HVAC Controls Market Trend - Global Forecast to 2025

The HVAC Controls Market is projected to grow from USD 14.8 billion in 2020 to USD 24.4 billion by 2025; it is expected to grow at a CAGR of 10.5% from 2020 to 2025. 

HVAC controls are used to automate and control heating, ventilation, and air conditioning of various buildings. Controlled equipment, sensors, and controlling devices, such as thermostats, control valves, and controllers, are generally used for this purpose. The growth of this market is expected to be driven by the consolidating trend of smart homes, accelerated further by COVID-19 situation to boost HVAC controls market growth, boom in the construction sector, the emergence of IoT-enabled HVAC systems, and the need to achieve energy efficiency in buildings. These factors have helped the HVAC controls market to gain traction in applications, such as industrial, residential, and commercial.

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New construction segment held the largest share of HVAC controls market in 2019

The HVAC controls industry, based on implementation type, is led by the new construction segment (in terms of size). Rapid infrastructural developments, improved standard of living, and increased focus on developing energy-efficient HVAC systems are fueling the growth of the HVAC controls market for new construction. Various government regulations to implement energy-efficient HVAC systems and controls have resulted in the wide adoption of HVAC controls in new buildings.

The market for integrated control system is expected to register with highest growth rate during the forecast period

An integrated control system is a combination of temperature, ventilation, light, and other control systems. This combination provides users with the benefit of different features of different controls. Integrated control systems are also expected to integrate communication modes, such as Wi-Fi, cloud computing, and the Internet of Things (IoT), which would help in controlling, monitoring, and maintaining HVAC systems from virtually anywhere. The surge in the use of IoT in building infrastructures and the demand for smart homes are driving the growth of this market. Increasing demand for energy efficiency in buildings is also a major factor contributing to the growth of the market for integrated control systems.

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APAC accounts for the largest market size during the forecast period

APAC held the largest HVAC controls market share in 2019, followed by North America and Europe. China is among the fastest-growing economies in APAC, owing to its huge population, followed by India. Japan is a smaller country with respect to land size but is a developed country and technologically advanced compared with most countries in APAC. Technological advancements and inclination toward the use of energy-efficient products fuel the growth of the HVAC controls market in Japan. These factors are driving the growth of the HVAC controls market in APAC.

Some of the major HVAC controls manufacturers based in Asia Pacific are Daikin Industries (Japan), LG Electronics (South Korea), Azbil (Japan), and Cubic Sensor and Instrument Co., Ltd. (China).

5G Chipset Market Forecast to 2027 - Increasing Cellular IoT Connections

The 5G chipset market is expected to grow from USD 12.8 billion in 2020 to USD 67.2 billion by 2027, at a CAGR of 26.7%. The major factors driving the growth of the 5G chipset market are the growing demand for high-speed internet and broad network coverage, increasing cellular IoT connections, and an increase in mobile data traffic. However, the high cost of the 5G chipset is expected to restrain the growth of the market.

Market Dynamics

Drivers :

Rising demand for high-speed internet and large network coverage

Rising demand for high-speed internet and large network coverage for several applications, such as distance learning, autonomous driving, multiuser gaming, videoconferencing, live streaming, telemedicine, and augmented reality, is expected to propel the growth of the 5G chipset market.

Increasing demand for mobile broadband technology, high-speed data transfer, and data and information processing are driving the growth of 5G cellular technology. Also, it is likely to enhance mobile network performance capabilities and reduce the gap between poor to minimal network coverage and data connectivity that persists in current network generations (3G/4G).

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Increasing cellular IoT connections

The speed and reliability of 5G are expected to have a massive impact on machine-to-machine (M2M) and IoT. Key reasons for the increased adoption of new M2M technologies are better connectivity for smooth communication and low power requirement. The existing capacity of mobile networks must be able to handle billions of nodes that are expected to ascend in the next couple of years to achieve effective M2M communication. Currently, the network capacity is incapable of handling M2M and human-based communications, as well as their different communication patterns such as latency time. For this reason, a next-level cellular network for mobile communication, featuring hyper-connectivity and larger bandwidth, is required (e.g., 5G network). M2M communication technology will be widely used in heavy manufacturing industries and process industries (e.g., food industries) to increase the efficiency of different processes and reduce human interference with machines. M2M communication is thus expected to drive the 5G chipset market.

Growing mobile data traffic

The continuous development of cellular networks has enabled users to experience faster data rates with low latency. The rapid rise in data volume has been largely driven by consumer demand for video, as well as business and consumer moves to use cloud services.

Demand for mobile data services is primarily driven by the growing use of services and applications in both consumer electronic devices and business-to-business (B2B) communication systems that are currently using/testing data-intensive applications such as AR and VR and 3D and ultra-HD video content.

Restraints :

High cost of 5G chipset for mobile devices

Prices of smartphone chipsets that support 5G are likely to be more expensive than the 4G ones available currently. First-generation 5G chipsets were limited to premium smartphones from 2019. Volume deployment of 5G devices based on second-generation chipsets is being seen in 2020, and third-generation chipsets will enable performance-optimized 5G devices in 2021. Qualcomm offers 5G support to its flagship Snapdragon 8-series SoC only, and a limited number of premium smartphones use it. The company has planned to significantly expand the 5G lineup by offering 5G the company’s 7-series and 6-series lineups. Snapdragon 765 and Snapdragon 690 are already available for mid-range smartphones. However, the company has not revealed any plans for 4-series chipset that are used in cheaper phones. The addition of 5G to cheaper phones would give the network technology a much broader audience. Qualcomm and MediaTek are expected to lower the prices of 5G chipsets for mid-range smartphones.

Increasing Demand for Fiber Optics Collimating Lens Market in the Telecom and Networking Industries

The global fiber optics collimating lens market size is projected to grow from USD 554 million in 2021 to USD 1,081 million by 2026; it is expected to grow at a CAGR of 13.3% from 2021 to 2026.

Growing global demand for computer networking drives the demand for free-space communication, which is likely to boost the demand for fiber-optic collimating lenses.

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COVID-19 Impact on the Global Fiber optics collimating lens market

The market witnessed a decline in the first two quarters of 2020, owing to the spread of COVID-19. The outbreak adversely impacted the supply chain of the market, as some of the prominent players are based in China and the US, which were the most affected countries by the pandemic in the first half of 2020. Considering the current situation, key market players are focusing on maintaining and generating operating revenue, which has reduced the number of developments in the market in 2020 and 2021. The need for better internet infrastructure has driven the demand for fiber optics and related components during 2020 and 2021, leading to the strong growth of the market.

1000–1500 NM wavelength to dominate fiber optic collimating lens market during the forecast period

The 1000–1500 nm range is expected to hold a major share of the fiber-optic collimating lens market, and the market for the same is expected to grow at the highest CAGR during the forecast period. Fiber-optic collimating lenses with wavelength range from 1000–1500 nm have a major demand, as such lenses are widely used for various end-use applications such as spectroscopy and light & display measurement, among others.

Communication to hold the largest share of fiber optic collimating lens market in 2021

Fiber-optic collimating lenses are used in communication, medical diagnostics & imaging, lasers and detectors, metrology, microscopy & spectroscopy, and others (display applications, cytometry, artificial intelligence, and LiDAR). The communication segment holds the largest market share owing to the increasing demand for digitalization and the growing need for being connected. The fiber-optic collimating lens market for communication was valued at USD 209.0 million in 2020 and is expected to reach USD 392.0 million by 2026; it is anticipated to grow at the highest CAGR of 11.7% during the forecast period. The growing demand for fiber in the communication application is the key driver for the growth of this segment.

APAC held the largest market for the fiber optic collimating lens market in 2026

China is one of the world’s largest and fastest-growing economies, with a huge consumer electronics industry and large population base, coupled with increasing per capita income. China’s large-scale industrialization has led to the growing need for laser interferometers. OEMs are continuously looking to improve the production processes in automotive manufacturing through precision measurement, which is expected to drive the laser interferometer market in China. The country is among the world’s largest automotive manufacturers and a leading producer of consumer electronics. The Chinese government has approved in-house production of commercial aircraft, which includes large passenger planes. China designs and manufactures jets, which would, in turn, create a huge opportunity for the laser interferometer market in the country. Therefore, the growth in demand for laser interferometry in the country is likely to boost the demand for its supporting components, including fiber-optic collimating lenses. Therefore, growth of fiber-optics collimating lens in China is likely to accelerate the market’s growth in APAC.

Key Market Players

The fiber-optic collimating lens market is dominated by a few globally established players such as AMS Technologies AG, IPG Photonics Corporation, Coherent, Fabrinet, Thorlabs Inc, Daheng New Epoch Technology, Inc (CDHC), Edmund Optics, FS.Com, and Gooch & Housego. The report also profiles the companies such as TRIOPTICS, SCANLAB GmbH, Rochester Precision Optics, LightPath Technologies, CeramOptec, Fiberguide Industries, Inc., OZ Optics, Ltd., Avantes, and Laser Mechanisms.

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Benefits of using aspheric lenses over traditional spherical lenses in optics systems

Aspheric lenses are used to eliminate spherical aberrations in a wide range of applications. These lenses have a unique shape, which allows them to deliver better optical performance and image quality than traditional spherical lenses. In traditional spherical manufacturing, the surface is defined by a single radius of curvature. The curvature can be ground and polished into the surface using large tools that work on the entire surface. Aspheric lenses are often used in applications that require an element to focus or collimate light. Aspherical surfaces on collimating and focusing lenses provide improved performance over traditional spherical surfaces in high-power industrial fiber laser and direct diode laser systems. Aspherical optics reduce spherical aberration, resulting in smaller spot size, uniform spot shape, and greater depth of focus.

Increasing Industrial Safety Measures driving Explosion Proof Equipment Market

The ExplosionProof Equipment Market size is projected to grow from USD 7.4 billion in 2020 to USD 9.9 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. Factors such as the increasing industrial safety measures and rising energy requirements are driving the explosion proof equipment market. 

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The oil & gas industry holds the largest share of the explosion proof equipment market in 2019

The oil & gas industry accounted for the largest share of the explosion proof equipment market in 2019 and is expected to grow at a high growth rate during the forecast period. The demand for explosion proof equipment in this industry is high due to its flammable and challenging environmental conditions. This equipment are used across applications such as exploration, drilling, gas lifting/injection, oil & gas pipelines, storage handling, and gas and refinery process.

The market for wireless connectivity services is projected to grow at a high growth rate during the forecast period

The market for wireless connectivity services is projected to grow at a high growth rate during the forecast period. The growth of the segment can be attributed to its lower installation cost, requirement for cable-free operations, and reduction in space occupied and weight. Wireless devices can minimize the number of devices installed, such as cabling and other installation equipment leading to low installation expenditure and low labour costs.

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The major players in the Explosion proof equipment market are Siemens (Germany), Honeywell International, Inc. (US), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US), and Eaton Corporation Plc (Ireland).

LTE Advanced Pro Market in North America is Growing at a Significantly High Rate

The LTE Advanced Pro Market is estimated to be valued at USD 150.0 million in 2018 and is expected to reach USD 8,017.5 million by 2023, at a CAGR of 121.6% between 2018 and 2023.

The market has huge potential across various deployment locations such as urban areas, rural areas, residential areas, public spaces, and retail stores. Key factors driving the LTE Advanced Pro market are improved efficiency with additional functionality; growing demand for improved network coverage, reduced latency, and optimized connectivity; and LTE Advanced Pro delivering higher bitrates in a cost-efficient manner.

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LTE Advanced Pro market for RAN Equipment to grow at the highest CAGR during the forecast period 

The LTE Advanced Pro market for RAN Equipment is expected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to the introduction of and increased demand for cloud-based network architectures, such as NFV and network slicing for network capacity. Using a distributed, software-enabled network based on virtualization and new architectural approaches such as NFV and network slicing, operators and third-party service providers will be able to deploy new applications and services rapidly and in a scalable manner.

 

NFV to hold the largest share of the LTE Advanced Pro market by 2023 

NFV core network technology is expected to hold the largest size of the LTE Advanced Pro market by 2023. Considering the fast LTE Advanced Pro gigabit speed network and yet-to-commercialize next-generation 5G network, millions of consumers and businesses are anticipated to connect to the mainstream cellular network. NFV promises to ease the load by granting service providers the flexibility to move network functions from dedicated appliances to generic servers. Using standard IT virtualization technology, NFV focuses to combine many network equipment onto standard, high-volume servers, switches, and storage; thereby making networks more agile and efficient.

LTE Advanced Pro market for retail stores to grow at highest CAGR during forecast period 

The LTE Advanced Pro market for the retail stores deployment is expected to grow at the highest CAGR between 2018 and 2023. Retail stores face huge increase in mobile data traffic and many outlets also face the problem of blind spots, which reduces the number of visiting customers. The growth of the cellular connectivity market for the retail application is propelled by the increasing adoption of the cloud platform, declining cost of IoT components, and need for better technology to make the retail value chain more efficient. 

North America leads the LTE Advanced Pro market in terms of value 

 

North America held the largest share of the LTE Advanced Pro amarket in 2017. The region is well known for the high adoption of new advanced technologies, including IoT, wearable devices, and autonomous cars/connected cars. In North America, the market for these technologies is growing at a significantly high rate. Need for reliable and fast connectivity required for these technologies is addressed by LTE Advanced Pro infrastructure, which is expected to provide growth opportunities for the market in North America.

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The companies profiled in this report are Huawei (China), Ericsson (Sweden), Nokia Networks (Finland), ZTE (China), Samsung Electronics (South Korea), NEC (Japan), Cisco Systems (US), Qualcomm (US), Intel (US), Cavium, Inc. (US), Qorvo, Inc. (US), CommScope (US), and Airspan Networks (US) among others.

Telepresence Robots Applications in Defence, Surveillance and Security

The Telepresence Robot Market is estimated to grow from USD 145.8 million in 2018 to USD 312.6 million by 2023, at a CAGR of 16.5%.

 

The market is mainly driven by factors such as enhanced operational efficiency in enterprises due to the virtual meeting, high demand from the healthcare industry, and low cost due to the availability of supporting devices.

 

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Telepresence Robot Market for mobile telepresence robots to grow at higher CAGR during forecast period 

The market for mobile telepresence robots is expected to grow at a higher CAGR from 2018 to 2023. The application of stationary telepresence is limited only to particular areas as these robots are used mainly for training purposes in almost every vertical. The mobility is already a major feature of mobile telepresence, and because of its added advantages, these telepresence robots can also find applications in several new verticals, such as defence, surveillance, and security.

 

Enterprise application held largest share of telepresence robot market in 2017 

The enterprise segment accounted for the largest share of the overall telepresence robot market, based on application, in 2017. The large share of this application attributes to the growing use of telepresence robots for interactive and productive business meetings in enterprises with separated participants from different locations. The telepresence robots are the best fit for virtual presence in enterprises.

 

Americas is a major consumer of telepresence robots 

 

The Americas accounted for a major share of the overall telepresence robot market in 2017. The Americas is the early adopter of all service robots for all major applications such as public relations, personal assistance and caregiving, home care, enterprise, and education, which is resulting in the maximum demand for robots from this region.

 

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The report profiles the most promising players in the market. The market is highly dynamic because of the presence of a significant number of big and small players operating in it. Key players in the market are Double Robotics (US), Inbot Technology (China), Suitable Technologies (US), Mantaro Networks (US), VGo Communications (UK), InTouch Technologies (US), Qihan Technology (China), Amy Robotics (China), Anybots (US), SuperDroid Robots (US), Ava Robotics (US), Camanio Care (Sweden), Wicron (Russia), Xandex (US), Rbot (Russia), AXYN Robotique (France), OhmniLabs (US), Swivl (US), Xaxxon Technologies (Canada), and Hease Robotics (France).

Technological Advancements in the Failure Analysis Market

The failure analysis market is estimated to be valued at USD 3.9 billion in 2020 and is projected to reach USD 5.9 billion by 2025; it is expected to grow at a CAGR of 8.3% from 2020 to 2025. A few key factors driving the growth of this market include imposition of safety rules & regulations by governments and international bodies, rise in demand for failure analysis from the electronics & semiconductor industry, technological advancements in microscopes, and rising focus on nanotechnology and regenerative medicine.

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Failure analysis market for Focused Ion Beam (FIB) Systems expected to expected to grow at the highest CAGR during the forecast period

Failure analysis market for Focused Ion Beam (FIB) Systems is expected to grow at the highest CAGR during the forecast period. The fastest growth of this segment can be attributed to the growing adoption of FIB systems in material science and bioscience applications. The development of commercially focused FIBs has led to their increased applications in the field of material sciences. In addition to circuit editing and Transmission Electron Microscopy (TEM) sample preparation, FIBs can now be used for microstructural analysis and prototyping nanomachining.

Electronics & semiconductor application expected to hold the largest share of failure analysis market during the forecast period

Electronics & semiconductor application expected to hold the largest share of failure analysis market during the forecast period. The growing demand for miniature transistor chips, nanoelectronics, quantum dots, and optoelectronics is driving the market for failure analysis in the semiconductor industry. The electronics & semiconductor industry is one of the growing sectors globally, owing to the increased adoption of robotics and automation to produce electronics devices. The electronics & semiconductor industry requires high density, integrated, and miniaturized devices.

North America is estimated to account for the largest share of the overall failure analysis market

North America is expected to account for largest share of failure analysis market during the forecast period. This growth can be attributed to wide availability of advanced microscopy systems offered by market leaders, high and growing focus on nanotechnology, and presence of top players of the market in North America. The major players operating in the microscopy market, including Danaher (US) and Thermo Fisher Scientific (US), have a strong presence in North America with a wide customer base and established distribution channels. The penetration of advanced microscopy systems such as electron microscopes, digital microscopes, and confocal microscopes is significantly high in various end-use industries in this region

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Key Market Players

Thermo Fisher Scientific, Inc. (US), Hitachi High-Technologies Corporation (Japan), Carl Zeiss (Germany), JOEL, Ltd. (Japan), TESCAN OSRAY HOLDING (Czech Republic), Bruker (US),  Semilab (Hungary), A&D Company, Ltd. (Japan), HORIBA, Ltd. (Japan), Leica Microsystems GmbH (Germany), Veeco Instruments (US), Oxford Instruments (UK), and Eurofins Scientific (Luxembourg) are among a few major players in the failure analysis market.

Rapid Liquid Printing Witnesses a Rapid Growth Rate

 The global rapid liquid printing market size is expected to grow from USD 48 million by 2023 to USD 284 million by 2027; it is projected to grow at a CAGR of 55.6% from 2023 to 2027. The key factors driving the growth of the rapid liquid printing market include fastest among all 3D printing technologies, ability to print using industrial grade materials, and ease of development of customized products. However, high initial and maintenance cost, and lack of standardization processes, material, and software are the factors restraining the growth of the rapid liquid printing market.              

The market for services offerings is expected to grow at the highest CAGR during the forecast period. The high growth market rate can be attribute to the projected increase in the demand for custom design and manufacturing. With the increasing number of companies offering 3D printing services, it is expected that several companies will adopt rapid liquid printers for manufacturing purposes.

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The rapid liquid printing market for functional part/end-use manufacturing is expected to grow at the highest CAGR during the forecast period. The market for rapid liquid printing is expected to witness a rapid growth rate. Rapid liquid printing is expected to be adopted for commercial production of end parts. A rapid liquid printer is 300 times faster than any other 3D printer. It also has the advantages of additive manufacturing over traditional manufacturing, which makes it a profitable and efficient option. The capability of rapid liquid printers to print using industrial-grade materials is expected to drive its potential growth in the adoption of this technology for the production of end parts.

The consumer products vertical expected to account for the largest share of the overall rapid liquid printing market by 2027.The growth of this segment is driven by the demand for furniture and home décor items. The rapid liquid printing technology is currently in its R&D phase; the patent for this technology is pending with the US government. Based on the current investments by various companies and collaborations of research institutes, the technology is not expected to commercialize across verticals all at once. The 3D printing market for the consumer products vertical has been growing with the rise in the adoption of desktop or personal printers. The introduction of low-cost desktop 3D printers, costing below USD 1,000, has driven the adoption of 3D printers. Many start-up companies have entered the 3D printing industry with services such as designing, prototyping, or manufacturing of customized functional products. Rapid liquid printers, once commercialized, are expected to have a high growth rate in this vertical. Owing to high-speed printing and no design barrier of structural stability, rapid liquid printers are to witness high demand.

The rapid liquid printing market is expected to register the highest CAGR in APAC. The growing demand for 3D printing technologies from automotive, aerospace & defense, utility, and healthcare verticals in APAC is expected to support the growth of rapid liquid printing in the region. The requirement to meet the demand for consumer products of the growing population in APAC, along with the ongoing industrialization in emerging economies, is expected to fuel the growth of consumer products and automotive verticals in this region. This, in turn, is expected to contribute to the growing demand for 3D printing technologies, which again translates to the growing demand for rapid liquid printing in APAC. China and Japan are expected to be major markets for rapid liquid printing in APAC. Japan is home to major automobile manufacturers and suppliers who are facing challenges of high labor costs and increased lead time taken by conventional production processes. As such, companies are adopting automated and advanced production technologies to overcome these challenges. The use of additive manufacturing technologies in these countries is expected to fuel the growth of the market for rapid liquid printing in APAC. The current pandemic of COVID-19 has severely affected almost every industry in the APAC region. China, Japan, and India are the most affected countries in this region. Disrupted supply chain, reduced demand from local and global markets, and increased concerns regarding healthcare are a few of the challenges faced by countries in the APAC region. In a positive scenario, it is expected that the market would return to its normal state by 2022. Thus, the market for rapid liquid printing is expected to commercialize and grow at a high rate from 2023 to 2027.

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The major opportunities for the growth of the rapid liquid printing market include growth in number of potential applications due to COVID-19 pandemic. The people involved in treating the patients, detecting new cases, and providing related services need protective equipment, ventilator systems, and scanners. This has created ample opportunities for companies around the world involved in 3D printing to produce these components and equipment. The use of 3D printing ensures that minimum human intervention is done while producing the goods, which is of significant importance due to the decrease in available manpower. It would also ensure optimum sanitation. Rapid liquid printing is capable of printing equipment using industrial-grade materials at the fastest pace with the maximum accuracy. Thus, it is proving to be a profitable solution for this situation.

Increase Use of Process Analyzers in Drug Safety

The Process Analyzer Market is projected to grow from USD 6.8 billion in 2020 to USD 8.1 billion by 2025; it is expected to grow at a CAGR of 3.5% from 2020 to 2025. The key factors fueling the growth of the market include rising demand for water and wastewater treatment, increase use of process analyzer in drug safety, and fiscal policy measures by regional financial institutions to boost process analyzer market during the COVID-19 crisis.

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 TOC analyze to hold the largest size of the liquid process analyzer market by 2025.

Total organic carbon (TOC) is a sum measure of the concentration of all organic carbon atoms present in a sample of water. TOC analyzers detect the presence of all carbon-bearing molecules and organic contaminants, regardless of the molecular make-up. Organic molecules are introduced into the water from the source water and purification & distribution system materials. Such analyzers are essential measurement components in a host of industries relying on the process control and reporting of regulated organic discharge levels. Industries often use TOC analysis to protect vital systems from corrosion by monitoring the raw water feedstock and process water quality.

The oxygen analyzer is projected to account for the largest size of the gas process analyzer market by 2025.

The oxygen analyzer segment is expected to hold the largest market share and record the highest CAGR during the forecast period. There has been a significant rise in the adoption of oxygen analyzers across various process industries, especially pharmaceutical and petrochemical, to determine the amount of oxygen in boilers, incinerators, and furnaces; such analyzers provide fast and accurate readings in high temperatures and corrosive atmospheres.

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APAC projected to be the largest market for a process analyzer from 2020 to 2025.

The growth of this market is driven by the flourishing manufacturing industry with continuously changing trends and ongoing advancements in automation technologies. Companies seek improved process analyzers and solutions for predictive alerts, as well as for analyzing their systems to reduce overall operational and maintenance costs. In APAC, the deployment of process analyzers and solutions is expected to increase rapidly during the forecast period in China, India, and Japan.

The key players operating in the process analyzer market include ABB Ltd. (Switzerland), AMETEK Process Instruments (US), Applied Analytics, Inc. (US), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), Suez (France), Mettler-Toledo International Inc. (US), Siemens AG (Germany), Endress+Hauser AG (Switzerland), Thermo Fisher Scientific, Inc. (US), and Yokogawa Electric Corp. (Japan).

Network Attached Storage Market - Increased Use of Smartphones, Laptops, and Tablets

The global network attached storage market is projected to grow from USD 23.2 billion in 2020 to USD 48.0 billion by 2025 at a CAGR of 15.7%. One of the factors fueling the growth of this market is the increased use of smartphones, laptops, and tablets, resulting in the generation of large volumes of data.

Network attached storage is a dedicated storage device with multiple racks of storage media and is set up onto a dedicated network for storing the data. NAS devices are connected directly to the network and can give data access to multiple authorized users at the same time. These are highly reliable, scalable, and cost-effective data storage solutions available to various end-user industries in the market.

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In 2019, 1-bay to 8-bay NAS solutions accounted for the largest market share and a similar trend is expected to be observed during the forecast period. 1-bay to 8-bay NAS systems are in demand from various end users, such as education and research centers, business and consulting firms, small and medium-sized businesses, and media and entertainment companies.

Based on product, midmarket NAS solutions are likely to continue to dominate the market during the forecast period. The growing demand for midmarket NAS solutions from home offices, as well as small and mid-sized offices and rising use of smart devices such as smartphones, wearables, and gaming systems are the key reasons for the growing demand for midmarket NAS solutions.

In 2019, the scale-up NAS segment held a majority of the NAS market. The growth of this segment can be attributed to the surge in the deployment of scale-up NAS systems in homes, educational institutions, small and medium-sized offices, and hotels, wherein a moderate volume of data is generated, and the only requirement is to store this data.

In 2019, the on-premises segment held the largest share of the NAS market. This deployment is generallyfavoredby end-usersas it offers high security and control over data management to its users. Moreover, this model utilizes in-house hardware and software, which ensures the safety, privacy, and security of stored data.

Based on end-user industry, the BFSI segment held the largest share of the NAS market in 2019. The growth of this segment can be attributed to the rising government initiatives to implement digital practices in business; increasing awareness among people about employing various smart banking tools, such as internet banking, mobile banking, automated teller machines (ATMs) and debit cards, and online payments through multiple apps including GooglePay, PhonePe, Paytm, WeChat, and Zeta, as well as rapidly changing human lifestyle.

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In 2019, North America accounted for the largest share of the network attached storage market. The growth of the NAS market in North America can be attributed to the fact that the region is home to leading producers such as Dell Technologies Inc., NetApp, Inc., and HEWLETT PACKARD ENTERPRISE COMPANY (HPE), as well as major consumers such as Syracuse University, UNICOM Global, Tufts University, and Linn Benton Lincoln of NAS solutions. Moreover, North America, being the early adopter of advanced data storage technologies; it captures the largest share of the NAS market, followed by Europe and APAC.

Wireless Charger Delivers Speedy Charging for the Latest Smartphone; Explained

 The overall wireless charging market is expected to be valued at USD 4.5 billion in 2021 and projected to reach USD 13.4 billion by 2026, at a CAGR of 24.6% between 2021 and 2026. The growth of the wireless charging market is attributed to the rising adoption of wireless technology in consumer electronics; increase in sales of electric vehicles; and ability to charge multiple devices. However, compatibility issues restrict the adoption of wireless charging in various industries.

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The wireless charging market for transmitters is expected to grow at the higher rate during the forecast period, as wireless transmitter manufacturers dominated the market in 2020. Wireless transmitters are used as standalone wireless charging devices, while receivers are built into the electronic devices. Companies manufacturing transmitters are investing heavily to innovate their wireless charger product portfolios. Moreover, the prominent players in the market have been affected in 2020 owing to the outbreak of COVID-19. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the wireless charging market in 2020.

The inductive technology segment, by technology, is expected to continue to hold the largest share of the wireless charging market during the forecasted period. This growth is attributed to the rise in use of mid-sized items such as mobile phones, personal digital assistants (PDA), MP3, medical devices, electric toothbrushes, and power tools.

The market for automotive application is expected to grow at the highest CAGR during the forecast period. The increasing development and adoption of electric vehicles are also responsible for the rising demand for wireless charging for electric vehicles. Various companies are introducing wireless charging systems for forklifts, scissor lifts, trucks, automated guided vehicles, and golf carts used in warehouses. For instance, Delta Electronics has launched a 30KW wireless charging system for warehouse automation.

The wireless charging market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the the increased adoption of wireless charging in China and India.However, lockdowns are being observed across countries, which has halted most economic activities. With many region- and country-level economic packages infusing money into the market to boost the economy to come out of recession brought on by COVID-19, recovery from world economic depression is expected between 2021 and 2022.

EMC Shielding and Test Equipment Market in APAC Contributed the Largest Share between 2020-2025

The global EMC shielding and test equipment market size was valued at USD 6.4 billion in 2020 and is projected to reach USD 8.2 billion by 2025; it is expected to grow at a CAGR of 5.2% from 2020 to 2025. The growth of the EMC shielding and test equipment market is majorly driven by surging demand for consumer electronics, increasing electromagnetic pollution, and ongoing demonstration of field trials and pilot tests to manifest the viability of 5G technology.

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EMC shielding expected to contribute the largest share to the EMC shielding and test equipment market during the forecast period

EMC shielding solutions such as conductive coatings & paints, EMC shielding tapes & laminates, EMC filters, and metal shielding are majorly used for shielding various devices in several industries such as healthcare, consumer electronics, and automotive. Surging demand for consumer electronics, increasing electromagnetic pollution, and the growing trend of electric vehicles create large opportunities for the adoption of EMC shielding solutions in various application areas. Owing to such rising requirements of EMC shielding, EMC shielding is expected to dominate the market during the forecast period.

Radiation segment expected to lead the EMC shielding and test equipment market in 2020

The radiation segment is expected to dominate the EMC shielding market in 2020, contributing the largest share. Most electrical and electronic devices radiate electromagnetic signals. Increasing adoption of consumer electronics leads to a significant increase in electromagnetic pollution. Hence, these signals must be kept within limits to reduce the level of interference and avoid any damage to the electrical circuitry of a device and degradation in performance.

EMC shielding and test equipment market in APAC contributed the largest share in 2019

The ever-increasing use of electronic systems in the automotive industry, ongoing advancements in wireless cellular infrastructure, and rising demand for consumer electronic products are expected to fuel the demand for EMC shielding solutions and test equipment in APAC. Mobile data services are also growing rapidly in APAC due to the fact that mobile operators have reduced the prices of their services to extend them to maximum end users. APAC has become a world leader in digital platforms. It has 2 of the most densely populated countries in the world. Due to its large population, the adoption of smartphones or other wireless devices and services is high in this region.

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Key Market Players

The EMC shielding and test equipment players have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, and acquisitions to strengthen their offerings in the market. The major players are Parker-Hannifin (US), PPG Industries (US), 3M (US), Henkel (Germany), and Keysight Technologies (US).