Electric Vehicle Plastics Market Outlook & Worldwide Foresight to 2024

An electric vehicle uses one or more electric motors or traction motor for propulsion. It may be powered via a collector system by electricity or may be self-contained with a battery or generator to convert fuel into electricity. These include road & rail vehicles, surface & underwater vessels, electric aircraft & electric spacecraft. On contrary, to traditional vehicles which possessed internal combustion engine (ICE) is now getting blurred with usage of electric vehicles which run on conventional energy or electricity. With the growing approach towards electric vehicles (EV), plastic materials play a pivotal role in helping to reduce carbon emissions or dependence on petroleum. By using plastics in EV, the weight of the vehicle can be reduced upto 40%. Additionally, high performance polymers and elastomers are used to integrate components and functions. The miniaturization helps in reducing space and improves packaging.

The major market drivers for the global electric vehicle plastics market share include strict emission norms & regulations leading to minimizing weight of passenger cars& government initiatives to encourage adoption for electric vehicles. Therefore, the electric vehicle plastics market share is estimated to grow at a higher CAGR during the forecast period. However, a key factor restraining the market share is the lack of charging stations for BEV operated vehicles & HEV operated vehicles. Thus, charging infrastructure is significant for the growth of electric vehicles as in case of BEV and PHEV.

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On the basis of vehicle type, the global electric vehicle plastics market share is segmented as BEV, HEV, PHEV. BEV segment is likely to dominate the global market share for the forecast period owing to rising innovations, environmental concerns, strict emission regulation and norms. Additionally, government initiatives in the form of introducing various tax & non-tax incentives for electric vehicle owners have boosted the plastic growth employed in these BEVs. On the basis of material, the global electric vehicle plastics market share is segmented as PP, PE, ABS, PVC, PA, Nylon 6/6, Nylon 6, polycarbonate, PVB and other engineering resins.

PP is the fastest growing segment owing to features like better heat resistance, protection from UV rays, high strength & flexibility. On the basis of application, the global market for electric vehicle plastics market is segmented as interior, exterior, lighting & electric wiring and under the hood. Polyurethanes is estimated to be the largest growing sector and is predicted to dominate the market for the forecast period owing to its use in seating, electric wiring and hard plastic parts.

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On the basis of geographic segmentation, the global market for electric vehicle plastics market includes North America, Europe, Asia-Oceania, Middle-East & Africa. Asia-Oceania is predicted to dominate the electric vehicle plastics market and is estimated to grow at a higher CAGR during the forecast period. Asia-Oceania is an emerging market for electric vehicles in the recent years. Government initiatives in the form of incentives to support the demand for electric vehicles market have also boosted the market.

Faraday Future, a 2015 startup jumped into the electric vehicle market with a view to challenge Tesla electric motor and announced a big news about its plans to build a factor outside Las Vegas and that raised curiosity among the masses especially for its financial support. However, the startup has stopped construction owing to parent’s company financial problems. The Chinese company LeEco has funded Faraday Future but now has lost his fortune owing to the market fluctuations in his own native country. So, now Faraday Future would showcase its first production car at the CES 2017, the international electronics show in Las Vegas from Jan 5-8. The key players in the global electric vehicles market include BASF SE, The Dow Chemical Company, Tesla Motors, Ineos Capital Limited, and the plastics are supplied to automotive OEMs such as Nissan, Chevrolet, and Volkswagen AG.

Insulation Market Will Grow AT A CAGR of 8.6% By 2024

The global Insulation Market is projected to witness growth with an excellent CAGR of 8.6% over the forecast period. Rising awareness related to energy conservation is driving growth of the insulation market. Although the construction industry has endured subdued records after the outbreak of worldwide financial crisis in 2008, growing apprehensions over enhanced energy efficiency in residential and non-residential buildings, coupled with surging energy costs are rendering HVAC materials as a popular choice. Zero energy buildings have gained prominence as regulatory authorities are incorporating legislation highlighting the importance of minimizing energy loss with the help of Retrofit construction.

Foamed plastic insulation is gaining huge traction especially in North America and the rest of U.S. allowing it to acquire significant market share from mineral wool and fiberglass products. Strong residential growth in China and India is driving demand for this industry. The growing competitiveness among the construction companies is significantly opening up employment opportunities, specifically in building renovation sector.

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In 2019, Nemo has launched new synthetic material called FeatherCore that weighs less and packs smaller. They manufacture sleeping bags using synthetic fills called PrimaLoft Silver, which can retain its warmth even in moisture-laden environments.

Some of the key players operating in insulation industry consist of Dow Building Solutions, Byucksan Corporation, GAF Materials Corporation, Huntsman Corporation, Guardian Building Products Inc., Johns Manville, Saint-Gobain S.A., CertainTeed Corporation, Cellofoam North America Inc., ROCKWOOL International A/S, Owens Corning, Atlas Roofing Corporation, and Kingspan Group.

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Countries like Korea and Japan with tropical climate have experienced greater adoption of HVAC for thermal protection of air conditional systems. Roofing and foaming techniques demand is projected to advance in developing countries owing to rapid industrialization and construction activity. Government efforts to minimize energy consumption predominantly in Western Europe is anticipated to impel implementation of new building codes that mandate more insulation usage. Europe is emerging as a leader R&D for rendering cost-effective energy savings with its existing Energy Performance of Buildings Directive.

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Small Arms Light Weapons (SALW) Market Will Generate About USD 25.76 billion By 2024

The global small arms light weapons (SALW) market is expected to value at USD 25.76 billion by 2024. The market is subject to witness a substantial growth due to the growing concerns related to human rights, safety, and security. Increase in the number of intense crimes and increasing demand from defense &military sector are expected to drive the market growth of small arms light weapons. Globally, the small arms light weapons industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

However, several environmental and government protocols, reduction in defense expenses by developed countries due to numerous peace initiatives and challenges from many human rights protestors are key factors obstructing the market progress. Factors responsible for sustained market growth for small arms light weapons market include prevalence of domestic violence, organized crimes, and drugs trafficking.

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The small arms light weapons (SALW) industry is classifies into two types based on product type such as small arms and light weapons. The small arms market is further sub-categorized into pistols, rifles, revolvers, shotguns, and man-portable machine guns. Small arms are particularly manufactured for the individual use, while light weapons are designed such that more than one person can operate these weapons. Some of the light weapons include landmines, mortars, grenades launchers, rocket launchers, rocket-propelled grenades, anti-tank weapons, and anti-aircrafts. Other factors such as increasing investment for research and development for advanced small & light weaponry sector, and rising defense expenses of developing countries, are advancing the market progress.

The SALW market is broadly categorized into two major segments based on the application type such as military & defense sector, and law enforcement. The military & defense sector is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years. Growing popularity of small arms light weapons (SALW) in the military & defense segment is attributed to the increasing cross-border tensions between countries, political instability and increasing threat from several terrorist outfits. The law enforcement segment has also witnessed substantial growth owing to the prevalence of domestic violence, organized crimes, and drugs trafficking.

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The small arms light weapons (SALW) industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in defense sector, increase in the number of research & development activities in the region and existence of well-established manufacturing infrastructure.

Asia-Pacific region is predicted to hold major market share in the small arms light weapons (SALW) market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing terrorist activities in the region, rising defense expenditure, growing concerns related to human rights, safety and security, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the SALW industry are GLOCK GmbH., FN Herstel S.A., Berette S.p.A., Colt’s Manufacturing Company LLC, Lockheed Martin Co., Raytheon, Inc., General Dynamics Co., Smith & Wesson Holding Co., SIG Sauer & Co., and Carl Walther GmbH.

Silicone Elastomers Market Is Burgeoning Worldwide By 2024

Global Silicone Elastomers Market is anticipated to grow significantly in the forecast period due to increasing applications of the silicone elastomers in medical and healthcare sector. Silicone elastomers are the gel-like materials that are colorless, odorless and tasteless and widely used in the production of several electrical insulation products. From several properties of silicone elastomers, physiological inertness is the major property since it helps in the application in medical sector. Silicone elastomers is today gaining popularity due to its properties like superior qualities like high performance and versatility.

Silicone elastomer market is majorly driven by growing consumption of the material in electronics industry. Silicone elastomers is extensively used in connector seals, hoses, gaskets, diaphragms, fuel system valves, etc., which again fuels the market growth. Increasing automobile demand from emerging economies and growing spending power from the middle class population is also boosting the market growth. However, silicone elastomers industry is facing restraints by poor corrosion and oil & petroleum resistance properties of the material.

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Silicone elastomers market is witnessing trends like increasing use of antimicrobial silicone elastomers, which are used to prevent bacterial growth. Antimicrobial silicone elastomers are used on surfaces to avoid corrosion and other kinds of damage or harm. They are now widely being used in pet food production, beverage manufacturing, medical devices, foodstuff production & processing, and agricultural activities.

Silicone elastomer industry is categorized on the basis of type, process, application, and geography. On the basis of type, the market is divided into liquid silicone rubber, fluorosilicone rubber, high consistency rubber and others. High consistency rubber segment is expected to lead the market of silicone elastomers owing to its superior properties like brilliant strength, better electrical connectivity, resistance to radiation and extreme temperature resistant.

In terms of process, silicone elastomer market is bifurcated as injection molding, extrusion, compression molding, liquid injection molding and others. Liquid injection molding is projected to hold larger market share of silicone elastomer due to easy usage and growing demand from several end users for automated processing techniques.

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Based on application, silicone elastomers industry is divided into healthcare, automotive, home repair & hardware, medical devices, apparel, electronics, construction and others. Automotive segment registers significant market growth of silicone elastomers owing to the explosive demand from the sector.

Geographically, silicone elastomers market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific region is predicted to dominate the market of silicone elastomer owing to the huge demand for several applications.

The leading players in silicone elastomer industry include StockwellElastomerics, Inc., ZhongshanTinhou Plastic Industrial Co., Innovative Silicones, HuzhouLongtong Chemical Co., Cauchos Pedro Romero S.L., Ltd., SF Composites, Ltd., Intek Adhesives Ltd., HsuanHau Enterprise Co., Ltd., Universal Rubber Mfgnv, HÜBERS, Ltd. (LiYaTe), Shenzhen Inno Silica Co., Ltd., 2D Chemical Ltd., and ShenZhenLiYaTe Technology Co.

Global pH Meters Market Will Shoot Up Rapidly

Global pH Meters Market is estimated to grow significantly in the forecast period owing to the introductions in technologies, favorable regulations and need to control waterborne diseases conditions. pH meter is an instrument that measures acidity or alkalinity of a solution. Basically, it consists of a voltmeter that is attached to a pH-responsive electrode and a reference electrode. pH is measured with the help of pH indicators in the form of a solution, pH strips or potentiometric method. It works by measuring potential difference between known reference electrode and measuring pH electrode.

The potential of pH electrode varies on the concentration of hydronium ions. Precisely, a pH meter is an accurate voltmeter connected to pH and reference electrodes, which is scaled in a way that displays ready pH value. The applications of pH meters can be found in industries like laboratory, food science and pharmaceutical, among others. Technological modernizations and portable design in pH meters are the main reasons driving pH meters market.

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The major driver of the market is the strict regulations on water quality. Various environmental agencies and water governing organizations in respective countries have set certain limits to ensure that water distribution agencies supply high-quality drinking water to public. Government of different nations have also set drinking water quality parameters.

Drinking water contains harmful substances and hence water distribution agencies are responsible to supply proper purified water from sources. Since different countries follow different set of parameters, there is no universally accepted international standards for pure drinking water. The permitted concentration of individual pollutant constituent may vary five times from the standard set from one nation to another.

The recent trend gaining momentum in pH meters industry is calibration-free pH meter. The cleaning of probes and electrodes is one of the major challenges for the industry. This increases the total cost and time required for the maintenance of pH meters. The exact measurement of pH levels also requires skilled technicians who spend maximum time maintaining and calibrating pH electrodes, which leads to extra cost and manpower. The complex process mostly introduces technical issues and human errors. However, challenges concerning the use of pH meters like electrode drift, sample contamination and inaccurate measurement are expected to restrain the adoption of pH meters rate in most industrial practices. Lack of awareness regarding importance of pH meters in emerging nations will continue to obstruct the growth of pH meters industry.

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Convenient pH meters are highly demanded due to their wide applications in several industries like food & beverage, chemical testing, pharmaceutical, monitoring waste-water and drinking water. Owing to these reasons, pH meters market is expected to grow impressively in the forecast period. Portable pH meters are gaining popularity globally due to the ease of use they offer. Along with increasing activities in water testing and environment testing, the demand for portable meters is predicted to grow at a faster rate among other categories.

pH meters industry is categorized on the basis of type, application, and geography. On the basis of type, the market is divided into bench-top pH meters, portable pH meters, and continuous pH meters. Based on application, the industry is classified into water & wastewater treatment, pharmaceuticals & biotechnology, chemicals & petrochemicals, environmental research & pollution control, food science, and educational laboratories.

Geographically, pH meters market is divided into North America, Europe, Asia Pacific, and Middle East & Africa. North America is projected to dominate the market in the coming years due to strict regulations regarding the quality of drinking water, existence of various industries that use pH meters and growing research activities in pharma sector. The key players in pH meters industry comprise A & E Technology Import & Export Co. Ltd., Qingdao Tlead International Co. Ltd., Shenzhen Huge Creation Technology Ltd., Zhangzhou Eastern Intelligent Meter Co Ltd, Hangzhou Lohand Biotechnology Co. Ltd., Tecpel Co Ltd., Suzhou Unigreen Electronic Technology Co. Ltd., Contech Instruments Ltd., Swastik Scientific Company, Yantai Chemins Instrument Co Ltd., and Shanghai Selon Scientific Instrument Co. Ltd.

Microgrid Market Will Reach Height of USD 17.51 Billion By 2024

Global Microgrid Market is anticipated to reach USD 17.51 billion by 2025. The Microgrid is a combination of generation, distribution, transmission, and electricity and used on a small scale as compared to the conventional Microgrid. Microgrids produce power, and in doing so, decrease necessity of long distance transmission lines and cut transmission damages.

The factors that propel the growth of the microgrid industry include increasing demand for reliable and secure power supply worldwide, government initiatives to reduce carbon footprint, and the compensations of clean and cheap energy storage. On the other hand, there are factors that may hamper the growth of the market including massive investment essential for integrating existing systems with microgrid, high primary cost of installation, solar PV installation in rural areas, and technical barriers. Microgrid Market is anticipated to grow at a significant CAGR of 17.0% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

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Microgrid industry may be explored by type, offering, consumption pattern, verticals, and geography. The market may be explored by type as Remote/Island/Off-Grid, and Grid Connected. The “Remote/Island-Grid” segment led the market in 2018 and is anticipated to maintain its dominance by 2025 due to forthcoming installation of new schemes in Russia, and Arctic circle.

The Microgrid Market could be explored based on offering as Services, Hardware, and Software. The “Software” segment led the market in 2018 and is anticipated to maintain its dominance by 2025 due to high acceptance of software across commercial and industrial sites, university campuses, utilities, and municipalities. The industry may be analyzed by consumption pattern as Semi-urban, Rural/Island, and Urban/Metropolitan.

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Microgrid industry may be categorized by verticals as Healthcare, Educational Institutes, Military, Industrial, Government & Utilities may be subdivided into Rural Electrification and Urban Electrification, and Other verticals may comprise Data Centers, Telecom Infrastructure (Cellphone Towers), and Electric Vehicles. The “Healthcare” segment led the market in 2018 and is anticipated to maintain its dominance by 2025 owing to growing need for continuous power supply in the healthcare domain, and Next-generation microgrids offer healthcare services the ideal power source for sustaining operator involvement although enhancing energy consumption.

North America accounted for the major share of the Microgrid Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes growing number of new solar PV microgrids for effectiveness in West and Northeast regions of the U.S. is anticipated to have an optimistic influence.

Some of the key players that fuel the growth of the microgrid industry comprise Exelon, GE, Lockheed Martin Corporation, Siemens AG, Lockheed Martin Corporation, Power Analytics, ABB Group, Schneider Electric, Honeywell International Inc, Toshiba Corporation, Echelon Corporation, and ZBB Energy Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

Unified Communication (UC) & Business Headsets Market Is Burgeoning Worldwide 2021

The global Unified Communication (UC) & Business Headsets Market size is expected to value at USD1.46 billion by 2025. The market is subject to witness a substantial growth due to the rising demand for mobility and portability services during multiple business processes, thus allowing multitasking and convenience. Globally, the unified communication (UC) & business headsets industry is predicted to grow at a very high CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

The unified communication technology is responsible for establishing simultaneous connections among various communication devices located at remote locations. Rise in adoption of unified communication (UC) and business headsets in the call centers, is expected to double market value of unified communication (UC) & business headsets market. Growing popularity of unified communication (UC) & business headsets in the call centers is credited to higher productivity levels among employees and interactive communication with clients. Increasing demand for various businesses is anticipated to boost growth of the market over the forecast period. Unified communication (UC) and business headsets provides customers with advantages such as email services, instant messaging, web-conferencing, online webinars, and sharing of multiple devices on a single platform.

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Employers, in present times are more favorable towards adoption of cost-cutting strategies such as work from home and bring your own device (BYOD) policies, thus reducing the need for excess of office space. Due to such policies and flexible work routines, employees are more likely to prioritize use of the unified communication (UC) & business headsets to completely eliminate any external disturbances during important work related calls and communication. These factors coupled with high-level of efficiency while performing office-related tasks are expected to fuel growth of the unified communication (UC) and business headsets industry in coming years.

Wireless headset is one of the fastest growing segment in the UC & business headsets market with significant revenue generation in last couple of years. Growing popularity of the wireless headset segment is credited to advantages such as ease to use and cost-effectiveness. Headsets that are adopted for performing business related tasks are commonly lightweight, and has in-built Wi-Fi and Bluetooth systems, thus offering required flexibility during various business processes.

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Unified communications (UC), is termed as a marketing technique that involves integration of various business communication solutions including instant messaging applications, video & audio calling, web conferencing, fixed mobile convergence (FMC) system, and data sharing. The unified communication services also offer desktop sharing, call monitoring and speech recognition with non-real-time communication services like integrated voicemails, and e-mail as well.

Unified communications (UC) is set of communication devices that allows a reliable and unified user interface. Interactive and unified user interface is one of the prominent factors driving demand of the unified communication technology, in recent years. Business headsets are specifically designed and optimized for their use in soft phones, or communication channel on particular computer which is connected to work-place telephone system and behaves as a real telephone.

Anastomosis Devices Market Is Burgeoning Worldwide By 2024

The global anastomosis devices market was valued at 15.74 Million in 2016 and is expected to continue growing at a higher rate. Factors such as rise in surgical procedures with rising incidences of cardiovascular and GT diseases are likely to contribute to the market growth in the forecast period. Overall, the anastomosis devices market is expected to cross a CAGR of 5.2% in the forecast period.

Surgical procedures have now turned into a perplexed form for cardiac surgeons right from the inception of coronary arteries bypass grafts and minimally invasive techniques. Suture technique for coronary anastomosis is becoming insufficient to suffice new demands from surgeons hence a need arises for alternative techniques to perform coronary bypasses. Due to the recent medical advancements, sutureless devices are based on memory shape metal alloy, synthetic, and biologic glue combined or non-combined with metallic framework and laser bonding using organic soldering techniques.

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Anastomosis devices are easy to use and reduce the dependency on surgeons, which is the analytical factor for long-term potency. The key element of sutures is placed between graft vessels and target and any distortion might result into obstruction of flow. Therefore, anastomotic devices are made available for minimally invasive or endoscopic use to reduce the heart operations via limited incisions. For instance, the heartflo anastomotic device is a micromechanical-suturing device for coronary artery bypass grafting. However, an ideal anastomotic method is considered only when compression anastomosis having no foreign bodies left at anastomotic site.

Anastomosis devices industry is segmented based on product, application, and geography. Reusable and disposable categories form the bifurcation for product category in the market. “Application” segment for anastomosis devices market include general surgeries, cardiovascular diseases, orthopaedic surgeries, and ophthalmic surgeries.

Geographical segmentation for anastomosis devices industry spans North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America anastomosis devices market is expected to rise at a higher CAGR in the forecast period due to rising medical assistance for cardiovascular diseases. Asia-Pacific’s anastomosis devices industry is likely to expand at a staggering CAGR in the forthcoming period due to rise in young workforce, change in lifestyle leading to occurrence of chronic as well as acute ailments.

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The key players in the anastomosis devices industry include Medtronic; LivaNova PLC; MAQUET Holding B.V. & Co. KG., Dextera Surgical Inc., Vitalitec International Inc., Synovis Micro Companies Alliance Inc., and Ethicon US, LLC.

Market Segment:

Anastomosis Devices Product Type Outlook (Revenue, USD Million, 2014 – 2025)
    • Disposable
    • Reusable

Anastomosis Devices Application Outlook (Revenue, USD Million, 2014 – 2025)
    • Cardiovascular Surgery
    • Gastrointestinal Surgery
    • Others

Wireless Charging Market Will Reach Height of USD 1.87 billion By 2024

Industry Insights

The global wireless charging market size was valued at USD 1.87 billion in 2014 and is expected to reach USD 22.25 billion by 2022. Future growth opportunities seem to positive on account of increasing adoption of consumer electronic devices such as laptops and smartphones that employ the new technology of wireless charging. Rising need for wireless and hassle-free methods to power different devices amongst end users in industrial sectors including healthcare, automotive, defence and industrial markets is expected to propel market growth in the next eight years. This market is in the growing phase and is observed to experience a wide range of innovations and provide several opportunities to new entrants.

In order to improve existing operations and functionalities, heavy investments are made by major market players on research and development. Key emphasis is laid on enhancing and refining the power transmission range that can enable wireless charging of devices for long distances.

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Few Associations such as WPC and PMA specialize in inductive technology, and A4WP’s Rezence is specialized in resonant technology. However, in June 2015, PMA announced its merger with A4WP and PMA and named it Air Fuel Alliance in November 2015. Hence, WPC and its Qi platform was the sole effective platform for inductive technology.

The merger proved to simplify decision making for hardware developers relieving them from the task of complying with three different standards. However, the combined body of A4WP and PMA poses few technical challenges. Qi, similar to PMA, uses closely connected inductive solution in addition to the newly added specification that employs resonance technology and provisions backward compatibility for Qi receiver devices such as laptops, smartphones and tablets.

Technology Insights

Latest technology including resonant and radio frequency (RF) is anticipated to materialize into one of the attractive technologies in the industry. Resonant technology is portable and doesn’t require a direct contact thus providing convenience to customers. It also assists in powering devices within small distances. Multiple-device charging in a single go is also a feature of RF-based technology. Owing to its ability to eliminate alignment in case of small devices such as medical implants and wearables, RF-based technology is projected to achieve some prominence over the forecast period. On account of its perceived advantages, several organisations including Humavox have been heavily investing in this technology.

Nearly 50% of the overall share by revenue was contributed to by inductive technology which is relatively older to others. Inductive technology is employed by leading standards and technologies such as PMA and WPC which use Qi technology. Inductive has thereby spurred market growth significantly in 2014. Additionally, Electric Vehicles (EVs) also employ inductive technology for charging purposes.

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Hybrid electric vehicle market is anticipated to be a promising segment for the wireless charging market. Additionally, it is expected to gain prominence over the forecast period in the consumer electronics industry owing to the growing demand for laptops and smartphones. As of 2014, Asia Pacific contributed to approximately 35% of the global revenue.

U.S emerged as the major regional market in North America on account of consumers’ growing inclination towards spending more for powering options, particularly for tablets, laptops and smart devices. Untapped markets such as Africa and Latin America are anticipated to experience a growing adoption of cordless charging over the forecast period hence opening new avenues for wireless charging networks industry.

Competitive Market Share Insights

Key market players in this domain include Qualcomm, WiTricity Corporation, Integrated Device Technology (IDT) and Power by Proxi. Latest developments by various companies include a new launch by Qualcomm in November 2015 that showcases a wireless docking station 802.11ad WiGig dock that is coupled with Snapdragon 820 processor. This device has the potential to initiate power back up when docked on the station. On the other hand, introduction of new charging techniques that support multiple applications such as automotive, medical, consumer electronics and automotive simultaneously was developed by WiTricity. Further, in December 2015, Qualcomm entered into an agreement with Efacec for Wireless Electric Vehicle Charging (WEVC). It plans to provide powering alternatives for all-electric hybrid vehicles and plug-ins.

Set Top Box (STB) Market Will Generate About USD 29.78 billion By 2024

The global Set Top Box (STB) market size was estimated at USD 17.14 billion in 2015 and is anticipated to reach USD 29.78 billion by 2024. The market is expected to witness significant demand over the forecast period on account increasing penetration of High Definition (HD) channels among consumers and the rising adoption of smart TVs.

Increased the storage space in modern Set Top Box (STB) devices to enable caching of data broadcasts and improved personal video recording. Increasing demand for high-quality picture and sound coupled technological advancements are anticipated to fuel the Set Top Box (STB) market over the forecast period. Key players in the market include digital satellite providers, cable providers and telecommunication companies. Major infrastructural providers are undertaking strategic partnerships and mergers with content and software providers on account of increased need for better interactive content. This has enabled seamless interactive content for consumers. Major infrastructure providers include Ericsson, SysMaster, Cisco, IBM and Elitecore.

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Regional content for the rural consumers and higher volume of 3D content creation for urban consumers as a result of digitization is expected to augment market growth. Further, it is expected to fuel demand for HD and 3D TV sets. Consumers are accessing high-quality picture and sound and installing set-top boxes and with the digitization of cable. The TV screens are getting bigger and better thereby making SD quality undesirable for a high-quality viewing experience.

The global market is anticipated to present considerable opportunities for market growth over the forecast with the rise of innovative products including, 4K UHD TVs, 3D smart interactive TVs and OLED TVs, years. These devices enable users to access HD quality video content on their HD-ready TV sets. Technologically-advanced TV sets and increased demand for smart TVs among the global population is gradually increasing the need to access innovative features.

Manufacturers provides several variants including cable-based, IPTV, satellite, Digital Terrestrial Television (DTT) and Over the Top (OTT). In 2014, DTT is anticipated to remain the leading set-top box system over the forecast period, which accounted over 25% of the global industry. Satellite system sends signals received by satellite version and converts it into analog format for viewing on TV sets. Consumers require the subscription to a particular satellite pay-TV operator to use satellite STBs.

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Emergence of quality standards coupled with the computational capabilities of devices to meet increasing consumer expectations have resulted in the growth of STB market globally. Migration from DOCSIS 3.0 to advanced DSL standards including vectoring and G. fast coupled with the proliferation of technology, is anticipated to offer opportunities for market growth.

Global STB industry was dominated by High Definition (HD) Set Top Box (STB) devices and is expected to replace the traditional Standard Definition (SD) devices from 2016 to 2024. HD devices are projected to constitute over 60% of the overall industry revenue share in 2014.

High-quality sound output and HD transmission devices provide high resolution (over 1080p) of video content transmission. Therefore, these technologies have gained increased preference among TV users over the past few years. Service providers are introducing 3D and Ultra HD (UHD) STB devices compatible with 4K and 3D televisions and are gaining momentum in the market.

North America is anticipated to experience growing demand for Internet Protocol TV (IPTV) STBs on account of rising high-speed broadband infrastructural support and the customizable features it offers to its users. In line with the energy efficiency concerns, producers are inventing new methods to add a lower sleep type mode that is available in several consumer electronics similar personal computers.

The regional market for STBs is expected to grow at a CAGR nearly 2.5% from 2016 to 2024 primarily driven by the rise in the sales of low-cost cable, DTT and satellite DTT. The Asia Pacific STB industry is expected experience rapid growth owing to encouraging government mandates and growing consumer adoption in the region. Increase in the overall sales of such products has resulted from declining prices of TV sets. Key market players include Amazon, ADB, Cisco, Echostar, Coship, Huawei, Samsung, HUMAX, Technicolor and Skyworth. Vendors are focusing on product differentiation and integrating supplementary features in their products.

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