Submarine Cable Systems Market forecast supercharge your visualizations worth $22.7 billion by 2026

 

The report "Submarine Cable Systems Market by Application (Communication Cable and Power Cable), Component (Dry Plant Products and Wet Plant Products) Offering, Voltage, Type (Single Core and Multicore), insulation, End User and Geography - Global Forecast to 2026",is projected to grow from USD 13.8 billion in 2021 to USD 22.7 billion by 2026 it is expected to grow at a CAGR of 10.5%from 2021 to 2026.

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The key factors fueling the growth of the market include increasing penetration of internet and collaboration among tier-1 vendors, expanding offshore wind power capacity, growing demand for bandwidth due to emergence of 5G, and increasing network of submarine power cable systems. Moreover, increasing investments by content delivery and streaming partners to create abundant opportunities in pacific region.

The power cables segment is projected to hold a larger share of the submarine cable systems market from 2021 to 2026 and is projected to grow at a higher CAGR than the communication cables segment during the forecast period.

The ongoing and proposed offshore wind capacity installations in many countries and the increased demand for intercountry & island connections are the key factors driving the growth of the power cables segment. The increasing demand for renewable energy from islands, coupled with the disproportional costs of maintaining local electricity production plants, has led to increased demand for laying power cables to transfer electricity from the mainland to the islands. Thus, the requirement to connect new renewable sources of energy to the main grids to ensure a reliable and continuous supply of power to isolated islands is fueling the demand for submarine power cables globally.

The Resin Impregnated Synthetics (RIS) segment of the submarine cable systems market is expected to grow at the highest CAGR during the forecast period.

RIS is the most recent technology in the market. It is similar to resin-impregnated paper technology, except that the bushings core is coiled using synthetic textiles instead of traditional paper as a spacer between the capacitive layers. They also have the same great fire-resistance, explosion-proof properties, and other benefits as typical dry/RIP bushings. Hitachi Energy is one of the prominent suppliers of RIS-insulated submarine cables.

The offshore wind power generation segment of submarine cable systems market is expected to hold the biggest market share in 2026 alongside growing at the highest CAGR during the forecast period.

The GWEC expects an increase in offshore wind power installations in Asia during the forecast period, followed by North America. According to GWEC, the annual global offshore installations are expected to reach 6 GW or more soon.

Asia Pacific region is expected to hold the largest share in the market during the forecast period.

Increasing government spending across countries including China and Korea to proliferate the demand for submarine power cable systems market.

The key players operating in the submarine cable systems market include Alcatel-Lucent Enterprise (France), SubCom LLC (US), NEC Corporation (Japan), NEXANS (France), and Prysmian Group (Italy).

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APAC's hidden growth opportunity on Collaborative Robot Market at a CAGR of 43.4%

 

According to a research report "Collaborative Robot Market with COVID-19 Impact Analysis, Component, Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Handling, Processing), Industry (Automotive, Furniture & Equipment), and Region - Global Forecast to 2027" published by MarketsandMarkets, the collaborative robot market is projected to grow from  USD 1.2 billion in 2021 and is projected to reach USD 10.5 billion by 2027; it is expected to grow at a CAGR of 43.4% from 2021 to 2027. Owing to COVID-19, the collaborative robot market had to face headwinds for 2019–2020.

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The high return on investment (ROI) for collaborative robots as compared to traditional industrial robotic system has paved the way for their growth in recent years. In addition to this, the benefits derived from adoption of cobots for businesses of all sizes are the key factors driving the collaborative robot market. Many SMEs and large manufacturers that have deployed collaborative robots are benefiting in terms of general competitiveness, increased production, and enhanced quality of their products.

“Cobots with payload capacity up to 5 kg expected to hold the largest share of the market during the forecast period”

Cobots with payload capacity up to 5 kg are expected to hold the largest share of the collaborative robot market during the forecast period. First-time users prefer low payload capacity cobots, which are cheaper and take up less space than robots with higher payload capacity. These cobots are often already fitted with grippers, reducing the hassle of integration and programming for the end user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space when compared to higher payload cobots. Since most of the up to 5 kg payload capacity cobots are very lightweight, they are inherently safe and do not require force sensors, thereby reducing the hardware costs.

“Handling application to dominate collaborative robot market in 2021”

Handling application is expected to hold the largest share of the collaborative robot market in 2021. The handling application includes various subtypes such as material handling, machine tending as well as bin-picking which are currently booming. Handling tasks such as pick and place or palletizing are among the mundane and repetitive in nature for the human workers. Machine tending requires workers to stand for long hours beside a CNC or injection molding machine. Collaborative robots are able to automate a machine tending process during off hours without any supervision, boosting productivity. Besides, handling application has industry-wide usage in varied industries ranging from the automotive, electronics to furniture & equipment because of which is expected to register a fairly large amount of the market share in 2021.

“Automotive industry to maintain the largest share of collaborative robot market during the forecast period”

The automotive industry is one of the largest users of collaborative robots. In automotive manufacturing, collaborative robots are used for a variety of applications such as handling, welding, assembling and disassembling, welding, dispensing extensively. Among these applications, welding has been one of the first and most popular applications of collaborative robots in the automotive industry. Spray-painting automation is another popular application in assembly lines, mainly to protect workers from toxic fumes. Cobots provide consistency in paint application and minimize wastage. Machine tending and material removal are a few of the other applications where cobots are used. As the majority of the processes involved in automotive manufacturing and assembly are automated, the automotive industry has to employ collaborative robots on a large scale, which makes it the largest demand generator for the adoption of collaborative robots.

“Collaborative robot market in APAC estimated to grow at the fastest rate during the forecast period”

The collaborative robot market in APAC is expected to grow at the highest rate during the forecast period. With context to the collaborative robot market, the rising costs of labor in the APAC region have caused the SME industries, in particular, to incline towards industrial adoption by integrating collaborative robots in their manufacturing processes to make the operations more efficient and cost-effective. China is at the forefront in the adoption of collaborative robots owing to the increasing demand of automation given the fact that there is a significant growth in its geriatric population in recent years. Besides, China has a significantly strong presence of automotive and electronic industries. These industries are a major demand generator for the adoption of collaborative robots. China is also aiming to become self-sufficient in the manufacture of collaborative robots. Other APAC countries such as Taiwan and Thailand are also not far behind in terms of adopting automation through the integration of cobots to seek a cost advantage, in the wake of rising labour costs. The automotive and electronics industries from the APAC region are the major demand generators for the adoption of collaborative robots.

Key players in the collaborative robot market include Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea), Denso (Japan), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US), MABI Robotic (Switzerland), FrankaEmika (Germany), Comau (Italy), F&P Robotics (Switzerland), Stäubli (Switzerland), Bosch Rexroth (Germany), Productive Robotics (US). Apart from these, Wyzo (Switzerland), Neura Robotics (Germany), Elephant Robotics (China), ELITE ROBOT (China), Kassow Robots (Denmark), MIP Robotics (France) are among a few emerging companies in the collaborative robot market.

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Silicon carbide material & Consumer electronics initiatives that dominate growth of Optoelectronic components market worth $52.7 Billion USD

 

According to the new research report "Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025", the global optoelectronic components market size is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%. Emerging opportunities for optoelectronic components and R&D could lead to innovation in the optoelectronic components industry. Promising industrial IoT applications provide major growth opportunities to market players. The optoelectronic components industry growth is mainly driven by the increased use of infrared components in consumer electronics & automobiles, long life & low power consumption, demand for improved imaging & optical sensing solutions in the healthcare vertical and suitable physical properties of optoelectronic sensors to operate in harsh environments.

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Sensor component to witness the highest CAGR during the forecast period

The sensor component is projected to record the highest CAGR in the optoelectronic components market from 2019 to 2025, owing to the usage of several types of sensors, including optical, image, phototransistors, photodiodes, and photo relays for varied applications across several industries. The sensor component segment has been further subsegmented into phototransistors, photodiodes, photo relays, image sensors, optical sensors, and ultraviolet sensors.

Measurement application to hold the largest share in the optoelectronic components industry during the forecast period

The application segment comprises measurement, lighting, communications, security & surveillance, and others (geographical survey, scanning, and spectrometry). The measurement segment in the optoelectronic components market is projected to hold the largest share during the forecast period. Measurement systems use optoelectronic sensors to convert light signals to electric current and are used for several applications such as machine vision, monitoring of process and operations, control of process & operation, and experimental engineering analysis, among others.

Silicon carbide material to witness the highest CAGR during the forecast period

Silicon carbide material is projected to record the highest CAGR in the optoelectronic components market from 2019 to 2025, owing to its inherent radiation resistance, high temperature operating capacity, and high voltage & power handling capacity. Moreover, the flexibility of silicon carbide can be used as substrate. Therefore, silicon carbide has gained traction in several applications across verticals such as telecommunication, automotive, medical, military, industrial, and more.

Consumer electronics vertical to hold the largest share in the optoelectronic components industry during the forecast period

The vertical segment comprises automotive, consumer electronics, telecommunication, military & aerospace, medical, residential, commercial, manufacturing, and others (utility, food & beverages, and pulp & paper). The consumer electronics segment is projected to hold the largest share during the forecast period.  The adoption of optoelectronic components in the consumer electronics sector has increased due to technological advancements and the increasing use of consumer goods such as high-end sophisticated cameras, photocopy machines, smartphones, blue-ray storage devices, and flat & flexible television displays, and more.

Presence of prominent system suppliers to drive the demand for pressure sensors in North America during the forecast period

The optoelectronic components market in North America is projected to grow at the highest CAGR during the forecast period. The US, Canada, and Mexico are the major contributors to the growth of the market in North America.

North America is one of the most technologically advanced markets for optoelectronic components owing to the presence of prominent system suppliers, large semiconductor companies, LED, laser, and sensor manufacturers in the region.

Key players operating in the optoelectronic components market include Hamamatsu (Japan), Osram (Germany), TT Electronics (UK), Vishay (US), ON Semiconductor (US), Cree (US), Trumpf (Germany), SICK AG (Germany), Samsung (South Korea), Sony (Japan), and Broadcom (US). Other major companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.

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APAC's hidden growth opportunity on NDT and Inspection Market worth $11.7 Billion USD

 

According to a research report "NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025" published by MarketsandMarkets, the global NDT and inspection market size is estimated to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025, growing at a CAGR of 7.0%. Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. Moreover, the high adoption of IoT devices and rising need to assess aging assets health also propel the growth of the NDT and inspection market.

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The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market in 2019

Ultrasonic testing (UT) is expected to account for the largest share of NDT and inspection market in 2019. It is the most widely used NDT technique due to its ability to identify defects and accurately determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for applications especially in the oil & gas and aerospace industries. Ultrasonic testing has evolved significantly over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic NDT inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications. This technique can also be deployed to inspect objects that are not easily accessible through direct contact, such as inspecting the piping system buried under the earths surface.

The market for the oil & gas vertical to hold the largest share of the NDT and inspection market in 2019

The oil and gas segment accounted for the largest size of the NDT and inspection market in 2019. The growth of this segment can be attributed to the increased use of NDT and inspection techniques to ensure that pipes, containers, and valves in oil and gas plants are functioning safely. They are also used for detecting leaks in oil and gas pipelines, identifying equipment operating beyond their normal temperature range, monitoring processes to protect water quality and air quality in oil and gas plants, and ensuring compliance with pollution control standards.

NDT and Inspection Market in APAC to grow at the highest CAGR during forecast period

Asia Pacific is expected to be the fastest-growing region in the NDT and inspection market due to the rapid infrastructural development and automation adoption in manufacturing industries in countries such as India and China. Countries in Asia Pacific are involved in the manufacturing of defense aircraft, which is expected to increase NDT and inspection equipment and services in the defense & aerospace industry. Many infrastructural development projects are under construction and scheduled to be constructed in the region during the forecast period. The demand for automobiles is estimated to grow substantially by 2025.

General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the market.

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Cleaning Robot Market will Disrupt Cleaning Industry worth USD $24.8 Billion

The report "Cleaning Robot Market with COVID-19 Impact by Type (Professional, Personal), Product (Floor Cleaning, Lawn Cleaning, Pool Cleaning, Window Cleaning), Application (Residential, Commercial, Industrial, Healthcare), and Geography - Global Forecast to 2026", size is projected to reach USD 24.8 billion by 2026 from an estimated USD 8.9 billion in 2021, at a CAGR of 22.8% from 2021 to 2026. The increasing labor cost, innovation, coupled with modernization in the field of robotics are among the factors driving the growth of the cleaning robot market.

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Professional cleaning segment to projected to register higher CAGR between 2021 and 2026

Manual cleaning of carpets and floors in commercial spaces, such as shopping malls and corporate offices, is a time-consuming job. This has led to the operators of the commercial spaces opting for an automated cleaning system. COVID-19 has further forced commercial space operators to curb human contact and follow social distancing norms while also undertaking cleaning processes on the premises. These initiatives will play a key role in driving the adoption of professional cleaning robots during the forecast period.

Technological advancements and research activities have led to the development of cleaning robots, helping humans perform mundane tasks. In addition to this, technological enhancements in visualization and sensing equipment have further resulted in the manufacture of cost-effective cleaning robots that are specialized to carry out cleaning duties. The development of IoT and wireless technologies has given users the power to control robots using remotes or smartphones.

By application, healthcare application is projected to grow at highest CAGR during forecast period

With an increasing awareness about Hospital Acquired Infections (HAIs), there has been a rise in emphasis on hospital hygiene, followed by an improvement in patient care. These factors are key to the growth of the cleaning robot market for the healthcare application. Technological advancements in robots at healthcare facilities have also increased significantly in the past few years, and this trend is expected to continue through to 2026.

By region, cleaning robot market in APAC is estimated to grow at highest CAGR throughout the forecast period

The cleaning robot market in APAC is projected to grow at the highest CAGR during the forecast period. High disposable income in countries such as South Korea and Japan is playing an important role in the growth of the cleaning robot market. E-commerce platforms selling cleaning robot products are also helping the market to grow in technologically advanced countries such as India and China. The increasing adoption of cleaning robots and the influx of global players, along with the emergence of native players, are helping the market to grow swiftly in APAC.

iRobot (US), Ecovacs Robotics (China), Samsung Electronics (South Korea), LG Electronics (South Korea), Xiaomi (China), Roborock (China), SharkNinja (US), Neato Robotics (US), Cecotec Innovaciones (Spain), and Panasonic (Japan) are a few key companies operating in the cleaning robot market.

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Human Machine Interface (HMI) Market worth $7.3 billion by 2027

The report "Human Machine Interface (HMI) Market by Product (Hardware (Basic HMI, Advanced PC Based HMI, Advanced Panel Based HMI) and Software(On Premise HMI and Cloud Based HMI), Configuration (Embedded HMI, Standalone HMI) and Region - Global Forecast to 2027" The global HMI market size is estimated to be USD 4.9 billion in 2022 and is projected to reach USD 7.3 billion by 2027, at a CAGR of 8.1%. Increasing number of government initiatives to promote the adoption of operational technologies and rapidly growing adoption of industrial automation in the manufacturing processes are major factors driving the growth of the HMI market. Additionally, growing demand for safety compliance automation solutions is another key driver for the market.

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HMI software to grow at the highest CAGR during the review period.

Offline deployment provides a high degree of security and safety for the data as the entire infrastructure required for HMI solutions is deployed at the user’s premises. It also offers a stable production environment, as it gives full control over software updates and other technical complications. Small enterprises prefer cloud-based HMIs over on-premise solutions as they require a low initial cost compared to on-premise HMI solutions. Increasing efficiency of production processes and improved reliability are key advantages of HMI software.

Embedded HMI held the largest share and is projected to grow at the highest CAGR during the review period.

Embedded HMIs are combined with more powerful hardware and software platforms to use the device capabilities to their fullest extent. Furthermore, a connected embedded platform is a part of an intelligent system; it is connected to a network that enables easy communication between 2 machines and provides easy access to an operator. Embedded HMIs improve energy efficiency and can be easily deployed as they occupy much less space as compared to traditional HMIs.

Oil & gas held the largest share of the process industry segment in 2021.

The supply chain of the oil and gas industry, from exploration through delivery, accommodates various automated technologies, including HMI solutions. In addition, stringent government regulations pertaining to safety in oil and gas, along with the need to drive down costs, fuel the adoption of HMIs in the industry. Environmental conditions in oil and gas plants are very harsh, which makes rugged HMIs well-suited for applications in the oil and gas industry.

Automotive held the largest share and is projected to grow at the highest CAGR during the review period.

Increasing demand for automotive in developing countries, technological innovations in the automotive industry, such as electric cars, fuel-efficient cars, connected cars, and growing competition in the market, are expected to drive the HMI market for the automotive industry. Technological progress, such as the development of new software solutions with advanced capabilities, brings more functionality, ease of use, and lower cost of automation products, which have further led to the evolution of HMI software offering, thereby increasing their adoption in the automotive sector.

North America held the largest share in 2021 and Asia Pacific is projected to grow at the highest growth rate during the review period.

The industrial, automotive, power, oil & gas, pharmaceutical, and healthcare sectors are integrating HMI with data analytics to improve performance and reduce overall operational costs, which is promoting the growth of the HMI market in North America. In addition, the presence of major players in the region provides unprecedented leverage for the growth of the HMI market. The major factors driving the growth of the HMI market in Asia Pacific include continuous advancements and technological innovations in various industries; economic development in China, Japan, and India; escalating infrastructural developments in India and other countries in Southeast Asia; and increasing foreign investments in the region.

Major companies operating in the HMI market include Rockwell Automation Inc. (US), ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (US), Advantech Co., Ltd. (Taiwan), Emerson Electric Co. (US), General Electric Co. (US), Mitsubishi Electric Corporation (Japan), and Yokogawa Electric Corporation (Japan).

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Biometric system market forecast supercharge your visualizations worth $82.9 billion by 2027

 

According to a research report "Biometric System Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical & Region - Global Forecast to 2027" published by MarketsandMarkets, the global biometric system market size is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.

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The market has slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains were disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the biometric system market. Though the market is impacted in 2020, it is expected to fully recover by mid 2022.

Single factor authentication is estimated to contribute the largest market share in the said market during the forecast period

Single-factor biometric systems are cost-effective and fast. Furthermore, the systems with single-factor authentication are much faster and simplified. However, these systems are prone to high-security risks. Nevertheless, technologically improving hardware and software solutions and biometric systems integrated with AI have increased the level of accuracy and security offered by single-factor authentication. Fingerprint recognition technology is the most used modality. The growth of the market for fingerprint recognition is attributed to the increasing demand for solutions based on this technology in travel and immigration Security Verticals for e-passports and e-visas, as well as in the government sector for issuing a driving license.

Consumer electronics vertical is estimated to be the fastest-growing market during the forecast period

Biometrics is one of the revolutionary technologies in the consumer electronics sector owing to its security and cost-effectiveness. In the consumer electronics industry, smartphones are significantly contributing to the growth of the adoption of biometrics technology. Consumer electronic companies are increasingly developing and deploying advanced and cost-effective biometric security features. There have been rapid advancements in the designs of chips and algorithms of voice and facial recognition. Also, the declining cost of biometric technologies installed in consumer electronics is playing a key role in driving market growth.

Asia Pacific is expected to grow at the highest rate

The market in APAC will grow at the highest CAGR during the forecast period. The biometric system market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The presence of prominent biometric system manufacturers, including Fujitsu and NEC Corporation, is expected to contribute to the revenue share of this region owing to the rapid economic growth in major countries such as China, Japan, India, and South Korea The growth of the biometric system market in APAC is also attributed to technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes, and lowered the cost of devices based on these technologies.

Major players in the biometric system market include Thales Group (Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation (Japan) and Fujitsu (Japan), Precise Biometrics (Sweden), Secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH (Germany) among others.

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