U.S. oil and gas infrastructure market to amass considerable returns from the Southwest, surging crude oil exports to augment the regional industry
The U.S. oil and gas infrastructure market has been expanding rapidly with the prevalence of space drilling and exploration activities over the last few years. Leading oil and gas suppliers have been involved in exploration and excavation activities mainly in the Gulf of Mexico and southwest region to meet the rising energy demand across the country. A research report on the annual energy requirement across U.S. and Canada has predicted that these regions would have to invest nearly USD 26 billion per year on the crude oil and natural gas midstream energy infrastructure development.
Rapid industrialization and an exponential rise in the population across U.S. are the principal factors that have been furling the energy demand across the country, thereby impelling U.S. oil and gas infrastructure market trends. The increasing concerns about the depleting fossil fuel resources and rise in the dependency on the Middle East countries for fulfilling the requirement of energy have also encouraged the U.S. government to invest heavily in the development of oil and gas infrastructure, further augmenting the industry.
The Shale Revolution across North America has indeed transformed the focus of the continent as far as oil and gas developments are considered. For the record, with the advancement of oil and gas infrastructure, the per day oil production of U.S has risen from 5 to 9 million barrels and natural gas production has risen from 55 to 72 billion cubic feet in the last few years. The transformation has seemingly occurred because of the rising involvement of businesses in the refining, processing, and transportation of oil and gas. So far, reports claim that most of the companies in oil and gas sector have invested approximately USD 390 billion for developing new infrastructure.
Elaborating on the technology intervention, oil and gas production companies have lately been adopting new technologies to improve the quality and quantity of extracts. The main factor that has encouraged oil and gas companies to increase fossil fuel production is the removal of the restriction on the export of crude oil. In 2015, the Congress government lifted the restriction of crude exports that has opened the doors for oil and gas companies to export natural gas. As of now, the government has engineered its focus primarily on Houston and Corpus Christi for infrastructure development investments. Houston is America’s oil capital through which government supplies crude to other countries. On these grounds, in 2017, the Southwest accounted for a 30% share in U.S. oil and gas infrastructure market pertaining to the presence of Barnett Shale and Eagle Ford in Texas.
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Owing to the sudden rise in the production and transport of oil and gas, problems associated with traffic congestion have making their mark across the U.S. In addition, the increasing number of trucks which transport oil and gas have been becoming a major cause for the rise in the number of traffic accidents. In order to deal with such serious issues, the U.S. government has been forcing companies to deploy transmission pipelines from supply areas to market areas. In this regard, the companies have been investing to construct a cluster of facilities from gas wells to crude oil storage and treatment tanks. The whole process requires considerably sophisticated infrastructure development tools ranging from surface and lease equipment, oil, gas and NGL pipelines, gathering and processing, export terminals, and many more, that would most overtly expedite U.S. oil & gas infrastructure industry trends.
The shifting focus of the U.S. government toward the deployment of gas-fired power plants for fulfilling the energy needs of the country along with the rise in the export activities have been further accelerating the demand for various kinds of infrastructure development accessories. An increasing number of crude oil refineries and the relatively rising importance for enhancements, upgradations, replacements, and refurbishments of older facilities have also been contributing toward the development of U.S. oil and gas infrastructure industry. Driven by a growing number of oil & gas processing plants, U.S. oil and gas infrastructure market is poised to generate a revenue of more than USD 80 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Advanced wound care market to amass hefty proceeds from wound dressings, global industry valuation to cross USD 13 billion by 2024
The increasing prevalence of diabetes, especially among the global geriatric population is likely to expedite advanced wound care market trends in the years ahead. This can be credited primarily to the rising occurrence of chronic wounds resulting in limb amputations among diabetic patients. Data released by the World Health Organization (WHO) revealed that over 400 million people are affected by diabetes worldwide. Given today’s lifestyle and dietary trends the occurrences are projected to continue to escalate. Back in 2016 alone, diabetes was the seventh leading cause of death with almost 1.6 million deaths directly credited to diabetes annually.
India Advanced Wound Care Market, By Product, 2013 – 2024, (USD Million)
Although several people experience wounds, cuts, and minor scratches or ulcers, for people with diabetes, even minor wounds can lead to major consequences. Several people affected by diabetes develop wounds that never heal or do so at a slow pace. Wounds that cannot be cured pose a high risk of infection that can rapidly spread to tissues, bones or other parts surrounding the affected area, which in some cases can lead to deadly complications. These patients thus form a pivotal part of the consumer base for advanced wound care market companies.
Speaking of wound healing, it has been speculated that slow healing wounds constitute one of the most dreaded and common complications of diabetes. In the United States alone, around 15 percent of diabetic patients are estimated to get one at some point in their life, with caring costs accounting for $20 billion every year, excluding an estimation of 2 million workdays that are lost due to foot wounds that won’t heal.
Considering the major drawbacks of diabetic wounds, doctors are consistently focused on developing advanced wound care methods, specifically a slew of wound therapy devices and wound dressings, so they don’t lead to severe treatments like limb amputations. Additionally, with technological advancements in wound care, there have lately been fewer cases of amputations. For instance, a study conducted in 2012 stated that the rate of leg and foot amputations among adults affected by diabetes in the U.S. decreased by 65 percent from 1996 to 2008.
Wound dressings, encompassing myriad dressing techniques such as hydrogel dressings, foam dressings, antimicrobial dressings, and the like, form a pivotal part of the product landscape of advanced wound care market. This is primarily on account of the plethora of dressing styles available that can be individually scrutinized and used for numerous types of wounds such as venous ulcers, open wounds, burns, stalled wounds, necrotic wounds, and broken skin. Apparently, in 2017, would dressing held the highest proportion of the advanced wound care market share.
Of late, advanced wound dressings like trauma hydrocolloidal dressings are used to promote oxygen circulation in and around the wound, speeding up wound healing. Other types such as hydrocolloidal dressings that are not just latex free but also biocompatible with the patient’s body are also being deployed extensively. Powered by the massive variety of advanced dressings available and the incredible benefits delivered by these dressings for wound healing, advanced wound care market size from wound dressings is anticipated to depict a CAGR of 4.8% over 2018-2024.
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A pivotal factor that would contribute substantially to the demand for advanced wound care is the increasing rate of the geriatric population around the world. According to the World Population Prospects, the number of older adults aged 60 years and above is expected to double by 2050 from 962 million in 2017 to 2.1 billion in 2050. Likewise, the American Diabetes Association (ADA) claims that over 25% of the population aged 65 within the United States suffer from diabetics. The geriatric population is invariably linked to reduced functional status and high risk of institutionalization, and they are also more receptive to complications including both chronic microvascular and cardiovascular complications.
The report by ADA further suggested that older adults with diabetes have the highest rates of lower limb amputations along with other complications that include visual impairment, myocardial, and end-stage renal disease. The overall elderly population base susceptible to chronic wounds will thus lead to increased cost burden on the healthcare systems throughout the world, which is estimated to direct investments in developing advanced wound care technology. This would quite overtly, have a transformational impact on the remuneration portfolio of the global advanced wound care market.
The availability and awareness related to wound care especially in developing nations is likely to generate substantial demand for these products in the years ahead. As per a report compiled by Global Market Insights, Inc., advanced wound care market size is slated to cross USD 13 billion by 2024.
Author Name : Krithika Krishnan
China energy storage market growth to be characterized by the rising popularity of lithium-ion battery technology, surging EV deployment to augment the regional industry trends
The shifting focus of the Chinese government toward the adoption of renewable energy sources has been impelling China energy storage market share. The rapidly increasing energy needs and subsequently decreasing non-renewable energy sources have raised concerns in China about the substantial requirement for renewable energy facilities. The uprising carbon footprints across the country owing to the increased emissions from fossil fuel-based applications have also promoted the adoption of renewable energy systems. In this regard, the Chinese government has been implementing various policies to accelerate the use of renewable energy alternatives such as solar power plants, wind turbines, and hydropower plants.
China Energy Storage Market Size, By Technology, 2017 & 2024 (USD Million)
Ever since the government has depicted an increasing interest in renewable energy reforms, the energy storage sector in the region has become a lucrative avenue. Numerous companies and foreign investors have also been showing interest in China energy storage market. Moreover, the rapid space transformation in the automotive sector which is experiencing an exponential rise in investment in the development of electric vehicles for reducing the pollution level is also fueling the demand for energy storage batteries. Currently, there are 487 electric vehicle manufacturers located in China. The main reason behind the presence of such a large number of EV manufacturers is the supportive government policies along with the availability of subsidies for the establishment of businesses. The Development and Reform Commission reported that recently, funds worth USD 47 billion have been released to promote EV technologies.
The revolutionary change in the automotive sector across China has significantly propelled the requirement of lithium-ion batteries. Numerous companies have been investing in the development of Li-On batteries to target the Chinese market. For instance, Jiangxi Nanshi Lithium and Electronics is planning to invest USD 72 million to construct a plant having a capacity of 10,000 ton per year production of lithium carbonate at Yichun city in Jiangxi province. It has also received funding from Fengchao Energy which is one of the subsidiaries of domestic carmaker Great Wall Automobile.
For the record, within January to October 2018, China produced 879000 new energy vehicles, out of which 860000 vehicles have been sold. With the demand for Li-On power batteries increasing by the day and the expanding energy vehicle sector, the players in the China energy storage market have been focusing on the improvement of storage facilities with the launch of pilot production plants.
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The government policies have been crafted in a such a way that international players are facing various challenges to gain traction in China energy storage market. Several international players in the automotive sector like Tesla, GM, and Ford have expressed their interest to establish their plants in China electric vehicle market. Moreover, Tesla has revealed its plant to start the production of cars within five years in China. The Made in China 2025 blueprint has also encouraged domestic companies to control nearly 70% of the fully electric car industry by the end of 2020.
In order to resolve the regulatory issue associated with a foreign direct investment, most of the foreign companies have been collaborating with the Chinese domestic companies. For instance, in 2017, the Germany-based inverter maker, Kostal, and Chinese battery manufacturer, BYD signed a deal to form a joint venture especially for developing solutions for end-to-end energy storage. The surging requirement of batteries not only in the automotive sector but also in the renewable energy sector is this poised to accelerate the strategic involvement of foreign companies in China energy storage industry.
In line with the growing infrastructure development, surging installation of renewables, and increasing demand for electric vehicles, China energy storage market has revolutionized the way the overall energy domain is perceived. The rise in the establishment of Li-On production plants has remarkably decreased the overall price trends of the China energy sector. The thrusting investment from the foreign countries will further strengthen the energy storage technology and its applications in the nation. Reportedly, by the end of 2024, China energy storage market will surpass a revenue collection of USD 6 billion.
Author Name : Sunil Hebbalkar
A concise outline of utility boiler market in terms of the geographical landscape: Asia-Pacific to emerge as a key regional contender over 2018-2024
The global utility boiler market is anticipated to emerge as one of the most promising verticals in the ensuing years, primarily driven by the burgeoning economic development across the globe and the massive energy demand. For instance, the net electricity generation in the European Union was 3.10 Mn GWh in the year 2016. Nearly half of the net electricity generated in the European Union in 2016 came from combustible fuels, as per the Eurostat report. Increasing efforts to alleviate the electricity demand-supply gap together with stringent regulations towards carbon emissions will propel the adoption of utility boilers.
Vietnam Utility Boiler Market Size, By Technology, 2017 & 2024 (USD Million)
Major developing economies are focusing extensively on the enlargement of production capacity, which will further advance the utility boiler market remuneration potential. The deployment of captive power plants inside large-scale industries such as pulp & paper, cement, refining, and chemical will also serve to bolster the market size. Spanning major geographies across the globe, utility boiler market has been touted by experts to emerge as one of the most remunerative business spheres by 2024.
The following paragraphs enumerate an in-depth analysis of the utility boiler market with respect to the regional landscape:
Unveiling utility boiler market trends across the Asia-Pacific
The Asia-Pacific utility boiler market is predicted experience an upward trend in the approaching years due to the burgeoning industrialization and urbanization in countries like China and India. Several government-led initiatives to curb power supply issues in Asia Pacific belt will also add impetus to the regional utility boiler market. Governments across APAC have also introduced aggressive capacity expansion plans in order to fulfill the present & future electricity demand, thereby pushing the product demand.
Currently, India is the world’s third largest producer of electricity with an ever-increasing power demand. In a recent turn of events, GE Power has reportedly declared that Tata Chemicals and NTPC have selected its technology to upgrade two coal-fired boilers with GE’s low NOx firing system. GE’s new technology would help reduce NOx generation by as much as 40 percent from present levels in the two units. Indeed, India’s new coal plant emission regulations have fueled the adoption of this low emission technology. Reportedly, the regulation requires all utility boilers, captive and industrial plant boilers to amend their firing systems to manage NOx emissions.
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Unveiling utility boiler market trends across Europe
The Europe utility boiler market is estimated to garner substantial momentum in the near future on account of escalating power demand in the region, along with robust energy conservation initiatives. Apart from this, the high-scale adoption of energy efficient power generation technologies will also significantly boost product demand. The European Union has introduced various schemes and initiatives to fast-track energy-efficiency investments. It has also issued the Energy Efficiency Directive which sets rules and obligations in accordance with EU’s 2020 energy efficiency goals.
Earlier this year, InnoEnergy, Europe’s sustainable energy innovation biggie, and RAFAKO, one among EU’s biggest boiler manufacturers, have entered into an agreement where the leading Polish energy company acquired shares in InnoEnergy. Reportedly, InnoEnergy has fashioned many flagship European projects of the likes of Northvolt giga-factory based in Sweden. Other key players in the Europe utility boiler market are anticipated to follow suit with M&As and partnership strategies to enhance their market share and customer base, thereby boosting the utility boiler industry size.
The competitive landscape of utility boiler market is inclusive of a slew of prominent contenders such as Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals Limited, Rentech, AMEC Foster Wheeler, Babcock and Wilcox, CMI, Siemens, IHI, Doosan Heavy Industries, A.C. Boilers, Thermax, ,Victory Energy Operations, and General Electric.
Author Name : Nikita Chaurasia
Gas fired boiler market to be driven by strict energy efficiency norms, Europe to primarily characterize the industry trends over 2018-2024
The proliferating use of sustainable energy alternatives for maintaining a clean environment has been propelling gas fired boiler market share. Over the last few years, the surging use of fossil fuel resources in various energy generation facilities has led to the emission of a large amount of hazardous gases prominently carbon dioxide. In order to curb the increasing level of carbon footprints, most of the regional governments have been striving to generate awareness among the masses and industrialists to adopt clean energy facilities for fulfilling their energy needs. The growing concern among the regulators about the depleting fossil fuel resources is also one of the major factors fueling the gas fired boiler industry size.
Presently, people have become more aware of the cost-effectiveness and economic use of energy generating facilities, which has been changing their preference toward natural gas from oil. A recent report on home improvements claims that as per the U.S. Energy Information Administration, in the year 2017, oil cost an average of USD 1700, while natural gas accounted for less than USD 900 for heating a house. The year before, price fluctuations led to oil heating costs of around USD 2000, while natural gas witnessed a steady cost around USD 900 in the last winter. Thus, in order to produce cheaper energy for households, offices, commercial sites, and industrial areas, natural gas based solutions such as boilers have come to be the product of choice. Indeed, the United Nations Industrial Development Organization (UNIDO) claims that in 2016, chemical industries contributed a manufacturing value of USD 400 billion to the gas fired boiler market share.
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As per an analysis by the U.S. Energy Information Administration, nearly 40% of the energy consumed in the residential sector is received from gas fired and space heating facilities. The concerns raised by the Department of Energy related to the energy efficiency of gas furnaces has also encouraged players in the gas fired boiler market to work on the enhancement of the energy level of the appliances. In 2015, the DOE set a minimum allowable efficiency level for energy generating utilities to 80 percent. However, most of the gas furnaces those are already deployed in the market meet the defined level of energy efficiency.
The deployment of stringent regulatory norms along with the standards set by the policymakers to promote the clean energy initiatives have been generating lucrative business opportunities for the players in the gas-fired boiler industry. In Europe, several countries have taken initiatives to promote clean energy practices by setting a goal to become a carbon dioxide emission free region. In addition, to encourage the European citizens and industries to use highly efficient and environmentally friendly heat generating equipment, the EU has enforced a ban on the use of aging boilers and set strict eco-design standards for household boilers.
As of now, water heaters and gas boilers having integrated energy-efficient condensation technology are allowed for sale in the European Union. In this regard, the companies located in Europe as well as outside the European region have been adopting new design directives to extend their reach in Europe Economic Area (EEA), which would eventually propel Europe gas fired boiler market.
The European Environmental Bureau (EEB) has found that heating equipment of Europe accounts for 25% of the continent’s carbon dioxide emissions, which is nearly equal to the emissions from the automotive industry. The EEB also claimed that the development of boilers in line with the standards will significantly reduce the energy demand as well as home energy bill by on an average 480 euros by 2020. Reportedly, gas and oil-fired central heating boilers covered more than 80% of the Europe market share, which will further have a considerable impact on the future industry trends.
Indeed, the growing awareness among the regulatory bodies regarding the surging need for energy efficiency and emission-free heating systems has been accelerating the gas fired boiler market trends. The presence of a strict regulatory spectrum has been promoting companies to adapt to eco-design standards for expanding their reach across the U.S. and Europe. The continuous involvement of companies in the enhancement of existing product ranges for achieving energy efficiency goals will also further strengthen the product demand. For the record, by the end of 2024, the overall gas fired boiler market will surpass a revenue collection of USD 20 billion.
Author Name : Sunil Hebbalkar
Scrubber-based marine emission control system market to register increased traction over 2018-2024, China to emerge as a prominent regional contender
Rising emissions from marine engines & growing environment concerns owing to degrading air quality will drive marine emission control system market growth in the years to come. Reportedly, oceanic vessels contribute to a majority of the pollution in the coastal environment – around 8%-12% of the global NOx emissions and around 40% of global NOx emissions from transport of freight mean. Having taken into consideration these alarming statistics, in 2008, the International Maritime Organization (IMO) launched a directive for controlling emissions from diesel engine vessels, built or installed on and after 1st January 2016. The directive also specifies a global sulfur limit for reducing the sulfur content in fuel to 0.5%, that will go into effect from 1st January 2020. The presence of a strict regulatory landscape will thus prove to be one of the preeminent driving factors of marine emissions control system market.
Europe Marine Emission Control Systems Market Size, By Application, 2017 & 2024 (USD Million)
The growing number of trade activities along with advancements in emission control technology will also serve to boost the demand for marine emission control systems. Globally, around 85% of goods are transported using maritime routes. In almost 70% of the cases shipping is carried out within 400 km from the coastline, influencing the air quality within several hundred kilometers from the coast. The most widely adopted propulsion systems used by these ships are two or four strokes diesel engines, which apparently consume large amount of heavy fuels.
Estimates from the U.S. Energy Information Administration, 2011, cite that the merchant navigation sector alone accounted for about 1.75% of the total energy demand and about 5% of the global crude oil consumption back then. Also, ships were recorded to manufacture around 15% of the global NOx (the world’s buses, cars, and trucks combined), 2.5% – 4% of greenhouse gases, and between 3% – 7% of global SOx output and 5% of black carbon emission. Quite overly, these figures reveal the overall impact of the maritime segment on global atmospheric pollution, which has led to a spike in the demand for marine emissions control systems.
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Reportedly, in a bid to reduce the environmental footprint of ships, the IMO has also tightened the regulations on NOx and SOx emissions from marine engines. As measures to reduce NOx emissions, emission control systems like exhaust gas recirculation (EGR) and selective catalytic reduction (SCR) have been adopted. For reducing SOx emissions however, scrubbers have been intensively deployed to lessen the sulfur content of fuel oil.
Scrubber marine emission control systems market to thrive over 2018-2024
Scrubber units are typically used for high dust configurations and are more efficient when coupled with fuel switching. By mounting an exhaust gas cleaning system like a SOx scrubber, ship-owners can efficiently operate on low-priced, heavy fuel oil and still be compliant with IMO’s SOx emission regulations. Sources suggest that, from 2020, the demand for exhaust gas cleaning systems, like SOx scrubber, will increase as to compliment stringent SOx regulations that exhibit a global 0.5% limit on SOx and 0.1% limit on ECA emission.
The ability of hybrid scrubber systems in particular, to treat high temperature and gas streams along with increasing R&D initiatives toward green shipping will also positively impact the scrubber-based marine emission control system market share.
Speaking of the geographical penetration, marine emission control system market has been touted to amass substantial returns from China. This is prominently on account of the newly imposed regulations favoring the installation of these products. Reportedly, to improve the quality of domestic shipping and endorse environment friendly development of marine transport within China, the Chinese Ministry of Transport, on 3 July 2018, published new requirements for controlling nitrogen oxides (NOx) emission. The standards will be applicable to both newbuild vessels (after July 2020) and ships in operation (after July 2021) and will further be imposed on ships particularly involved in Chinese domestic trade.
Powered by moves such as the aforementioned and the rising number of cross-border tax inversions and M&As, the demand for these systems has been considerably rising in this APAC economy, thereby augmenting China marine emission control systems industry.
A plethora of marine emission control systems including SCR, EGR and scrubber are sulfur, nitrogen & particulate matter abatement technologies, are lately being deployed across engines & boilers to restrain emissions. The implementation of scrubber systems specifically, will observe an upsurge in demand owing to reduced payback period and long-term operational flexibility. The growing demand for sustainable systems along with stringent government initiatives will thus positively impact marine emission control systems market size, slated to cross USD 14 billion by 2024.
Author Name : Mateen Dalal
Unveiling automotive communication technology market trends with respect to the competitive spectrum: global industry revenue to cross $18 billion by 2024
The global automotive communication technology market has lately been emerging as a highly pivotal vertical of the overall automotive space, primarily owing to the robust innovations pertaining to automotive electronics. Incidentally, post the introduction of electronic control units (ECUs) in the automotive industry, vehicles had begun to come equipped with numerous wires, circuits with enormous dedicated wiring, which led to complex, bulky and expensive wiring equipment. However, with the deployment of noteworthy advancements, the technologies used in automobiles have transformed drastically, paving the way for the expansion of automotive communication technology industry.
Latin America Automotive Communication Technology Market Revenue, By Bus Module, 2017 & 2024 (USD Billion)
Some of the recent tech-based inventions in the auto space include anti-lock brakes, telematics, infotainment capabilities and automatic transmission, that are revolutionizing the automotive industry, further encouraging automotive communication technology market players. One of the most important factors that will drive the automotive communication technology market growth is the stringent regulatory landscape established by regional governments regarding safety standards. Automotive systems aligned with these regulations include blind spot detection, lane chase assist and adaptive cruise control, that are being incorporated by manufacturers in order to adhere to regulatory standards, that would further serve to impel automotive communication technology industry. A gist of the contribution of prominent vendors has been enumerated below:
According to statistics, about 95% of automobile fatalities are caused by driver distractions. If all the cars could communicate their status with each other, automotive systems would ideally be able to alert the driver and respond on its own preventing any kind of collision. Having considered the plausibility, the California based chip maker Qualcomm Technologies had announced 9150 C-V2X cellular vehicle-to-everything (V2X) chip last year. This chip was able to send and receive information directly from the cars nearby about sudden braking, slippery roads, speed, signal and more.
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The vehicle-to-everything (V2X) communicates directly with nearby cars, which includes vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P) and vehicle-to-vehicle (V2V). Qualcomm’s product launch bears testimony to the fact that vehicles integrated with advanced technologies are likely to reduce automobile fatalities, which would further encourage automotive communication technology market players to work on their existing product portfolios.
It is rather overt that advancements in automotive technology, such as ECUs sharing information and cars equipped with the ability of communicating with each other and the cloud, would raise the possibility of car-hacking. The threat of hackers invading any vehicle via a single ECU, and then taking control over the vehicle or stealing personal information is expected to be a crucial issue in the years to come. To tackle such issues, the second-largest Germany-based manufacturer of automotive chips, Infineon Technologies, introduced its trusted platform module (TPM) which is targeted at automotive ECUs. The Optiga TPM microcontroller would assist manufacturers in detecting manipulated software or faulty components running inside the vehicle.
Such efforts taken for increasing safety of the automotive systems would further drive their adoption paving way for the expansion of the automotive communication technology market. As of now, the circuit manufacturers are trying to make the infotainment systems more flexible to transport packet, stream and control content. Implementations that already exist are either complicated and costly, or quite limited in bandwidth with packet data capabilities for supporting internetworking requirements and system updates.
Microchip Technology Inc.
Owing to the aforementioned glitch, the leading provider of microcontrollers and circuits, Microchip Technology Inc., has recently launched an efficient automotive infotainment networking technology called ‘Intelligent Network Interface Controller networking (INICnet) technology’. It is a scalable, synchronous solution which largely simplifies building audio and infotainment systems. Utilization of such features in the vehicles enhances the infotainment systems and their features as well as increases its demand.
To tap into this segment, a subsidiary company of NXP Semiconductors has surged its production of automotive and specialty chips in its Singapore facility, with an investment of S$300 million. The chipsets produced in this facility are used by the automotive manufacturers in car infotainment, vehicle to infrastructure communications and more.
With such efforts undertaken by key industry players, it is evident that automotive communication technology market would depict a notable growth rate in the upcoming years. Comprising prominent companies such as Intel, Vector Informatik, Rohm Semiconductor, Broadcom, Toshiba, Texas Instruments, Robert Bosch and more, the competitive spectrum of automotive communication technology market is quite diverse. For the record, Global Market Insights, Inc., anticipates this industry to exceed a valuation of $18 billion by 2024.
Author Name : Saurav Kumar