relay industry.  

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Electric Vehicle Supply Equipment Market Was Dominated by APAC

 The total size of the electric vehicle supply equipment market stood at USD 3,897.5 million in 2022, and it will grow at a rate of 11.7% in the years to come, to reach USD 9,426.2 million by 2030, as per a report by P&S Intelligence.

AC chargers led the industry as AC charging is the utmost common charging technique for e-vehicles with plugs. Charging speed hinge on on the output power of the charge point and the capabilities of the converter to convert the power to DC. 

Similarly, these chargers are extensively accepted and more prevalent for general everyday charging, as these have low costs, of production, fitting, and operation. For example, across China, there are around 1.4 million EV charging stations, amongst which 806 thousand are AC charging stations.

The AC chargers are bifurcated into level 1 and 2 chargers. Of these, the former held a larger share, because of the longer charging time of e- vehicles, making these chargers appropriate for overnight charging.

The public category will grow at a higher rate, about 12%, in the years to come. This is because of the robust assurances of administrations, carmakers, and manufacturers for the expansion of e- vehicle infra in numerous countries.

While, the private category had a larger share in the industry. This is because of the larger use of home chargers worldwide. Electric vehicles take substantial time in charging. Therefore, most customers are in favor of private charging or home charging, as they can be connected effortlessly and can be put to use overnight.

Recently, the demand for EV has grown quickly. In the first half of 2022, about 4.3 million EVs were sold worldwide, which was over the sales in the preceding year. The increasing concerns toward ecological protection and the target to decrease the use of diesel fuels  and gasoline fuels are the factors boosting the sales of these vehicles. With the increased sales of EV, the rapid disposition of charging stations is observed, worldwide.

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Europe is Dominating MVNO Market

The MVNO market has garnered USD 73.6 billion in 2022, and it is projected to rise at the rate of 8.7% from 2023 to 2030, to capture $155.2 billion by 2030, As per the report by market research company, P&S Intelligence.

Mobile Virtual Network Operator Market Size and Share Analysis Forecast, 2031

This growth can be credited to the increasing usage of smartphones and the need for reduced cost mobile costs. Major growth in the demand for triple-play services in emerging economies; and a surge in the need for high-speed internet connectivity.

Furthermore, the increasing requirement for better video, voice, and mobile data and the growing usage of the internet are major key growth drivers for mobile virtual network operators, who provide such solutions at a lesser cost in comparison to mobile network operators.

The prepaid category is projected to show faster growth in the years to come. This is mainly due to customers opting for prepaid plans, as these offer them the liberty to modify their plans as per their requirements, particularly those that use the pay-as-you-use model.

In 2022, the postpaid category held the larger revenue share of the MVNO market and is also projected to continue its dominance in the years to come. This is due to customers are not required to pay anything upfront, they just need to pay according to their usage of services while opting for postpaid plans.  

Based on service type, in 2022, The discount category had the largest revenue share of approximately 30% and is projected to continue its Domaine in the years to come. This can be accounted for by the increasing customer engagement, speedy digitization, and lessening costs of telecom services because of the snowballing competition in the market and increasing demand for MVNO solutions in small and mid-sized initiatives.

In 2022, the European market had the largest revenue share, of above 40%, and is estimated to continue its leading position in the future. This can be credited to the high acceptance rate of enhanced technologies, infrastructure expansion, and the existence of a large number of the mobile virtual network operator and substantial ARPU. 

Moreover, the snowballing acceptance of integrated services, like voice-over-internet protocol, also aids the development of the regional market.

While APAC is projected to grow at the fastest rate in the future. Mainly because of the collaborations among the market key players and smartphone manufacturers. Moreover, emerging economies, like India and China are working constantly on the improvement of their IT and telecom sectors, for offering advance telecommunication solutions.

Hence, with the increasing usage of smartphones and the need for reduced cost mobile costs, major growth in the demand for triple-play services in emerging economies; and a surge in the need for high-speed internet connectivity are the major factors driving the MVNO market. 

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North America had a Considerable Share in Sports Technology Market

 The total revenue generated by the sports technology market was USD 13,545 million in 2022, and it will power at a CAGR of 18.60% in the years to come, to reach USD 53,020 million by 2030, as stated by a report of P&S Intelligence.

The sports analytics category will grow the fastest at the rate of 19.6%, in the years to come. This can be due to the fact that sports technology can be utilized in performance analysis of the team, player analysis, health assessment, data interpretation, hospitality management, sales and marketing management, and others.

Sports Technology Market Size and Share Analysis Forecast, 2030

For example, in June 2022, Wimbledon and IBM revealed a digital platform for player understandings.

The basketball category will grow the fastest at a rate of 19.1% in the near future. The growth is mainly because of the rapid acceptance of technology including mobile apps, heart rate monitoring sensors, data analytics, and wearable devices in this game for performance enhancement of the players.

Furthermore, the rugby category has revealed substantial development in the industry. Sports technology can grab the attention with the growing use of IoT sensors in this game.

 It allows players to understand the collision impact of opponents in between the game and allows them to make smart choices to form a better game plan.

MEA will grow steadily at a rate of over 19% in the years to come. The growth has a lot to do with the forthcoming mega sporting events.

Furthermore, governments take quite a few steps for broadening their economy by investing in sporting events.

North America had a considerable share in the sports technology market in 2022, and it will continue like this in the years to come. This is since the requirement for sports technology is high, as a result of the presence of more than a few software companies, and the progressive culture of events, leagues, and games.

The U.S. holds the majority of the share. This is as a result of the obtainability of improved and better-quality sports technology platforms and products, the growing use of internet, the launch of pioneering video game consoles, and the high purchasing power.

Organizers of sports events are funding digital techs to make distinct game-viewing experiences in stadiums and on gadgets. Owners of the stadiums are improving their stadiums with technologies, for example location-based services, 360-degree ultra-high-definition cameras, Wi-Fi, digital kiosks, and digital signage, for enhancing the experience of the fans in the stadiums.

 It is because of the increasing need of tracking the health and fitness of the players, the increase in demand for sports technology will continue to grow in the years to come.

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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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