Smart Parking Systems Market - Industry Opportunities, Risk and Overview

The smart parking systems market generated revenue of $3.4 billion in 2018, and it is projected to value $9.1 billion in 2024. Off-street parking was the larger category in 2018, based on parking site, as it makes the parking and payment process easy, with improved payment and ticketing options. Further, such solutions allow for the parking of vehicles for shorter as well as longer durations. With the development of smart cities, governments are promoting such systems, to make parking in cities more organized.

A major driver for the smart parking systems market is the rapid smart city development. Extensive research and development (R&D) activities are being undertaken to integrate managed operations with connected solutions. Due to this, smart parking systems have witnessed widespread adoption, aimed at making real-time information about the parking slots available to drivers, before they even begin the journey. Additionally, government initiatives aimed at making cities smart are also supporting the usage of smart parking systems.

Lucrative opportunities for smart parking systems market are being offered by the rapid automation in the sector. Robot valets and automated parking technologies are already being tested in several cities across the world, for instance, in Boulder, Colorado, where a completely automated parking garage was recently installed by Park Plus Inc. The systems can park four times the vehicles accommodated by a conventional garage of almost equal space. Additionally, using it, a car can be retrieved within five minutes of placing a request.

In 2018, North America held the largest revenue share in the smart parking systems market. The continent is projected to see an even higher adoption of such systems, during the forecast period, with governments working to reduce traffic congestion, which has become a grave problem as a result of the increasing number of vehicles on the roads. During the forecast period, Asia-Pacific (APAC) would witness industry growth at the highest CAGR, on account of the increasing adoption of such solutions in China.

Robert Bosch GmbH, Amano Corporation, Smart Parking Ltd., Urbiotica S.L., IPS Group Inc., Kapsch TrafficCom AG, Nedap N.V., ParkMobile LLC, Siemens AG, WORLDSENSING S.L., Continental AG, Valeo SA, Xerox Corporation, Delphi Technologies PLC, and Cisco Systems Inc. are the most prominent players in the smart parking systems market, which is highly competitive. The players are taking several measures, such as partnerships, mergers, and acquisitions and successful client win pursuance to stay on top of the competition. For instance, SWARCO TRAFFIC Ltd. agreed to integrate 11 count-control cabinets and 17 red–green–blue (RGB) matrix signs in the city of Cambridge, in 2019.

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Mobility as a Service Market - Gearing up for Automotive’s Next Frontier

The mobility as a service (MaaS) market, which generated a revenue of $171.5 billion in 2018, is predicted to grow to $347.6 billion in 2024, at an 11.9% CAGR during 2019­–2024 (forecast period). Car rental was the largest service type category in the market during 2014–2018 (historical period), as a result of the rapid shift from offline booking to online booking and expanding travel and tourism sector.

A major trend in the MaaS market is the adoption of electric vehicles for sharing purposes. Concerned at the high pollution levels and fossil fuel prices, the government of various nations are formulating policies and offering incentives to encourage the usage of electric vehicles in sharing fleets. Additionally, several automotive giants are also taking efforts to offer mobility services on clean-energy vehicles. For instance, plans of launching a sharing service, solely on electric cars, were announced by Hyundai Motor Company in 2019.

Governments are also taking initiatives to make shared mobility popular, thereby driving the mobility as a service market across the world. With an increasing number of people shifting to shared mobility, from driving their personal vehicles, the problem of urban traffic congestion can be solved. This is why, not just the national governments, but those on the state/province or local levels are also making efforts to augment the popularity of the concept. For instance, intentions of constructing parking infrastructure for shared vehicles were announced by the Mayor of London in November 2018.

In 2018, the largest share in the MaaS market was occupied by the daily commuting category, based on commuting pattern. This is attributed to the increasing number of students and young professionals demanding shared mobility, for meeting their everyday traveling needs. Further, on the bases of vehicle type, the car category led the market in 2018; during the forecast period, the bus category would progress at the highest CAGR, as service providers are expanding in new cities and shuttle services are witnessing swift adoption.

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Asia-Pacific (APAC) contributed the highest revenue to the mobility as a service market in 2018, as a result of the high demand for such services, rising disposable income, and widespread concerns about air pollution, especially in India and Taiwan. Additionally, with high industrialization and urbanization rates, the number of people commuting for work is surging in the region. The governments in regional nations are also working to constructed infrastructure for shared commute as well as boost the number of electric vehicles for the purpose.

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How is Increasing Global Population Driving Artificial Intelligence (AI) in Agriculture Market?

As per the United Nations (UN) report, the world population, which is currently 7.7 billion, is predicted to reach 8.6 billion by 2030. This surge in the population is sure to increase the demand for agricultural products. This demand is primarily rising in countries including India, China, Brazil, and the U.S. because of the rapid urbanization, changing consumption habits of the populace, and increasing disposable income. With the increasing population, the current sources of agricultural production will not be enough, due to which there is a growing need for increasing the productivity. For this reason, the key agricultural product-producing countries are incorporating artificial intelligence (AI) into their agricultural practices.

AI, the imitation of human intelligence, empowers machines, especially computer systems, with capabilities such as self-correction, learning, and reasoning. In the agricultural sector, AI can be implemented for farming and gardening, in order to increase the precision and efficacy in maintaining, planting, and harvesting the crops. According to a report by P&S Intelligence, the global AI in agriculture market generated revenue of $584.0 million in 2018 and is predicted to witness a CAGR of 38.3% in the coming years. The major applications of AI in the agricultural sector include drone analytics, agricultural robots, livestock monitoring, and precision farming. Among these, the highest demand for AI was created by the precision farming application in 2018, and it is also going to be at the top in the coming years.

Among the above-mentioned applications, the demand for drone analytics in agricultural farms is projected to grow significantly in the near future. This is because drones that are enabled with AI are able to fly autonomously in an obstacle-filled environment. Moreover, drones are increasingly being used in the agricultural sector for assisting in irrigation schedules, estimating yield data, scanning soil health, and applying fertilizers. For instance, there is a rising demand for drones in the Xinjiang province of China for spraying pesticides in cotton fields, as by using drones, over 1,544 square miles of cotton fields can be sprayed at once, making the process time-efficient and improving the agricultural output. Because of all these advantages, several government initiatives are encouraging the adoption of drones for modernizing agricultural practices. 

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The demand for AI in the agricultural sector is also increasing due to the growing use of robotics in the field. Due to the increasing population and lack of skilled farm workers, the automation of agricultural processes has resulted in easier, modernized, and sophisticated farming practices via the deployment of robots. Furthermore, agricultural stakeholders are majorly focusing on refining the productivity using advanced farming practices and reducing the carbon footprint created by the entire agricultural process. 

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Growing Electric Vehicle Production and Demand Driving Automotive Lithium-Ion Battery Market

In 2018, the global automotive lithium-ion battery market reached a value of $24.2 billion and is predicted to attain $74.3 billion in 2024, advancing at a 15.9% CAGR during the forecast period (2019–2024). The market is growing due to the falling cost of battery and its components and rising electric vehicle production and demand. A rechargeable battery which comprises a positive and negative electrode that are contacted by a chemical called the electrolyte is referred to as lithium-ion battery. Lithium-ion is allowed to exchange between electrodes because they are separated by a separator.

In terms of battery type, the automotive lithium-ion battery market is divided into lithium iron phosphate (LFP), lithium nickel cobalt aluminum oxide (NCA), lithium titanate oxide (LTO), lithium manganese oxide (LMO), and lithium nickel manganese cobalt (NMC).  Among these, the LFP battery type contributed the largest revenue share to the market during the historical period (2014–2018), as these batteries are safer than other type of electric vehicles batteries and have a higher lifespan. The NCA battery type is projected to grow at the fastest pace during the forecast period.

The rising usage of NMC batteries in electric cars is a key trend that is being observed in the automotive lithium-ion battery market. While before a large number of electric vehicle manufacturers made use of LFP batteries, in the recent years, the usage of NMC batteries has increased significantly. This shift from LFP to NMC batteries is due to the rising requirement for higher range in passenger cars from a single charge. In addition to this, these batteries are lighter than LFP batteries and occupy lesser space in the vehicle.

When vehicle type is taken into consideration, the automotive lithium-ion battery market is categorized into commercial vehicle, two-wheeler, and passenger car. Out of these, the passenger car category accounted for the largest share of the market in 2018 and is expected to dominate the market during the forecast period as well, in terms of value. This is because the governments in major automobile selling countries, including the U.S. and China, are focusing on producing new energy cars and increasing requirement for fully electric passenger cars with high-range per charge feature.

The surging electric vehicle demand and production is a key driving factor of the automotive lithium-ion battery market. As per the International Energy Agency, the global electric car fleet exceeded 5.1 million in 2018, rising from 2 million in the previous year. Factors such as the rising concerns regarding the environment and fluctuating oil prices are driving the consumers toward alternative to internal combustible engine-powered automobiles. Furthermore, lithium-ion batteries are being considered the standard for modern battery electric vehicles at the present time, as they have excellent specific capacity and energy density.

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Another factor resulting in the growth of the automotive lithium-ion battery market is the falling cost of battery and its components. The prices of lithium-ion battery components, including battery management system, internal wiring, pack housing, internal wing, and pack housing, are reduced considerably and are further projected to decrease in the coming years, thereby making lithium-batteries more suitable and affordable. In addition to this, several automobile companies are investing heavily into pack assembly, which is further making the battery makers to offer lower prices in order to increase their sales.

Hence, the market is witnessing growth due to the rising demand and production of electric vehicles and the falling prices of lithium-ion battery and its components.

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Asia-Pacific (APAC) Low-Speed Electric Vehicle Market Growing Steadily

Automobiles emit heavy amounts of greenhouse gases, which leads to air pollution. This, in turn, raises the overall temperature and results in climate change. In addition, the toxins in vehicle exhaust are also harmful to humans, as these cause severe diseases, such as lung cancer and chronic obstructive pulmonary disease (COPD). Therefore, to limit carbon emissions and make the world greener, governments across the world are banning fossil fuel-run vehicles and offering incentives and other forms of financial support for the manufacturing and purchase of electric automobiles, including those classified as low-speed electric vehicles (LSEV). As the need to reduce air pollution is especially dire in Asia-Pacific (APAC), the region is witnessing rapid adoption of LSEVs.

APAC LSEV Market

By 2025, the APAC LSEV Market is expected to witness a sale of 71.8 million units, which would be an increase at a CAGR of 6.6% from 2018. Among two-, three-, and four-wheelers, two-wheelers have been the most popular LSEVs up till now, and the situation is expected to be the same through 2018–2025. The major factor responsible for this is their affordability, compared to larger automobiles. Battery costs account for a major portion of electric two-wheelers’ purchase price, and as the component, specifically lithium-ion (Li-ion) battery, is becoming cheaper, the sale of such vehicles is also rising. Technological advancements and a rapid shift to Li-ion batteries from sealed lead–acid (SLA) variants are also helping in this regard.

Similarly, electricity-driven four-wheelers, primarily micro-cars, are also gaining rapid popularity across the region. China and India are witnessing swift urbanization, which is bringing more vehicles on the roads. This is leading to traffic congestion, which often takes the form of 2–3-mile long traffic jams. As per the World Bank, already 57% of the Chinese population was living in urban areas in 2016. In order to reduce traffic congestion as well as pollution levels, e-micro-cars are being promoted by regional governments, as they are quite compact and lead to no emissions.

Three-wheelers are also quite significant in India, China, and Thailand, from the point of mass transit. As not everyone can afford a scooter, motorcycle or car in these countries, a large number of people still commute by auto-rickshaws, which also leads to air pollution and traffic congestion. As electric three-wheelers are more expensive than conventional models, the government as well as manufacturers are increasing their investments to make them cheaper. For instance, subsidies in the range of $370 (INR 25,000)–$910 (INR 61,000) is offered in India under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme.

Within APAC, China witnessed the highest adoption of LSEVs in 2017, due to the earliest introduction of the concept in the country and government support. During the forecast period, the APAC LSEV market growth in India would be quite significant. This would be primarily due to the swiftly rising prices of gasoline, which would help shift the inclination of a large number of people toward electric vehicles, primarily three- and two-wheelers. Additionally, as e-rickshaws are faster and can carry more people, compared to pedal rickshaws, short-distance mobility service providers are rapidly replacing their conventional vehicles with electric variants. Further, these can be driven for considerable distances with a single full charge.

Therefore, as an increasing number of people realize the dangers of fossil fuel-based vehicles to the environment and themselves, the sale of low-speed electric vehicles would continue surging in APAC.

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Cleanroom Technology Market Progressing at a 5.7% CAGR During the Forecast Period

The favorable healthcare regulations, rapid developments in technology, and surging prevalence of infectious diseases are some of the key factors responsible for the growth of the cleanroom technology market. In 2016, the market attained a size of $3.4 billion, and it is expected to generate a revenue of $5.0 billion by 2023, progressing at a 5.7% CAGR during the forecast period (2017–2023).

The atmosphere in pharmaceutical laboratories is quite sensitive to contamination by airborne particles, so it is important to keep the place pollutant-free, therefore there is a need for cleanroom technology. Geographically, in 2016, North America registered the dominating revenue share of more than 35.0% in the cleanroom technology market, followed by Europe, Asia-Pacific, and rest of the world. On the country level, the U.S., Germany, and Japan are the top three nations that are together predicted to contribute the highest revenue to the market during the 2017–2023 period.

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This is ascribed to the presence of a huge number of research laboratories, which is further leading to the high production of drugs. Further, infectious diseases, such as Lyme disease, tuberculosis, and salmonella disease, are caused by pathogenic microorganisms, including viruses, bacteria, fungi, and parasites, which spread indirectly or directly from one person to another or can be passed through animals to humans. As per the World Health Organization, in 2015, nearly 10.4 million people suffered from tuberculosis and around 1.8 million died from it.

HEPA filters absorb nano-sized toxic compounds and improve the filtration process, which reduces the time taken for purifying the area. Additionally, the presence of modular cleanrooms, which are enclosed structures equipped with all devices, is expected to surge the production of cleanrooms, globally. In addition, customized cleanrooms are rapidly gaining popularity in the cleanroom technology market. Pressure, temperature, electrostatic charge, humidity, and magnetic flux can be modified as per customers’ need in a customized cleanroom. These cleanrooms are essential for research and development activities in the medical device, pharmaceutical, and biotechnology sectors.
  
Hence, the surging incidence of infectious diseases, technological advancements, and growing demand for customized cleanrooms are driving the growth of the market.

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Fibrin Glue Market is Projected to Grow During the Forecast Period

The fibrin glue market is projected to grow during the forecast period, at a CAGR of 10.9% owing to the surging number of burn cases and surgical procedures and increasing healthcare expenditure. In addition, the growing prevalence of chronic diseases, increasing geriatric population, and rising road accidents are supporting to market advance. Fibrin glue is a kind of tissue adhesive extracted from a human or animal source, which is primarily used for healing wounds, coagulating the blood, tackling hemorrhage, and sealing tissues.

On the basis of application, the fibrin glue market is broadly categorized into general, vascular, cardiac, and pulmonary surgery. Out of these, during the historical period (2013–2016), the cardiac surgery category dominated the market in terms of revenue, and it is predicted to maintain its dominance during the forecast period. This is attributed to the rising incidence of cardiovascular diseases across the globe, which is further leading to the increasing number of cardiovascular surgical procedures. Cardiac surgery includes surgical treatment for different heart diseases.

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As per the American Heart Association, in the U.S., nearly 85.6 million people are suffering from cardiovascular diseases. Further, the growing healthcare spending is being witnessed as the key factor driving the growth of the fibrin glue market. The healthcare expenditure includes the public and private spending on medical goods and services, public health and prevention programs, and administration. As per the Centers for Disease Control and Prevention (CDC), in the U.S., in 2014, the total health expenditure was $3.0 trillion and the per capita national health expenditure was $9,523.

According to a report of the U.K. Office for National Statistics (ONS), in 2014, the total healthcare expenditure stood at $297.8 billion. Owing to the changing lifestyle and poor availability of care, the prevalence of chronic diseases and lifestyle-associated diseases, such as respiratory diseases, cancer, and heart diseases, is rising, leading to the surging volume of surgeries, which, in turn, is resulting in the growth of the fibrin glue market. As per the CDC, in 2012, around 117.0 million people in the U.S. were diagnosed with one or more chronic health conditions.

Similarly, as per the International Agency for Research on Cancer, in 2008, approximately 12.7 million new patients were diagnosed with cancer, and the number is predicted to reach 21.4 million by 2030. Fibrin glue is consumed in many surgeries, such as wound closure, bronchial fistulas, corneal transplantation, laparoscopic liver biopsies, spine surgery, and pterygium surgery. As per the World Bank, in 2012, 30,537 surgeries were performed per 100,000 population in the U.S. Further in 2015, in Australia, the total number of surgical procedures performed was 28,907 per 100,000 population.

Hence, the growing number of surgical procedures and increasing healthcare expenditure are among the significant factors boosting the growth of the market.

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