Rising airline cybercrimes to boost airport security market growth: U.S. to emerge as a lucrative ground
Airport security industry is expected to be one of the booming markets over the upcoming years owing to the unrelenting threat of terrorism and other forms of aviation crimes plaguing the landscape globally. The immediate need for a strict and efficient screening system to mitigate these potential threats will fuel the market growth. With the incorporation of enhanced hi-tech security to the existing surveillance system, passengers are ensured with better situational awareness and improved safety. According to Global Market Insights, Inc.,” Airport Security Market having had USD 8.82 billion in 2015, is projected to cross over USD 12.5 billion, with an estimated CAGR of more than 4.6% over the period 2016-2023.”
U.S. Airport Security Market size, by technology, 2012-2023 (USD Billion)
Furthermore, growing investments on new infrastructure developments along with the continuous effort to upgrade disparate systems will positively impact the market dynamics. For instance, a recent study by the Centre for Aviation (CAPA) estimated that currently, over 2,500 aviation projects are operational, with Asia Pacific solely investing more than USD 125 billion on airport construction activity.
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Based on technology trends, airport security market covers perimeter security, cybersecurity, surveillance, access control, and screening. Airport cybersecurity market worth over USD 1.8 billion in 2015, is expected to grow at a fast pace, driven by the increasing number of cyberattacks at airports. Screening segment, which includes access control system, metal detectors, and X- ray machines, accounted for a major revenue share of over USD 4.25 billion in 2015. Strong demand for efficient and swift screening owing to growing public traffic in airports will drive overall airport security industry in the upcoming timeframe.
Owing to the presence of a large public pool, airports represent a potential target area for frequent attacks such as cybercrime, arson, robbery, terrorism, vandalism, etc. Thus, considering the national security, streamline screening and advanced level security in airports has now become a necessity. Strong positive outlook toward efficient automated security as an alternative to manual system is expected to stimulate global airport security market dynamics. A large number of airports are capitalizing on integrated platforms, C2 (complex control and command) systems, and IP-based network owing to the enhanced security offered by these systems. In addition, a strict government regulatory framework that ensures the safety of the public will also favor airport security industry share over the period 2016-2023.
However, military conflicts and global economic turmoil are some of the factors restraining the market growth.
Based on global trends, China is a major revenue pocket for APAC airport security market, and is expected to grow noticeably at an annual growth rate of 7% over the period 2016-2023. Huge investments on infrastructure development and hi-tech screening incorporation are the key factors catalyzing U.S. airport security market growth.
North America, almost solely driven by U.S. airport security industry, is also slated to witness lucrative growth over the next six years. U.S. market, which held 85% of the total market revenue in 2015, is expected to continue its supremacy. The robust growth can be credited to the rapid constructional developments in this region which are encouraging the industry players for more and more investments.
Increasing airline passenger volume especially in the Gulf region and Turkey will provide lucrative growth prospect for the market. It is estimated that airport security market in this region will grow at a CAGR of 5.5% over 2016-2023.
Global airport security market is highly competitive with some of the prominent players being Smiths Detection, OSI Systems (Rapiscan), Safran Morpho, American Science & Engineering, and L-3 Security & Detection. Upgraded technological integrations with existing systems and increasing R&D expenditure are the key strategies adopted by the market players to sustain the diversified airport security industry.
Author Name : Satarupa De
Solar Microinverter and Power Optimizer Market: High deployment across commercial infrastructure to stimulate industry growth over 2016-2024
Rising adoption of photovoltaic systems in commercial and residential sectors will propel global solar microinverter and power optimizer market. In addition, high demand for upgraded power harvesting systems embedded with features such as panel monitoring for independent power generation will catalyze industry growth. Prominent companies, increasingly investing in R&D for unique product development will also catalyze the market share. According to Global Market Insights, Inc., “Solar Microinverter And Power Optimizer Industry is forecast to hit USD 1.4 billion by 2024, increasing at a CAGR of 10% over 2016-2024.”
Europe Solar Microinverter And Power Optimizer Market size, by application, 2013 – 2024 (MW)
Microinverters help convert DC to AC with the help of photovoltaic installations. Their functionality is based on MLPE (module level power electronics) technology, which improves the overall efficiency of the system, while simultaneously eliminating the adverse effects of module mismatch. With the benefits of enhanced design flexibility, convenient installation procedure, and module level monitoring, solar microinverter and power optimizer systems find widespread applications in the residential, utility, and commercial sectors, which will catapult solar microinverter and power optimizer market.
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Features such as upgraded safety and high energy yield will boost solar microinverter and power optimizer industry in commercial applications, which contributed to more than 15% of the overall share in 2015. Government initiatives such as tax rebate, investment tax credit, net metering and FIT to increase the number of PV system installations across commercial buildings, will also subsequently propel U.S. solar microinverter and power optimizer market, which is anticipated to grow at a CAGR of 15% over 2016-2024.
Increasing deployment of solar rooftop systems across malls, buildings, and other commercial complexes will further augment solar microinverter and power optimizer industry in commercial applications, projected to cross a target revenue USD 300 million by 2024.
Three phase solar microinverters and power optimizers help enhance the system downtime, in addition to possessing features such as upgraded conversion efficiency coupled with high circuit density in comparison with their counterparts. High demand for uninterrupted power supply will fuel solar microinverter and power optimizer market in the utility sector in the years to come.
Owing to the rising adoption of rooftop solar PV systems, solar microinverter and power optimizer industry in residential applications is slated to witness healthy gains over 2016-2024, having recorded a revenue of more than USD 440 million in 2015. Government encouragement toward the utilization of solar rooftop systems in residential applications will subsequently stimulate on-grid solar microinverter and power optimizer market, which was worth more than USD 120 million in 2015. Favorable initiatives such as tax rebate, low interest rate loans, feed in tariff, subsidies, and other financial benefits will also drive on-grid solar microinverter and power optimizer industry growth over 2016-2024.
Compact size and design flexibility are two major characteristics of standalone connectivity that help eliminate the requirement for an electrolyte capacitor, fan, and a large transformer. Driven by these convenient features, standalone solar microinverter and power optimizer market is slated to grow at a CAGR of more than 10% over 2016-2024.
China solar microinverter and power optimizer industry, having registered a revenue of more than USD 50 million in 2015, is expected to cross a target size 1.4 GW by 2024. This growth can primarily be attributed to the increased government programs for uninterrupted electricity supply across the region.
The Indian government is developing subsidy schemes, with a 40% subsidy on the initial capital investment toward the installation of PV systems in the urban and rural areas. Owing to such favorable government initiatives, India solar microinverter and power optimizer market will depict a steep CAGR of more than 20% over 2016-2024.
UK solar microinverter and power optimizer industry contributed to more than 10% of the regional share in 2015, and will witness substantial gains in the years to come, driven by high installation rate of solar rooftop systems. Government regulations pertaining to the increased adoption of renewable energy sources over fossil fuels will spur Germany solar microinverter and power optimizer market, which was valued at a revenue of more than USD 30 million in 2015.
Increased R&D investments and development of innovative products are key strategies adopted by major companies. Leading industry participants include Ampt, Enphase Energy, Petra Systems, SunPower Corporation, Sparq Systems, i-Energy, Delta Energy Systems, SolarEdge Technologies, Solantro, KACO New Energy, Tigo Energy, Array Power, Chilicon Power, Alencon Systems, and Altenergy Power Systems. Public awareness regarding the advantages of renewable energy sources over conventional energy sources will eventually lead to increased product demand, positively influencing solar microinverter and power optimizer industry.
Author Name :Saipriya Iyer
Power Transmission Components Market: Strong consumer demand for uninterrupted power supply will drive the industry over 2016-2024
The transition from traditional power grids to smart grids has fueled Global Power Transmission Components Market drastically in recent years. With the introduction of novel approaches in electric power transfer, the consumer demand for uninterrupted power supply is surging. Electric utility companies across the globe are also investing heavily to address the growing electricity demand. According to Global Market Insights, Inc.,” Power transmission components market having accounted for a revenue over USD 20 billion in 2015, is forecast to grow lucratively at a CAGR of more than 6% over the period 2016-2024.”
Europe Power Transmission Components Market size, by voltage, 2013 – 2024 (USD Bn)
Considering the feasibility, economic factors, and redundancy, market players are focusing on bulk power transmission, which in turn is stimulating the power transmission components industry dynamics. Transmitting bulk power at high voltage level increases the efficiency, as the transmission line resistive losses decreases at high voltages. This has led to an increase in demand for 220 kV and 440 kV power transmission grid components, which cumulatively accounted for 45% of the total volume in 2015.Ultra-high voltage transmission lines, which include voltage level above 660 kV, is also projected to cross over USD 9 billion by 2024.
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Furthermore, major countries (China, UK, U.S, India) implementing microgrid infrastructure to ensure grid security will cater the overall power transmission components market growth.
Three phase high voltage alternating current systems are preferred across numerous sectors due to the abundance of conventional grid infrastructure adoptability and cost effectivity. HVAC power transmission components industry is expected to record a revenue of USD 30 billion over the coming seven years.
HVDC network is adopted for power transmission over very long distances, owing to its high efficiency. In 2017, the U.S. government granted USD 100 million contracts for the renewal of an existing Pacific Intertie HVDC link, which is active since 1970. It is anticipated that HVDC power transmission components industry will grow significantly at an annual rate of 8% over 2016-2024.
Transformer, transmission lines, isolators, relays, circuit breakers, arresters, and transmission towers are the basic components used for power transmission.
The continuous effort by leading companies toward expansion of existing operational power lines is complementing the power transmission components industry growth. For instance, Powergrid Corp. aims to increase inter-regional power transmission capacity up to 72 GW by 2017.
Power transmission components market share from transmission lines is projected to grow substantially at a CAGR of more than 6% over 2016-2024.
Transformers are an integral part of power transmission networks, as they step up the transmitting voltage to reduce the line loss. It is estimated that transformer market revenue contribution toward the overall power transmission components market will cross over USD 2 billion by 2024.
Growing approach towards pragmatic and reliable protection schemes to provide undisturbed power supply will drive the power transmission components market for relays, circuit breakers, lightening arresters, and isolators.
Based on global trends, U.S. power transmission components industry is slated to witness noticeable growth curve at a CAGR 4% over 2016-2024. Several initiatives by the U.S. government toward limiting the transmission losses will propel power transmission components market to prosper in this region.
Europe power transmission components industry is driven by a strong urge for integrated grid network by utilizing renewable energy. With UK being a key revenue contributor, Europe power transmission components market is expected to grow lucratively with an annual growth rate of more than 5% over 2016-2024.
Asia Pacific, with China and India as chief contributors, is also expected to be one of the major revenue generating regions. This robust growth can be attributed to the growing government inclination toward enhancing the existing power lines to meet the surging electricity demand. For instance, the Indian government has recently launched a program named “One Nation-One Grid-One Price” to interweave all the state and central power grid to achieve single tariff system. China power transmission components network will also record a revenue of USD 9 billion by 2024.
The market is fragmented with some of the prominent players being General Electric Company, ABB, Eaton, Siemens, and Emerson. The increasing preference for renewable energy sources over conventional sources fueled by the growing environment concerns is also expected to stimulate the power transmission components industry outlook.
Author Name :Satarupa De
Circuit Breakers market outlook: Uninterrupted power transmission and distribution demand to stimulate industry growth over 2016-2024
Rising implementation of numerous medium and large capacity renewable energy projects will drive Circuit Breakers Market favorably over the period of 2016 to 2024. According to Global Market Insights, Inc., “Worldwide circuit breakers market having had a revenue of USD 6 billion in 2015, is predicted to grow at a CAGR of more than 7% over the coming years of 2016 to 2024.” The escalating replacement and development activities to enhance the electricity transmission capability across the globe will also generate eye-catching revenue over coming timeframe. Shifting trends toward smart transmissions and distribution network as well as high investment in the development of digital substation will boost circuit breakers industry share notably.
Global Circuit Breakers Market, By Technology, 2014 – 2024 (USD Billion)
The prominent end users of circuit breakers market are power distribution and power transmission. The power transmission end-use segment will exhibit a CAGR of more than 5% over the period of 2016 to 2024. The growing concerns regarding power transmission safety will augment the industry growth considerably.
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Based on the voltage level, circuit breakers market is mainly divided into HV, MV, and LV. The HV circuit breakers market will record a CAGR of more than 6% over the coming seven years. The growth can be attributed to the growing investments for the development and improvement of transmission grid infrastructures such as extra high voltage (EHV) and ultra-high voltage (UHV). MV circuit breakers industry is projected to generate a revenue of over USD 4 billion by 2024, owing to its surging demand across industrial and commercial sectors to install compact sized substation.
Oil, air, SF6, and vacuum are few of the technologies based on which circuit breakers market is primarily segmented. SF6 circuit breaker technology market was worth USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 10% over the period of 2016 to 2024. The growth can be attributed to the rising product demand, owing to significant features such as high dielectric strength and sufficient arc quenching capability. Vacuum based technology will register a CAGR of more than 9% over the coming seven years, due to its surging requirement for the various high and medium voltage substation applications.
Considering the geographical landscape, China circuit breakers market will surpass a revenue of 2 billion by 2024, owing to the numerous on-going renovation and replacement activities of existing transmission and distribution activities. In addition, China Village Electrification Program and China Township Electrification Program will also contribute favorably toward the industry growth.
India circuit breakers industry size is predicted to record an annual growth rate of more than 8% over the coming years of 2016 to 2024. The futuristic electrification mission of the Government like One Nation, One Grid, and One Price will augment the regional share noticeably.
U.S. circuit breakers market was worth USD 1 billion in 2015 and will grow at a CAGR of more than 7% over the coming seven years, primarily driven by the favorable government support to improve the reliability and safety of the distribution and transmission network.
Russian circuit breakers industry share will exhibit an annual growth rate of more than 7% over the period of 2016 to 2024. The growing adoption of smart grid technology will boost the market size considerably.
Industry giants are adopting the growth strategies like mergers & acquisition to strengthen the business space across the globe over the coming timeframe. Key players in circuit breakers market are Siemens, ABB, Mitsubishi Electric Corporation, Eaton Corporation, GE Power, Mersen, Powell Industries, TE Connectivity, Toshiba, and Schneider Electric.
Author Name :Sunil Hebbalkar
Gas turbine market outlook: Power generation applications to augment the industry growth over 2016-2024
Global Gas Turbine Market is expected to chart a stable growth graph over the coming seven years, owing to rapid industrialization and rising demand for power generation. Replacements of old coal fired plants with the recent gas-fired technology will be another factor driving the market size. Strict regulatory targets toward limiting greenhouse gas emissions will favor the demand for gas-fired power generation stations, in turn propelling the industry outlook. According to Global Market Insights, Inc., “Gas Turbine Market size is estimated to surpass USD 23 billion by 2024.”
Global gas turbine market size is poised to exceed 120 GW by 2024, as reported by Global Market Insights, Inc. The renewable energy sector, which is a full-fledged market in itself relies on specialized turbines to generate power. The end users of these gas turbines are the oil & gas, aviation, marine, and power generation industries. Power generation is the leading application of gas turbine industry, which is set to exceed 57 GW by 2024, having had over 40% of the total share in 2015.
Global Gas Turbine Market, By Application, 2013 – 2024 (MW)
Rising demand for low-cost, clean, and reliable technologies will boost the industrial applications in this industry. O&G turbine market is also witnessing a significant boost with an y-o-y growth of over 6% between 2016-2024.
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Gas turbine industry based on product type is bifurcated into heavy duty and aeroderivative. The rising demand of aeroderivative gas turbines for medium range capacity (70-300 MW) will showcase a significant boost in the industry trends. Aeroderivative gas turbine market size is estimated to witness a cumulative annual growth rate of over 9% over the period of 2016-2024. In addition, open cycle gas turbine market is expected to witness moderate growth over 2016-2024, owing to its rising preference for high energy and low fuel consumption output.
Increase in onshore and offshore oil & gas drilling activities in UAE will stimulate the gas turbine industry outlook. Saudi Arabia market accounted for revenue over USD 1 billion in 2015, and is estimated to foresee significant growth rate over the coming seven years.
U.K. gas turbine market is estimated to generate demand of over 1 Gigawatt by 2024, owing to increasing replacement in existing coal fired stations.
Initiatives on several electrification programs such as China Township Electrification Program will stimulate the China gas turbine industry share in the coming years. China market is projected to grow at an annual rate of more than 10% over the period of 2016-2024.
U.S. gas turbine market size was 8 GW in 2015 and is projected to register a CAGR above 8% over the period 2016-2024. The regional growth is influenced by the increasing exploration and petroleum extraction activities.
Rapid industrialization and urbanization in India have made it a land of immense potential and opportunities. India gas turbine market is anticipated to register an annual growth rate of 12% over 2016-2024, owing to the rise of numerous private sector investments to improve power generation competence.
Prominent leaders in this industry include Bharat Heavy Electricals, Mitsubishi Heavy Industries, Ltd., Solar Turbines, Harbin Electric, General Electric, Zorya-Mashproekt Corporation, Cryostar, Capstone Turbine Manufacturing company, MAN Diesel & Turbo, Kawasaki Heavy Industries, and Siemens.
Author Name :Ojaswita Kutepatil
Calcium Nitrate Market Outlook: Rising food concerns and declining pure water sources to drive the industry growth over 2016-2024
Escalating food demand across the globe owing to rapid rise in the population is anticipated to boost Calcium Nitrate Market value over the next few years. As per Global Market Insights, Inc., report, “Calcium Nitrate Market revenue is expected to hit USD 12.6 billion by 2024. “ Booming wastewater treatment chemicals sector will further drive the industry revenue, owing to the ability of the chemical compound to reduce foul odor emissions. For instance, the wastewater treatment sector in Brazil, India, Mexico, and China, which was estimated at USD 3 billion in 2008, hit nearly USD 7 billion in 2015. The growth of the sector can be attributed to the relatively higher rise in wastewater pollutants, owing to a comparatively higher rate of industrialization in these countries. Furthermore, the rapid rate of industrialization across the globe resulting in the decline of pure water sources along with strict government norms related to wastewater pollutants disposal will boost calcium nitrate market size.
U.S Calcium Nitrate Market size, by application, 2013-2024 (USD Million)
The extensive usage of calcium nitrate in fertilizers to enhance the crop production will significantly add to calcium nitrate industry size over the coming timeframe. Global calcium nitrate market share in fertilizers is anticipated to register an annual growth rate of 4.5% over 2016-2024. Today, the use of calcium nitrate in fertilizers has risen, owing to the high worldwide demand for soybeans, wheat, and corns. For instance, the production of wheat across the globe in 2008 was estimated at nearly 680 million tons and reached up to 720 million tons in 2015.
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Calcium nitrate also finds applications in explosives, molten salts, concrete manufacturing, farming, cold packs, and latex coagulants. Calcium nitrate industry value from the concrete manufacturing sector, which was worth USD 900 million in 2015, is forecast to grow noticeably over the coming years. High demand for the chemical compounds across the construction sector for enhancing the concrete properties will drive the growth.
Geographical Trends pertaining to Calcium Nitrate Market over 2016-2024 are given below:
- North America Calcium Nitrate Industry size, which was estimated at USD 1.5 billion in 2015, will exhibit a massive expansion over the coming seven years. High application of chemical compounds in explosives coupled with rising government expenditure on defense activities will significantly contribute toward the business expansion. The U.S. is expected to make substantial contributions toward the regional share.
- Rising industrialization along with high requirement for increasing the crop production due to tremendous rise in population is expected to complement Asia Pacific calcium nitrate market growth, which is forecast to register an annual growth rate of 5.5 % over 2016-2024. Indonesia, China, and India are anticipated to be the key regional revenue pockets.
Market players will try to increase their profits by employing key business growth strategies such as high R&D investments and strategic mergers & acquisitions. Some of the key players of calcium nitrate market are Vardhaman Fertilizers and Seeds Private Limited, Haifa Group, Agrium Incorporation, Shanxi Jiaocheng Tianlong Chemical Industry Company Limited, Prathista Industries Limited, GFS Chemicals Incorporation, Rural Liquid Fertilizers, Sterling Chemicals Limited, Uralchem Holding PLC, Airedale Chemical, and Yara International ASA.
Author Name :Dhananjay Punekar