EMC Filtration Market Industry Outlook and Forecast To 2028

The EMC Filtration market is projected to grow from USD 1.2 billion in 2023 to USD 1.6 billion by 2028; it is expected to grow at a CAGR of 5.5% from 2023 to 2028.

Increasing government efforts for electronic components and equipment manufacturers to comply with stringent EMC regulations will drive the EMC filtration market growth in the coming years. The rise in the usage of EMC filtration products in home appliances, data centers, building technologies, and many other fields will drive the growth of this market. Considering the health risks caused by electromagnetic frequencies, various developing countries are inclined towards deploying EMC regulations, further strengthening the EMC filtration market.

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Opportunity: Increasing demand in the telecom sector

In the telecom industry, the functioning and reliability of telecommunication equipment and devices are crucial, as the industry heavily relies on electronic devices like servers, routers, and switches to manage network traffic and data transmission. These electronic devices generate EMI and RFI, which can cause disruptions in communication and signal quality. EMC filtration prevents such disorders by reducing the levels of EMI and RFI in the electromagnetic spectrum. This is essential in the telecom industry, where any communication disruption can have severe financial consequences and impact public safety. Filters, chokes, capacitors, and other passive electronic components are used as EMC filtration solutions in the telecom industry to suppress EMI and RFI and provide a reliable and stable signal. These solutions also assist telecom companies in meeting regulatory requirements and compliance standards, such as the Federal Communications Commission (FCC) regulations in the United States, which mandate using EMC filters in telecom equipment to reduce EMI and RFI.

Challenge:  Rapid technological developments in EMC Filtration

Rapid technological changes can significantly impact the growth of the EMC filtration market. The emergence of new technologies, such as 5G networks and the Internet of Things (IoT), has increased demand for advanced EMC filtration solutions. However, these technological advancements can also lead to new EMI/RFI challenges, necessitating the development of updated filtration solutions. Keeping pace with the rapid rate of technological change can prove challenging for companies in the EMC filtration market. It can result in longer development cycles, higher costs, and a more complex regulatory environment, making it difficult to develop new solutions that meet changing needs. On the other hand, rapid technological changes can also provide growth opportunities for the EMC filtration market. The emergence of new technologies can lead to an increased demand for advanced EMC filtration solutions, creating new markets and revenue streams.

Steam Trap Market worth $4.6 billion by 2028

The global steam trap market size is projected to grow from USD 3.8 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 3.8% during the forecast period according to a new report by MarketsandMarkets™. Increasing demand for energy-efficient steam systems and the growing adoption of automation in steam systems drive the market for steam trap.

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Mechanical steam trap segment to hold the largest size of the steam trap market during the forecast period.

The mechanical steam trap segment is expected to account for the largest size of the steam trap industry throughout the forecast period. Mechanical steam traps detect the contrast in weight between water and steam. Their continuous discharge of significant amounts of water makes them highly suitable for various tasks. They are particularly valuable for applications where releasing water at the steam's temperature is needed, such as in heat exchangers, coils, and situations requiring a constant steam supply. Furthermore, mechanical steam traps are renowned for their robust and reliable design, which leads to lower maintenance requirements and extended operational lifetimes. This durability appeals to industries seeking long-term solutions that reduce downtime and overall costs.

Steam trap market for tracing applications is expected to grow faster during the forecast period.

The steam trap market for tracing applications is expected to grow faster during the forecast period. Tracing applications involve maintaining a consistent temperature along pipelines, which is essential in oil and gas, chemicals, and food production. Steam traps play a crucial role in these applications by effectively controlling the steam flow to maintain the desired temperature, preventing overheating or underheating of the traced lines. Moreover, expanding industries such as food and beverage, where temperature-sensitive processes are crucial for maintaining product quality, contribute to the growth of steam traps in tracing applications. Steam traps enable precise control of temperatures during cooking, pasteurization, and sterilization, ensuring consistent product quality and safety.

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Asia Pacific is expected to dominate the steam trap market during the forecast period.

The Asia Pacific region will dominate the steam trap market throughout the forecast period. It is expected to grow at the highest CAGR from 2023 to 2028. The Asia-Pacific region serves as a manufacturing hub for automotive, electronics, textiles, and other industries. These industries heavily rely on steam for various processes. Steam traps ensure a consistent steam supply, enhancing production efficiency and reducing operational costs, contributing to increased demand. In addition, the expanding healthcare and food and beverage sectors within the Asia-Pacific region rely heavily on steam for sterilization, production processes, and temperature control. Steam traps are crucial in ensuring steam's efficient and precise delivery.

The key players operating in the steam trap companies include Spirax-Sarco Engineering plc (UK), Emerson Electric Co. (US), Schlumberger Limited (US), Thermax Limited (India), Velan Inc. (Canada), Watts Water Technologies, Inc. (US), Armstrong International Inc. (US), TLV CO., LTD. (Japan), Forbes Marshall (India), and Xylem Inc. (US), among others.

Embedded Security Market worth $9.8 billion by 2028

The Embedded Security Market size has been estimated to be valued at USD 7.4 Billion in 2023 and is projected to reach USD 9.8 Billion by 2028; growing at a CAGR of 5.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the embedded security market include the rising prevalence of interconnected devices, coupled with the escalating complexity of cyberattacks, underscores the urgency for heightened security measures.

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Additionally, the imperative to adhere to regulatory mandates is exerting a pivotal role in steering the market's growth trajectory. Furthermore, the contemporary consumer landscape places a premium on convenience and user-friendliness, driving the need for integrated security solutions that seamlessly blend with user experiences. In concert with these dynamics, the burgeoning accessibility of diverse embedded security solutions amplifies the market's upward trajectory. Collectively, these elements synergize to propel the rapid evolution and expansion of the embedded security market.

Wearables are likely to witness the highest CAGR among all application segments between 2023 and 2028.

The wearables segment is expected to witness the highest growth rate during the forecast period. Wearables often contain sensitive health, financial, and personal information, necessitating advanced embedded security solutions to prevent unauthorized access and data breaches. This heightened concern for user privacy and data integrity has prompted manufacturers to prioritize security features, including biometric authentication, secure data transmission, and encryption, fostering greater consumer trust and adoption. Moreover, the increasing integration of wearables in healthcare, finance, and enterprise sectors further underscores the need for stringent security protocols, thus propelling their growth within the embedded security market.

Authentication and access management segment is likely to be the second-largest security type during the forecast period.

Authentication and access management comprise verification of the identity to ensure legitimate users are accessing the resources, thereby barring unauthorized users from gaining access to resources. Implementing authentication and access management reduces risks and helps adhere to regulatory standards, which helps expand the customer and partner base. Authentication and access management include trusted platform modules, hardware tokens, and secure elements. Authentication and access management devices block unauthorized users from accessing devices such as computers, tablets, and smartphones. Authentication is of many types. Users are often recognized with a user ID for the purposes of user identity, and authentication occurs when the user gives credentials such as a password that matches their user ID. For instance, CyberArk Software Ltd. (US) views identity as the foundation of a security approach and provides a range of solutions encompassing identity management, privileged access, secrets management, endpoint privilege security, cloud privilege security, and access for both employees and customers.

Based on the offering, software segment likely to register a higher growth rate in the overall embedded security system market from 2023 to 2028

The software security market is expected to offer lucrative growth opportunities during the forecast period. Commonly used software security are firewall, antivirus, antispyware, and network security. A firewall stops unauthorized users from gaining access to a computer or network. Both hardware and software can be used to create a firewall. Antivirus software prevents dangerous malware from attacking a computer by detecting the attack before it starts. Antivirus software is beneficial because it tackles security concerns when attackers get past a firewall.

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North America likely to account for the second-largest market share by 2028.

North America has a wealth of highly sensitive data, and with billions of devices connected to IoT, security is a major concern in the region. Security has been identified as the most severe economic and national security challenge by the government of this region. The growing concern for protecting critical infrastructure and sensitive data has increased government intervention in recent years. Specific budget allocations and mandated security policies are expected to make North America the most lucrative market for different categories of vendors. Other factors pushing the Embedded Security Industry growth in this region are the enormous usage of smart handheld devices, rapidly growing e-commerce, and friction among competing nations, which includes countries such as the US and Canada.

The key players in Embedded Security Companies are Infineon (Germany), STMicroelectronics (Switzerland), NXP (Netherlands), Qualcomm (US), Thales Group (France), Microchip Technology (US), Samsung (South Korea), Texas Instruments (US), IDEMIA (France), and Renesas (Japan). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

Optical Communication and Networking Equipment Market to Witness Astonishing Growth by 2027

The global optical communication and networking equipment market is estimated at USD 24.2 billion in 2022 and is projected to reach USD 36.6 billion by 2027, growing at a CAGR of 8.6% from 2022 to 2027.

Expansion of telecom infrastructure in developing economies is the major driving factor for the growth of the optical communication and networking equipment market.

The manufacturers of optical transceivers are concentrating more on R&D for serving different applications in the metro network, data center interconnect, long haul applications, and others, which require optical transceivers to be compatible with the complex network. Optical transceiver OEMs such as Fujitsu Optical Components (Japan) and Broadcom (US) are offering transceivers that are compact and consume little power.

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Opportunity: Expansion of telecom infrastructure in developing economies

The expansion of telecommunication infrastructure will have a substantial effect on developing countries in a positive way. With the advent of IoT, AI, and Big Data, there is an increasing demand for smart devices and other connected applications. The interconnected technologies across telecommunication sectors play an important role in capturing, translating, and transferring data into meaningful information, which is crucial for the reinforcement of urban infrastructure. The backbone for this kind of infrastructural development is a high-speed fiber optics network, which can transfer enormous amounts of data, at high speed, from one end to another. The implementation of the 5G network and 6G network requires high-bandwidth oriented fiber optical cables integrated with optical transceivers for secured and reliable data transfers. Therefore, the expansion of optical communication infrastructure across developing nations will drive the optical communication and networking equipment market in the future.

Challenge: Vulnerability of optical networks to hacking

Fiber optic technology-based storage and communication systems were deemed to be safer than the conventional copper cable-based systems as hacking into data within a fiber optic-based system required extremely sophisticated technology, which used to be only available to government agencies. However, in recent times, inexpensive hardware and software have started emerging. Hardware equipment such as optical/electrical converters transfer the converted signal via the Ethernet connection. Moreover, hacking is possible using sniffer software. With the advancement in technology, fiber hack is becoming commonplace, and the belief that the fiber-optic cable networks are secure is proving to be wrong. With these technologies, data theft is becoming easily possible for hackers, and it is not even getting detected. Fiber hack has been a major challenge for the optical network community and might lead to serious ramifications if not checked at the right time.

Warehouse Management System Market 2023: Growth Opportunities, Future Insights, Regional Segments, Latest Trends

The global warehouse management system market size is expected to grow from USD 2.8 billion in 2021 to USD 6.1 billion by 2026, at a CAGR of 16.7% from 2021 to 2026.

The recent trends in global logistics such as delivery KPIs, increased flexibility in the supply chain, and cost-cutting are the drivers for 3PL and supply chain industry to adapt to warehouse management systems. The increase of e-commerce and online buying trends of customers is further driving the growth of warehouse management systems market. Favorable trade and government policies and lower taxes on businesses are a few of the factors that are driving foreign investments in developing economies. Hence, emerging countries are one of the key growth opportunities for the WMS market.

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Opportunities: Adoption of digital technologies in supply chain management

The supply chain in today’s time is a series of discrete and isolated phases/stages—ranging from marketing, product development, manufacturing, and distribution stages to end users and after-sales services. With the rise in technological advancements, digitization has spread across all operations of the supply chain. The digitization of the supply chain aids in building a completely integrated ecosystem, which is fully transparent to all the players involved—from suppliers of raw materials, components, and parts to transporters of the supplies and finished goods, and finally to the customers demanding fulfillment. The digitization of the supply chain will have several more advantages like streamlined operations. Digitization reduces time wastage as the processes are automated, the decision-making is robust and improved. The errors are identified and solved easily. In digital systems, the collaboration and exchange of information between the vendors and enterprises are likely to be much more transparent, which will result inmore productivity. The digitization of the supply chain will also reduce lead time and thus increase profitability.

Challenges: Insufficient knowledge of WMS among small-scale industries

Small-scale industries traditionally operate their warehouses with legacy systems. As the annual income of small-scale industries is not very high, investments to set up WMS seem to be an unnecessary expense for these business owners. Similarly, they have a small amount of workforce, among which finding a skilled worker to maintain WMS, may be a tedious and investing task.Owing to the reluctance to replace traditional systems and limited growth plans, business owners in small-scale industries fail to recognize the benefits they can avail of by using WMS. Further, significant investments associated with the deployment of WMS and high upfront costs restrain the adoption of WMS. The deployment of WMS involves extra costs for license purchase, upgrades, and employee training; this factor also limits the adoption of WMS by small-scale industries. The deployment of WMS increases the efficiency of warehouse operations, reduces operational expenses, and enhances labor productivity. However, the lack of awareness about the benefits of WMS among small-scale industries poses a challenge for the players in the WMS market.

Fiber Optics Collimating Lens Market 2023 Latest Trends and Developments by 2026

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

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

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Opportunity: Need for handling heavy data in manufacturing and logistics sectors

Manufacturing and logistics sectors would benefit from fiber optics because of their operations and services, which are highly dependent on high-speed bandwidth. This sector needs to work on heavy data, such as the number of products manufactured, raw materials received, and bins in the warehouse. Fibers provide scalability; hence, during times of rapid expansion, a company can easily access near unlimited bandwidth and does not have to deal with additional monthly fees or service delays from the ISP. Also, network latency, reliability, and low long-term costs add to the benefits of fiber networks. Fibers are highly secure, as the network itself is privately owned and operated by the lease owner. No other external entity can track or record the data and information being transmitted through the fiber. This level of security is crucial for businesses that need to regularly transmit sensitive data.

Challenge: Traditional internet wires

Traditional internet wires are made of copper or other conductive materials. These wires use electricity as their medium of communication rather than light. Copper is a cheap and widely used component for network devices connection. Due to the high initial cost of deploying fiber optics in regions such as Africa and Latin America, these regions are still not fully fiber-based and require huge investments to change the entire internet infrastructure. Hence, developing nations are still using copper-based cables for signal transmission. However, in the coming years, with economic growth and advancements in networking infrastructure, the deployment of fiber cables is likely to increase in the coming years.

Gesture Recognition and Touchless Sensing Market Trends, Share, Industry Size, Growth (2021-2026)

The gesture recognition and touchless sensing market is projected to reach USD 37.6 billion by 2026 from USD 13.6 billion in 2021; it is expected to grow at a CAGR of 22.6% from 2021 to 2026.

 

North America has the largest market share for gesture recognition and touchless sensing. Whereas, APAC has the highest growth rate and is expected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and India. Due to advancements in technology and the emergence of new business models as well as new infrastructural developments in the developing cities of the region.

 

Gesture recognition and touchless sensing companies includes Microsoft Corporation (US), Microchip Technology Inc. (US), Apple Inc. (US), Google LLC (US), Sony Depthsensing Solutions SA/NV (Belgium), Infineon Technologies (Germany), Cognitec Systems GmbH (Germany), GestureTek (Canada), OmniVision Technologies (US), IrisGuard (UK), Cipia (Israel), Elliptic Laboratories (Norway).

 

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Opportunity: Increasing patent applications

For any business, innovation is the key to stay competitive and gain an advantage over competitors. These innovative ideas need to be protected to prevent others from using them; this is done by filing patent applications. These patent applications provide a way for companies to safeguard their ideas and innovations from their competitors. For the last few years, the filing of patents has been increasing in the gesture recognition and touchless sensing market. In 2020, 10,342 patents were published for gesture recognition and touchless sensing. The increasing number of startups has increased the competition in the gesture recognition and touchless sensing market. The increasing patent applications result in several innovations in the gesture recognition and touchless sensing market, expanding its presence in various segments. Thus, the increasing patent portfolio provides immense opportunities for players to gain or increase their market share in the coming years.

 

Challenge: Disruption in commercial trade due to Covid-19

The imposition of lockdowns and social distancing measures has severely affected the manufacturing sector, as a large chunk of consumer spending is discretionary. Hence, it is being postponed or canceled due to quarantine and social distancing. Some companies had to completely halt their manufacturing operations, which disrupted their supply chains. For instance, key automobile companies such as Volkswagen, Ford, and General Motors had shut down all their production units worldwide during the first wave of COVID-19 in the first half of 2020. The second wave in 2021 has also caused partial lockdowns in various countries and hampered the gesture recognition and touchless sensing market. The third and fourth quarters of 2021 are expected to drive the market's growth, as COVID-19 cases are expected to reduce with the vaccinations being done on a large scale. All these factors, along with the potential third wave of COVID-19, are expected to significantly impact the growth of the gesture recognition and touchless sensing market.

Driving Growth for Automated Optical Inspection Market from 2021 to 2026 - Check Insights

The global automated optical inspection system market size is estimated to be USD 646 million in 2021 and projected to reach USD 1,660 million by 2026, at a CAGR of 20.8%.

 

The rising demand for higher productivity by electronics manufacturing services (EMS) companies and growing demand for electronics in automotive sector is driving the growth of the automated optical inspection system market. Moreover, the emergence of smart technology as well as utilization of AOI system in newer applications is also expected to drive the growth of the market in the near future.

 

Today's world is incredibly fast-paced, demanding that people and technology move quickly as well. As the years' pass, we expect things to get even faster, and this includes electronics. To allow the devices to keep up with this growing demand for speed, PCB technology will need to adapt accordingly. High-speed PCBs are a unique subject for designers as it increases the complexity while designing. A high-speed PCB is one where the integrity of the signal is affected by the circuit layout. PCBs are the essential building block for nearly everything electronic.

 

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Opportunities: Growing Demand for AOI systems for inspection of IC substrates

 

The introduction of nanotechnology has triggered the miniaturization and use of high-density PCBs in electronics manufacturing. However, with these advancements, many problems are arising. As the size of the PCB is shrinking, the ball grid array (BGA) gap is also decreasing, which gives rise to various defects in the PCB. Few of these defects include substrate corrosion, material mismatch, solder paste defects, and susceptibility to EMI interference. These defects cannot be precisely identified using manual inspection. Hence, there is a rising demand for the use of AOI systems in the detection of IC substrate defects.

 

Challenges: Availability of superior inspection technology as the substitute

 

An AOI system works efficiently while inspecting PCBs where solder joints are visible. However, with the advent of new PCB and IC manufacturing technology such as ball grid array (BGA), where solder joints are not visible, AOI systems are not capable of finding soldering defects. On the other hand, other inspection technology, such as automated x-ray inspection (AXI), can inspect a wide range of assembly defects of PCBs with BGA technology. AXI uses X-rays instead of light imaging to inspect the PCBs. Companies often use AXI to evaluate particularly complex or densely constructed boards.

Thermal Imaging Market Size, Share, Analysis, Growth Trends & Forecasts 2026

The global thermal imaging market in terms of revenue was estimated to be worth USD 3.6 billion in 2021 and is poised to reach USD 4.7 billion by 2026, growing at a CAGR of 5.5% from 2021 to 2026. The new research study consists of an industry trend analysis of the market.

The key factors driving the growth of the global market include Increasing government expenditure on the aerospace & defense sector boosting the growth of the thermal imaging market size. Increasing adoption of thermal imaging in the automotive industry, growing R&D investments by companies, governments, and capital firms for developing innovative thermal imaging solutions, and others.

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Opportunity: Increase in the adoption of thermography for infancy stage diagnosis in healthcare applications

Clinical Thermography (CT) or thermal imaging is a non-invasive screening and diagnostic technique, which is combined with mammography or other scanning or diagnostic tool. Clinical thermography uses thermal cameras for infancy stage diagnose of cancer, infections, injuries, or vascular disease. It is one of the best preventive health assessment techniques, in which thermal cameras produce images based on the amount of heat dissipated by the human body. The images display heat patterns, thermal imbalances, and inflammation produced by blood circulation problems in the human body. This thermal imaging is also used in mass fever screening, neurological disorders, and breast cancer screening. Breast cancer is one of the common cancers diagnosed in women universally. Medical thermal imaging used to diagnose breast cancer is gaining momentum as it is a non-invasive and low-cost technique.

Challenge: Thermal cameras do not work through glass and water

Thermal cameras detect heat energy dissipated by the human body, animal, or any structure. The camera produces heat patterns and an image based on them, which helps investigate defects, threats, or other possibilities. Thermal imaging cameras do not work through glass and water because glass allows visible light to pass through it, but it acts as a mirror for thermal wavelengths. If a thermal camera is held in front of the glass, it will produce an image of the person holding the thermal camera. The image produced will be a blur and will lack significant detail and contrast.

Currently, high-tech autonomous vehicles, driverless vehicles, or Advanced Driver-Assistance Systems (ADAS) are gaining momentum in the automotive industry. In these vehicles, drivers are replaced by multiple sensors, including Light Detection and Ranging (LIDAR) sensor, Radio Detection and Ranging (RADAR), proximity sensor, and thermal cameras to aid automatic driving, navigation, and enhanced situational awareness. Thermal imaging cameras are integrated into driverless vehicles to improve night vision and detect pedestrians or animals in cluttered environments, misty, and foggy conditions, and automatically stop the vehicle to avoid any casualty.

Solid State Radar Market Insights: Size, Share, Demand, and Forecast 2026

Global solid state radar market report share is projected to reach USD 2.0 billion by 2026; at a CAGR of 4.2% during the forecast period.

The key factors fueling the growth of the market include advancements in solid state radar technologies, development of phased-array solid state radar, and increased demand for advanced weather monitoring radar. Additionally, the growing investments across the defense sector in the APAC is expected to create an opportunity for the market.

The major players in the solid state radar market are Lockheed Martins (US), Raytheon Technologies (US), Honeywell (US), Thales Group (France), Leonardo (Italy), Elbit Systems (Israel), Garmin (US), Indra (Spain), Wartsila (Finland), and Teledyne Flir (US), Furuno (Japan), Terma (Denmark), Aselsan (Turkey), Tokyo Keiki (Japan).

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Opportunity: The rise in adoption of unmanned aerial vehicles

Unmanned Aerial Vehicles (UAVs) are primarily used in the military domain. They can also be used in the civilian domain as remote sensing tools. Various countries, such as China, Russia, and Israel are developing UAVs for intelligence gathering, surveillance, and reconnaissance missions. New generation UAVs are being used for various combat missions, including attacks on hostile ground targets. Combat UAVs, such as the Predator and the Heron, have been developed by the US and Israel, respectively. These UAVs use various synthetic aperture radars for airborne mapping. The increasing adoption of lightweight combat UAVs equipped with solid state radars is expected to create an opportunity for the solid state radars market.

Challenge: Susceptibility to new jamming techniques

Radar jamming involves the deliberate emission of radio frequency signals that interfere with the operations of a radar. Jamming can be done with the help of two main techniques, namely, noise technique and repeater technique. Solid state radars are susceptible to a jamming technique depending on their range, size, and nature. New electronic radar jamming techniques use interfering signals to block the receiver with highly concentrated energy signals, thereby effectively blocking the signal from reaching the airborne radar and stopping it from functioning effectively. The susceptibility of solid state radars to novel jamming techniques may challenge the growth of the market in the near future.

Forecasting Remarkable CAGR-driven Growth in the Worldwide Medical Alert Systems Market by 2026

The medical alert systems market size is projected to reach USD 11.1 billion by 2026 from USD 8.2 billion by 2023 it is expected to grow at a CAGR of 10.3 % during the forecast period.

The medical alert systems market has been witnessing significant growth over the past years, mainly owing to the increased geriatric population, favorable healthcare policies and strong focus on financial assistance to considerably boost the medical alert systems market in the coming years. 

Philips (Netherlands) ,Connected America (US) ,Valued Relationships (US) ,Medical Guardian (US) ,ADT (US) Guardian Alarm (US), Bay Alarm Medical (US), MobileHelp (US), Alert1 (US), and LifeFone (US) are medical alert systems companies operating in the market.

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Opportunity: Revolution brought by emerging technologies such as IoT and AI

The revolution brought by emerging technologies such as the Internet of Things (IoT) and artificial intelligence (AI) has provided tremendous opportunities to the players in the medical alert systems market. State-of-the-art technologies can be used to create a difference in the medical alert systems market, and the stakeholders can leverage it by timely implementation. AI-driven systems, along with predictive analytics, help in automatic fall detection and wanderer control, as well as provide notification to caregivers. Companies such as Xsens (Netherlands), Xander Kardian (US), and Qventus (US) have built AI-powered fall detectors for elderly individuals. CarePredict (US), an AI-driven health technology company, uses AI to detect any change in the activity and behavior patterns among the elders and helps them in independent living. The impact of such technologies is remarkable and has a humungous potential soon in the medical alert systems market.

Challenge: Supply chain disruptions caused due to outbreak of COVID-19

The outbreak of the COVID-19 pandemic has affected the global supply chain of the medical device industry owing to the lockdowns imposed across many countries during the first and second quarters of 2020. The supply chain of medical devices is complex and depends on several suppliers from disparate locations to synchronize with each other. The shortage of even a single component can hold up an entire production line, resulting in inventory and cashflow backlogs. Unless the entire supply chain of the medical device market is operational and functioning smoothly, their production is challenged and constrained.

Unveiling the Evolution and Trends within the Smart Appliances Market

The global smart appliances market in terms of revenue was estimated to be worth USD 33.8 billion in 2021 and is poised to reach USD 76.4 billion by 2026, growing at a CAGR of 17.7% from 2021 to 2026. The new research study consists of an industry trend analysis of the market.

the market for smart appliances has experienced significant growth, primarily due to the increasing demand for smartphones, and the availability of wireless solutions is also expected to significantly boost the market in the near future. These factors will drive market growth through the end of the forecast period.

Significant percentage of the population in these regions still find high-end smart home appliances with advanced technologies unaffordable. In Asian countries such as India and China, a sizeable portion of the population cannot afford even basic home appliances. Thus, the high cost of purchase, as well as maintenance, can hinder the growth of this market at a global level.

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Driver: Rising availability of wireless connectivity solutions

Wireless solutions not only reduce the usage of wires but also help to avoid the reconstruction of existing homes, thereby offering flexibility to end users. A variety of new wireless protocols have been developed to improve the working of smart appliances. The advent of ZigBee and Z-Wave, apart from the existing technologies such as Bluetooth and Wi-Fi, is likely to bring about major technological advancements in the smart appliances market. ZigBee alliance control ZigBee protocol is a lower power specification based on the IEEE 802.15.4 standard for personal area networks. It uses less power and provides better coverage. Z-Wave can be used for all kinds of wireless applications. It can be used to connect sensors in security systems, locks, smoke detectors, and other smart appliances in the house.

Restraint: Concerns about data privacy among end-users

Internet users and smartphone users are concerned about possible misuse of their personal information, such as names, email addresses, home addresses, dates of birth, and credit card numbers. Furthermore, smart appliances are mostly controlled through smartphone apps developed by companies; companies capture consumer data through these apps, which further increases consumer concerns over their privacy. Thus, privacy concerns are a potential barrier to the growth of the smart appliances market.

Opportunity: Integration of new technologies, such as AI, with smart appliances

AI technologies make products think like humans. They help to understand how the human brain thinks, learns, decides, and works. AI has become very popular in today’s world. It has applications in different industries like healthcare, manufacturing, banking, and automotive. Smart appliances companies are working to in-build AI in products to make them more personalized and convenient for consumers.

AI will help to identify usage patterns, user preferences, and opportunities for additional technologies. It helps in identifying gaps in the usage and capabilities of smart appliances. This will give companies working in the field of smart appliances an opportunity to enhance their products to meet customer requirements in the future. For instance, LG Electronics (South Korea) introduced its new AI-enabled Proactive Customer Care for personalized support and alerts. On purchase of certain LG appliances, users get this complimentary Proactive Customer Care service through the LG ThinQ app. The app is available for both iOS and Android phones.

Challenge: High cost associated with installation of smart appliances

Smart appliances are relatively expensive as compared to conventional appliances. To connect all the appliances in the house, they must be connected via a common interface for communication. Installation costs can range from USD 50 to USD 1,000, depending upon the number of appliances and technology used. Although it is beneficial for the long run, attracting consumers at these costs can be a challenge for companies. Currently, smart appliances are installed in most American and European homes.

Waterjet Cutting Machine Market Growing Rapidly with Latest Rising Trend & Forecast By 2026

Global Waterjet cutting machine market share is projected to reach USD 1.5 billion by 2026, Growing at a CAGR of 6.2% during the forecast period. The market is driven by rising adoption of waterjet cutting machines across different industries, growing automotive industry, and operational excellence offered by waterjet cutting machine.

Moreover, growing inclination of SMEs towards industrial automation and increasing demand for waterjet cutting machine from industries in APAC are expected to to create high growth opportunities for the market over the forecast period. However, high cost of ownership and development of cost-effective technologies could affect the market growth.

The major playersin the waterjet cutting machinemarket are Omax (US), Flow (US), Koike Aronson (US), Wardjet (US), Dardi (China), Lincoln Electric (US), Techni Waterjet (Australia), KMT (US), Colfax (US), Waterjet Sweden (Sweden), Innovative (India), Hornet Cutting System (US), Jekran (Malta).

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Which industries and region is expected to create growth opportunities for the market?

Industries such as automotive, food, electronics, and aerospace in emerging markets are registering a high growth rate, which is projected to drive the market for waterjet cutting machines. Automation is considered the largest and fastest-growing segment in the cutting industry as it considerably increases productivity and safety and reduces time, which fuels the demand for waterjet cutting machines. Additionally, the increased population in APAC produces an increased demand for effective mobility.

Many countries across the APAC region stand out as strong competitors in the automotive sector. Countries such as Japan, China, and South Korea have car manufacturing companies.Waterjet cutting machines are likely to have a huge impact on the automotive, aerospace, and electronics industries, as they can be used to cut any materials used in industries.

How is development of cost-effective technologies challenging the market growth?

The waterjet cutting technology can be an expensive one for industries; however, they play an important part in various applications. Sensitivity, selectivity, stability, cost, and portability are the aspects that customers consider while purchasing such equipment. For instance, cutting machines based on waterjet technology are more expensive than machines based on traditional cutting technologies; however, these machines are far better in accuracy and reliability than the traditional ones. These devices are designed to meet requirements such as high sensitivity and selectivity but are highly-priced. Therefore, it remains a challenge to design a cost-effective technology that is affordable for consumers.