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The global OLED microdisplay market size was valued at USD 123.9 million in 2020, and it is expected to reach USD 537.0 million by 2027, registering a CAGR of 27.6% during the period. The display industry has advanced from the substantial cathode ray tube (CRT) to the organic light-emitting diode (OLED), owing to the different display needs of various industries. Advancements in computer sizes range from mainframes to palmtops, and now to a display frame that is less than an inch, diagonally. These frames are generating the need for microdisplay technologies. The growing marketplace for wearable devices also augments the demand for small and lightweight displays. OLED microdisplays offer a compact size with high pixel density. The market is witnessing growth, owing to the increased use of microdisplays in devices, such as smartphones, television, etc. Also, low entry barriers and growing revenue avenues are the prominent attributes of the OLED microdisplay market.

The comparative advantages offered by the OLED microdisplays are another driving factor for the increasing adoption of the technology. OLED microdisplays provide benefits, such as size, power, color space, and contrast, making them an ideal suit for near-to-eye applications, hence, the increased adoption in VR/AR and HMDs. OLED microdisplays are used in personal viewers (PV). Electronic viewfinders (EVF) and consumer market applications encompass VR glasses, EVF, industrial cover AR smart glasses, and the defense market targets AR helmets for pilots.

Furthermore, tech giants, such as Google and Apple, have been investing in AR technology startups; Google has invested in Owlchemy Labs and Eyefluence. Apple has a growing list of AR/VR firms in its fold, including Metaio, a free mobile AR browser, and Akonia Holographics builder of lenses for AR glasses. Google also announced that it is offering Google maps in augmented reality. This development by Google is expected to increase the demand for OLED microdisplays from the automotive industry.

COVID-19 Impact on the Global OLED Microdisplay Market

The ongoing COVID-19 pandemic has significantly hampered the progress of the microdisplay market worldwide. The lockdown was imposed in many countries to curb the spread of the coronavirus, and the virus has caused huge disruptions in the global supply chain of the parts and components used in microdisplay systems. 

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As the only US manufacturer of OLED microdisplays, eMagin Corporation was deemed an important business by the US government and has continued to produce and ship products during the COVID-19 pandemic. The company has also implemented additional employee health and safety measures per the Centers for Disease Control and Prevention (CDC) guidelines. It continues to supply products on a timely basis to its customers and maintain a healthy supply chain.

Global OLED Microdisplay Market DynamicsDriversIncreasing Number of Near-to-eye (NTE) Applications

Due to power, contrast, size, and color-space advantages, NTE applications represent the largest opportunity for OLED microdisplays. This relates to electronic viewfinders (EVF) and personal viewers (PV). Currently, there are three major markets for near-eye OLED micro-displays. The consumer market encompasses video and VR glasses and EV, industrial covers AR smart glasses for logistics, defense market targets AR helmets for pilots. Smart-Glasses (i.e., NTE displays) has evolved as the major devices for wearable AR, which holds major potential in the market. Tiny microdisplays are the key component of smart glasses, e.g., creating images from OLED that have become popular in mobile phone displays.

All microdisplay technologies in the market combine an image-creating pixel modulation. Still, only the emissive ones (for instance, LED and OLED) feature the image and light source in a single device and thus do not need an external light source. This minimizes system size and power consumption while offering exceptional contrast and color space. These advantages make OLED microdisplays the perfect fit for near-eye applications.

ChallengesProtection of OLED Layers against Oxygen and Water Vapor

The low work function metallic cathodes and organic materials consisting of OLEDs are highly sensitive to atmospheric moisture and oxygen. Water and oxygen penetrate through plastic substrates to form dark spots and edge shrinkages in OLEDs by oxidizing the as-deposited electrodes or corroding the functional organic layers, resulting in devices degradation and light output reduction. Such limitations are challenging the market growth.

To overcome such limitations, various organizations are innovating the encapsulation process of OLED displays. For instance, Phoseon Technology uses a traditional covering method and permanently bonds on the glass substrate to protect the active OLED layers. This is realized by dispensing an epoxy on the edge of the glass and using a UV LED lamp to cure the epoxy and edge-seal the two glass surfaces.

Scope of the Report

The study categorizes the OLED microdisplay market based on type and end-use at the regional and global levels.

By Type Outlook (Revenue, USD Million, 2017-2027)
  • Near-to-eye
  • Projections
By End-Use Outlook (Revenue, USD Million, 2017-2027)
  • Automotive
  • Healthcare
  • Industrial
  • Consumer Electronics
  • Military
  • Law Enforcement
By Region Outlook (Revenue, USD Million, 2017-2027)
  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The near-to-eye segment is projected to account for the largest market share by type

Based on type, the global OLED microdisplay market is divided into near-to-eye and projections. In 2020, the near-to-eye segment accounted for the largest market share of 80.5% in the global OLED microdisplay market. Near-to-eye (NTE) projection is the most common method for head-mounted displays (HMD), sometimes known as "Smart Glasses," which have gotten a lot of interest in recent years. Organic light-emitting diodes (OLEDs)-based microdisplays have good optical performance with outstanding contrast ratio and broad dynamic range at low power consumption, making them ideal for this application.

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Further, OLED-on-Silicon technology has become vital to emissive microdisplays in near-to-eye displays, e.g., upcoming smart glasses. Organized as a 1280 x 1024 array built on a CMOS silicon substrate with a 0.774" diagonal display measurement, the OL12C10M is said to be the world's first commercial OLED-on-silicon microdisplay. With a green (535 nm) emissive color, the microdisplay is targeted in consumer, industrial, and military applications where low power and high resolution in a compact form factor are needed.

Asia Pacific accounts for the highest CAGR during the forecast period 

Based on the regions, the global OLED microdisplay market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 27.9% in the global OLED microdisplay market during the forecast period. Asia-Pacific is expected to become the fastest-growing market globally during the forecast period. The largest single-country markets in the region are expected to be China, South Korea, and Japan. The growth is being augmented by the presence of the world’s most well-developed electronics manufacturing ecosystem.

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Further, despite the fast development of the OLED microdisplays in the last decade, the drawbacks in full-color rendering, brightness, and cost-effectiveness still need to be addressed. A low-driving-voltage and efficient Top-Emitting Organic Light-Emitting Device (TEOLED) with electrically doped transporting layers was developed and integrated with the complementary metal-oxide-semiconductor (CMOS) backplane. The Aluminium contact fabricated in the CMOS foundry was employed to fabricate the TEOLEDs, which provided the most precise model for constructing the equivalent circuit for microdisplays.

Key Market Players

The OLED microdisplay market is mildly concentrated in nature with few numbers global players operating in the market such as MicroOLED SA, Yunnan Olightek Optoelectronic Technology Co. Ltd., Winstar Display Co. Ltd., eMagin Inc., Kopin Corp., WiseChip Semiconductor Inc., Seiko Epson Corp., Fraunhofer FEP, Sony Semiconductor Solutions Corp., and Sunlike Display Technology Corp. Every company follows its business strategy to attain the maximum market share.

The global bifacial solar panel market size is anticipated to project a CAGR of 28.9% during the forecast period (2021-2027). According to the Wood Mackenzie Power & Renewables report, the installed capacity of bifacial grew from around 97 MW globally in 2016 to more than 2,600 MW in 2018. It is projected to reach 32,000 MW in 2027. In addition, the recent data by Infolink expects global bifacial demand to reach 12GW in 2020.

The framed bifacial panel production is gaining traction across the globe, supported by its ease in installation and cost-effectiveness. Further, due to its ease of conversion into bi-facial solar panels, thin-film photovoltaic technologies are growing over the forecast period.

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Factors Affecting the Bifacial Solar Panel Market over the Forecast Period:
  • Rising demand for electricity and the cost of large-scale electric photovoltaics is lower than that of fossil fuel are the main drivers of the bifacial solar panel market.
  • Governments across the globe are offering incentives and promoting the large-scale deployment of solar energy, which is boosting the bifacial solar panel market growth.
  • The key manufacturers are focused on improving various properties such as low degradation rate, cell temperature, high flameproof rating, mechanical strength, less flexing, reduction of delamination, micro-cracking, and moisture corrosion to improve the quality and functions of the bifacial solar panels, which attract the customers and positively impact on the growth of the market.
  • However, the high installation and management costs are the key restraining factor of the bifacial solar panel market. The lack of awareness, standardization, and interoperability is expected to impede the growth of the bifacial solar panel market.
Impact of COVID-19 on Bifacial Solar Panel Market:

The COVID-19 has disrupted the global bifacial solar panel market, and companies have been forced to restructure their plans to cope with the pandemic. COVID-19 influences the world economy in three major ways: impacting production and demand, disturbing the supply chain and market, and its economic effect on companies. Owing to manufacturing discrepancies and global economic issues, several companies have delayed their plans.

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Scope of the Report

The report outlines the global bifacial solar panel market based on cell type, frame type, solar panel type, and application.

Based on the cell type, the bifacial solar panel market has been segmented into –
  • Heterojunction Cell
  • Passivated Emitter Rear Cell
Based on the frame type, the bifacial solar panel market has been segmented into –
  • Framed Bifacial Solar Panel
  • Frameless Bifacial Solar Panel
Based on the solar panel type, the bifacial solar panel market has been segmented into–
  • Monocrystalline Solar Panels
  • Polycrystalline Solar Panels
  • Thin-film Solar Panels
Based on the application, the bifacial solar panel market has been segmented into –
  • Residential
  • Commercial
Bifacial Solar Panel Market: Regional Outlook

The global bifacial solar panel market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East, and Africa. North America holds the largest share in the global bifacial solar panel market in 2020, followed by the Asia Pacific and Europe. Several countries in the region are making major investments in the solar energy industry. Moreover, Asia Pacific is the fastest-growing market and is expected to have the highest CAGR in the global market over the forecast period.

Key Global Bifacial Solar Panel Market Competitors Includes –

The global bifacial solar panel market is highly fragmented, with the presence of a large number of players across the globe. The key players operating in the global bifacial solar panel market include–

  • LG Electronics
  • MegaCell
  • Neo Solar Power
  • Panasonic
  • Prism Solar
  • PVG Solutions
  • SolarWorld
  • Yingli Green Energy
  • LONGi
  • Lumos Solar
  • Silfab
  • Supreme
  • Trina Solar.

The bifacial solar panel market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the presence of the market players in the respective segment and region/country. The information concluded in the report includes the inputs.

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Bifacial Solar Panel Market Report Covers Comprehensive Analysis On:
  • Market Segmentation & Regional Analysis
  • Market Size of 10 years
  • Pricing Analysis
  • Supply & Demand Analysis
  • Product Life Cycle Analysis
  • Porter’s Five Forces & Value Chain Analysis
  • Developed & Emerging Economies Analysis
  • PEST Analysis
  • Market and Forecast Factor Analysis
  • Market Opportunities, Risks, & Trends
  • Conclusion & Recommendation
  • Regulatory Landscape
  • Patent Analysis
  • Competition Landscape
  • 15+ Company Profiles
Bifacial Solar Panel Market Regional Analysis Includes:
  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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Bifacial Solar Panel Market: Target Audience
  • Bifacial solar panel manufacturers
  • Solar panel manufacturers, distributors, and suppliers
  • PV distributors and suppliers
  • Trade publications and magazines
  • Government authorities, associations, and organizations
Description

According to the Market Statsville Group, the global acrylic resins market size is expected to grow from USD 19,783.2 million in 2021 to USD 29,677.1 million by 2030, at a CAGR of 5.2from 2022 to 2030The acrylic resins market is expected to grow due to the increased use in various end-use industries such as building, construction, and automotive. Acrylic resins are also widely used as primary binders in paints and coatings due to their high adhesion. Furthermore, demand for acrylic resins is expected to increase as new city projects in emerging economies such as China, India, and Japan increase. Bio-based resin systems are expected to gain popularity, which will open up new market opportunities.

With rapid urbanization, demand for acrylic resin products is rising in wall painting and coating applications. Emerging countries such as China and India are witnessing many populations moving to urban areas, owing to migration policies and urban-rural income differences. According to the seventh population census of 2020, more than 60% of the population in China lives in urban areas. Such a massive shift has led to a rise in the number of new investments in construction projects in the country. Moreover, the rise in the population of Asia-pacific is one of the crucial factors that influence the market growth. The total population of Asia-Pacific represents around 60% of the global population and is expected to increase to 5.2 billion (0.9 billion increase) by 2050.

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Global Acrylic Resins Market Definition

Acrylic resins are thermoplastic or thermosetting polymers used as the primary binder for coatings and additives. Acrylic resins are available in both solvent and water-based formulations. Acrylic resin has a density of 1.02-1.19 grams per cubic centimeter. Acrylic resins have excellent water resistance, adhesion, and crack resistance. Acrylic resins are used in paints, coatings, adhesives, and sealants, among other things.

Global Acrylic Resins Market DynamicsDriversSurge in demand from the automotive industry

Acrylic resins are used as coating additives for interiors and exteriors in the automotive industry. There is a significant increase in demand for automotive across all regions. This is attributed to an increase in disposable income and growth in the prominence of private cars. Acrylic resins are used for the protection of automotive against environmental hazards. Solvent-based resins are mostly used for more natural finish and high gloss after coating. Such factors are anticipated to drive the market growth during the forecast period.

RestraintsAdverse effects of volatile content and government regulation

Solvent-based acrylic resins have high volatile content, unlike water-based acrylic resins. Solvent-based resins can be hazardous to workers in confined spaces due to their high solvent evaporation. This could lead to headaches, dizziness, and light-headedness and further progress to unconsciousness and seizures. Irritation of the nose, eye, and throat are also some of the other effects of working with these systems. Moreover, environmental regulations to reduce volatile organic contents (VOCs) in acrylic resins have led to introduction of resin formulations with lower solvent contents, lower average molecular weights, and higher functionality. These factors are expected to act as restraints for the global acrylic resins market during the forecast period.

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Scope of the Global Acrylic Resins Market

The study categorizes the acrylic resins market based on type, application, and end-users at the regional and global levels.

By Type Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Water-based
  • Solvent-based
  • Others
By Application Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Paints & Coatings
  • Adhesives & Sealants
  • Others
By End-Users Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Building & Construction
  • Automotive
  • Electronics
  • Packaging
  • Others
By Region Outlook (Sales/Revenue, USD Million, 2017-2030)
  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The water-based segment accounts for the largest market share, by type

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On the basis of type, the global Acrylic resins market is classified into water-based, solvent-based, and othersIn 2021, the water-based segment accounted for the largest market share of 54.1in the global acrylic resins marketThis type of acrylic resin is water-soluble, which is produced through the copolymerization of acrylic acid, methacrylic acid, and other derivatives. Different methods, such as emulsion and solution polymerization, can be used to produce acrylic resins. However, an emulsion is mostly used to produce water-based acrylic resins. The addition of acrylonitrile and styrene can improve the water-based acrylic resins' wear resistance and mechanical properties. This is majorly used in construction, automotive, and consumer goods.

Growth in emphasis of water-based acrylic resins in coating applications is expected to drive the market growth. Acrylic resin is used as the primary binder for industrial coatings. Moreover, concerns from governments regarding the volatile organic content (VOC) of solvent-based acrylic resins will increase the demand for water-based acrylic resins. Industry players are focusing on increasing the application of water-based coatings in buildings and construction industries to replace alkyd resin and conventional acrylic resins. This will provide the acrylic resins market growth opportunities during the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period

Region-wise, the Acrylic resins market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is the fastest-growing region with a CAGR of 6.0% during the forecast period. Asia-Pacific acrylic resins market consists of China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Building & construction is the fastest growing industry in Asia-Pacific, especially in China and India. Development in many industries such as building & construction and automotive is expected to increase demand for acrylic resins during the forecast period.

Moreover, North America is the fastest-growing region after the Asia Pacific with a CAGR of 5.8% in the global acrylic resins market during the forecast period. The building & construction market is expected to grow significantly in all the three countries covered in this region, the U.S., Canada, and Mexico. The automotive industry segment is also expected to register substantial growth during the forecast period. These two factors are expected to increase demand for automotive coatings and refinishes based on acrylic resins.

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Key Market Players

The acrylic resins market is consolidated in nature with few players such as BASF SEThe Dow Chemical CompanyArkemaMitsubishi Chemical Holdings, Sumitomo Chemical, DIC Corporation, and DSM.  

These players have been adopting various strategies to gain higher share or to retain leading positions in the market. Acquisition is the most adopted strategy by players such as Show Denko, Mitsubishi Chemical, Arkema, and DIC.

According to the Market Statsville Group (MSG), the global hydraulic pump market size is expected to grow from USD 8,465.9 million in 2021 to USD 13,190.4 million by 2030, at a CAGR of 4.7% during the study period 2022 to 2030The need for hydraulic pumps is driven by the increased construction activities worldwide, rising automobile sales, and increased use in the mining industry. Furthermore, government regulations focus toward the reduction of CO2 emissions and increase public awareness regarding energy conservation. Such factors are expected to provide growth opportunities in the hydraulic pump market during the forecast period. Further, the growing investment in R&D by major players coupled with advancing technologies will create lucrative opportunities for the market's growth over the forecasting period.

Global Hydraulic Pump Market Definition

Hydraulic pumps form a mechanical power source that converts mechanical power into hydrostatic energy or hydraulic energy. Such pumps maintain the flow with enough power to overcome pressure induced by load at the pump outlet.

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Global Hydraulic Pump Market DynamicsDriversGrowth of Construction, Mining, and Automotive Industries Worldwide

The key factor impacting the growth of the hydraulic pump market is the growth of the application industries. Hydraulic pumps have a huge application in the construction, mining, and automotive industries. Additionally, there is an increase in industrialization and urbanization in developing countries such as India and China. These countries are in a phase of rapid industrialization due to increasing population. This has led to a surge in consumer needs for products accelerating the growth of end-use industries.

The mining industry plays a vital role in the economic growth and development of a country. Numerous reserves are waiting to be discovered, but there are insufficient tools and equipment to complete the task properly. Some of the tools employed are ineffective. Hydraulic mining, on the other hand, is not a new concept. Hydraulic jacks, for example, have played an important role in modern underground mining. Similarly, the mining rotary breaker has shown to be quite helpful in breaking up large chunks of earth that could otherwise obstruct underground mining. In both on-surface and underground mining processes, such pieces of equipment break down impediments to enable easier access to the working area.

Restraints: High Maintenance Cost and Degrading Salvage Value of Hydraulic Pumps

A hydraulic pump is a complicated mix of science, technology, engineering, and chemistry. There are two different kinds of hydraulic pumps; the rotary vane pump and the radial siston pump. There is a multitude of difficulties to be aware of when it comes to valve pumps and radial siston pumps.

Some of them are:

  • The pump noise is excessive.
  • If the system is overheating,
  • The pump isn't producing enough pressure.
  • The oil pump is not supplying the necessary amount of oil.
  • If a leak occurs at the oil seal,
  • If the pump doesn't have enough volume,
  • If one of the bearings fails,
  • If the motor is overloaded

All these problems usually arise with the use of a hydraulic pump and thus it ends up in high maintenance costs. There may be different reasons for these problems to arise.

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Scope of the Global Hydraulic Pump Market

The study categorizes the hydraulic pump market based on component, waste type, method, and application at the regional and global levels.

By Type Outlook (Sales, USD Million, 2017-2030)
  • Gear Pump
    • External Gear Pump
    • Internal Gear Pump
  • Vane Pump
  • Piston Pump
    • Lift Pump
    • Force Pump
    • Axial Pump
      • Closed-Loop pump
      • Open-Loop Pump
    • Radial Piston-Pump
  • Others
By Application Outlook (Sales, USD Million, 2017-2030)
  • Construction
  • Automotive
    • Passenger Car
    • Commercial Vehicle
  • Others
By Control Type Outlook (Sales, USD Million, 2017-2030)
  • Manual Control
  • SJC Control
By Region Outlook (Sales, USD Million, 2017-2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
The gear pump segment is projected to account for the largest market share, by type

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Based on type, the global hydraulic pump market is divided into gear pump, vane pump, piston pump, and othersIn 2021, The gear pump segment is expected to hold the largest share in the global market during the forecast period. Hydraulic gear pumps have been utilized in various applications due to their adaptability, simple design, ease of operation, and diversity.

Hydraulic gear pumps are directly tied to rising demand for industrial equipment from a wide range of industries. Throughout the projection period, the market for hydraulic gear pumps will be fueled by rising need for user-friendly pump solutions coupled with proper fitment. Moreover, it has huge application in the building and construction industries. Building and construction operations that are flourishing in both developed and developing economies are expected to generate significant demand for high-quality equipment.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global hydraulic pump market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is estimated to hold the highest CAGR in the global hydraulic pump market during the forecast period.

Rising industrialization and strict laws by government bodies to restrict carbon emissions will fuel the growth of the Asia pacific hydraulic pumps market. Asia-Pacific consists of China, India, South Korea, Australia, Japan, and the rest of Asia-pacific. The growth of Asia-Pacific hydraulic market owes to high growing construction industry. With the increase in population and urbanization, industrialization is taking fast pace. Hydraulic pumps are used in various construction equipment which are cost effective and saves a lot of time as compared to traditional equipment. They help reduce fuel consumption, hence reducing CO2 emissions. Additionally, governments are taking initiatives for both construction and CO2 emission reduction.

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Key Market Players in the Global Hydraulic Pump Market

The global hydraulic pump market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

Major players in the global hydraulic pump market are:

Description

The global cannabis packaging market size was estimated to grow USD 3,534.2 million by 2030 from USD 620.2 million in 2021, growing at a CAGR of 24.3% from 2022 to 2030. The rising demand and use for medical and recreational cannabis products for consumption and the increasing legalization and certification of cannabis in various countries are likely to drive the global market of cannabis packaging.

The market was plagued with the non-uniformity of the legal status of cannabis around the world, due to which major packaging companies have stayed away from the market. However, larger packaging firms are entering the market with the increasing legalization. Berry Global was the major player that entered the cannabis packaging market in 2018, and the other major players are expected to enter the market with unprecedented growth. Currently, several players are operating in the studied market, like, Green Rush and JL Clarks.

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Moreover, the cannabis packaging market is still a maturing industry owing to the vast restrictions placed on the free distribution of cannabis. Canada was the first nation to fully legalize the growth, consumption, and sale of cannabis, with Uruguay, Georgia, and South Africa having similar but significantly more restrictive national legalization models in place.

Definition of Global Cannabis Packaging Market

Cannabis: Cannabis is a psychoactive medicine from the Cannabis plant, and cannabis is also known as marijuana. For centuries, the cannabis plant has been used for recreational and entheogenic purposes and in various traditional medicines.

Cannabis Packaging: The packaging market of cannabis deals with several rigid and flexible packaging formats, including child-proof containers, barrier bags, flexible films, amongst others. The demand of the packaging market is led by the consumption of packaging for recreational and medicinal purposes.

COVID-19 Impact on the Global Cannabis Packaging Market

The COVID-19 pandemic has significantly impacted several industries causing ripples in the supply chain but has been beneficial for the growth of the studied market. Cannabis was labeled an “essential item” during the COVID-19 pandemic, which allowed its distribution even in lockdown. After government authorities in several regions deemed cannabis businesses as “essential” operations, states with legal medical or recreational stores were open amidst the pandemic owing to its status of operations. The continuous retail operations allowed growth in sales of cannabis which in turn created a positive impact on the packaging market.

In addition, the onset of 2020 has led to issues being faced by plastic manufacturers amidst the Coronavirus outbreak. For instance, as of March 2020, the British Plastics Federation (BPF) surveyed its members to depict the coronavirus pandemic impact on UK plastics manufacturing.

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During the pandemic, the increased demand for cannabis products has led to the geographic expansion of key players targeting the emerging set of customers. For instance, in April 2021, Her Highness, a luxury cannabis brand with operations in several states in the United States, announced expanding into Canada and other countries. The company stated that its strategic expansion addresses the increased demand during the pandemic era.

Global Cannabis Packaging Market DynamicsDriversLegalization of Cannabis in Various North American Countries

Cannabis has been grown, sold, and distributed through illegal channels for several years. The legalization of the product routed the sales through proper channels urging systematic governance in the sector. The legalized product distribution across countries has directly impacted the need for sophisticated packaging formats to enhance the brand image and extend shelf life, amongst other requirements.

Medical cannabis use has been legalized for several years in countries like the United States. But the legalization of cannabis in Canada and multiple states of the United States is driving the growth of the studied market. Canada has already legalized cannabis for medicinal and recreational purposes in 2018. The United States is fast catching up with several state governments legalizing the use in tandem with public pressure and curbing the illegal distribution of the product.

For instance, in Arizona, voters approved Proposition 207 in November 2020, which legalized cannabis for adult use. The state provided licenses to operators that enabled adults to buy cannabis 80 days after voters approved the initiative. The new legalization allows buyers to purchase a maximum amount of one ounce per transaction from regulated sources. There are 1 .37 dispensaries operational in Arizona per 100,000 people. The increased demand for the products is anticipated to drive retail sales.

RestraintsStringent Regulation Related to Cannabis Packaging

The stringency of the regulations is anticipated to offer some degree of flexibility over the forecast period so as not to stifle innovation in the cannabis packaging industry but currently poses an immense challenge. Even with this recent legitimization of cannabis in several countries, several strict norms need to be followed for packaging cannabis products. For instance, according to regulations in the state of California, which were codified in Proposition 64, the law that legalized adult-use cannabis in the state, the packaging of cannabis was outlined with different requirements.

In addition to the labeling requirements, the law also provides directions for cannabis packaging sold in a dispensary in California. The requirements are listed below. Such rigorous practices have created a challenge for packaging solution providers to maintain compliance.

Furthermore, the cannabis packaging standards differ from country to country and from state to state in some instances. The lack of uniformization of regulations in countries like the United States, where state governments are actively legalizing marijuana, but the product continues to be illegal on a federal basis, has created immense confusion amongst cannabis vendors and their packaging suppliers.

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Global Cannabis Packaging Market Segmentation

The cannabis packaging market has been categorized based on type, packaging material, and region.

By Type Outlook (Sales, USD Million, 2017-2030)
  • Rigid Packaging
  • Flexible Packaging
By Packaging Material Outlook (Sales, USD Million, 2017-2030)
  • Glass
  • Metal
  • Plastic
  • Cardboard Containers
By Region Outlook (Sales, USD Million, 2017-2030)
  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
By type, the rigid packaging segment holds the largest market share

The worldwide cannabis packaging market is segmented into rigid and flexible packaging based on type. The rigid packaging segment of the global cannabis packaging market held the largest market share of 78.2% in 2021. Rigid packaging comprises plastic bottles, glass bottle jars, and metal cans. While there are various material types used for cannabis packaging, plastic is the most common material used for cannabis packaging. Two major reasons involve product preservation and the strict cannabis packaging regulatory environment.

Another advancement that has significantly expanded cannabis packaging evolution is the use of airtight containers. Although plastic packaging is convenient storage, it does not completely keep cannabis airtight and fresh. Therefore, the need for airtight cannabis packaging arose quickly. This led to the invention of nitrogen-sealed cannabis packaging. The airtight cannabis packaging market continues to expand daily. A player such as JohnsByrne has been a significant player in the evolution of cannabis packaging. The EPIK LOK packaging solution's most significant advancement is 16CFR Part1700 tested and CR certified. EPIK LOK is an innovative CR packaging solution that provides cannabis companies with maximum surface area for aesthetic and decorative elements while guaranteeing the safety of children.

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Europe accounts for the fastest-growing region

North America, Asia-Pacific, Europe, South America, and the Middle East & Africa are the regions in which the worldwide cannabis packaging market has been categorized. Europe will have the highest CAGR of 25.5% in the global cannabis packaging market during the forecast period. The legalization of cannabis is accelerating in Europe, with several significant developments in the final quarter of 2020. The European Court of Justice decided in November 2020 that CBD is not a narcotic substance under EU law, paving the way for future CBD markets. A few weeks later, the United Nations finally acknowledged cannabis' medical potential by removing the plant and its derivatives from Schedule IV of the Single Convention on Narcotic Drugs, with all EU countries voting in favor except Hungary.

According to a study published in April 2020 on Pan European Networks Ltd, a European health website, researchers will conduct an anonymous survey of medical cannabis patients about their mental and physical health, as well as examine changes in patients' frequency of use of cannabis, dosage, and route of administration based on COVID-19-related closures and updates. As a result, the COVID-19 pandemic is predicted to provide significant market expansion potential.

Key Market Players

The cannabis packaging market is mildly concentrated in nature with few numbers of global players operating in the market such as KushCo Holdings Inc., JL Clarks Inc., Kaya Packaging, Cannaline Cannabis Packaging Solutions, Dynapack, Diamond Packaging, Greenlane Holdings Inc., N2 Packaging Systems, Green Rush Packaging, Elevate Packaging Inc., and Berry Global Inc. Every company follows its business strategy to achieve the maximum market share.  

According to the Market Statsville Group (MSG), the global smart mirror market size was USD 2.3 billion in 2021 and is estimated to reach USD 6.2 billion by 2030, at a CAGR of 11.2% from 2022 to 2030An increase in the adoption of smart mirrors in the automotive sector majorly drives the growth of the global smart mirror market. Additionally, the rise in demand for connected devices and the transition to digital stores in the retail industry boost the market growth. However, the high initial cost and security concerns of private information impede the growth of this market. In contrast, an increase in the adoption of smart homes coupled with advances in industry 4.0 is likely to create a lucrative opportunities for the major players in the smart mirror market.

Global Smart Mirror Market Definition

smart mirror is an advanced mirror that comes with technologies such as cameras, displays, sensors, and connectivity equipment. These mirrors are mainly used in various industry verticals such as retail, residential, healthcare, automotive, etc. The smart mirror's function can differ depending on its utility.

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Global Smart Mirror Market DynamicsDriversTransition to digital stores in the retail industry

In recent years, connected devices, such as smart televisions at home, connected car dashboards & infotainment systems, and devices in hospital rooms, have increased considerably. For instance, erstwhile, people had access to either PC or laptop. However, consumers can opt for all connected devices such as laptops, smartphones, smartwatches, or tablets due to the improved interconnectivity of devices. This has significantly increased the number of active users. Thus, the majority of smart mirrors are connected via various connectivity technologies and can be utilized with the growing demand for autonomous vehicles and smart homes. All these factors considerably contribute toward the growth of the smart mirror market.

RestraintsIncrease in concerns of data breach

Smart mirror devices can store personal user information. For instance, customers in retail stores provide with personal details such as name and contact information, which the retailer can use for unethical purposes.

This will lead to breach in the confidentiality of personal data. Hence, security of private information impedes the growth of the smart mirror market.

Scope of the Global Smart Mirror Market

The study categorizes the smart mirror market based on component and end-users at the regional and global levels.

By Component Outlook (Sales, USD Million, 2017-2030)
  • Hardware
    • Sensor
    • Display
    • Camera
    • Audio system
    • Connectivity
  • Software
  • Services

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By End-Users Outlook (Sales, USD Million, 2017-2030)
  • Automotive
  • Healthcare
  • Residential
  • Others
By Region Outlook (Sales, USD Million, 2017-2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
Hardware segment is expected to be the largest market share, by component

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Based on component, the global smart mirror market is divided into software, services, and hardwareIn 2021, the hardware segment had the largest market share of 61.0in the global smart mirror marketBased on component, the hardware segment is categorized into sensors, displays cameras, audio systems, and connectivity. Each of them may differ according to the end-users they are used in. For instance, a smart mirror used in automotive sector may not necessarily have audio system incorporated, whereas a smart mirror in a residential sector contains an audio system. Sensors include RFID sensors, touch sensors, facial recognition sensors, voice recognition sensors, and others. Connectivity solutions consist of Wi-Fi, Bluetooth, and other connectivity components.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global smart mirror market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is estimated to hold the highest CAGR of 12.1% in the global smart mirror market during the forecast periodCountries such as China, India, and Japan are majorly influencing the smart mirror market in the Asia-Pacific region. The transition of traditional stores into digital stores in the retail industry and concepts such as smart clothing, which includes smart shelf, smart mirrors, and smart hangers create lucrative growth opportunities for the smart mirror market in this region.

Artificial intelligence is playing a critical role in revolutionizing the shopping experience with the help of algorithms used for tracking, analyzing, and satisfying customer needs. For instance, shoppers in Guangdong province in China are among the first group to experience smart clothing with the help of intelligent fitting room in fashion outlets such as Jack & Jones and Vero Moda. The intelligent fitting room uses facial recognition and allows customers to view themselves in the clothes they pick.

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Key Market Players in the Global Smart Mirror Market

Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global market are:

Description

According to the Market Statsville Group (MSG), the global smart sound and gateway market size is expected to grow from USD 438.4 million in 2021 to USD 4,397.7 million by 2030, at a CAGR of 29.2% from 2022 to 2030A smart speaker is a wireless device offering smart audio playback using several types of connectivity for additional functions. The study focuses on smart speakers with both display and non-display offerings. The devices that operate with a virtual assistant are considered under the scope of the study, and the devices that offer multiple virtual voice assistant support are considered under 'Multiple Virtual Assistant Support Speakers’.

Due to high-speed internet and increased access to smartphones the global demand for smart speakers is increasing at an exponential rate. In English-speaking nations, such as the UK and the US, demand for smart speakers with virtual voice assistants was significantly higher in 2019. Since then, demand has shifted to non-English speaking countries, such as China, Germany, and India.

Among the overall demand for digital voice assistants, overall market demand was led by Google Assistant and Apple's Siri, owing to their penetration in the smartphone market. However, in terms of smart speakers, the market was led by Amazon's Alexa. Alexa commands a major share of the smart speaker market, owing to the growing product queries made via voice searches.

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Global Smart Sound and Gateway Market DynamicsDriversGrowing Consumer Propensity toward Connected Devices

The growing consumer propensity towards the adoption and usage of the connected devices is augmenting the demand. For instance, according to a study by Jaze Networks, the global internet-connected devices per person in 2020 were at 6.58; and according to another study, the global number for connected devices per person is likely to reach 15 by 2030.

In addition to this, consumer demand for smartphones is increasing at a significant rate. For instance, according to the data by Ericsson, in Q2 2020, the total number of mobile subscriptions was about 7.9 billion, amongst which about 74% of the subscriptions were associated with smartphones. Such growing penetration of smartphones is expected to pave the way for more connected to devices.

Challenges: Security Concerns Pertaining to Connected Devices

Even small news of security breach headline from a major vendor influences consumer decisions significantly. For example, misunderstood commands, unintended purchases, and Alexa listening to consumers have made users take a back foot stance in adopting smart speakers. Also, the security breaches in terms of data and passive listening were amongst the major concerns hindering the growth.

According to a study by Microsoft, about 52% of the respondents mentioned that data security was their major concern in the adoption of smart speakers, 41% mentioned its passive listening, and 14% of respondents took time to hand write that they did not trust the company behind the voice assistant.

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Segments of the Global Smart Sound and Gateway Market

The study categorizes the smart sound and gateway market based on virtual assistant, solution, and region.

By  Virtual Assistant Outlook (Sales, USD Million, 2017-2030)
  • Alexa
  • Google Assistant
  • Siri
  • Ali Genie
  • Xiao AI
  • Multiple Virtual Assistant Support Speakers
  • Other Virtual Assistants
By Solution Outlook (Sales, USD Million, 2017-2030)
  • Smart Speaker
  • Hearables
By Region Outlook (Sales, USD Million, 2017-2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
The Alexa segment is projected to account for the largest market share, by virtual assistants

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Based on virtual assistants, the global smart sound and gateway market is divided into Alexa, Google Assistant, Siri, Ali Genie, Xiao AI, Multiple Virtual Assistant Support Speakers, and Other Virtual Assistants. In 2021, Alexa had the largest market share of 31.9% in the global smart sound and gateway market. Amazon’s Alexa is one of the most commonly accepted, hands-free voice assistants that can be used for various purposes. Its user interface system was developed back in 2014. Alexa’s distinguished features, machine learning, and speech science technology is further designed to support multiple, simultaneous wake words.

Since the emergence of voice assistants, globally, the expanded conversational commerce has created new opportunities for brands to build greater intimacy with consumers. For instance, Amazon has been rolling out voice shopping options by adding the Alexa voice assistant to its mobile shopping app. Likewise, it aims to foray into Europe to try out voice shopping. However, issues pertaining to compliance with Europe’s GDPR privacy rules and assurance to people that their data would not be taken.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global smart sound and gateway market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is estimated to hold the highest CAGR of 40.1% in the global smart sound and gateway market during the forecast periodThe region includes the countries such as China, Japan, India, Australia, Southeast Asia, South Korea, and Rest of Asia-PacificDue to the low manufacturing costs achieved by local vendors, high rate of product innovation in the market, and increased domestic consumption, China had the largest market share in Asia Pacific. For instance, In 2020, Xiaomi-backed Redmi also launched its first touchscreen smart speaker, dubbed as Redmi XiaoAI Touchscreen Speaker 8. In September 2020, the company again launched an upgraded variant in China — Redmi XiaoAI Touchscreen Speaker Pro. It features an 8-inch touchscreen display that can be used to watch videos, listen to songs, and be linked with smart cameras and doorbells to view the video feed on the device to keep a check anytime.

Moreover, High investment in IoT devices and technology and increasing investment in voice assistant devices are some of the key factors driving the market growth in Japan. Many small companies claim that there were approximately 3.5 to 4 million households in Japan with smart speakers installed in their homes in 2018. This number is expected to increase to almost 22 million households by 2024. Many local newspapers also claimed that in 2019, the country witnessed a 131% growth in the smart speaker market.

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Key Market Players in the Global Smart Sound and Gateway Market

Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global smart sound and gateway market are:

  • Amazon.com Inc.
  • Google LLC (Alphabet Inc.)
  • Apple Inc.
  • Alibaba Group Holding Limited
  • Baidu Inc.
  • Xiaomi Inc.
  • Samsung Electronics Co. Ltd
  • Sonos Inc.
  • Bose Corporation
  • Plantronics Inc.
Description

According to the Market Statsville Group (MSG), the global hydraulic pump market size is expected to grow from USD 8,465.9 million in 2021 to USD 13,190.4 million by 2030, at a CAGR of 4.7% during the study period 2022 to 2030The need for hydraulic pumps is driven by the increased construction activities worldwide, rising automobile sales, and increased use in the mining industry. Furthermore, government regulations focus toward the reduction of CO2 emissions and increase public awareness regarding energy conservation. Such factors are expected to provide growth opportunities in the hydraulic pump market during the forecast period. Further, the growing investment in R&D by major players coupled with advancing technologies will create lucrative opportunities for the market's growth over the forecasting period.

Global Hydraulic Pump Market Definition

Hydraulic pumps form a mechanical power source that converts mechanical power into hydrostatic energy or hydraulic energy. Such pumps maintain the flow with enough power to overcome pressure induced by load at the pump outlet.

Global Hydraulic Pump Market DynamicsDriversGrowth of Construction, Mining, and Automotive Industries Worldwide

The key factor impacting the growth of the hydraulic pump market is the growth of the application industries. Hydraulic pumps have a huge application in the construction, mining, and automotive industries. Additionally, there is an increase in industrialization and urbanization in developing countries such as India and China. These countries are in a phase of rapid industrialization due to increasing population. This has led to a surge in consumer needs for products accelerating the growth of end-use industries.

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The mining industry plays a vital role in the economic growth and development of a country. Numerous reserves are waiting to be discovered, but there are insufficient tools and equipment to complete the task properly. Some of the tools employed are ineffective. Hydraulic mining, on the other hand, is not a new concept. Hydraulic jacks, for example, have played an important role in modern underground mining. Similarly, the mining rotary breaker has shown to be quite helpful in breaking up large chunks of earth that could otherwise obstruct underground mining. In both on-surface and underground mining processes, such pieces of equipment break down impediments to enable easier access to the working area.

Restraints: High Maintenance Cost and Degrading Salvage Value of Hydraulic Pumps

A hydraulic pump is a complicated mix of science, technology, engineering, and chemistry. There are two different kinds of hydraulic pumps; the rotary vane pump and the radial siston pump. There is a multitude of difficulties to be aware of when it comes to valve pumps and radial siston pumps.

Some of them are:

  • The pump noise is excessive.
  • If the system is overheating,
  • The pump isn't producing enough pressure.
  • The oil pump is not supplying the necessary amount of oil.
  • If a leak occurs at the oil seal,
  • If the pump doesn't have enough volume,
  • If one of the bearings fails,
  • If the motor is overloaded

All these problems usually arise with the use of a hydraulic pump and thus it ends up in high maintenance costs. There may be different reasons for these problems to arise.

Scope of the Global Hydraulic Pump Market

The study categorizes the hydraulic pump market based on component, waste type, method, and application at the regional and global levels.

By Type Outlook (Sales, USD Million, 2017-2030)
  • Gear Pump
    • External Gear Pump
    • Internal Gear Pump
  • Vane Pump
  • Piston Pump
    • Lift Pump
    • Force Pump
    • Axial Pump
      • Closed-Loop pump
      • Open-Loop Pump
    • Radial Piston-Pump
  • Others
By Application Outlook (Sales, USD Million, 2017-2030)
  • Construction
  • Automotive
    • Passenger Car
    • Commercial Vehicle
  • Others
By Control Type Outlook (Sales, USD Million, 2017-2030)
  • Manual Control
  • SJC Control

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By Region Outlook (Sales, USD Million, 2017-2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
The gear pump segment is projected to account for the largest market share, by type

Based on type, the global hydraulic pump market is divided into gear pump, vane pump, piston pump, and othersIn 2021, The gear pump segment is expected to hold the largest share in the global market during the forecast period. Hydraulic gear pumps have been utilized in various applications due to their adaptability, simple design, ease of operation, and diversity.

Hydraulic gear pumps are directly tied to rising demand for industrial equipment from a wide range of industries. Throughout the projection period, the market for hydraulic gear pumps will be fueled by rising need for user-friendly pump solutions coupled with proper fitment. Moreover, it has huge application in the building and construction industries. Building and construction operations that are flourishing in both developed and developing economies are expected to generate significant demand for high-quality equipment.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global hydraulic pump market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is estimated to hold the highest CAGR in the global hydraulic pump market during the forecast period.

Rising industrialization and strict laws by government bodies to restrict carbon emissions will fuel the growth of the Asia pacific hydraulic pumps market. Asia-Pacific consists of China, India, South Korea, Australia, Japan, and the rest of Asia-pacific. The growth of Asia-Pacific hydraulic market owes to high growing construction industry. With the increase in population and urbanization, industrialization is taking fast pace. Hydraulic pumps are used in various construction equipment which are cost effective and saves a lot of time as compared to traditional equipment. They help reduce fuel consumption, hence reducing CO2 emissions. Additionally, governments are taking initiatives for both construction and CO2 emission reduction.

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Key Market Players in the Global Hydraulic Pump Market

The global hydraulic pump market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

Major players in the global hydraulic pump market are:

  • Bosch Rexroth AG
  • Bucher Industries AG
  • Danfoss AS
  • Enerpac Tool Group Corp.
  • Bailey International LLC
  • Dynamatic Technologies Ltd.
  • Eaton Corporation PLC
  • Linde Hydraulics
  • Oilgear
  • Parker Hannifin Corporation
Description

According to the Market Statsville Group (MSG), the global power semiconductor market size was valued at USD 19.3 billion in 2021. It is expected to reach USD 25.3 billion by 2030, registering a CAGR of 4.8% from 2022 to 2030. Power semiconductors perform similar tasks as regular semiconductor devices. These high-performance components can handle extreme voltages, high electrical currents, and frequencies up to several gigawatts. Like all semiconductor devices, power semiconductors are used to rectify and amplify electrical signals or turn the flow of electricity on and off. These are typically used for industrial applications and the long-distance transmission and distribution of electricity.

The developments by the manufacturers are expected to boost market growth. For instance, in April 2019, Tesla had introduced the new Model S and Model X with silicon carbide power electronics in the drive unit, and BorgWarner introduced new onboard chargers. Volkswagen selected Cree for the Volkswagen Group FAST Program to secure silicon carbide supplies for upcoming Evs.

Further, semiconductors use SiC for reduced energy loss and longer life solar and wind energy power converters. For instance, photovoltaic energy mostly requires high power, low -loss, faster switching, and reliable semiconductor devices to increase efficiency, power density, and reliability.

Global Power Semiconductor Market Definition

A power Semiconductor is a semiconductor device that is used as a rectifier or switches in power electronics (for instance, in a switch-mode power supply). The study covers components such as modules, power-integrated circuits, discrete, and materials such as silicon carbide, gallium nitride, and others.

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Global Power Semiconductor Market DynamicsDriversGrowing Demand for Energy-Efficient Battery-Powered Portable Devices

The increasing demand for consumer electronics and wireless communications and other factors, such as the growing demand for energy-efficient battery-powered portable devices, are expected to drive the demand and positively impact market growth.

Today, consumer electronics are powered by Lithium-ion technology, which is considered the best power source yet devised. These contemporary batteries are challenged with certain limitations. The trend in such a segment has been to increase the device's battery life. In a bid to develop energy-efficient batteries, superior solutions are under development in labs worldwide. Manufacturers are increasing the battery capacity of their devices, due to which the demand for shorter charging is driving the market growth.

The trend has been the same for all wearable and portable devices. The manufacturers want their customers to spend less time plugged in and manufacturers like OPPO, one plus, Motorola, Samsung, and Apple provide fast charge adapters out of the box, and fast charging is the key to their marketing strategy

RestraintsShortage of Silicon Wafers and Variable Driving Requirements

While factors such as increasing demand for consumer electronics and wireless communications and growing demand for energy-efficient battery-powered portable devices are driving the market growth, factors such as the shortage of silicon wafers across the globe coupled with the ROI metrics are anticipated to challenge the market growth.

Also, according to Semiconductor Equipment and Materials International (SEMI), silicon wafer market sales could witness a dip amidst the looming uncertainty surrounding the impact of COVID-19. However, Industry experts believe that the demand could climb on the strength of rebounding chip sales. SEMI also estimates that silicon wafer shipments across the globe are expected to witness a growth of 2.4% year-over-year in 2020, with growth continuing in 2021 and shipments reaching a record high in 2022.

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Scope of the Global Power Semiconductor Market

The study categorizes the power semiconductor market based on component, material, end-users, and region

By Component Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Discrete
  • Module
  • Power Integrated Circuits
By Material Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Silicon/Germanium
  • Silicon Carbide (Sic)
  • Gallium Nitride (Gann)
By End-Users Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Automotive
  • Consumer Electronics
  • IT and Telecommunication
  • Military and Aerospace
  • Power
  • Industrial
  • Others
By Region Outlook (Sales/Revenue, USD Million, 2017-2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
The power integrated circuits segment is projected to account for the largest market share

Based on type, the global power semiconductor market is divided into discrete, module, and power integrated circuitsIn 2021, the power integrated circuits segment accounted for the largest market share of 54.1in the global power semiconductor marketPower integrated circuits (ICs) operate as a rectifier or switch in high-voltage applications such as power supplies, automotive, solar, and trains. The ICs allow the flow of electricity in the on state and stop it in the off state. They boost the efficiencies and minimize the energy losses in systems.

With the increasing need for power management in several IoT applications, specific power management ICs are included in the different emitter products. They are also being used in data center applications to cope with the high amounts of information in the cloud. The power management ICs are also being included in the medical market as there is an increased need for power management due to medical wearables and connected healthcare applications.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global power semiconductor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is estimated to hold the highest CAGR of 5.2% in the global power semiconductor market during the forecast periodChina is the largest producer of electricity in the world. The country's energy demand is likely to increase, resulting in energy production growth. For instance, in October 2020, China revealed the world's second-largest solar power plant; its largest solar power plant is connected with the grid. With a capacity of 2 . 2GW, the solar park in Qinghai Province in China's northwest is among the world's most significant, second only to the 2 .245GW -capacity Bhadla solar park in India. The giant power station is expected to be one of the central government's proposals to create a renewable energy super grid in the western part.

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After the Asia Pacific, North America is estimated to be the fastest-growing region with a CAGR of 4.7% during the study period. Autonomous vehicles and connected vehicles are key developments in the automotive industry. Economic developments increase the per capita income of customers; thus, there is an increase in the living standard. An increase in the demand for comfort and luxury vehicles can be attributed to the rise in per capita income, which fuels the demand for autonomous vehicles. The increasing demand for autonomous vehicles is driving market growth in the region. For instance, in April 2020, Karma Automotive, a Southern California -based high -tech incubator and creator of luxury electric vehicles, entered the final stage of development for two new Silicon Carbide (SiC) Inverters to enhance electric mobility charging.

Key Market Players in the Global Power Semiconductor Market

Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the market are:

  • Mitsubishi Electric
  • NXP Semiconductor Inc.
  • Fuji Electric
  • Infineon
  • ABB
  • Semikron
  • Hitachi
  • Renesas Electronics
  • Toshiba
  • Broadcom Inc.

According to the Market Statsville Group (MSG), the global semiconductor industry landscape market size is expected to grow from USD 471.3 billion in 2021 to USD 911.1 billion by 2030, at a CAGR of 7.6% during the forecast periodThe semiconductor industry is witnessing a rapid growth rate, with semiconductors emerging as the basic building blocks of all modern technology. The advancements and innovations in this field result in a direct impact on all downstream technologies.

The semiconductor industry is predicted to continue its robust growth to accommodate the increasing demand for semiconductor materials in emerging technologies, such as AI, Internet of Things, autonomous driving, and 5G, coupled with competition among key players and consistent spending on R&D.

Semiconductors are used extensively across electronic devices, such as smartphones, LED TVs, flat-screen monitors, and civil aerospace and military systems. The semiconductor industry is also likely to benefit from progress in biometrics capabilities. The growing demand for smartphones and technologically advanced products, such as wearable gadgets, etc., is also impacting the market's growth.

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The automation and electrification of automobiles have been driving increased demand for semiconductor wafers. Semiconductor ICs with varied functionalities are used in automotive products such as infotainment systems, navigation control, and collision detection systems. The inclusion of such features has an impact on automobile sales.

Global Semiconductor Industry Landscape Market DynamicsDriversRapid Advancement in AI, along with Innovation and Extended R&D

The demand for data centers, especially edge services, surged significantly worldwide amidst the COVID-19 pandemic. Many data center service providers started expanding their facilities and server architectures to utilize this opportunity. In such regard, memory components are further witnessing increasing demand owing to various factors such as the growth in cloud computing, increasing need for AI and HPC, and growing adoption of advanced GPUs and CPUs, among others.

Companies like US-based NVIDIA are leveraging its GPU architecture to create platforms for virtual reality, HPC, and AI. In 2020, the company also launched its first GPU-Based AI chip to boost performance by 20x.

RestraintsComplex Fabrication Process, Owning to Decreasing Chip Size

Moore's Law states density is all about the number of transistors fitted in a given 2-Dimensional area. It is vital to care about the chip area as the cost of the chip is directly proportional to the chip area.

However, some scientists feel that transistor shrinkage is no longer viable. To get an approximate notion of the dimensions, compare them to the scale of a modern transistor, which has a typical gate length of about 20 nanometers. On the other hand, a water molecule has a diameter of only 2.75 Angstroms, or 0.275 nanometers. Many issues limit the transistor's fabrication expectations at such a small scale. Controlling materials at the atomic level is one of the most difficult issues. Individual atom placement becomes tough while creating a transistor.

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Scope of the Global Semiconductor Industry Landscape Market

The study categorizes the semiconductor industry landscape market based on component type, application, and region.

By Component Type Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Memory
  • Microcomponent
  • OSD
  • Analog
  • Logic
By Application Outlook (Sales/Revenue, USD Million, 2017-2030)
  • Automotive
  • Communications
  • Industrial
  • Data Processing
  • Consumer Electronics
By Region Outlook (Sales/Revenue, USD Million, 2017-2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
The memory segment is projected to account for the largest market share, by component type

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Based on component type, the global semiconductor industry landscape market is divided into memory, microcomponent, OSD, analog, and logicIn 2021, the memory segment accounted for the largest market share of 28.5in the global semiconductor industry landscape marketSemiconductor memory refers to various electronic data storage devices that find applications as computer memory in computers (PCs, laptops), consumer devices (cameras, phones), commercial IT applications (telecom, datacenters), traditional industrial applications, and the emerging spectrum of IoT applications.

The increasing adoption of memory ICs in automobile electronics and the growing application of memory storage chips in electronic devices are driving the demand for DRAM products. Further, The rising adoption of 5G technology and wireless communication advancements are expected to impact the market studied. Several vendors are investing in the advancement of the memory components to gain leverage in 5G technology.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global semiconductor industry landscape market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaWorldwide, Asia Pacific is estimated to hold the highest CAGR in the global semiconductor industry landscape market during the projected periodThe region includes the countries such as Japan, China, South Korea, India, Australia, Southeast Asia, and the Rest of Asia-PacificIn Japan, semiconductors are known as “industry rice” due to their essential role in manufacturing automobiles smartphones to home appliances. The country was once a global leader in production but now relies heavily on imports for both chips and legacy semiconductors.

After the Asia Pacific, North America is estimated to be the fastest-growing region during the study period. The United States is a significant country for manufacturing, design, and research in the semiconductor industry. The region's prominence drives demand for exporting electronics equipment and growing end-user industries that are major consumers of semiconductors, such as consumer electronics, automotive industry, etc. The region has been witnessing increased activity in establishing semiconductor wafer foundries. In November 2020, various Taiwan Semiconductor Manufacturing Co. (TSMC) suppliers announced their plan to follow TSMC to the United States after the world’s largest contract chipmaker announced its plan to build an advanced 5nm wafer plant in Arizona.

Key Market Players in the Global Semiconductor Industry Landscape Market

The global semiconductor industry landscape market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

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Major players in the global semiconductor industry landscape market are:

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