The pharmaceutical manufacturing equipment market is estimated to be worth USD 14.5 billion in 2023 and is projected to reach USD 19.7 billion by 2028, at a CAGR of 6.3% during the forecast period.
Growing global demand for generics, rising necessity for adoption of flexible pharmaceutical manufacturing practices, rising potential of pharmaceutical manufacturing infrastructure worldwide, and growing implementation of government schemes and regulatory frameworks for quality assurance are some of the major factors driving the market growth globally.
Asia Pacific is one of the fastest-growing and dynamically emerging pharmaceutical markets globally. Due to the low labor and manufacturing costs, the developing pharmaceutical manufacturing infrastructure, especially in India and China.
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Driver: Rising demand for generics
As patents on branded drugs are expiring, the generic drug market is proliferating worldwide. One of the major factors driving the generic drug market is the implementation of favorable policy frameworks across regions aimed at reducing the overall cost of healthcare and check the spread of chronic diseases. In a time when pharmaceutical manufacturers are experiencing stagnation in developed economies, the growth opportunities in emerging markets, especially in Africa, seem enormous. Significant factors contributing to these opportunities include critical infrastructure improvements, extensive urbanization, rising demand for a diverse set of medications from the population, and growing investments in the healthcare sector.
Opportunity:Adoption of pharmaceutical manufacturing equipment to enable first-to-market advantages
Rapidly growing demand for drugs and injectables has triggered competition among manufacturers to expedite the development and review pathways to reduce the demand and supply gap. In the pharmaceutical industry, there are many first-to-market benefits spanning across different market contexts and are more evident in cases of specialty areas with a small number of patients and prescribers and when the first mover is a well-established pharmaceutical manufacturer with experience in the product’s therapeutic area. Traditionally, pharmaceutical manufacturing has been executed through a combination of multiple facilities to perform different processes across the supply chain. But, as the competition to increase the speed to market has intensified, the project delays occurring due to transfers between different manufacturing sites are negatively hampering the manufacturers.
Challenge: Rising costs and expenditures related to usage of pharmaceutical manufacturing equipment
Pharmaceutical manufacturing equipment must comply with strict regulations and guidelines set by government agencies, such as the EMA and FDA. Adhering to multiple regulations and standards is a time-consuming process and increases capital expenditures. In addition, pharmaceutical manufacturing equipment is often expensive to purchase, operate, and maintain. The high upfront costs related to adherence to regulations and maintenance can hinder innovation and product development. They also threaten the entry of emerging or smaller players to enter the market. Moreover, to cater to the ever-changing market demand in the pharmaceutical industry, manufacturing equipment needs to be constantly evolving.
Monday, July 31, 2023
Pharmaceutical Manufacturing Equipment Market Size, Volume, Revenue Trends Analysis Report 2023-2028
Semiconductor Manufacturing Equipment Market Report 2023: Significant Growth in the Electronics Industry
The semiconductor manufacturing equipment market is projected to reach USD 149.8 billion by 2028 from USD 91.2 billion in 2023, at a CAGR of 10.4% from 2023 to 2028. Need for semiconductor parts in electric and hybrid vehicles and wide adoption of 5G technology are some of the major factors driving the market growth globally.
The major players in the semiconductor manufacturing equipment Companies include Tokyo Electron Limited (Japan); Lam Research Corporation (US); ASML (Netherlands); Applied Materials, Inc. (US); KLA Corporation (US); SCREEN Holdings Co., Ltd. (Japan); Teradyne, Inc. (US); Advantest Corporation (Japan); Hitachi, Ltd. (Japan); Plasma-Therm (US).
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Opportunity: Shortage of semiconductors leading to development of new manufacturing facilities
Semiconductors are critical components that power all kinds of electronics. Their production involves a complex network of firms that design the chips, companies that manufacture them as well as those that supply the required technologies, materials, and machinery. As the worldwide semiconductor crisis continues to disrupt supply chains and create widespread uncertainty in the automotive and consumer electronics sectors, some manufacturers have announced their expansion plans.
Challenge: Lack of skilled workforce worldwide
The semiconductor manufacturing challenges persist after the completion of semiconductor facilities. One such challenge is the lack of a skilled workforce. The production of semiconductor chips necessitates specialized expertise; it requires professionals with the knowledge and skills to transform raw materials into finished goods utilizing specialized equipment, such as CNC machines. The global talent gap in the semiconductor industry is a widespread concern, as major semiconductor hubs are facing shortages of qualified personnel in varying degrees. According to the Workforce Development Survey, among 95% of the overall graduates, hiring engineering professionals for critical fields in the semiconductor industry proved to be highly challenging.
Thursday, July 27, 2023
3D IC and 2.5D IC Packaging Market Share, Size, Key Players, Growth Projection to 2028
The 3D IC and 2.5D IC packaging market is estimated to be worth USD 49.3 billion in 2022 and is projected to reach USD 82.0 billion by 2028, at a CAGR of 10.7% during the forecast period.
Growing adoption of high-end computing, servers, and data centers and miniaturization of IoT Devices are some of the major opportunities that lie ahead for the market.
The major players in the 3D IC and 2.5D IC packaging Companies include. The key players such as Samsung (South Korea), Taiwan Semiconductor Manufacturing Company, Ltd. (Taiwan), Intel Corporation (US), ASE Technology Holding Co., Ltd. (Taiwan), Amkor Technology (US), Broadcom (US), Texas Instruments Inc. (US), United Microelectronics Corporation (Taiwan), JCET Group Co., Ltd. (China) and Powertech Technology Inc. (Taiwan).
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Driver: Growing demand for consumer electronics and gaming devices:
With the latest technological advancements, there are many new gadgets coming up in the market, such as e-book readers, gaming devices, tablet computers, 3D smart glass, augmented reality, and virtual reality products which demand high-performance electronic components. 3D IC packaging technology has helped bridge the processor memory performance gap by shortening the critical path and reducing the latency. It also allows scaling to continue efficiently by moving the focus from device-level scaling to circuit- and system-level scaling.
Opportunity: Rising number of smart infrastructure and smart city projects:
3D IC packaging can play a significant role in the development and implementation of smart city technology. Smart cities rely on a variety of electronic devices, sensors, and systems to collect and analyze data in real time, enabling better decision-making and more efficient resource management. By using 3D IC packaging, these devices and systems can be made smaller and more powerful and energy efficient. This helps reduce the overall cost and size of smart city infrastructure while improving performance and reliability.
Challenge: Reliability challenges with 3D IC packaging:
The semiconductor industry business is primarily driven by applications such as data centers/cloud, mobility, and the Internet of Things (IoT). The packaging technique must advance alongside the scaling of integrated circuit (IC) technology in order to fulfill the demands of next-generation information and communication technology (ICT) systems. Package design and development must simultaneously meet cost, performance, form factor, and reliability objectives. In terms of powering the design, the power density is higher for a given footprint than for traditional 2D chips. However, answering reliability issues will be crucial.
RTLS Market for Healthcare Share Size 2023 : Top Players, Market Share, Future Growth by 2028
The market size for RTLS market for healthcare is predicted to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5%.
Healthcare is one of the largest adopters of RTLS solutions. Different wireless technologies, such as Radio-Frequency Identification (RFID), Wireless Fidelity (Wi-Fi), Ultrasound, Infrared (IR), Ultra-Wideband (UWB), and Bluetooth Low Energy (BLE), are being used in modern-day RTLS solutions, depending on the use case or application area.
RTLS market players continuously strive to develop more robust and innovative solutions to stay ahead in the competition. As a result, ultra-wideband (UWB) and Bluetooth Low Energy (BLE) technologies have made a mark recently and are expected to witness exponential growth in the near future. Rapidly growing startups are providing various innovative solutions based on relatively new RTLS technologies such as UWB, BLE, ZigBee, and RuBee.
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DRIVERS: Rising security and safety concerns of patients/staff:
The safety and security of people and assets is the key concern of medical institutions, hospitals, and senior living facilities. Patient tracking, wander management, and access control are becoming some of the essential parameters to be trailed in the hospital environment. RTLS solutions help healthcare organizations increase the safety and security of its staff, patients, and assets by providing real-time information about their location. Advanced RTLS solutions are combined with security systems, such as access control systems and infant protection systems, thereby improving the overall security and protecting infants and patients by restricting unauthorized visitors to enter certain zones. Thus, RTLS solutions witness high demand from the healthcare sector to fulfill the requirement for patient safety and security of electronic health records and valuable assets owing to their capability to safeguard the facility, patients, and personnel.
OPPORTUNITIES: Increasing demand for RTLS solutions in developing countries:
The market for RTLS in developing regions such as Asia Pacific, South America and Africa is estimated to grow rapidly owing to the rising customer awareness and huge untapped market opportunities, especially in healthcare, manufacturing, and retail sectors. The acceptance of RTLS solutions in healthcare markets in the Asia Pacific, especially across countries such as Australia, India, China, and other Asia Pacific countries, is growing significantly. The healthcare market in Asia Pacific has witnessed increased adoption of RTLS solutions with Wi-Fi technology as end users utilize the already present infrastructure to drive down installation costs for RTLS. The Asia Pacific healthcare markets are projected to be the significant growth areas for RTLS. The main driving factor would be the rising tide of healthcare-associated infections and increasing focus on developing healthcare infrastructure, which would lead to adopting RTLS solutions in the healthcare market
CHALLENGES: Trade-offs while designing RTLS solutions:
RTLS solutions consist of various hardware components such as RTLS tags/badges/readers etc. These equipment are used across healthcare organizations to monitor and track assets, patients, and staff. These tags are supposed to meet some crucial parameters in terms of accuracy, performance, and power consumption, to meet specific customer requirements. However, any one solution can not fufill all the performance standards, and manufacturers need to make tradeoffs to meet requirements of specific applications such as asset tracking or personnel monitoring. For instance, narrowband tags may not offer highest accuracy whereas wideband tags may offer accuracy but lack in other aspects such as power consumption. Hence, it is difficult to develop one solution that could fulfill all requirements and such challenges in designing a perfect RTLS solution may act as a challenge for this market’s growth.
Machine Safety Market Overview, Analysis, Growth Opportunities, and Forecast until 2028
Implementing machine safety ensures that safety-critical control and protective systems are appropriately specified, designed, installed, and maintained. Safety devices such as sensors, programmable safety systems, and final elements are integral to safety instrumented systems and industrial control systems. Increasing emphasis on ensuring workplace safety in oil & gas, power generation, food & beverages, automotive, and chemicals industries would increase the demand for machine safety systems in the coming years.
The major players in the market are Schneider Electric (France), Honeywell International Inc (US), ABB (Switzerland), Rockwell Automation, Inc. (US), Siemens AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), and General Electric (US).
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Driver: Increasing demand for modular end effectors by various industries:
The industrial sector has long been known for its potential hazards and risks to personnel and assets. With increasing accidents and fatalities caused by machine-related incidents, businesses have started focusing on personnel and asset protection. This trend is driven by several other factors, including the need to comply with government regulations and avoid legal liabilities and the desire to improve workplace safety and productivity. Companies are adopting advanced industrial safety-certified systems in their production lines to reduce industrial accidents. These safety systems, such as physical barriers and safety interlocks, safeguard operators/users from accidents, prevent or minimize the risk of injury or harm, and offer an emergency shutdown solution in case of breakdown or downtime.
Opportunity: Rising use of IIoT to ensure improved performance and extend lifespan of industrial assets:
IIoT can provide real-time data on the performance and condition of industrial assets, enabling predictive maintenance and reducing downtime. It helps companies manage their assets better, improve performance, and extend their lifespan. IIoT can also help improve workplace safety by providing real-time data on the condition of machines and equipment. This allows companies to identify potential safety hazards and take corrective/preventive actions before accidents occur. IIoT is offering new opportunities for integrated safety and compliance services. The technology can acquire sensor data and send the collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible emergency solutions.
Challenge: Difficulties in designing machine safety products due to ongoing technological advancements:
While technological advancements in machines can bring many benefits, they also pose challenges to machine safety. As machines become more advanced, they often become more complex, making it more challenging to ensure they are operating safely. Many modern machines rely on complex systems and software to operate, making integrating safety features into the machine design harder. With so many different types of advanced machines on the market, it can be difficult to establish consistent safety standards and guidelines that apply across various industries and regions. Overall, the continuous technological advances pose challenges for machine safety industry providers that must be addressed through ongoing research, innovation, and collaboration between industry stakeholders and safety regulators.
Mobile Robots Market Size Growing USD 40.6 billion by 2028
The mobile robots market is expected to reach USD 40.6 billion by 2028 from USD 20.3 billion in 2023, at a CAGR of 14.9 % during the 2023–2028 period according to a new report by MarketsandMarkets™.
The significant growth factors associated with the mobile robots market is the growth of industrial revolution that emphasizes automation and data-driven decision-making. Mobile robots are a key part of Industry 4.0, as they can be used to automate tasks and collect data. Moreover, the rising prevalence of e-commerce is fueling the need for mobile robots in the logistics sector. Mobile robots are being employed to automate various warehouse operations, including picking, packing, and shipping.
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Professional robots are expected to account for the largest share of the mobile robots market during the forecast period.
Professional robots are engineered to independently carry out tasks or work alongside humans, resulting in enhanced precision, swiftness, and cost efficiency. They find application in a variety of areas, such as assembly line operations and warehouse management, offering effective solutions for intricate and repetitive assignments. By minimizing human errors and optimizing operations, these robots contribute to improved workflow. Professional robots are mainly adopted for autonomous ground vehicles (AGVs), agriculture robots, forestry robots, diagnostic robots, rehabilitation systems, and other medical robots are expected to gain a larger market share in the mobile robots market as they cater to the growing demand for efficient, intelligent, and specialized robotic solutions in various sectors.
Cleaning application is projected to account for significant share of mobile robots market during the forecast period.
The need for efficient and effective cleaning solutions in diverse industries and environments is driving the increasing demand for cleaning mobile robots. These robots provide a timesaving and labor-reducing alternative to manual cleaning, enabling businesses to optimize their operations and allocate human resources to more intricate tasks. By utilizing cleaning robots, businesses can minimize human contact and decrease the transmission of pathogens in public spaces, healthcare facilities, and other areas with high foot traffic. Furthermore, advancements in robotics and artificial intelligence technologies have enhanced the sophistication of cleaning robots, enabling them to navigate complex environments, adapt to various surfaces, and consistently deliver effective cleaning results.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
The mobile robots industry is expected to witness the highest growth in the Asia Pacific region. This growth can be attributed to several factors, including rapid industrialization, technological advancements, increasing consumer demand, supportive government policies, and a strong manufacturing ecosystem. Governments in countries like China, Japan, and South Korea have implemented supportive policies and incentives such as the Robot Revolution Initiative and the New Robot Strategy, offering funding, research support, and regulatory frameworks to promote mobile robots across sectors. Additionally, the countries have implemented supportive policies, funding research and development, and fostering collaborations between academia, industry, and government agencies.
The report profiles key players in mobile robots companies such as KUKA (Germany), ABB (Switzerland), Honda Motor (Japan), Mobile Industrial Robots (Denmark) and Omron Automation (US).
Wednesday, July 26, 2023
AI Sensor Market to Witness Strong Revenue Growth through 2028
The AI sensor market is projected to reach USD 22.1 billion by 2028, from USD 3.0 billion in 2022, at a CAGR of 41.6%. Factors such as the high installation and maintenance cost, lack of trust and awareness among end users, and complexity in data storage act as restraints for the growth of the market.
Robert Bosch GmbH (Germany), Teledyne Technologies Incorporated (US), Sensirion AG (Switzerland), Sensata Technologies, Inc. (US), Goertek Inc. (China), Hokuriku Electric Industry Co., Ltd. (Japan), MEMSIC Semiconductor Co., Ltd. (China), Movella Inc. (US), and Senodia Technologies (Shanghai) Co., Ltd. (China) are some AI sensor companies operating in the market.
Rapid urbanization and digitalization significantly impact the growth of smart infrastructure. Edge computing is a critical technology increasingly used in smart infrastructure. It enables real-time data processing and analysis from smart sensors and other IoT devices. By processing data near the source, edge computing can reduce latency, increase reliability, and improve overall system performance. Smart infrastructure utilizes data and technology to optimize the performance of buildings, transportation systems, energy networks, and other essential infrastructure. With the help of smart sensors, IoT devices, and other digital tools, smart infrastructure can manage and monitor anything from traffic patterns to energy usage, enabling cities to make more informed decisions and provide better services to their residents.
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Opportunity: Growing preference for AI-sensor enabled wearables:
Wearables based on AI sensors form one of the fastest-growing markets. Smartwatches and ear-worn devices are the leading market segments. This market is projected to account for USD 265.4 billion by 2026, registering a CAGR of 18.0% during the forecast period. Spending on hearables increased by 124% in 2020, and global shipments of wearable technology reached 570 million units in 2021 at a CAGR of 16.6% (Source: MarketsandMarkets). This growing preference for wearables will likely boost the market for AI sensors. The adoption of wearables is growing rapidly as users increasingly focus on improving their overall health and fitness, driving the demand for fitness and medical tracking equipment. This, in turn, drives the demand for AI sensors. These sensors are used in applications such as smart glasses/goggles; ring/fingerworn scanners; footwear such as athletic, fitness, and sports shoes; wristwear such as advanced electronic watches and wristbands; smart textiles; and headbands & neckwear.
Challenges: Lack of skilled workforce:
The AI sensor market is growing rapidly, and there is a significant shortage of trained professionals with the skills and expertise necessary to develop and maintain AI sensor systems. This shortage of skilled workforce is a major challenge for companies operating in this market and can limit their ability to innovate and compete effectively. One of the main reasons for this shortage is the relatively new nature of the field, due to which few educational programs and training opportunities are available for those interested in pursuing careers in AI sensors. Additionally, the complexity of these systems requires a broad range of skills, including expertise in cognitive computing, machine learning, deep learning, image recognition technologies, data analytics, computer vision, and signal processing. Integrating AI solutions into existing systems requires extensive data processing to replicate the behavior of a human brain.
Robot End Effector Market Witness Highest Growth in Near Future Hits at a CAGR of 13.5% bn 2028
The global robot end effector market is expected to grow from USD 2.3 billion in 2023 to USD 4.3 billion by 2028, registering a CAGR of 13.5%. Growing demand for modular end effectors, increasing adoption of cobots, penetration of automation in SMEs, and increasing adoption in the warehousing, pharmaceutical, and food industry are the main drivers for the growth of the robot end effector market.
The major players in the market are Schunk (Germany), Schmalz (Germany), Zimmer Group (Germany), Tünkers (Germany),cDestaco (US), Festo (Germany), ABB (Switzerland), ATI Industrial Automation (US), Piab AB (Sweden), and Robotiq (Canada).
Driver: Increasing demand for modular end effectors by various industries:
Due to the fast-changing nature of industries, the demand for modular end effectors is increasing. This scenario is observed in the consumer goods industry, specifically packaging, where the shape, size, surface, or weight of the packaging is constantly changing. This shortens the life cycle of an end effector to 1 to 2 years and thereby increases the cost of replacement for the company. Modular end effectors have the capability to accommodate and handle a large variety of objects as required. A modular vacuum bar from Schmalz (Germany) can perfectly seal and lift objects regardless of their size; Zimmer Group (Germany) and Schunk (Germany) introduced a modular gripping system – MATCH with an unlimited range of uses from production and assembly to warehouse logistics, shipping, and even laboratory automation.
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Opportunity: Advancement in robotics has surged the demand for soft grippers:
Advances in soft robotics, coupled with the increasing need to handle delicate items, have enabled rapid progress in soft grippers. Unlike traditional grippers that are made of rigid materials, these end effectors are fabricated from soft and flexible components. Earlier, most end effectors were able to only manipulate objects of fixed size and shape. However, industry requirements are slowly shifting toward the use of components that can grasp and manipulate a large variety of objects. Due to the material softness of the gripper arms, they can be used for sensitive applications such as in the food & beverage or glass manufacturing industries that can handle objects without damaging them. Fruits or vegetables have varying sizes, making soft grippers ideal due to their consistent clamping force irrespective of slight differences in size and shape. Soft grippers are mainly adopted by the food & beverage industry, one of the fastest-growing clients for soft grippers. Hence, the high penetration rate of automation in the food & beverage industry is expected to stimulate the adoption of soft grippers in the next 4 to 5 years.
Challenge: Interoperability and integration issues related to end effectors with existing facilities:
Interoperability is a very important function in any factory or manufacturing unit. There must exist a modular framework for both hardware and software to connect and coordinate various end effector systems. The focus is not only on the software side, which is used for programming, diagnosing, and monitoring but also the interchangeability of hardware between the end effector and robot arm. There have been cases in the robot end effector industry where a client has bought a robot arm and an end effector separately that were not fully compatible with each other, and the setup was a huge challenge from the onset.
Tuesday, July 25, 2023
Growth Opportunities in the Visible Light Range Scientific Camera Market
The visible light range scientific camera market is projected to reach USD 0.6 billion by 2028 from USD 0.4 billion in 2023; it is expected to grow at a CAGR of 7.9% from 2023 to 2028.
The demand for visible light range scientific cameras is expected to experience a low negative impact of the recession. Medical device companies are expected to witness a mixed impact of the recession. The diagnostic imaging companies are expected to witness a slowdown led by tighter CAPEX by hospitals, which might refrain them from buying or investing and procuring equipment such as surgical robots, MRI/CT machines.
China is expected to offer significant opportunities for visible light range scientific camera manufacturers during the forecast period. The high growth in these markets can be attributed to the high demand for advanced technologies in this region. With developed economies reaching saturation, manufacturers, and suppliers are expected to focus on opportunities in the emerging Chinese market, supporting market growth in the coming years.
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Driver: Increasing number of surgical procedures:
Many surgical procedures require medical cameras, and recently, the volume of surgical procedures has considerably increased due to the rapidly expanding geriatric population worldwide and the growing prevalence of chronic diseases, leading to the increasing demand for advanced medical equipment. Many countries across the world are facing the challenge of significantly high senior populations.
Opportunity: Strong focus on developing scientific cameras with improved storage capacity and high-throughput sensors:
There is an increasing focus on developing cutting-edge image storage solutions and sensors employed in scientific cameras. The frame rate of the high-speed camera requires more storage capacity; moreover, the panoramic technologies used in video surveillance scientific cameras demand a higher data storing capacity. With further developments in the storage technologies in the scientific camera market, such cameras will be more suitable for video surveillance and astronomy applications.
Challenge: Availability of refurbished scientific medical camera products at lower costs:
The availability of refurbished scientific medical camera products is a significant challenge to the growth of the market. Many end users (mainly small and medium-sized hospitals, ASCs (ambulatory surgery centers), and specialty clinics) look for cost-effectiveness and opt for refurbished systems, particularly in price-sensitive markets in developing countries. A few companies offering refurbished scientific medical cameras include Golden Nimbus International (India), Medicure Surgical Equipment (India), and Bimedis LLC (US). Considering these factors, the demand for refurbished scientific medical cameras is expected to increase in the coming years.
Trends and Insights from the 5G Fixed Wireless Access Market
Global 5G FWA market is expected to be valued at USD 29.4 billion in 2023 and is projected to reach USD 153.0 billion by 2028; it is expected to grow at a CAGR of 39.0% from 2023 to 2028. The market for fixed wireless access is flourishing globally owing to technological advancements ranging from LTE to 5G.
The 5G FWA market includes major Tier I and II players like Nokia (Finland), Samsung Electronics (South Korea), Huawei Technologies (China), Ericsson (Sweden), Inseego (US), and others.
Overall APAC region is home to a few of the fastest-growing and leading industrialized economies, such as China, South Korea, and Japan. It is witnessing dynamic changes in the adoption of recent technologies and advancements across industries.
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Driver: Surging demand for high-speed Internet connectivity and broad network coverage with reduced latency and power consumption:
The evolution of 5G is projected to take fixed wireless access to a new level using a wide range of radio spectrum. This is expected to enable consumers to achieve major capacity gains and low-latency connectivity. Thus, 5G fixed wireless access is anticipated to enhance network performance capabilities and offer more high-speed network coverage than existing connectivity networks.
Opportunity: Partnerships among platform and hardware providers, mobile operators, and system integrators in emerging economies:
The 5G ecosystem comprises 5G component and product manufacturers, network infrastructure and platform providers, system integrators, and end users. Presently, partnerships/collaborations between hardware manufacturers and mobile network operators in the context of 5G are limited to the US, China, Japan, and some European countries. 5G application platform providers, hardware vendors, and mobile operators have established strategic partnerships with the leading system integrators to accelerate the development and commercialization of 5G products and technologies. The stakeholders in the market are increasingly investing in the development of fixed wireless access-related components and equipment to harness the market potential of fixed wireless access. They are forming strategic partnerships with other key players.
Challenge: Compatibility issues between traditional and 5G networks:
The seamless shift from traditional networks to 5G fronthaul and backhaul networks is difficult to achieve. Usually, traditional fronthaul/backhaul networks are incompatible with the new, advanced fronthaul/backhaul equipment. This creates compatibility issues leading to increasing infrastructure-related costs and results in the reluctance of organizations to employ advanced technologies. However, startup companies who are vendors for OEMs and established players in 5G FWA industry are using highly efficient advanced fronthaul/backhaul solutions to design and develop new systems based on the requirements of their customers.
Monday, July 24, 2023
Silicon on Insulator Market Industry Growth Statistics, Latest Innovation, Key Players Analysis
The Silicon on Insulator Market share is projected to reach USD 2.9 billion by 2027 from an estimated USD 1.4 billion in 2022, at a CAGR of 15.0% from 2022 to 2027.
Surging adoption of FD-SOI in IoT devices and ML applications and establishment of facilities to enhance SOI production are among the factors driving the growth of the SOI market.
Soitec (France), Shin-Etsu Chemical (Japan), GlobalWafers (Taiwan), SUMCO Corporation (Japan), Shanghai Simgui Technology (China), GlobalFoundries (US), STMicroelectronics (Switzerland), Tower Semiconductor (Israel), NXP Semiconductors (Netherlands), Murata Manufacturing (Japan), are some of the silicon on insulator companies.
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Driver: Rising demand for 5G in mobile communications
5G services began in 2019, with 6G projected in 2030. 5G is a significant step from 4G, boasting ten times the reaction and data transmission speeds. Furthermore, its speed, low latency, and reliability will open numerous applications. Power amplifiers, switches, adjustable capacitors, and filters are commonly found in radiofrequency (RF) front-end modules (FEM) found in smartphones and tablets. Mobile devices use RF silicon-on-insulator (RF-SOI) to adjust and hold cellular signals, giving them clear connections from a wider range of locations. SOI wafers continue to be popular in the mobile market because they provide low insertion loss, minimal harmonics, and strong linearity over a wide frequency range at a reasonable cost. Emerging technologies such as FD-SOI/RF-SOI can help systems deliver high speed/bandwidth at low power. Thus, the rising demand for 5G in mobile communications is expected to accelerate market growth.
Opportunity: Surging adoption of FD-SOI in IoT devices and ML applications
The increasing use of FD-SOI in digital electronics creates opportunities for new IoT devices and applications as this technology ensures ultra-low power consumption, ultra-low current leakage, small and dense packaging, and the cost-efficiency of IoT devices. FD-SOI wafer-based devices have reverse bias characteristics, which help them operate at low voltages without area or cost penalties. Hence, FD-SOI is the most effective technique used in IoT devices. The increasing deployment of FD-SOI-based IoT solutions in automotive and network infrastructure applications is expected to provide opportunities for the growth of the SOI market. FD-SOI is also gaining ground in machine learning. ML techniques can significantly speed up the design space exploration for power devices, eventually reducing product-to-market time. Moreover, the breakdown voltage prediction using machine learning models in SOI wafer-based devices can dramatically shorten the inference time.
Challenge Process control in Silicon on Insulator wafers and circuit design complexity
The complex semiconductor manufacturing process poses hurdles in establishing the processes required for next-generation SOI technology, reducing the process’s systematic errors. Another issue with SOI has been circuit design, which necessitates new techniques from a technical standpoint. The SOI circuit designer must better understand the underlying device physics and processes; not doing so will present challenges during fabrication due to manufacturing and metrology problems.
Smart Card IC Market Revenue, Opportunities, Challenges and Analysis 2027
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.
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Drivers: Rise in contactless payments post COVID-19 outbreak
Earlier, most people were using contact-type smart cards. However, with the outbreak of the COVID-19 pandemic, people shifted towards contactless payment options. Contactless payment refers to a no-touch form of payment using a credit, debit, or gift card on a point-of-sale (POS) system equipped with adequate technology. Also, they are transactions made by tapping a contactless chip card, payment-enabled mobile device, QR code, or wearable device over a contactless-enabled payment terminal. These cards use radio frequency identification (RFID) technology and near-field communication (NFC) to process transactions. These cards emit short-range electromagnetic waves containing information to be captured by the POS system and processed to complete the transaction.
Opportunities: Increased adoption of IoT by end-user industries
Industry 4.0 fully automates manufacturing processes with very little to negligible human interference. It works on the Internet of Things (IoT), cyber-physical systems, cloud robotics, cloud computing, and big data. Thus, IoT has gained the attention of technology vendors, organizations, business decision-makers, and consumers in recent years. Industry players are focusing on adopting IoT due to continuous technological advancements, increasing cellular connectivity & data transfer rates, and cloud infrastructure development. IoT can be implemented using various smart and connected devices integrated into various smart payment systems, smart homes, and connected cars. Additionally, the rising penetration of IoT in telecommunications, BFSI, transportation, and retail end-user industries has led to an upsurge in the demand for low-cost and highly efficient smart card IC used for secured data storage and data transmission.
Challenges: Global semiconductor chip supply shortage
The trade war between the US and China added to the supply chain disruption. China being a key supplier of semiconductors, delay in the supply of semiconductors due to the increased tariffs rates and pandemic has created impediments in the development of smart card ICs industry. The increase in demand for chips and supply shortage has resulted in increased lead times as well as their price. Wafers, substrates, logistics, assembly and testing, and operational costs have all become more expensive. In turn, semiconductor suppliers are being forced to pass their costs on to their customers to help stabilize the supply chain.
Thursday, July 20, 2023
EMI Shielding Market Dynamics - Growth Drivers, Opportunities and Key Players
Global EMI shielding market size is anticipated to grow USD 8.6 billion by 2027 from USD 6.6 billion in 2022, at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2027. Rising requirements for innovative EMI shielding solutions due to increasing electromagnetic pollution on account of growing digitalization and surging demand in consumer electronics and automotive industries due focus of OEMs in technological advancements are some of the major factors propelling the growth of market.
The major EMI shielding companies are Parker Hannifin (US), PPG Industries (US), Henkel (Germany), 3M (US), Laird Performance Materials (UK), RTP Company (US), Schaffner (Switzerland), and Leader Tech (US) among others.
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Driver: Ongoing field trials and pilot tests evincing viability of 5G technology
The 5th generation cellular network, generally known as 5G, is the next-generation technology likely to be adopted in various countries at different times due to the rising need for high-speed wireless connectivity. This technology is expected to generate various new applications, uses, and business cases by automating many network behaviors. Therefore, rapid advancements in 5G are the driving factors for the EMI shielding market. Furthermore, 5G technology accelerates digitalization due to the growing requirement for improved services and solutions across industries. When the frequency of electromagnetic waves increases, it becomes difficult to control devices. Hence, adopting a high-frequency spectrum in 5G technology will ultimately create the need for better EMI shielding solutions to protect electronic devices such as cellphones, 5G base stations, and chipsets.As a result of this, 5G technology is expected to drive the market for EMI shielding in coming years.
Opportunity: Rising adoption of electric vehicles
Electric vehicles are the most environmentally friendly automobiles in recent times. They require less maintenance than conventional fuel vehicles. Electric vehicles are mainly of three types—battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). Asia (China and Japan), Europe, and the US are some of the largest markets for electric vehicles, exhibiting significant sales growth. Against the backdrop of growing environmental concerns and government support, electric two-wheelers, three-wheelers, and buses are witnessing huge traction these days. Allied infrastructure and charging stations are getting equal importance. The growth automotive industry due to electrification trend is thus expected to impact the EMI shielding market positively during the forecasted period.
HVAC Controls Market Dynamics - Opportunities and Challenges
HVAC controls market report share is estimated to be USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027; it is expected to grow at a CAGR of 9.2% from 2022 to 2027. The major factors driving the growth of the market include the consolidation trend of smart homes, the boom in the construction sector, the emergence of IoT-enabled HVAC systems, and the need to achieve energy efficiency in buildings.
The HVAC controls companies is dominated the market by Honeywell International Inc. (US), Johnson Controls (US), Siemens (Germany), Carrier (US), and Emerson Electric Co. (US).
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Opportunity: Growing demand for cloud computing in HVAC
The increased adoption of cloud computing has offered benefits for various industry sectors by providing advanced Artificial Intelligence capabilities for various applications, including HVAC. The advanced application of cloud computing and IoT is Digital twin; a real-time-based simulation of the system model, which takes real-time operational data of the HVAC system and performs simulation to reduce operational cost; provides information on the optimal maintenance schedule of HVAC equipment and perform remote diagnostics. Digital twins can help create smarter buildings by automating processes through machine learning.
In March 2022, Carrier China, a part of Carrier Global Corporation, provided 30 AquaEdge 19XRV low-voltage variable frequency centrifugal chillers and Carrier Comfort Network communicating controls to the Zhejiang Cloud Computing Center that supports up to 200,000 servers. The integrated controls will help to reduce operating expenses and allow facility managers to monitor performance remotely and manage preventative maintenance to keep the chillers running according to the operational needs.
Challenge: Complexity in retrofitting HVAC controls in existing systems
Governments of various countries have made guidelines and regulations to upgrade their existing HVAC systems as part of environmental requirements. However, the upgradation of such systems is quite complex and cost intensive and time consuming. For instance, if a user installs new HVAC equipment in the existing ductwork of the house, it can affect the installation costs, depending on its ductwork condition. It would be not recommended to install a new central air conditioner if the ductwork has leaks or if the zone control systems are malfunctioning. Since the repair work must be done before the new air conditioner can be installed, it will increase the installation costs.
AI in Video Surveillance Industry Growing $16.3 billion by 2028
The global AI in video surveillance market is expected to be valued at USD 5.6 billion in 2023 and is projected to reach USD 16.3 billion by 2028; it is expected to grow at a CAGR of 23.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The advent of cloud computing has significantly impacted the AI capabilities in video surveillance. Cloud-based platforms provide scalable storage and computing resources, allowing for centralized management, remote access, and the integration of AI-powered analytics across multiple cameras and locations. These technological advancements have propelled the capabilities of AI in video surveillance, enabling more intelligent, efficient, and reliable security systems.
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AI in video surveillance market for wireless AI cameras to hold the highest CAGR during the forecast period.
The growth of the wireless camera market is driven by the distinct advantages that these cameras offer. Wireless cameras are easier to install than wired systems, reducing installation costs. They provide greater flexibility as they can be placed at any location without the constraints of wires. Wireless surveillance systems also enable remote monitoring of camera feeds from anywhere worldwide. However, wireless cameras do have some disadvantages. Analog cameras and DVRs cannot be connected wirelessly, limiting wireless connectivity to IP cameras and NVRs. Additionally, wireless cameras are susceptible to signal losses due to interference or tampering. As a result, most cameras deployed globally are still wired cameras.
AI in video surveillance market for commercial vertical to hold the highest market share during the forecast period.
In 2022, the commercial vertical held the largest share in the AI in video surveillance industry, and this trend is expected to persist. The escalating security concerns across various applications within the commercial sector, including retail, enterprises, banks, and financial institutes, have led to the growing importance of video surveillance systems. The rise in security breaches such as inventory loss, robbery, unauthorized access, and other criminal activities has fueled the demand for AI-powered video surveillance solutions in the commercial space. Furthermore, the significant growth of small businesses, as well as the expansion of retail stores and malls, has contributed to the increased adoption of surveillance systems in recent years.
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AI in video surveillance market for Asia Pacific to hold the highest CAGR during the forecast period.
The Asia Pacific region is witnessing significant growth and adoption of AI in the video surveillance market. The region's rapid urbanization, increasing population, and rising security concerns are driving the demand for advanced video surveillance systems integrated with AI technologies. Governments in countries like China, India, and Japan are investing heavily in smart city initiatives, leading to the deployment of extensive video surveillance networks. AI-powered video analytics, including facial recognition and object detection, are being utilized to enhance security and improve public safety in crowded areas, transportation hubs, and critical infrastructure. The region also benefits from the presence of several major technology companies and startups focusing on AI in video surveillance.
The AI in video surveillance companies includes major Tier I and II players like Hikvision Digital Technology Co., Ltd. (China), Dahua Technology Co., Ltd. (China), Avigilon Corporation (Canada), Milestone Systems A/S (Denmark), YITU Tech (China), SenseTime (China), Agent Video Intelligence Ltd. (US) and others. These players have a strong market presence of AI in video surveillance across various countries in North America, Europe, Asia Pacific, and RoW.
Telecom Power System Industry Growing $6.6 billion by 2028
The global telecom power system market is projected to grow from USD 4.2 billion in 2023 to USD 6.6 billion by 2028; it is expected to grow at a CAGR of 9.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growing popularity of 5G technology, the increasing emphasis on reducing carbon emissions and utilizing renewable energy, the rise in government regulations related to telecom infrastructure, and the escalating demand for IoT and cloud computing applications are the key factors propelling the telecom power systems market. Telecom companies are actively seeking renewable power sources like solar and wind power to minimize their environmental impact. As a result, there is a rising need for telecom power systems that can seamlessly integrate with renewable energy sources.
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Rectifier to hold the second largest market share for telecom power systems during the forecast period.
Based on components, rectifier is likely to hold a significant market share between 2023 and 2028. A rectifier converts alternating current (AC) to direct current (DC), providing the power to charge the batteries. Rectifiers can include a wide AC input voltage range, protection against AC overvoltage, thus making them reliable even in regions with AC utility network problems. The design of the telecom rectifiers allows a high degree of power system flexibility through features such as horizontal or vertical mounting, universal AC inputs, and a high degree of scalability to allow for future network growth.
Off-grid based telecom power system to grow at highest CAGR during the forecast period.
Off-grid-connected telecom power systems are expected to witness the highest growth rate during the forecast period. Off-grid power systems are deployed in areas which are distant from any transmission and distribution infrastructures and have no connection to utility grids. Off-grid telecom power systems are mainly used to provide electricity to geographically remote areas and in emerging economies. These grids expand the electricity infrastructure of emerging economies and are designed to be self-sufficient to cater to the power requirements of complex setups such as remote islands or distant villages where electricity transmission through traditional electric utility players is not viable. As these grids never connect to large grids and always operate in isolated mode, this increases the requirement for storing electricity off-grid rather than being grid-tied.
The below 10 kW segment is likely to account for the largest telecom power system market share from 2023 to 2028.
Below 10 kW segment is estimated to account for the largest telecom power system industry share during the forecast period. Several telecom components operate on power supplies below 10 kW because of their advantages, which include reduced cost, weight, and size of the power control system. Some examples of Low-output telecom power systems application include cell towers, base transceiver stations (BTS), 5G antennas, base stations for telecom towers, microcell base stations, 4G towers, cell phone towers, and UPS systems among others.
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UK is expected to be the fastest-growing market in Europe during the forecast period.
UK's telecommunications industry contributes about 4–5% to the GDP; although the GDP contribution is lesser, the need for and importance of telecommunication cannot be neglected from a broader perspective. The largest telecom company in the UK is BT. A few of the leading business foundations in the telecom sector in the country are Verizon business, COLT, Affiniti, Energis, etc. A few major leading telecom companies in the UK are GiffGaff, Lycamobile, Talk Group, Three, Virgin Mobile UK, O2, EE, BT Group, and Vodafone. Mobile users expect mobile connectivity even in buildings with poor or no mobile coverage. This leads to the requirement of deploying in-building solutions, such as small cells and distributed antenna systems (DAS), to solve the issue of poor connectivity. Such solutions are anticipated to enhance telecom power systems across the telecom infrastructure.
Eaton (US), Huawei Technologies (China), Cummins (US), ZTE Corporation (China), General Electric (US), Delta Electronics, Inc. (Taiwan), and Schneider Electric (France) are the key players in the global telecom power system companies. These players increasingly undertake product launches and development strategies, expansions, partnerships, contracts, and acquisitions to increase their market share.
Wednesday, July 19, 2023
AI Infrastructure Market Analysis: Key Players and Market Dynamics
The global AI infrastructure market is projected to grow from USD 28.7 billion in 2022 to USD 96.6 billion by 2027, at a CAGR of 27.5% during the forecast period from 2022 to 2027.
The growth of this market is driven by factors such as increased data traffic and need for high computing power, increasing adoption of cloud-based machine learning platforms, increasingly large and complex dataset, growing number of cross-industry partnerships and collaborations, increasing adoption of AI due to the COVID-19 pandemic, and, rising focus on parallel computing in AI data centers.
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NVIDIA Corporation (US), Intel Corporation (US), Oracle Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Micron Technology, Inc (US), Advanced Micro Devices, Inc. (US), International Business Machines (IBM) Corporation (US), Google LLC (US), Microsoft Corporation (US), Amazon Web Services, Inc. (US) , SK Hynix, Inc. (South Korea), MIPS (US), Toshiba Corporation (Japan), Imagination Technologies (UK), Cambricon Technologies Corp. Ltd. (China), Graphcore (UK), Gyrfalcon Technology Inc (US) , Cadence Design Systems, Inc. (US), Tenstorrent Inc. (US), Cisco Systems, Inc. (US), Arm Limited (US), Dell Technologies (US), Hewlett Packard Enterprise (US), Synopsys, Inc. (US), and SenseTime Group Inc. (China).
Opportunity: Rising need for co-processors due to slowdown of Moore’s Law
Moore's law states that the number of transistors per square inch on integrated circuits will double about every 18 months until at least 2020. In April 2015, Intel Corporation stated that it could sustain Moore's law for another few years by developing 7 nm and 5 nm fabrication technologies. However, moving forward, it would be challenging to further reduce the size of processors; doing so would also reduce the space between electrons and holes, which will create problems such as current leakage and overheating in ICs. These problems would lead to slower performance, higher power consumption by ICs, and a further reduction in durability. Thus, the need to find an alternate way to increase the computational power of chips has fuelled the development of accelerators or co-processor chips, which are critical elements of AI infrastructure.
Challenge: Concerns regarding data privacy in AI platforms
AI has several applications in the healthcare industry. However, the adoption of AI in the industry is restricted to an extent owing to data privacy concerns. Patients' health data is protected under federal laws in many countries, and any breach or failure to maintain its integrity can result in legal and financial penalties. As AI used for patient care requires access to multiple health datasets, it is essential for AI-based tools to adhere to all data security protocols mandated by governments and regulatory authorities. This is a challenging task as most AI platforms are consolidated and require extensive computing power, owing to which, patient data or parts of it can be required to reside in a vendor's data center. This is a major challenge in the market.
Exploring the Growth Potential of IoT-based Asset Tracking & Monitoring
Global IoT based asset tracking and monitoring market in terms of revenue was estimated to be worth USD 3.9 billion in 2022 and is poised to reach USD 6.6 billion by 2027, growing at a CAGR of 11.3% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
The key factors fueling the growth of the market include increasing demand for real-time information of assets. Every industry has valuable assets; monitoring their performance, providing them safety, and checking their availability is crucial for every business. IoT-based asset tracking and monitoring technologies and solutions are adaptable. They share real-time information about the asset’s location and health and reduce the consumption of time associated with manual tracking tasks.
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Opportunity: Rising adoption of data analytics and 5G technologies in automotive sector
The emergence of automation has changed the working of the automotive sector inside-out and made the IoT popular. For instance, automobile manufacturers are utilizing IoT in advanced planning and scheduling to capture real-time production and inventory data and minimize waste and cycle time. They are also using IoT-based analytics in multiple applications, from optimizing inventory in hand to adopting replenishment strategies in production lines for quality testing using optical-based analytics.
Challenge: Trade-off complications related to connectivity technologies
IoT-based asset tracking and monitoring market modules are based on various technologies such as Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, and SigFox. These solutions vary in terms of their range, power consumption, and accuracy.
However, the development of a single solution with all these benefits is a key challenge solution providers face. IoT-based asset tracking and monitoring modules comprise hardware and software for continuously tracking and delivering real-time location of assets and resources. Tags, readers, and sensors track and/or monitor assets, individuals, or valuable resources, with increased accuracy in the areas that fall under their network coverage. However, IoT-based asset tracking and monitoring modules face challenges owing to a complicated trade-off between accuracy, power consumption, and range.
Monday, July 17, 2023
Intelligent Power Module Market Size, Share & Growth | 2027
The global intelligent power module market size is anticipated to grow from USD 1.8 billion in 2022 to USD 3.0 billion by 2027, at a CAGR of 10.7% from 2022 to 2027.
The global automotive industry is in a period of unprecedented changes. The industry needs to make urgent progress in improving its environmental impact. The electrification of vehicle powertrains, ranging from the implementation of start/stop to full battery electric vehicles, is widely seen as the means by which the global automotive industry can move closer toward the goal of true sustainability.
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Opportunity:Growing adoption of GaN and SiC materials in automobile and power semiconductor applications
The emergence of wide band gap materials, such as GaN and SiC, has changed the landscape of the power electronics market. These new semiconductor materials offer better thermal conductivity and higher switching speeds and are smaller than traditional silicon (Si) ones. The use of SiC and GaN has resulted in improvements in existing semiconductor technologies, such as MOSFETs and isolated gate bipolar transistors (IGBTs). These materials can be used for a wide range of applications. The fastest-growing applications of SiC include electric vehicles (EVs) and EV charging, where SiC plays a vital role in fast chargers and charging stations. While driving an EV, the electronics system is designed to support the complete load of the vehicle’s power capability, which is achievable with SiC-based designs.
Challenge: Designing and operational challenges related to next-generation intelligent power modules (IPMs)
The new generation of IPMs enables continuous monitoring of several important module parameters. With the help of supporting software, IPMs generate a significant amount of data. Utilizing the data efficiently is a significant engineering challenge. Moreover, an increase in processing power is required to efficiently use the data generated by IPMs. Design challenges related to electromagnetic interference (EMI) increase with the rise in switching frequency. Thus, IPMs operating at high switching frequencies may be more compact but create more design complexities. These technical challenges need to be addressed for further development of the IPM market.
Ground Penetrating Radar Market Size, Share and Analysis 2027
The global ground penetrating radar market in terms of revenue was estimated to be worth USD 340 million in 2023 and is poised to reach USD 453 million by 2027, growing at a CAGR of 7.5% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
The data collected and analyzed by GPR equipment and software helps deliver valuable insights to users in 2D as well as 3D formats. However, 3D GPR data provides even greater context and clarity. The features of 3D data include generating multi-scan slice overlays, rotating and zooming the data slices for analysis, providing adjustable transparency, generating depth slices, and more. Hence, all these features will help drive the growth opportunity for GPR Software in the future.
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OPPORTUNITIES: Growing demand for GPRs in military applications
As the military industry is evolving every day, so is the demand for detection and investigation equipment, such as GPRs, growing worldwide. The military mainly uses GPR systems to identify the location and detection of buried explosive devices. For instance, GPR is used in old sites to identify unexploded ordnance (UXO). Additionally, the common application of GPR systems in the military sector is identifying the location of embedded wires and cables in structures. The location of buried bunkers, tunnels, and caches are also areas of growing interest. In May 2020, the US Army ordered GPR systems to detect improvised explosive devices (IEDs) buried in roadways. They found their solution from Chemring Sensors and Electronics Systems (CSES) in Dulles, Virginia, and ordered to build Husky Mounted Detection System (HMDS) kits, spare parts, maintenance, and training for themselves.
GPR provides a sense of human motion through walls and underground. Hence, it is also used for intrusion detection. All these applications of GPR equipment in the military sector are contributing to the growth of this market at present
CHALLENGES: Requirement of skilled professionals to operate GPR equipment
The use of GPR in utility locating processes involves precise inspection of the field to locate underground utilities. The field inspectors should have knowledge of the construction and operations of the underground utility distribution and collection systems and the related policies and procedures. They should also have expertise in computer- and software-related operations to gather information on the exact physical characteristics and location of the utility. The lack of knowledge related to electronic or manual GPR equipment and field survey procedures and understanding of utility maps and construction drawings make locating the utility a tedious task for the field officers. Hence, the requirement of skilled professionals to correctly operate GPR equipment may be a challenge in some underdeveloped and developing markets.
Embedded Security Market - Future Growth Potentials, Industry Revenue, and Business Demand
Global embedded security market in terms of revenue was estimated to be worth USD 6.8 billion in 2022 and is poised to reach USD 9.0 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
Factors such as the growing demand for Internet of Things (IoT) applications and the inclusion of payments functionality in wearables devices are driving the growth of the embedded security market during the forecast period.
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Driver: Inclusion of payments functionality in wearables
Wearable technology is evolving and developing, with everything from clothing to smart glasses to jewelry to virtual reality (VR) tools (such as the Oculus Rift) being a part of it. Smart wearable technology is being employed in a variety of applications, including fitness tracking, navigation, and health monitoring. To avoid misuse, several of these apps, such as payments and smart home control, require user authorization. Embedded security solution companies are releasing new embedded security solutions to meet this niche market. For instance, STMicroelectronics (Switzerland) offers secure wearable solutions for a variety of applications, including payment, transportation, and contactless transactions. Axis Bank and Thales Group collaborated to launch "Wear N Pay," a range of contactless payment devices.
Restraint: Susceptibility of embedded systems to cyber-threats and security breaches
One of the main issues hindering the market growth of the embedded security industry is the security of embedded devices. Military forces, banks, data centers, and healthcare institutions may utilize information stored in embedded devices such as memory. As a result, protecting such devices against cyber-attacks and data breaches is critical. Because of irregular security upgrades, a long device lifecycle, remote deployment, and attack replication, embedded systems are vulnerable to cyberattacks. As a result, the embedded security market growth is expected to be hampered by its susceptibility to cyber-attacks and security breaches.
Opportunity: Growing Integration of embedded security in electric vehicles
Many innovations in the automobile sector are currently dependent on software and electronics, and IT is likely to contribute to a large percentage of the production cost. The EV market is expanding rapidly because it offers advantages over other types of vehicles. However, from the standpoint of charging infrastructure, EV charging is considerably more than a one-step, plug-and-go procedure. To ensure that every EV on the grid receives the necessary quantity of energy and electrical flow, a significant amount of communication must take place between the car, the charging point, and the utility supplier. Financial transactions and personal data should be managed responsibly and securely in some circumstances, particularly where remote EV charging is given for a fee.
Challenge: Shortage in supply of semiconductors
Semiconductors are a major component of embedded systems. The global supply chain was disrupted as a result of the 'trade war' between the United States and China. Tariffs and restrictions were placed by the two countries on each other, causing demand and supply disruptions. Supply chain disruptions have impacted multiple industries, resulting in a semiconductor shortage. The COVID-19 outbreak also wreaked havoc on the semiconductor supply chain. China is a major supplier of semiconductors; delays in supply due to the aforementioned factors have hampered the development of embedded systems.