Cloud
backup, also known as online backup or remote backup, is an
alternative to conventional backup. It offers several facilities such
as creating, editing, managing, and restoring the data backup.
Increasing volume of data is the major factor leading to high demand
for cloud backup. According to Coherent Market Insights’ analysis,
the data sphere will reach up to 163 zettabytes, by 2025. Increasing
adoption of software-as-a-service and various advantages of cloud
backup such as easy installation, cost-effectiveness, performance,
scalability, and flexibility have also accelerated growth of the
market.
Solution
component segment held the dominant position in the market in 2016
Among
components, solution segment held the dominant position in the market
in 2016. Increasing demand for managing large volume of data and
increasing adoption of cloud technology have accelerated growth of
the segment. The service segment is sub-segmented into management and
customization, professional services, training & consulting, and
integrations. The integration service sub-segment is projected to
exhibit the highest CAGR over the forecast period. Integration
services helps provide cost-efficient business processes. The
integrator is a pre build tools and connectors which provides
services to more easily integrate cloud services such as access data
on remote location access, real time data access etc.
The public cloud segment held the dominant position in the global cloud backup market in 2016
Among
deployment models, the public cloud segment held the dominant
position in the cloud backup market in 2016. Increasing workload on
public cloud is one of the key factors for the growth of the market.
According to Coherent Market Insights, in 2015, around 49% of the
cloud workload was on public cloud and it is projected to reach 68%
by 2020. Moreover, various advantages such as scalability, cost
effectiveness, reliability, and location independency is expected to
lead to increasing demand for cloud backup.
The
global cloud backup market is projected to value at US$ 1287 million
in 2017 and is projected to reach US$ 6367 million by 2025. The
market is estimated to witness a CAGR of 22.1 % over the forecast
period (2017 – 2025).
In terms of volume, the global cutting equipment market was pegged at over 3,400 thousand units in 2016 and is projected to reach 4,900 thousand units by 2025, exhibiting a CAGR of 3.93% over the forecast period. Rising demand for automatic cutting equipment in the manufacturing sector and increase in automobile sales are expected to be the key trends driving growth of the global cutting equipment market over the forecast period. Demand for cutting automation technology in manufacturing or industrial sector is expected to increase at a rapid rate, especially in developed regions, due to the shortage of skilled labor.
Major companies in North America and Europe have already started using robotic cutting equipment for the production process in various sectors such as automotive, aerospace and energy to minimize the time taken for manufacturing and to reduce manpower, which in turn will reduce the overall cost of production in the long run. According to BBC press release on 25th May, 2016, Apple and Samsung supplier, Foxconn replaced 60,000 factory workers with robots. Amazon deployed 10,000 robots into the company’s warehouses by the end of 2014.
Rampant growth of end-use industries such as construction, automotive, shipbuilding & offshore, and general metal fabrication are projected to fuel growth of cutting equipment market mainly in Asia Pacific over the forecast period.
By Equipment Type: Mechanized type cutting equipment segment has the highest market share in global cutting equipment market in 2016. The main growth driver for the mechanized cutting equipment segment is growing manufacturing and steel industries. Steel is consumed in the construction industry, fabrication, and the manufacturing industry. Additionally, increasing use of power tools for DIY & household activities is a major factor projected to drive growth of the market in the foreseeable future. General metal fabrication segment was the dominant segment the end-user segment of the market.
By Technology Type: In terms of technology, the plasma cutting segment is projected to exhibit a CAGR of 6.91% over the forecast period. The demand for plasma cutting equipment is growing worldwide on the back of increased adoption of automation for better quality, consistency, and less time requirement for production.
In 2016, Asia Pacific accounted for over 40% of the total market share generated by the plasma cutting machine, owing to the rising economy and the rapid growth in the infrastructure sector. The recent past has witness rapid increase in demand for plasma cutting equipment from sectors such as automotive, aerospace and defense, and industrial in the region. This is due to strict cutting tolerances and high accuracy required in these sectors to produce superior-quality products.
In near future, the laser cutting segment is expected to witness steady growth as it allows to cut various materials such as metallic, non-metallic, and synthetic materials of varying widths and provides highly accurate smoother edges. Moreover, the technology also drastically reduces human error and is less time consuming.
By Geography: North America accounted for largest share in the global cutting equipment market due to high demand and consumption of cutting equipment in various industries. According to U.S. Cutting Tool Institute (USCTI) and AMT, U.S. manufacturers purchased US$ 196.23 million worth of cutting tools in August 2017, a 14.8% rise over from July and 11.6% more than the August 2016 consumption total. Asia Pacific is projected to have the fastest growth, owing to a rapidly expanding industrial network in developing nations such as China and India in this region leading to higher demand for such tools
Major Market Players: Major players in the cutting equipment market include Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (U.S.), Makita Power Tools India Pvt. Ltd. (India), ICS Cutting Tools, Inc. (U.S.), Hitachi Koki Co., Ltd. (Japan), J.C. Bamford Excavators Limited (U.K.), Klein Tools, Inc. (U.S.), Snap on (U.S.), Otto Baier GmbH (Germany) and Hilti Corporation (Liechtenstein).
Automated
rail transit is an environment friendly, rail-less, and driver-less
vehicle that is projected to reduce traffic congestion in the highly
populated cities. On effective execution of this project, which is
presently under development in China, is expected to gain extensive
traction in the near future. Due to its low construction cost and a
huge carrying capacity, road jamming can be reduced significantly.
Additionally, no track is required for its operation, multi-axle
steering system, and also functions effectively under extreme
climatic conditions.
The
ART is equipped with various sensors to reduce manual efforts to
assist the driver in following the route on a virtual track or to
make indirect route in the case of traffic jams. Lane Departure
Warning System helps in guiding the vehicle to keep running on its
track and warns whenever it moves away from the lane. Collision
Warning System helps the driver to keep a safe distance with other
vehicles and it shows a sign to provide a warning when the distance
between two vehicles is reduces. The Route Change Authorization has
navigation facility equipped with the vehicle can analyze the route
on which it is traveling and re-directs for a different route in
order to avoid traffic congestion. The Electronic Rearview Mirrors
are electrically adjustable and extract a clearer view. Additionally,
these are also equipped with auto dimming technology to reduce glare.
Mainly
this type is autonomous train is powered by lithium-titanate
batteries, though Hydrogen is expected to be a primary source
powering trains by 2030 Hydrogen for locomotive power is expected to
be driven by nuclear, wind, solar, and hydro-electric resources, as
well as other evolving ways of generating hydrogen. Hydrogen is
expected to provide ecological and renewable non-carbon energy
sources to power rail and transit lines electrically, and would thus
reduce energy cost and help lower pollution. Hydrogen fuel cells can
find potential application in hybrid rail vehicles. Hydrogen fuel
cells are expected to replace diesel engines and generators used in
current diesel-electric trains, by using energy generated by the fuel
cells, which is stored in batteries and is constantly recharged as
the engine moves.
Driverless
passenger trains, which includes the automated systems, are in
operation in Copenhagen, Paris, Singapore, and Dubai. Automated
systems enhance the running time of trains and escalate the average
speed of the system.
The
Dubai Metro is the longest driverless metro network in the world,
covering 75 km. The Copenhagen Metro was the first to feature a fully
automated system, including depot operation and launching, which
operates 24 hours a day.
Sao
Paulo’s Metro Line 4 is South America’s only fully automated,
driverless subway line. It carries around 700,000 passengers a day on
an 8-km stretch.
The
world’s first driverless autonomous rail rapid transit (ART) system,
equipped with sensors for the measurement of road dimension and also
helps to create its particular route, under a test run in the city of
Zhuzhou in central China’s Hunan Province. It was revealed in Zhuzhou
in Hunan province on June 2, 2017 and is expected to be operational
in 2018.
The
product has been described as a combination of a train, bus, and
tram. An ART train with three carriages is around 30 meters long and
costs about US$ 2.2 million to construct. It can travel at a speed of
70 km/h and provides space for maximum 300 passengers and a
five-carriage train can carry an estimated 500 passengers.
Quadcopters
are being integrated with sophisticated technologies such as
gyroscopes, GPS, and high resolution cameras to execute complex tasks
such as aerial mapping, aerial photography, monitoring, search &
rescue operations, and entertainment tool among many others. In the
recent past, a new concept of drone phones has been introduced, which
harnesses the power of the smartphone for all additional features
such as camera, gyroscope and GPS for its functioning, while the
drone itself would be just a housing assembly for the phone and have
the mechanical components essential for flight. In 2015, Xcraft Inc.,
a company based in the U.S., introduced the first concept of drone
phones through broadcast on a television show in order to raise
investments. The drone allowed for the smartphone to be housed in the
body of the drone and use the on-board GPS, camera and other features
of the smartphone to navigate and control its flight.
Low
manufacturing costs and ease of access to market is expected to fuel
demand for drone phones through the forecast period
These
phone drones are cost effective and offer a rich suite of
programmability features such as return to home, follow-me, and
mission modes, which has seen these gain major traction in the recent
past. Overall cost of the available drones is well under US$ 300.
These devices can even utilize the old model mobiles or phones that
have broken screens and cannot be used be used for general purposes.
These factors are expected to generate major potential for growth of
the drone phones market over the next few years.
Compact
design, portability and interoperability are among some of the major
benefits of these devices
Chief
participants offering smartphone support have extended the
applications to almost all the major device platforms such as
Android, iOS, and Apple Watch. Compact design, in built battery,
portability, and extreme ease of use are among the chief factors that
continue to drive demand for drone phones.
Growing
interests of established players in the drones market due to its
major potential to cannibalize the entertainment quadcopter platform
businesses will influence significant R&D investments in the
drone phones market
Flone
– The Flying Phone is yet another company that has participated in
the competition through the introduction of its do it yourself (DIY)
model of quadcopter. In January 2017, Selfly.Camera introduced an
autonomous flying camera featuring a compact drone body that can be
used as mobile cover and can be used for aerial photography. One of
the major developments in the industry segment is the growing
interests of the smartphone brands to introduce accessories or
product in the domain. In November 2017, LG announced its plans to
introduce first drone phone in the market, which instead of an
accessory will be incorporated into the phone (as by the viral video
on YouTube under the tagline).
Short
flight time and consumer fear of loss of the costly smartphones in
the event of an incidence is among the major factors that can hamper
the drone phones market growth over the forecast period
Significantly
small size designs currently limits the manufacturer’s scope to
integrate safety features and enhance battery back-up. Moreover,
powering the drone for all operations drastically reduces the life
cycle. These factors are expected to be major restraints for the
market in the near future. Moreover, stringent regulations regarding
the utilization of these systems near the no-fly zones and commercial
applications specifically in the U,S, and Europe will negatively
impact the overall industry growth.
North
America is expected to be the highest growing regional segment,
followed by Europe and Asia Pacific
According
to Coherent Market Insights analysis, U.S. accounts for approximately
35% of the global drones market share, followed by Europe (~30%) and
China (~15%). Moreover, according to FAA’s estimates, hobbyists are
expected to account for around 4.3 million drone shipments by 2020,
with its significant share based in the U.S. Thus, U.S. will account
for the largest market for compact quadcopters. Moreover, if the
product development plans of LG go as planned, U.S., South Korea and
Europe are among its major consumer segments, which would in turn
witness substantial growth. Long flight hours and enhancement in the
overall safety of both the smartphones and quadcopters are among the
major factors that will influence the future growth of the market.
A rotorcraft is a heavy airborne machine that works by generating lift caused by its wings, which are called rotary wings or rotor blades. Several rotor blades are fixed and rotate around the pole to generate the lifting force to overcome the gravity pull and the weight by generating the required uplift pressure and providing direction through forcing down the oncoming air. The major advantage of a rotorcraft is that it can hover at a location. Gyroplanes are used for low speed surveillance operations and are relatively more cost-effective and easier to maintain than other types of aircraft.
The major concern of rotorcraft is the generation of enough lift, against the bulky wings to overcome the air force. These aircraft also require a long runway for takeoff and landing. These pose as major restrains for growth of the market for airborne weapon systems for rotorcraft.
Rotors of the aircraft are thin wings that spin around a shaft on the same spot and by that rotating force, it generates a huge downdraft of air lifting the helicopter upward. It helps to take off or land vertically and drift smoothly in any direction that is not available in a conventional plane.
Global Airborne Weapon Systems for Rotorcraft Market Taxonomy
On the basis of class, the global airborne weapon systems for rotorcraft market is segmented into:
Helicopter
Cyclocopter
Autogyro
Gyrodyne
Rotor
kite
On the basis of application, the global airborne weapon systems for rotorcraft market is segmented into:
Military
Rotorcraft
Attack
helicopters
Maritime
helicopters
Survey
helicopters
Training
helicopters
Transport
helicopters
Multi-mission
helicopters
Civil
Rotorcraft
Light
helicopter
Intermediate
helicopter
Medium
helicopter
Large
& heavy helicopter
Military Rotorcraft:
The military segment is expected to exhibit significant growth over the forecast period (2017 – 2025), due to constant demand for replacing old fleets to enhance the operations.
Governments across the world are more likely to adopt multi-functional helicopters, including ground attack, air assault, cargo, surveillance, rescue operations, humanitarian aid, and troop transport due to the cut in defense budget. The Ministry of Defense, Government of India, intends to procure around 123 naval multi-role helicopters along with spare engines. Hence, the multi-mission and maritime helicopters segment is expected to account for the major market share of the global rotorcraft market over the forecast period.
Civil Rotorcraft:
Civil rotorcraft segment was valued at US$ 7.8 billion in 2016. Civil rotorcrafts offer vertical take-off and landing capabilities, which helps helicopters to function in remote areas.
Civil rotorcrafts segment is expected to witness high growth due to increasing demand for travel, medical services, general service, and firefighting. Among the civil rotorcraft, light helicopter are expected to account major market share due to the continuing crisis in the oil and gas industry that may slower the use of large and heavy helicopters.
Global Airborne Weapon Systems for Rotorcraft Market Outlook – Asia Pacific Holds Significant Market Share
Asia Pacific is expected to account for the largest market share of global rotorcraft market by 2025, due to new trends and technologies in the rotorcraft industry, cutting-edge solutions, and increasing Chinese defense expenditure, followed by North America and Europe.
According to Coherent Market Insights’ analysis, North America and Europe are expected to account around 39% and 27% share of global market by 2025. New helicopter deliveries in Asia Pacific are also expected to increase during the same time to over 34%.
Increasing aggressiveness of China regarding territorial clashes with its neighboring countries and strong economic growth are the primary factors driving growth of the rotorcraft market in Asia Pacific. Beijing revealed a homegrown battle chopper that is said to be the most powerful, with the ability to destroy the most powerful tank in the world.
For instance, Black Hurricane is a single door, narrow body aircraft, and multiple rocket launcher, which could fire over a dozen rockets at the same time. This aircraft is the most advanced helicopter and expected to perform air-to-ground strikes, air-to-ground fire, and air-to-air combat in any weather condition. The military helicopter has many rocket launcher and can carry four missiles at the same time. Additionally, pilot seat is protected with bullet-proof shield, which could block bullets from a 12.7mm machine gun.
China’s well-documented anti-satellite weapons tests have gained traction globally. It has influenced the U.S Air Force to accelerate strategies for satellite protection, which includes improving sensor and cyber reinforcing command for the advancement in predictions for functionality in the event of an attack.
Key Players in the Global Airborne Weapon Systems for Rotorcraft Market
Major players operating in the global airborne weapon systems for rotorcraft market include The Boeing Company, Bell Helicopters, Sikorsky, Leonardo-Finmeccanica, Changhe Aircraft Industries, Hindustan Aeronautics Limited (HAL), Airbus Defense and Space, Embraer, Lockheed Martin Corporation, Korean Aerospace Industries, Russian Helicopters, MD Helicopters, Turkish Aerospace Industries, Enstrom Helicopters, Rolls-Royce, and Helibras.
The cognitive system is a suit of technologies, which extracts the insights form the structured and unstructured data by using machine learning and natural language processing technology. The increasing unstructured data, such as call center transcripts, documents, email messages, social media content, and social networking sites contents has become one of the major factors for the growth of the cognitive system market. For instance, approximately 300 million photos are uploaded on Facebook per day, 510 thousand comments are posted, and 293 thousand statuses are updated in every 60 seconds. Similarly, on YouTube near 27,000 videos are viewed in 60 seconds, nearly 430,000 tweets are posted on Twitter, and around 120 new users are registered on LinkedIn. The natural language processing plays a major role in cognitive system for insights. With the help of natural language processing, the cognitive system extracts the insights from the plain text. This helps company managers and supervisors to understand the customer demand and product description. Moreover, the increasing usage of artificial intelligence in various increasing verticals and constant advancement in data processing technology are some of the drivers fueling the growth of cognitive system market globally.
The global cognitive system market was valued at US$ 8 billion in 2016. By the end of the year 2025, the market is projected to reach US$ 88.14 billion with a CAGR of 29.02% during the forecast period (2017–2025).
The machine learning segment is projected to grow with largest CAGR over the forecast period.
On the basis of technology, the market is diversified into machine learning, natural language processing, planning and scheduling. The natural language processing market held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Natural language processing helps the cognitive system to extract the meaning full information from plain text. In addition, the machine learning segment is projected to grow with the largest CAGR over the forecast period. The cognitive system has the capability of continues learning, which helps to deliver the grater values. Hence, this helps to increase the capability of machine learning and improve their expertise by auto-learning.
The Banking segment is projected to hold the dominating position
On the basis of end users, the cognitive system market is diversified into banking, education, government, healthcare, insurance, manufacturing, security and investment, telecommunications, transportation and others. The banking segment is projected to hold the dominating position over the forecast period. High demand for customer services, advisory, and investment consulting have raised the demand for the cognitive system in the banking sector. In addition, the healthcare segment is projected to grow with largest CAGR throughout the forecast period.
North America holds a dominant position in the global Cognitive systems market
According to Coherent Market Insights, North America held the dominant position in the global Cognitive systems market in 2016 and is projected to retain its dominance throughout the forecast period. In 2016, the North America cognitive system market generated a value of US$ 5.16 million. The U.S and Canada are the major countries driving the growth for Cognitive systems market in North America region. In addition, the Asia Pacific cognitive system market is projected to grow with the largest CAGR over the forecast period. The increasing adoption of digitalization in public, government, and industrial sector and advancement in IT infrastructure have increased the market of cognitive system in Asia Pacific region. India, china, and Japan are some of the major economies, which are driving the growth of cognitive market in Asia Pacific region.
The global LED lighting market is projected to reach over US$ 120 billion by 2025, exhibiting a CAGR of 16.61% over the forecast period (2017-2025). The LED lighting market is mainly driven by advantageous features offered by LED lights over incandescent and fluorescent lamps such as increased energy efficiency, longer lifetime, enhanced physical strength, smaller size, design flexibility, and environmental friendliness. Rampant product invention coupled with advancements in technology is gaining customer attraction globally due to drastic transformation in semiconductor industry and evolution of light bulbs from incandescent bulbs, led to smart and intelligent energy efficient LED lighting systems. The intelligent lighting systems can be of two types, such as sensor incorporated and non-sensor incorporated. Sensor incorporated lighting systems are able to change the brightness of lights automatically by detecting people and daylight. However, non-sensor incorporated lighting systems are regarded as smart lighting systems as they can be operated through programming. Due to substantial improvement and modernization in wireless technologies such as Bluetooth, Wi-Fi, Li-Fi, among others, most of the forthcoming intelligent lighting systems are expected to be wireless. Screen and display backlight market expansion is expected to augment demand for LED lights.
Rampant innovation of smart lighting and smart city has increased the demand for LED street lights. Additionally, the global demand for green technologies is fueling growth of the LED light market. LED lighting systems use up to 50% less energy to generate an equivalent light intensity emitted by Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). This reduced energy consumption directly converts into a reduction of over 700 million tons of carbon dioxide emissions annually. By observing the current market trend, LEDs are estimated to completely replace CFLs and CCFLs in the near future.
LED Bulb segment holds the highest market share
Among product type, the LED bulb segment is estimated to be the leading market for LED lighting, as bulbs form the major light source and key component of an LED lighting system.
Installation Services segment holds a dominant position
Among service type, the installation segment is expected to experience highest growth, due to high demand for energy-efficient light sources such as LED bulbs. The old generation lamps are being replaced and retrofitted with LED bulbs, as they offer longer working life and consume less energy.
Commercial segment is expected to be the fastest growing segment
Among end-use industry, the commercial segment is estimated to exhibit a higher growth rate during forecast period (2017 – 2025). Increasing infrastructural activities globally, contributes to the large market size and high growth rate of the segment.
Outdoor LED Lighting System accounted major market share
Among application, the outdoor segment accounted for 31.5% of market share in 2016. Increasing use of LED lighting for outdoor application such as roadways, traffic lights, tunnels, parking lots, garages is expected to offer substantial growth prospects to this segment in the near future.
Residential applications for LED lighting include lighting for smart home, HDR 4K, and ultra-slim, curved, and high gamut display TVs.
Asia Pacific accounted for the largest market share
Asia Pacific held the largest share of the LED lighting market in 2016, and the market in Europe is projected to emerge as the second largest market by 2025. The relatively high standard of living and high disposable income among the populace in Europe, increases their inclination towards investments in smart homes with innovative LED lighting systems. Thus, augmenting growth of the LED lighting market in the region. Asia Pacific is growing at high pace due to rampant infrastructural renovation in emerging economies such as China and India.
Major players operating in the global LED light market include Philips Lighting Holding B.V., Osram Licht AG, GE Lighting, LG Innotek, Cree, Inc., Cooper Industries, Inc., Seoul Semiconductor, Samsung Electronics, and Lightning Optoelectronic.
Rapid growth of urbanization coupled with busy lifestyle has led to substantial requirement of frozen foods, ready-to-serve meals, and beverages. This has increased the demand for commercial refrigerators, in turn boosting the market for commercial refrigeration equipment.
Requirement for Compliance with Quality Standards in Food is expected to be the Key Growth Factor
Regulatory agencies such as Food Quality Protection Act in U.S., Food Safety Law of the People’s Republic of China, General Food Law Regulation, and Food Quality Policy in EU, include directives for maintaining the quality of food from time to time. For instance, in December 2014, European Union introduced EU fluorinated greenhouse gas (F gas) regulation for banning Hydrofluorocarbons (HFCs) related products. These regulation takes into purview the manufacturers, service equipment, production, wholesale, and trade of these gases and HFCs related products. These regulations are expected to generate demand for environmentally friendly alternatives for conserving edibles in conjunction with the compliance to maintain food quality standards. These will help in increasing growth prospects in the commercial refrigeration equipment market.
The global commercial refrigeration equipment market is estimated to be valued at US$ 29.38 billion in 2017 and is expected to witness a CAGR of 5.1% during the forecast period (2017 – 2025).
Growth of multi-chain food & beverages retailing to present strong growth prospects through the forecast period
The global food & beverages (F&B) industry has witnessed considerable growth over the last decade. According to the Cushman & Wakefield food & beverage market report in summer 2017, the retail industry share of footwear, clothing, and white goods among others has witnessed substantial decline, with F&B, leisure & entertainment gaining significant business share. Increasing inclination of consumers towards different regional cuisines and exploration of international flavors are among the major growth factors driving growth of the commercial refrigeration equipment market.
Increasing employment of woman in the workforce is driving growth of the market, specifically in Asia Pacific
According to Economic & Labor Market Analysis by International Labor Organization, the woman employment ratio in emerging economies, specifically in Asia Pacific, had significantly increased by 2012. Urban lifestyle and the increasing number of woman in the workforce are likely to cause significant decrease in time dedicated to household chores. This has led to substantial demand for frozen and ready-to-eat food, in turn, boosting growth of the commercial refrigeration equipment market in the region.
Asia Pacific is expected to remain the fastest growing region for commercial refrigeration equipment market over the forecast period
China is expected to witness CAGR of over 8%, owing to significant increase in consumer spending and improving economic conditions of the country. According to Coherent Market Insights’ Analysis, China alone accounted for around 8% of the global consumer spending on eating outside homes. Increasing disposable income coupled with high spending on eating at restaurants in other emerging economies such as India, South Korea, and ASEAN countries are expected to propel growth of the commercial refrigeration equipment market over the forecast period. The U.S. has the largest market for commercial refrigeration equipment and is expected to sustain its dominance across the globe, owing to highest deployments of refrigerators in its mature retail industry and concentrated presence of large number of players in the region.
Key industry participants in the commercial refrigeration equipment market include United Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin Industries Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, Leer Incorporated, True Manufacturing Company Incorporated, and Whirlpool Corporation. Industry presence is highly fragmented with only major players contributing to small overall industry shares.
Cryptocurrency are digital medium of exchange, alternative to conventional currencies such as US$ or Euros. These utilize digital information exchange based on the principles of cryptography, to provide secure means of transactions and in many cases provides anonymity. In 2009, Bitcoin became the first decentralized digital currency, which leads to the introduction of over thousand other digital currencies in the market.
Growing demand in conjunction with the decreasing supply of digital currency is among the prominent factor influencing the growth of the pricing of the cryptocurrency market
Digital currencies are classified as an asset or currencies depending from country to country. For instance, Bitcoin has 21 million units, given that the global population is around 7 billion, and even if around 50 million of the population adopt Bitcoin, this would require a premium price tag to suffice the users. Moreover, the creation of these currencies is constant and unchangeable, generating limited supply and higher costs. In 2016, Bitcoin witnessed an increase in the costs, mainly due to the imminent decrease in the supply of new coins.
Energy required to secure the blockchain, mining difficulty, and their utility fuels the growth of cryptocurrency market
Energy is utilized intensively in securing the blockchains. Most popular form, proof of work (POW) block chain requires significant amount of energy. According to a press release by bitconnect.co, the Bitcoin (BTC) blockchain requires energy equal to a small country for securing payment. Moreover, increase in blockchain security leads to increase in the mining difficulty. Many other factors fueling the market growth include the growing inclination of the population towards digital assets, increasing media reporting, number of investors, and security of the payments among others. From March 2017 to September 2017, the cryptocurrency market witnessed an exponential increase of capital to around 599.8%. Moreover, growing awareness and adoption of digital exchange, is expected to drive the industry growth over the forecast period.
The global cryptocurrency market is estimated to be valued at US$ 189.9 billion in 2017 and is expected to witness a CAGR at 56.2% during the forecast period (2017 – 2025).
Significantly large untapped potential base in the payment industry is expected to boost growth prospects over the forecast period
Increment in the digital currency value during the past years were mainly due to the increasing transaction volumes mostly for BTC. In 2016, BTC generated a revenue of around US$ 130 billion, though it is expected that transaction volumes will witness considerable surge in the near future in particular segment. However, Paypal recorded a volume of over US$ 735 billion in 2016, whereas, Western Union volumes accounted approximately 4.61% higher than BTC, pegged at over US$ 730 billion. Therefore, it can be determined that the overall utilization of the digital assets as a form of payment is still at its nascent stage, and promises to hold significant growth in the near future.
Drawbacks in the scalability and its legalization hindering the market growth
As of September 2017, the industry is estimated to be valued at around US$ 166 billion (according to CoinMarketCap), is still too far from actual user penetration. Number of users participating in the ecosystem is expected to witness considerable surge, led to the increase in the scalability issues. However, regulations and legalization are expected to be the prominent factors that will hinder the cryptocurrency market growth. For instance, in 2017, regulations in China banned the initial coin offerings (ICO) and halted the trading of virtual currencies, mainly due to the lack of centralized control. However, many other developed and emerging countries are planning initiatives to legalize these currencies. U.S., Singapore, Russia, and Switzerland are among the prominent countries that are expected to witness considerable penetration over the forecast period.
Some of the most valued currencies in the cryptocurrency market include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple, Peercoin, Dogecoin, Dash, NEM, and Namecoin. Top ten cryptocurrency industries acquire shares of over 85% of the global capital. Some of the major players operating in the global cryptocurrency market include Bitfinex, BitFury Group Limited, Bitstamp Ltd., Coinbase, Coinsecure, Litecoin, OKEX Fintech Company Limited, Poloniex Inc., Ripple, Unocoin Technologies Private Limited, and ZEB IT Service Pvt. Ltd.
Automatic control or automation is the use of control systems for operating various machineries and equipment without the need for human labor. The adoption of automation in the food industry is imperative due to the increasing demand for quality, productivity, and profitability. Food processing is a labor intensive procedure that is highly monotonous and repetitive in nature, thus causing humans to focus less on quality check, resulting in increased frequency of various kinds of errors. Automation of these tasks improves product quality, process efficiency, and saves labor charges as well. It helps in maintaining standardization and quality of food, thereby helping in protect the brand value of food products. Automation can be adopted by small or large scale players, and additional machinery and components can be added or customized with minimum wastage of resources, depending on the growth and expansion of the business. Rapid technological advancements, growing demand for food safety, and stringent regulations imposed by regulating bodies on food and beverage products are major key factors fuelling growth of the food automation market.
However, high initial investment associated with installation of such equipment is a major factor restraining growth of the market, as small and medium scale players often experience shortage of sufficient capital to install automated equipment in their factories.
Food Automation Market Taxonomy
On the basis of product type, the food automation market is segmented into:
Discrete
Controller and Visualization
Generators
and motors
Linear
and Rotary products
Motor
controls
Others
On the basis of function, the food automation market is segmented into:
Packaging
and repackaging
Picking
and Placing
Palletizing
Processing
Sorting
and Grading
Others
On the basis of application, the food automation market is segmented into:
Bakery
Beverages
Confectionary
Dairy
Fruits
and Vegetables
Poultry
Others
Among product type, the generators and motors accounted for the largest segment in 2016 and is expected to lead the market throughout the forecast period, owing to its multifunctional nature. A large variety of motors such as stepper motor, gear motor, servo motor, direct drive motors, and AC motors are used in the food industry for motor controlled applications. Generators ensure efficient and smooth functioning of systems.
Among applications, the beverages segment holds a dominant position in the market, owing to rapid developments and frequent product launches in the beverage industry.
Food Automation Market Outlook
Europe
is the most lucrative market for food automation, owing to high
demand for processed food and beverage products, especially in
France, Germany, and Italy. Furthermore, stringent regulations
imposed by regulating bodies pertaining to the quality of processed
food items, fuels the demand for food automation in the region.
North
America witnesses significant demand for food automation, owing to
growing demand for product integrity and food safety by consumers.
Food automation machinery used in the U.S. is required to meet the
stringent criteria enforced by the U.S. Food and Drug Administration
(FDA) and the U.S. Department of Agriculture.
Asia
Pacific is the fastest growing market for food automation industry
due to the rapidly growing food and beverage industry in the region.
Improvement in standards of living among the populace due to
increasing disposable income, diversification of diet, and
liberalization of FDI (Foreign Direct Investment) in the food sector
are some of the major factors fuelling growth of the food automation
market in Asia Pacific. Furthermore, increasing number of
manufacturers operating in the food and beverage industry also
drives significant demand for food automation in Asia Pacific.
According to the Union Budget 2017-2018, the Government of India has
invested US$ 1.2 billion on dairy processing. Moreover,
Confederation of Indian Industry (CII) estimated that the food
processing sector in India is expected to attract US$ 33 billion
over the following decade. Such investments are expected to increase
growth of food automation market in India over the forecast period.
Countries in the Middle East largely rely on exports for processed
food. However, the government is investing on food processing
technologies to improve food security and enhance productivity,
which in turn, is expected to augment growth of the market for food
automation in the region.
Increasing
population along with urbanization and increasing per capita
spending of consumers in Africa and Latin America have contributed
to rapid growth of the food automation market in these regions.
The food automation market is marked by intense competition from major manufacturers operating in this market. Mergers and acquisitions, joint ventures and partnerships, and technological innovations are some of the key strategies adopted by these companies in order to ensure long-term sustenance in this market. Notable acquisitions in the food automation industry include acquisition of major shares of Cabinplant AG by CTB in September 2016 and acquisition of Jorgensen Engineering by XANO in November 2016.
Key market players in the food automation market include ABB Ltd, Emerson Electric Company, Fortive Corporation, GEA Group, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Nord Drivesystems, Rexnord Corporation, Schneider Electric SE, Siemens AG, Yaskawa Electric Corporation, and Yokogawa Electric Corporation.
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