Hygienic Pumps and Valves Industry will Grow USD 2.8 Bn by 2026

The Hygienic Pumps and Valves Market size is expected to grow from USD 2.2 billion in 2021 to USD 2.8 billion by 2026, at a CAGR of 4.5%. The growth of this market is driven mainly by stringent government regulations for maintaining optimal hygiene level and expansion of processing industries globally.

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Single-seat Valves type hold the largest share of the hygienic pumps and valves market in 2020

The adoption of single-seat valves is increasing at a substantial rate attributed to the high adoption of these valves in process industries owing to their simple design comprising a movable disc with a uniquely designed seat to seat the port of the valve body, as well as their tight shutoff quality, which helps in reducing the leakage. These valves are designed for uninterrupted production in hygiene-critical applications. The simple design and few internal parts makes them more stable than double-seat valves.

Pharmaceutical to hold the largest CAGR of the hygienic pumps and valves market during the forecast period

The rise in the number of COVID-19 patients has increase in the demand for drugs and vaccines, which in turn, has surge the production of pharmaceuticals. Due to the outbreak of COVID-19 pandemic, various manufacturers has also expanded the pharmaceutical manufacturing plants, which have increased the adoption of fluid handling systems such as hygienic pumps and hygienic valves. Additionally, maintaining hygiene is the most critical factor for the pharmaceutical manufacturers which is also responsible for the rapid adoption of hygienic pumps and valves in the pharmaceutical plants. The use of hygienic valves and pumps in pharmaceuticals plants provides them with safety control for different media (gases, liquids, slurries, etc.).

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The hygienic pumps and valves market in APAC is expected to grow at the highest CAGR from 2021 to 2026

APAC is expected to hold the largest growth rate of the global hygienic pumps and valves market during the forecast period. The factors contributing to its robust growth include the increasing urbanization and growing dairy and pharmaceuticals industries, coupled with the rapid industrialization, in major countries such as China, India, Japan, etc. China is one of the biggest exporters of hygienic pumps and valves components. There is a high demand for hygienic pumps and valves in China due to rapid industrial growth and increasing population. The increasing demand for advanced hygienic equipment in industries such as dairy, pharmaceuticals, and processed foods in India is also fueling the adoption of hygienic pumps and valves.

Major companies operating in this hygienic pumps and valves market include ALFA LAVAL (Sweden), SPX FLOW, Inc. (US), and GEA Group Aktiengesellschaft (Germany).

Growth & Opportunities for Smart Card Market by 2026

The smart card market is projected to reach USD 16.9 billion by 2026 from USD 13.9 billion in 2021; it is expected to grow at a CAGR of 4.0% from 2021 to 2026. 

Major drivers for the growth of the market are surged demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals, transportation, and BFSI applications; increased penetration of smart cards in access control and personal identification applications; and easy access to e-government services and risen demand for online shopping and banking. Moreover, new mode of information security of users enabled by block chain and adoption of smart cards in populated countries of APAC act as growth opportunities for developers of smart card.

A dual-interface smart card is embedded with a chip that allows the card to be used in both contact and contactless transactions. Dual interface cards allow card readers to obtain the card’s identifying information through the use of a single chip. The chip component of a dual interface card is typically embedded in an outer layer of PVC, polycarbonate, or polyester. Dual interface chip cards provide greater payment processing convenience. Dual interface smart cards are likely to witness high growth in the coming years. These cards, including both contact and contactless interfaces, enable compatibility with any card reader or POS terminal. These cards are integrated with RFID technology and EMV chips and allow contactless payment. The faster payment processing nature of these cards reduces waiting time for customers in a queue.

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MPU Microprocessor-based smart cards have a microprocessor embedded onto the chip in addition to memory blocks. This type of card can be used for more than one function and is usually designed to enable adding, deleting, and otherwise manipulating data in memory. Features such as faster processing, large memory storage, and enhanced security have enabled microprocessor-based smart cards to penetrate conventional smart card application areas and reach newer application areas, such as NFC and M2M communications. Increasing banking frauds and rising concern towards security has led to the rapid growth of the market for microprocessor-based smart cards. As the security of customer credentials is of utmost importance in the BFSI sector, microprocessor-based smart cards are expected to witness high demand in this sector in the coming years.

Smart card have various vertical, which include BFSI, telecommunications, government and healthcare, transportation, education, retail and others. Among vertical, the government and healthcare segment of the smart card market is projected to grow at the highest CAGR during the forecast period. With globalization, developing economies in APAC and RoW are expected to digitize their government institutional processes to cope with rising competition. A part of this digitization process involves converting paper-based documentation into paperless or smart card-based documentation. Therefore, smart cards are being used by governments to issue identity cards to individuals, which contain all the details of individuals. The Aadhaar card scheme in India is one such example, which helps citizens easily verify their legitimacy for availing healthcare, international travel, and other government benefits.

Europe is the second-largest market for smart card. The region comprises economically and technologically advanced countries, such as the UK and Germany, as well as severely debt-ridden countries, such as Greece and Austria. The UK, France, and Germany are the major markets for smart cards in Europe. The increasing circulation of smart cards and terminals by card companies, such as Visa and MasterCard, has led to a growth in total spending in these countries. Europe has witnessed rapid adoption of state-owned healthcare and health insurance systems than the most developed countries across the world. The European Commission has mandated the use of cards as a replacement to E- 111 paper forms for cross-border healthcare services, which has led to the growth of the smart card market in Europe.

Smart Card IC Market Size, Share, Trends 2022-2027

Global smart card IC market is projected to reach USD 3.9 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 6.3% from 2022 to 2027. The growth of the smart card IC market can be attributed to rise in the contactless payments post COVID-19 outbreak and adoption of ID cards across various organizations and educational institutions.

 

Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (US), CEC Huada Electronic Design Co., Ltd. (China), Analog Devices, Inc. (US), Sony Group Corporation (Japan), Toshiba Corporation (Japan), and ON Semiconductor Corporation (US); are some of the key players in the smart card IC market.

 

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The ID cards application is projected to register the highest CAGR 2022 to 2027
The ID cards application is projected to register the highest CAGR during the forecast period. The growth can be attributed to rising focus of government of different countries on transforming paper-based ID cards into chip-based ID cards to avoid illegal activities and protect citizens from identity theft. Governments of several European countries have rolled out circulars for mandating the integration of chips in ID cards. In response to this, there were over 9 million university students using student smart cards across 279 universities in Spain, Portugal, and Latin America.

 

Government and healthcare segment is projected to register the highest CAGR during the forecast period
The government and healthcare segment is projected to grow at the highest CAGR during the forecast period. The growth of the segment can be attributed to an increase in the adoption of eID cards, including national cards, drivers’ license, ePassports, ID cards, eHealth cards, and other vital government documents. The COVID-19 pandemic fueled the need to regulate the use of e-government documents as they can help in tracking citizen details. Further, e-health cards have the potential to improve the patient experience by storing key medical data and medication history and by serving as an electronic prescription. These cards can also be used to securely store social security numbers.

 

Asia Pacific is expected to register the highest growth in the smart card IC market during the forecast period
The smart card IC market in the Asia Pacific is expected to register the highest growth during the forecast period due to the ongoing technological innovations in the telecommunications, BFSI, government and healthcare, and transportation verticals, the increasing adoption of digital technologies, and rapid urbanization and industrialization. Other prominent drivers are the rising adoption of IoT devices, increasing deployment of digital technologies in retail, corporate, education, and entertainment industries, and growing electrification in the transportation industry.

Digital Twin Market Growing at a CAGR of 60.6% during 2022-2027

The digital twin market is expected to grow from USD 6.9 billion in 2022 to USD 73.5 billion by 2027; it is expected to grow at a CAGR of 60.6% from 2022 to 2027.

 

The presence of major digital twin providers in the region such as General Electric (US), Bentley Systems (US), IBM (US), Emerson (US), Microsoft (US), ANSYS (US), Amazon Web Services (US), Altair (US), and Oracle (US) also raises the demand and awareness regarding digital twin solutions. 

 

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Digital Twin Market Segment Overview

By Enterprises
The digital twin market for SMEs is expected to dominated by the North America region from 2022 to 2027

The North America region is projected to be the largest digital twin market for large enterprises during the forecast period. It is further expected to grow at the highest CAGR from 2022 to 2027.

 

North America is one the early adopters of digital twin technology and most of the digital twin providers are located in the North American region, including Microsoft (US), IBM (US), Amazon (ASW) (US), and General Electric (US). National Aeronautics and Space Administration (NASA) was the early adopter of digital twin in North America. The region is concentrated with aerospace companies such as Bell Flight (US), Bye Aerospace (US), Lockheed Martin (US), and Boeing (US) who constantly invest in digital twin technology and carry out huge R&D with the technology to optimize their production and reduce the downtime and operational cost.

 

By Automotive Industry
Automotive & transport industry to dominate the digital twin market during the forecast period

The automotive & transportation industry is expected to account for the largest share of digital twin market during forecast period. It is further expected to grow at significant CAGR from 2022 to 2027.

 

The growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. A digital twin is capable of analyzing performance data collected over time and under different conditions during the manufacturing phase of vehicle designing. For example, a digital twin enables visualization of a race car engine to identify the necessity of maintenance of the components that can burn out or get damaged. Even in the after-sales stage, a digital twin is used for collecting feedback. Digital twins help ensure the safety of vehicles by monitoring the systems or parts that need replacement and alerting the relevant teams regarding the necessary change.

 

By Aerospace Industry
The aerospace segment is expected to dominate the digital twin market for product design & development application during the forecast period

 

The aerospace segment is expected to account for the largest size of the digital twin market for product design & development application during the forecast period.

 

It is further expected to grow at significant CAGR during 2022 and 2027. Digital twin is one of the emerging technologies used in product design and development along with artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud computing. The capital required for real part design and development in the aerospace industry is enormous. Even the design of prototypes is costly. Digital twins are used by aerospace companies in R&D to improve the engineering of new parts by allowing them to model their performance in a wide range of scenario. Aerospace businesses utilize digital twin to develop one or more critical systems, such as the airframe, propulsion and energy storage systems, avionics, and thermal protection system.

 

By Regional
Digital Twin market in North America is expected to maintain the highest share during 2022–2027
North America is expected to hold the largest share of the digital twin market throughout the forecast period. North America is a major hub for technological innovations and an early adopter of digital twin and related technologies.

USD 450 million funding for iron-air battery developer Form Energy to lead to extensive growth opportunities in metal-air battery technology

Form Energy recently announced a USD 450 million Series E financing round, mainly led by TPG’s global impact investing platform, TPG Rise. GIC and Canada Pension Plan Investment Board (CPP Investments) have joined this round, in addition to existing investors ArcelorMittal, Breakthrough Energy Ventures (BEV), and Energy Impact Partners, among others.

Renewable energy is unreliable, as solar and wind power can be affected by diverse weather conditions, leading to disruptions in supply. An interminable and cost-efficient storage system is required to ensure the transition toward renewable energy happens faster. Form Energy’s 100-hour iron-air battery can be deployed at utility scale and be used in power-grid infrastructure to serve as such energy storage system. The recent Series E funding expedites the company’s ability to set up a globally competitive battery manufacturing supply chain—with this round, Form Energy is one step closer to offering its technology and competing alongside existing conventional battery variants in the market.

Compared to other popular battery configurations, such as lithium-ion, metal-air batteries are economical as the anode is made using low-cost metals (aluminum, iron, and zinc) and the cathode source (oxygen from the air) is abundant. An iron-air battery works on the principle of ‘reversible oxidation of iron’—when discharging, a number of tiny iron pellets come in contact with the air, making them rust and turning the iron to iron oxide; while charging, the oxygen in this rust is removed, reverting it to iron.

Apart from iron-air batteries, zinc-air batteries have potential applications in small electronic devices, such as hearing aids and watches, and in stationary energy storage applications. The properties of metal-air batteries can create an opportunistic environment in key application areas, such as electric vehicles, portable electronics, and large-scale energy reserves.

Metal-air battery is an emerging battery technology that has high prospects in the near future. As per MarketsandMarkets’ estimates, the metal-air battery market could be a remarkable opportunity—worth USD 993 million by 2027, at a CAGR of 14.8% from 2022 to 2027.

Iron-air batteries offer higher energy density than lithium-ion

Iron–air batteries are anticipated to have substantially higher energy densities than currently leading lithium-ion batteries. Moreover, their key constituent—iron—is present in abundance and, therefore, a low-cost material. Iron–air batteries are projected to have a theoretical energy density higher than 1,200 Wh/kg compared with lithium-ion batteries that currently offer around 600 Wh/kg.

 

Comparison of Lithium-ion Battery with Metal-air Batteries

Note: The theoretical energy density values given above are in approximate ranges as per various sources.

Source: Secondary Research, Company Websites, Press Releases, and MarketsandMarkets Analysis

In the case of volumetric energy density, iron–air batteries offer an even better performance of 9,700 Wh/l, almost five times that of lithium-ion batteries (2,000 Wh/l). Furthermore, rechargeable iron-air batteries are expected to supply 100 hours of energy at an operating cost comparable to conventional power stations and less than one-tenth of lithium-ion batteries, setting them up for remarkable growth in the coming years.

Post extensive research, MarketsandMarkets foresees iron-air batteries having considerable potential, especially in power and automotive applications, that are currently dominated by lithium-ion batteries.

Also, the significantly better RoI of iron-air batteries over lithium-ion batteries could result in massive opportunities for iron-air batteries in the power sector. Owing to several better ROI of iron-air batteries over Li-ion batteries, power sector could have massive opportunities for iron-air batteries. While iron-air batteries expected to fully scale in next few years, some of the key lithium-ion battery manufacturers that are eyeing utility scale storage as a customer group, such as BAK Power, CATL, and LithiumWerks, will be affected with the competition from iron-air battery manufacturers. As end users opt for more cost-effective and efficient energy storage option, such as iron-air batteries, lithium-ion battery companies are expected to corner lower business from these conventional batteries.

Major Players in Metal-air Battery Market

 

North America in Thermal Printing Market accounted for the largest share during 2020-2025

The thermal printing market is expected to grow from USD 43.2 billion in 2020 to USD 53.5 billion by 2025; it is expected to grow at a CAGR of 4.4% during the forecast period.

North America is expected to account for the largest share of the thermal printing market during the forecast period. Among all applications, retail, transportation & logistics, manufacturing & industrial, and healthcare & hospitality are the major application areas in which thermal printers are used in the region. Several companies offering thermal printers and supplies have their presence in this region, which further adds to the growth of the market in North America. Zebra Technologies (US), Honeywell International (US), NCR Corporation (US), and Avery Dennison (US) are among a few of the providers of thermal printers having a presence in North America.

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Key Market Players

Zebra Technologies (US), SATO Holdings (Japan), Seiko Epson (Japan), Star Micronics (Japan), and Honeywell International (US).

The healthcare & hospitality application is expected to witness the highest CAGR in the thermal printing market during the forecast period. The use of smart labels helps in the instant tracking of patients and medical equipment, whenever required, especially in emergencies. Thermal printers are widely used for printing labels and tags that are compatible with various processes in the healthcare application and help to improve patient flow, bed utilization, and asset allocation.

The thermal printing market, by printer type, is segmented into barcode printers, POS printers, kiosk & ticket Printers, RFID printers, and card printers. Barcode printers segment is expected to lead the thermal printer market, in terms of size, during the forecast period. Thermal barcode printers are extensively used in small, medium, and large businesses to label and subsequently track the products to be shipped. This is one of the significant factors that has led to the leading position of barcode printers in the thermal printer market.

Embedded System Market Industry Size Growing USD 116.2 Billion by 2025

The Embedded System Market is projected to grow from USD 86.5 billion in 2020 to USD 116.2 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025. 

Key Market Players:

Intel (US), Renesas (Japan), STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), Texas Instruments (US), Microchip (US), Cypress Semiconductors (US), Qualcomm (US), Analog Devices (US), and Infineon Technologies (Germany.

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FPGA segment of the market is projected to grow at the highest CAGR from 2020 to 2025."

The field-programmable gate arrays (FPGA) segment of the embedded system market is projected to grow at the highest CAGR from 2020 to 2025. The growth of this segment can be attributed to the simple design cycles of FGPA and their ability to reconfigure systems based on the requirements of applications. Moreover, FPGA support parallel computing, which makes them suitable for the rapid prototyping of various digital devices. Various advancements in the telecommunication industry, such as the advent of 5G technology, are expected to drive the growth of the market for FPGA-based embedded hardware globally.

The middleware segment of the embedded system market is projected to grow at a high CAGR during the forecast period."

Among software, the middleware segment of the market is projected to grow at a high CAGR from 2020 to 2025. Middleware is an alternative to the embedded operating systems (OS) and can either be incorporated in the OS or integrated with device drivers and OS. Middleware helps in reducing the complexity of applications by centralizing software architecture, usually present in application layers. Moreover, it offers connectivity, intercommunication feature, portability, security, and flexibility, which embedded OS fail to offer in distributed and heterogeneous architectures.

Based on functionality, the real-time embedded systems segment of the market is projected to grow at a high CAGR from 2020 to 2025."

The real-time embedded systems segment of the embedded system market is projected to grow at a high CAGR from 2020 to 2025. Real-time embedded systems are dedicated to perform given functions within a specified time frame. Since there is an increasing focus on efficiency and power management in various applications, these embedded systems are increasingly being used in network systems, medical systems, process control systems, robot manufacturing systems, traffic control systems, multimedia systems, etc. Moreover, the rising demand for real-time data and its analysis, along with the requirement of advanced communication infrastructure for technologies such as 5G and artificial intelligence (AI), is expected to lead to demand for real-time embedded systems globally.

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The medium-scale embedded systems segment accounted for the largest share of the embedded system market in 2019.

In 2019, the medium-scale embedded systems segment accounted for the largest share of the embedded system market. Medium-scale embedded systems are used for packet processing in network switches and routers and data processing in ultrasonic sensors. These systems form a major part of network and communication applications owing to their excellent power handling capacities. The increasing requirement of fast processing of embedded systems and efficient power consumption are key factors leading to the growing demand for 16-bit and 32-bit microcontrollers. Based on the number of threads and memory requirements, embedded devices commonly use either 16-bit microcontroller or 32-bit microcontroller architectures or a combination of both.

Among industries, the communication segment accounted for the largest share of the embedded system market in 2019.

The communication segment accounted for the largest share of the embedded system market in 2019. Embedded systems are used in routers, Ethernet devices, wireless infrastructures, and protocol converters for high-speed data transfer to support the expanding communication infrastructures. Embedded hardware such as FPGA and ASIC are being used in various network and telecom applications. Telecom providers often integrate hard IP for interfaces such as peripheral component interconnect (PCI) Express, 100G Ethernet, and DDR3/4 for high-speed data transfer using embedded hardware such as FPGA. Moreover, technologies such as eASIC, which are cost-effective and meet power targets, are increasingly used in radio access network (RAN) equipment.

APAC is projected to hold the largest share of the embedded system market in 2025

APAC is expected to hold the largest share of the embedded system market in 2025. The growing per capita income and ongoing large-scale industrialization and urbanization are factors driving the growth of the embedded system market in this region. In addition, the availability of low-cost electronic products in APAC is expected to contribute to an increased demand for microprocessors and microcontrollers in the region. The rising use of autonomous robots and embedded vision systems is also projected to lead to an increased demand for embedded system hardware such as microprocessors and controllers for use in industrial applications in APAC.