Floating

APAC automotive brake caliper market to amass hefty proceeds by 2024, increasing production of automobiles to drive the regional industry growth

Posted on Updated on

Powered by the rapidly expanding automotive industry across myriad geographies, automotive brake caliper market has indeed gained tremendous popularity in recent times. The automotive sector is also rife with a plethora of highly unique innovations that have undeniably had an impact on this business sphere. Indeed, given the pivotal significance of braking systems, technological advancements form the crux of automotive brake caliper industry. Recently for example, Brembo unveiled an aesthetically revolutionary brake caliper at the 2018 NY Auto Show. Apparently, this product helped achieve substantial weight savings – around 400 g per wheel. Brembo’s product launch is indicative of the fact that automotive brake caliper market will continue to be characterized by highly innovative solutions that would optimize performance and improve aesthetics.

U.S. Automotive Brake Caliper Market, By Vehicle, 2016 & 2024, (Million Units)
U.S. Automotive Brake Caliper Market, By Vehicle, 2016 & 2024, (Million Units)

The automotive industry has registered an extremely appreciable CAGR in the Asia Pacific region since the last decade or so. This growth can be essentially credited to the rise of the middle-class populace with increasing disposable incomes and a growing inclination toward leading a more comfortable lifestyle. Due to the presence of affordable and efficient production facilities and increased rate of automobile production, Asia Pacific automotive brake caliper market is poised to grow by 3% over 2017-2024. China, India, Japan, and South Korea are projected to be the major contributors toward this regional market, powered by the enhanced automotive manufacturing technologies now prevalent across these economies.

Speaking along similar lines, the increasing demand for automobiles among the middle-class consumers has led to a significant requirement of passenger carrying vehicles. For instance, in 2017 alone, 73.46 million units of PCVs were sold – a marked increase of 1.08 million units. Driven by the increased consumer spending and the subsequent rise in vehicle production, automotive brake caliper market size from PCVs is expected to increase by 3% over 2017-2024.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2336

While PCVs take the cake in terms of popularity, it is prudent to mention that two-wheelers are also being increasingly preferred lately, especially in the emerging economies. Two wheelers offer a means of cost effective transportation and are the preferred choice not only in congested cities but also in remote locations. This would perpetually augment automotive brake caliper industry outlook in the ensuing years.

Stringent safety and environmental policies have encouraged technological advancements in the automotive brake caliper market of late. For instance, the French auto manufacturer Bugatti has brought forth a unique innovation in automotive brake caliper industry with the use of 3D printing to print titanium brake calipers. Incidentally, 3D printing of brake calipers helps in reducing the overall weight of the vehicle while maintaining torsional stiffness – a highly sought-after parameter in the automotive industry today. Traditional aluminum alloy brake calipers on Bugatti vehicles weigh 4.9 kg each, however, 3D printing of brake calipers makes each caliper weigh just 2.9 kg, which goes a long way in reducing overall vehicle weight and meeting environmental regulations.

Though 3D printing of brake calipers has not yet become a mainstream procedure owing to the time-consuming nature of the process, the concept has gained sufficient traction. Other methodologies for the reduction of caliper mass, improved styling and performance maintenance are also being researched currently to reduce particulates and carbon emission in the atmosphere.

The emergence of electric vehicles and hybrids is expected to add a new vertical to automotive brake caliper industry, as these vehicles will invariably use a whole new braking system that has little resemblance with the conventional braking system. With the introduction of the Tesla Model 3, electric passenger cars are poised to become the dominant trend for the future. It is rather overt that such cars are being designed to have only one paddle for moving or stopping the vehicle. While the brake system will not be made entirely obsolete, it is certain to undergo some highly innovative changes, that would certainly have an influence on automotive brake caliper market outlook.

Research & development programs are rampant across the automotive industry of late and are likely to majorly transform automotive brake caliper market trends. With the robust growth of automated technologies and the increasing requirement for better mobility, automakers are leaving no stone unturned to bring forth newer and enhanced brake systems. In consequence, this would have a commendable impact on automotive brake caliper market size, anticipated to cross $25 billion by 2024.

Author Name : Paroma Bhattacharya

Offshore wind energy market to witness massive gains in China and UK over 2018-2024

Posted on Updated on

The global offshore wind energy market has been ablaze with a number of projects that have lately commenced power production. Recently, for instance, following the installation of its first 7 MW turbines, Scotland’s biggest offshore wind farm has sent power to the National Grid for the first time towards the end of July 2018. The whole project is scheduled for completion by spring of 2019, and is expected to generate enough power to supply the equivalent of 450,000 households.

The Race Bank offshore wind farm in the U.K. and reportedly the fifth-largest windfarm on the planet has also officially opened recently in the month of June. This 91-turbine facility is expected to produce 573 megawatts (MW) of electricity and is capable of powering more than half a million homes every year.

 

Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)
Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)

Considering the above-mentioned instances, there is no doubt that the fledging offshore wind energy industry is finally reaching maturity, promising gigawatts of reliable and clean energy and billions in economic and investment opportunities. In fact, wind is touted as one of the fastest-growing renewable energy sources in the world and has become a viable electricity generating source in more than 80 countries worldwide. Analysts deem that the developments in technology have paved the way for more reliable and effective equipment and machinery, which has resulted in the growth of the global offshore wind energy market.

China to emerge as one of the world’s largest offshore wind energy markets

Quietly surpassing the U.S., China’s wind energy market had emerged as one of the largest in the world in 2010. From being a mere player in 2001, the country, on the basis of strong government support and investments, has transformed its position as a market leader. As per reports, China had an installed offshore wind capacity of more than 1.6 GW in 2016. As a part of its five-year plan, the country plans to have 5 GW grid-connected by 2020. In fact, China is on a target to install 13 GW over 2017-2026, bringing its total capacity to nearly ten times as of its level in 2017.

Furthermore, in order to increase rural electrification and lower its carbon footprint, China is expected to continue to promote wind power, in turn stimulating the regional offshore wind energy industry. The country in 2016 outpaced Denmark and secured a third place in the global offshore wind energy rankings with the UK and Germany holding the top two positions.

Get a Sample Copy of this Report https://www.gminsights.com/request-sample/detail/1763

Accounting for over one-third of the total European offshore wind potential, the UK offshore wind energy market is another potential hotspot for wind developments. The region constitutes the world’s largest offshore wind farm – London Array, producing 630 MW of clean electricity that is enough to power more than half a million of homes a year. The 500 MW Greater Gabbard offshore wind farm, touted as the second largest offshore wind farm in terms of installed capacity, is also located in the UK.

Ørsted, a renowned Denmark based energy firm, has recently announced that the construction has begun on an even bigger wind farm, officially called as Hornsea Project One, which is slated to be operational by 2020. Upon completion, this plant will be capable of supplying clean energy to more than 1 million homes. Quiet overtly, such robust investments in the UK & Germany offshore wind energy market has impelled Europe to contribute substantially to the global offshore wind power, while simultaneously establishing itself as a lucrative hub for investments. Reportedly, the UK offshore wind energy market was worth more than USD 8 Billion in 2017.

Analyzing these regional trends, it would not be wrong to quote that China, U.S., UK, Germany, Taiwan, and the Netherlands are the biggest offshore wind energy market in the world, with number of current projects both under construction and planning phase.

Offshore wind energy industry is further gaining exceptional traction from the tech behemoths showing their interests in harnessing clean energy. Microsoft, for instance, has recently signed an agreement with GE to purchase electricity from its wind farm and power its cloud data centers in Ireland. The Silicon Valley bigshots Apple & Facebook are already in this league harnessing clean power and pledging its operations to be 100% from the renewable energy sources. Moreover, Google in the year 2010 has also thrown its financial clout behind new wind farms off the U.S East Coast.

This changing competitive scenario is further likely to enrich the growth dynamics of global offshore wind energy market in the coming years. A presumption standing as a substantiation to the same is of Global Market Insights, Inc., that claims the global offshore wind energy market to surpass USD 60 billion by 2024.

 

Author Name :Ojaswita Kutepatil