APAC oil storage market to amass substantial gains over 2018-2024, China to emerge as a chief revenue contributor
The volatility of oil prices is a crucial factor that has tremendously impacted oil storage market in recent years. Indeed, oil prices have been a debatable topic over the last half a decade. The crude prices underwent a major decline from trading at USD 109.45/barrel in 2012 to USD 52.51/barrel in 2017, resulting in a supply-demand imbalance. The supply of crude oil has surpassed its demand leading to an overabundance of the crude oil worldwide. This has resulted in a surging demand for oil storage facilities across the globe, rapidly propelling oil storage market trends.
The declining crude oil prices have also built a tough competitive scenario in the O&G market. In accordance, oil companies have been focusing toward expanding their operations to increase their supply and storage infrastructure – a move that will commendably impact global oil storage market growth. Having once been the monopoly of the Gulf countries, oil storage industry as on today has established its footprint across myriad geographies. The emerging economies, mainly the Asia Pacific in fact, have been particularly proactive across this business space. Heavy import of crude oil across this region has resulted in an upsurge in the demand for storage facilities. As per the National Bureau of Statistics, Asia held 191 barrels of crude in its petroleum reserve in the year 2015.
U.S. Oil storage Market size, by fuel, 2013 – 2025 (Million Units)
Regional governments across the APAC have also been taking initiatives to augment oil storage market outlook across the continent, taking into consideration the national economic security as these oil reserves can be used at the time of energy crisis, safeguarding the national economy. For instance, the Petroleum Ministry of India announced its decision to increase its oil storage capacity taking the advantage of the reduced crude oil prices. The Government of India has set up three strategic crude oil reserves, each of 5 MMT capacity in Mangalore, Vishakhapatnam, and Padur. Rajasthan and Odisha are also under the pipeline for this set-up. Initiatives such as the aforementioned are certain to stimulate India oil storage market share in the ensuing years, inherently leading to the growth of this vertical across the Asia Pacific.
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It is noteworthy to mention that China has been a notable contributor toward APAC oil storage market. The country has been particularly keyed up with regards to crude storage and has been adopting various means to strengthen its stance in the geographical landscape of oil storage industry. In 2016 for instance, the Chinese government announced that it would be constructing additional 441 million barrels of strategic petroleum reserves by 2020. A year later, the China Energy Investment Corporation announced that it plans to invest more than USD 83 billion in the development of shale gas across West Virginia. This testifies that the increasing focus toward the expansion of refineries and the ongoing investments toward unconventional resources are certain to impel China oil storage market size.
The competitive landscape of oil storage market is inclusive of some heavy hitters such as CST Industries, Inc., Poly Processing, Snyder Industries, Red Ewald, Inc., Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites Inc., Zepnotek Storage Tank, Belco Manufacturing Co Inc, L.F. Manufacturing, Inc., Containment Solutions, Inc, Polymaster, Holvrieka, Tuffa Tanks, and Vopak. The coming years will witness the key players adopting strategic alliances and mergers & acquisitions as a major part of their growth strategy. Additionally, core oil companies are expected to involve themselves in the massive expansion of their supply and storage infrastructure in order to outbid their rivals. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Powered by the rising number of capital investments toward the development of storage units from domestic and foreign companies, in tandem with the growing demand for the refurbishment of existing storage units, oil storage industry size is anticipated to cross 1.2 billion cubic meters by 2024.
Author Name : Saipriya Iyer
Technological advancements and digitization is setting high goals for the enterprise application market, which is expected to hit a revenue of USD 287.7 billion by 2024, as per Global Market Insights, Inc. Enterprise application is a highly complex system deployed across corporate bodies to ensure real- time information flow along with smooth business operations. Growing demand for efficient IT infrastructure, rising internet connectivity, rapid adoption of cloud computing technologies, and growth in smartphones and mobile devices are the vital factors influencing the enterprise application market share worldwide.A huge adoption trend across various end-use industries such as Healthcare, BFSI, Manufacturing, Government, Retail, Telecom & IT, and Aerospace & Defense is boosting the global enterprise application market size. Enterprise application provides these industries with a wide set of solutions such as CRM, SCM, ERP, Business Intelligence [BI], Web Conferencing, BPM, EAM, and CMS. These solutions enable the users with better inventory management, quality management, customer engagement, and supply chain management.
Asia Pacific Enterprise Application Market Size, by end-use, 2013-2024 (USD Billion)
ERP market which accounted for 20% of the overall enterprise application share in 2015, is anticipated to register a CAGR of 7.7% over the coming eight years. Website content management, which has become an integral part of any organization is driving the growth of the CMS (Content Management System) market. CMS market share is estimated to exceed USD 8.5 billion by 2024. Owing to the growing demand for customer engagement management, CRM segment will also witness significant growth over the coming years, accounting for over 25% of the overall enterprise application market share by 2024.
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Cloud based enterprise application, which accounted for 30% of the overall share in 2015, is gaining popularity among various sectors, particularly manufacturing and retail, due to increasing focus on cost optimization, growing internet connectivity and demand for enhanced accessibility. Also, on-premise deployment model is projected to witness a CAGR of 4.5% over the period of 2016-2024.
The implementation of enterprise application across various industries solely depends upon the requirements from the respective sectors. Enterprise application in the healthcare industry was worth USD 16.5 billion in 2015 and is forecast to grow at a CAGR of 8.9% from 2016-2024. The growth will primarily be driven by growing demand for real-time data transparency across this sector. Retail industry will also witness huge adoption of this system to ensure better customer management.
Global enterprise application market worth USD 150 billion in 2015, is forecast to register a CAGR of 7.6% over the period of 2016-2024. The North America market size is estimated to account for 30% of the overall revenue by 2024, driven by modern organizational structure and customer-centric approach of the companies across this region. The Asia Pacific market is anticipated to record a CAGR of 9.5% over the coming eight years, hitting USD 75 billion by 2024. Technological advancements coupled with cloud-based solution demand by SMBs is likely to drive the regional demand.
Novel IT developments like Big Data and Internet of things will bring immense growth opportunities for the market players. The participants will spend largely on R&D to develop innovative products and solutions in order to meet growing technological needs and most importantly to sustain competition. Startups and small scale industries will also share decent business space over the coming timeframe. Key market participants are IBM, Oracle, , Microsoft, SAP, Epicor Software, IFS, Infor, Hewlett-Packard, and QAD.
Author Name : Shikha Sinha
Lignin market landscape to be characterized by highly enhanced research programs, global industry volume to exceed 1.5 million tons by 2024
Over the recent years, lignin market has been traversing along a lucrative growth path owing to the rapid technological progressions in bioenergy and biofuel domains. Moreover, the rising environmental concerns pertaining to the worldwide increase in air pollution has favorably influenced the revenue share of the overall lignin industry. Apparently, the potential environmental benefits from finding alternative uses of lignin are humongous. Lignin can be used to substitute fossil based raw materials over an extensive range of products, from carbon fibers to plastics and individual chemical products. Furthermore, the demand for value-added products has been on the rise lately – a factor that would provide an additional economic incentive to the global lignin market stakeholders.
U.S. Lignin Market Size, By Application, 2016 & 2024 (Kilo Tons)
Elaborating further, it would be prudent to mention that numerous research projects have been undertaken by various lignin industry participants and universities to explore the commercial potential of lignin. Citing an instance of the same, Nordic Innovation Centre, ScanBalt Campus Knowledge Network Environmental Biotechnology, and a host of universities of Sweden had initiated a joint industry-academy project, named as LigniMatch, to address environmental challenges and study the economic prospects of lignin.
The ambitious project aimed at finding a basis for efficient upgradation of the lignin fraction from paper and pulp industry into commercially viable products that can replace fossil-based alternatives. Apparently, the project identified a wide range of probable lignin-derived products such as activated carbon, binders, phenol, carbon fibers, sorbents, plastic materials, and motor fuel. Moreover, the project laid out a roadmap to guide lignin industry players on how to successfully incorporate the emerging technologies in order to develop advanced lignin-based products in the Nordic region.
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Concurrently, the aforementioned instance goes on to demonstrate the significance of lignin, given that it could prove to be of immense help to conserve the ecological balance. Apparently, owing to the innumerable applications of lignin across various business domains, the global lignin market is bound to flourish in the ensuing years.
Speaking of the geographical growth outlook, lignin has found massive usage in European nations as a colorant in diverse industrial applications such as textile processing, printing inks, food processing, and wood stain. Moreover, the rising consumer awareness has led to an increased demand for bio-based products in this region which has subsequently boosted the overall Europe lignin market expansion in the recent times.
In addition to this, European Union has been proactive in enforcing strict regulations such as REACH (namely the registration, evaluation, authorization and restriction of chemicals) which aims to constrain the transportation of synthetically driven chemicals. Furthermore, it has been observed that dust collectors have gained prominence in this region, given that these systems lower the ill-effects of air pollutants.
Apparently, the presence of robust regulatory framework and the rising popularity of lignin derived products is certain to propel the fortunes of this business space. In fact, as per a report by Global Market Insights, Inc., the Europe lignin market, majorly driven by France, Italy, UK, and Poland, is anticipated to surpass an impressive remuneration portfolio of USD 350 million by 2024.
It is quite imperative to mention that crucial market participants including Domsjo Fabriker AB, Nippon Paper Industries, Ingevity, Domtar Corporation, Borregaard LignoTech, Burgo Group Spa, and Liquid Lignin Company have been focusing on developing new methodologies to ensure optimal production of lignin in terms of effectiveness and cost-efficiency. Add to it, the abundance of raw materials and rapid adoption of new technologies has favorably influenced the overall lignin industry share which is expected to exceed USD 960 million by 2024, as per reliable estimates.
Author Name : Saif Ali Bepari
U.S. autoimmune disease diagnostics market to thrive on the grounds of escalating demand for superior diagnostic tools over 2017-2024
Touted as one of most evolving niche verticals of recent times, autoimmune disease diagnostics market has been revolutionizing the healthcare space, primarily due to the alarming prevalence rates of autoimmune diseases globally. Inclusive of rheumatoid arthritis, Type 1 diabetes, Hashimoto’s thyroiditis, and the like, autoimmune diseases are self-inflicted diseases caused due to the abnormal immune response to a body part and are widely ubiquitous. As per the NIH Autoimmune Disease Coordinating Committee (ADCC), 14-22 million people in the U.S. are affected by some sort of autoimmune disease. Another study depicts 7 million people in the Europe to be suffering from autoimmune ailments. The NIH (National Institutes of Health) in fact, mentions autoimmune diseases to be one of the top 10 causes of female demise in the U.S. These statistics elicit a clear picture of the widespread occurrence of autoimmune diseases globally, which would necessitate the requirement of superior diagnostic methodologies, thereby carving out a positive growth map for autoimmune disease diagnostics market.
The issue has been a matter of serious concern worldwide and is being addressed by measurements taken at individual and government levels. According to an autoimmune disease diagnostics market report put together by Global Market Insights Inc., this business space is forecast to cross a revenue collection of USD 16 billion by 2024, having registered a valuation of USD 13 billion in 2016. The report chronicles some of the pivotal factors driving the growth of autoimmune disease diagnostics industry size to be the growing prevalence of these diseases across myriad geographies, rising awareness among patients, and increasing government initiatives towards reducing the frequency of such ailments. While the APAC and Europe belts have depicted considerable potential for autoimmune disease diagnostics industry growth, one of the pivotal regions that has been forecast to make a mark over the forthcoming seven years is that of the United States.
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An insight into U.S. autoimmune disease diagnostics market:
The United States is touted to be one of the most lucrative regions for the growth of autoimmune disease diagnostics industry. The American Autoimmune Related Diseases Association in fact, claims close to 50 million Americans to be currently suffering from autoimmune related disorders, and has forecast that the numbers are expected to escalate over the coming seven years. In consequence, the demand for state-of-the-art and cost-effective diagnostic methods are expected to surge, thereby augmenting the revenue landscape of U.S. autoimmune disease diagnostics market.
The cost factor associated with the diagnosis of these ailments remains a major element of concern for the pivotal players of the U.S. autoimmune disease diagnostics industry. In a bid to address the rising issues of medical care spending, several initiatives have been established to carry out extensive research programs in the discipline. Organizations such as The Johns Hopkins Autoimmune Disease Research Centre and the Autoimmune Research Network (ARNet) have also been working toward the development of myriad strategies for reducing the economic strain caused due to these diseases. Furthermore, the American Autoimmune Related Diseases Association conducts numerous awareness programs to educate the masses regarding the importance of early diagnosis. Inherently augmented by various governmental efforts and the escalating prevalence of rheumatoid arthritis and systemic lupus erythematosus, U.S. autoimmune disease diagnosis industry is likely to generate substantial valuation in the ensuing years.
Addressing the issue of healthcare expenditure in autoimmune disease diagnostics industry
The frequent occurrence of these diseases has resulted in significantly mammoth medical care expenses. The treatment of autoimmune ailments is supposedly way more expensive than numerous other disorders, and is a serious concern to the overall healthcare system. For instance, the annual medical expenditure for the treatment of multiple sclerosis (a type of autoimmune disease) comes to approximately USD 2.5 billion, a cost higher than that incurred during diabetes treatment.
The issue of medical care spending for these ailments postulates the need for improved yet cost-effective diagnostic procedures – a matter of contention which is being addressed at a governmental level. Authorized bodies across various geographies have been customarily addressing this global issue, which has led to the contraption of new diagnostic methods to detect and cure such ailments, sequentially favoring autoimmune disease diagnostics market outlook. A remarkable development in the field of autoimmune disease diagnostics is the formation of the Autoimmunity Centers of Excellence (ACE) by the collaboration of NIH, non-profit organizations, and pharmaceutical companies, which conducts myriad research programs for the development of diagnostic tools.
Autoimmune disease diagnostics industry is rather fragmented and is being influenced by the ongoing trends of the diagnostics space such as developments in genetic testing, surging demand for personalized medicine, increased focus toward prevention rather than treatment, etc. Established autoimmune disease diagnostics market players, it has been observed, have been making sufficiently extensive investments in research and development activities in a bid to brainstorm contemporary methods of diagnostics, which would proportionately drive autoimmune disease diagnostics market share in more ways than one. Another trend witnessed across the competitive landscape of autoimmune disease diagnostics industry is that of new entrants setting up their bases in emerging economies rather than developed ones, to endorse the untapped potential across these geographies. Heavily influenced by the efforts of regional governments and an increasing percentage of R&D activities, autoimmune disease diagnostics market is certain to emerge as one of most opportunistic verticals of the healthcare space.
Author Name : Saipriya Iyer