6 days ago

As the global population and economy continue to grow, the demand for high-end construction projects as well as affordable ones is rising. The construction sector takes into account projects ranging from residential buildings and commercial buildings to public spaces and transport facilities, such as railway stations and airports.

The global construction sector stood at $10.5 trillion in 2017, and is predicted to grow to $12.8 trillion by 2022. There are many such construction projects, which are in the pipeline. In Chicago, U.S., about 42 high-rise projects are under-construction, as of 2019.

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Further, the tourism sector is witnessing growth, which is resulting in the development of better airports across the world. One such example is of China, which plans to build around 136 new airports by 2025 in the country.

Such commercial spaces and residential projects require a centralized cooling system, for which chillers are used. These are compressor-based machines, which via an absorption-refrigeration or vapor compression cycle, remove heat from a liquid for cooling large facilities.

These machines generate chilled water, which is then used for cooling purposes. The growth of chiller market is predicted to advance at a 4.9% CAGR during the forecast period (2019–2024), as predicted in a P&S Intelligence study.

Chillers are of the following type: reciprocating, absorption, centrifugal, scroll, and screw. In 2018, the highest demand was for the screw type chillers, which are more efficient than centrifugal chillers; they work by a positive displacement compression technique.

12 days ago

Valued at $9.1 billion in 2018, the global position sensor market is expected to generate $14.2 billion by 2024, witnessing a 7.7% CAGR during the forecast period (2019–2024). In terms of rotary position sensor type, the largest revenue to the market was contributed by rotary encoder in 2018.

A major driver of the position sensor market is the expanding packaging industry. The packaging industry is witnessing rapid growth around the world, primarily in emerging countries such as India and China. In India, the plastic packaging industry expanded at a CAGR of over 14% during 2010–2017.

This growth is ascribed to the expanding pharmaceutical and food packaging sectors and swift increase in exports which require superior packaging standards for international markets. Since the packaging industry makes extensive use of position sensors in packaging machines, the growth of the packaging industry is projected to drive the market.

On the basis of geography, the Asia-Pacific region contributed the highest revenue to the position sensor market in 2018, with China accounting for the major share of the market. The reason for this was the growing focus of the government toward local production of aircraft and presence of large manufacturing hub in the country.

For example, as per the ‘Made in China 2025’ industrial plan, through which the government is aiming to replace the imports with local products, the government of Beijing invested $14 billion for the establishment of Aero Engine Corporation of China to build CJ-1000A turbofan jet engine in order to power C919, an indigenous airliner.

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Aircrafts utilize position sensors for various applications such as engine controls, flight control, and throttle & brake positioning. Therefore, the demand for position sensors is projected to increase with the rising production of aircrafts in the country. 

20 days ago

From garnering $902.9 million in 2018, the ASEAN air compressor market is predicted to generate $1,126.9 million by 2024, witnessing a 3.6% CAGR during the forecast period (2019–2024). A shift toward energy-efficient air compressors, flourishing automotive industry, and increasing construction activities are influencing the market positively.

ASEAN, short for the Association of Southeast Asian Nations, has Vietnam, Laos, Cambodia, Brunei, Thailand, Singapore, Myanmar, the Philippines, Indonesia, and Malaysia as its members. A mechanical device which is used for increasing the air pressure by reducing its volume is termed as an air compressor.

An inclination toward oil-free compressors can be observed in the ASEAN air compressor market. Industries such as oil & gas, automotive, textile, food & beverage, power, chemical, and manufacturing use compressors in high numbers.

Based on lubrication, the ASEAN air compressor market is bifurcated into oil-flooded and oil-free. In 2018, the larger value share in the market was accounted for by oil-flooded compressors all throughout the historical period (2014–2018) due to their high demand across various industries owing to their ability to provide high pressure.

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In the food & beverage industry, for product packaging and handling, oil-free compressors are being used. Further, due to their lower discharge pressure, these compressors consume approximately 6.0% less energy than the oil-flooded type, therefore are high in demand.

25 days ago

High sales of smartphones and wearable devices, rising government spending on military equipment, and increasing use of wireless technology are driving the frequency synthesizer market growth across the globe.

Having generated revenue of $837.8 million in 2017, the market is now expected to advance at a CAGR of 6.8% during the forecast period 2018–2023.

Frequency synthesizers create a range of frequencies by dividing or multiplying the base frequency and are widely used in communication devices for providing a stable radio frequency source for enhanced communication. 

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Smartphones and smartwatches constitute a major application area of these devices, globally. Thus, a rise in the sales of these electronics is expected to aid the frequency synthesizer market growth.

In terms of the future growth potential, that offered by the telecommunications industry seems promising. With improvements in connectivity, specifically the advent of 5G, advanced versions of frequency synthesizers capable of supporting the network technology will be required. 

In this regard, two of the largest manufacturers of smartphone chips in the world, Samsung and Intel, are already working toward increasing their acquisition of frequency synthesizers for integration in their devices.

The contribution of wireless technology in the progress of the frequency synthesizer market is quite significant. Wireless technologies, such as Wi-Fi, infrared, Bluetooth, Zigbee, and radio frequency, all use frequency synthesizers to transmit and receive signals.

Coming to the global scenario, North America led the frequency synthesizer market in 2017, generating over 32% of the total revenue. However, during the forecast period, the market is expected to witness the highest CAGR in Asia-Pacific (APAC).

Hence, it can be said that the need for enhanced communication in smartphones and military equipment, especially in the APAC region, will help take the global frequency synthesizer industry forward.

27 days ago

From valuing $1.4 billion in 2018, the global ultraviolet curing system market is projected to grow to $2.4 billion by 2024, registering an 8.8% CAGR during the forecast period (2019–2024).

On the basis of technology, the highest revenue share of more than 65.0% in the UV curing system market in 2018 was held by conventional UV. Owing to the various advantages, such as the ability to cure different substrates and produce a range of UV bandwidths for deep-level curing, conventional UV witnessed the highest demand.

These advantages of the technology were instrumental in its wide adoption in the food & beverage industry, where it is mainly deployed for packaging applications.

The largest share in the uv curing system market in 2018 was held by the conveyer curing type category. During the forecast period, it is also expected to be the fastest-growing category, among other types.

Due to its constant speed, the conveyer ensures that each component gets cured for the same amount of time, which results in uniform ink curing. This has been beneficial in increasing the throughput and facilitating mass production.

Considering end users, in 2018, the largest share of the UV curing system market was held by the automotive industry. In the forecast period, the fastest growth is expected to be witnessed by the electronics industry.

about 1 month ago

The global average temperature in 2017 was approximately 0.9 degree Celsius higher than the 1951–1980 average temperatures, according to the National Aeronautics and Space Administration (NASA). The worldwide temperature is increasing due to the release of greenhouse gases, such as chlorofluorocarbons, nitrous gases, carbon dioxide, and methane, into the atmosphere.

Chillers generate chilled water by removing heat from a liquid via an absorption refrigeration or a vapor-compression cycle, which is then used to cool buildings. The global chiller market generated revenue of $7.1 billion in 2018 and is predicted to witness a CAGR of 4.9% in the coming years.

The primary reason for the release of these gases is the excessive burning of fossil fuels, such as natural gas and coal. The end result of all these is that more infrared energy is being released by the surface and absorbed by the atmosphere, which is resulting in the rising temperature. Because of this, the requirement for cooling systems, such as chillers, is surging.

Chillers are of five types: absorption, reciprocating, scroll, screw, and centrifugal. Out of these, screw chillers were the most in demand during 2014–2018. However, in the coming years, the demand for absorption chillers is predicted to increase significantly.

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This is because absorption chillers use energy that is generated from waste heat, for example the heat produced from solar panels or steam from industrial processes, which helps reduce the consumption of electricity. Moreover, these chillers are more reliable and efficient, in addition to having vibration-free operation and not requiring costly maintenance.  

Market Segmentation

Chiller Market Segmentation by Product

Hot water

about 2 months ago

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
Bare tube
Others (includes pumps, valves, vessels and auxiliary equipment)

about 2 months ago

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.

about 2 months ago

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.

2 months ago

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