Cold chain is a logistics system which helps maintain the ideal storage conditions for perishable items while transporting them from the point of origin to the point of consumption in the supply chain. The aim of the cold chain is to reduce spoilage and retain the quality of products till their consumption.
The cold chain infrastructure comprises pre-cooling facilities, cold storages, packaging, refrigerated carriers, warehousing, and information management systems (traceability and tracking). It plays a major role in the logistics of various products, such as pharmaceutical drugs, seafood, frozen foods, and agricultural goods.
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The systems also maintain the nutritional content of the food items as well as increase their shelf life. In the coming years, these systems are expected to witness the fastest growth in demand by the chemicals & pharmaceuticals industry due to the rising requirement for pharmaceuticals across the globe, especially from the African region, as the countries in this region lack proper pharmaceutical industry setup.
With ease of doing business and increasing globalization, it has become easier to produce vaccines and other pharmaceutical products on one side of the earth and transport them to other. However, it is crucial to store these products at a specified temperature to maintain their viability, thereby necessitating the use of industrial refrigeration systems.
Due to this, the industrial refrigeration systems market is expected to register a 5.8% CAGR, generating $33.6 billion revenue, in the near future.
Industrial refrigeration systems are used in various industries, such as oil & gas, food & beverage, chemicals & pharmaceuticals, manufacturing, and construction. These systems were most heavily deployed in the food & beverage industry during 2013–2017. This was because of the ability of refrigeration systems to maintain the freshness of food and beverages over a long period.
Global Industrial Refrigeration Systems Market Segmentation
Market Segmentation by Equipment Type
Shell and tube
Others (includes pumps, valves, vessels and auxiliary equipment)
The power electronics market is witnessing growth due to the rising requirement for higher power density and inclusion of power electronic devices in utility applications. It valued $12.9 billion in 2015 and it is projected to reach $20.0 billion by 2022, advancing at a CAGR of 6.2% during the forecast period (2016–2022).
The power electronics market is witnessing the trend of huge investments by market players in research and development (R&D) to stay ahead of their competitors. This is being done by companies to achieve innovations and come up with superior products and technologies to gain a competitive advantage over other players.
Power electronics are devices that convert electrical energy into different energy forms. They are mainly of three types — power discrete, power integrated circuits (IC), and power modules. R&D activities can provide better products in terms of efficiency, which is a key criterion for customers while deciding to procure a product or technology.
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Another trend in the power electronics market is the rising applications of these devices across various sectors. The automobile sector is emerging as a major application area for power electronic devices. The demand for such devices in the automotive industry is witnessing a rise due to the evolution of hybrid electric vehicles and electric vehicles.
The inclusion of infotainment systems in automobiles is further adding to the demand for high-power-density power electronic devices. Industries such as defense, telecom, consumer electronics, and healthcare are other application areas of these devices.
The global display driver integrated circuit market is expected to witness substantial growth during the forecast period. Growing demand for electronic devices such as personal computers (PCs), televisions (TVs), smartphones, and others; increasing adoption of organic light-emitting diode (OLED) panels in display technology to enhance the integrated circuit (IC) capabilities are the prime factors propelling the growth of the market, globally.
On the basis of display type, the DDIC market is categorized into liquid crystal display (LCD), light-emitting diode (LED), OLED, and others, wherein others category includes thin film transistor (TFT), cathode-ray tube (CRT), and vacuum fluorescent display.
Rising smartphone penetration is a major driving force observed in the DDIC market across the world. Increasing disposable income, changing lifestyle of the people, and rising consumer spending on media and entertainment are the major factors propelling the smartphone penetration, globally.
Globally, the Asia-Pacific (APAC) DDIC market is predicted to witness the fastest growth during the forecast period, owing to the presence of major manufacturing hubs for display technologies in countries, such as China, Japan, South Korea, and Taiwan.
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Some of the major players operating in the global DDIC market are Samsung Electronics Co. Ltd., Panasonic Corporation, Novatek Microelectronics Corp., Himax Technologies Inc., Silicon Works Co. Ltd., NXP Semiconductors N.V., Synaptics Incorporated, MagnaChip Semiconductor Corporation, Infineon Technologies AG, and Rohm Semiconductor Co. Ltd.
The Asia-Pacific outdoor lighting market was estimated to generate revenue of $5.6 billion in 2018 and is projected to advance at a CAGR of 11.1% in the forecast period (2019–2024), according to P&S Intelligence.
The key factors driving the market are the growing government initiatives toward energy preservation, development of smart cities, and decreasing prices of light-emitting diodes (LEDs). Outdoor lighting refers to the use of lights to brighten up streets, parking lots, and highways for offering convenience and safety during the night.
On the basis of lighting type, high-intensity discharge (HID) lamps, LED lights, fluorescent lights, and plasma lamps are the categories of the outdoor lighting market in Asia-Pacific. Out of these, in 2018, LED lights were the largest revenue contributor in the sector with over 65.0% share, as these enable effective consumption of light intensity controls, thereby saving energy.
When segmented by component, fixture and control are the two sub-divisions of the APAC outdoor lighting market. Among these, in 2018, the fixture sub-division accounted for the larger revenue share. Fixtures are used to create artificial lights with the help of various lighting sources to illuminate spaces during night time.
Due to this benefit, LEDs are preferred as an ideal light source in outdoor spaces, such as parking lots, streets, and stadiums, thus resulting in the growth of the domain.
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Due to the increasing installation and acceptance of fixtures for outdoor lighting, the category will continue dominating the market in the near future. However, in the coming years, the control category is anticipated to experience faster growth, at a CAGR of more than 10.0%.
Hence, owing to the cost-effectiveness of LED lights and high demand in smart city projects, the Asia-Pacific outdoor lighting market is prospering.0
From $4.2 billion in 2018, the metering pump market is projected to reach $5.6 billion by 2024, advancing at a 6.0% CAGR during the forecast period (2019–2024). Strict government regulations for water treatment and the increasing demand for metering pumps from the oil & gas and chemicals sectors are driving the market.
Metering pumps are devised to move fluids, such as chemicals, water, and solutions, in a precise volume in a specified time at flow rates that are adjustable.
These pumps help reduce the maintenance requirements and energy costs, improve the operational efficiency, and enhance the overall productivity. Therefore, manufacturers are producing energy-efficient pumps, for instance, the IX series launched in 2017 by Walchem. It consists of digitally controlled direct-drive diaphragm pumps equipped with energy saving characteristics.
The metering pump market is observing a high demand for energy-efficient devices. Many industries conduct heavy pumping activities, which result in an increased energy consumption. This contributes heavily in raising the operational costs, to counter which the demand for energy-efficient metering pumps is witnessing a rise.
The rising demand for such devices from the oil & gas industry is contributing to the growth of metering pump market globally . The requirement for metering pumps in the industry is due to their application in the extraction of natural gas & oil as well as in midstream processes, where the dosing of corrosion inhibitors is carried out.
The increase in crude oil extraction activities by nations such as Russia, Iraq, the U.S., and Saudi Arabia is driving the demand for metering pumps. Among these, in 2018, the largest amount of crude oil was produced in the U.S.
In 1990, less than 1% of the global population had access to the internet, which has drastically increased to more than 47% in 2018, as per the World Bank. With the majority of the population of the world concentrated in the Asia-Pacific (APAC) region, it is home to a greater number of internet users compared to others.
Access to the internet has helped in bringing people closer by providing a smooth communication channel; however, it has also made people prone to numerous cyber-crimes. As the internet ecosystem in emerging economies is still underdeveloped as compared to developed nations, it has been found that companies in APAC are 80% more likely to be targeted by hackers.
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Therefore, to avoid such incidents in the future, governments in the APAC region are increasingly investing in cyber security by deploying various network security products, such as intrusion detection systems, firewalls, e-mail security systems, and application security systems.
Physical networking devices that are used for communication and interaction between electronic devices over an established network are collectively referred to as networking equipment. The equipment helps in combining, switching, splitting, boosting, and directing the information flow over a computer network.
According to a P&S Intelligence study, the APAC networking equipment market is predicted to reach $42,753.4 million in the near future, advancing at an 11.3% CAGR. The networking equipment comprises the following types of devices: bridges, routers, repeaters/boosters/range extenders, switches, access points, security devices, storage devices, modems, cables, and network interface cards (NIC)/ adaptors.
In the past, the highest demand was for routers due to an increasing requirement for high-speed data transmission from consumers. Routers deliver data packets to the destination network by receiving them, analyzing the internet protocol destination, and transmitting the data packets within or to another network.
As per a research conducted by P&S Intelligence, the APAC physical security market is predicted to attain a value of $57.9 billion, with a CAGR of 14.3%, in the coming years, increasing from $26.3 billion in 2018.
The crime rate in the countries in Asia-Pacific (APAC), such as India, China, Indonesia, Singapore, and Vietnam, is increasing significantly. For example, according to the National Crime Record Bureau, in 2016, the crime rate in India rose by 2.6%, among which the crimes under the Indian Penal Code increased by 0.9% and Special and Local Law increased by 5.4%. The condition is the same in other countries in the APAC region.
In addition to these, there has been a significant rise in terrorist threats in the region; approximately 300 terrorist attacks were recorded in the region during 2012–2018. Ascribed to these factors, the concern regarding security is on a rise, which has led to the deployment of physical security systems by various regional countries.
Physical security systems include access control system, perimeter intrusion detection system, road blocker, video surveillance system, automatic security gate, under vehicle inspection system, and metal & weapon detection system. These systems are deployed to ensure the safety of a facility and the protection of life of personnel.
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Physical security systems are used for the safety of various sectors and settings, such as government & transportation, banking, financial services, & insurance (BFSI), hospitality & healthcare, industrial & manufacturing, retail, education, residential, and commercial buildings/offices. Other settings include warehouses, data centers, fitness centers, amusement parks, and game parlors.
The India e-cigarette market reached a value of $7.8 million in 2018, and it is further predicted to witness a CAGR of 26.4% during the forecast period (2019–2024). The factors positively impacting the growth of the market are the rising awareness regarding health and increasing demand for ashless vaping devices.
Instead of burning tobacco, e-cigarettes heat liquid nicotine or flavors to produce mist, in order to provide sensations similar to smoking, on puffing. E-cigarettes were developed as alternatives to traditional tobacco cigarettes.
On the basis of distribution channel, the Indian e-cigarette market is categorized into online, hypermarket/supermarket, tobacconist, vape shops, and others (which include pharmacies and vending machines).
Among these, the category of tobacconists dominated the market during the historical period (2014–2018); however, online distribution channels are expected to take over the market, in terms of value, during the forecast period by witnessing the highest CAGR. This is because the said channel provides several discounts and promotional offers to attract a huge consumer base.
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In terms of type, the Indian e-cigarette aftermarket is divided into battery & charger, refill, and others. The division of others includes cleaning kits, portable chargers, atomizers, coils, and tanks.
Out of these, the division of refills accounted for the major share of the aftermarket during the historical period and is expected to retain its position during the forecast period, during which it is also predicted to grow at the fastest pace. This is due to the shift toward e-cigarettes from conventional tobacco cigarettes in the country.
China vacuum pump market is being driven by the growing demand for such devices from the pharmaceutical, semiconductor, and chemical industries. In 2018, the sale of such equipment generated $1.2 billion, and the market is projected to progress at a CAGR of 8.7% during the forecast period (2019–2024) to value $1.9 billion by 2024.
A vacuum pump is used to remove all the air and gas molecules from an area to create a partial vacuum.
The industry in China is currently growing faster than most other countries due to the increasing investments, favorable government policies, and easily available labor at low cost. In 2018, China accounted for almost 40.0% of the global chemicals production.
Such devices can handle fluids of high and low or even variable viscosity and liquids with a high amount of entrapped gas or air molecules., which makes them the preferred choice among industries which process food, beverages, and other substances.
Based on type, the vacuum pump market in China is classified into regenerative, momentum transfer, positive displacement, and other pumps. During the historical period (2014–2018), the positive displacement classification led the market in terms of revenue as well as total sales.
Thus, the deployment of vacuum pumps would rise in China to meet the set targets of semiconductor & electronics and chemical & and pharmaceutical production.
The Saudi Arabian HVAC market is growing on account of the rising infrastructure spending and expanding hospitality sector in the country. In 2018, the sale of such systems generated an estimated revenue of $1.9 billion, which is expected to rise to $2.4 billion by 2024 at a CAGR of 4.5% during 2019–2024 (forecast period).
HVAC systems cool or heat a closed space, maintain the flow of fresh air and remove contaminants, either as standalone devices or integrated ones.
When segmented by type, the Saudi HVAC market is divided into cooling, ventilation, and heating systems.Among all these, cooling systems dominated the market throughout the historical period (2014–2018) in terms of value and volume, and will continue doing so in the forecast period, wherein this division is also predicted to grow the fastest. This is because of the perpetually hot regional weather, which necessitates the installation of such devices in buildings and various other enclosed spaces.
One of the primary reasons for the growth of Saudi Arabia HVAC market is the increase in the number of infrastructure projects in the country. For instance, the metro system is being constructed in Riyadh at a cost of around $23.0 billion to be completed by 2021; the system will have 85 stations over 109 miles of route length.
Similarly, the under-construction Jeddah Metro will consist of 46 stations. All these stations will be equipped with HVAC systems for cooling and ventilation purposes, thereby boosting the market progress.
Therefore, as the number of tourists, hotel rooms, and civic infrastructure projects increase further inthe nation, so will the sale of HVAC systems.