power and energy

 The International Energy Agency (IEA) estimates that global battery electric vehicle (BEV) (cars) sales and plug-in hybrid electric vehicle (PHEV) (cars) sales surged from 1,542,867 units in 2019 to 2,008,024 units in 2020 and 570,724 units in 2019 to 969,034 units in 2020, respectively. Further, the International Organization of Motor Vehicle Manufacturers (OICA) states that 77,621,582 vehicles were manufactured and 77,971,234 automobiles were sold around the world in 2020. Therefore, the burgeoning electric vehicle (EV) and motor vehicle sales will create an extensive requirement for position sensors, globally. Additionally, the expanding packaging sector, especially in India and China, will help the position sensor market progress at a CAGR of 7.7% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue stood at $9.1 billion in 2018 and it will reach $14.2 billion by 2024. Packaging companies use these instruments in packaging machinery to ...

 The increasing adoption of blockchain solutions in numerous industries for strengthening the day-to-day operations and enhancing security is one of the biggest factors propelling the demand for blockchain devices across the world. Since the last few years, there has been a huge surge in the adoption of blockchain technology in the banking, financial services, and insurance (BFSI) sector, on account of the increasing prevalence of financial frauds and transfer errors. Currently, more than 25% of the BFSI companies across the world are using this technology and this number is expected to rise considerably in future.  The burgeoning demand for cryptocurrencies is another major factor contributing toward the increasing demand for blockchain devices throughout the world. A cryptocurrency is basically a type of digital currency which is not regulated by any authority. Cryptocurrencies started becoming popular after the launch of Bitcoin in 2017 and this popularity is expected to so...

 Heat stress monitors are being increasingly deployed in manufacturing facilities to track the health of workers being exposed to heated conditions. To ensure the health of workers, ministries/departments of labor of the U.S., Saudi Arabia, the U.K., India, Germany, Japan, Australia, and South Korea have set stringent guidelines regarding heat stress management at workplaces. For instance, the Occupational Safety and Health Administration (OSHA) has set workplace safety standards and drafted workplace monitoring regulations to protect employees from being exposed to hazardous environments. Additionally, the rising application of heat stress monitors in military and sports sectors to monitor the health of sportspersons and military personnel in real-time will fuel the heat stress monitor market at a CAGR of 2.7% during 2020–2030. According to P&S Intelligence, the market was valued at $51.4 million in 2019, and it is expected to reach $62.5 million revenue by 2030. Intense train...

 Smart water, gas, and electricity meters facilitate a bidirectional flow of information, owing to which they are being increasingly deployed on the premises of end users. These meters use a local area network (LAN) to gather data regarding the utility consumption of all appliances at frequent intervals. The information collected from individual smart meters is accumulated by local data aggregators, using neighborhood area networks (NANs). The data collected during this phase is then transmitted to the utility center through a wide area network (WAN). On the other hand, the utilities can send commands, information, or other signals to the meter installed at the end user’s premises and even remotely connect or disconnect the resource supply. This feature will help the smart meters market grow at a CAGR of 4.9% during the forecast period (2020–2030). Additionally, a surging number of government policies supporting their installation will help their sales value grow from $13.1 billion...

  The Asia-Pacific (APAC) region is witnessing a surge in the installation of internet of things (IoT)-enabled emergency lights, as the technology makes it easy for private and public organizations to preserve more energy via smart lighting systems. IoT allows lighting solutions to adapt to environmental conditions, such as rain and fog, thereby, ensuring adequate illumination according to the requirement and maximizing energy consumption. Furthermore, the integration of IoT helps in testing and monitoring all emergency lights from any location at any time.  These technological advancements along with stringent guidelines by governments pertaining to safety in numerous establishments will drive the APAC emergency lighting market at 10.1% CAGR during 2019–2024. The market generated revenue of $1.2 billion in 2018, which is expected to reach $2.1 billion by 2024. For instance, safety norms in India state that restaurants, schools, offices, and shopping malls should have emergenc...

  The rapid expansion in the construction sector is one of the primary factors responsible for the mushrooming demand for compressors in China. Because of the rising urbanization and the soaring population, the construction sector is expanding rapidly. Moreover, with the launch of several construction projects, the demand for highly energy-efficient heating, ventilation, and air-conditioning (HVAC) equipment is growing rapidly. The changing lifestyles of people and the rising average temperatures are also fueling the sales of HVAC systems in the country. As per the Council on Tall Buildings and Urban Habitat, there are numerous skyscrapers in China. There are currently as many as 88 skyscrapers in the country. This is pushing up the requirement for HVAC systems, which is, in turn, propelling the demand for compressors in the country. Furthermore, the hotel industry in the country is recording nearly 2,481 hotel projects that are currently in pipeline and is growing with a year-on-...

  As per reports, in 2021, there are already 10 billion internet of things (IoT) devices active around the world, and by 2030, this number is set to cross 25 billion! Essentially, any electrical or electronic product that is integrated with sensors to capture a variety of data and an internet connection to share that data with another such device or a central control room is termed as an IoT device. In many applications, such as smart buildings and factory machines, the IoT devices need to be small. Thus, electronics companies are shifting away from conventional semiconductor manufacturing to the system-on-chip (SOC) arrangement, in which the sensor, processor, electronic circuitry, and memory are embedded into one small chip. Considering the rapid miniaturization of IoT devices with the help of the SOC technology, P&S Intelligence expects the silicon on insulator (SOI) market revenue to reach $2,285.5 million by 2024, growing from $684.8 million in 2018 at a 22.7% CAGR between...