Month: March 2021

India is increasingly adopting cooling equipment, such as room air conditioners (ACs), chillers, variable refrigerant flow (VRF) systems, split units, and ducted split/packaged units, owing to the subtropical climate of the nation. For example, southern region of the country observe hot and humid conditions for most part of the year, and varying climatic conditions are observed in northern region.

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Additionally, the rapid urbanization in India has resulted in surging disposable income of people, which has enabled the Indians to spend freely on heating, ventilation, and air conditioning (HVAC) equipment. Currently, India is witnessing an expansion of residential construction sector, on account of improvement in real-estate regulations, increment in government-initiated residential plans, and escalation in urbanization rate.

According to Invest India, by 2050, the Indian construction sector will hold the third position, globally. The newly constructed housing units are installing umpteen number of ACs, ventilation systems, and heat pumps. Owing to these reasons, the HVAC market in India will grow at 16.0% CAGR during 2020–2030. The market stood at $8,526.7 million in 2019, which is projected to reach $31,598.6 million by 2030.

Apart from housing units, commercial facilities like shopping malls, office complexes, hotels, hospitals, supermarkets/hypermarkets, metro stations, and railway stations are also incorporating HVAC systems to offer better environment to their employees and customers. The housing and commercial units are deploying heating equipment like air-source, ground-source, and water-source heat pumps; gasoline, propane and electric furnaces; fire-tube and water-tube boilers; and unitary heaters.

Additionally, Indian offices and shopping malls are also switching to ventilation equipment such as ventilation fans, air-handling and fan-coil units, air cleaners, and humidifiers and dehumidifiers.

The AI in agriculture market generated a revenue of $852.2 million in 2019. Moreover, the market is predicted to attain a valuation of $8,379.5 million by 2030 and exhibit a CAGR of 24.8% between 2020 and 2030. The surging adoption of the internet of things (IoT) in agriculture processes, the burgeoning requirement for high crop yield, and the mushrooming usage of drones for pesticide spraying are the main market growth drivers. 

With the rising urbanization rate, the changing dietary habits and surging disposable income of people, and the booming population levels, the demand for higher agricultural produce is growing explosively, especially in countries such as India, China, Brazil, and the U.S. This is propelling the adoption of AI-driven technologies in farming processes, as these technologies help farmers attain higher crop yield and agricultural productivity.

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Moreover, the growing requirement for livestock monitoring is massively boosting the demand for AI in agriculture processes. The adoption of advanced AI technologies such as image classification and facial recognition for livestock integrated with feeding patterns and body condition score allows dairy farmers to individually track and monitor the various behavioral aspects of the livestock.

Furthermore, many farmers are increasingly employing the use of machine vision for recognizing facial features and hide patterns, monitoring food and water intake of livestock, and recording the body temperature and behavior of the animals.  Apart from the aforementioned factors, the ballooning usage of drones in agricultural operations is also fueling the expansion of the AI in agriculture market.

Farmers in many countries are increasingly using drones for monitoring the growth and health of crops, assisting in crop irrigation schedules, applying fertilizers, estimating yield data, and scanning soil health. Moreover, the enactment of government initiatives in several countries regarding the usage of drones for modernizing agricultural processes is further boosting the market advancement. 

The product type segment of the LED lighting market is categorized into luminaires and lamps. Of these, the luminaires category accounted for the larger market share in 2019, and it is expected to keep dominating the industry during the forecast period. This can be ascribed to the high demand for LED luminaires from new construction projects, along with the growing focus of governments on the usage of LED lighting solutions in several countries, such as India, China, and the U.A.E.

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Moreover, the LED lighting market is bifurcated into indoor and outdoor, based on application. Between the two, the indoor category is projected to keep holding the larger share throughout the forecast period. This can be attributed to the growing focus on the modernization of the infrastructure and rising construction of affordable houses, which are driving the demand for LEDs for indoor applications. For example, Integrated Device Technology Inc. (IDT) declared its plans to start two intelligent street lighting projects in 2019 in Malaysia for the adoption of LED lights, to replace sodium-vapor bulbs.

Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the LED lighting market in 2019, and the regional market is also expected to witness the fastest growth in the coming years. This can be ascribed to the rising demand for LED solutions from the growing construction sector across the region. Furthermore, the surging consumer awareness on energy-efficient LEDs, due to the growing power tariff and environmental concerns, coupled with the increasing disposable income of people, is driving the market for LED lighting in the region.

Thus, the growing awareness on energy-efficient lighting solutions, declining costs of LEDs, and surging construction industry are expected to propel the demand for LED lighting solutions in the years to come.

A number of factors, such as the increasing demand for high bandwidth, surging mobile data traffic, and development of the machine-to-machine (M2M) and internet of things (IoT) technologies, are projected to boost the growth of the optical networking and communication market at a CAGR of 6.2% in the forecast period (2020–2030). At this growth rate, the market size is expected to reach $32.8 billion by 2030 from $16.9 billion in 2019.

Currently, the market is witnessing the rising inclination toward wireless optical networks using the open-air optical technology. The primary factor improving the optical networking and communication market growth prospects is the rising demand for high bandwidth. Due to the increasing number of internet users and surging data traffic, the demand for higher bandwidths is rising.

Moreover, the surging number of smartphone users and data centers across the world is propelling the demand for optical networking and communication solutions. As per the GSM Association, since 2018, the number of smartphone users has surged by 250 million to reach 3.8 billion in 2019!

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Another key factor driving the demand for optical networking and communication solutions is the development of the M2M and IoT technologies. With the extensive deployment of these technologies, a high network capacity has become important. The adoption of IoT requires high bandwidth to support multiple connections and reliable internet connectivity.

The rising number of connected devices and increasing adoption of data-intensive applications are boosting the requirement for fiber optic networks offering higher data transfer speeds. Moreover, the growing rate of data browsing and downloading is driving the market growth.

Factors such as the declining price of personal robots, increasing demand for mobile robots, surging adoption of security robots and domestic cleaning robots, rising demand for home automation, and growing awareness about different types of such robots among consumers are projected to boost the growth of the personal robots market at a CAGR of 7.8% in the forecast period (2020–2030). At this growth rate, the market size is expected to reach $51.5 billion by 2030 from $21.5 billion in 2019.

The primary factor improving the personal robots market growth prospects is the declining price of such products. A 2–9% decline in the prices of personal robots is being witnessed every year, thereby driving their sales. As the demand increases in developing countries, the production of robots will shift to these countries, which would make them even cheaper in the forecast years. For instance, iRobot Corporation announced in November 2019 that it has begun the production of robots at its Malaysian factory.

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Another key factor driving the demand for personal robots is the surging demand for mobile robots across the globe, owing to the rising security concerns. Such robots are integrated with artificial intelligence (AI) and the internet of things (IoT), which make them capable of autonomous movement, thereby enabling them to cover and secure a significant area. These robots are also known as spying robots, as they are used for spying. They can detect thieves or unidentified people entering a home and alert the owner about the intrusion or other illegal activities.

This market research report provides a comprehensive overview of the 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
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

Under the National Quantum Initiative Act passed in December 2018, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program. The funds are for a 10-year program that seeks to develop quantum information science (QIS) applications. Similarly, the Institute of Electrical and Electronics Engineers (IEEE) Standards Association Quantum Computing Working Group is developing related standards for the establishment of nomenclature rules and definitions for the language used for quantum computing and performance benchmarks and metrics that would help compare the functioning of quantum computers to that of classical computers.

Thus, with such a strong support for this concept, the quantum computing market will likely reach $1,866.8 million by 2030 from $89.6 million in 2019. According to P&S Intelligence, the market growth will be at a high 33.1% CAGR between 2020 and 2030. Another such government program is the European Union’s (EU) Quantum Technologies Flagship initiative launched in 2018. It aims to bring together industries, research institutions, and public funders to integrate the scientific knowledge related to the technology and expand its applications.

In the same vein, private companies, most prominently IBM Corporation, Google LLC, and Microsoft Corporation, are investing in the field to develop a deeper understanding of it and put it to commercial use. Such support is a result of the increasing acceptance of this concept for numerous critical applications, such as financial services, cybersecurity, and logistics & support. For instance, in the banking, financial services, and insurance (BFSI) sector, quantum computing can be used for high-frequency trading, new payment systems, fraud detection, and portfolio optimization.

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This market research report provides a comprehensive overview of the 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
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

Among the major trends in the stepper motor market is the usage of waterproof motors. Such devices resist corrosion, which increases their life in undersea exploration, industrial automation, oil exploration, and undersea mining applications. Additionally, hermetic-cable feedthrough O-rings, shaft seals, and pressure equalization systems prevent water-related problems, such as short circuits, in such stepper motors. As a result, the usage of waterproof stepper motors is rising in salvage robots, robotic submarines, automated undersea lights and cameras, and oil exploration equipment.

The strongest growth driver for the stepper motor market is the increasing demand for miniature variants of such devices. For position sensing and control applications in consumer electronic devices, miniature stepper motors are being designed. Other prominent applications of miniature stepper motors, which have a low power output, are electronic toys and games, digital cameras and lenses, computer peripherals, and industrial automation systems. In turn, the miniaturization of stepper motors has enabled the reduction in the size of hard disk drives to 6.35 centimeters from 20.32 centimeters.

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Asia-Pacific (APAC) generated the highest revenue in the stepper motor market till 2019, and it will witness the fastest growth during the forecast period. This is attributed to the high industrial manufacturing and automotive production of China, Japan, South Korea, and India. Moreover, with the automation of the factories in this region, the demand for stepper motors continues to increase. Similarly, the growing population of these countries is driving the demand for food and beverages, medical devices, and consumer electronics, in turn, resulting in the surging requirement for stepper motors.

As a result, stepper motor market players are launching new products, merging with and acquiring other companies, augmenting their production output, entering newer geographies, and signing partnership and collaboration agreements. For instance, in March 2020, the smallest linear stepper motor of Nippon Pulse America Inc. was launched; it reduces the requirement for space in the machinery, and it is efficient and cost-effective. Similarly, in November 2019, the new technology solutions center of AMETEK France was established in Elancourt City, to expand its electronic and electromechanical instrument business in France.

Hence, with the growth of end-use industries, the demand for stepper motors will continue to escalate.