Growing Commercial Sector To Boost Saudi Arabia HVAC Market

The Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is expected to witness a CAGR of 3.2% during 2020–2030. This implies a growth in size, which stood at $2,709.0 million in 2019, to around $3,197.4 million by 2030. The growing commercial sector, which includes commercial offices, buildings, hotels, and other recreational centers, will be the primary source of the growth.

The Saudi Arabian HVAC market is classified into service and equipment, based on offering. Of the two categories, service is set to be the leading revenue contributor in 2030. This would primarily be due to an increase in the awareness on and a quest for equipment that is efficient. Further, the expansion of the equipment category will boost the service revenue for industry players. The installation and maintenance demand will inevitably grow with the sale of new equipment. 

Saudi Arabia is home to two of the most sacred pilgrimage destinations in the world. To offer world-class facilities to tourists and its people, the kingdom is constructing luxurious hotels and modern townships, especially in Makkah, Madinah, Jeddah, and Tabuk. For instance, the NEOM city in Tabuk is being developed with an investment of around $500 billion. Other developmental endeavors include the Red Sea Project and Jeddah Downtown, which are worth $8.0 billion and $4.8 billion, respectively. The demand for HVAC products and services is surging due to the new and ongoing projects.

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This market research report provides a comprehensive overview of the Saudi Arabian HVAC market

• Historical and the present size of the Saudi Arabian HVAC market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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V2V Communication Market to Register 16.6% CAGR during 2020–2030

The global vehicle-to-vehicle communication market is predicted to reach a value of $77.1 billion in 2030, increasing from $14.5 billion in 2019, progressing at a 16.6% CAGR during the forecast period (2020–2030). The key factors leading to the growth of the market are the increasing demand for enhanced safety features in vehicles, existence of supportive government regulations, and growing adoption of connected vehicles. When vehicle type is taken into consideration, the market is divided into commercial vehicle and passenger car.

On the basis of deployment, the V2V communication market is categorized into aftermarket devices and original equipment manufacturer (OEM) devices. Between these two, the OEM devices category accounted for the larger share of the market during the historical period (2015–2019), owing to the fact that most of the vehicle manufacturers offer in-built systems in their vehicles. In addition to this, these devices also provide highly precise information and continuous network connectivity by using in-vehicle infotainment and other systems.

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North America held the major share of the V2V communication market during the historical period, with the U.S. leading the regional market. The increasing penetration of innovative technologies, including ADAS and telematics and rising number of government regulations are driving the growth of the regional market. The Asia-Pacific region is projected to witness the highest CAGR during the forecast period, owing to the increasing demand for passenger vehicles and growing focus on vehicle safety in the region.

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Hence, the vehicle-to-vehicle communication market is being driven by the growing concerns regarding safety and security across the globe and introduction of autonomous vehicles in the market.

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Second-Life Automotive Lithium-Ion Battery Market Assessment Covering Growth Factors and Upcoming Trends

The global second-life automotive lithium-ion battery market attained a valuation of $430.0 million in 2019 and is predicted to exhibit a CAGR of 23.1% between 2020 and 2030. As per the forecast of P&S Intelligence, a market research company based in India, the market would generate a revenue of $7,392.0 million by 2030. The rising usage of electric vehicles (EVs) around the world and the highly costly battery recycling process are the main factors driving the advancement of the market.

Lithium-ion batteries consist of only 2–7% of lithium and obtaining the material via recycling is five times costlier than obtaining it directly from various natural sources. The only substance worth recycling in these batteries is cobalt. However, the companies manufacturing these batteries are increasingly focusing on eliminating the composition of this material and replacing it with a cheaper and more stable material. This is massively reducing the requirement for battery recycling across the world. 

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Apart from the aforementioned factor, the rising deployment of EVs is also fueling the demand for electric vehicle batteries. This is, in turn, causing the expansion of the second-life automotive lithium-ion battery market. The soaring concerns being raised in several countries over environmental degradation, on account of the rapid depletion of the ozone layer, are propelling the demand for electric vehicles. According to many reports, the automotive sector emits nearly 43% of the total greenhouse gases across the world. 

Hence, it can be safely said that the market would exhibit substantial growth all over the world in the forthcoming years, mainly because of the rising usage of electric vehicles and the highly expensive procedures associated with lithium-ion battery recycling.

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Market Segmentation by Type

·         Lithium–Iron Phosphate (LFP)

·         Lithium–Manganese Oxide (LMO) 

·         Lithium–Nickel–Manganese–Cobalt Oxide (NMC)

·         Lithium–Titanate Oxide (LTO)

·         Lithium–Nickel–Cobalt–Aluminum Oxide (NCA)

Market Segmentation by Vehicle Type

·         Two-Wheeler

·         Passenger Car

·         Commercial Vehicle

Market Segmentation by Application

·         Energy Storage

·         Electric Vehicle (EV) Charging

·         Base Station

·         Low-Speed EV

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What are Major Factors Responsible for Growth of Global Electric Vehicle (EV) Battery Swapping Market?

Battery swapping significantly reduces the battery charging wait time of the electric vehicles (EVs) and are thus, being increasingly preferred by the users across the world. The wapping of batteries of an electric vehicle lowers the wait time of charging from at least 1.5 to 2 hours (time required for charging in the battery charging stations) to under three minutes (the time taken for battery swapping). In addition to this, the improving battery life of electric vehicles is further boosting the popularity of battery swapping all over the world.

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There are also other major factors which fuel the surge in the requirement of battery swapping such as the ability of the swapped batteries to enhance the performance of the EV and provide higher remunerative opportunities to the shared e-mobility service providers throughout the world. Moreover, the increasing adoption of EVs in several countries is massively pushing the demand for battery swapping. As a result, the global EV battery swapping market is predicted to record huge expansion during the forecast period (2020—2030).

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Across the globe, the electric vehicle (EV) battery swapping market is predicted to register the highest growth in the Asia-Pacific (APAC) region during the forecast period, owing to the increasing number of initiatives being taken by many Chinese electric vehicle producing companies for the evolution of EV battery swapping technologies. For example, NIO Inc., which is a China-based automobile manufacturing company, is developing stations for EV battery swapping in multiple cities across the country, with almost 80 battery swapping stations already installed in the major cities of the country by 2018.

Hence, it can be said with full confidence that the popularity of electric vehicle battery swapping will surge all over the world in the coming years, due to the increasing adoption of EVs around the world and its various advantages such as reduced down-time and the ability to enhance the life spans and performance of electric vehicles.

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India E-Rickshaw and On-Demand Ride Hailing Market Future Growth Analysis and Challenges

With the rising environmental degradation and the deteriorating air quality levels in the major cities and towns, the government at both the state and central levels in India are focusing on promoting the deployment of eco-friendly modes of transportation such as electric rickshaws (e-rickshaws). As a result, there has been a sharp surge in the enactment of strict environment protection laws in the country. These laws are aimed at reducing the usage of fossil fuel-powered vehicles.

In recent years, several projects have been launched by the regulatory authorities for mitigating the pollution levels in the country. For example, in order to provide a convenient mobility option to commuters and improve the last-mile connectivity from metro stations, the Delhi Metro Rail Corporation (DMRC) officially started the first E-Rickshaw service in June 2017. Furthermore, the DMRC in partnership with SmartE launched the extension of its e-rickshaw services to as many as 12 metro stations.

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The increasing operations of various transportation network companies (TNC) in this sector is causing the rapid integration of advanced mobile technologies such as global positioning service (GPS)-enabled applications in e-rickshaws and on-demand ride hailing services. This is creating an enhanced user experience and making ride booking and various other processes associated with these services hassle-free and smooth. Moreover, this is improving the last/first mile connectivity and fueling the growth of the Indian e-rickshaw and on-demand ride hailing market.

Thus, it can be safely concluded that the demand for e-rickshaws and on-demand ride hailing services is set to grow rapidly in India in the upcoming years, mainly on account of the ballooning requirement for eco-friendly modes of transportation, due to the escalating pollution levels in the major cities and towns, and convenient urban mobility options.

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Why Does North America Account for Highest Next-Generation Firewall Usage?

With rapid advancements in the IT infrastructure, even cybercriminals are becoming cleverer, coming up with more innovative ways to get into somebody’s system, network, or database. For almost a quarter of the century, firewalls have been the primary barrier between a system and the traffic coming in from an external network, such as the internet. But, with time, the limitations of the traditional firewall, such as the inability to differentiate between various types of traffic, owing to it being followed by web protocols, have been exposed.

The traditional technology either rejects or accepts all the incoming traffic, which is why it is becoming unsustainable in today’s era of virtual applications and machines. According to P&S Intelligence, this factor will act as the key driver for the growth of the next-generation firewall market from $2,706.9 million in 2019 to $5,188.8 million by 2025, at an 11.9% CAGR between 2020 and 2025. NGFW not only makes traditional firewall more efficient, through protection protocols, but it also adds additional layers of security, such as application-level inspection and intrusion protection.

NGFW solutions find application in large enterprises, as well as small and medium enterprises (SMEs), of which large enterprises are their more-prolific users. This is because such companies have a more-complex IT infrastructure, with networks, systems, and databases in more locations than one. Additionally, these companies have higher budgets, so they can easily spend on expensive cybersecurity solutions. In the years to come, SMEs are expected to integrate NGFW solutions rapidly, as these companies are increasingly becoming the target of cyberattacks owing to their vulnerable IT networks.

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This market research report provides a comprehensive overview of the next-generation firewall market

• Historical and the present size of the next-generation firewall market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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Rising Incidence of Chronic Diseases to Augment Healthcare Insurance Market Growth

 From valuing $1.7 trillion in 2018, the global healthcare insurance market is predicted to reach $2.2 trillion by 2024, registering a 4.3% CAGR during the forecast period (2019–2024). The factors positively influencing the market growth are the high medical costs, rising prevalence of chronic diseases, surging geriatric population, and the growing gross domestic product (GDP) and healthcare expenditure across the globe. Healthcare insurance covers the surgical and medical expenses of a policy owner. It reimburses the treatment cost of a patient incurred due to an injury or an illness.

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The categories of the healthcare insurance market based on insurance network are home maintenance organization (HMO), point of service (POS), preferred provider organization (PPO), and exclusive provider organization (EPO). In the forecast period, the largest category is expected to be of the EPO with a contribution of $0.9 trillion revenue by 2024. This can be mainly ascribed to the fact that this insurance network covers a large number of physicians and offers low-cost consultation and premiums. The fastest growing category would be PPO, which allows the flexibility to choose the physician outside the network.

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The healthcare insurance market is growing due to the rising number of product launches that offer benefits to customers. For instance, by 2020, Anthem Inc. is planning to launch its own Pharmacy Benefit Manager — IngenioRx. Additionally, CVS Health Corporation has entered into a five-year agreement with the company, where the former would manage certain services, such as prescription fulfillment and claims processing, for IngeionRx. In another example, Cigna Corporation and Express Scripts Holdings entered into a partnership in December 2018, and launched a program, “Healthier Kids for Our Future”, aimed at improving the health and well-being of children.

Therefore, the market for healthcare insurance is expected to witness a significant growth in the forecast period, as the incidence of chronic diseases and cost of healthcare services continue to rise.

This Study Covers

• Historical and the present size of the healthcare insurance market

• Major factors driving the market and their impact during the short, medium, and long terms

• Market restraints and their impact during the short, medium, and long terms

• Recent trends and evolving opportunities for the market participants

• Historical and the present size of the healthcare insurance market segments and understand their comparative future potential

• Major players operating in the market and their service offerings

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