Development of Virtual Power Plants Set to Surge in North America in Future

The increasing adoption of renewable sources for producing energy is massively augmenting the demand for virtual power plants throughout the world. According to reports, the production of power from renewable sources such as wind and solar is rising faster than that generated from fossil fuels. As per industry experts, the share of renewable sources in energy production across the world will increase from 7% in 2015 to 20% by the end of 2035. 

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The rapid development of several extensive renewable energy projects will create huge amounts of energy in the future that will need a well-developed power infrastructure for ensuring the reliable flow of energy. This will fuel the development of virtual power plants (VPPs) that will facilitate the incorporation of newly created renewable energy projects in the power evacuation infrastructure. Moreover, in countries such as Nigeria, India, and Indonesia, the lack of availability of power 24*7 is fueling the demand for VPPs.

Due to the existence of inadequate and outdated power infrastructure, various developing nations experience regular power outages. Because of this reason, many emerging economies are making huge investments in the establishment of virtual power plants. These plants will solve the problem of power cuts and provide a continuous supply of power. Due to these factors, the popularity of virtual power plants is rising rapidly around the world. This is propelling the growth of the global virtual power plant market.

Thus, it can be said with confidence that due to the growing requirement for continuous supply of power and the rising adoption of renewable energy sources for power generation, the demand for virtual power plants will shoot-up across the world in the future years.

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How Are Corrugated Boxes Beneficial for Food Packaging Industry?

The food processing industry is adopting high volumes of corrugated boxes due to the increasing concerns over food safety and freshness, especially during the shipping of bakery & dairy products, grain-based food, and canned & frozen foods. These boxes ensure the freshness and safety of food items during their transport from the producers to retailers or end-users. Due to these reasons, the corrugated boxes market is expected to witness a CAGR of 4.3% during 2020–2030, which will increase the size of the market from $180.9 billion in 2019 to $284.6 billion by 2030.

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The increasing adoption of corrugated boxes is also due to the rising concerns for the environment. Initially, these boxes were disposed of after use, thus leading to the accumulation of large volumes of waste in landfills. However, the increasing pollution has led to a rise in the recycling of old corrugated packaging materials to develop new boxes. Manufacturers are using advanced technologies for compaction and shredding that help in the recycling of corrugated packaging materials. The recycling of these boxes produces fiber, which can be used for the development of new packaging material.

The Asia-Pacific corrugated boxes market is projected to display the fastest growth during the forecast period. This growth will be driven by the rising concerns for environmental degradation and increasing focus on sustainable packaging, surging demand for personal care products and electronic goods, and booming e-commerce industry. Additionally, a surge in the government regulations to attain a sustainable environment and the easy availability of raw materials are encouraging the adoption of corrugated boxes for primary and secondary packaging.

Thus, the widening application of corrugated boxes and increasing concerns for the environment are expected to add to the demand for such packaging materials in the foreseeable future.

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Ultra-Thin Solar Cells: A Glimpse into Future Solar Power Technology

The increasing pollution and environmental damage caused because of the large-scale usage of fossil fuels for power generation is making renewable energy extremely popular all over the world. In many industries and residential applications, the renewable energy sources are rapidly replacing the conventionally used power producing sources. Out of the different types of renewable energy, solar energy is the one most widely adopted in different sectors, due to its abundant availability and affordable energy systems and devices such as ultra-thin solar cells.

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According to the International Energy Agency (IEA), “the LCoE will be $55.7 per Megawatt-hour (MWh) for coal and $66 per MWh for PVs by 2020, equal by 2024, and $57.3 per MWh for coal and $40.0 per MWh for PVs by 2040”. The reduction in the costs of these devices would be caused by the increasing research and development (R&D) activities being conducted in solar cells. These extensive R&D projects would also improve the efficiency of the ultra-thin solar cells, which would consequently increase the final solar power output. 

The other important factor responsible for the growing adoption of solar energy is the rising end-user preference for sustainable energy in various applications. Due to these factors, the global ultra-thin solar cells market attained a revenue of $30.0 million in 2019 and is predicted to progress at a CAGR of 56.9% from 2020 to 2030. On-grid and off-grid are the two types of grid systems used for operating ultra-thin solar cells. Between the two, the usage of the on-grid systems is predicted to be higher than the off-grid ones in the future years. 

Therefore, the sales of ultra-thin solar cells will shoot-up across the world in the forthcoming years, on account of the growing adoption of solar energy in residential, industrial, and commercial applications and the falling prices of PV cells throughout the world.

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How Are Gensets Ensuring the Economy Never Comes to a Halt?

Electricity is the backbone of modern societies. From climate control and lighting to machines and Wi-Fi, literally every crucial system that we use in our homes, offices, and industries nowadays needs electricity. Moreover, with the rising urbanization and industrialization rates, having a reliable and continuous power generating source is becoming incredibly important. This is the main factor fueling the worldwide demand for generator sets, or gensets, as they are popularly called, around the world.

These systems add an extra layer of security in the event of power outages or brownouts and keep critical systems and machines running at industries, medical facilities, homes, and offices. In addition to this, gensets have the ability to provide power in remote areas not connected to the grid. These places include campsites, construction sites, deep underground mines, and rural areas. Therefore, it won’t be an overstatement to say that gensets are extremely essential systems that keep the wheels of the economy in motion.

Thus, owing to their importance for the modern human, gensets are rapidly gaining traction all over the world. This is, in turn, causing a sharp surge in their sales, which is consequently propelling the advancement of the global genset market. As a result, the total value of genset sales is predicted to grow from $17,592.6 million to $27,863.0 million from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 5.8% from 2020 to 2030.

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Unsurprisingly, Demand for Gensets To Rise Fastest Middle East and Africa (MEA) in Future

Due to the rapid industrialization and urbanization programs being launched by the governments of regional countries and the presence of a booming construction sector, the MEA region would certainly witness huge sales of gensets in the coming years. MEA countries are set to host some massive international events and competitions in the near future, such as the 2022 FIFA World Cup (Qatar) and the World Expo 2020 (Dubai) and are, therefore, witnessing large-scale infrastructure development and renovation projects.

Furthermore, the poor grid connectivity in many countries and the increasing commercial activities in Turkey, Egypt, Saudi Arabia, and the U.A.E. would ensure that the region witnesses the fastest growth in genset sales, out of all the other geographical regions in the world, during the next few years. In addition, many regional countries are focusing on reducing their reliance on oil and gas. 

For instance, the Saudi Arabian government launched Saudi Vision 2030 recently, a strategic framework that aims to reduce the country’s reliance on oil, develop public service sectors, and diversify its economy. This would massively boost the sales of gensets in the country in the forthcoming years.

Thus, it can be said without any hesitation that genset sales would shoot up all over the world in the future, primarily because of the growing power requirement and increasing grid uncertainties in several countries.

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How is Rising Prevalence of Diabetes Fuelling the Expansion of Global Self-Monitoring Blood Glucose (SMBG) Devices Market?

Owing to the soaring geriatric population and the rising prevalence of obesity and diabetes mellitus in several countries, the demand for self-monitoring blood glucose (SMBG) devices is expected to rise in the coming years. As per a report by the United Nations Department of Economic and Social Affairs (UNDESA) on the worldwide ageing population, the population of people aged 60 years and above is increasing at a huge rate. The share of the geriatric population across the globe recorded a huge increase, to 11.7% in 2013 from 9.2% in 1990, and it is predicted to increase to 21.1% by the end of 2050.

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The increasing awareness about diabetes and its numerous complications, such as diabetic foot ulcer and delayed wound healing, is another major factor propelling the adoption of SMBG devices across the world. For instance, the International Diabetes Federation (IDF) conducted an event in Hyderabad, India in October, 2018, called ‘IDF Diabetes Complications and Foot Congress’ for increasing the awareness regarding diabetes and its complications and management methods amongst the people of the city.

Due to the above-mentioned factors, the revenue generated from the worldwide sales of SMBG devices is predicted to increase from $13.2 billion to $18.6 billion from 2017 to 2023. The self-monitoring blood glucose devices market is further expected to advance at a 5.9% CAGR during the forecast period (2018–2023). The most common types of such devices used throughout the world are glucose meters, strips, and lancets. Amongst these, strips are expected to register the fastest growth in sales during the forecast period, because a meter and lancet can be used for a long time, while strips are mostly thrown out after every use.

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Asia-Pacific (APAC) is expected to record the fastest growth in the adoption of SMBG devices during the forecast period. This is primarily attributed to the rising incidence of type-2 diabetes, soaring geriatric population, and increasing government investments on healthcare, in the region. As per the International Diabetes Federation (IDF), around 82 million adults in Southeast Asia in the age group of 20–79 years were living diabetes in 2017. Moreover, the improving healthcare infrastructure is expected to further fuel the progress of the self-monitoring blood glucose devices market in the region.

Thus, it can be certainly said that the need for SMBG devices will increase around the world in the coming years, mainly on account of the escalating incidence of diabetes, surging geriatric population, booming healthcare sector, and rising awareness about the disorder amongst the people.

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Demand for Consumer Goods Fueling Pressure Sensitive Adhesives Market Growth

The pressure sensitive adhesives market growth is driven by a surge in the e-commerce industry size, escalation in the demand for fast-moving consumer goods (FMCG), and expansion of the automobile sector. Due to this factor, the market is projected to register a CAGR of 4.0% during the forecast period. At this rate, the revenue generated by the industry players will increase from $7,414.0 million in 2018 to $9,351.8 million in 2024. This is because manufacturers and vendors of all the aforementioned end-products are using pressure-sensitive adhesives for packaging.

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One of the key factors supporting the pressure sensitive adhesives market is the expansion of the e-commerce sector across the world. In recent years, e-commerce sales have increased due to the changing consumer preferences and rising purchasing power. People in several parts of the world are purchasing large quantities of electronic goods, stationery products, and FMCGs, which require packaging materials in substantial quantities. Traditionally, FMCG products created the highest demand for packaging materials, which has escalated even more due to the increasing e-commerce activities.

Geographically, the Asia-Pacific (APAC) pressure sensitive adhesives market held the largest share during the historical period (2014–2018), and it will continue its dominance during the forecast period. This can be attributed to the growth in the packaging, automotive, construction, healthcare, and electrical and electronics industries. All these sectors require pressure-sensitive adhesives for the manufacturing of tapes, graphical films, labels, floor tiles, and wall coverings. Among APAC nations, China and India are consuming a large volume of these adhesives owing to the increasing sale of FMCGs.

Thus, the expansion of the e-commerce sector and strategic developments by chemical companies will propel the market growth in the foreseeable future.

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Mushrooming Automobile Sales Fueling Boom of Global Paints and Coatings Market

The global paints and coatings market generated a revenue of $156,086.2 million in 2019 and is predicted to register a CAGR of 4.2% between 2020 and 2030. Furthermore, the market would reach a valuation of $227,834.0 million by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main growth drivers of the market are the presence of several commercial, industrial, and residential end users and soaring construction activities around the world. 

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Additionally, the government sanctioned the allocation of $24.27 billion to the infrastructure sector in the 2020–21 Union Budget for developing transport infrastructure in the country. This would push up the requirement for paints and coatings, which are heavily required for improving the aesthetics and durability of structures. The changing lifestyles of people and the growing urbanization are boosting the requirement for housing, which is, in turn, propelling the sales of paints and coatings across the globe. 

Apart from the aforementioned factors, the mushrooming sales of automobiles are also pushing up the demand for paints and coatings around the world. This is because paints and coatings are used heavily in various automotive applications. For example, the total sales of automobiles around the world rose from 88.3 million to 91.3 million from 2014 to 2019. The paints and coatings market is divided, on the basis of application, into industrial coatings, special coatings, and architectural coatings. 

Hence, it can be safely concluded that the market would demonstrate substantial growth across the world in the coming years, primarily because of the surging construction and infrastructural development activities in various countries and the ballooning sales of automobiles around the world.

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