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Body worn insect repellent market to surpass the billion-dollar benchmark by 2024, U.S. to prominently drive the regional landscape

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Over the last few years, body worn insect repellent market has emerged as a lucrative yet challenging investment avenue, against the backdrop where bug-borne diseases has turned out to be a global concern. According to the World Health Organization, Malaria is prevalent across 91 countries worldwide, placing around 40% of the global population at risk. Reports indicate that nearly 500 million populace suffers from Malaria every year, leading to almost 2.7 million casualties annually. It is important to mention that of all the disease transmitting insects, mosquito is claimed to be one of the greatest menaces, spreading catastrophic Malaria, Dengue, Yellow Fever, etc. In fact, Dengue is deemed to be world’s calamitous mosquito borne virus disease, with nearly 2500 million people at risk of infection globally. These statistics depict the increasing pressure on body worn insect repellent market players to come up with state- of-the-art solutions that would somewhat mitigate this afflictive situation.

U.S Body Worn Insect Repellent Oils & Creams Market, 2017 & 2024 (Kilo Tons)
U.S Body Worn Insect Repellent Oils & Creams Market, 2017 & 2024 (Kilo Tons) 

North America is a prominent regional share contender having held almost 30% of the global share in 2017, courtesy – the widespread American and Canadian populace vulnerable to flea borne diseases. According to a latest survey by Centers for Disease Control and Prevention, tick and mosquito borne diseases in U.S. had almost tripled over the period of 2004-2016. For the records, in the year 2004, the country witnessed 27,388 cases of vector borne diseases, while in 2016, the figure reportedly got upscaled to 96,075 cases. The astoundingly mammoth prevalence has undeniably generated a massive demand for advanced insect repellents, substantially impelling the U.S. body worn insect repellent market size.

Regional government has a big role to play in proliferating the industry trends. The U.S. Environmental Protection Agency, for instance, has taken significant initiatives to promote DEET utilization in manufacturing of bug repellent products, especially for those that are sold locally. This in consequence, has created an increased awareness among the Americans regarding insect borne diseases and also about the specific preventive measures that need to be taken to combat the issue. Considering these aforementioned aspects, it would not be incorrect to state that U.S. would continue its dominance in North America body worn insect repellent industry, given that the country boasts of an extensive product array as of now due to the presence of large distribution channel.

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Spreading vector borne diseases such as Dengue, West Nile, Chikungunya, and Malaria ironically are the prime factors fueling body worn insect repellent market demand.  A host of new body worn mosquito control repellants has been widely discussed, tested and put forth in the market over the recent years, however, whether these repellents prove to be fruitful in long term is yet to be determined. The extensive research activities that body worn insect repellent industry is presently characterized by mainly focusses on utilizing more of Lemon Eucalyptus and DEET in various bug repellents products. These days, sprays have become a universal choice among consumers, subject to its ease of application on skin as well as in apparels. Companies have been highly focusing on extending their product landscape along with distribution channel expansion, which in essence is impacting the overall body worn insect repellant industry share.

Grounding on numerous experimental studies, experts have apparently come down to a conclusion that repellent technology represent a fundamental aspect in mosquito borne disease transmission prohibition, which is why body worn insect repellent market is gaining a substantial traction in terms of revenue streams. However, some unhealthy instances such as breathing trouble, skin irritation, and unpleasant odor on its application, somehow act as a stumbling block in the industry growth. Nonetheless, driven by the continuous developments on product front in tandem with a highly supportive regulatory framework, body worn insect repellent industry is set to record a revenue of USD 1 billion by 2024.

Author NameSatarupa De

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

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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.

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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