Which Region Offers Best Motion Sensor Market Investment Opportunity?
The major reasons behind the prosperity of the motion sensor market are the increasing demand for consumer electronics and the expansion in the worldwide automotive industry.
From $4,430.7 million in 2019, the market revenue is expected to grow at a CAGR of 5.1% during 2020–2030 (forecast period). At this rate, the sales of these devices are projected to be worth $7,590.8 million by 2030. Such devices are used to see the distance traveled by a physical body in a defined area.
On the basis of technology, the motion sensor market is bifurcated into passive and active, of which the passive bifurcation dominated it in 2019, and it would also experience the higher CAGR during the forecast period.
This is credited to the rising adoption of microelectromechanical system (MEMS) and infrared (IR) motion sensors that work on the passive technology. Such devices are widely utilized in medical devices, consumer electronics, and industrial machines.
To cater to the rising requirement for such devices, the production of motion sensors has to be raised significantly. Therefore, in order to save costs, manufacturers are turning to the MEMS technology to produce these devices, as it is based on the process of microfabrication.
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Apart from cost benefits, MEMSs also offer enhanced reliability and performance figures, which is why this technology is becoming a motion sensor market trend. As MEMSs are based on silicon wafers, a single batch of semiconductors can produce thousands of motion sensors.
Supply Shortages Prevail During COVID-19 Outbreak, Restricting Growth of Digital Pen Market
Compared to $694.917 in 1970, the average person earned $8,826.15 in 2017, according to the World Bank. This clearly shows that people now have more to spend on products that they wouldn’t dare think of buying until 10¬–15 years ago. Such ‘products’ mainly include smartphones, laptops, computers, tablets, and other high-end consumer electronics.
With the rise in the uptake of smartphones and tablets, the popularity of digital pens is also increasing around the world. Thus, with the surge in the disposable income of people, the digital pen market is projected to grow to $2,098.1 million by 2023 from $773.5 million in 2017, at an 18.4% CAGR during the forecast period (2018–2023).
Just like a regular pen writes on paper, a digital pen writes on a digital pad, like the screen of an iPad, smartphone, or an external writing pad connected to a PC. With such consumer electronics, what people write is instantly converted to a digital form, thereby giving users the convenience of not having to type the text separately on a keyboard or tablet or smartphone screen.
With people owning more than one communication device, often with different operating systems (OS), the sale of multiple-OS digital pens is surging more rapidly than single-OS variants.
The usage of such devices is not just rising at the individual level, but also at the enterprise level. Digitization is picking up pace around the world, as governments and organizations are scrambling to eliminate as much of the paperwork as possible, as quickly as possible.
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For instance, police departments in Germany and the U.S. have begun using digital pens to file crime and missing people reports. Similarly, the banking, financial services, and insurance (BFSI) sector is utilizing these consumer electronics to fill forms for new accounts and loans, to reduce its operational costs incurred by procuring writing paper.
How are Environmental Concerns Propelling Electric Motor Market?
The need for a reduction in energy consumption by the major industries is expected to increase significantly in Asia-Pacific (APAC) in the coming years. Electric motors can account for almost 70% of the total energy consumption in industries, and with the electricity usage and prices already too high, the adoption of energy-efficient motors is rising, in order to reduce the operating costs.
The other major factor driving the sale of electric motors in APAC is the soaring deployment of electric vehicles, as they are an eco-friendly mode of transportation. Thus, the APAC electric motor market is predicted to grow from $50,948.1 million in 2017 to $77,876.8 million by 2023, with a CAGR of 6.9% during the forecast period (2018–2023).
There are various types of electric motors available in the market, namely direct current (DC) motors, alternating current (AC) motors, and hermetic motors. Amongst these, AC motors recorded high uptake during the historical period (2013–¬2017), primarily due to the surging adoption of environment-friendly electric vehicles and rising demand for industrial machinery.
Furthermore, these variants require lower power and maintenance. Hermetic motors, owing to the ballooning demand for heating, ventilation, and air conditioning (HVAC) equipment from the thriving construction sector, are expected to register the fastest increase in sales, in the coming years.
Electric motors are widely used in motor vehicles, HVAC equipment, transportation and aerospace sector, industrial manufacturing, and residential buildings. Out of these, the adoption of electric motors is expected to be the highest in motor vehicles in the foreseeable future, which would be a result of the booming vehicle manufacturing sector in China.
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Moreover, the flourishing automobile sector in other regional countries, such as India and Japan, is predicted to cause a huge upswing in the demand for electric motors in the coming years.
COVID-19: Potential Impact on High Power LED Market Estimated to Record Highest CAGR in Coming Years
The high power led market is projected to generate $17,581.5 million in 2024, witnessing a 5.3% CAGR during the forecast period (2019–2024). The key factors driving the market are the growing government support for the adoption of LED lights and increasing adoption of energy-efficient lighting solutions.
On the basis of wattage, the market is divided into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W. During the forecast period, 5–10 W division is projected to advance at the fastest pace because of the increasing deployment of these LED lights in general lighting applications.
In terms of application, the high-power LED market is classified into general lighting, signs & signals, automotive, backlighting, and others (which include infrared emitter, camera flash lighting, and ultraviolet (UV) LEDs).
Among these, the automotive application is expected to grow at a CAGR of 5.4% during the forecast period. This is ascribed to the growing requirement for high-power LED lights in automotive interior and exterior applications, including position lights, ambient lighting, fog lights, headlights, and dashboard lights.
Geographically, Asia-Pacific (APAC) is projected to hold a considerable share of the high-power LED market during the forecast period. The primary reason for this is the rising adoption of these LED lights in general lighting applications, majorly in India and China.
Furthermore, various smart city projects are in their developmental phase in these countries, which are predicted to create a huge demand for high-power LED lights. For example, in 2012, China introduced a national smart city development project, which will utilize modern technology for building smart cities.
Supply Shortages Prevail During COVID-19 Outbreak, Restricting Growth of Power Electronics Market
One of the key drivers of the power electronics market is the increasing demand for a higher power density. In the power electronics industry, power density is a major factor, especially in high-power applications. For instance, to increase the operational efficiency of wind power generators, electric rail traction drives, solar power generators, and inverter systems, power electronic devices are used.
These devices offer many advantages, such as simplified circuits, less driving power, and optimum forward and reverse blocking capabilities, which make them fit for higher-power-density operations.
Another factor driving the power electronics market is the growing preference for power electronic devices in utility applications. These devices effectively deliver power with high reliability, security, and flexibility to the power system.
Power electronic devices are of crucial importance in the conversion process of existing electrical grids to next-generation networks. Presently, about 30.0% of all power generation is done via power electronic devices, both at the point of generation and the point of electricity consumption, which is expected to rise to 80.0% by 2030.
The segments of the market are device, voltage, end user, and region. Based on device, the categories are power ICs, power discrete, and power modules. The market in the historical period was dominated by power discrete devices, which will continue to dominate it during the forecast period due to the growing requirement for renewable energy across the globe. But during the forecast period, the highest CAGR would be attained by power modules, as these make electronic devices efficient, which drives their demand.
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The region segment of the power electronics market is subdivided into North America, Asia-Pacific, Europe, and Rest of the World. In 2015, the highest revenue was generated by the Asian-Pacific region, where China led the market, whereas in the North American region, the U.S. was the largest revenue generator. In Europe, the market was led by Germany, while the U.A.E was the leader in the Rest of the World subdivision.
Thus, with the growth in demand for renewable energy, the application of power electronics would continue to expand.
COVID-19 Outbreak Impact: Production Printer Market is Expected to Boom in Coming Years
The demand for personalized solutions is growing across the globe. With the rapidly rising disposable income, people are spending increasingly on products that complement their individual personalities.
The major brands are under pressure to provide better experiences to the customers, which is why they are focusing increasingly on enhancing customer engagement, primarily through innovative packaging.
It is due to these factors that the demand for production printers is increasing. Production printers are used for high-volume printing as they can produce about 60 pages per minute, and these printers can work efficiently for both colored and monochrome printing. According to a research conducted by P&S Intelligence, the global production printer market attained a value of $4.9 billion in 2017 and is predicted to advance at a 5.1% CAGR during the forecast period (2018–2023).
Digital printing technology is aiding these companies in offering brand protection, value-added serialization, relevant personalization, and test-market prototyping. Furthermore, by making use of digital printing on flexible substrates and plastics, the businesses are able to provide high image quality, minimal inventory, and high-impact branding to their customers.
Among the two types of production printers, namely color and monochrome, the larger demand during 2013–2017 was created for color printers and the situation is going to be the same in the near future as well.
The various technologies on which production printers are based include offset, laser, gravure, inkjet, flexography, screen, and toner. Some other technologies are dye-sublimation, pad, and relief print. Out of these, the largest demand was created for the inkjet production printers during 2013–2017.
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Apart from this, high-speed inkjet printing is rapidly becoming the preferred option for printing transactional documents, as the requirement for print on demand services is growing. Attributed to these factors, inkjet production printers are going to be the most in demand in the coming years as well.
E-Cigarette Market to register 21.6% CAGR during 2019–2024
Other than the introduction of new flavors, a number of e-cigarette companies are making use of online channels and are offering promotions and discounts on the purchase of e-cigarettes. For example, in April 2019, Philip Morris International Inc., announced regarding the provision of insurance premiums to tobacco users who are switching toward vaping products. The aim of the plan was to offer 2.5% discount on premium plans to the buyers.
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When geographic scenario is taken into consideration, Europe, primarily countries such as the U.K., Russia, and France,created the largest demand for e-cigarettes in the past. However, since the researchers are not sure regarding the actual effects of e-cigarettes, several countries are imposing laws regarding the utilization of e-cigarettes.
The situation is still uncertain in some countries, however, nations such as Mexico, Singapore, Brazil, Saudi Arabia, and Thailand have imposed a complete ban on e-cigarettes, which has certainly reduced the potential growth of the domain.
In conclusion, the demand for e-cigarettes may reduce in the coming years, however, people are adopting these devices to quit the habit of smoking traditional cigarettes
According to a P&S Intelligence report, the global e-cigarette market attained a value of $11.5 billion in 2018 and is predicted to generate a revenue of $41.7 billion by 2024, advancing at a 21.6% CAGR during the forecast period (2019–2024).
