COVID-19 impact on the smart elevator market worth $12.6 billion by 2026

 

According to the new market research report "Smart Elevator Market with COVID-19 Impact by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Global Forecast to 2026", the global smart elevator market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026. The key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

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Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. The growing demand for smarter buildings with seamless passenger flow and easy-to-use elevators is driving the demand for destination control technology. Improving living standards in emerging economies have led to the demand for more high-tech buildings, coupled with the adoption of less energy

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

The commercial segment held the largest size of the market in 2020 and is likely to exhibit a similar growth pattern during the forecast period on account of the increasing deployment of solutions in the commercial sector.

Furthermore, the consolidating trend of developing energy-saving infrastructure in airports, malls, and other commercial facilities will push the growth of the segment.

On the other hand, the construction of high-rise buildings to accommodate the increasing urban population will lead the residential segment to register the highest growth rate during the forecast period. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

New installations are done in ongoing construction activities across the world. Therefore, emerging economies, such as India, China, Indonesia, and Africa, are expected to lead the market for new installation services. Additionally, emerging economies and untapped markets in India and other Asian countries are responsible for the high growth of new installations in the APAC market. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

APAC projected to grow at the highest CAGR of smart elevator market from 2021 to 2026.

APAC is a mix of developing and mature markets for smart elevators. The residential market is the fastest due to the high middle-class population base seeking better residential properties and consequently moving to cities. The region is predicted to witness an increase in new equipment sales in the coming years, where China is the largest new equipment market globally and India the second-largest market

APAC is expected to lead the smart elevator market in 2021 owing to the rising urban population in China and India. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

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Mine ventilation market for equipment to exhibit high growth during forecast period by 2024

 

According to the new market research report “Mine Ventilation Market by Offering (Equipment (Ventilation, Heating, Cooling), Software, and Services), Technique (Underground Mining, Surface Mining), and Region (North America, Europe, APAC, RoW) - Global Forecast to 2024” the global mine ventilation market size is estimated to reach USD 401 million by 2024 from USD 326 million in 2019 at a CAGR of 4.3% during the forecast period.

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Ventilation is one of the most important functions in mining operations. Ventilation directly affects the health and safety of employees working underground. A well designed and properly implemented ventilation system is installed in mines to enhance employee safety, comfort, and health. To ensure adequate ventilation in mines, provision is made for the air to flow to the workplaces in mines.  In deeper mines, ventilation is  required for cooling the workplace for miners as growing shaft depths and increasing concentration of digging results in high temperatures. The growth of the market is propelled by the requirement for optimized and quality airflow in mines and a rise in number of infrastructure development projects.

“Mine ventilation market for services to grow at highest CAGR during forecast period”

The services market is expected to grow at the highest CAGR during the forecast period. Services such as installation, testing, and maintenance are required after the purchase of mine ventilation equipment and software for efficient functioning. The continuous innovation and product development lead to the requirement of training and up-gradation of the system.

“Underground mining to hold largest share of overall mine ventilation market from 2019 to 2024”

Underground mining is expected to lead the overall mine ventilation industry during the forecast period. The growth of the market is attributed to rising mining activities across the globe. Mine ventilation system provides a flow of air to the underground workings of a mine in sufficient volume to dilute and remove dust and noxious gases, and regulate temperature.

“APAC to be fastest-growing market for mine ventilation during the forecast period”

The mine ventilation market in APAC is expected to grow at the highest CAGR during 2019–2024. The growing mining activities in emerging economies, such as China, Australia, and India, have contributed to the growth of the mine ventilation industry in APAC. Moreover, the region is one of the most attractive investment destinations for mining companies in the recent past. Further, the demand for mine ventilation is expected to increase with growing infrastructure development projects in the region.

Major players involved in the Mine Ventilation market include ABB (Switzerland), Epiroc (Sweden), Howden (UK), Stantec (Canada), Twin City Fan (US), ABC Industries (US), Chicago Blowers (US), DMT (Germany), TLT Turbo (Germany), and New York Blower Company (US).

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Industrial Wearables Market expected to reach $8.6 billion by 2024

 

According to the new research report "Industrial Wearables Market by Device Type (AR Glasses, VR Headsets, Smartwatches, Smart Bands), Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Power & Energy), Component, and Region - Global Forecast to 2024", The global industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024; it is expected to record a CAGR of 50.2%. High requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology, especially in the production area and VR technology specifically in training domain, and technological advancements and automation in manufacturing plants are major driving factors of the market. The rising trend of Industry 4.0 and smart manufacturing and growing significance of wearables in warehouse applications provide an opportunity for market growth.

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AR glasses to lead industrial wearables market during the forecast period (2019–2024)

AR glasses is expected to hold the largest share of the industrial wearables market. This is mainly because of the growing adoption of these glasses in varieties of industries, including automotive, aerospace, and other manufacturing industries. AR glasses facilitate real-time remote assistance to workers by an expert or a supervisor, thereby boosting productivity, reducing downtime, ensuring quality, and improving customer satisfaction. The use of AR devices also decreases the technician’s training time with increased support of an expert. All these advantages offered by AR glasses would increase their demand in the industrial market in the coming years.

Automotive industry to account largest size of industrial wearables market share by 2024

Growing adoption of AR and VR devices during the engineering and design phase to ensure better results in less time, use of AR devices to carry out assembling of components, which is a tedious task that requires numerous instructions to be followed, and assistance from wearables for reduction in production time and decrease in the development cost ensuring efficient production planning, accurate production, and quality improvement and assurance escalate demand for industrial wearables in automotive industry drive market growth.

North America to exhibit largest market share for industrial wearables through course of forecast period

Factors such as growing trends of smart manufacturing and Industrial IoT (IIOT); increasing adoption of advanced communication technologies in varieties of industries; rising interests of the automotive industry in implementing AR glasses to automate vehicle model setup, configuration, calibration, and quality check-up; increasing investments in AR/VR technologies; as well as the availability of supporting communication technologies, such as 4G/LTE, for the adoption of industrial wearables and the presence of leading players such as Microsoft (US), Google (US), Vuzix (US), Apple (US), and Magic Leap (US) in North America and their focus on  developing different types of wearables, particularly AR glasses and VR headsets, to meet the requirements of various end-user industries.

Microsoft Corporation (US), Google (US), Seiko Epson Corporation (Japan), Vuzix (US), Magic Leap, Inc. (US), Apple Inc. (US), Fujitsu Ltd. (Japan), Honeywell International Inc. (US), Oculus VR (US), Samsung Electronics Co., Ltd. (South Korea), AsusTek Computer Inc. (Taiwan), Fitbit, Inc. (US), Fossil Group, Inc. (US), HTC Corporation (Taiwan), Olympus Corporation (Japan), Optinvent (France), RealWear (US), ThirdEye (US), Workerbase (Germany), and Zepcam (Netherlands) are among a few major players in the industrial wearables market.

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Next-Generation Data Storage Market worth $81.0 billion by 2025

 

The report "Next-Generation Data Storage Market by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Architecture (File- & Object-Based, Block), Storage Medium (SSD, HDD, Tape), & End User - Global Forecast to 2025", is estimated to grow from USD 53.9 billion by 2020 to USD 81.0 billion by 2025 at a CAGR of 8.5%. The major drivers for this market include the massive growth in digital data volume; proliferated use of smartphones, laptops, and tablets; growth of IoT market; and increasing penetration of high-end cloud computing.

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Storage area network to hold largest share of next-generation data storage market during forecast period

Storage area network is expected to hold the largest share of the next-generation data storage market during 2020–2025. As an increasing number of companies have started utilizing cloud-based services to store their data with the use of virtual servers, companies aim to expand their storage capacities beyond existing infrastructural capabilities. SAN technology is widely used by cloud technology creators due to its ability to connect large numbers of servers to storage devices.

Growing data generation by large enterprises is expected to drive the market for File- and object-based storage architecture

File- and object-based storage (FOBS) is expected to hold the largest share of the next-generation data storage market during 2020–2025. Rapidly growing data generation by large enterprises is leading to an increased need for FOBS to manage those huge volumes of data. These huge volumes of structured and unstructured data, including photos, videos, audio files, and other media, are generating considerable market opportunities for file-and object-based storage market players.

North America to hold largest size of next-generation data storage market during forecast period due to rapid technological advancements in the region

North America is expected to account for the largest share of the market by 2020. The increasing volume of unstructured data across various industries and rapid technological advancements have led to an increased demand for the secure, reliable, and cost-efficient storage infrastructure in North America. The region, being the early adopter of advanced data storage technologies, captures the largest share of the next-generation data storage market.

The companies profiled in this report are Hewlett Packard Enterprise Company (US), Dell Inc. (US), NetApp, Inc. (US), Hitachi, Ltd. (Japan), and International Business Machines Corporation (US), Toshiba  Corporation (Japan), Pure Storage, Inc. (US), Nutanix, Inc. (US), Scality  (US), Micron Technology, Inc. (US), Tintri, Inc. (US), Cloudian, Inc. (US), Drobo, Inc. (US), Quantum Corporation (US), Western Digital Corporation (US), Samsung Electronics (South Korea), Fujitsu Ltd. (Japan), VMware, Inc. (US), Nexenta Systems, Inc. (US), and Netgear Inc. (US), and Inspur (China).

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European Smart Home Market massive opportunity worth $39.6 billion by 2025

 

According to the new research report, the "European Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025", size is expected to grow from USD 23.2  billion in 2020 to USD 39.6  billion by 2025, at a CAGR of 11.3%. The growth of the market is driven by many factors, such as an increasing number of internet users, increasing disposable income of people in developing economies, the rising importance of home monitoring in remote locations, and the growing need for energy-saving & low carbon emission-oriented solutions. Moreover, the rapid proliferation of smartphones & smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will fuel the demand for smart home solutions.

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The smart speakers market is likely to grow at a high rate during the forecast period.”

The growth of the smart speaker market is driven primarily by the increasing adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers.  Further, recent developments in artificial intelligence (AI) and natural language processing (NLP) to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

“The proactive type software and services segment to grow at a higher rate during the forecast period.”

Proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end-users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide inputs to end-users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption.

Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end-users to take necessary actions to reduce energy consumption. Moreover, based on the user’s actions, measures to control electronic devices can be implemented. Due to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

“The European smart home market is expected to grow at a significant rate during the forecast period.”

The drive for “green city” projects brings more energy efficiency in most EU countries. This has created a market opportunity for the manufacturers of energy-efficient smart lighting solutions. Europe would probably be the leading adopter of LED solutions. An increase in construction activities, followed by a growth in new installations of lighting fixtures and dimmers, drives the smart lighting market in this region. Moreover, some consumers and professional lighting companies are switching to LEDs. All these factors have substantially contributed to boosting the demand for smart homes in Europe.

The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).

Other players operating in the smart home market are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.

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Plasma Lighting Market : horticulture segment to grow at highest CAGR during the forecast period

 

According to the new market research report "Plasma Lighting Market by Component (Lightron, Waveguide, and Cavity Resonator), Application (Roadways, Streets, and Tunnels Industrial, and Horticulture), Wattage (300W, 700W, and 1,000W), and Geography - Global Forecast to 2024", the plasma lighting market is expected to be worth USD 329 million in 2019 and reach USD 415 million by 2024, at a CAGR of 4.7% from 2019 to 2024. The growth of this market can be attributed to the increasing awareness across the globe about energy-efficient lighting technologies. In addition, initiatives by governments of different countries to encourage the use of energy-efficient lights are also fueling the growth of the market.

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An industrial segment to hold the largest share of the plasma lighting market in 2019

By application, the industrial segment will lead the plasma lighting market in 2019. The increasing awareness about safety and security of employee is the prime factor behind industrial segment growth. In industrial settings, safety is a primary concern, and proper and adequate lighting is a key factor to maintain high productivity of workers. The improper application of light can result in excessive lighting, leading to energy wastage. The industrial end users can save on lighting expenses and conserve energy by using solid-state and other energy-efficient lighting systems such as LEP.

Europe expected to hold the largest share of the plasma lighting market in 2019

Europe is expected to hold the largest share of the plasma lighting market in 2019. It is among technologically advanced regions of the world. Several European countries are taking initiatives to increase the adoption of energy-efficient, low maintenance, and reliable lighting solutions. Plasma lights have been used in Europe for the past few decades to grow plants in commercial greenhouses. The use of plasma lights to grow plants in this region is gradually increasing from being a supplemental lighting source to becoming the primary source of light in indoor farming.

The population of Europe has expanded rapidly in recent times, and the countries are importing frozen fruits and vegetables from Africa and Asia. Indoor horticulture is gaining rapid momentum in some of the major countries of Europe to obtain fresh produce from local farms. This is expected to generate increased demand for plasma light systems used in greenhouses in the coming years.

A few key players operating in the plasma lighting market are Luma Group (US), Ceravision (UK), Hive Lighting (US), Ka Shui International Holdings (China), Green de Corp (China), Gavita (Netherlands), Griffin & Ray (US), Guangzhou Kaiming Industries (China), BIRNS (US) and FusionLux (US).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Photolithography Equipment Market with COVID-19 impact worth $18.0 billion by 2025

 

According to a research report "Photolithography Equipment Market with COVID-19 impact by Type (EUV, DUV), Light Source (Mercury Lamps, Excimer Lasers, Fluorine Lasers, Laser-Produced Plasma), Wavelength, End User and Geography - Global Forecast to 2025", published by MarketsandMarkets, the photolithography equipment market was valued at USD 11.6 billion in 2020 and is projected to reach USD 18.0 billion by 2025; it is expected to grow at a CAGR of 9.1% from 2020 to 2025.

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The key factors driving the growth of the photolithography equipment market include the advent of advanced semiconductor manufacturing technologies and the increased government support for carrying out these advancements. The key players in the market are focusing on research and development activities. They are launching new technologies to improve the photolithography process used for the manufacturing of semiconductor devices.

EUV is expected to boost the photolithography market between 2020 and 2025

The adoption of EUV photolithography equipment reduces the requirement of re-engineering each new process, thereby enabling 7 nm and 5 nm processes (and their successors) to share design rules. This approach is expected to significantly reduce the transition time of new geometries, thereby resulting in new options and opportunities for customers in the marketplace.

270 nm – 170 nm holds the largest market share photolithographic wavelength in 2019

The 270 nm–170 nm wavelength is largely used in different types of DUV equipment, namely, KrF, ArF, and ArFi. Among DUV equipment, the ArFi segment is expected to account for the largest share of the photolithography equipment market for 270 nm– 170 nm wavelength from 2020 to 2025. The increased demand for high-performance, low-cost semiconductor devices is leading to the shrinking of the feature geometry on silicon wafers.

Laser-produced plasma expected to lead the photolithography equipment market by 2025

Laser-produced plasmas are preferred in newly introduced EUV photolithography equipment. They offer highly improved wavelengths of up to 1 nm. These plasmas act as cold UV sources and offer monochromic light with a bandwidth of 10 nm. The LED used in EUV photolithography equipment is of low cost, requires less power, and has a longer lifespan than other light sources.

Foundries held the largest market share of photolithography equipment market in 2020

Growing investments in wireless technologies such as 5G have opened new opportunities for smartphone OEMs to tap the potential of low-latency augmented reality (AR), virtual reality (VR), and live video streaming applications. This is leading to the development of high-performance and multifunctional ICs. As transistor density increases in ICs, the demand for photolithography equipment for manufacturing these high-density ICs is also growing.

APAC to hold the largest market share of photolithography equipment market in 2020

The photolithography equipment market in APAC is projected to grow at the highest CAGR from 2020 to 2025. In this region, countries such as China, Taiwan, Japan, and South Korea have a number of semiconductor foundries. China, Taiwan, and South Korea are projected to be the leading countries in terms of semiconductor spending in 2021. Increasing investments for the development of foundries and memories in China are expected to establish the country as a leading photolithography equipment market in the world during the forecast period.

The photolithography equipment market is a concentrated one, with the top 3 players ASML (Netherlands), Canon (Japan), and Nikon (Japan)—accounting for a share of ~98% of the market in 2019. ASML (Netherlands) is projected to have a monopoly in the market in terms of the supply of EUV photolithography equipment during the forecast year. Advanced processes, such as 4 nm/3 nm, are expected to be introduced in the market in 2021 and 2022, thereby fueling the demand for EUV photolithography equipment offered by ASML (Netherlands).

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