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The Silent Scan Technology Market size is forecast to reach $4.8 billion by 2026, growing at a CAGR of 5.8% during the forecast period 2021-2026. Silent scan technology consists of various types of imaging modalities such as diagnostic imaging and magnetic resonance imaging systems that are used to get visual representations of the interior of a body. It includes various types of modalities that are used for imaging the human body. It is used for treatment of various diseases and human body for diagnosis. It plays an important role in health improvement. Technical advancements in silent scan technologies, increasing incidences of chronic diseases, and increasing number of medical imaging procedures in ambulatory surgical centres are the major factor driving the growth of the market. Increasing healthcare spending and increasing awareness for early diagnosis of clinical disorders are set to further enhance the overall market developments of the Silent Scan Technology Market for the period 2021-2026.

Silent Scan Technology Market Segment Analysis – By Technology

Diagnostic Imaging held the largest share in the Silent Scan Technology Market in 2020 and is estimated to grow at a CAGR 6.4% during the forecast period 2021-2026. This is owing to the increasing incidences of associated diseases and increasing technological advancements. Silent Scan technology use less changes in gradient excitation levels and is directly related to noise levels. Increasing demand for accurate and early diagnosis, and increasing adoption of CT scanners by hospitals is also increasing the growth of the segment. Several patients prefer efficient diagnostic imaging services. Patients wait for shorter period of time and have access to treatments using the latest technologies and more personalized service along with some other complimentary services. Diagnostic Imaging are estimated to register the higher CAGR

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Silent Scan Technology Market Segment Analysis – By End Users

Hospitals held the largest share in the Silent Scan Technology Market in 2020 and is estimated to grow at a CAGR 5.5% during the forecast period 2021-2026. This is attributed to the increasing demand for advanced imaging systems and silent scan technologies. Hospitals provide dedicated space for silent scan technology owing to increasing competition and increasing demand for healthcare service. There is maximum availability of funds for investments in systems such as MRI. Ambulatory Surgical Centres are estimated to register the higher CAGR over the period 2021-2026.

Silent Scan Technology Market Segment Analysis – By Geography

North America dominated the Silent Scan Technology Market with a major share of 38.2% in 2020. This is attributed to the highly efficient diagnostic imaging services at low prices, availability of more personalized services using the latest technologies, and increasing technological advancements in silent scan technologies.

However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the favorable reimbursement scenario and high patient awareness. Increasing incidences of chronic diseases and increasing preventive diagnostic practices is also increasing the growth of the market in this region.

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Silent Scan Technology Market Drivers

Increasing Prevalence of Chronic Diseases

The increasing prevalence of cardiovascular diseases is increasing the growth of the Silent Scan Technology Market. Some of the major factor of chronic diseases includes unhealthy diet, usage of tobacco, and physical inactivity among others which raises the blood pressure and blood glucose causing overweight and obesity. Along with the rapid increasing population globally, the prevalence of age-associated diseases such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, along with cardiovascular diseases and cancer is also increasing. Thus, increasing the growth of the Silent Scan Technology Market during the forecast period 2021-2026.

Technological Advancements

Technological advancements is increasing the growth of the Silent Scan Technology Market. Technological advancements has enabled the manufacturers to develop imaging systems that contains an ingestible flow sensors inside it. Increasing technical advancements in imaging systems has provided an opportunity to bio manufacturers. The majority of advancements were oriented towards the manufacturing of aseptically filled systems. Thus, increasing the growth of the Silent Scan Technology Market during the forecast period 2021-2026.

Silent Scan Technology Market Challenges

High Competition and Stringent Regulations

Some of the factors that are set to impede the growth of the Silent Scan Technology Market are high competition and stringent regulations. High cost of silent scan technology is also set to hinder the growth of the market.

Silent Scan Technology Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Silent Scan Technology Market. In 2020, the Global Silent Scan Technology Market share is consolidated by the top ten players present in the market. The Silent Scan Technology Market, top 10 companies are GE Healthcare Toshiba Medical Systems, Hitachi Medical Systems America Inc, Philips Healthcare and Siemens Healthcare among others.

Key Takeaways

North America dominated the Silent Scan Technology Market in 2020 owing to the increasing cardiovascular diseases and easy accessibility of silent scan technologies. The Silent Scan Technology Market scope for different regions will be provided in the final report.

Increasing investment funds and increasing demand for early disease diagnosis is likely to aid the market growth of the Silent Scan Technology Market report.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Silent Scan Technology Market report.

High competition and stringent regulations is poised to create the hurdles for the Silent Scan Technology Market.

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Asphalt modifiers market size is forecast to reach US$4.8 billion by 2026, after growing at a CAGR of 5.7% during 2021-2026. This growth is attributed to the accelerating demand of adhesion promoters, flux oil, crumb rubber, polyurethane resin, and phenolic resin based asphalt modifiers from the boosting infrastructure sector due to its rigid properties. In addition, the increased use of asphalt modifiers in roofing applications is also expected to drive the need for asphalt modifiers during the forecast period.  Increased use of the bio asphalt mixture and concrete as a replacement, however, is expected to impede the development of the demand for adhesion promoters, flux oil, crumb rubber, polyurethane resin, and phenolic resin based asphalt modifiers. Similarly, the production and commercialization of environmentally friendly recyclable asphalt could provide market players with a lucrative opportunity.

COVID-19 Impact

Supply lines were disrupted, and building and construction projects were delayed all across the world as a result of the COVID-19 pandemic. Most countries enacted stringent lockdowns and curfews to prevent the spread of the coronavirus. Due to a scarcity of raw materials, labor, and government regulations that compelled ongoing projects to be suspended, this resulted in an economic depression, with construction being one of the hardest-hit sectors. While, in the third quarter of 2020, several local governments took steps to restart road, highway, and building construction projects. After April 2020, Germany's Federal Ministry of Transport and Digital Infrastructure (BMVI) have resumed building and road construction. Since the second half of 2020, countries such as Romania and India have resumed highway and road building. Although other infrastructure sectors were hit hard by the pandemic, the highway sector had a stellar year in 2020-21. A total of 13,298 km of highways were constructed in the fiscal year, compared to around 10,240 km in FY20, a 30 percent rise year over year and a speed of 36.4 km/day. As a result, when compared to the previous year, the construction sector is projected to expand rapidly in 2021.

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Asphalt Modifiers Market Segment Analysis – By Asphalt Type

The warm mix asphalt segment held a significant share in the asphalt modifiers market in 2020 and is growing at a CAGR of 6.1% during 2021-2026. Due to growing concern about environmental issues such as global warming and carbon footprint, the asphalt industry's incentive to minimize greenhouse gas emissions has increased. This has prompted the development of Warm Mix Asphalt (WMA) and related technologies, which aim to reduce greenhouse gas emissions by lowering asphalt mix mixing and compaction temperatures. WMA has grown in favour as a result of the environmental benefits it provides without sacrificing the asphalt mix's qualities, performance, or quality. WMA is made at much lower temperatures (just around 100°C), resulting in decreased energy usage, fewer emissions, reduced ageing, lower mixing and compaction temperatures, cold weather paving, and improved mix workability. The introduction of chemicals into WMA is responsible for the latter of these advantages. In comparison to traditional Hot Mix Asphalt (HMA) processes, WMA perform better, owing to which it is seeing a significant increase in its demand.

Asphalt Modifiers Market Segment Analysis – By Modifier Type

The polymeric modifier segment held the largest share in the asphalt modifiers market in 2020 and is growing at a CAGR of 6.1% during 2021-2026. To increase the flexibility and longevity of asphalt pavements, polymeric modifiers are used across the world. They are simple to use, and the raw materials used to manufacture them are readily available, making them the most common source of asphalt additives in the world. Polymeric modifiers are used to improve the high temperature (rutting) properties of modified materials. Low-density polyethylene (LDPE) and ethylene-vinyl acetate (EVA) are examples of polymeric modifiers used in asphalt modification.  Although polymer modification seems to be the best solution to improve asphalt properties, these systems present three main problems such as poor asphalt polymer compatibility (which influences the stability of the system), higher viscosities during asphalt processing and application, and higher cost, which is restricting the market growth.

Asphalt Modifiers Market Segment Analysis – By Application

The road construction segment held the largest share in the asphalt modifiers market in 2020 and is growing at a CAGR of 8.6% during 2021-2026. To improve the durability of road construction, modifiers such as adhesion promoters, flux oil, crumb rubber, polyurethane resin, and phenolic resin are used to increase resistance to pavement discomfort, such as thermal cracking, rutting, stripping, and more, thus prolonging the service life. The global market for asphalt modifiers has experienced above-normal growth in recent years. The incremental improvements in the consumption of mobility and transport are expected to be experienced over the coming decades. It is projected that annual air traffic will reach 80 trillion passenger-kilometers by 2030. Global volumes of freight are likely to rise by 70%, and an extra 1.2 billion vehicles are predicted to be on the road by 2050. Therefore, the enhancement of the road transport network and the upgrading of highway maintenance operations are projected to take place during the forecast timeframe to satisfy the additional demand, thus increasing the demand for asphalt modifiers.

Asphalt Modifiers Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of more than 40% in the asphalt modifiers market in 2020 and is growing at a CAGR of 6.4% during 2021-2026, because of the central government's drive for infrastructure spending as a way of maintaining economic development; the road and highway construction industry has grown rapidly.  The Asia-Pacific government's substantial expansion of road infrastructure to withstand the expanding manufacturing and service sectors has contributed to significant growth in the road construction sector in recent years. In February 2019, In Himachal Pradesh, the Union Minister for Road Transport and Highways laid the foundation stones for seven National Highway projects worth Rs 4,419 crore (US$627.5 million). In July 2020, the government launched an Rs10000 crore (US$1,350 million) trans-Haryana project, which is a six-lane 304-km project from Ambala to Ismailabad to Kotputali. It is a greenfield project and is expected to be completed by December 2022. Several new road projects are being planned in China’s Yunnan Province and Guizhou Province. A new expressway will connect Chengjiang and Huaning, featuring a design speed of 100km/h. The 63.3km expressway project will cost an estimated US$1.86 billion. Thus, it is expected that such investment and growth will drive the demand for asphalt modifiers in the Asia-Pacific region.

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Asphalt Modifiers Market Drivers

Growing Road Network Construction Projects in Developing Countries

In the developing region, road building and growth activities are projected to increase significantly. The demand for adhesion promoters, flux oil, crumb rubber, polyurethane resin, and phenolic resin based asphalt additives in these nations is projected to be driven by increasing road and highway building activities. The increase in expenditure on infrastructure in various countries can be attributed to the increasing construction of roads and highways for improved transportation and enhanced connectivity between important economic centers in these countries. For instance, according to India Brand Equity Foundation, the infrastructure sector has become one of the major focus areas for the Indian government. In the Union Budget 2020-21, the Indian government announced US$13.1 billion for road and highway construction. In March 2021, the project to rebuild an important road stretch has been awarded in Spain. The package of works is worth €244 million (US$293.8 million) and is for a 70km section of the A4 highway. In May 2021, Brazil announced a major new highway deal. Improvements to the route are expected to total US$1.42 billion.  It is estimated that new road projects will strengthen the road network in both urban and rural areas, which would fuel the demand for asphalt modifiers.

Increasing Demand of Asphalt Additives for Roofing Applications

Asphalt modifiers based on adhesion promoters, flux oil, crumb rubber, polyurethane resin, and phenolic resin are mainly used for waterproofing in roofing applications. It's also used in asphalt-saturated felts, roll roofing, and shingles as a saturate. Asphalt shingles are one of the least expensive roofing applications and are witnessing increased demand from the residential as well as commercial sector. In the UK government’s strategic plan 2018/19 – 2022/23, the government aims to deliver 300 homes, begin construction on 1,000 town center apartments, and launch phase three at Northstowe by 2022/23. By 2030, 40 hospitals will be constructed as part of a £3.7 billion (US44.7 billion) package, according to the European government. In addition, 20 hospitals will receive a share of £850 million (US$1.1 billion) to update obsolete facilities and equipment, with enabling work already underway at many sites. Increasing government investments for the construction and renovation of the residential and commercial sectors is expected to driving the demand for building materials. And as the market for building materials is increasing in various regions, the use of asphalt in these materials is expected to grow. As a result, demand for asphalt additives is expected to grow as these extend the life and longevity of asphalt in roofing applications.

Asphalt Modifiers Market Challenges

Over-Use of Asphalt Modifiers

Recent issues of over-use or misuse of some of these new chemistries have surprised the marketplace and produced many exciting and beneficial chemistries with caution and cynicism. Today, it is difficult for asphalt consumers needing assistance with chemical additives to select between distributor commitments and industry rumors of early road deficiencies that could be more due to the absence of discipline in the use of one or more of the multiple chemistries of modifiers. Thus, the use of asphalt modifiers, extensors, and diluents has greatly magnified the difficulty of designing a cost-effective and efficient formulation for a paving or roofing application, further compounding the complexities of handling changing asphalt consistency also pose a major problem for the asphalt modifiers industry.

Asphalt Modifiers Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Asphalt Modifiers Market. Major players in the Asphalt Modifiers Market are Arrmaz, Arkema SA, BASF Corporation, Honeywell International Inc., Huntsman Corporation, Kao Corporation, Ingevity Corporation, Kraton Corporation, Nouryon, Dupont De Nemours Inc., and Sasol Limited.

Acquisitions/Technology Launches

In February 2021, NEWTLAC 5000, a patented asphalt modifier made from recycled PET materials (waste PET), was developed by Kao Corporation. Although traditional asphalt modifiers increase pavement durability, NEWTLAC 5000's durability is many times greater, resulting in less microplastic output.

Key Takeaways

Asia-Pacific dominates the asphalt modifiers market, owing to the increasing road construction activities in APAC countries. For instance, road work worth Rs. 30000 crore (US$4.0 billion) is under construction in Bihar, India. A total of Rs. 4600 crore (US$621.8 million) has been set aside as reimbursement for land acquisitions.

During the forecast period, high traffic volume and heavier loads on roadways, deferred infrastructure maintenance, emphasis on meeting super-save design specifications, enhanced pavement work-life, and decreased MRO cost benefits are expected to drive market demand.

Future market opportunities are expected to include rising demand for HMA (Hot Mix Asphalt), the rising popularity of reclaimed asphalt pavement (RAP), production of bio-renewable modifiers, advancement of hot mix asphalt technologies, and research into using nanotechnology in asphalt modification (nano-clay).

To promote ride-sharing or car-pooling, highways will need to be gradually retrofitted or expanded with lanes for high-occupancy vehicles. The market for road and pavement construction is expected to be driven by this development, in turn, fueling the demand for asphalt modifiers.

The market growth is likely to be impeded by high initial costs for the use of modified asphalt cement and occupational health hazards concerning asphalt.

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Global Monk Fruit Sweetener Market size is estimated at $825 million in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Monk fruit is a natural sweetener that has 200-250 times more sugar than sugar in its derivatives. It is a melon that is frequently grown in South-East Asian subtropical nations. The antibacterial, antioxidants, and anti-carcinogenic properties of monk fruit sweeteners are expected to influence monk fruit sweetener market growth over the projection period. Monk fruit has been used in Eastern medicine for hundreds of years to treat colds and digestive problems. It is currently used to sweeten foods and beverages. Monk fruit sweeteners are made by removing the fruit's seeds and skin, breaking the fruit, and collecting the juice. One serving of the resulting fruit juice has low calorie foods. Monk fruit sweeteners are allowed to be used in foods and beverages by the US Food and Drug Administration (FDA). Moreover, rising awareness about negative effect of sugar further enhance the overall market demand for Global Monk Fruit Sweetener during the forecast period 2021-2026. Consumers have begun to spend exorbitantly on food products manufactured from health-beneficial substances, therefore the onset of COVID-19 is predicted to modestly raise demand for Global Monk Fruit Sweetener market.

Global Monk Fruit Sweetener Market Segment Analysis – By Nature:

Based on Nature, Organic/Natural Sweeteners Global Monk Fruit Sweetener Segment accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR of 5.4% in the forecast period 2021-2026 owing to high demand for naturally derived sweeteners. The fruitful research and development efforts in the antioxidants sweetener for the manufacture of secure and better commodities to satisfy the rising demand of customers for secure and healthy commodities is set to create a gigantic development opportunity for the sweeteners as a whole and the organic sweetener space in particular in the future. Some vertical experts like Amazon, Walmart and Carrefour have therefore been interested and are focused on boosting their e-retailing progress, competing for an important portion in the online organic sweeteners thereby, driving the industry growth. Conventional/ Artificial Sweeteners Global Monk Fruit Sweetener segment is anticipated to grow with the second fastest CAGR of 3.3% in the forecast period 2021-2026 is expected to be driven by an increase in the number of chocolate and confectionery producers, as well as an increase in the baking industry and a growing awareness of the need of eating ready-to-eat foods.

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Global Monk Fruit Sweetener Market Segment Analysis – By Distribution Channel:

Based on Distribution Channel, Online accounted for the largest revenue market share in 2020. This is owing towards ease of availability of a wide selection of products in various forms and uses as in various flavouring ingredient given by all brands at reasonable discounts. The growing number of smartphone and internet users is the primary driver of sector growth. These businesses give cash back and home delivery services, which contribute to the market's growth. Customers frequently purchase Global Monk Fruit Sweetener with various flavors like artificial sweeteners with antioxidants properties from online websites in order to save time due to the increasingly hectic lifestyle. Furthermore, the online retail segment is expected to account for the largest share of the market, owing to the fact that online retailing offers more discounts and purchase options, and the online platform has grown in popularity as a result of its ability to deliver products to customers' doorsteps. Major corporations, such as Big Basket, are collaborating with internet shops to broaden their customer base. They also create their online portals and websites to promote the growth of the market in order to increase product sales, providing potential for the Global Monk Fruit Sweetener Industry to flourish. Offline is projected to witness the fastest CAGR of 4.9% during the forecast period 2021-2026 as it provides the convenience and variety of options that consumer seeks like natural or artificial sweeteners with antioxidants properties. Specialty merchants are launching several varieties of Global Monk Fruit Sweetener, hence enhancing the market's growth.

Global Monk Fruit Sweetener Market Segment Analysis – By Geography:

Based on Geography, North America Global Monk Fruit Sweetener Market accounted for the 39% revenue share in 2020 owing to their hectic work schedules, millennials, a big demand group in the region, are primarily focused on consuming bakery and confectionery food products. North America has been observed to be the biggest market worldwide owing to the rise in demand for artificial sweeteners with antioxidants properties and its utility as a flavoring agent in many kinds of food products like baked products and confectionaries, making it a big potential market for Global Monk Fruit Sweetener producers. According to U.S. Department of Health and Human service, about 78 million U.S. adults and about 12.5 million children and adolescents suffer from obesity acting as a market opportunity in the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increased convenience food products demand over the projection period which propel the Global Monk Fruit Sweetener Market. The region's bakery business is predicted to grow at a faster rate than the rest of the world, due to growing middle class, economic marketization, urbanisation, and increased social media influence.

Global Monk Fruit Sweetener Market Drivers

Increasing Demand Of Monk Fruit Sweetener In Various Applications:

Global Monk Fruit Sweetener is commonly used in the formulation of pharmaceutical products including cough syrups and tablets. Global Monk Fruit Sweetener's artificial sweeteners is beneficial for a variety of food and beverage products. Consumers growing health concerns, particularly in North America and Europe, have resulted in a trend toward safer, healthier, and higher-quality antioxidants ready-to-eat Monk Fruit Sweetener products aiding growth to the market development. The growing awareness and consumption of fruit sweetener is also aiding to the market developments owing to increase in the obesity population globally. As per the survey by Organization for Economic Co-operation and Development (OECD) in 2015, the predominance of over-weightiness consisting of obesity amidst adults has been noticed to be decidedly high in Europe and North America in comparison with Asian countries. These regions have therefore primarily moved towards sugar substitutes like monk fruit sweeteners that are better and healthier organic choices to opt for, thereby, aiding expansion to the Global Monk Fruit Sweetener Industry.

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Global Monk Fruit Sweetener Market Challenges

Stringent Government Regulations:

The Global Monk Fruit Sweetener Market's growth is hampered by the stringent government regulations globally. In most nations in North America and Europe, legislation has been enacted to safeguard food items against deterioration and contamination caused by poor manufacturing and refrigerated storage practices. The existence of artificial sweeteners on the market, combined with the high cost of Monk fruit sweeteners, offer barriers to the market's growth. In comparison to organic sweeteners, the basic resources required for the creation of artificial sweeteners are easily obtained. The cost of the raw materials used to make organic sweeteners is higher than the cost of the chemicals used to make artificial sweeteners. Artificial sweeteners also need less time and effort to process than natural sweeteners which further restrains the Global Monk Fruit Sweetener Market growth.

Global Monk Fruit Sweetener Market Landscape:

The Global Monk Fruit Sweetener Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Global Monk Fruit Sweetener Market top 10 companies are The ADM company, Tate & Lyle Plc., GLG Life Tech Corp., Monk Fruit Corp., Steviva Brands, Inc., Layn Corp., Firmenich SA., NOW Health Group, Inc., Apura Ingredients and Whole Earth Sweetener Co.

Acquisitions/Product Launches:

In July 2020, Tate & Lyle Plc., launched SWEETENER-VANTAGE™ Expert Systems a set of new and innovative sweetener solution design tools, as well as an education programme, to assist formulators in creating sugar-reduced food and drink using low calorie sweeteners. SWEETENER-VANTAGE™ Expert Systems were created in response to customer demand for more predictive tools to boost product performance and decrease development time. They allowed formulators to address their formulation difficulties more quickly.

Key Takeaways

As customer preferences for low calorie foods in diets and higher standards develop, demand for Monk Fruit Sweetener increases.

Geographically, North America Global Monk Fruit Sweetener Market held the largest revenue share of 39% in 2020 to higher consumption and production of artificial and natural sweetener and its products in the region. The scope of the Global Monk Fruit Sweetener Market for various regions will be provided in the final report.

The Global Monk Fruit Sweetener Industry is expanding owing to emerging applications of bakery and confectionery in food and beverage industry.

The market's growth will also be fuelled by ongoing research and advancements in end use is pushing the Global Monk Fruit Sweetener industry forward during the forecast period 2021-2026.

Fluctuating cost of raw material and changes in tariff policies results in variation in demand needs which is poised to create hurdles for the Global Monk Fruit Sweetener Market.

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The Global Cocoa Butter Consumption Market size is forecast to reach $3.1 billion by 2026, growing at a CAGR of 5.9% during the forecast period 2021-2026. Cocoa Butter is known as theobroma oil is a pale yellow, edible fat extracted from the cocoa beans and is used to make chocolates. It has a cocoa aroma and flavor. Cocoa butter contains traces of caffeine and theobromine. It consists of various fatty acids such as arachidic acid, myristic acid, lauric acid, and palmitic chocolate. It serves as a major ingredients in making confectionery products and chocolates. Increasing number of vegan consumers and increasing consumer preference for convenience foods is the major factor driving the growth of the market. Increasing awareness regarding the nutritional & therapeutic benefits of cocoa butter and increasing demand for chocolate, nutritional drinks, and frozen desserts is set to further enhance the overall market developments of the Global Cocoa Butter Consumption Market for the period 2021-2026.

Global Cocoa Butter Consumption Market Segment Analysis – By Product

Organic held the largest share in the Global Cocoa Butter Consumption Market in 2020 and is estimated to grow at a CAGR 6.3% during the forecast period 2021-2026. This is attributed to the various health benefits that are associated with the organic cocoa butter. Organic cocoa butter is made by extraction process and conventional cocoa butter is made by pure prime extraction process. It is fully deodorized by a physical process that is mostly used for chocolate production. Cocoa butter helps in treating several health issues that includes skin irritation, and loss of hair among others. It has all sorts of health benefits owing to the presence of flavonoids in it. It helps in reduction of heart diseases and it maintains a healthy blood pressure and also helps in improving the skin conditions. Organic cocoa butter are estimated to register the higher CAGR over the period 2021-2026.

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Global Cocoa Butter Consumption Market Segment Analysis – By Applications

Food & Beverages held the largest share in the Global Cocoa Butter Consumption Market in 2020 and is estimated to grow at a CAGR 6.6% during the forecast period 2021-2026. This is attributed to the fact that cocoa butter is mostly used in the production of confectionary products such as chocolates. It is high antioxidant in nature as it contains a huge amount of polyphenol and flavonoid antioxidants. It improves the heart health. Cocoa butter is used for manufacturing lotions, salves, creams, lip balms, and hair conditioners among others as it reduces the signs of aging that includes wrinkles, hair loss, removes scars, and inflammation of skin among others. Food & Beverages are estimated to register the higher CAGR over the period 2021-2026.

Global Cocoa Butter Consumption Market Segment Analysis – By Geography

Europe dominated the Global Cocoa Butter Consumption Market with a major share of 34.9% in 2020 owing to the increasing demand of cocoa butter in deodorized form for inculcating flavors. Increasing preference of the consumers towards the healthy diet, and increasing applications in the cosmetic industry is also increasing the growth of the market in this region.

However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing demand of consumers towards the better texture, flavor, and appearance. Increasing usage of cocoa butter for preventing skin dryness, heals chapped lips, soothes burns, and infections is also increasing the growth of the market in this region.

Global Cocoa Butter Consumption Market Drivers

Increasing Health Consciousness Among Consumers

Increasing health consciousness among consumers is increasing the growth of the Global Cocoa Butter Consumption Market. This is owing to the nutritional benefits of the cocoa butter as it contains a huge amount of fatty acids. Cocoa butter contains vitamin E that benefits the body as vitamin E supports reproduction, vision, and health of the brain, blood, and skin. Fatty acids hydrates the skin and it creates a protective barrier that prevents the skin from drying and holds in moisture. The phytochemicals in cocoa butter protects against the skin damage from harmful UV rays and lowers the risk of the skin diseases. Thus, increasing the growth of the Global Cocoa Butter Consumption Market during the forecast period 2021-2026.

Increasing Prevalence of Cardiovascular Diseases

Increasing prevalence of cardiovascular diseases is increasing the growth of the Global Cocoa Butter Consumption Market. Cocoa as a plant and chocolate as food contains various chemicals that interact with cell and tissue components. It provides protection against the development and amelioration of pathological conditions. Enzymes affected by cocoa consumptions are directly associated with cardiovascular diseases such as cyclooxygenase-2, metalloproteinases, and 5-lipoxygenase. Thus, increasing the growth of the Global Cocoa Butter Consumption Market during the forecast period 2021-2026.

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Global Cocoa Butter Consumption Market Challenges

High Competition and Stringent Regulations

Some of the factors that are set to impede the growth of the Global Cocoa Butter Consumption Market are high competition and stringent regulations. Over intake of cocoa butter leads to obesity, weight gain, allergy and skin reactions is also set to hinder the growth of the market.

Global Cocoa Butter Consumption Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Global Cocoa Butter Consumption Market. In 2020, the Global Cocoa Butter Consumption Market share is consolidated by the top ten players present in the market. The Global Cocoa Butter Consumption Market, top 10 companies are Cargill Incorporated, Jindal Cocoa, Carst & Walker, JB foods Limited, Dietz Cacao Trading B.V., Cocoa Mae, SIDCAO, and Guan Chong Berhad among others.

Key Takeaways

Europe dominated the Global Cocoa Butter Consumption Market in 2020 owing to the increasing usage of cocoa butter in cosmetic industry and increasing shift towards the natural food substitutes. The Global Cocoa Butter Consumption Market scope for different regions will be provided in the final report.

Increasing usage of nutritional supplements and increasing consumer inclination towards healthy diets are likely to aid the market growth of the Global Cocoa Butter Consumption Market report.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Global Cocoa Butter Consumption Market report.

High competition and stringent regulations is poised to create the hurdles for the Global Cocoa Butter Consumption Market.

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Juice Market size is estimated to reach $200.3 million by 2026, growing at a CAGR of 5.7% over 2021-2026. Juice is a kind of drink or fluid that is extracted from natural fluid found in fruits or vegetables and are commonly consumed as a beverages. Juices offers refreshment among people and also provides various health benefits. Recently, carbonated beverages such as softdrinks, energy drinks, juices, carbonated water and coffee are considered as highest consumed drinks and all the beverages are approved by the FDA regulations for ingredients, flavors, and colors. The juices are preserved with the help of pasteurization process which are heated upto 85°C for a short time in order to kill bacteria, fungi or other microorganisms present in the juice. Canning process are mostly used for longest storage of juices and also helps to protect against microbes, bacteria, and various other microorganisms. Sometimes, concentrates juices are made by removing water using vacuum pressure in order to store and transport the juice in a cheaper rate. People are more concentrating towards organic fruit juice that are made from organic ingredients without any additives. Rising consciousness about health among consumers and growing incidence of various health problems such as diabetes, obesity and high blood pressure is the major factor driving the growth of Juice Market. Furthermore, hectic lifestyle of consumers increases the focus on products that are healthy and easily available is set to further enhance the overall market demand for Juice Market for the period 2021-2026.

Juice Market Segment Analysis – By Type

The Juice Market based on Type can be further distributed into Fruit Juice, Vegetable Juice, Fruits and Vegetable Blends and Nectar. The Fruit Juice segment is the major segment generating revenue in 2020. This is mainly owing to its effective benefits in health that rising the adoption of fruit juice in diet among consumers. Moreover, fruit juices are easily available in various distribution channel such as supermarkets, convenience stores and others and provides delicious taste that attracts consumers for consuming more fruit juices and thus driving the market growth. The Vegetable Juice segment is estimated to register the fastest CAGR of 6.1% for the period 2021-2026. This is mainly owing to the fact that people are suffering from various health related diseases that rising the adoption of vegetable juices as it helps to increase the fiber level in health which reduces variety of health issue. So, people are adopting more vegetable juices that further propelling the growth of Juice Market.  

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Juice Market Segment Analysis – By Flavor

The Juice Market based on Flavor can be further segmented into Fruit Flavor and Vegetable Flavor. The Fruit segment registers for the highest Juice Market share in 2020. This is mainly owing to the fact that fruit flavor are used in variety of  dishes to enhance the flavor and are mostly used in baking products which helps  to attract consumers. Moreover, manufacturers are also using more fruit flavor that increases the sales of products and thus enhancing the growth. The Vegetable Flavor segment is forecasted to register the fastest CAGR of 7.2% over 2021-2026. This is mainly owing to rising consumption of vegetable juices that rising the need of vegetable flavor and helps to enhance the taste. Moreover, rising veganism among people increases the use of vegetable flavor in variety of dishes and are thus propelling the growth of Juice Market.

Juice Market Segment Analysis – By Geography

North America dominated the Juice Market with major share of 45% in 2020. This is owing to rising trends of using healthy beverages such as fruit juice and vegetable juice that provides no side effects. Moreover, consumers are adopting natural fluids that provides benefits in health and thus increasing adoption of juices in diet that rising the growth of Juice Market.

However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to growing adoption of organic products among consumers. In India, people are using organic juices which are beneficial for health so, manufacturers are also increasing the production of juices that are further enhancing the market growth.

Juice Market Drivers

Rising Consciousness about health among consumers

Juices are extracted from fruits and vegetables which are very beneficial for health and recently people are becoming more health conscious regarding their health which rising the demand of juice market. Moreover, rising consumption of proper diet among health conscious people which include juice that increases the adoption of fruit and vegetable juice and therefore rising the growth of the Juice Market over the period 2021-2026.  

Growing Incidence of Various Health Problems

Rising incidence of various diseases such as diabetes, obesity and blood pressure increases the adoption of juice that further driving the market growth. According to World Health Organization, about 422 million people are suffering from diabetes in 2020 that needs the   consumption of juices for their proper diet and thus boosting the growth of Juice Market over the period 2021-2026.  

Covid-19 Impact:

COVID-19 pandemic had greatly impacted the growth of Juice Market. During pandemic, people are becoming conscious towards their health that rising the adoption of healthy foods and beverages. So, the consumption of juices such as lemon juice, pineapple juice are increasing in order to increase the immunity to fight against COVID-19 and are positively impacted the growth of Juice Market.  

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Juice Market Challenges

Strict Government Regulations

The factors that is set to impede the growth of the Juice Market are strict government regulation regarding the quality of juices which is set to restrain the growth of Juice Market.

Juice Landscape

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Juice Market. Juice top 10 companies are Ocean Spray Cranberries Inc., Sunkist Growers Inc., Nestle, Citrus World, Tampico Beverages, Welch Foods Inc, Suntory Holdings Ltd., Del Monte Foods, Pepsi Co and Dr Pepper Snapple Group.

Development

In January 2020, Ocean Spray Cranberries Inc. launched new beverage Ocean Spray Brew that are produced with real fruit and thus driving the market growth.

Key Takeaways

In 2020, North America dominated the Juice Market owing to rising trends of using healthy beverages such as fruit juice and vegetable juice that provides no side effects. Moreover, consumers are adopting natural fluids that provides benefits in health and thus increasing adoption of juices in diet that rising the growth of Juice Market.

Rising consciousness about health among consumers and growing incidence of various health problems such as diabetes, obesity and high blood pressure are enhancing the growth of the Juice Market.

The prominent manufacturers operating in the market will be provided detailed analysis of Strength, Weakness, and Opportunities in the Juice Market report.  

Strict Government Regulations regarding the quality of juice is set to create hurdles for the Juice Market.  

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Trifles Market size is estimated at $654.4 Million in 2020, projected to grow at a CAGR of 4.3% during the forecast period 2021-2026. Trifle is popular among customers worldwide as a dessert and this determinant is driving the market growth for the Trifles Industry. Contemporary sandwich cakes may have originated from trifles. There are different kinds of trifles like tiramisu trifles, Christmas trifles, chocolate trifles and so on. The typical trifle desserts consists of sponge cake soaked in fortified wine and topped with whipped cream or syllabub. These different kinds of trifles cater to different segments of customers who in turn fuel the market growth for the Trifles market. The rise in popularity of quick and healthy meal replacements among office workers and the youth population can be ascribed to the growth of the trifles industry. In the forecast period, the increased popularity of bakery products as a snack packed for school-aged children is likely to drive consumption of product. As consumer behaviour changes, the majority of main firms in the food and beverage industry have been pushed to improve the nutritional profile of their products in order to attract customers. Consumers have begun to spend exorbitantly on food products manufactured from health-beneficial substances, therefore the onset of COVID-19 is predicted to modestly raise demand for trifles market.

Trifles Market Segment Analysis – By Product Type:

Based on Product Type, Non-Dairy Trifles accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR of 4.4% in the forecast period 2021-2026 owing to the demand for low-sugar, low-calorie and more healthy dessert options in the wake of the COVID-19 pandemic. Non-Dairy Trifles are characterized by the total absence of all dairy constituents like lactose. Non-Dairy Trifles can be made with dairy free Oreos, dairy free brownies or vegan brownies, chocolate granola, vegan peanut butter or sunbutter cups and fresh fruit. Further, people’s inclination towards healthy lifestyle is fuelling the segment growth. For example, vegan trifles have been introduced by the British supermarket Morrisons in 2020-2021 owing to the increase in the inclination of customers towards healthier plant-based dessert options. Innovative approaches like gluten-free, Non-dairy based trifles, vegan trifles and syllabubs are anticipated to witness new avenues in the forecast period 2021-2026. Furthermore, upsurge in the disposable income of customers coupled with their preference towards trifle desserts and syllabubs will drive the trifles market globally.

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Trifles Market Segment Analysis – By Distribution Channel:

Based on Distribution Channel, Supermarket/hypermarkets accounted for the largest revenue market share in 2020. Players in the market are focussing on supermarkets/hypermarkets for distribution of their products as these outlets provide opportunity to choose from a wide range of options consequently boosting the market's growth. Online Channels is projected to witness the fastest CAGR of 4.9% during the forecast period 2021-2026 owing to the global lockdowns and social distancing guidelines imposed due to the COVID-19 pandemic. All the major retailers like Marks and Spencer(M&S), Tesco, Waitrose, Sainsbury’s, Aldi, ASDA, Lidl, Morrisons , Lowes Foods and Longo’s have an online presence and have contributed significantly to the growth of Trifles market.

Trifles Market Segment Analysis – By Geography:

Based on Geography, Europe trifles Market accounted for the largest revenue share of 42% in 2020 owing to the significant cultural factor associated with it, as trifles first originated in this region. Trifles and syllabubs go together. North America is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to the reason that a variant of trifles termed tipsy cake is renowned in Southern United States. The year-round availability of high-quality raw materials at reasonable rates enables important manufacturers to sell trifles at competitive prices propelling the regional growth. Also, Asia Pacific region is anticipated to witness substantial growth in the forecast period. Australia is set to occupy a sizeable market share in the Trifles market owing to the reason that Australians have a preference for English desserts and also some Australians have English ancestry. The region's bakery business is predicted to grow at a faster rate than the rest of the world, due to growing middle class, economic marketization, urbanisation, and increased social media influence.

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Trifles Market Drivers

Emergence of Gluten-Free, Vegan and Dairy-Free Trifles:

The current crisis has made people more health conscious and made them turn towards a plant-based diet for ensuring their health and well-being. The trifles market has also been affected owing to Covid 19 pandemic and new innovations have come up like vegan trifles, gluten-free trifles and non-dairy trifles providing positive outlook to the market. Vegan syllabubs have been in demand in 2021. Morrisons is the earliest supermarket to introduce a vegan version of the quintessential dessert – the strawberry trifle beside fifteen novel inclusions to its plant-based V Taste series. These healthier and innovative options are fuelling the Trifles market in the wake of the crisis created by the COVID-19 pandemic in 2021.

Trifles Market Challenges

Overconsumption Leading to Obesity and Diabetes:

The typical trifle desserts consisting of sponge cake soaked in fortified wine and topped with whipped cream or syllabub are not healthy diet options, especially for people suffering from obesity and diabetes. The increasing number of cases of obesity and diabetes in Europe and North America imposes limitations on the growth of the trifles market. The alcohol content of trifles on excessive consumption can make a person obese. Alcohol like sweet wine includes carbohydrates and may raise blood sugar which can in turn result into diabetes. These determinants coupled with the crisis situation in 2021 have forced people to be more health conscious and turn towards plant-based diets thereby setting a challenge for the conventional trifles and syllabubs market.

Trifles Market Landscape:

The Trifles Market's main strategies include introducing new varieties of trifles, mergers and acquisitions, joint ventures, and regional expansion. Trifles Market top 10 companies are Marks and Spencer (M&S), Tesco, ASDA, Waitrose & Partners, Lidl, Sainbury’s, Morrisons, Lowes Foods, Aldi and Longo’s.

Acquisitions/Product Launches:

In October 2020, U.K. supermarket Morrisons indicated that it was introducing another first-to-market commodity as it braced itself to unleash the first vegan trifle in U.K. supermarkets as a section of its celebratory vegan series. The completely vegan trifle includes fruity strawberry sauce and boudoir biscuits plated with vanilla custard and topped with whipped vegan cream, hand perfected with a golden gleam.

Key Takeaways

Geographically, Europe trifles Market held the largest revenue share of 42% in 2020 owing to higher consumption of it in the region associated with its cultural adaptation. The scope of the trifles Market for various regions will be provided in the final report.

The trifles Industry is expanding owing to emerging applications of bakery and confectionery in food and beverage industry.

The market's growth will also be fuelled by ongoing research and advancements to provide healthier substitutes of food products and this is pushing the trifles industry forward during the forecast period 2021-2026.

COVID-19 pandemic has confined people indoors at their homes and also owing to the ease with which everything is available at fingertips, just a click away is boosting the market growth.

However, usage of fortified wine as its key ingredients may limit the products consumption in Middle eastern countries.

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The Automotive SoC Market size is forecast to reach $16.8 billion by 2026, growing at a CAGR of 7.2% for the period 2021-2026. The Automotive SoC is a designed purpose-built system-on-chip (SoC) for developing highly autonomous cars, integrated with breakthrough cyber security identification, monitor, and investigation systems. The Automotive SoC market is largely driven by the introduction of a plethora of computer-based systems in car, growing popularity of Advanced driving assistance systems, along with the successful launches of electric and hybrid vehicles around the world. The impressive performance of high-end automotive SoCs is influencing the automotive industry to integrate ADAS applications and other tailored artificial intelligence (AI) for enabling operations such as LiDAR point cloud mapping, integrated circuit, real-time 3D mapping and many more. In fact, the potential investment towards modern-age smart cars & vehicles, with integrated circuit solution and automobile connectivity chips, along with high competition in the worldwide automotive industry and rising disposable incomes across the globe is estimated to contribute to the growth of the Automotive SoC Industry. In addition, the growing need for a seamless driving experience and other specific safety mechanism technologies to improve transportation are accelerating the demand for Automotive SoC Market.

Automotive SoC Market Segment Analysis – By Vehicle Type

By Vehicle type, the Automotive SoC Market is segmented into Passengers Cars and Commercial Vehicles. The passenger car segment is analyzed to register the highest share in 2020, and grow at a CAGR of 9.3% in the forecast period due to the breakthrough automotive solution to provide safety critical applications and automated driving solution. The growing demand for higher bandwidth and other connectivity elements for denoting Advanced Driver Assistance Systems drive the market growth. In December 2020, a premier supplier of advanced semiconductor solutions, Renesas Electronics Corporation unveiled the R-Car V3U. The R-Car V3U is an exclusive ASIL D system on chip (SoC) that offers advanced driver assistance systems (ADAS) and automated driving (AD) systems. Hence, the increasing demand for enhanced functional safety and other potential development for automated driving are estimated to drive the Automotive SoC Market.

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Automotive SoC Market Segment Analysis - By Application

By Application, the Automotive SoC Market is segmented into Infotainment Systems, Advanced driver-assistance systems (ADAS), Intelligent Transport System, Connected Vehicle Platform and Others. The Infotainment Systems segment is analyzed to register the highest share in 2020, and grow at a CAGR of 8% in 2021 to 2026, owing to the emergence of various in-vehicle infotainment systems and the intelligent connected solution to cater various car models. In July 2020, Pioneer India, a leading Auto-infotainment system provider launched 3 Car AV receivers with Alexa built-in, for car infotainment. Thus, the growing advancement of automotive infotainment, and the incorporation of latest designs to serve several application bases are estimated to drive the Automotive SoC Market.

Automotive SoC Market Segment Analysis – By Geography

North America dominated the Automotive SoC Market in 2020, and projected to grow at CAGR of 6.63% in the forecast period, followed by Asia-Pacific, owing to the presence of innovative semiconductor technology providers and fiercely competitive automotive market to provide next-generation automotive solutions. Furthermore, the growing consumer demand for luxurious cars and next-generation automobiles, embedded with ADAS, speech recognition, enhanced security, GPS and other feature-rich infotainment systems are driving the growth of the market, specifically in the U.S.A. In August 2020, Qualcomm Technologies, Inc. collaborated with Automotive technology company, Veoneer, Inc. to deliver scalable Advanced Driver Assistance Systems (ADAS). In order to address the impending complexities related with designing advanced driver-assistance systems (ADAS), such as SoC platform, graphics processing unit and other safety compliance, this strategic partnership aims to address the respective concerns across every vehicle tiers. In February 2021, Tata Consultancy Services (TCS), the major IT service provider launched a Neural Automotive and Industrial Experience Center in Troy, Michigan. This Centre offers customers and partners with an automotive garage set-up that further provide access to the advanced technologies to experiment, co-innovate, build prototypes, and launch solutions in an agile way. Therefore, the significant acquisitions among leading manufacturers and investment to deliver next-generation technology is estimated to drive the Automotive SoC Market in this region.

Automotive SoC Market Drivers

Growing prominence of Electric Vehicle market

The growing electric Vehicle market due to advanced electric infrastructure, strong government initiative and increasing demand for zero-emission vehicles is fueling the growth of the Automotive SoC Market. In addition, the sensitivity towards cleaner and greener environment across the globe accelerates the sale of the electric vehicles. In February 2020, Mahindra & Mahindra launched the KUV100 electric SUV at the Auto Expo 2020. The new eKUV100 is India’s most affordable electric car that is designed with a 40kW electric motor to deliver 53bhp of power with a peak of 120Nm. In addition, the increasing needs to design sustainable and clean energy pathways, most automakers are collaborating to develop enhanced EV battery technology and other indispensable infrastructure for EV models. In December 2020, the NextEra Energy Resources, LLC, today acquired eIQ Mobility, the leading software provider of mobility planning solutions based in Oakland, California. The acquisition helps the customers to identify varied economic operational ways while selecting suitable electric vehicles and associated charging infrastructure. As the investments from automakers are growing, Royal Dutch Shell acquired Ubitricity, in January 2021, the owner of one of the largest electric vehicle (EV) charging networks in the United Kingdom (UK). Royal Dutch Shell signed this strategic acquisition due to the decision made by the Ubitricity to increase the investments in next-generation EV cars. Thus, all these factors play a major role to formulate the growth of Automotive SoC Market.

Rising demand for Advanced Driver Assistance System (ADAS) Cars

The significant rise in the demand for Advanced Driver Assistance System (ADAS) Cars among consumers due to intelligent speed assistance, advanced safety systems, parking assistance and other automated technology are contributed to promote the growth of the Automotive SoC Market. In January 2020, Samsung launched Digital Cockpit 2020, which utilizes 5G to connection features inside and outside the vehicle, which offers improved connected experiences and safe driving support for drivers and passengers. Hence, the growing awareness about vehicle safety and other real-time monitoring systems to deliver robust opportunities are estimated to drive the growth of Automotive SoC Market.

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Automotive SoC Market Challenges

Growing vulnerability leading to data breaches

With all the advantages of the Automotive SoC system that lead to strong market growth, there is a major concern that is associated with security impediment. The security threat landscape is growing enormously to create possibility of hacking, and thus, it directly impact on humans safety. There are several well-publicized security breaches recently that raise severe concern for designing a complete autonomous driving system, which resulting a key restraining factor for the growth of the Automotive SoC Market.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Automotive SoC Market. The Automotive SoC Market top 10 companies include Infineon Technologies AG, Intel Corporation, NEC Corporation, NVIDIA Corporation, NXP Semiconductors N.V., Qualcomm  Incorporated, Renesas Electronics Corporation, STMicroelectronics N.V., Texas Instruments Incorporated, Telechips, Inc. OmniVision Technologies Inc. and among others.

Partnerships/Product Launches/Contracts

In November 2020, Hyundai Motor Group collaborated with NVIDIA Corporation and launched NVIDIA DRIVE ‘connected car’ infotainment and AI platform, which enables Hyundai Motor Group’s IVI systems to combine with audio, video, navigation, connectivity and artificial intelligence (AI)-based ‘connected car’ services.

In May 2020, a leading developer of advanced digital imaging solutions, OmniVision Technologies, Inc. launched 1.3MP OX01E10 SoC, an automotive SoC for entry-level rear view Cameras with industry's best low-light performance, lowest Power consumption and compact size.

Key Takeaways

The growing Electric Vehicle market due to advanced electric infrastructure, strong government initiative and increasing demand for zero-emission vehicles is fueling the growth of the Automotive SoC Market.

The The Infotainment Systems segment is analyzed to register the highest share in 2020, and grow at a CAGR of 8% in 2021 to 2026, owing to the emergence of various in-vehicle infotainment systems and the intelligent connected solution to cater various car models.

North America dominated the Automotive SoC Market in 2020, and projected to grow at CAGR of 6.63% in the forecast period, owing to the presence of innovative semiconductor technology providers and fiercely competitive automotive market to provide next-generation automotive solutions.

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OmniChannel Retail Software Market size is analyzed to grow at a CAGR of 19.5% during the forecast 2021-2026 to reach $13.8 billion by 2026. The OmniChannel Retail Software aims at delivering seamless customer experience across any brick-and-mortar store and online shopping platform. In order to provide a unified omni-channel experience, the OmniChannel Retail Software solution integrates comprehensive operations such as customer relationship management (CRM), point of sale (POS), customer service experience, chat support, Warehouse management System (WMS), business intelligence (BI), merchandise and inventory management, product listing, marketing and promotions planning and others. The OmniChannel Retail Software industry is majorly driven by the surge of e-commerce sectors, advent of omnichannel retailing, along with the growing preference of online shopping. For convenient online shopping experience, retailers are investing significantly to incorporate multiple established sales channels, thereby accelerating the growth of the market. As a result, e-commerce giants such as Amazon and Alibaba are focusing to advance their Omni channel platform, which drives the growth of the OmniChannel Retail Software Market.

OmniChannel Retail Software Market Segment analysis – By Offering

By Offering Type, the OmniChannel Retail Software Market is segmented into Solution and Services. The Solution segment registered the highest share of the market and grow at a CAGR of 11.1% in the forecast period, owing to the rising demand of online shopping platforms and sizable investment by the companies to strengthen customer relationship management for encouraging customer satisfaction. Thus, retailers have started introducing several distribution outlets, including customer care centers and implementing e-commerce to target potential consumers. In March 2021, Montreal-based Lightspeed POS acquired VendLimited (Vend), a New Zealand cloud-based retail management software company to expand its retail footprint in the Asia-Pacific region. This business acquisition strengthens Lightspeed’s global retail base along with reinforcing the premier global omnichannel retail platform with advanced commerce capabilities for small and medium-sized enterprises.  Furthermore, in order to maximize their sales, retailers are now integrating their online platform and channel of stores to encourage consumer to reach online shopping accessibility. Thus, to seek broader commerce solutions, the launches and acquisition are driving the growth of the OmniChannel Retail Software Market.

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OmniChannel Retail Software Market Segment analysis –End Users

By End Users segment, the OmniChannel Retail Software Market is segmented into  Books & stationery, Consumer Electronics and accessories, Apparel, Footwear and accessories(AFA), Furniture & home furnishings, Health & beauty, Sports goods, FMCG, Transportation, Hospitality, ecommerce aggregators and others. The consumer electronics and accessories segment is estimated to have substantial growth in the omnichannel retail software market owing to the growing usage of mobile phones, rapid penetration of gadgets and other electronic devices. In November 2020, Omnichannel electronics retail platform Gabbardeals acquired SaaS firm InstaOne Software Pvt Ltd. The acquisition provides India-based Gabbardeals to design a full stack of point-of-sale systems that primarily focuses on the smartphone devices, along with consumer electronics delivery. Hence, the wide adoption of OmniChannel Retail Software solutions accelerates the overall growth of the market.

OmniChannel Retail Software Market Segment analysis – Geography

North America is analyzed to be the major region in OmniChannel Retail Software Market, and grow at a CAGR of 15.8% in the forecast period, owing to rapid commercialization and globalization, which has led to an increased adoption rate of omni-channel commerce platforms by retailers in the region.  In January 2019, Oracle Retail introduced Omnichannel Suite Innovations named Oracle Retail Xstore Office Cloud Service with improved operational efficiency and insights to power new consumer experiences. The integration of Oracle Retail Xstore Office Cloud Service enables retailers to take complete advantage of cloud solutions, including critical point-of-service functions on- premises. On the other hand, for retail omni-channel commerce platforms, Asia Pacific is projected to be the fastest growing market, due to the growing internet penetration along with the online retail industry in countries like Japan, China, and India among many others. The large e-commerce market and the increasing adoption of the click-and-collect system are driving the growth of Asia Pacific region's omnichannel retail trade platform market.

OmniChannel Retail Software Market Drivers

Increasing Proliferation of Smartphones and other consumer electronics

Global sales via online platforms are on a robust growth path owing to the rapid proliferation of smartphones and increasing internet penetration across the world. This directly affects the growth of the global platform for omni-channel commerce. According to Ericsson Mobility Report, by 2025, 5G will cover up to 65% of the total global’s population. Furthermore, the emergence of the 5G compatible device influence the 5G adoption, which adds strong connectivity and other enchased application. In addition, leading market players, including Apple, Google, Samsung and more are investing in R&D activities for developing advanced consumer products to aim the promising demand in terms of energy-efficient appliances with diversified features. Thus, all these technological advancements along with increasing penetration of smartphones drive the growth of the OmniChannel Retail Software Market.

Increasing participation of SMEs

The increasing participation of SMEs to aim the demonstrative need to cater rising consumer demand has led to adoption of improved eCommerce automation capabilities, thereby driving the growth of the OmniChannel Retail Software industry. In order to manage a variety of omnichannel platforms such as Websites, mobile apps, and other QR-based virtual stores, the retailer must adopt a market-leading solution to get ahead of the competitive E-commerce market. In May 2020, Shopify, a leading digital commerce platform launched a variety of omnichannel retail solutions to aim improved online store, buy now, pay later” option and flexible local delivery. To help small-to-mid-sized retailers, Shopify is also collaborating with Facebook to create optimized business operations. All these factors are estimated to drive the OmniChannel Retail Software Market in the forecast period.

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OmniChannel Retail Software Market Challenges

Lack of Visibility of inventory

Multi-channel has added greater convenience to customers compared to the traditional single-channel retail model, in which retailers rely only on either offline or online selling of products. But at the same time it has added to multiple data synchronization issues owing to the sheer volume of information to analyze from multiple channels. Furthermore, the unpredictable nature of delivery time owing to unforeseen weather conditions or government restrictions that may delay the delivery of the product to the consumer can lead to major drawback for the growth of the market. These complications are estimated to impede the market growth in the forecast period.

Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the OmniChannel Retail Software Market. The top 10 companies include Cognizant Technology Solutions Corp., NCR Corporation, Salesforce.com,inc.,  Oracle Corporation, Toshiba Corporation, IBM Corporation, SAP SE, Infosys Ltd., Openbravo, Diebold Nixdorf AG, Infor Global Solutions, Inc., among others.

Acquisitions/Technology Launches

In June 2020, Openbravo, the multinational cloud-based omnichannel software provider for agile and creative commerce launched Openbravo OMS, an omnichannel order management system. The solution offers a single, global view of all inventories, enabling retailers to choose the best shipping locations to maximize their fulfillment process.

In June 2020, a global cloud-based omnichannel platform vendor for agile and innovative commerce, Openbravo launched Openbravo OMS, an omnichannel order management system. The Openbravo OMS solution offers a complete view of all inventory, and thus, helps retailers to optimize their business process such as order creation, execution and tracking.

Key Takeaways

North America is analyzed to be the major region in OmniChannel Retail Software Market, and grow at a CAGR of 15.8% in the forecast period, owing to rapid commercialization and globalization, which has led to an increased adoption rate of omni-channel commerce platforms by retailers in the region.

The increasing proliferation of Smartphones and other consumer electronics are driving the growth of the OmniChannel Retail Software market.

The Solution segment registered the highest share of the market and grow at a CAGR of 11.1% in the forecast period, owing to the rising demand of online shopping platforms and sizable investment by the companies to strengthen customer relationship management for encouraging customer satisfaction.

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Catharanthine Market size is forecast to reach US$942 million by 2026, and is growing at a CAGR of 3.6% during 2021-2026. Catharanthine is an organic heteropentacyclic compound and monoterpenoid indole alkaloid produced by the medicinal plant Catharanthus roseus via strictosi forecast to reach US$942 million by 2026, and is growing at a CAGR of 3.6% during dine. It is a bridged compound, an organic heteropentacyclic compound, a methyl ester, a monoterpenoid indole alkaloid, a tertiary amino compound and an alkaloid ester. Catharanthine is one of the two precursors that form vinblastine, the other being vindoline. Vinblastine (VBL), is a chemotherapy medication, typically used with other medications, to treat a number of types of cancer. This includes Hodgkin's lymphoma, non-small cell lung cancer, bladder cancer, brain cancer, melanoma, and testicular cancer. Catharanthine sulfate is a vinblastine-type alkaloid precursor with antitumor activity while Catharanthine tartrate is the starting material for the synthesis of the antitumor drugs. Catharanthine finds a number of application in the healthcare and pharmaceutical industry. Hence a growth in the market is predicted.

COVID-19 Impact

Due to the COVID-19 pandemic, Pharmaceutical Industry was majorly impacted. Most of the raw material manufacturing plants were shut down, which declined the production of catharanthine and the medications derived from catharanthine. Due to countrywide Lockdown and cross border Import Export restrictions, supply chain disrupted. Raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff, OEMs have been forced to function at zero or partial capacity, resulting in lower demand and consumption for catheranthine in 2019-2020. However, due to the burden of cancer incidence and mortality is rapidly growing worldwide, the demand for catheranthine will grow and recover the market with minor economical disruption in the forecast period.

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Catharanthine Market Segment Analysis – By Type

Catharanthine sulphate segment held the largest share in the Catharanthine Marketin 2020 and is growing at a CAGR of 4.4% during 2021-2026.Catharanthine sulfate is a vinblastine-type alkaloid precursor with antitumor activity. It inhibits AChR (Acetylcholine Receptor) by ion channel blocking and desensitization. Whie, Catharanthine tartrate is a precursor for synthesis of Vinblastine and Vincristine. Vincristine is more neurotoxic than vinblastine. Vinblastine and other vinca alkaloids are cell cycle-specific antitumor agents. The drug specifically binds to tubulin and blocks the ability of tubulin to polymerize into microtubules, leading to arrest of cell division in metaphase. Without proper chromosomal segregation during mitosis, cell death presumably occurs. Vincristine is one of the most commonly used pediatric chemotherapeutic agents and is used to treat both hematologic malignancies and solid tumors. It is a natural alkaloid that interferes with the assembly of microtubule structures leading to cell apoptosis. Due to the crucial role of Catharane sulphate and catharanthine tartrate in catharanthine market, it is projected to grow in the forecast period.

Catharanthine Market Segment Analysis - By Application

Pharmaceutical segment held the largest share in the Catharanthine Market in 2020 and is growing at a CAGR of 7.6% during 2021-2026.The most important indole alkaloids, VLB(Vinblastine ) and VCR(Vincristine), are clinically useful anticancer agents. Vinblastine is administered systemically in the treatment of leukemias, lymphomas, and testicular cancer. Vinblastine administered IL has been used for the treatment of KS. It is also used in treatment of non-Hodgkin lymphoma and is an active agent in the treatment of breast cancer. Vincristine is one of the most commonly used pediatric chemotherapeutic agents and is used to treat both hematologic malignancies and solid tumors. According to International Agency for Research on Cancer, an estimated 19.3 million new cancer cases and almost 10.0 million cancer deaths occurred in 2020 globally. One in five people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. These new estimates suggest that more than 50 million people are living within five years of a past cancer diagnosis. Hence the concerning cancer cases and deaths around the world increase the demand for Catharanthine market in the forecast period.

Catharanthine Market Segment Analysis – By Geography

North America region held the largest share in the Catharanthine Market in 2020 up to 52%, owing to the rising chronic disease patients such as cancer, tumor in the region. According to Internal Journal of Environmental Research and Public Health, the pharmaceutical market worldwide has significantly increased. In 2019, the value of the market was on the order of USD 1.25 trillion. The E7 countries such as Brazil, China, India, Indonesia, Mexico, Russia and Turkey accounting for one fifth of global pharmaceutical sales. According to IQVIA, Brand spending in developed markets will increase by $298 billion in the 5 years to 2020 driven by new products and price increases primarily in the U.S., China's pharmaceutical market has been constantly growing in recent years, and is estimated to reach US$161.8 billion by 2023, taking a 30% share of the global market. China is the world's second-largest pharmaceutical market followed by India. China's pharmaceutical market has been constantly growing in recent years, it will reach US$160-US$190 billion in spending. According to IQVIA, the Pharmaceutical industry in India is the 3rd largest in the world in terms of volume and14th largest in terms of value. According to Make in India, The Pharmaceutical sector currently contributes to around 1.72% of the country’s GDP. Pharmaceuticals industry expected to reach US$ 65 billion by 2024, and US$ 120-130 billion by 2030.Due to huge investment in Pharmaceutical industry the Catharanthine Market is projected to grow in the forecast period.

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Catharanthine Market Drivers

Rising Per capita spending on Healthcare globally :

According to OECD (Organization for Economic Co-operation and Development) Health statistics, In 2019, per capita health spending in the U.S. exceededUS$10,000, more than two times higher than in Australia, France, Canada, New Zealand, and the U.K. Public spending. In the U.S., per-capital spending on private health insurance premiums, is higher than in any of the countries at $4,092 per capita, U.S. private spending is more than five times higher than Canada, the second-highest spender. In Sweden and Norway, private spending made up less than $100 per capita. As a share of total spending, private spending is much larger in the U.S. (40%) than in any other country (0.3%–15%).The average U.S. resident paid US$1,122 out-of-pocket for health care. The residents of France and New Zealand pay less than half of what Americans spend. Hence the increasing per capita spending on Healthcare will boost the Catharanthine Market in the forecast period.

Rising cancer Patients:

According to IARC(International Agency for Cancer and Research) Globocan 2020 new estimates shows that global cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020.According to National Cancer Institute, an estimated 1,806,590 new cases of cancer was diagnosed in the United States and 606,520 people died from the disease. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030.Approximately 39.5% of men and women will be diagnosed with cancer at some point during their lifetime. National costs for cancer care were estimated to be US$208.9 billion in 2020 an increase of 10 % from previous years that is only due to the aging and growth of the U.S. population. Due to the medicinal use of Catharanthine in Cancer disease, the market is going to grow in the forecast period.

Catharanthine Market Challenges

High manufacturing cost of Catharanthine:

In the process of Catharanthine preparation, 1 kg of Vincristine has a cost of US$ 3.5 million, while Vinblastine has a cost of US$1 million. Half a ton of dry leaves of Catharanthus roseus are needed for the obtaining 1 g of vinblastine while to produce 1 kg of vincristine 530 kg are used. Besides, their extraction is very complicated since it is carried out in the presence of 200 molecules with similar chemical and physical properties. Therefore, 530 kg of dry leaves are necessary to produce 1 kg of Vincristine. The high cost is due to the low concentrations in the aerial portion. Due to the high market price, it can act as a restraining factor in the Catharanthine Market.

Catharanthine Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Catharanthine Market. Catharanthine Market top companies are AK Scientific Inc, Stanford Chemicals, Cayman Chemicals, Bio Vision Inc, Enzo Biochem Inc, Hainan Yueyang Biotech Co Ltd, Abcam and ChemFaces.

Key Takeaways

North America dominates the Catharanthine Market, owing to the increasing contribution and maximum share in the global pharmaceutical industry. This is typically due to the prominent role of US pharmaceutical sector.

Asia Pacific is also expected to demonstrate highest growth rate in the global catharanthine market. This is basically due to the growing pharmaceutical industry in emerging economies such as India and China.

In the United States, colorectal cancer and lung cancer, Breast cancer are among the most rapidly increasing cancers in younger populations and represent the most common cancers in men and women, respectively, between ages 18 and 49.

It is important to build on this situation, in order to improve prevention, detection, and treatment of cancers in this population. Hence Catharanthine being vastly used in various cancer treatment medication has huge potential to grow in the forecast period.

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Polyvinylidene Fluoride Market is forecast to reach $826.3 million by 2026, after growing at a CAGR of 8.5% during 2021-2026. Polyvinylidene fluoride (PVDF) is a thermoplastic fluoropolymer that is produced by the polymerization of vinylidene difluoride. PVDF membrane is assembling via poly vinylpyrrolidone for filtration of oil or water emulsion thus, it is widely used in oil extraction. Also, sulfobetaine methacrylate is used as an antifouling agent for polyvinylidene fluoride membranes after a steam sterilization procedure. Also, polyvinylidene fluoride offers various properties such as high resistance, strength, purity to solvents, bases, acids, inherently flame resistance, and heat are the prime growth driver for the global polyvinylidene fluoride market. Additionally, electrolyte-based polymers such as polyvinylidene fluoride and vinyl pyrrolidone provide an initial efficiency for lithium-ion batteries. Also, PVDF offers high dielectric strength, resistance to most chemicals & solvents, and is recognized as mechanically stronger than other fluoropolymers such as polytetrafluoroethylene (PTFE). Hence, it is widely useful in the food processing industry, pharmaceutical sector, oil & gas, automotive, paper & textile, and others which are estimated to create an opportunity for polyvinylidene fluoride.

Impact of COVID – 19

Due to the COVID-19 pandemic, the consumption of polyvinylidene fluoride has negatively affected the market growth as it is used in the chemical process industry. Chemical processing is highly required in the food processing sector. Also, PVDF is used in assembling polyvinylpyrrolidone for filtration of oil or water emulsion. Additionally, an electrolyte blend of PVDF & vinylpyrrolidone for lithium-ion batteries is used in smart gadgets. However, the lack of production and supply chain of these plastics due to lockdown, may limit the consumption of polyvinylidene fluoride.

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Polyvinylidene Fluoride Market Segment Analysis – By Process

Injection molding held the largest share in the global polyvinylidene fluoride market in 2020. PVDF higher melt viscosity becomes an important factor to keep the mold design accurate. Hence, with the help of the injection molding process, it melts at a temperature of 200 0C to 270 0C. Injection molding process makes ideal PVDF in the chemical and nuclear industries, pharmaceutical, food and beverage, electrical, and automotive. Thus, it is a widely used process for the production of polyvinylidene fluoride.

Polyvinylidene Fluoride Market Segment Analysis – By Application

Chemical processing dominated the global market of polyvinylidene fluoride in 2020 and is growing at a CAGR of 6.8% during 2021-2026. Polyvinylidene fluoride offers various properties such as mechanical toughness, low moisture absorption, excellent wear resistance, low coefficient of friction, resistance to UV, self-extinguishing nature, and transparency to radiation renders which makes it ideal for chemical processing. Chemical processing applications requiring high-temperature resistance, antifouling property (enhanced by sulfobetaine methacrylate), tremendous chemical resistance, and exceptional barrier properties. PVDF is a reactive polymer for chemical processing of byproduct materials from refining natural oils and flammable gases which is blended with poly vinylpyrrolidone and vinylpyrrolidone. Hence, increasing usage of chemical processes in such applications as oil refining, natural gas processing, pharmaceutical manufacturing, food processing, wastewater treatment, and others is expected to boost the demand for polyvinylidene fluoride during the projected era.

Polyvinylidene Fluoride Market Segment Analysis – By Geography

Asia Pacific dominated the global polyvinylidene fluoride market in 2020 with a share of 38%, due to the increasing demand from oil & gas, lithium-ion batteries, food processing, pharmaceutical sector, and coating for building in developing countries such as India, China, and others. Polyvinylidene fluoride is used as a coating ingredient for metal roofing in commercial and residential applications. Furthermore, polyvinylidene fluoride is resistant to bacteria and fungi, thus; it is used also in food processing. Hence, increasing the food, building & construction, and automotive industry is estimated to grow the demand for polyvinylidene fluoride in the region. According to the China Food Industry (CFI) almost 15,00 tonnes of fresh food, 1.8 million bottles of disinfectant solution, and 3 million bottles of liquid soap were sold in 2020. Additionally, polyvinylidene fluoride is ideal for applications where high strength and a moderate degree of flexibility are required, thus; it is used in various applications. According to Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, in China, light-duty aftermarket sales will grow from US$281 billion in 2020 to US$314 billion in 2021. Additionally, according to the Federation of Automobile Dealers Associations (FADA), in India, sales of passenger vehicles were at 2,91,001 units in November 2020, compared with 2,79,365 units in November 2019. On the other hand, according to the National Development and Reform Commission (NDRC), 14 construction investment projects were approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. Hence, increasing sulfobetaine methacrylate for enhancing anti-fouling property of PVDF chemicals is estimated to grow the consumption in the region during the projected period.

Polyvinylidene Fluoride Market Drivers

Increasing Demand from Oil & Gas in North America is estimated to grow the Consumption of PVDF

Polyvinylidene fluoride (PVDF) is a high-performance polymer that is used for flexible tubes in oil and gas installations. PVDF consists of low permeability to most gases & liquids and excellent resistance to rapid gas decompression. PVDF Membrane via assembly of poly vinylpyrrolidone for filtration of oil emulsion. Hence, the increasing oil and gas industry is estimated to grow the demand for PVDF. According to U.S. Energy Information Administration (EIA), crude oil production is expected to rise on average 11.1 million b/d in 2021 and 12.0 million b/d in 2022. Hence, residential commercial and industrial natural gas consumption is expected to reach 13.1 Bcf/d, 9.3 Bcf/d, and 23.8 Bcf/d, respectively in 2021, according to EIA. Furthermore, according to U.S. Energy Information Administration, electric power generated with natural gas is expected to average 36% in 2021 and 35% in 2022. Furthermore, according to the US Energy Information Administration, in Mexico, crude oil production increased by 172,000 b/d in March 2021 from February's 983,000 b/d2021. Hence, according to Energy Shale Gas Production, the total natural gas production is projected to contribute more than 75% in Mexico by 2040. Hence, increasing the oil and gas industry in North America is estimated to boost the demand for polyvinylidene fluoride.

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Growing Consumption of Lithium-ion Batteries

The lithium-ion battery with the polymer electrolyte based on the blend of polyvinylidene fluoride (PVDF) and vinyl pyrrolidone (PVP) is assembled and provides an initial efficiency of about 90%. The blend of PVDF and vinyl pyrrolidone exhibited ionic conductivity of 0.4 ms cm?1 at room temperature for lithium-ion batteries. Thus, PVDF is widely used as a coating layer on the battery separator to enhance performance, processability, and safety. Additionally, PVDF is used as a binder for lithium-ion batteries as they provide a connection between electrodes. Hence, the growing demand for lithium-ion batteries in various products such as electronics, toys, wireless headphones, handheld power tools, electric vehicles, and others is estimated to grow the consumption of polyvinylidene fluoride.

Polyvinylidene Fluoride Market Challenges

Polyvinylidene Fluoride Poses Health Risk

Polyvinylidene fluoride is produced by the polymerization of vinylidene difluoride. Vinylidene fluoride can irritate the skin nose, eyes, throat, and lugs. However, high or repeated exposure to vinylidene fluoride can cause headaches, dizziness, disorientation, nausea, and vomiting. Additionally, it is highly flammable and generates toxic fumes in a fire which may create a hindrance for the consumption of vinylidene difluoride for the production of PVDF. Thus, it may limit the consumption of polyvinylidene fluoride.

Polyvinylidene Fluoride Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyvinylidene fluoride market. Major players in the polyvinylidene fluoride market are SABIC, Arkema Group, Saint-Gobin Performance Plastic, 3M Company, Solvay S.A., RTP Company, Kureha Corporation, Quadrant Engineering Plastics Products Inc., and among others.

Facility Expansion/Launches

In May 2021, Fillamentum, a leading provider of specialist 3D printing materials, launched Fluorodur polyvinylidene fluoride (PVDF) material with combination of combination of mechanical, chemical, and thermal properties. This PVDF material offers a tensile strength of 34MPa and a flexural strength of 50MPa.

In November 2020, Arkema S.A. has increased its PVDF production capacity at its Changshu plant in China. This expansion in production capacity is increased 50% of Kynar fluoropolymer for the lithium batteries which is used for electronic devices, smartphones, power tools, and other electrical gadgets.

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The global market for High Dynamic Range (HDR) is forecast to reach $36.5 billion by 2026, growing at CAGR 18.54% from 2021 to 2026. The market growth is mainly driven by the factors high adoption of smart-phones, increasing usage of internet along with social sites. In addition, growing demand for advanced capturing and display devices with better features along with rising income is estimated to grow over the years, which will affect the High Dynamic Range market positively. Furthermore, the growing usage of HDR technology for 3D rendering, sound recording, digital imaging, video and photography, play a major role in the growth and expanding the High Dynamic Range market size. Apart from this, rising consumer base of various OTT platforms such as Netflix, Amazon Prime, Hotstar and others, triggers the adoption of HDR technology for online streaming, resulting in high growth of High Dynamic Range industry during the forecast period 2021-2026.

High Dynamic Range Market Segment Analysis - By Product Type

High Dynamic Range Market is segmented into display devices and capturing devices, based on product type. The market for display devices held the highest high dynamic range market share of 29.16% in 2020 owing to the high adoption rate of this product across industrial, commercial and residential sectors for entertainment and security-surveillance purposes. Display devices such as TV, smart-phones, laptops, tablets, Blu-Ray Players, Set-Top Boxes, Projectors and others, with HDR feature offer more information, greater details, exceptional clarity, better contrast, stunning colours and make the videos more realistic or closer to a real life scenario, which creates high demand for this product. In order to fulfil the growing requirement, top market players are increasingly making advanced display devices which support HDR technology. In January 2020, Sony announced about the launch of its new flagship smart-phone with various advanced features like6.6-inch display with 21:9 aspect ratio, OLED panel, 4K resolution and support of HDR. Similarly, in January 2019, Lenovo ThinkPad X1 Extreme which has exceptional features such as Dolby Vision HDR support, connectivity of USB Type-C based Thunderbolt 3 and discrete Nvidia graphics was launched in India. The above-mentioned factors are set to drive the growth of the advanced display devices.

High Dynamic Range Market Segment Analysis - By Application

By Application, the High Dynamic Range market is segmented into Security and surveillance, entertainment, videography and photography and others. Entertainment segment is analysed to grow with the fastest CAGR of 19.28% during the forecast period 2021-2026. The growth is mainly attributed to the rising dependence on movies, web series, gaming as well as other video contents for entertainment purpose. In addition, high penetration rate of various online streaming apps such as Netflix, Amazon Prime, Hotstar, Voot, Hoichoi and many others, accelerates growth of this market. The video display quality of these sites affects the view-ship and subscription rate and plays a major role in the growth. Apart from that, in current Covid-19 pandemic where people couldn’t go out for entertainment purpose, has created new growth avenues for the OTT platforms along with entertainment devices such as television, smart-phones and others, which in turn affects the HDR market. As per some recent report published by Netflix in July 2020, Netflix had added 10 million new paid subscribers during the lockdown period. Hence, the above mentioned factors are analysed to drive the market during 2021-2026.

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High Dynamic Range Market Segment Analysis - By Geography

APAC is analyzed to grow with the fastest CAGR of 19.16% during the forecast period 2021-2026, owing to the rising consumer base in the entertainment industry and increasing disposable income. According to a recent report published in January 2021, the total number of ASIAN paid subscribers of Netflix had reached 25.5 million, which is a growth of 64% over the previous year and became the second largest contributor in terms of subscribers. Apart from that, increasing number of social site users and growing tourism sector work as a key influencer for this market. Some recent published by Facebook shows that, the largest population share of Facebook users are from India, which is over 270 million and 120 million of the Facebook users are from Indonesia. Furthermore, according to a report of IBEF, in 2019, the tourism sector of India achieved a growth rate of 3.20% Y-O-Y. The above-mentioned factors are poised to create tremendous growth opportunities for photography as well as videography segment, which in turn, will drive the Asian High Dynamic Range Market during the forecast period.

High Dynamic Range Market Drivers

Rising Penetration of Smart-phones

Increasing demand for smart-phones is one of main drives behind the growth of this market. Technological development, rise in purchasing power, increasing affordability of devices with advanced features and growing penetration of IoT have accelerated the demand for smart-phones, thereby affecting the growth of HDR market positively. In July 2020, Indian Cellular and Electronics Association (ICEA) and KPMG published a joint report, according to which India will have 829M smart-phone user by the year 2022. Nowadays, owing to the growing demand for smart devices with advanced features, top smart-phone manufactures are launching their new products that support advanced features, including HDR camera and display standard. In April 2021, Samsung launched its first mid-segment 5G device, Galaxy M42 5G. The rear camera of this product supports HDR as well as 4K video recording @30 fps. Similarly, in March 2021, OnePlus announced the launch of its newest series of smart-phone model, OnePlus 9 which will have features like real-time HDR video shooting and 4K @120fps video capture. Hence the growing penetration of smart phones with such advanced features is set to drive the market growth during 2021-2026.

Rising Popularity of Photography and Social Media Sites

The growing popularity of photography and the usage of social sites such as Facebook, Instagram, WhatsApp, telegram, YouTube and others trigger the growth of this market. According to a recent investor report of Facebook, this platform has 2.701 billion monthly active users along with 1.785 billion people daily active users and every month 3.14 billion active were using at-least one of the core products of Facebook. The major share of the active users is from 25 to 34 years age group. In addition, with the increasing number formal as well as informal social gatherings, capturing and sharing the significant moments with a great quality photograph or a video with better sound recording and picture quality, have become very important for the millennial, which drives the adoption rate of HDR technology. According to some recent report, 350 million photos were being uploaded on Facebook on a daily basis. Thus, the above-mentioned factors drive the adoption rate of HDR technology in the forecast period 2021-2026.

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High Dynamic Range Market Challenges

Storage issue, Constant Requirement for Tripod, Bracketing and Software

Although the HDR market is growing at a rapid phase, but some disadvantages are there, which can hamper the growth of this market during the forecast period. One of major disadvantages of this technology is the fact that, the HDR photographs takes a lot of space of the devices which blocks the memory. Apart from that, without a tripod and bracketing, it’s impossible to take a photograph or a shot with HDR technology. Furthermore, software is always required to produce the final image of those HDR shots and it also creates a lot of noise which requires more processing refinement. These challenges are poised to impede the growth of High Dynamic Range market during the forecast period 2021-2026.

High Dynamic Range Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the High Dynamic Range Market. As of 2020, the High Dynamic Range industry outlook is consolidated with the top players including Apple, Inc., Canon, Inc., Nikon Corporation, Samsung Electronics Co. Ltd, LG Corporation, Olympus Corporation, Casio Computer Co , Ltd, Sony Corporation, Panasonic Corporation, Xiaomi Corporation and others.

Acquisitions/Technology Launches/Partnerships

In April 2021,Xioamihad launched its Mi QLED TV 75 during its Mi Mega Launch Event in India. This new product comes with several advanced features such as 4K UHD panel with 120Hz refresh rateand supports both the Dolby Vision and HDR 10+.

In January 2020, Canon launched its new DSLR camera, EOS-1D X Mark III that can shoot 5.5K RAW and 4K @60fps HDR Videos. It also has new image sensor, revised controls and improved autofocus system. This product is higly being used in studios, wildlife photography, weddings and sports events.

Key Takeaways

By product type, display devices held the major market in 2020, owing to the adoption rate of HDR technology in various sector for security and entertainment purpose.

Entertainment segment is analyzed to grow with the highest growth, due to rising dependency on movies and other video contents for entertainment.

APAC is anticipated to grow with the fastest CAGR of 19.16% during the forecast period, rising disposable income and growing consumer base of entertainment industry are the key factors behind this growth.

The market of High Dynamic Range is estimated to witness significant upsurge during the forecast period, owing to the high penetration of smart-phones.

High Dynamic Range Market top 10 companies are Apple, Inc., Canon, Inc., Nikon Corporation, Samsung Electronics Co. Ltd, LG Corporation, Olympus Corporation, Casio Computer Co., Ltd, Sony Corporation, Panasonic Corporation, Xiaomi Corporation.

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Industrial Safety Market size was valued at $3.2 billion in 2020 and it is estimated to grow at a CAGR of 8.56% during the period 2021-2026. Strict safety mandates and regulations coupled with high requirements for reliable safety equipments such as Presence Sensing Sensors, Emergency Stop Devices, Safety Switches, Final Control Element, Electrical safety gloves and others across industries, drives the growth of Industrial safety market. Apart from that, rapid industrialization in the developing countries, creates a huge requirement for safety tools at both personal and organizational levels, which in turn, drives the adoption rate of the industrial safety systems. Furthermore, increasing number of industrial accidents along with growing awareness regarding the importance and the benefits of safety measures plays a major role in the growth of industrial safety industry.

Industrial Safety Market Segment Analysis – by Component

By component, this market is segmented into Safety Sensor, Programmable Safety System, Emergency Stop Device, Electrical safety gloves, Final Control Element, sound level meters, Safety Controllers/Module/Relays, Process Safety Systems, noise dosimeters, noise monitors and Others. Safety sensors held a significant amount of market share around 23.5% in 2020 owing to the strict safety mandates and rising accidents in industrial sectors which in turn increases the investment in safety measure. Safety sensor can be used for worker protection as well as machine protection and it also reduces the possibilities of industrial accidents through presence detection. Major market players of this industry are launching technologically advanced products in order to meet the rising requirement of reliable safety sensors. For instance, in May 2019, Sick launched its newest safety laser scanner outdoorScan3 for outdoor applications. It allows automated guided vehicle systems to navigate safely through outdoor industrial environments and it can work safely under any weather condition due to its outdoor-safe HDDM scanning technology. Similarly, in October 2020, Rockwell Automation launched two new safety switches with advanced technologies 440G-MZ and 440G-EZ to enhance its existing safety switch range. Furthermore, according to a report, in U.S. over 2.8 million nonfatal workplace injuries, illnesses and 5,333 fatal workplace injuries were recorded in 2019. The amount of fatal accidents was 2% more than its previous year. Increasing amount such incidence drives the demand for safety sensors as it helps in reducing such fatal and non-fatal accidents.

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Industrial Safety Market Segment Analysis - by End-User Industry

Based on end-user industry, Industrial Safety Market is segmented into General Manufacturing, Power, aerospace & defense, Chemical, Oil & Gas, Paper & Pulp, Metal & Mining, Electronics & Semiconductor, Medical &Pharmaceutical, automotive and Others. Medical and pharmaceutical industry is the fastest growing segment in Industrial Safety Market and estimated to grow at a CAGR of 9.54% during forecast period 2021-2026, specifically due to the increasing investment in this sector. According to the report of Invest-India, the pharmaceutical industry is analyzed to reach $65 billion by 2024 and to reach $120 billion by the year 2030 and the investment should have reached US $55 billion by the year 2020. Furthermore, out-break of COVID-19 had a positive impact on medical and pharmaceutical industry, resulting in continuous production process without any break. The rise in COVID cases and the growing health awareness among public are the key factors behind this investment that creates the massive requirement of safety tools, which in turn drives the growth of industrial safety market. Hence, rising investment in medical pharmaceutical industry is being seen as the opportunity for the players operating in the industrial safety market during 2021-2026.

Industrial Safety Market Segment Analysis - by Geography

APAC region is estimated to grow with the fastest CAGR of 9.85% during the forecast period 2021-2026. This growth will be attributed to rapid industrialization along with high investment across industries. According to some recent reports of Invest India, India is estimated to become world’s third largest manufacturer of passenger vehicles by 2021. Apart from that, Government’s initiative for safety enhancement in the industrial sectors in India, China, Japan, Australia and other countries of this region propel the APAC Industrial Safety Market during 2021-2026. Several changes were made to the Work Health and Safety Regulations 2012 (SA) which came into effect from January 1, 2021. This regulation alteration includes changes related to the air monitoring during asbestos removal work, chemical labeling, Australian reference Standards for lasers as well as pressure equipment and minor updates for diving work. However, growing incidence of industrial accidents is one of the major driving forces behind the growth of this market. According to a report released by Ministry of Manpower, the number of workplace deaths in Singapore was 17 in the first half of the year 2019 and more people suffered injuries in this year than the previous years due to the negligence in safety measures of the workforce by the organizations.

Industrial Safety Market Drivers

Rapid Industrialization in Emerging Economies

Rapid industrialization coupled with high investments across industries, especially in emerging economies is one of the main drivers of this market. In October 2020, at 4th India Energy Forum, Indian Prime minister said that India is planning to increase its refining capacity from 250 mtpa (million tonnes per annum) to 400 mtpa by year 2026 and it is estimated that Indian Oil and Natural Gas sector will receive investment over $300 Billion by the year 2030 for the development of this sector. Apart from that, Governments of emerging economies such as India, are offering incentives and setting up industrial projects to boost the economical growth, which in turn is accelerating the growth of industrial safety market. In February 2020, UP government had announced about its special wing ‘Invest UP’, to attract more private investments and accelerate the industrialization growth across the state. Such factors are analyzed to increase the demand for this technology during the forecast period 2021-2026.

Growing Initiatives for Safety

Another growth driver for this market is growing requirement for safety measures in various industries. Increasing requirements for safety measures across industries and government initiative along with regulatory norms to maintain the safety level is fuelling the adoption of automation as well as electrical safety gloves, presence sensing sensors, emergency stop devices, safety switches, process safety systems and others. For instance, The Ministry of Foreign Affairs of Russian Federation, requested UNIDO to conduct an international conference with Rostechnadzor, to increasing the awareness regarding industrial safety and security. Similarly, OSHA issued some regulations, which include safety and health standards to ensure the safety of the wide range of workers. Such strategic safety measures taken by government bodies are augmenting the growing adoption of industrial safety technology globally and set to boost the market growth during 2021-2026.

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Industrial Safety Market Challenges

Downside of Presence Sensing Devices

Although the industrial safety market is growing at a rapid phrase but few disadvantages of the presence sensing devices will hamper the growth of this industry during 2021-2026. The main disadvantage of presence sensing devices is that these devices cannot protect the workers from something that is coming out of a machine. For instance, if a part of a machine is being ejected out of that machine then a light curtain wouldn’t stop the machine from flying through the beam which can hurt the worker. Another disadvantage of these devices is that these devices cannot prevent people from accessing the hazardous zone. These disadvantages of presence sensing devices will hamper the growth of the industrial safety market during the forecast period 2021-2026.

Industrial Safety Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Industrial Safety Market. As of 2020, the market for Industrial Safety Market outlook is consolidated with the top players including ABB Ltd, Emerson Electric Co, General Electric Company, Rockwell Automation, Inc., Honeywell International, Inc., Siemens AG, Schneider Electric SE, Omron Corporation, Hima Paul Hildebrandt Gmbh, Yokogawa Electric Corporation and others.

Acquisitions/Technology Launches

In February 2020, Rockwell Automation introduced a new Allen-Bradley electronic overload relay E100, which helps the industrial organizations in protecting its motors and to avoid unplanned downtime.

In January 2020, SICK launched its newest ultra-compact safety laser scanner for mobile machines, nanoScan3, which combines smart safety functions with excellent measurement of data quality for accurate and reliable localization. This product uses patented safeHDDM® scan technology that allows nanoScan3 to work properly even under harsh or challenging ambient conditions.

Key Takeaways

APAC is anticipated to register fastest growth during the forecast period 2021-2026, owing to rapid industrialization in emerging economies of this region, high investment in various industries and others.

Growing initiatives for industrial safety and rapid industrialization in developing countries are few of the main driving factors of the market.

The market is consolidated with top market players including Abb Ltd, Emerson Electric Co, General Electric Company, Rockwell Automation, Inc., Honeywell International, Inc., Siemens AG and others.

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IO-link Market size was valued at $5.3 billion in 2020 and it is estimated to grow at a CAGR of 18.51% during the period 2021-2026, owing to high penetration of industry 4.0 across industries. IO-link is a point-to-point serial communication protocol that includes an IO-Link master and one or several IO-Link devices. This system is highly being used for increasing the level of efficiency of industrial automated processes. Thus high demand for automation drives the growth of IO-Link market. Moreover, its ability to offer support and sustainability for various Fieldbus and Ethernet communication protocol plays a major role in the growth of this market. Furthermore, the government’s initiative to promote the adoption of industrial automation such as programmable logic controllers (PLCs), MES, SCADA and IoT sensors (such as photoelectric sensors, proximity sensors and sensor nodes), is one of the primary factors augmenting the demand for IO-Link. This technology also reduces the overall operational cost and increases the operational efficiency. Hence, the above-mentioned factors will drive the growth of IO-link industry during the forecast period.

IO-link MarketSegment Analysis – By Component

By component, this market is segmented intoIO-Link Master and IO-Link Devices. IO-link master segment is further segmented intoPROFINET, EtherNet/IP, Modbus-TCP, EtherCAT, Multiprotocol and Others, and IO-Link Devices segmented into Sensor Nodes, Modules, Actuators, RFID Read Heads and others. IO-link master held major IO-link market share around 35.99% in 2020, owing to rapid industrialization, increasing penetration of automation and industry 4.0 across sectors. For instance, in June 2019, UiPath published a report on present and future progress of automation and according to the survey report, 90% organizations are already using the automation technology to conduct their business processes. High adoption rate of automation across industries creates huge demand for IO-link masters and to fulfill such demand major players of this market are launching new products as well as investing heavily for the advancement of this solution. In June 2019, Contec Co. introduced a new IO-Link master solution CPSL-08P1EN, which supports use with four types of industrial Ethernet-based system protocols, including CC-Link IE Field Basic, EtherNet/IP, Modbus TCP and PROFINET. Hence, the above mentioned factors will drive the demand for IO-link Maters during the forecast period.

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IO-link Market Segment Analysis - By End-User Industry

Based on end-user industry, IO-link Market is segmented into process industry, discrete industry and hybrid industry. Hybrid industry is sub-segmented into pharmaceutical, metal & mining, food & beverage, cement and glass and other industries. Pharmaceutical industry is the fastest growing segment in IO-link market and estimated to grow at a CAGR of 19.06% during forecast period 2021-2026, specifically due to the increasing investment in this sector. According to the report of Invest-India, the pharmaceutical sector is analyzed to reach $65 billion by 2024 and to reach $120 billion by the year 2030. Furthermore, rapid adoption of industry 4.0, increasing demand for reliable as well as sustainable communication and remote monitoring system in this industry are the key factors behind the growth of this market. IO-Link offers end-to-end communication to the whole process operation which reduces the overall downtime of the machines, which reduces the overall operational and maintenance cost. Moreover, out-break of COVID-19 has a positive impact on the growth of pharmaceutical industry. The rise in COVID cases and the growing health awareness among public are the key factors behind this high investment that creates the massive requirement of IO-link solutions, which in turn drives the growth of IO-link market. Hence, rising investment in pharmaceutical industry is being seen as the opportunity for the players operating in the IO-linkmarket during 2021-2026.

IO-link Market Segment Analysis - By Geography

Europe dominated the IO-Link Market in 2020 with a share close to 30.18%, followed by North America and APAC. Moreover, it is estimated that Europe will have a significant amount of market growth during the forecast period 2021-2026, owing to technological advancement, early adoption of this technology and government’s initiatives for the development of smart factories. Rising demand for IoT enabled connected devices, industrial automation are the key factors fuelling the growth of this market. Furthermore, this technology has a well-established customer base in this region. Apart from that, continuous development, new advanced product launches of the technology also plays a major role towards the market growth. Europe-based companies such as Siemens AG and General Electric is one of the largest manufacturers of this technology in the world. Devices produced in Siemens are generally equipped with PROFINET and this company dominates the European market. In November 2020, a Germany-based company, Igus joined PI organization, for advancing the research of PROFINET technology in dynamic applications. In February 2019, SICK announced the launch of Safe EFI-pro System, which offers standard industrial Ethernet-based safety network integration for highly-adaptive as well as dynamic safeguarding in automated production and logistics environments to SIL 3/PLe.This kind of strategic movements and technologically advanced product launches will drive the market for this region during the forecast period.

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IO-link Market Drivers

Increasing Penetration of Automation:

Increasing adoption of automation across industries is one of the major drivers for IO-Link, triggering the growth for this technology. Integration of automation system across industries offers greater efficiency, higher reliability, enhanced asset management, production boost, better process speed and cost effectiveness, which is accelerating the amount of investments made by organizations to remain productive. This in turn, drives the growth of IO-Link technology, as this technology is a point-to-point serial communication protocol, which is highly being used for communicating with sensors and actuators in industrial automation processes. In July 2020, for digital industrial transformation, Carlo Gavazzi announced the launch of its new IIoT-enabled IO-Link Masters, YL212 and YN115, that supports leading industrial Ethernet-based system protocols including EtherNet/IP, PROFINET IO and MODBUS TCP access. This product has advanced features such as embedded web interface and OPC UA, which offers full remote access, control of the IO-Link masters and connected devices. This product also offers reliability, transparent process data transmission into the cloud-based systems from the sensors and actuators along with access to the data, attached to the smart devices through the Programmable Logic Controller (PLC) and OPC UA clients. This type of product with such unique features fuels the growth of his market. PI Organization’s recent research report shows that, the performance of Profinet RT fulfills 95% timing requirements of industry-based automation. Hence, the adoption of automation will drive the growth of IO-link market during the forecast period.

Fieldbus Integration:

IO-Link is an open source interface, which makes this technology a Fieldbus independent solution. It can be integrated into all the fieldbus systems including PROFINET, AS-i, CANopen, CC-Link, PROFIBUS, EtherCAT, EtherNet/IP, DeviceNet, Interbus, Powerlink and others. Different organizations use different networking protocols for their systems, which make the fieldbus-independent IO-Link more suitable for the companies, as it allows the businesses to connect their products to different systems and control level devices including Programmable Logic Controller (PLC), Supervisory control and data acquisition (SCADA) and others. This in turn, saves the investments that are already made by the manufacturers, plant operators, machine builders and others, on the systems. Even when the organizations decide to migrate from one technology to other technology, IO-Link makes the process cost effective, by reducing the overall cost. In January 2019, Korenix introduced a new cost-effective Profinet supported, Fieldbus gateway, JetLink 1302, which can transmit the data faster among the devices and provide seamless communication between fieldbus and industrial Ethernet communication protocol. Hence, the fieldbus independency of IO-Link is one of the major growth drivers of this market.

IO-link Market Challenges

Security Issues:

IO-link technology is vulnerable to various security threats such as cross site request forgery (CSRF), reflected cross-site scripting (XSS), blind command injection, denial-of-service (DoS) issues, spear phishing and others, which hinders the growth of this market. Furthermore, in February 2020, OTORIO security researchers discovered a security weakness in PROFINET-IO stack, which is responsible for handling the packets that being used in device management. If a device is overloaded with multiple diagnostic packets, it may create a security threat that allows the attackers to send the devices into a denial-of-service (DoS) condition, which can create disruption in operational processes. Many industrial devices such as devices produced by Siemens, MoxaEDS Ethernet switches and others; that rely on Siemens PROFINET-IO stack are highly being affected. Hence, the above mentioned factor creates security related issues that will hinder the growth of this market during 2021-2026.

IO-link Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the IO-link Market. As of 2020, IO-link Market top 10 companies includesSiemens AG, Hans Turck GmbH & Co. KG, Balluff GmbH, Rockwell Automation, Inc.,SICK AG, Omron Corporation, Pepperl+Fuchs SE,Schneider Electric, General Electric,B&R Industrial Automation GmbH among others.

Acquisitions/Technology Launches

In March 2020, Harting Americas had launched Single Pair Ethernet (SPE) technology, thatutilizes Power over Data Line (PoDL) technology to bring communication to the devices and also the voltage and amperage needed to power the device. SPE communication protocols are available for Ethernet/IP, Profinet, EtherCat and others.

In February 2020, European company, SICK had launched a sensor integrated PROFINET gateway, which is the first product that can act as both IO-Link Masters and control system.

Key Takeaways

IO-Link Master held the major IO-link market share in 2020, due to high penetration of industrial 4.0 across industries and rapid industrialization.

Europe dominated the market in 2020, and is anticipated to witness significant growth during the forecast period 2021-2026, owing to early adoption of this technology and presence of major market players in this region.

Rapid adoption of automation and field bus independency of IO-link are the major growth drivers of this market.

IO-link Market outlook is consolidated with top market players including Siemens AG, Hans Turck GmbH & Co. KG, Balluff GmbH, Rockwell Automation, Inc., SICK AG, and others.

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Multimedia Chipset market size was valued at $180.48 million in 2020 and it is estimated to grow at a CAGR of 5.9% during 2021-2026. The adoption of Multimedia Chipset across industries is rising and the growth is specifically attributed to the increasing demand for technologically advanced consumer electronics including smart-phones, TVs including digital signal processing chips supported IPTV, wearable devices, laptops, domestic appliances and many other embedded computing systems, and high penetration of internet. Furthermore, the growing adoption of OTT platforms, audiovisual systems and rising popularity of games for entertainment purpose play a major role behind the growth of the multimedia chipset market. Nevertheless, increasing number of investments for technological advancement in semiconductor & electronics industry combined with high living standards and development in emerging economies are the key influencing factor behind the growth of multimedia chipset industry. Hence, the above-mentioned factors are set to drive the growth of Multimedia Chipset market during the forecast period.

Multimedia Chipset Market Segment Analysis- By Application

Based on application, the Multimedia Chipset market is segmented into Digital Cable TV, Set Top Box & IPTV, Home Media Players, Handheld Devices and Others. Among all the applications of multimedia chipset, Set Top Box and IPTV segment has highest share 20.58% in 2020, owing to the increasing demand for better video quality content and advancement of technologies. Digital signal processing (DSP) chips supported Set Top Box & IPTV is a personalized, on-demand multimedia service provider that offers delivery of video and non-video contents, OTT services to various devices at the same time, and others, which has attracted the customers towards IPTV. In August 2020, BSNL launched it IPTV services with 100+ channels at Rs-130 in few cities of Kerala. Moreover, increasing popularity of OTT services, government initiatives to accelerate the penetration of this technology and its advantages over traditional television are fueling market growth. All the above-mentioned benefits in one platform will provide significant opportunities for the deployment of DSP based Set Top Box &IPTV in various sectors during the forecast period 2021-2026.

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Multimedia Chipset Market Segment Analysis - By End-User Industry

The Multimedia Chipset market is segmented into Consumer Electronics, IT and Telecommunication, Media and Entertainment, Government and others, based on the end-user industry. Media and Entertainment industry is analyzed to witness the highest amount of growth in Multimedia Chipset Market, as it will grow with a CAGR of 6.21% during forecast period 2021-2026. The growth is mainly attributed to the increasing dependence on movies, web series, gaming and other video as well as audio contents for entertainment purpose. In addition, high penetration rate of various online streaming apps such as Netflix, Amazon Prime, Hotstar, Voot, Hoichoi and many others, increases the adoption of smart-devices, which in turn accelerates the growth of this market. The video display quality of these sites, gaming platforms, affects the view-ship as well as subscription rate, and to improve it, organizations are investing massive amounts in graphics, which affects this market positively. Apart from that, due to Covid-19, people couldn’t go out for entertainment, which has generated new growth avenues for the gaming, OTT platforms along with entertainment devices such as televisions, smart-phones and others. This factor has created positive impact on the growth of this technology. In July 2020, Netflix published a report, according to which, Netflix had added 10 million new paid subscribers during the lockdown period. Hence, the above-mentioned factors are analyzed to drive the market during 2021-2026.

Multimedia Chipset Market Segment Analysis - By Geography

APAC held a significant multimedia chipset market share in 2020 and is anticipated to grow with the fastest CAGR of 30.45% during 2021-2026. This growth is mainly driven by high demand of technologically advanced smart devices including smart-phones, various smart wearable devices, IPTV, home media players and other embedded computing systems. In July 2020, Indian Cellular and Electronics Association (ICEA) and KPMG published a joint report, according to which India will have 829 million smart-phone users by the end of 2022. Thus, the above mentioned factor creates opportunities for the players of multimedia chipset market and to fulfil the requirement, organizations are launching new products. For instance, in April 2021, MediaTek announced about the launch of its new chipset 1200, for 5G smart phones in Indian market. This chipset supports ray tracing in mobile games and artificial reality applications for more realistic visuals. Furthermore, increasing consumer base in the entertainment industry and increasing disposable income of the developing countries of this region accelerates the growth of this market. According to a recent report published in January 2021, the total number of ASIAN paid subscribers of Netflix had reached 25.5 million, which represents 64% growth over the previous year and this region also became the 2nd largest contributor in terms of subscribers. Furthermore, Government initiatives to promote the adoption of IPTV in the region are a major growth driving factor. In November 2020, China telecom collaborated with UTStarcom to launch its IPTV services. Hence, the above mentioned factors will drive and lead the Asian multimedia chipset market during 2021-2026.

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Multimedia Chipset Market Drivers

Growing demand for IPTV - A One-stop Solution:

One of the major drivers behind the growth of multimedia chipset industry is increasing demand for IPTV. IPTV is a one-stop solution for the customers that offers OTT services, cable TV services as well as home networking services through one cable, making it more desirable technology, which drives the adoption rate of IPTV. This in turn drives the adoption rate of multimedia chipset. In June 2020, Jio published its financial report for 2019-2020, which states that, till March 2020, Jiofibre has connected approximated 1 million homes that too within few months of its launch. Apart from that, video-on-demand (Vod) and telecommunication services along with audiovisual systems that make this technology more interactive, are also a part of IPTV services which fuels the growing demand of this technology. To meet the growing demand for digital signal processing chips supported IPTV, major players are launching new products. In January 2021, CogecoConnexion announced about the launch of its new IPTV services, which is a combination of internet and television. Hence, the growing demand for IPTV coupled with such product launches will drive the market growth during the forecast period 2021-2026.

Rising Penetration of Smart phones:

Increasing demand for smart phones is one of main drives behind the growth of this market. Technological development, rise in purchasing power, increasing affordability of devices with advanced features and growing penetration of IoT have accelerated the demand for smart phones, thereby affecting the growth of multimedia chipset market positively. According to a report from OBERLO, in 2020 the number of smart-phones users across the globe is projected to be 3.5 billion, which represents 9.3% rise than the previous year. Moreover, exponentially growing consumer base of various OTT platforms such as Netflix, Amazon Prime, Hotstar and others, and gaming platforms triggers the adoption of smart-devices for online streaming as well as gaming, which in turn creates massive growth opportunities for multimedia chipset in the forecast period 2021-2026.

Multimedia Chipset Market Challenges

Security Issues:

Although these chipsets are highly being used in various sectors for different applications, but this technology has some serious security issues. In March 2020, a serious security flaw was detected in Intel’s Chipset that are being used in computers for last five years. This flaw allowed the hackers to bypass the encryption codes and to install malware like keyloggers, without being noticed. This flaw will hinder the growth of multimedia chipset market in the forecast period 2021-2026.

Multimedia Chipset Market Landscape

Technology launches, Acquisitions, Collaboration and R&D activities are key strategies adopted by players in the Multimedia Chipset market. Multimedia Chipsets top 10 companies includes Intel Corporation, Qualcomm Inc., NVIDIA Corporation, MediaTek Inc., Cirrus Logic Inc., Apple Inc., Marvell Technology, Inc., Broadcom Corporation, STMicroelectronics Inc., Realtek Semiconductor Corp and others.

Acquisitions/Technology Launches

In March 2021, Qualcomm announced about its acquisition of a chipset start-up company, NUVIA for $1.4 billion, in order to put the organizations technology into its smart-phones, laptop and automotive processors.

In December 2020, Qualcomm launched QCC305x SoCs, new flexible and affordable chipsets for truly wireless earbuds (TWEs). This product will bring high-end premium feature to mid-range TWEs and it is also developer ready for the upcoming Bluetooth LE Audio standard.

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The Global 8K Storage and Management Solutions market size is forecast to reach $17.6 billion by 2026, growing at a CAGR of 18.1% from 2021 to 2026. Due to rapid shift towards high quality content, content providers are upgrading the media resolution capabilities from 4K to 8K, impacting the need for 8K storage or management solutions. This growing shift towards 8K picture quality, is significantly creating the need for file sharing, storing and management solutions capable of handling large file sizes. As a part of grabbing higher customer attention through opting for rich media content delivery majorly across the media & entertainment sector can be considered to drive the growth towards 8K storage and management solutions. Factors including increasing demand for high-resolution TV or screen displays, growing requirements for larger data bandwidth due to increase in high quality content and so on have been attributing towards significant market growth of 8K storage and management solutions overtime. In addition, high investments from OTT platforms like Netflix, Amazon Prime and many others towards upgrading their streaming services to deliver high quality media content is further set to drive the market forward during the forecast period 2021-2026.

8K Storage and Management Solutions Market Segment Analysis- By Enterprise Size

Based on enterprise size, the 8K Storage and Management Solutions Market have been segmented under small & medium sized enterprises (SMEs) and large enterprises. Small & Medium Sized Enterprises segment is analyzed to grow with the highest CAGR of 6.7% in the global 8K Storage and Management Solutions market during the forecast period 2021-2026. Small and midsized industries have been contributing towards escalating storage needs due to changing business environments as well as deployment of cloud services. With easy to manage data file management needs, data archiving, data transfer, backup and recovery with many others have been also rising significantly demanding for a storage and management solution with unlimited or comparatively higher bandwidths than 4K formats. Deployment of 8K storage and management solutions can prove beneficial for both small scale and medium sized enterprises in need of low latency, high bandwidth workstation connectivity, data acceleration and so on, ensuring faster data transfer alongside enabling delivery of multiple concurrent video streams. As these enterprises are more focused on gaining customer attention at low costs, leveraging 8K storage and management tools can help them in optimizing benefits such as shared storage, high quality multimedia streaming, high quality advertisement, uninterrupted transfer of large size files and so on more efficiently. In July 2020, Hulu announced about the launch of a creative partner program as a part of its mission to promote advertising of small businesses within its streaming platform. With this deployment, the streaming platform had made it easier for the small businesses to reach target audiences within a limited advertising cost budget. Such factors are further set to boost the demand towards 8K storage and management solutions in the long run.

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8K Storage and Management Solutions Market Segment Analysis- By End Users

Media & Entertainment sector is analyzed to account for the highest CAGR of around 7.5% in the global 8K Storage and Management Solutions market during the forecast period 2021-2026. Media & Entertainment industry provides a broad range of services including content creation, modeling, editing and so on. Services like content acquisition from multiple live cameras for TV news stations require the media companies to ingest the live content into storage and then broadcast it, with enhancing its video resolution quality. In addition, media editing studios or companies require storage and management solutions for performing activities like 3D modeling, movie editing or rendering, colour grading, as well as archiving content or different project, news as well as advertisement shows. With rapid evolution and rise of digital content across the industry, varied kinds of content accessing/archiving behaviours have been eventually creating high performance requirement related to 8K high-resolution content acquisition, editing as well as broadcasting, thus positively impacting the growth of 8K storage and management solutions. Rising trends such as shift towards 8K video formats in production are getting highly adopted by film/television industries along with proliferation of CGI and special effects. This shift is further set to drive the need for an infrastructure or storage solution capable of supporting both high definition and ultra-high definition video streaming, contributing towards the adoption of 8K storage and management solutions. According to Sony Pictures Films press release 2020, 3D films/movies can be considered as one of the major contributors towards the growth of Hollywood within the Indian entertainment industry, indicating its growing dominance. Such factors is further set to drive the need for high definition storage solutions with 8K resolution support in the coming years.

8K Storage and Management Solutions Market Segment Analysis- Geography

APAC region is anticipated to be the fastest growing region with the highest CAGR of around 6.7% in the global 8K Storage and Management Solutions market during 2021-2026. Factors such as growing penetration towards high quality media content, rapid pace of digitalization and so on are some of the major drivers for the market growth of 8K Storage and Management solutions within the region. High investments towards developing products like television, displays, GPUs and many others with 8K support, technological advances across various end use sectors as well as increasing expenditures on media and advertising revenue across several Asian countries is set to propel the demand for 8K Storage and Management solutions. In Oct 2020, one of the leading Electronics brand, Sony announced about the launch of Z8H 8K LED television, as a part of expanding its product portfolio within India. In comparison to 4K, these models are capable of offering four time more pixels alongside scaling up 2K or 4K images to 8K resolution, supporting more realistic contrast. Moreover, growing preferences of audience for 3D movies within China, India and many others along with surge of high definition multimedia content owing to use of various social media platforms is further analyzed to drive the market forward in the coming years.

8K Storage and Management Solutions Market Drivers

Growing requirements for data bandwidth due to increase in high quality content:

Growing requirements for data bandwidth due to increase in high-quality content can be considered as one of the major factors driving the market growth of 8K storage and management solutions. Deployment of storage and management solutions supporting 8K resolution is facing growth at a rapid pace, as majority of the end-use industries including IT organizations, media & entertainment, broadcasting or advertising companies with many others for optimizing their business productivity standards. With increasing shift from 4K to 8K across various enterprises, the need for data bandwidth storage is also growing significantly. Additionally, those companies associated with the business of producing or distributing media content opt for increased file size sharing, which can eventually cater to operational work delays at times. This drives the need for storage and management solutions capable of moving or capturing high-definition files hassle-free as well as easing down the process of file transfer more efficiently compared to FTP, thus aiding the market growth towards 8K solutions. Moreover, growing use of cloud services have been also increasing across several industries driving the need for storing, managing as well as replacing 4K workflows. In May 2021, Google announced its partnership with varied news publishers including The Hindu Group, India TV, The Telegraph India, NDTV, Zee News and many more under the News Showcase program in India. This partnership will be helping the news publishers or organizations towards curating high quality content on Google News and Discover platforms, connecting readers. Since uploading of high-quality media news content will create the need for file sharing with larger data bandwidth or size at faster speeds, which can further impact the adoption of 8K storage and management solutions in the long run.

Increasing demand for high-resolution TV or screen displays drives the market forward:

Increasing demand for high-resolution television or screen displays can be considered one of the major factors impacting the growth of 8K Storage and Management Solutions. Due to surge in demands for high definition video quality content, various leading electronic companies such as Samsung, Sony Corporation, LG Electronics and so on have been highly focusing on developing televisions with 8K display support. In a move towards gaining higher customer attention, manufacturers have been designing large screen displays capable of enlarging the picture quality and visibility, thus providing an immersive viewing experience. In January 2021, Samsung announced about the launch of 2021 Neo QLED 8K TV models, namely QN800A and QN900A. These models are capable of leveraging upto 16 different neural network models for enhancing picture quality upto 8K, regardless of input quality and had been designed to allow gaming through an ultra-wide user experience. Such developments from some of the major companies dealing with electronics business, is further set to drive the demand for 8K storage and management solutions be it adapters, interface cards, memory chips and so on in the long run.

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8K Storage and Management Solutions Market Challenges

High Costs

High costs associated with large bandwidth act as one of the major factors impeding the growth of 8K Storage & Management Solutions. Network providers tend to charge at higher rates due to requirement of additional connectivity and larger file size. The real costs associated with high resolution media sharing and storage contributes towards lesser adoption of 8K storage and management solutions. Furthermore, the costs of such solutions are incremental in nature according to the range of services required by the organizations. Majority of the software vendors nowadays have employed a bandwidth based pricing model, enabling full utilization of additional bandwidth on premium charges. Additionally, the requirements of bandwidth upgrades from time to time, adds up to the overall operational costs for an organization, impeding the shift towards adopting 8K media content. Owing to high expenses, the growth of 8K storage and management solutions is getting adversely affected within end use industries focusing on limiting business costs.

8K Storage and Management Solutions Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the 8K Storage and Management Solutions market. The key players in the 8K Storage and Management Solutions market include Signiant Inc., Western Digital Corporation, ATTO Technology Inc., Quantum Corporation, Infortrend Technology, Dell Technologies, Seagate Technology Holdings plc, GB Labs Ltd., SecureKloud Technologies, Promise Technology and among others.

Acquisitions/Technology Launches/Partnerships

In June 2021, Western Digital announced about the launch of a second generation UFS 3.1 storage product meant for 5G smartphones. Development of these flash memory chips was done to deliver performance as well as capacity required to support data rich multimedia applications be it gaming, 8K video resolution and many more.

In June 2021, Infortrend Technology Inc. had revealed about the introducing a U.2 SSD solution for enterprise unified storage, EonStor GS family. This development was aimed at providing complete data protection, including RAID for disk protection, snapshots, and remote replication along with public cloud integration related to data backup.

Key Takeaways

Increasing demand for high-resolution TV or screen displays along with growing requirements for data bandwidth due to increase in high quality content is analyzed to significantly drive the 8K Storage and Management Solutions market during the forecast period 2021-2026.

Media & Entertainment industry is anticipated to grow with the highest CAGR during the forecast period 2021-2026, attributing to increasing shift to 8K formats for media production, conducting operations be it 3D modeling, movie editing or raising its resolution quality with many others.

APAC is analyzed to account for the fastest growing region during the forecast period, due to growing digitalization, technological advances, increasing audience preferences towards 3D movies and so on.

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Carbon Capture and Storage Market size is forecast to reach US$25.3 billion by 2026, after growing at a CAGR of 29.1% during 2021-2026. The emerging demand for carbon dioxide injection technologies for Enhanced Oil Recovery (EOR) and stringent government standards for greenhouse gas emissions are the key factors driving the market growth. Carbon Capture and Storage or Carbon Capture and Sequestration (CCS) is a technology to combat climate change in which Carbon dioxide (CO2) is captured and then transported where it is stored permanently across depleted hydrocarbon fields and deep saline aquifer formations. The goal of carbon capture and storage is to keep CO2 emissions out of the atmosphere as increased levels of CO2 is the main culprit behind the Greenhouse effect and global warming which has a detrimental effect not only on the environment and also on the economy as a whole. Carbon capture and storage aims at reducing the human carbon footprint. CO2 is mainly produced by the combustion of fossil fuels and is also a major by-product of many industries. Hence, it is vital to get rid of it in a responsible manner as it is a greenhouse gas. According to a report by the International Energy Agency (IEA), CCS could contribute to a 19% reduction in global CO2 emissions by 2050. In the Paris Climate Agreement, world governments agreed to keep emissions well below 2?C and to pursue efforts to keep it below 1.5?C. The Intergovernmental Panel on Climate Change (IPCC) concluded that global emissions need to reach net zero by 2050 to limit warming to 1.5?C. To achieve the Paris Agreement objective countries are trying to reach net zero. This goal to reach net zero greenhouse gas emissions is one of the major contributing factors to the growth of the Carbon Capture and Storage market. Clean technologies and increasing power consumption also play a significant role in driving the carbon capture and storage industry during the forecast period.

COVID-19 Impact

When the COVID-19 pandemic hit, many end use industries like Chemical plants, Iron and Steel, Fertilizer and other industries scaled back production and many were shut down due to lockdowns. In early 2020, investing huge capital for Carbon Capture and Storage projects took a backseat for a while as industries struggled to make profits. For instance, in March 2020 Petra Nova CCS Facility, USA paused all Carbon Capture and Storage operations. On the other hand, as human activities were brought to a complete standstill, the levels of CO2 also decreased. According to the Global Carbon Project, in April 2020, daily global emissions decreased by 17% when compared with the mean 2019 levels. This made people more conscious of the efforts to reduce CO2 emissions and push for clean technologies to combat climate change which in turn boosts the Carbon Capture and Storage market.

Carbon Capture and Storage (CCS) Market Segment Analysis – By Capture Technology

Pre-combustion, post-combustion, oxy-fuel combustion, and industrial separation are some of the widely used capture technologies. The post-combustion capture segment held the largest share of 55.6% in the CCS market in 2020. In post combustion capture CO2 is removed after combustion of fossil fuels in power plants. CO2  is captured from flue gases at power stations or other point sources. The technology is currently used in other industrial applications as well. Post combustion capture is most popular in research because PCC can be typically built into existing industrial plants and power stations (retro-fitting) without significant modifications to the original plant. Post Combustion Capture offers high operational flexibility (partial retrofit, zero to full capture operation) and it can match market conditions for both existing and new power stations. Renewable technologies can be integrated in this process, in particular, Post Combustion Capture allows the use of low-cost solar thermal collectors to provide the necessary heat to separate CO2 from sorbents, effectively reducing the loss of electrical output caused by capture.

Oxy-fuel combustion is the fastest growing capture technology in the Carbon Capture and Storage market in 2020 and is growing at a CAGR of 41.0% during 2021-2026. Oxy-fuel combustion is the process of combusting hydrocarbon fuel in the presence of high purity oxygen. Generally, oxy-fuel combustion recycles flue gas to achieve a lower flame temperature, which makes it a highly efficient energy-saving combustion technology. Due to the large quantity of high purity oxygen required for this process, cryogenic air separation is currently the technology of choice for oxygen production. As demand for highly efficient and effective capture technologies increases, Post-combustion Capture and Oxy-fuel Combustion are expected to dominate the market during the forecast period.

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Carbon Capture and Storage (CCS) Market Segment Analysis – By Storage Technology

The last and the most critical step in CCS is permanent storage of CO2. Geological Storage, Deep Ocean Storage and Enhanced Oil Recovery (EOR) are some of the storage technologies used. The EOR segment held the largest share of 70.0% in the CCS market in 2020. Enhanced Oil Recovery (EOR) is a process of extraction of crude oil from an oil field that otherwise cannot be recovered. Due to the physics of fluid flow, about two-thirds of conventional crude oil discovered in oil fields remains unproduced – primary oil recovery produces only about 10% of the reservoir’s original oil in place, with secondary recovery techniques increasing original oil in place production to approximately 20 to 40%. Tertiary (EOR) techniques prolong the life of producing fields, ultimately leading to recovery of 30 to 60% of the original oil in place. The United States Department of Energy (DOE) has estimated that full use of next generation CO2-EOR in the country could generate an additional 240 billion barrels of recoverable oil resources. Developing this potential would depend on the availability of commercial CO2 in large volumes, which could be made possible by widespread use of carbon capture and storage. Geological storage is the fastest growing storage technology segment in the Carbon Capture and Storage market in 2020 and is growing at a CAGR of 33.1% during 2021-2026. Geological Storage involves injecting CO2 as a supercritical fluid and injecting it into geological formations like saline aquifers or deep unminable coal beds 800 meters or more below the Earth’s crust. According to the Global CCS institute, as of June 2021, 26 commercial CCS facilities with a total capacity of 40 million tons per annum (Mtpa) are operating, 3 more are in construction, 13 are in advanced development and approximately 21 are in early development. Each of these facilities is or will permanently store hundreds of thousands of tons of CO2 per year, and several store more than one million tons of CO2 each year. Five of the 21 operating facilities use dedicated geological storage.

Carbon Capture and Storage (CCS) Market Segment Analysis – By End Use Industry

Industries produce about 8 billion tons of CO2 emissions annually. Chemical, Iron and steel and cement industries are responsible for 70% of these emissions due to the nature of their processes and high temperature heat requirements. The only feasible option for mitigation is to remove CO2 after production using CCS. The Oil and gas segment held the largest share of 62.8% in the Carbon Capture and Storage market in 2020. The rising demand for crude oil and natural gas across various industries has driven the growth of the oil and gas industry. The rising investments in the oil industry to meet growing energy requirements with the focus on lowering greenhouse gas emissions will significantly stimulate the implementation of carbon capture and storage projects.  The fastest growing end use industry segment in the Carbon Capture and Storage market in 2020 is biofuels which is growing at a CAGR of 43.2% during 2021-2026. This segment is growing fast owing to its popularity as a negative emission technology- Bioenergy with Carbon Capture and Storage (BECCS). BECCS is the process of extracting bioenergy from biomass and capturing and storing the CO2 thereby removing the atmospheric CO2. Biogenic CO2 is typically counted as a net-zero emission in most Greenhouse gas accounting schemes. This makes it a very low-cost CO2 source for capture.  Thus, favoring the CCS market.

Carbon Capture and Storage (CCS) Market Segment Analysis – By Geography

North America held the largest share in the CCS market in 2020 up to 54.0%. The US already had the highest number of operational CCS facilities and continued its lead in the global CCS projects with 12 of the 17 new commercial facilities added to the list projects in 2020. According to industry insights, North America will witness substantial growth on account of the increasing energy demands. For instance, the primary energy produced from fossil fuels in the US accounted for 79% of the total primary energy production in 2020 according to the IEA. Hence, there is a need to upgrade the conventional systems with effective emission control technologies like CCS to achieve the minimum emission rate. This contributes to the regional market growth.  Projects were announced in the following end use industries - cement manufacturing, coal and gas-fired power plants, waste-to-energy plants, ethanol facilities and chemical production. These new projects are mainly due to incentives from the government as well as the DOE. Stringent regulatory standards by the government to decrease the greenhouse gas emissions will further boost the demand for carbon capture and storage technology in the region.

The APAC region is the fastest growing region and is growing at a CAGR of 44.3% during 2021-2026. In the Asia Pacific region commitments to reach net-zero emissions saw significant support over the last year from both, governments and businesses, which is spearheading CCS investment and driving the growth of the market. Increasing industrialization rate coupled with the growing investment toward expansion of manufacturing facilities has raised the deployment of CCS projects. Rapid deployment of gas and coal power plants in to cater to the growing demand for energy will accelerate the Asia Pacific market growth. For instance, in June 2021 Japan proposed $10 billion in government funding for low carbon projects overseas, particularly in Asia with the aim of offsetting the environmental impacts as it stays dependent on oil and gas imports to maintain energy security. Rising awareness regarding emission control along with ongoing industrial and commercial expansion will boost the market.

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Carbon Capture and Storage (CCS) Market Drivers

Global Aim for Net Zero

There has been a tremendous growth in the renewable energy sources sectors but climate experts and scientists believe that this alone will not result in zero carbon emissions. CCS plays a vital role in ridding the existing energy sources of greenhouse gas emissions and one step closes to net zero. The CCS technologies available today can absorb more than 90% of CO2 generated by fossil fuel power stations and industrial plants. According a report, the International Energy Agency declares that without CCS it will be impossible to achieve the ambition of the Paris Agreement. Many countries have begun adopting CCS to put them on the right track to net zero. A Norwegian Company, Equinor’s “Hydrogen to Humber (H2H) Saltend” project will provide blue (zero emission) hydrogen from natural gas with carbon capture and storage technology for the Humber region in UK. The project is one of many steps toward realizing the 2019 UK law committing to net-zero greenhouse gas emissions by 2050. Such projects act as drivers for the CCS market during the forecast period.  

Role of Power Generation Industry

The expeditious decarbonization of power generation industry is of utmost importance in achieving net-zero emissions as electricity generation is one of the largest sources of  CO2 emissions globally. The demand for electricity is forecast to increase significantly. CCS equipped power plants will help ensure that the low carbon grid of the future is resilient and reliable. CCS is also essential for reducing emissions from the existent world-wide fossil fuel power plants. Globally, there is approximately 2,000 Giga Watts (GW) of operating coal-fired capacity, with over 500 GW of new capacity expected by 2030. Over 200 Gigatons of new capacity is already under construction. Without CCS retrofit or early retirement, coal and gas-fired power stations, both current as well as under construction, will continue emitting CO2 at rates that will consume 95% of the IEA’s Sustainable Development Scenario carbon budget by 2050. Retrofitting fossil fuel power generation plants with CCS can be a cost-effective option which means economies that are heavily dependent on coal such as China, India, and Southeast Asian countries can continue using it while moving toward a low-carbon economy, thereby transitioning towards zero emission. Thus, the growth in power generation also fuels the growth of CCS market.

Carbon Capture and Storage (CCS) Market Challenges

High Cost of Carbon Capture and Storage

Incorporating CCS technologies increases costs including capital investment in equipment technology, operating costs and transportation costs without providing additional revenue. The high cost of carbon capture and storage has kept the technology from entering mainstream use. Climate policies like carbon pricing are still not strong enough to make CCS economically attractive. For Carbon capture alone the cost varies from $15-120 per ton of CO2. Some CO2 capture technologies are commercially available now, while others are still in development, and this further contributes to the large range in costs.  This challenge can be offset by government economic packages and incentives.

Environmental Considerations

The main critique towards CCS is that it may strengthen dependency on non-renewable fossil fuels and coal mining instead of adopting renewable energy solutions. Another concern is regarding the possible leaks in storage. Other concerns are explosions, earthquakes or any ecosystem side-effects. Such factors have become the major challenge of CCS which constrains the growth of the market.

Technological advancements, partnerships, and R&D activities are key strategies adopted by players in the Carbon Capture and Storage market. Carbon Capture and Storage market top companies are General Electric Company, Royal Dutch Shell PLC, Aker Solutions ASA, Fluor Corporation, Mitsubishi Heavy Industries, Ltd, Halliburton Company, Siemens AG, Total S.A., Equinor ASA, ADA-ES, Inc, Exxon Mobil Corporation and Schlumberger Limited among others.

Acquisitions/Technology Launches

In June 2021, Northern Lights, Total Energies, Oxy Low Carbon Ventures, South Pole, Perspectives and Carbon Finance Labs announced the launch of the CCS+ Initiative which focus on advancing carbon accounting for a range of carbon capture, utilization, storage, and removal technologies that are underpinned by robust cradle-to-grave life cycle assessments (LCA) and rigorous verification standards to ensure environmental integrity.

In February 2020 Chevron Technology Ventures partnered with WAVE Equity Partners, and Marubeni Corporation by investing $16 million in Carbon Clean Solutions. Carbon Clean Solutions Limited is developing a carbon capture system that can be shipped to remote sites, where it will remove carbon dioxide at a price of $30 per ton.

Key Takeaways

North America dominates the CCS market, with USA having the lion’s share of operational or under construction schemes of CCS plants.

The International Energy Agency (IEA) estimates that we need a carbon capture and storage industry capable of capturing 7,000 million tons of carbon dioxide per year and storing it underground by 2050. So, the future of the global CCS industry looks promising.

There has been an increase in Global warming and CO2 emissions post lockdowns. This is leading to an increase in demand to curb emissions, which is increasing the demand for carbon capture and consecutively driving the market growth.

The major opportunity for this market is growing climate change awareness and development of clean and green mitigation technologies. Furthermore, it is also an opportunity for this market to develop advanced technology for safe and long-term storage of CO2.

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Almond Flour Market size is estimated at $1.1 billion in 2020, projected to grow at a CAGR of 7.8% during the forecast period 2021-2026. Almond flour is a popular substitute for regular wheat flour since it is low in carbs, high in nutrients, and slightly sweeter in flavor. Nutrients, protein, vitamins, and minerals abound in almond flour. Almond flour is prepared by grinding and sifting Blanched Almond Flour almonds into a fine flour which are polyunsaturated fats. Almond flour have additional health benefits over wheat flour, such as lowering “bad” LDL cholesterol and insulin resistance. Vitamin E, a group of fat-soluble chemicals that act as antioxidants in the body, is particularly abundant in almond flour. They protect against free radical damage, which accelerates aging and raises the risk of heart disease and cancer. One of the factors driving the market's growth is the rising tendency toward a healthy lifestyle, as well as the rising occurrences of diabetes, cancer, and other disorders. As consumer behaviour changes, the majority of main firms in the food and beverage industry have been pushed to improve the nutritional profile of their products in order to attract customers. Consumers have begun to spend exorbitantly on food products manufactured from health-beneficial substances, therefore the onset of COVID-19 is predicted to modestly raise demand for almond flour market.

Almond Flour Market Segment Analysis – By Form:

Based on Form, Blanched Almond Flour Segment accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR of 8.4% in the forecast period 2021-2026 owing to increased awareness of its health benefits over the natural equivalent. The former is finer, lighter, smoother, and fluffier in texture than the latter, but having an identical nutritional profile. As a result, Blanched Almond Flour is utilized in a wide range of culinary products aimed at the health-conscious consumer as it contains polyunsaturated fats driving the segment growth. Natural Almond Flour segment is anticipated to grow with the second-fastest CAGR of 5.3% in the forecast period 2021-2026 is expected to be driven by an increase in the number of chocolate and confectionery producers, as well as an increase in the baking industry and a growing awareness of the need of eating nutritious foods.

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Almond Flour Market Segment Analysis – By Distribution Channel:

Based on Distribution Channel, Online accounted for the largest revenue market share in 2020. This is owing towards ease of availability of a wide selection of products in various forms and uses as in various flavouring ingredient given by all brands at reasonable discounts. The growing number of smartphone and internet users is the primary driver of sector growth. These businesses give cash back and home delivery services, which contribute to the market's growth. Customers frequently purchase almond flour with various flavors like Natural & Blanched Almond Flour from online websites in order to save time due to the increasingly hectic lifestyle. Furthermore, the online retail segment is expected to account for the largest share of the market, owing to the fact that online retailing offers more discounts and purchase options, and the online platform has grown in popularity as a result of its ability to deliver products to customers' doorsteps. Major corporations, such as Big Basket, are collaborating with internet shops to broaden their customer base. They also create their online portals and websites to promote the growth of the market in order to increase product sales, providing potential for the Almond Flour Industry to flourish. Offline is projected to witness the fastest CAGR of 8.9% during the forecast period 2021-2026 as it provides the convenience and variety of options that consumer seeks. Specialty merchants are launching several varieties of almond flour, such as Blanched Almond Flour, which contains polyunsaturated fats and healthy components, such as vitamin B1, to tempt customers, hence enhancing the market's growth.

Almond Flour Market Segment Analysis – By Geography:

Based on Geography, North America Almond Flour Market accounted for the 39% revenue share in 2020 owing to their hectic work schedules, millennials, a big demand group in the region, are primarily focused on consuming food products like baked food products made of Blanched Almond Flour that are convenient and can be ingested with minimal preparation. According to the United States Department of Agriculture, the United States produces more than 80% of the world's almonds, making it one of the most important producers and exporters of almonds and almond-related products to both developed and developing countries throughout the area. According to recent USDA Census of Agriculture data, there are around 7,600 almond farms in California. The year-round availability of high-quality raw materials at reasonable rates enable important manufacturers to sell almond flour at competitive prices as it contains polyunsaturated fats, making it a big potential market for almond flour producers. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increased convenience food products demand over the projection period which propel the Almond Flour Market. The region's bakery business is predicted to grow at a faster rate than the rest of the world, due to growing middle class, economic marketization, urbanisation, and increased social media influence.

Almond Flour Market Drivers

Increasing Demand Of Almond Flour In Various Applications:

Blanched Almond Flour is commonly used in the formulation of skin care products including lotions and creams. Almond flour's natural component is beneficial for a variety of home uses. Paleo dieters, who consume a diet rich in nuts and seeds, meat, and healthy oils and fats, choose almond flour to a large extent drive the market growth. Consumers growing health concerns, particularly in North America and Europe, have resulted in a trend toward safer, healthier, and higher-quality Blanched Almond Flour products aiding growth to the market development. The demand of driving Almond Flour Market. Acquisition and growth are significant tactics for companies active in production and supply activities in the milling sector to create more space for themselves in the almond flour market. In 2019, Blue Diamond Growers, for instance, announced the expansion of its manufacturing operation in Turlock, California. The corporation began expanding the Turlock plant's capacity by installing 54,000 square feet of automated, cutting-edge handling, processing, and packaging capabilities. The company also added 58,000 square feet to its bulk warehousing capabilities, thereby, aiding expansion to the Almond Flour Industry.

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Almond Flour Market Challenges

Stringent Government Regulations:

The Almond Flour Market's growth is hampered by the stringent government regulations globally. In most nations in North America and Europe, legislation has been enacted to safeguard food items against deterioration and contamination caused by poor manufacturing and refrigerated storage practices. As a result, each country has chosen agencies to check consumer health issues owing to polyunsaturated fats as well as the types of materials and procedures used in food and beverage operations to determine whether they are regarded safe which further restrains the Almond Flour Market growth.

Almond Flour Market Landscape:

The Almond Flour Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Almond Flour Market top 10 companies are Hodgson Mill, WellBees, Olam International, Blue Diamond Almonds, Shiloh Farms, King Arthur Flour Company, Inc, Anthony's Goods, Oleander Bio, Barney Butter and Treehouse Almonds.

Acquisitions/Product Launches:

In October 2019, Hughson Nut Inc., a California-based almond ingredient processor and producer, as well as real estate assets, were purchased for $54 million by Olam International. Olam International was able to expand its almond ingredient capacity as a result of the acquisition, and by leveraging Hughson Nut's manufacturing skills, it will be able to target a new customer base in the food segment, manufacturing, and e-commerce.

Key Takeaways

As customer preferences for gluten-free blanched almond flour diets and higher standards develop, demand for processing equipment continue to fuel the almond flour industry's expansion.

Geographically, North America Almond Flour Market held the largest revenue share of 39% in 2020 to higher consumption and production of almond and its products in the region. The scope of the Almond Flour Market for various regions will be provided in the final report.

The Almond Flour Industry is expanding owing to emerging applications of bakery and confectionery in food and beverage industry.

The market's growth will also be fuelled by ongoing research and advancements in end use is pushing the Almond Flour industry forward during the forecast period 2021-2026.

Fluctuating cost of raw material for almond and changes in tariff policies results in variation in demand needs which is poised to create hurdles for the Almond Flour Market.

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