Owing to the rising deployment of LPWA technologies, including LTE-M, NB-IoT, and LoRa, low power wide area network (LPWAN) market share is witnessing an increased traction in the recent years. Interestingly, LPWAN networks have emerged as popular choice among enterprises to support various IoT use cases and solutions for business sectors such as agriculture, manufacturing, logistics, and healthcare, among others. Enumerated below are three major factors that are shaping the growth prospects of LPWAN market.
Europe Low Power Wide Area Network (LPWAN) Market Share, By Platform, 2018
Increasing investment by telecom operators in laying NB-IoT and LoRaWAN networks across various cities is benefiting the overall LPWAN industry size
- In 2018, the British telecom operator Vodafone announced NB-IoT network expansions in Spain and Germany, with ambitious plans to double the size of its NB-IoT footprint in Europe by the end of this year.
The NB-IoT network of Vodafone was deployed across Madrid and Valencia in 2017 in a number of verticals such as retail, electricity, agriculture, waste management, and smart city services. This technology has now been expanded to all localities in the cities of Seville, Malaga, Bilbao, and Barcelona, covering a population of about 25,000.
- In 2016, South Korea’s national telecommunications operator SK Telecom joined hands with semiconductors manufacturer Semtech Corporation to roll out LPWAN network across the nation. Additionally, the operator had also declared that it plans to provide 100,000 LoRa devices free of cost to its customers as part of its ‘Partner Hub Program’.
This program has apparently played a vital role in scaling the development and deployment of LoRa devices (based on IoT solutions) and has been of immense significance for expanding the South Korea LPWAN industry size.
- Digital Catapult, the UK’s foremost agency for adoption of digital technologies, announced in 2016 that it is working closely with British telecom firm BT and a few educational institutes to boost the IoT network in London. To that effect, the company launched Digital Catapult Things Connected which will provide about 50 LoRaWAN base stations situated across London – an effort to establish the UK’s largest IoT LoRaWAN network.
Needless to mention, this network and support program will provide an opportunity to digital start-ups and small and medium-scale enterprises to use IoT and drive innovation across London.
Apart from massive expansion programs and large-scale investment, the use of licensed spectrum enables the telecom operators to provide customers with the same levels of security as its LTE network. This makes it immune to disruptive and alternative technologies, essentially opening up numerous business opportunities for LPWAN market players.
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The rise in industrial IoT connections is favoring the growth prospects of LPWAN industry
Besides the rising volume of investment by telecom operators, the increasing prominence of industrial IoT market in various business verticals – especially the manufacturing sector – has invariably led to an escalation in the demand for LPWA technologies. This momentum is expected to remain consistent in the upcoming years as the industrial IoT connections are slated to increase by about five times by 2025.
In fact, the German wing of PwC released its findings last year of what the firm expects of the impact to be created by industrial IoT in the German manufacturing sector. Apparently, these findings note that about 90 percent of the respondents are investing in digital factories and a lot of these companies expect a 12 percent efficiency gains over the next five years owing to industrial IoT. Unsurprisingly, these statistics present an optimistic picture of the adoption of industrial IoT solutions, which will consequentially assist the regional LPWAN industry in reaching out to a new base of customers in the times to come.
The advent of 5G technology and its impact on LPWAN market share
One of the major factors fueling the commercialization prospects of LPWAN industry is the steady increase in the volume of investment pertaining to 5G technology. In this context, it is important to take note of the fact that the mobile IoT technologies, such as LTE-M and NB-IoT, offer a cost-effective wide area coverage while ensuring the success of 5G network deployment.
The 5G technology would enable major telecom firms across the globe to provide high connectivity to support numerous IoT use cases. Taking this factor into account, various telecom firms including Orange, Vodafone, and Airtel are deploying licensed cellular LPWAN as a prominent component of their 5G development strategies.
In a nutshell, the increasing volume of investment by telecom firms in expanding the NB-IoT and LoRaWAN networks, the advent of 5G technology and its development, and the rise in industrial IoT connections has been fueling LPWAN market share. As per a research report by Global Market Insights, Inc., LPWAN industry size is slated to exceed USD 65 billion by 2025.
Author Name : Saif Ali Bepari
How has wearable artificial intelligence market outlook transformed with the rising demand for smartwatches and gaming?
The growth graph of wearable artificial intelligence market has remained exponential since the last few years, primarily driven by the explosive demand for AI across a spate of verticals. Wearables have been a part of the mainstream for a while now, however, they have registered increased prominence in recent times, driven by the rapid advancements in AI technology.
U.S. Wearable AI Market Share, By Product, 2018
An extremely convincing litmus test of the potential held by wearable AI is the fact that it is gaining significant traction in the impenetrable healthcare industry. According to the Brookings Institution, this potential stems from wearable AI devices’ innate ability to record medical data in a substantially reliable manner than their non-AI predecessors, allowing medical professionals to use the data to diagnose & treat diseases in their early stages. Despite being at a somewhat nascent stage, wearable AI industry seems to have garnered massive mainstream popularity.
How have Apple’s innovations helped add momentum to the global wearable AI market?
Apple holds a pivotal position in the global wearables space, having pioneered its first Apple Watch back in 2015. According to The Yale Tribune, however, while the Apple Watch was not a complete failure, it did fail in living up to expectations and did not make a significant impact on the industry.
The Rise: According to the Harvard Business School, Apple’s reputation surrounding the smartwatch changed when the company started to show significant potential in the field of wearables in 2017 with the release of Apple Watch Series 3. The launch elevated Apple to a leading position in the wearable AI industry, a business vertical expansively characterized by the presence of other smartwatch enterprises.
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The Accolades: Apple smartwatches boasted of being not only the world’s most popular smartwatches but also the most popular ‘watches’ worldwide. Their shipments surpassed Swiss watch exports, reaching the 8 million mark during the fourth quarter (Q4) of 2017 against Swiss watches’ 6.8 million.
The Potential: Apple has been instrumental in helping the wearable AI market foray in the lucrative healthcare industry, given that the company’s new smartwatches are aimed at incorporating an FDA approved electrocardiograph. The EKG will be able to monitor the wearer’s heart’s electrical activity and look for signs of arrhythmia, thereby bringing considerable growth prospects for wearable AI market in the coming years.
Impact of expanding AR/VR gaming industry on wearable AI market
The gaming industry is quickly becoming a major business space, holding an edge over mainstream avenues of entertainment. According to the Association for UK Interactive Entertainment, global video game audience is estimated to range between 2.2 billion to 2.6 billion people.
The Potential: According to Fortune, fueled by the release of an array of highly anticipated videogames in 2018, the gaming industry recorded its largest sales over the previous seven years. In 2018, apparently consumers spent an overall $43 billion on video games – an increase of 18% against the 2017 numbers.
AR/VR: The gaming industry has always been a pioneer in incorporating latest technologies in video games to enhance a game’s entertainment quotient. The advancements in augmented reality (AR) or virtual reality (VR) have thus facilitated a substantial opportunity for wearable AI market players.
The Projection: VR games facilitate a highly immersive gaming experience that, through more advancements, is expected to interact with all of the user’s sensory inputs, actually tricking the mind into thinking that the experience is quite real. Driven by such advancements in AR/VR, the wearable AI market size from gaming applications, is projected to record a CAGR of 35% over 2019-2025.
On account of the expanding smartwatch industry and the exponentially flourishing gaming space, AI-based wearables are expected to command substantial attention in the years to come. According Global Market Insights, Inc., wearable AI market size is slated to surpass the $180 billion renumeration mark by 2025.
Author Name : Akshay Kedari
Global semiconductor memory market to procure returns over USD 730 billion by 2024, India to emerge as a highly viable growth ground
The rising demand for enhanced storage memory in consumer electronics for extensive data management is likely to drive semiconductor memory market growth in the years to come. Lately, the demand for advanced semiconductor memory has travelled beyond the realm of the traditional personal computer. The requirement of electronic systems including digital consumer electronics, mobile communications, networking, automotive electronics, and industrial/medical electronics has seemingly surged in recent years, subsequently increasing the need for semiconductors.
China semiconductor memory market, by type, 2017 & 2024 (USD Million)
As a matter of fact, all digital consumer electronic products incorporate highly advanced semiconductor memory devices to enable and enhance system storage and performance. Semiconductors are consequently growing in importance as they offer industries with new manufacturing opportunities to develop highly efficient products for customers. The need for high-speed interconnects continues to accelerate and is driving the architecture of next-gen memory technologies. As a result, memory devices and architectures are changing rapidly to satisfy the demand for higher performance electronics, further driving the semiconductor memory market growth.
Android smartphones to offer remarkable growth opportunities to the semiconductor memory market players
Smartphones have reportedly become the preferred computing device for a variety of applications. Reports suggest that over 70% of the world’s population is anticipated to use smartphones by 2020, while over a billion Android devices will be used by the same year. For several Android smartphones, varying the flash storage drastically improves the device’s overall performance, typically between 100% to 300% across applications.
Storage performance on mobile devices will enhance the end-user experience in the years to come, as its impact is expected to grow owing to emerging wireless technologies that offer much higher network throughput as well as the advent of faster networks and I/O interconnects. This considerably validates the fact that the rising number of smartphones is expected to help drive the remuneration potential of the semiconductor memory market.
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Will India emerge to be a potential investment ground for stakeholder over 2018-2024?
The India semiconductor memory market is anticipated to procure substantial proceeds by the end of the projected timeframe owing to the rising proportion of smartphone users and emerging consumer electronic companies. The region has a steady growth infrastructure and develops emerging embedded technology that offers both hardware and firmware solutions.
The country also depicts considerable growth prospects for the automotive, agriculture, pharmaceutical, IT, construction and defense sectors. The growing adoption of IoT in these sectors will further enhance the demand for semiconductor memory, thereby impelling the regional industry trends. Emerging smartphone applications and the escalating demand for storage memory will also foster industries to develop enhanced memory solutions, expediting the India semiconductor memory industry share.
Some of the key players in the semiconductor memory market include Samsung Electronics, Nvidia, On Semiconductor, Micron Technology, Inc., etc. Manufacturers are focused on product development by investing in R&D activities & engineering capabilities to cater to the needs of mobile industry customers. To stabilize the component pricing, companies are reportedly developing strategies to maintain the average prices of ROM and RAM products. Manufacturers in the semiconductor memory market are also likely to face challenges in the future owing to the emergence of replacements such as MRAM, ReRAM and phase change memory.
As semiconductor memory technology rapidly evolves to meet the ever-growing needs of the electronics industry, it is likely to experience high demand from end-use industries including electronics and automotive. Increased demand and the rapid evolution of smartphones and PCs across the globe will continue to impact the product requirement, on the grounds of which manufacturers will constantly seek ways to expand their production facilities and know-how. This could considerably impact the remuneration portfolio of the overall semiconductor memory market, slated to cross a mammoth USD 730 billion by 2024.
Author Name : Mateen Dalal
APAC electronic manufacturing services (EMS) market to gain tremendous proceeds over 2018-2024, rising consumer electronics demand to fuel the industry growth
With increasing need for cost-effective production of automobiles and consumer electronics, the electronic manufacturing services (EMS) market has gained enormous momentum over the last twenty years. Consistent rise in the consumption of mobile phones, portable electronics and connected devices overall has helped the growth of several small EMS players to meet the global demand. Vast opportunities in the aerospace, industrial and medical devices segment have also boosted the electronic manufacturing services industry. More recently, the communication and consumer electronics segment have driven EMS providers to pursue key expansion strategies and technological developments.
U.S. EMS market, by application, 2017 & 2024 (USD Billion)
Boasting revenues of more than USD 450 billion in 2017, the global electronic manufacturing services market will eventually witness increased returns from the aforementioned sectors. EMS providers have enhanced manufacturing facilities and expertise, also offering additional services like testing and logistics to help OEMs and major consumer brands achieve better profit margins, lesser time-to-market and flexibility. Labor costs in developing economies, especially in the Asia-Pacific (APAC) region are considerably low, reinforcing the electronic manufacturing services industry expansion in countries like China, India and most South East Asian nations.
With EMS companies taking care of the frugalities involved in product manufacturing, OEMs like Apple, Intel, Dell and Sony are able to concentrate their resources more towards research and development, as well as marketing campaigns. Consequently, the APAC electronic manufacturing services market has grown tremendously owing to continuous introduction of new products by OEMs, particularly smartphones. As mobile technologies are evolving at a rapid pace and becoming cheaper, smartphones are expected to constitute almost 48% of the global consumer electronics segment by the end of 2018, and it is a well established fact that most of these devices are manufactured by EMS providers in Asia.
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Elaborating further, Taiwanese company Foxconn, which is the world’s largest EMS provider, manufactures smartphones for Apple, computer equipment for Dell, Intel, HP and Microsoft, along with electronic devices for Sony, Google and Amazon. The company has set an example in the electronic manufacturing services industry for adopting innovative business models and creating a global presence. It had recorded a 50% growth in earnings during December 2017, mainly driven by the shipment of Apple’s flagship smartphone model, iPhone X. Simultaneously the APAC electronic manufacturing services market experienced accelerated growth due to increased production of smartphones launched by Chinese OEMs, such as Xiaomi.
The massive growth potential for consumer electronics in APAC can be surmised from Foxconn’s recent announcement according to which it is planning to expand its semi-conductor production operations in China. Demand for these small equipment is rising exponentially and an expansion effort by a major EMS provider indicates the same, signaling growth prospects for upcoming EMS firms who wish to penetrate the segment. Foxconn is also demonstrating the trend among companies in the electronic manufacturing services industry shifting from a single key income source to producing more diverse consumer electronic products.
Almost 50% of Foxconn’s revenue comes from Apple, which is a huge dependency on a single entity for a manufacturer of this magnitude. Keeping this in mind, the company earlier this year decided to join forces with camera maker RED Digital Cinema to produce affordable and professional quality film cameras with 8K resolution. It is also in the process of building manufacturing facilities in China and U.S. to make large-screen display panels. It is predicted that globally, nearly 2 million televisions with 8K display would be shipped by 2020 itself, and with a number of EMS players located in the region, the segment will generate additional remunerations for the APAC electronic manufacturing services market.
All in all, with unprecedented growth in the demand for consumer electronics over the next few years, the electronic manufacturing services market will witness tremendous inflow of capital for expanding production capacities. Constant innovations, for instance EMS company New Kinpo Group’s AI-powered manufacturing robots and autonomous manufacturing capabilities, will further attract OEMs towards Asian companies. Key players dominating the global EMS market share include Foxconn, Integrated Microelectronics, Inc., Benchmark Electronics, API Technologies Corp., Celestica, Inc., New Kinpo Group, Venture Corporation and Sanmina Corporation.
Author Name :Pankaj Singh
Automated optical inspection (AOI) system market to witness a double-digit CAGR over 2018-2024, automation applications to drive the industry expansion
Rapid industrialization and increased demand for electronic components has propelled the automated optical inspection (AOI) system market expansion, with rise in consumption of automotive and consumer electronics. AOI systems have gained immense momentum for fast and accurate inspection of electronics assembly lines to facilitate the production of only the highest quality PCBs and surface-mount devices. Constant innovations in smartphone technologies and automotive electronics has reinforced the need for lowering time and cost of production, necessitating the involvement of the AOI system industry. Estimated to have recorded earnings of more than US$500 million in 2017, the global AOI system market will experience an accelerated growth rate from augmented industrial automation.
U.S. automated optical inspection (AOI) system market, by end-use, 2017 & 2024 (USD Million)
Automation has been a trending process among manufacturers around the world, and more factories are expected to be completely automated in the near future with advancements in communication and robotics. As the field of electronics production get more competitive, achieving the balance between manufacturing speed and quality through automation is considered to be a major factor for success. The AOI system industry is crucial in providing powerful solutions to help manufacturers monitor processes and greatly improve their overall quality. AOI systems can now be integrated with robots, pneumatics and other process components to offer precision quality control.
Increasing focus on consumer protection and the need for reducing the costs involved in 100% inspection process will further bolster the AOI system market. 100% inspection is critical for segments where a human life could be put at risk, for instance medical devices, portable electronics and automobiles. A while back, certain smartphone product launched by Samsung was under scrutiny due to exploding batteries which endangered the users while being charged or operated. It was found out that the leading cause of explosions was improper assembly of batteries, stressing the importance of inspection in automation. Experts believe the company could have avoided this fiasco by adopting quality inspection systems, such as AOI, for inspecting all batteries and not just samples.
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Speaking further on the significance of the AOI system market, electronic components are becoming smaller in size, making it difficult to perform accurate and fast checks manually. PCBs for different applications require hundreds of parts to be soldiered or mounted on them in a short period of time, needing AOI systems to inspect each and every part, either in pre-manufacturing stages or post-production. Many global industries are adopting fully-automated manufacturing processes for not only PCB production but also cars and consumer electronics. Subsequently, the AOI system industry will witness robust demand over the coming years.
To elaborate, Volkswagen recently announced that it would be construction its electric vehicle manufacturing facility near Shanghai, China, where fully-electric SUVs and other e-vehicles will be made. The company said the new facility will consist mainly of robots, around 1,400 of them, and will be operational by 2020. The expected 300,000 per year capacity of the factory represents extremely high
levels of automation that will be implemented and signifies a key application area for the AOI system market. Government rules and international standards regarding vehicle quality and safety have boosted the demand for advanced AOI systems, as they can match the complexity and speed of automated manufacturing.
Over the years, AOI systems have been optimized to collect data and provide feedback so that the manufacturing process can be improved, and any suitable adjustments are made. When used during the assembly or soldering process, AOI helps to inspect the quality of the product as it is being made, which considerably lowers the need for post-production inspections. The AOI system industry can benefit from the tremendous development in optical sensors and miniaturization of inspection cameras. The enormous opportunities for the implementation of AOI can be surmised from industry estimates which peg the global process automation segment to be valued at nearly USD 50.3 billion by 2020.
As more companies look towards AOI for ensuring a fast, reliable and cost-efficient quality control in manufacturing and process automation, the AOI system market is anticipated to register a 12% CAGR between 2018 and 2024. Viscom AG, Cyberoptics Corporation, AOI Systems, Nordson, ASC International, Omron Corporation and Kurtz Ersa, are some key players outlining the AOI industry dynamics. Compliance with evolving engineering standards and demand for higher quality of products will drive innovations in AOI technology.
Author Name :Pankaj Singh
A brief overview of the global reed sensor market with respect to the geographical landscape: APAC to emerge as a potential regional contender by 2024
The global reed sensor market is lately witnessing an exponential growth rate, driven by the rapidly rising demand for advanced sensor technologies across industries such as military, aerospace, medical, security, transportation, smart grid & utilities and telecommunications. Attributing to a widespread application spectrum, the global reed sensor market was valued at over $1 billion according to a 2017 estimate. Reed sensors are basically devices made up of reed switches that incorporate a pair of flexible magnetic reeds and can be used in various applications ranging from flow and liquid level measurement to motion detection and sensing, proximity sensing and metal detection. One of the major factors behind the sensor’s rapidly growing demand is its robust and reliable nature and the low power consumption that allows for the device to be used in a plethora of battery operated applications.
China reed sensor market size, by application, 2017 & 2024 (USD Million)
It is anticipated that the expansion of the smart home market in developed nations across the world would be further fueling the growth of the reed sensor market. Moreover, the incredible rate of production that the consumer electronics market is witnessing across developing nations would also be responsible for propelling global reed sensor market further.
Unveiling global reed sensor market trends through a regional frame of reference:
Asia Pacific (APAC):
Home to nations such as China, India, Japan, South Korea and Taiwan – some of the world’s biggest consumers as well as manufacturers of automotive and consumer electronics, APAC presently holds the largest share in reed sensor market. According to a report by Standex Electronics, the device’s high demand is attributed to its availability in hundreds of different shapes and sizes and its ability to survive billions of operations without experiencing much wear and tear.
The aforementioned features have made reed sensors the go-to solution for the established automotive and consumer electronics markets in the APAC region. Moreover, government initiatives that support and encourage the growth of these industries are also likely to augment reed sensor demand further. Additionally, demands for remote home monitoring systems from the smart home markets of South Korea, Japan and China is projected to be another major contributing factor that will impel the APAC reed sensor industry growth.
Driven by a highly established manufacturing sector and robust industrialization trends, it is projected that APAC reed sensor market will grow at an impressive CAGR of 12.5% over 2018-2024 in terms of unit shipment.
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A significant contributor toward the global industry, the North America reed sensor market is primarily driven by the booming smart home industry as the sensors are witnessing wide-scale adoption across a plethora of connected home systems such as voice controlled temperature modulating systems and automated intrusion-detecting smart home systems. The regional market is also simultaneously receiving a considerable boost from the automotive industry as more and more automobile manufacturers are implementing the systems in their vehicles to facilitate a number of features like power windows, fuel and oil level measurement.
The U.S. reed sensor market size, had been pegged at over $350 million according to a 2017 estimate. It is expected however, that the anticipated rise of the autonomous vehicle market in the region would be fueling reed sensor market growth as well. Furthermore, with major domestic companies unveiling new products and expanding their respective distribution networks to improve their capabilities of quenching the growing demands of reed sensors across various key application sectors, the North America reed sensor market has positioned itself on a lucrative path towards future growth.
Attributing to the extensive regional growth, the revenue graph of the reed sensor market is projected to etch out an exponential growth trajectory in the years ahead. According to a report by Global Market Insights, Inc., the global reed sensor market is anticipated to surpass $2 billion by 2024.
Author Name :Akshay Kedari
An intrinsic outline of infrared (IR) LED market in terms of the end-use landscape: automotive applications to drive the global demand over 2018-2024
Driven by the rapidly surging deployment of IR LEDs across a plethora of application verticals, the global infrared (IR) LED market has emerged one of the most transformative business spheres over the last few years. Companies forming a part of the automotive, consumer electronics, medical equipment, and myriad other industrial sectors are increasingly using IR assisted products. The use of IR LED helps to maintain working stability, accuracy, improve security, and reliability. The emerging technology trends such as automated driving assistance system, IoT, augmented reality, and artificial intelligence have also had a positive influence on the product demand.
Japan infrared LED market size, by application, 2017 & 2024 (USD Million)
In most of the countries, in order to control the chances of accidents, automakers have been developing connected cars in which IR LEDs have been used prominently. It is thus rather overt that the advent of technically advanced features in every end-use sector will stimulate the infrared (IR) LED industry share. In line with the surging use of sensors in the various products, equipment, and vehicular systems, giants in infrared LED market have been investing in the enhancement of their product ranges.
A summary of the IR LED market trends from the automotive and consumer electronics sectors has been outlined below:
In the last few years, the automotive industry has witnessed a remarkable transformation with the advent of electric vehicles, connected cars, and self-driving cars. In addition, the growing concern among the automakers about the safety of occupants and the driver has encouraged them to bring new sensor assisted technologies such as excellent night vision, parking assistance, and blind spot detection. One of the renowned German automakers, Mercedes has implemented the Night View Assist system in its newly launched vehicle models that have full-LED headlamps incorporated with anti-dazzle infrared technology. The deployment of such IR LED technologies helps drivers bypass animals and pedestrians at night.
In addition, the company has also deployed a thermal imaging and IR camera which could enhance the chances of spotting the objects ahead of the vehicle effectively. The use of IR technologies and innovative features in the recently developed automobiles for improving the safety, driving efficacy, and comfort is poised to propel infrared LED industry share. For the record, in 2017, the automotive sector accounted for 30% share of the infrared LED industry.
Speaking more about innovations, it is prudent to mention that in order to gain competitive benefits, many companies are striving to launch new products in the automotive industry that could have a significant influence on IR LED industry outlook. For instance, recently, in January 2018, the Taiwan based company, Innolux Corporation has launched the first active matrix (AM) based Mini LED technology that has been used in automotive backlight panels. In addition, they are planning to develop a free shaped LCD for improving the appearance and design of future concept vehicles.
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With the deployment of next-generation technologies such as IoT, AR, and AI, consumer electronics sector has emerged as one of the revenue generating business areas lately. In this regard, the giants in the infrared LED market have already increased their focus on research and development activities. Currently the leading smartphone makers and security system providers are innovating a new range of sensor technologies for deploying the same in smartphones and security cameras. As on today, for attracting more customers, smartphone makers are adopting new product designs like the multiple camera setup where they are extensively using sensors and LEDs. Recently, Nokia has unveiled its plan to develop a new smartphone having five rear cameras that could be incorporated with IR focusing apparatus, five lenses, and LED flash.
In another instance, a multinational lighting manufacturer, Osram is planning to invest 1 billion euros to expand an LED chip factory across Malaysia, the products of which will be used in phones, laptops, drones, fitness watches, security cameras, and automobiles. Moreover, Osram has been continuously involved in the invention of infrared LED chip for optimizing the effectiveness of security cameras. The Increasing requirement of CCTV cameras across the Asia Pacific region will further generate lucrative opportunities for the players in the infrared LED industry.
The extensive deployment of technology across the automotive and consumer electronics industries will have a favorable influence on the infrared LED market. The involvement of many industries in digitalization for improving work efficiency, product performance, and consumer comfort also will fuel the product demand over the years ahead. In line with the shifting trends toward digitalization, infrared (IR) LED market will generate a revenue of more than USD 1 billion by the end of 2024.
Author Name :Sunil Hebbalkar
Power Electronics Market to witness remarkable proceeds in APAC, product innovations and government initiatives to steer the growth
Owing to the broad expanse of application arenas, power electronics market, one of the most pivotal verticals of the electronics and media sphere has been estimated to garner substantial returns in the ensuing seven years. The extensive popularity of this business space can be attributed to its massive deployment across the automotive, industrial, consumer electronics, defense, aerospace, renewable energy systems, and ICT sectors. Furthermore, the competitive spectrum of power electronics market has been witnessing the unveiling of exceptional and innovative products equipped with emerging technologies, specifically developed for particular end-use disciplines. The upcoming market players have been vying with the existing leading firms to build a robust presence in the industry. For instance, Navitas Semiconductor Inc., an emerging power electronics industry player based in the U.S., has recently launched the world’s first commercial Gallium Nitride (GaN) Power Integrated Circuit which enables highly energy-efficient and low-cost power converters. Such dynamic product innovations are set to significantly alter the growth landscape of power electronics industry in the forthcoming years.
U.S. power electronics market size, by product, 2016 & 2024 ($Mn)
For the record, Gallium Nitride power ICs are considered as an emerging technology that has propelled the power electronics industry to enter a new era of imaginative topologies, new controllers, materials, devices, and magnetics. They have been increasingly replacing the conventional silicon devices who are comparatively slower and inefficient, consequentially, further stimulating the growth of power electronics market size which was pegged at USD 34 billion in 2016.
Concurrently, the ever-growing governmental thrust across various nations to adopt renewable power sources in residential and industrial sectors to reduce air pollution, lower particulate matter, slash CO2 emissions and suppress the fossil fuel depletion, has had a favorable impact on power electronics market growth. To cite an instance, the Indian government under its Jawaharlal Nehru National Solar Mission has resolved to attain an ambitious solar power capacity of 100 GW through rooftop and large-scale grid-connected solar power projects by 2022. Undoubtedly, these humongous projects would require AC/DC converters and switching systems to work seamlessly, which would, in turn, boost the expansion of power electronics market size.
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Meanwhile, the escalating costs for setting up new production plants and the rising complexity of manufacturing procedures have restricted the advancement of upcoming players in the power electronics industry. Add to it, the power electronics industry is likely to face quite a few more challenges as the prominent market players have been plagued with space and security concerns which would impede the growth prospects of the industry in the immediate future.
It would be prudent to mention that the major industry players have been joining forces with other firms, universities, and research institutes to erect smart grids that would hopefully provide solutions to the aforementioned challenges. One of the foremost firm partaking in power electronics market, Enercon Canada Inc. for instance, has recently announced its collaboration with Hydro-Quebec research institute (IREQ) to interpret the impacts on grids of new electronic wind-turbine control systems. The partnership aims at blending ENERCON’s mastery of energy converters with IREQ’s extensive experience in simulating wide-scale wind power grid integration.
The Asia Pacific region is anticipated to be one of the most lucrative territory for power electronics market, given the wide-ranging deployment of the products across a multitude of business verticals. The economic boom in the region has resulted in increased disposable income in the middle-class households which has enabled them to purchase a greater amount of luxury electronic goods and systems. To add to it, the power losses and consistent current fluctuations, especially in manufacturing and industrial sectors of the region, have necessitated the deployment of power electronics systems such as UPS, inverters, and power regulators.
Given the wide-ranging adoption of emerging power electronics technologies on the global scale, it would be prudent to note that these systems shall acquire a prominent role in the growth of diverse industries such as heavy machinery, alternative energy, construction, oil and mining, and household equipment. According to a research report compiled by Global Market Insights, Inc., worldwide power electronics market size is slated to exceed USD 45 Billion by 2024.
Author Name : Saif Ali Bepari