Net Zero Energy Buildings Market Analysis, Leading Players, Growth and Future Scope
Energy conservation is one of the most important concerns at the present day. A number of technological innovations have been introduced to somehow reduce the dependency on fossil fuels, as their increased usage has taken a severe toll on the environment and led to their rapidly declining resources. Since buildings are among the major consumers of energy, reducing their power consumption can contribute significantly to achieving energy efficiency goals. The building sector can considerably decrease its power usage by using energy-efficient strategies in construction, design, and operation of new buildings and retrofitting the existing buildings to better their efficicency.
One of the technologies that have recently emerged for conserving energy is net zero energy buildings (NZEB). In theory, these buildings are capable of producing as much energy as they use, over the course of a year. Attributed to such advantages of NZEBs, their development is predicted to increase all over the world, in the coming years. According to a P&S Intelligence report, in 2018, the global net zero energy buildings market attained a value of $896.6 million, and it is projected to generate revenue of $2,106.6 million by 2024, advancing at a 15.6% CAGR during the forecast period (2019–2024).
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A range of equipment is used in NZEBs, including solar photovoltaic (PV) panels, insulation panels, heating, ventilation, and air conditioning (HVAC) systems, and lighting systems. Solar PV panels are being utilized the most in these buildings, as commercial floor spaces need a considerable amount of energy for providing electricity to appliances, which is fulfilled by solar PV panels. Solar units are of great importance in a NZEB, owing to the fact they provide clean energy to the buildings, without which the building won’t really be called self-sustained; therefore, their demand will grow with the rise in the development of NZEBs in the near future.
Hence, the development of NZEBs is increasing due to the growing need for curbing pollution levels across the world.
Lithium-Ion Battery Recycling Market Insights, Share, Growth Drivers and Forecast to 2030
The adoption of electric vehicles across the globe has increased substantially over the past few years, which can be primarily be attributed to the initiatives for decarbonizing personal transportation to meet targets for reducing greenhouse gas emissions. These targets are particularly aiming towards improving the air quality in urban cities. Other than government initiatives, the general public is also becoming aware regarding the deteriorating condition of the environment, attributed to which people are increasingly opting for electric vehicles rather than conventional fuel-based vehicles. The electric vehicles sales in 2017 was over one million cars per years across the world.
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This increased adoption of electric vehicles further created a high need for lithium-ion (Li-ion) batteries. It is expected that the increased utilized of electric vehicles will result in high volume of unprocessed battery pack waste, as the vehicles reach the end of their lives. Attributed to this, the demand for recycling and re-using Li-ion batteries after the end of their lives is increasing swiftly. As per a report by P&S Intelligence, the global lithium-ion battery recycling market generated a revenue of $165.3 million in 2019, and it is expected to progress at a 18.3% CAGR during the forecast period (2020–2030).
The reason for this is increased integration of these batteries in electric vehicles and the growing adoption of electric vehicles due to surging concern regarding greenhouse gas emissions. Furthermore, because of the limited availability of lithium metal, automobile manufacturers are widely using recycled batteries for meeting the requirement for clean mobility. Geographically, Asia-Pacific emerged as the largest lithium-ion battery recycling market in the past, which is particularly due to the presence of major battery recycling companies in China. Moreover, the surging popularity of electric vehicles in Japan, China, and Southeast Asian countries is creating demand for recycled Li-ion batteries.
In conclusion, the demand for recycled Li-ion batteries is increasing because of the rising adoption of electric vehicles.
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Polypropylene Industry Analysis, Leading Players, Growth and Future Scope
With the expanding plastic packaging sector, the global polypropylene market revenue is expected to increase from $122.7 billion in 2019 to $226.8 billion in 2030, at a 5.7% CAGR between 2020 and 2030. PlasticsEurope says that 359 million tons of plastics was produced in 2018, globally, owing to the high demand for such materials in the building & construction and packaging industries. That year, polypropylene accounted for around 19.3% of the total plastics produced, as it is widely used in sweet & snack wrappers, food packaging, microwave containers, hinged caps, automotive parts, pipes, and banknotes.
In addition, the technology is advancing, consumers are demanding health and wellness products, lifestyle is changing and becoming busier, world is witnessing rapid urbanization, and number of single-person households is rising. All these factors, combined with the demand for sustainable packaging, are shaping the packaging industry trends. This is having a positive effect on the growth of the polypropylene market, as this plastic has a high tensile strength, which makes the packaging material durable.
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Till 2030, the homopolymer bifurcation, under segmentation by type, would continue holding the larger polypropylene market value share, on account of its higher rigidity, which makes it the more popular form of the plastic. Additionally, this variant finds wide usage in plating & anodizing process equipment, orthotic & prosthetic devices, pump components, plenums & manifolds, storage tanks, secondary containment, metal finishing, valve bodies, medical devices, chemical processing & storage, and washers. This is attributed to homopolymer polypropylene’s temperature and chemical stability, high performance in thermoforming, and good weldability.
Asia-Pacific was the largest polypropylene market till 2019, and it will maintain its market dominance in the coming years. This would be a result of the rising number of production plants and rapid innovations in rigid and flexible packaging materials in the region. Moreover, APAC is home to several giant polypropylene producers, such as PetroChina Company Limited, Reliance Industries Limited, and China Petroleum & Chemical Corporation, which further leads to the region’s largest share in the global industry.
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Sales of Biosimilar Drugs Set to Surge Sharply in Coming Years
Biosimilars are basically biologic medical products or biologics that are very similar to the conventionally used generic drugs, which are also called reference drugs in the medical industry in order to differentiate them from biosimilars. The extreme similarity that exists between the two groups of drugs often causes confusion among the buyers at pharmaceutical stores. Unlike the generic drugs, the biosimilar drugs are only identical to the original medicines in terms of their therapeutic and clinical results.
The other dissimilarity that exists between the two groups of drugs is that the generic medicines are exact carbon copies of the original synthetic drugs, while biosimilar products are generally modeled after the drugs that utilize living organisms as necessary ingredients. As these products are cheaper than the name brand medicines and produce excellent therapeutic results, they are being used more and more in place of the conventional drugs across the world.
As per the findings of the National Institutes of Health, geriatric people (people in the age bracket 65 years and above) accounted for 8.5% of the global population in 2015 and this share is predicted to rise to 17% in 2050. Due to the rapid growth of the geriatric population, the prevalence of chronic diseases would increase as the older people are more vulnerable to chronic diseases. This would, in turn, augment the sales of biosimilars in the coming years.
Hence, with the mushrooming sales of biosimilar products, the global biosimilars market will exhibit huge expansion in the forthcoming years. The recombinant glycosylated proteins are the most widely sold biosimilars across the world, due to the lesser complexities associated with these products on account of the process of glycosylation that increases the stability of the proteins. Moreover, these products get easy approval from the regulatory bodies, which further boosts their popularity among the masses.
Hence, it can be said with full surety that the sales of biosimilar products will shoot-up all over the world in the years ahead, mainly because of the highly affordable prices of these medicines, the rising incidence of cancer and other chronic diseases, and the increasing geriatric population in several countries around the world.
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Healthcare Industry Growing due to Digital Transformation
According to a report by P&S Intelligence on Healthcare Ecosystem Insights, the healthcare industry in the U.S. is predicted to generate a revenue of $5,605.5 billion by 2024, advancing at a 6.6% CAGR during the forecast period. The growth of the industry in the U.K. Japan, China, the U.S., France, and Singapore is occurring due to the government initiatives & enhanced healthcare infrastructure, rising prevalence of chronic diseases, increasing adoption of healthcare insurance, growing gross domestic product and healthcare expenditure, rising requirement for in-vitro diagnostic (IVD) tests, surging geriatric population, and digitalization in the industry.
On the basis of diseases, the healthcare industry is divided into cancer, cardiovascular & circulatory diseases, respiratory diseases, diabetes, neuropsychiatric disorders, blood & endocrine disorders, chronic liver diseases, musculoskeletal diseases, and other. Out of all these, the prevalence of cardiovascular and circulatory diseases was the highest in the past in Germany. The division is predicted to account for 42.6% of the German healthcare sector by 2024, registering a 3.3% CAGR during the forecast period.
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The second leading division is projected to be cancer in Germany, with an expected contribution of 26.5% by 2024. When channel is taken into consideration, the healthcare industry is categorized into for-profit, non-profit, state/local, and others. In Japan, the state/local category accounted for 17.4% share of the market in 2018. The category was on the third place, owing to the fact that these channels offer less healthcare services as compared to other channels. A major reason for the growth of the healthcare sector across the globe is the surging geriatric population across the globe.
Hence, the healthcare sector is registering considerable growth in different countries owing to the increasing geriatric population, increasing demand for IVD tests, and digital transformation.
Medical Device Connectivity Industry to Witness Growth due to Need for Remote Patient Monitoring
The global medical device connectivity market is expected to advance at a substantial rate in the coming years. Medical device connectivity help in analyzing data, which is important in the healthcare industry due to the growing utilization of telehealth solutions. The demand for medical device connectivity services is predicted to rise significantly in the near future, owing to the growing need for maximum consumption of connectivity solutions by users, surging implementation of healthcare information exchange system, rising regulatory demand for healthcare reforms, and increasing requirement for effective implementation.
The increasing adoption of telehealth solutions, growing need for interoperability because of medical devices connectivity solutions, shift of point-of-care diagnostics from hospitals to home care are some factors which are resulting in the rising demand for medical device connectivity. Other than these, the need for remote patient monitoring is increasing rapidly in the healthcare industry. This is due to the surging geriatric population and decreasing healthcare cost. For people suffering from chronic diseases particularly, remote monitoring services are highly beneficial, as people don’t need to visit hospitals for check-ups frequently. This further provides medical professionals with more time to cater to the needs of people who are in more serious condition.
Medical device communication also saves time of organizations on lengthy repairs by providing information regarding when preventive maintenance measure need to be taken. Geographically, North America is expected to emerge as the fastest-growing medical device connectivity market in the coming years. This is because of the surging requirement for eHealth solutions, rising funding for advancements in the medical sector, better accessibility to technologies, and rising government focus on the quality of care in the region.
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In conclusion, the demand for medical device connectivity is growing due to the need for remote patient monitoring and reducing the cost of healthcare.
Nerve Repair and Regeneration Market Insights, Share, Growth Drivers and Future Scope
The surging prevalence of neurological diseases such as fecal incontinence, depression, epilepsy, Alzheimer’s, and Parkin-son’s is one of the major factors responsible for the soaring uti-lization of nerve repair and regeneration devices throughout the globe. As per the Alzheimer’s Association, in 2015, almost 5.3 million people in the age group of 65 and above in the U.S. were found to suffer from Alzheimer’s disease and this number is predicted to rise to 7.1 million by 2025. As per the Parkin-son’s Disease Foundation (PDF), nearly 7—10 million people are suffering from Parkinson’s Disease across the world.
Due to the above-mentioned factors, the global nerve repair and regeneration market size is expected to register tremendous growth over the next several years. The most widely used nerve regeneration and repair devices in healthcare settings all over the world are neuromodulation and neurostimulation de-vices (internal neurostimulation and external neurostimulation devices) and biomaterials (nerve protectors, nerve wraps, nerve connectors, and nerve conduits). Of these two products, the neurostimulation and neuromodulation devices recorded huge sales over the last few years.
Nerve regeneration and repair basically refers to the creation of neurons, new axom, glial cells, and myelin. It assists in the replacement of damaged cellular products and nerve cells and tissues. The neuromodulation and neurostimulation instru-ments are surgically implanted in the brain of the patient and play a major role in creating paresthesia, which is a tingling sensation, in the nerve system at pre-determined time inter-vals. These electric signals generate sensations in the damaged nerves and help majorly in the treatment of neurological ail-ments and chronic pain.
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Therefore, it can be said with full confidence that the demand for nerve repair and regeneration devices will surge across the world in the coming years, primarily due to the increasing inci-dence of chronic pain and neurological diseases all over the world.
