Outlining mobile wallet market trends from a regional perspective: global industry set to surpass a valuation of $250 billion by 2024
The worldwide mobile wallet market has positioned itself to be an extremely lucrative consumer-driven vertical, propelled by the attractive discount & cashback offers facilitated by service providers. Indeed, mobile wallet providers across the world have been impressively successful in attracting and retaining customers, growing their respective user-base at an exponential rate in the process, by simply offering their consumers frequent & appealing cashback offers and discounts. The entire cycle of discounts and cashbacks has proven to be extremely beneficial for both customers, who can obtain a plethora of products & services at a reduced rate, and mobile wallet service providers, who are able to be the recipients of profitable business from their patrons.
U.S. Mobile Wallet Market Revenue, By Type, 2017 & 2024
While these frequent cashback offers may seem to be counterproductive for the growth of the mobile wallet industry, it actually reduces the cost of customer acquisitions by allowing companies to lower the amount they spend on marketing their respective products & services to the customers.
Unveiling APAC mobile wallet industry trends
Across the Asia Pacific, where the penetration of smartphones is supposedly the highest, consistent efforts taken by the regional governments towards realizing the goal of being cashless have benefited the mobile wallet market in a profound manner. The dense concentration of smartphone users and the government efforts toward establishing a cashless economy is so extensive that in 2017, APAC was known to have captured a sizable proportion of the global mobile wallet industry share.
According to a report by Disruptive Asia, the most common denominator behind the market’s unprecedented growth in APAC is the sheer penetration the smartphone industry in the region is witnessing. Mobile wallet service providers have been able to capitalize on this lucrative opportunity by developing cost-effective & ubiquitous smartphone application-based as well as online solutions for customers across the region. In fact, according to a 2018 report by Merchant Machine, Asia’s home-grown mobile payment platforms, WeChat Pay & Alipay were able to effectively grow their user base to 600 million & 400 million respectively, significantly outperforming industry veteran PayPal which had over 210 million users that year.
While the region’s mobile payments market is being led by the countries such as South Korea, Japan, Singapore, Australia and China, the country with the largest mobile wallet user base is China, with more than 45% of the nation having used this payment service in 2018 for their daily transactions. Augmented by the extensive popularity of this payment method, APAC mobile wallet market is set to depict an unprecedented growth rate over 2018-2024.
Unveiling Europe mobile wallet market trends
The mobile banking sector in Europe has been evolving at a commendable pace over the previous five years. This trend could be attributed to the increasing prominence of a plethora of international as well as domestic entities competing with each other through their mobile wallet services in an attempt to capture a profitable chunk of the global industry. Moreover, the collaborative efforts of the region’s technology-oriented enterprises and the banking establishments have also been acknowledged as a factor that is responsible for expediting the Europe mobile wallet market growth.
Meanwhile, the European Commission has been working diligently to develop an integrated & efficient payment services market across the European Union. The EU has adopted a new payment services directive in January 2018 to make internet payment services safer & easier to use and also to promote innovative internet & mobile payment services that would prove extremely beneficial for the Europe mobile wallet industry. Owing to these conducive factors, the Europe mobile wallet market is slated to grow at an impressive CAGR of more than 15% over 2018-2024.
These regional trends quite clearly indicate that the global mobile wallet market is anticipated to attract numerous investors in the upcoming years. In fact, a research report from Global Market Insights, Inc., projects that the overall mobile wallet market size will be surpassing the renumeration mark of $250 billion by 2024.
Author Name : Akshay Kedari
Drug integrated polymer fibers market to accumulate hefty proceeds from vascular stent and graft applications, global industry remuneration to cross USD 88 million by 2025
The growing number of investments in R&D activities of novel healthcare solutions has majorly propelled drug integrated polymer fibers market, concurrent with rising prevalence of various orthopaedic, vascular and other disorders. Unprecedented advances in synthetic and biodegradable medical devices and materials have enabled the infusion of pharmaceutical properties within key surgical products. The drug integrated polymer fibers industry is anticipated to gain massive advantages from the increasing disposable incomes of consumers, who can afford new and innovative treatment options. With the worldwide consumption of unhealthy food exacerbating every year, along with smoking and drinking habits, cases of obesity and cardiovascular diseases would only increase. Subsequently, the need for performing effective surgeries to treat life-threatening disorders will create a demand for vascular grafts and stents offered by the drug integrated polymer fibers market.
U.S. Drug Integrated Polymer Fibers market, by application, 2014 – 2025 (USD Million)
As a rule, constant innovations have always ensured that patients are benefited by the availability of efficient and long-lasting medical treatments. Albeit being only an emerging sector with very few established players, the drug integrated polymer fibers industry is showing signs of becoming a vital component of numerous inpatient procedures. Many patients require the use of medical fibers or textile materials to support the treatment, cover a wound or be used as permanent fixtures inside the body. Now, essential drugs like antiseptics, painkillers or antibiotics can be administered to patients without the need for supervision, by utilizing polymers infused with the drugs. Devices such as vascular stents and vascular grafts could be a key application area for the drug integrated polymer fibers market, due to the rising occurrence of diseases like atherosclerosis.
Atherosclerosis, essentially, results from the narrowing and hardening of arteries, most probably due to the buildup of cholesterol, calcium, fats, among other substances, in turn leading to increased chances of stroke, amputation or even death. Although changing one’s lifestyle to incorporate healthier eating habits, physical activity and stopping to smoke can help lower the risk of atherosclerosis, people who are diagnosed with the disorder may need to opt for surgery more often then not. It has been reported that atherosclerosis-related diseases are a leading cause of fatalities in the U.S. and nearly 5 million people in the country are affected by it. With the two important treatments for the disease being surgical bypass or angioplasty, the drug integrated polymer fibers market could witness considerable growth from synthetic or bio-based grafts and stents used in the procedures.
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Vascular stents are placed inside a blocked artery for keeping it open after an angioplasty procedure, including the treatment of cardiovascular blockages. These stents are increasingly being coated with medications to avoid the formation of blood clots in the stent, besides any other medicines necessary. Drug-infused polymers have presented a significant solution to provide patients with the required dosage of medicines quickly, while simultaneously increasing the longevity of the treatment. Vascular stents are also known to reduce the chances of restenosis, which is the reoccurrence of narrowing of the arteries, by up to 15%. Interestingly, reports indicate that drug-releasing stents have the ability to reduce the risk of restenosis to less than 10%, which is a remarkable achievement considering the nature of the disorder.
Surgical bypass, performed to treat vascular blockage in different parts of the body such as the leg and abdomen, involves routing blood flow from an area affected by peripheral arterial disease, using a synthetic or natural graft. Even here, there is a risk of blood clotting as well as wound, bladder and other infections. Undoubtedly, mitigating these risks could become a major focus for vascular graft producers, offering opportunities for the drug integrated polymer fibers industry to provide medically reinforced material to be used in the bypass. Further, since the lifespan of the procedure is considerably dependent on the health of the arteries, administering necessary drugs through the graft to avoid any complications could be of great importance.
All in all, the drug integrated polymer fibers market is expected to witness an accelerated growth rate over the next few years, propelled by the surging number of vascular disorder patients, in addition to applications in orthopedic, drug delivery and would healing segments. Rapid development in the field of biocompatible materials, fast 3D printing of medical and surgical devices as well as in healthcare infrastructure will offer a tremendous boost to the expanding drug integrated polymer fibers industry.
Author Name : Pankaj Singh
Polyethylene naphthalate (PEN) market to garner extensive remuneration from packaging and bottling applications, North America to emerge as a prominent growth avenue by 2024
Owing to a broad application scope and rising commercial significance, the global polyethylene naphthalate (PEN) market has gathered remarkable momentum across numerous industrial verticals. A wide range of characteristics offered by the resin have elevated its preference over other conventional polymer alternatives for crucial applications in the packaging, electronics and automotive segments. Continuous increase in the consumption of food and beverage products has gradually augmented the growth of the polyethylene naphthalate market, as the resin is suitable for use in bottling and packaging materials due to superior barrier properties. With the realization among manufacturers and consumers regarding the need for reusable bottles, high performance films and other materials to offer superior quality products, the PEN industry could experience considerable development over the coming years.
U.S. Polyethylene Naphthalate Market Size, By Application, 2017 & 2024, (Kilo Tons)
Advantages of PEN over PET to drive the polyethylene naphthalate market growth
Polyethylene terephthalate (PET) has been used to produce various components and bottled products for a long time, but PEN has been found to exhibit better performance when deployed for similar applications. Experts have confirmed that PEN has lower oxygen permeability, better tensile strength, enhanced hydrolytic stability, as well as reduced shrinkage and elongation than PET. Subsequently, increased use of PEN in food-contact materials can be expected to ensure the safety and duration of food and beverage products, propelling the PEN industry revenues. Further, with regards to uses in electronics and flexible printed circuits (FPCs), PEN films are better than PET in terms of mechanical properties, chemical resistance and glass transition temperature. The consistent technological developments will sustain the production of innumerable electronics products, indicating a lucrative growth avenue for the PEN market, as FPC makers move away from PET.
Expansion opportunities in North America for the polyethylene naphthalate market
The food and beverage consumption habits in North America have seemed to be the same for decades, but still considered to be changing to keep pace with a shift in lifestyle and work culture. Expounding on the statement, countries like U.S. and Canada have been major consumers of packaged food and drinks, although the type and quantity of products being consumed have changed over a period of time. The region has always witnessed an upward trend in this regard and in 2017, the total value of packaged food products in the U.S. had reached over USD 375 billion. As the consumption of processed food will rise year on year, the North America PEN market will certainly gain significant proceeds in the near future.
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Speaking further, there are several major brewing and juice companies present in the North America beverage industry, along with hundreds of small players. For years now experts have advocated the increased usage of plastic bottles to hold beer instead of glass, while fruit juices have long been available in PET bottles. However, better performance and enhanced safety provided by PEN bottles will help them replace their PET counterparts on the shelves of supermarkets and in restaurants across Canada, Mexico and U.S. It was reported that almost 83% of all beer in the U.S. was produced domestically in 2017, demonstrating the immense potential for the PET industry from bottling applications. Statistics also show that in Canada, around 22.7 million hectoliters of beer is consumed annually, representing the tremendous demand for beverages in the region.
Interestingly, the PEN market is also being supported by food and safety regulators for the material’s proven benefits in food and beverage applications. According to U.S. FDA’s policies regarding the use of recycled plastic in food packaging, evaluation of tertiary recycling processes have been marked as unnecessary to determine that post-consumer produced PEN is suitable for food-contact applications. The agency has seemingly deemed PEN as having suitable purity for food packaging, giving additional impetus to the regional PEN industry.
All in all, the increased consumption of packaged food and beverage products in North America, along with the growing demand for PEN films and materials will enormously boost the regional PEN market expansion. The adoption of the resin by FPC manufacturers for supplementing the augmented production of portable electronic devices will in turn stimulate the development of products having improved stability and performance.
Author Name : Pankaj Singh
Unveiling automotive part cleaners & degreasers market with respect to the product terrain: rising vehicle sales worldwide to drive the industry landscape over 2018-2024
The growing prominence of low-emission & high-performance engines is projected to fuel automotive part cleaners & degreasers industry in the forthcoming years, owing to the rising significance imparted to maintenance and servicing operations. The array of products that are available across this domain are frequently used to rid the vehicle’s engine of different contaminants before an oil change in an effort to enhance the vehicle’s fuel efficiency. Moreover, with global vehicle sales growing at an exponential rate owing to improving economic conditions across a number of countries, the automotive part cleaners & degreasers market is expected to accumulate substantial momentum from their maintenance & servicing activities. Furthermore, there has been a growing trend for the sale of vehicle part & repair accessories online as more and more brands are starting to make their products available on global e-commerce platforms.
Automotive Part Cleaners & Degreasers Market Size, By Cleaners, 2017 & 2024, (Million Gallons)
While improving economic conditions have propelled vehicle sales across the world, they have also fueled the sizable boom the construction & e-commerce industries which in turn have driven up the commercial & heavy vehicle demands, further propelling the automotive part cleaners & degreasers industry trends.
Automotive part cleaners & degreasers industry | Impact of growing vehicle demand in the U.S. on engine flush cleaner sales
Defying previous predictions, the sales of vehicles across the United States in 2018 experienced a slight rise in its numbers, highlighting the nation’s strong economy with automobile manufacturers reporting a 0.3% surge to approximately over 17 million vehicles. This rise in sales comes despite a highly-volatile stock market, growing interest rates, and increasing vehicle prices that have pushed some of the prospective buyers out of the automobile market. This tendency for the U.S. vehicle market to draw in growth in the face of adverse market conditions would be responsible for driving the growth of the regional automotive part cleaners & degreasers industry, specifically from the sales of engine flush cleaner, on account of the fact that they impart efficiency and longevity to engines that is crucial for the U.S. auto industry.
As a matter of fact, across the United States, owning a vehicle is extremely critical since vehicles are viewed from a utilitarian perspective. Due to scarce options of public transport, a majority of the nation’s population depends on automobiles to commute to & from work – that is to say, an average U.S. automobile experiences extensive amount of use throughout its tenure. This has driven the demand for engine flush cleaners that help elongate the shelf life of engines, by eliminating deposits, gum, and varnish, and improving fuel performance. Powered by the requirement of a clean lubrication system and the stringent norms governing VOC emissions, the U.S. automotive part cleaners & degreasers industry share from engine flush cleaners is anticipated to register a CAGR of 2.5% over 2018-2024.
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Automotive part cleaners & degreasers industry | Impact of catalytic converter cleaner sales
According to U.S-based non-profit organization, Manufacturers of Emission Controls Association (MECA), catalytic converters have been an extremely important aspect of mobile-source emission control across the world ever since the mid-1970s. Catalytic converters, from the initial two-way oxidation units to the advanced three-way units that are used today, have helped in cutting down air pollution by more than 10-billion-tons across the U.S. alone.
Today, advanced catalytic converters are more crucial than ever due to the increasing need globally to cut down on carbon emissions and manufacture more fuel-efficient & eco-friendly vehicles, which in consequence has surged the demand for catalytic converter cleaners worldwide. These cleaners, while helping to cut down on emissions also help improve fuel-efficiency & ensure vehicle safety by preventing the clogging of catalytic converters. Attributing to these prominent factors, automotive part cleaners & degreasers industry size from catalytic converter cleaners had been pegged at $2.5 billion in 2017.
The industry would also experience momentum due to increasing government regulations concerning the rate of emissions and the rising investments that automakers are making in their respective R&D activities to control emissions.
Automotive part cleaners & degreasers industry | Impact of China’s rising vehicle sales on transmission degreaser sales
China’s rapidly rising standard of living and purchasing power have majorly propelled the region’s automotive industry, consequently driving the demand for maintenance and servicing products. As per reports, the region has observed exceptional sales of transmission degreasers, that are suitably designed to break down varnish deposits and clean internal transmission components. In a bid to ensure passenger safety and prevent damage, auto maintenance and repair establishments are found to be using these degreasers consistently. China automotive part cleaners & degreasers industry size from transmission degreasers apparently, is anticipated to be pegged at $1 billion by 2024.
Transmission degreasers are also known to maintain optimal gearbox conditions and enhance vehicle speed. In order to cater to the consumer demands for excellent vehicle performance, longevity, regular servicing, and leakage elimination, servicing setups are often found using transmission degreasers, that would further augment the industry growth in the region.
The aforementioned trends characterizing the product landscape of the global automotive part cleaners & degreasers market quite discernibly indicate that this business vertical is here to stay. According to a Global Market Insights, Inc., the overall automotive part cleaners & degreasers industry size is slated to surpass the $47.5 billion renumeration mark 2024.]
Author Name : Akshay Kedari
Europe data center liquid cooling market to record extensive gains by 2025, robust adoption of direct immersion cooling solutions to expedite the industry landscape
The increasing demand for digital services and unprecedented growth in AI and machine learning has helped push data center liquid cooling market share to new heights lately. Data centers demand efficient cooling systems to reduce power consumption as over 30% of the power is used for cooling purposes. Processor performance is also severely affected by overheating resulting in slower operations. However, with businesses increasingly shifting towards mainframes and supercomputers, liquid cooling technology seems to be an ideal solution for modern data centers. Furthermore, the consistently changing demands for new, uninterrupted digital has been prompting data centers to adopt innovative technologies that will help boost data center liquid cooling market in the coming years.
China data center liquid cooling market, by solution, 2018 & 2025 (USD Million)
The growing implementation of artificial intelligence (AI), big data, cloud, and machine learning in newly developed software solutions has also been driving the industry growth. With the development of more powerful chips capable of rapidly processing data for new complex applications, the amount of power consumption has exponentially increased leading to more component heat generation. For instance, an increasing number of GPUs and FPGAs are nowadays pushing systems to their limits for smoothly running heavy applications like AI, big data analytics, HPC, media streaming, machine learning which in turn generate high amounts of heat. Reports claim that the heat profile for many GPU based servers is double than that of traditional servers. However, with the benefits of liquid cooling technology businesses can deploy applications at a much higher density with increased efficiency, that will lead to a commendably reduced carbon footprint, supplementing the data center liquid cooling industry growth in the upcoming years.
One of the most extensively used solutions for data center cooling is the direct immersion cooling solution. Also known as liquid submersion cooling, this solution is used to submerge full servers in a thermally conductive liquid to offer enhanced temperature control. The method is slowly gaining popularity with innovative datacenters across the world. Some ultra-high-speed supercomputers like IBM’s Summit supercomputer already use liquid cooling technology to pump around 4,000 gallons of water per minute through its system.
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Direct immersion can significantly cool solid-state drives, which makes the entire process more efficient in comparison with traditional methods. The technology also reduces system humidity & heating effect, further offering high operational performance and speed. Additionally, solution developers offer efficient maintenance & installation services to data center clients which further supports industry expansion. Indeed, it comes as no surprise that the data center liquid cooling industry will gain substantial momentum from the robust adoption of direct immersion cooling solutions.
Hyperscale data centers – the latest trend that will proliferate data center liquid cooling market size
The increased focus on business agility and cost optimization has led to the rise and growth of cloud data centers which in turn has given birth to the trend of hyper scaling. Hyperscale cloud operators are increasingly offering better resources and bandwidth that support the growing demand for storing large chunks of data on the cloud. Compared to traditional models, hyperscale data centers require to operate in colder zones as these facilities constantly handle increasingly large amount data traffic, which expands IP connections and fulfills high storage demands, factors that make it essential for deploying servers with high-density cooling elements like liquid coolers and water-chilled metal boxes equipped with blowers to enable fast operation at ambient temperatures. The growing shift towards hyper scale cloud data centers will thus augment the growth of data center liquid cooling industry.
Speaking of the regional expanse of the data center liquid cooling market, it would be prudent to state that APAC and Europe are two prominent geographical revenue pockets for the industry. Asia Pacific data center liquid cooling market will witness significant growth over the ensuing years, driven by the increase in data capabilities brought forth by the growing digitalization in every possible industry sector.
The expansion of the Europe data center liquid cooling market can be majorly credited to the massive presence of numerous colocation facilities across the continent. Powered by the advent of robust digitization across the industries such as BFSI and medical care, in tandem with the rapid adoption of machine learning technology in the region, Europe data center liquid cooling industry share is set to soar high in the years to come.
Liquid-based cooling solutions have more heat removal capabilities & can reduce a data center’s power consumption by about 70%. The paradigm shift toward high energy consuming applications and the deployment of AI, big data and machine learning will mandate the adoption of liquid cooling solutions for smoother operations in the years ahead. Reports from Global Market Insights, Inc. cite that the data center liquid cooling market size will exceed the $2.5 billion mark by 2025.
Author Name : Mateen Dalal