Until the 1930s, the Saudi economy had little to boast, with the major part of it made by subsistence living, wherein people rely on natural resources for their basic needs. But, since the development of oil fields in 1933, Saudi has become one of the most-important countries for the global economy, as it is the largest exporter of crude oil (petroleum). The kingdom’s financial prosperity, as a result, has sparked a construction boom here, which, in itself, is now a major engine of its economic growth.
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From $3.1 billion in 2018, the geotechnical instrumentation and monitoring market is predicted to reach a revenue of $6.1 billion by 2024. According to the forecast of the market research organization, P&S Intelligence, the market will progress at a CAGR of 11.8% from 2019 to 2024. The market is being driven by the booming construction sector all over the world. Additionally, the increasing focus of the governments of several countries on developing sustainable infrastructure and rapid urbanization are also driving the growth of the market.
With rapid urbanization, the number of infrastructural development projects is rising. Moreover, many countries are making huge investments in these projects in order to cater to the needs of a booming population. For instance, an overall investment of $11 trillion was made in the global construction industry in 2017, and this is predicted to rise to $13.5 trillion by the end of 2024. The expansion of the construction industry is being propelled by the surging number of infrastructural development projects in countries, such as the U.S., India, and China. Besides, the construction of skyscrapers in several countries, on account of the growing migration of people from rural areas to cities and rapid urbanization, is also fueling the growth of the geotechnical instrumentation and monitoring market. This is because geotechnical instruments are needed in the planning phase of skyscrapers in order to determine the specifics regarding the foundation of these structures. According to various reports, around 55% of the global population resided in urban areas in 2018, and this share is predicted to rise to 68% by 2030. Depending on component, the market is divided into services, software, and hardware. Out of these, the services category held the largest share in the market in the past, and it is predicted to contribute the highest revenue to the market in the upcoming years as well. This is credited to the burgeoning requirement for these services for continuously monitoring critical structures in the energy and power sector. Additionally, the rising focus on monitoring old and critical structures, such as dams, because of the implementation of strict safety regulations by several governments, is also positively impacting the growth of the industry. Across the world, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the geotechnical instrumentation and monitoring market in the coming years. This is attributed to the surging number of infrastructural development projects in regional countries, such as India and China. Moreover, China is making huge investments for countering the effects of the economic slowdown. For instance, the Chinese government has given approval to 27 projects and invested $219.4 billion in these projects since 2018. The International Energy Agency (IEA) states that the stock of battery electric vehicle (BEV) (cars) in China, Europe, and the U.S. increased from 2.6 million in 2019 to 3.5 million in 2020, 1.0 million in 2019 to 1.8 million in 2020, and 0.9 million in 2019 to 1.1 million in 2020, respectively. It also reveals that the stock of plug-in hybrid electric vehicles (PHEVs) (cars) surged from 0.8 million in 2019 to 1.0 million in 2020 in China and 0.8 million in 2019 to 1.4 million in 2020 in Europe.
The expanding electric vehicle (EV) stock, on account of the surging need to reduce carbon emissions, will, therefore, help the battery management system (BMS) market advance at a notable CAGR of 15.0% during 2021–2030. According to P&S Intelligence, the market was valued at $5,661.0 million in 2020, and it will generate $22,279.6 million revenue by 2030. The increasing shift toward EVs can also be credited to the surging government support toward the EV sector, in terms of subsidies and tax rebates. Additionally, the escalating demand for consumer electronics, such as laptops, smartphones, wearable devices, and digital cameras, will also accelerate the adoption of BMS in the foreseeable future. Battery management systems (BMSs) are integrated into such electronic products to control the operation of batteries. Additionally, the rising use of rechargeable batteries in consumer electronics will also create an enormous need for BMSs, as they manage rechargeable batteries by monitoring their health and collecting and reporting data. At present, BMS manufacturers are increasingly offering cloud-connected BMSs as they help forecast the remaining useful life of battery cells, thereby, enabling customers to monitor battery condition. Additionally, cloud-connected BMSs also help identify potential critical failures at an early stage, monitor and analyze battery data, and estimate the precise state of health (SOH) and state of charging (SOC). Owing to these advantages exhibited by cloud-enabled BMSs, EV and consumer electronics manufacturers are shifting from traditional BMSs. In recent years, BMS manufacturers have focused on mergers and acquisitions and product launches to improve their product portfolios. For example, in February 2021, Leclanché SA launched a fully integrated, modular, and all-in-one BMS and a liquid cooling system for an array of novel and retrofit commercial vehicles, such as e-buses, e-trucks, construction & agricultural vehicles, and municipal service vehicles. Other companies working toward expanding their product portfolio are Navitas Systems LLC, Lithium Werks B.V., Renesas Electronics Corporation, Nuvation Energy, and Storage Battery Systems LLC. The automation of the retail sector has led to effective warehouse and inventory management, increased physical store management efficiency, and enhanced omnichannel presence for retailers. The accelerating automation rate has also led to the adoption of electronic shelf labels (ESLs) at retail stores as they are useful in scheduling service and delivery and displaying and managing product information. Additionally, these automated solutions are used for the execution of daily tasks. Thus, the surging focus of retail stores on increased functional efficiency will fuel the adoption of ESLs in the coming years.
Moreover, the escalating digitalization rate in this sector will help the electronic shelf label market prosper during 2021–2030. According to P&S Intelligence, the market revenue stood at roughly $800 million in 2020. The increasing deployment of ESLs can also be attributed to the burgeoning demand for price optimization among retail stores. ESLs enable easy updates, time saving, and reliability, owing to which retailers gain a competitive edge. In contemporary times, full-graphic e-paper ESLs are preferred over liquid crystal display (LCD) and segmented e-paper ESLs due to the former’s low cost, high energy efficiency, and ability to project graphical objects. Displays, microprocessors, batteries, and transceivers are the major components of the aforementioned labels, which are based on the infrared, radiofrequency, and near-field communication (NFC) technologies. All these products are available in different display sizes — less than 3 inches, 3–7 inches, 8–10 inches, and more than 10 inches. At present, ESL manufacturers, such as Altierre Corporation, NCR Corporation, Displaydata Limited, Pricer AB, SoluM Co. Ltd., Diebold Nixdorf Incorporated, Panasonic Corporation, Samsung Electro-Mechanics Co. Ltd., E Ink Holdings Inc., CLEARink Displays Inc., and SES-imagotag, are signing partnership agreements to facilitate the penetration of ESLs in the retail sector. For example, in April 2021, E Ink Holdings Inc. entered into a partnership with DATA MODUL AG to become a supplier of ESLs to the European and U.S. retail, medical, and internet of things (IoT) industries. Geographically, the North American region led the electronic shelf label market in the recent past, and it is expected to continue its lead in the foreseeable future, owing to the increasing preference for the technology among the expansive chains of retail outlets, such as Wal-Mart, in the U.S. and Canada. Moreover, the favorable government initiatives aimed at increasing the integration of automated products and enhancing technological development across the retail sector will result in the large-scale adoption of ESL products in the region. Medication management systems enable healthcare practitioners to prescribe medications electronically. These are designed to assist healthcare providers in collecting, storing, sharing, and retrieving patients’ information in an efficient manner to enhance care of the patients. These systems consume less time and require less workforce. Utilization of these systems facilitates the operations of hospitals by offering services, such as prescription of medicines, monitoring medicine administration, and automated dispensing of medicines. Moreover, the systems curtail errors by offering appropriate dosage calculations and improve legibility of prescriptions.
The ability of the medical aesthetic treatments to provide enhanced physical appearance and thus, higher self-esteem and better psychological state is making these treatments highly sought-after across the world. Medical aesthetic treatments like botox play a major role in alleviating the problems of migraines and excessive sweating. In addition to this, the rising usage of dermal fillers for filling the facial wrinkles lines, mainly on account of the surging geriatric population, increasing prevalence of accidents, and soaring popularity of cosmetic treatments is another important factor pushing the demand for medical aesthetic treatment procedures.
One of the major factors propelling the demand for laboratory filtration technology across the world is the soaring utilization of laboratory filtration products in the food and beverage industry. Membrane filtration processes are bring increasingly incorporated in the food and beverage industry owing to their extremely high efficiency in clarification, fractionation, concentration, and purification methods. Due to the incorporation of these highly effective methods, the quality of the food items increases drastically.
A number of developing countries, including China and India are registering strong economic growth, because of which, the government is becoming more inclined towards spending on building world class infrastructure. The disposable income of people is rising as well, thereby allowing them to migrate to urban cities. Ascribed to all this, the construction industry across the globe is growing rapidly, as large number of commercial and residential buildings are being built for facilitating the increasing number of people coming to urban areas. A large number of products are utilized during the construction process, hence, the expansion of the industry is creating demand for these products as well.
As per the 2019 edition of the BP Statistical Review of World Energy report, in 2018, the worldwide demand for energy grew by 2.9%, which was significantly higher than the previous 10 years’ average of 1.5%. This was a result of the increasing population around the world, especially in Asia-Pacific (APAC) and Latin America, which is leading to the rising demand for residential, commercial, and industrial infrastructure. With the rising consumption of electricity, the emission of greenhouse gases (GHG) has also increased, finally reducing in 2019, as per the International Energy Agency (IEA).
Distributed Energy Generation Systems: Promoting Home Power Independence and Saving the Planet1/14/2022 With the air quality reaching hazardous levels and the carbon emissions rising at alarming rates in several countries, environmental conservation is rapidly becoming a priority for governments all over the world. As a result, they are increasingly taking various initiatives for raising public awareness about the environmental degradation caused due to the usage of fossil fuel-based power and promoting the adoption of renewable and green energy sources such as solar, hydro, biomass, and wind for electricity generation.
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September 2022
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