Oil & Gas
Operator training simulator market to gain substantial proceeds from aerospace & defense sector over 2019-2025, surging product demand for tackling life-threatening situations to fuel the industry growth
The revenue graph of operator training simulator market is projected to foresee exponential growth owing to the continuous improvement in these products and rising emphasis on recruiting skilled workforce. Skill development helps to enhance productivity, safety, profitability, controllability, and stability of the enterprise operations. The increasing focus to reduce injuries and fatalities to maintain safe operations across various business verticals is expected to aid the market growth.
Brazil operator training simulator market, by application, 2018 & 2025 (USD Million)
Industry professionals are training their operators to tackle life-threatening situations which has led to increased emphasis on safety of workers, optimization and efficiency of simulators – a factor that is likely to impel the operator training simulator market share in the times to come.
Operator training simulators improve decision making of the operators at critical times while increasing familiarity with the operations. Pilots are required to develop skills like decisiveness, quick thinking, confidence and situational awareness which can be enhanced by simulator trainings. Operator training simulators strengthen confidence to tackle the unfavorable situations. To underscore the significance of simulators, the recent instance of fatal aircraft crash of Ethiopian Airlines can be considered. The crash killed all 157 on board just five months after a similar crash on a Lion Air flight which killed all 189 passengers and crew.
After the accident, the Allied Pilot Association has demanded training on simulators which includes scenarios like those experienced by the pilots of Ethiopian Airlines and Lion Air and additional computer training for 737 MAX to cement the lessons of failure modes in the minds of pilots. Apparently, the deployment of advanced simulators would be crucial in building confidence among pilots, essentially boosting the growth of operator training simulator market.
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Apart from aviation industry, the railway sector has also emerged as a major end-user to deploy operator training simulator for realistic and robust training to avoid fatalities. For instance, in the year 2018, Indian railways had announced to invest INR 350 crore in operator training simulators to train 1.5 lakh loco pilots and assistant loco pilots to bridge the gap between theoretical and practical learning. The investment is meant to make drivers learn how to navigate rail tracks, curves, signals, bridges and any other situation as if they are driving a real train.
Over 12,000 diesel and electric locomotives daily run on a 66,000-km network across the country. There are about 86,000 train drivers and the simulator training with real feel experiences will assist these drivers to run locomotives efficiently. Apparently, the Indian government’s program is a testimony to the increasing prominence of governmental support to high-end simulator training across various geographies – a vital factor that will enhance the growth prospects of the operator training simulator industry.
Notably, defense academies have also been proactive in adopting operator training simulators for public safety and enhancing the overall skill-set of cops. As the police department is responsible for the safety of citizens and maintenance of peace across any country, cops face highly stressful situations on a regular basis which requires high level of patience and panic control. In this regard, simulator training has proved to be of immense help and numerous police academies are deploying these simulators on their premises.
For instance, the New Britain Police Academy has recently adopted simulator trainings to train police to manage stressful responses and make decisions under pressure. The Milo Simulator – chosen by the academy – is an advanced simulator in the state which combines driving an emergency vehicle in highly unfavorable situations such as armed encounters. The human reaction under pressure is unpredictable but this training simulator can help police officers to calmly handle stressful situations.
Operator training simulators have found usage in aviation, railways, police trainings and have applications in several other industries, including healthcare, energy, and chemicals. Operator training simulators play a vital role in training operators in manufacturing and industrial plants. The simulators enhance familiarity with the operations by creating a visual and real-time experience to cement the learnings by experiencing high-risk situations.
Retiring experienced workforce and the increasing demand for quality training of young staff will also contribute in proliferating the operator training simulator industry trends. According to a research report by Global Market Insights, Inc., the operator training simulator market is expected to surpass a remuneration portfolio of USD 20 billion by 2025.
Author Name : Anchal Solanki
Global benzalkonium chloride market to witness augmented demand from food & beverages sector over 2019-2025, pharmaceutical applications to fuel the industry growth
Increasing consumption of various consumer and industrial products has led to a steady expansion of the global benzalkonium chloride market, in conjunction with the surge in disposable incomes of the working class population. The compound is effective as a disinfectant and preservative across food & beverage, pharmaceutical and chemical applications, being extensively found in nasal and ophthalmic medicines. Benzalkonium chloride is usually deployed as an antibacterial agent and surfactant in several household products like hand wash and hand wipes, along with personal care products and ointments. An augmented demand for such everyday products worldwide owing to rising population and higher consumer spending will reinforce the position of the benzalkonium chloride industry over the next few years.
U.S. Benzalkonium Chloride Market Size, By Application, 2018 & 2025, (Kilo Tons)
Essentially, the pharmaceutical and cosmetic segments represent two key business verticals where the compound has made a significant impact. It helps preserve the efficacy of medicines while the antimicrobial activities help protect make-up products from disintegrating and increase their quality. Subsequently, consistent consumption of cosmetics and pharmaceuticals will offer considerable momentum to the benzalkonium chloride market throughout various regions. The size of the global pharmaceutical sector is projected to reach US$1.43 trillion by 2020 itself, suggesting vast opportunities for the industry. Narrowing the market potential in terms of using benzalkonium chloride as preservative in eye drops, Bayer and Regeneron’s ophthalmic drug Eylea alone had recorded sales of around US$6 billion in 2017.
Expounding the scope of the benzalkonium chloride industry in the food and beverage sector
In essence, the food and beverages industry require suitable disinfecting and sanitizing chemicals for food contact surfaces, to ensure bacteria and other microorganisms are eliminated and the product is not spoilt while in transit or before consumption. Quaternary ammonium compounds such as benzalkonium chloride can counter a wide range of microbes and are applied in appropriate quantities by food producers. The constantly growing demand for packaged food and bottled drinks has made it necessary to tackle all possible threats to health safety and food shelf life, bringing in substantial proceeds for the benzalkonium chloride market. Several reported cases of food-related diseases has notably spurred businesses, government agencies and research organizations to address likely health risks posed by various food-grade chemicals.
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Referring to a study undertaken by the University of Veterinary Medicine, Vienna, certain strains of gram-positive Listeria seem to be resistant to quaternary ammonium compounds, including benzalkonium chloride disinfectants, and display quite low sensitivity to them. An estimated 47.8 million cases of foodborne illnesses care recorded in the U.S. every year, indicating the enormous need for enhancing food safety. Europe also witnesses nearly 23 million people suffering due to the intake of unsafe food annually, according to WHO. The benzalkonium chloride market is slated to accrue remarkable gains over the forecast timespan from accelerated efforts by food manufacturers to adopt effective sanitizing and disinfecting practices.
Within the beverage industry, compounds can be used for cleaning milking equipment, bulk tanks and other surfaces that come in contact with organic milk or similar products. Milk and other dairy offerings are witnessing consistent rise in demand and producers are required to clean and sanitize any equipment, storage tanks and packaging before utilization. Benzalkonium chloride products are also available as sanitizers for PET as well as glass bottles in which numerous beverages are sold. As evident, the beverages segment is bound to provide significant revenue prospects to the benzalkonium chloride industry.
In a nutshell, a number of critical applications in the food and beverages segment will fuel the development of the global benzalkonium chloride market, which is anticipated to surpass billion dollar valuation by 2025. Prominent companies outlining the competitive dynamics of the industry include Dishman group, Jinshan Jingwei Chemical, Manav Aktteva Biopharma LLP, Merck Millipore and Novo Nordisk.
Author Name : Pankaj Singh
Blockchain in energy market to procure modest proceeds from O&G applications, escalating concerns regarding the burden on grid networks to propel the industry expansion
The revenue graph of blockchain in energy market is poised to depict exponential growth as the need to develop & deploy new efficient ways of generating & delivering electricity, under the Paris Agreement, intensifies. According to the International Finance Corporation, the Paris Agreement aimed to tackle climate change by generating energy through reliable, clean energy sources. However, countering climate change by completely overhauling the way energy is generated would require emerging markets to mobilize trillions of dollars through different sources.
Germany Blockchain in Energy Market Size, By Power Application, 2018 & 2025 (USD Million)
Moreover, the agreement also requires power generation to be more flexible, distributed and through resources that could be managed through bi-directional communication, allowing investors to easily evaluate & track the impact of their investments. To achieve this mammoth task, investors, policy makers & regulators are likely to utilize blockchain technology, combining it with the Internet of Things (IoT), smart devices and big data. In a nutshell, this requirement would majorly help augment the deployment of blockchain in energy industry.
The advancements in blockchain technology have made it a critical ‘trustless’ component in big data and smart IoT-based devices, making it capable of unlocking the new business models that are extremely necessary for the proposed transformation of the energy sector.
According to the World Energy Council, in 2017 a sum ranging between $100-300 million was invested in more than 100 blockchain applications related to the energy sector. Considering its key role in shaping an energy-efficient future, the implementation of blockchain in energy market is expected to increase extensively in the forthcoming years.
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Impact of blockchain technology on the renewable energy sector
The Challenge: One of the key demands put forward by the Paris Agreement was decentralization of the energy generation system. However, increasing installation of small renewable energy systems, such as rooftop solar, could exert a lot of stress on traditional electricity grids, which were specifically designed with large, centralized energy generation facilities in mind.
The Solution: The blockchain technology’s ability to enable peer-to-peer energy transactions is expected to be a viable solution to this problem as it could effectively stabilize the grid by enabling peer-to-peer energy trading and by incentivizing local consumption during the time of production.
The Potential: According to the United Nations, several nations across the globe are rapidly boosting their share of wind power & solar photovoltaics. Indeed, renewable energy is slated to account for 40% of the world’s energy production by 2040.
The blockchain in energy market is thus projected to accrue substantial gains in the years to come, propelled by the explosive growth of renewables sector.
Impact of blockchain technology on the conventional energy sector
While clean energy is gearing up to represent a majority of the world’s energy production in the coming years, the sector would still require the support of the conventional energy industry to be able to meet consumer demands. Although it would be playing a supportive role, the conventional energy sector would still need to keep its carbon emissions in check. To adhere to the carbon emission rules, natural gas is becoming the fuel of choice.
The Drivers: According to the Union of Concerned Scientists, this paradigm shift to natural gas can be credited to the fact that it emits approximately 50% to 60% less CO2, when it is burned in a new & efficient natural gas power facility, compared to the emissions from a typical coal-fired plant.
The Numbers: According to the International Energy Agency, natural gas accounts for 22% of the energy utilized across the world and also makes up approximately a quarter of electricity generation. Moreover, natural gas is also projected to overtake coal as the world’s second largest energy source by 2030.
The Potential: The oil & gas sector, in recent times, is transforming into a data-intensive industry. According to the Society of Petroleum Engineers, the industry is increasingly incorporating machine learning, artificial intelligence & IoT into its operations.
With such depicted levels of growth, the industry is also scaling up the adoption of blockchain technology, carrying its transformation a notch further. Not to mention, lesser overhead costs, lowered cash cycle times, and fewer cost intermediaries will also help propel the blockchain in energy industry from O&G applications.
Propelled by the expanding renewable and natural gas sectors, the blockchain in energy market is slated to record substantial growth in upcoming years. According to Global Market Insights, Inc., blockchain in energy market size is estimated to cross the $3 billion renumeration mark by 2025.
Author Name : Akshay Kedari
Non-Destructive Testing (NDT) Service Market to garner lucrative proceeds from ultrasonic inspection technology segment over 2019-2025, Europe to emerge as a leading terrain for industry expansion
The commercialization potential of non-destructive testing (NDT) service market is set to witness renewed momentum owing to the evolving demands of the global industrial sector and the effect of digital transformation. These services are anticipated to reach a wider range of business verticals due to the rising number of disruptive innovations and the emergence of pathbreaking technologies such as AI and IoT.
U.S. Non-Destructive Testing (NDT) Service Market Revenue, By Method, 2018 & 2025
Enhancements in the ultrasonic inspection technology to boost the remuneration scale of NDT service industry
Worldwide, assets of various business verticals are aging and the number of inspection regimes has witnessed an unprecedented uptick as safeguarding these assets is turning out to be a tough task. Invariably, the demand for agile inspection equipment has been intensifying lately. In this context, it is quite imperative to state that ultrasonic inspection testing is being regarded as one of the most prominent technology types among all the NDT services. Some recent developments associated with the improvement of the NDT services – utilizing high-end technologies and research – are set to not only enhance the productivity levels but also add stealth to the ultrasonic inspection testing. Enumerated below are a few major instances that are a testimony to the significant research activities and increasing product ingenuity:
- Material testing services provider Element has recently launched a new testing lab spread across 20,700 square foot in Sheffield, United Kingdom. The new lab, which would be a prominent part of the undergoing industrial revolution in the region, will be situated close to Advanced Manufacturing Innovation District of Sheffield. It would be a center for excellence for NDT and inspection research and would prove advantageous to the consumers from the oil and gas and aviation sectors. Additionally, its location would ensure that it receives access to latest technical expertise and support, essentially propelling the growth prospects of NDT services market in the region.
- Manufactured for a wide range of applications spanning from a flat plate to a tiny 50 mm diameter surface, Silverwing R-Scan is a new handheld portable B-Scan inspection system which aims to improve the probability of detection and data quality of ultrasonic inspections. Introduced by Eddyfi Technologies, the new NDT solution can be used to complete tank inspections where an automated and remote crawler such as the scropion2 system cannot be deployed. The registered information sets are displayed in a cross-sectional B-scan view that assists in improving in-service flaws, reveal corrosion, increasing speed, and the inspection quality. Remarkably, the addition of such agile, advanced, and portable inspection systems to the product range of ultrasonic inspection testing providers would boost the overall geographical reach of NDT service market.
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Europe to contribute massively toward strengthening the revenue profile of the global NDT service industry
Speaking of the growth of the NDT service industry in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines – rolled out by European Union along with various local governments – mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.
Elaborating further on the leading position of Europe, it has also helped that the region’s aviation sector is on a roll with a clearance of a massive backlog of aircraft orders being concluded recently. To put things in perspective, prominent aircraft manufacturers such as Airbus and Boeing have a record backlog of more than 12,000 new aircraft that are to be manufactured by the year 2025, creating humongous growth opportunities for the Europe NDT service market in the forthcoming years.
Considering the humble beginnings of the NDT service industry, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the NDT service market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.
Author Name : Saif Ali Bepari