Power Grid Market Will Reach USD 409.6 Billion By 2030

The projected revenue for the global power grid market will be approximately USD 281.0 billion in 2023, with an anticipated growth to USD 409.6 billion by 2030. This represents a compound annual growth rate (CAGR) of 5.6% over the period from 2024 to 2030. 

This growth of the industry can be credited to the fast electrification, industrialization, and urbanization in developing nations, changing climate and human activity patterns, and a host of other reasons.

Moreover, voltage variations on an hourly basis are experienced with varied sources of power being manipulated to fulfill the needs at the minimum cost. The improvements in orthodox power grid systems have directed the growth of smart grids, which offer better dependability and a more constant electrical power supply.

In 2023, based on components, the cables category dominated the industry, with 40%. This growth of the category can be credited to the fact that cables play a vital role in the supply of power from power plants to customers.

The produced electricity is supplied to a number of places with the aid of high-voltage wires. Furthermore, the fitting of supply lines varies according to the need. For example, for long-distance transmission, overhead lines are utilized, mainly to decrease the energy losses because of resistance. Likewise, underground power lines are utilized to supply power across extremely populated areas, underwater, or in any place where overhead power lines cannot be utilized.

The heavy dependency on this material is because of the count of benefits provided by it, the biggest among which are affordability over other sources, like nuclear power and oil; a stable distribution, and energy security.

During the projection period, the APAC region is projected to showcase the highest development rate of 6.0%. This is mainly because of the increasing count of government steps for the acceptance of renewable power sources and the growing industrialization and also urbanization rates in the region, which are directing to a high need for power. Moreover, a count of nations in the region are substantial IT hubs, which further surges the need for power at data centers and telecom exchanges.

Read More

Wood Plastic Composite Market is Powered by the Growing Construction Industry

The total size of the wood plastic composite market was about USD 7,489.7 million in 2023, and it will power at a rate of 10% by the end of this decade, to touch USD 14,412.9 million by 2030.

The application segment is led by building & construction, with a share of 30% in 2023, because of the widespread usage of composites in decking. The usage of these materials in decking aids in refining the concrete’s superiority and improving strength.

The automotive category is additional vital shareholder in the segment, because of the improved thermal, mechanical, and processing characteristics of such materials, which make them perfect for numerous vehicle parts.

Additionally, the market advance is powered by the aging of houses, which requires restructuring and remodeling to repair old components, along with adding novel amenities and outdoor living spaces. Furthermore, numerous energy competence improvements mandated by the government are mounting the requirement for these green materials.

Furthermore, APAC will have the fastest growth at a rate of 10.5%, because of the fast industrialization, booming construction activities in both the residential and commercial sectors, and urbanization. Further, the industry is propelled by the growing count of government initiatives for raising consciousness of green buildings and cost-effective construction materials.

It is because of the growing construction industry all over the world, the demand for wood plastic composites is continuing to grow. This trend will continue in the years to come as well.

Read More

Wiring Devices Market Will Reach USD 84.9 Billion by the Year 2030

The estimated market size for wiring devices is USD 55.9 billion in 2023, with a projected compound annual growth rate of 6.4% from 2024 to 2030. This growth is anticipated to lead to a market valuation of USD 84.9 billion by the year 2030.

This development of the market can be mainly credited to the growth of infrastructure and suburbanization. Furthermore, the rising acceptance of EVs and advancing techs are driving the industry. Basically, the need for wiring devices is projected to surge over the projection period due to their rising utilization in the residential, commercial, and industrial sectors. Additionally, the rising need for electricity, communication, and numerous other vital utilities and services is driving the market.

Residential applications had a substantial share, of 55%, as the safety of houses is becoming vital. This is enhancing the utilization of both conservative and smart, connected house security systems, which themselves contain biometric trackers, cameras, and sound recording features. The use of Zigbee protocol and the Z-Wave tech in computers and smartphones aids in home mechanization projects, aiding users to operate and control these and numerous other connected appliances remotely.

APAC holds a substantial position in the wiring devices industry, and it will reach a value of over USD 30 billion during the projection period. This can be credited to the rising construction activities and the increasing need for a continuous power supply. 

The industry is also rising due to the growing investment by the major players in enhancing their smart house automation solutions. In APAC, China endures the dominating position, and it will advance with a CAGR of 6.6%, credited to the growing urbanization rate and the increasing electrification rate.

The North American market is experiencing substantial growth, fueled by increasing urbanization rates and improving economic conditions. Within regional nations, the affluent lifestyle is creating favorable conditions for market expansion, as there is a heightened demand for upscale electrical fixtures in both residential and commercial settings.

Read More

The APAC Region Had a Considerable Share in the Automotive Camera Market

The total size of the automotive camera market was USD 8,091.4 million in 2023, and it will power at a compound annual growth rate of 11.8% by the end of this decade, to touch a total value of USD 17,326.1 million by 2030.

ADAS needs different cameras to perform numerous functions, for example, blind spot detection, pedestrian detection, and parking assist. Imaging sensors execute well in assisting the driver, and in hostile conditions, these camera modules act as a significant self-diagnosis system for improved and safe driving. 

Automotive cameras not only just in supporting the driver but also in attaining driving autonomy. Level 0 automobiles can have safety features for example, rearview cameras, collision warning, and blind spot warnings. In level 1 automation, adaptive cruise control controls acceleration and braking, characteristically throughout highway driving. 

Additionally, the count of various types of automotive cameras, interior, forward, rear, and surround is considerably higher in level 4 and level 5 automobiles.

Regional nations’ growing middle-class populace and the easier affordability of vehicles have powered the sale of automobiles with cutting-edge features, for example ADAS sensors and cameras. The cutting-edge features now being required in cars consist of safety systems, connectivity options, and innovative designs. 

Additionally, India has numerous overseas and local auto parts suppliers and manufacturers, contributing to the expansion and appeal of the auto industry. Some domestic auto manufacturers, for example Maruti Suzuki, Mahindra & Mahindra, and Tata Motors, have a robust presence in more than a few market segments, as well as passenger cars, HCVs and LCVs.

It is because of the rising investment in electric vehicles all over the world, the demand for automotive cameras is on the rise. This trend will continue in the years to come as well.

Read More

Sustainable Solutions: Navigating the Molded Pulp Packaging Market

In 2023, the molded pulp packaging market achieved an approximate revenue of USD 4,780.9 million, and it is anticipated to experience a Compound Annual Growth Rate (CAGR) of 4.5% from 2024 to 2030. The market is expected to reach a valuation of USD 6,469.3 million by the year 2030. This growth of the market can be credited to the growing need for molded pulp packaging with the increasing efforts to decrease the utilization of plastic.

On the basis of source, the wood category held the largest share in the industry because molded pulp is mainly made by removing the fibrous parts of trees, primarily the woody part. Furthermore, it is simply obtainable, inexpensive, and customizable in many shapes and sizes, which fortifies it as an ideal option for food wrapping. Other sectors that use wood pulp molded wrapping are electronics and healthcare.

On the basis of product, trays hold the largest share in the industry as they are utilized for many types of products, like eggs, fruits, and vegetables, in the food service sector. This is mainly because they are very light in weight and have significant shock-absorbing ability. 

The major reasons driving the industry are the rising problems of plastic contamination and waste on a worldwide scale. Makers commonly opt for plastics because of their affordability, toughness, and adaptability for numerous applications. Despite these benefits, plastics are non-degradable, leading to the gathering of waste in landfills, where decay can take eras. Additionally, the leaching of toxic chemicals from plastics into water and soil poses detrimental effects on plants and marine ecosystems.

By application, food packaging dominates the molded pulp packaging market with a share of 35%. Molded pulp packaging is used for eggs, fruits, and vegetables to provide support and prevent damage to them during transportation and storage. Further, it allows air to come inside, so that these perishable items remain fresh.

The Asia-Pacific (APAC) region commands a 45% market share, primarily driven by the escalating levels of urbanization, expansion in the food and beverage industry, a growing population, and the flourishing economies of developing nations. Notably, countries like India, China, and Indonesia play a substantial role in contributing to plastic pollution in oceans, leading to an increased awareness of the need for sustainable alternatives to polymers. Consequently, governments have initiated various measures, including the prohibition of plastic usage, aimed at safeguarding the environment and human health.

Read More

Vanadium Redox Flow Batteries Market Will Reach USD 759.4 Million by 2030

In 2023, the market for vanadium redox flow batteries witnessed an approximate revenue of USD 401.2 million. Projected into the forecast period from 2024 to 2030, the market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 9.7%, ultimately reaching a valuation of USD 759.4 million by the end of 2030.

This can be credited to the rising need for vanadium redox flow (VRF) batteries for microgrids and several sectors, the growing requirement for reliable power backup, and the growing trend of their addition to renewable power sources.

The heat and electricity sectors are the highest emitters of greenhouse gases presently, which is why they are making changes to lessen their releases. Thus, the industry for VRFBs will grow as the demand for carbon-neutral electricity surges, as they work even during severe weather. Also, their dependability and long-duration storage make them appropriate for addition with microgrids, even for isolated areas and those that do not have any grid connectivity.

The automotive category, within the end-user category, holds a substantial market share owing to the increasing need for rechargeable batteries in both traditional and electric vehicles. Governments worldwide are actively endorsing electric vehicles (EVs) by implementing short-term sales targets and offering financial incentives. India, for instance, has set an ambitious target of selling 50 million EVs by 2030. The surge in demand for rechargeable batteries is particularly driven by electric and hybrid vehicles, which possess the capability for rapid and cost-effective self-recharging with reduced power consumption.

The trouble of shifting from fossil fuels to low-carbon power sources is worsened by the increasing power consumption. New low-carbon power must target to replace the present fossil fuels in the energy mix while meeting the growing need for heat and electricity.

The Asia-Pacific (APAC) region, accounting for approximately 50% of the market share in 2023, stands as the most prominent, primarily driven by the escalating concerns regarding carbon emissions and the growing dependence on electricity. Developing nations within the region are consistently striving to enhance industrial operations to mitigate carbon emissions.

Read More

EV Charging Cables Market Will Reach USD 3,775.6 Million by 2030

The market size for EV charging cables is projected to be approximately USD 1,287.3 million in 2023, with an anticipated compound annual growth rate (CAGR) of 16.8% from 2024 to 2030. This growth is expected to lead to a market valuation of USD 3,775.6 million by the year 2030.

This development of the market can be credited to the increasing use of EVs due to the growing count of government initiatives to guarantee their acceptance. Furthermore, the rising pace of technical improvements, which are allowing advanced driving ranges and speeds, is contributing toward the development of the industry.

In terms of application, private charging holds the majority market share at approximately 70%, primarily due to the fact that a significant number of electric vehicles (EVs) are charged at the residences of their owners. The predominant type of private Electric Vehicle Supply Equipment (EVSE) consists of slow-charging variants, allowing vehicles to be plugged in overnight for charging.

The Asia-Pacific (APAC) region currently dominates the EV cables market, and it is expected to maintain its leading position until 2030, reaching a value of approximately USD 1.8 billion. This can be largely attributed to the increasing disposable income in the region and the presence of key industry players.

Within APAC, China holds the top position and is projected to experience a Compound Annual Growth Rate (CAGR) of 17.2% throughout the forecast period. This growth is driven by the widespread availability of electric vehicles (EVs), charging stations, and charging cables, coupled with continuous advancements in automotive technologies.

Apart from contaminating the air, fossil-fuel-based cars possess higher maintenance and working prices than EVs. This is mainly because they require changes in oil, fuel filter retrofitting, spark plug replacements, emission checks, and other efforts. On the other hand, 

EVs do not have numerous of these components, which makes their processes lucrative. Furthermore, several of them use regenerative braking, which helps in decreasing the wear and tear on brakes, and also in saving power.

Read More