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January 16, 2023
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The Saudi Arabia Aesthetic Devices Market is expected to register a CAGR of 6.7% over the forecast period.
The outbreak of COVID-19 has led to a significant reduction in the number of elective procedures especially cosmetic interventions in Saudi Arabia. According to a research study by Abdulaziz K. Alhujayri et al., published in Plastic and Reconstructive Surgery Global Open Journal, June 2021, the study results found that clear differences in the engagement and perception of cosmetic procedures during the COVID-19 pandemic exist among the Saudi Arabian population. About 49.7% of the population agreed that fear of contracting the virus would be a factor for not undergoing a cosmetic procedure during the pandemic in the country.
Some of the factors that are driving the market growth in the country include the rapidly increasing aging population, increasing obese population and increasing awareness regarding aesthetic procedures, and rising adoption of minimally invasive devices.
Furthermore, the Aesthetic Devices market in the Saudi Arabia has gained a lot of momentum in the recent years. There are also increasing prevalence of obesity that is the primary factor found driving the growth of the market. Moreover, technological advancements in the field has also made devices and instruments more precise and safer. Hence all these factors have helped the market growth. According to the World Ageing 2019 Report, there were around 1.169 million people who are aged over 65 years in 2019 and the number is estimated to reach 7.681 million by 2050 in Saudi Arabia. The growing geriatric population is increasing the demand for anti-aging treatment and thus boost the overall market growth in the country.
Aesthetic procedures represent one of the most commonly performed procedures in Saudi Arabia. Such procedures have been growing in popularity. Adding to that, increasing awareness among the popoulation regarding aesthetic procedures is also boosting the market growth. For instance, according to a research study by Alghonaim Y et al., published in Europe PubMed Central Journal, October 2019, in Saudi Arabia, it was found that social media platforms play a critical role in promoting aesthetic procedures. The influence of social media upon participants was 68% which will boost the market growth.
The market players are focused on adopting strategies such as product launches, developments, collaborations and partnership to increase market share. For instance, in September 2019, Medica Group / Riyadh International Company launched the latest laser hair removal device Primelase in the Saudi Arabia market. In addition, in March 2018, GALDERMA SA, received approval from Saudi Food and Drug Administration (SFDA) for hyaluronic acid filler Restylane which is used to add volume and fullness to the skin to correct moderate to severe facial wrinkles and folds, such as the lines from nose to the corners of mouth (nasolabial folds). Restylane may also be used for lip enhancement in patients over 21 years. However, concerns and social stigma of these surgeries and poor reimbursement scenario have been restraining the market growth.
Key Market Trends
Skin Resurfacing and Tightening Segment is Expected to Register Significant Growth During the Forecast Period
Skin tightening is a non-surgical, minimally invasive process that uses an infrared light source to tighten skin by heating the collagen under the skin surface, causing the skin to contract. It is used for the reduction of wrinkles, fine lines, and skin laxity. Moreover, it is a safe and effective process for restoring a more firm, youthful appearance to skin all over the body.
According to a cross-sectional study conducted by Al Saud et al., published in Plastic and Reconstructive Surgery Global Open Journal, September 2020, the study results found that over two-thirds (69.5%) of plastic surgeons indicated that the pandemic had affected their practice in Saudi Arabia. Surgeons in private practices were significantly affected compared with those in the public sector. Moreover, fear and future uncertainty significantly led to a surge in the utilization of different technical means to maintain the patient pool.
The skin tightening procedure is primarily used by the older population to reduce the wrinkles on the skin. Hence with the increase in the older population, there is increasing adoption of skin resurfacing and tightening treatments that are expected for the market growth. According to the United Nations Department of Economic and Social Affairs (UNDESA) 2019 report, the proportion of people in Saudi Arabia aged 65 years and above is predicted to increase from 3.4% in 2019 to 17.2% by 2050. This would further increase the overall market growth, as the elderly seek solutions for removing wrinkles from these procedures.
In Saudi Arabia, Imdad offers products such as Lutronic's eCO2 plus which is a fractional ablative CO2 laser that provides deep fractional ablation using 120 µ tip for scars and laxity improvement, and Candela Medical offers product Picoway which is a pico-second laser with 450 PS, the shortest pulse duration for skin resurfacing. Hence, the above-mentioned factors are expected to drive the segment growth over the forecast period.
Competitive Landscape
The Saudi Arabia Aesthetic Devices Market is moderately consolidated. It has witnessed tremendous economic growth in the past few decades. Moreover, the healthcare system in the country is well-structured. As a result, many global players in the aesthetic devices market are present in the country. Hence this factor has made the region very competitive. Some of the market players include Abvie Inc (Allergan Plc), Lumenis Inc., Sisram Medical Ltd (Alma Lasers), Galderma SA, Candela Medical, among others.
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SDKI Inc.'s goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. Is to clarify. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies.
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The Substance Abuse Treatment Market is expected to register a CAGR of nearly 7.2% during the forecast period (2022-2031).
Due to Covid-19 pandemic, the rehabilitation centers are have taken necessary steps in coordination with the guidelines set up by the the Center for Disease Control (CDC) and the Food and Drug Administration (FDA), as well as World Health Organization; the prognosis of patients co-occurring conditions such as chronic obstructive pulmonary disease, cardiovascular disease, and other respiratory diseases is worsened with COVID impacting the lives of substance abuse and alcohol addicted patients.
Moreover, the substance abuse has affected large population of United States each year. There has been increased addition related to alcohol dependence/abuse, marijuana, tobacco, cocaine, and other abusive products present in the market.Alcohol abuse in the United States is among the top five leading preventable cause of death, with about a million are being treated every year. With the lockdown under effect, there is large cases of postponing or cancelling rehab for substance abuse treatment centers until the crisis subsides. In addition, the federal government has eased the restriction on prescribing controlled substances by telehealth. The U.S. Drug Enforcement Administration (DEA), has also issued guidelines allowing practitioners to prescribe certain controlled substances remotely to patients in a treatment program for self-administration.
Other factors that are driving the market growth includes rising drug awareness campaigns and prevention programs, and high number of addicted population.
The rise in the drug awareness campaigns and associated prevention programs is one of the primary factors linked to the growth of the market studied. It includes rising patient awareness, higher treatment-seeking rate with increased government intervention, and encouragement to curb substance abuse in several countries. In November 2019, Himachal Pradesh (India) CM launched a campaign on drug abuse prevention to collectively fight the evil of drug abuse by making the campaign a mass movement for creation of ill effects of drug abuse in the state.
Additionally, an increasing number of treatment centers that have collaborations with private recovery facilities are entering the market, thus helping in the expansion of treatment access to a higher number of people in society.
However, the discontinuation of behavioral therapies often leads to a relapse of addiction, which is a crucial factor hindering the growth of the market. Many patients opt for outpatient care for the treatment of drug dependence. In addition, the high reluctance of individuals for accessing treatment modalities and poor treatment compliance in some countries hinder the growth of the market studied.
Key Market Trends
Tobacco/Nicotine Addiction Treatment is Expected to Dominate the Market
Tobacco and its usage through consumption and smoking are harmful, as it kills half of its users globally, as stated by the World Health Organization. The data from the World Health Organization (WHO) also states that tobacco kills more than 8 million people each year. More than 7 million of those deaths are the result of direct tobacco use while around 1.2 million are the result of non-smokers being exposed to second-hand smoke. Moreover, the usage of tobacco is more in developing and underdeveloped countries. Hence as these economies as not as strong as developed economies, the burden of treating such population is more on these economies.
The utilization of electric cigarette is also contributing to the high usage of tobacco across the developing and developed nations. Despite the understanding of the general population that E-Cigarette is less harmful, studies have indicated that the E-cigarette consumption leads to several serious health issues associated with tobacco. However, the urban countries are witnessing large number of E-cigarette users.
Additionally, awareness campaigns and programs initiated by the government are propelling the market studied. In July 2019, National Jewish Health launched vaping and tobacco cessation program to help with youth vaping epidemic in the United states. Hence, all these factors are expected to help this market grow.
North America is expected to Dominate the Market During the Forecast Period
North America is expected to dominate the market, due to increasing awareness compaign, and a huge population base in the area. In December 2019, Florida Government has launched a nationwide New Drug Education Campaign to prevent drug or substance abuse by the youth of Florida.
According to the Center for Disease Control and Prevention, tobacco product use among US youth is increasing. As per this data, in 2018, more than 1 in 4 high school students and about 1 in 14 middle school students had used a tobacco product. This was observed to have considerably increased from 2017, which was driven by an increase in e-cigarette use. In the US, e-cigarette use increased from approximately 12% to more than 20% among high school students and from 3.3% to 4.9% among middle school students from 2017 to 2018.
Various initiatives are being implemented by the US government to monitor the symptoms and to determine whether a population is abusing drugs and other substances. For instance, Patients and Communities Act of 2018 is the latest law implemented by the country for counter-acting drug abuse.
The United States has a developed healthcare system that has one of the largest expenditures on healthcare. Its investment in research and development is also large. As a result of these factors, a large population is able to get the required treatment it needs. Owing to these factors, the substance abuse treatment regional market is expected to be one of the largest and is also expected to grow in the future.
Competitive Landscape
The majority of the substance abuse treatment products are being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing the emergence of some small players due to the rise of awareness. This has also helped the market grow.
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The food spread market is projected to register a CAGR of 3.5% during the forecast period (2022-2031).
The market was positively impacted by COVID-19 in 2020. The global pandemic has shown an impact on the proper functioning of the food spread industry in various regions. The consumption of nutritious and healthy spreads, which are free from additives and preservatives, gluten, and trans-fat, increased, as consumers were becoming health conscious and were preferring natural or low-sugar and sugar-free spreads.
Sweet spreads are an integral part of every breakfast, and this has led to their steady growth. The rising health consciousness among consumers has given way to new low-calorie spreads. Food spreads comprise a variety of products, such as jams, jellies, fruit and nut-based spreads, honey, syrups, and chocolate-based spreads.
The United States is one of the largest consumers of sweet spreads, and Asia-Pacific, by virtue of its sheer population, is second in terms of the consumer base. A consumer shift has been observed in the past few years of the traditional meal-to-snack food, which is negatively affecting the food spread market, thereby restraining its growth.
Key Market Trends
The Fruit-based Spreads Segment has the Largest Market Share
There is an increasing demand for food products containing high fruit content. Innovations in terms of improving the flavor and nutritional value of fruit spreads are much needed to boost the growth of the fruit-based spread market. The fruit concentration in the spreads can vary from 30% to 60%. They are used in baked salad products, dressings, snacks, dessert glaze, breakfast syrups, cake icing, smoothies, etc. The largest consumption of jams, jellies, and marmalades in Europe is in France, accounting for 36% of the total European consumption. Other major countries consuming fruit spreads are Germany, the United Kingdom, Italy, and Spain. In Asian countries, like Japan, jams, fruit jellies, and marmalades are the most popular types of spreads.
Europe Holds the Major Share in the Food Spreads Market
The popularity of food spreads can be attributed to their prevalence in traditional breakfast in Europe. In recent years, the spread market has developed further, with the launch of new innovative flavors, such as figs, ginger, and exotic fruits. According to the current trend, European consumers prefer premium-quality products that do not contain artificial ingredients. They are demanding better-for-you products that are easy to prepare and appetizing at the same time. Vendors are strategizing by this requirement and rolling out healthier and indulgent offerings in the region. The consumption levels of food spreads are affected by increased consumer awareness due to extensive marketing and the consumer engagement strategies adopted by most manufacturers. The global market for food spread is dominated by Europe, followed by North America and Asia-Pacific.
Competitive Landscape
JM Smucker Co., Hormel Foods Corp., Ferrero Group, Sioux Honey Association, Kewpie Corp., Land O' Lakes Inc., and Unilever Group are some of the major players in the global market.
Companies also play a vital role in the growth of raw materials and help small farmers. Unilever, which is one of the leading companies in the food spreads market in India, was first to implement a WEF-led Public-Private Partnership (PPP) in Maharashtra (India) for farm gate sourcing of sustainable raw material from smallholder farmers, for the reputed fruit-based food spreads brand Kissan. This helped them gain a competitive advantage with increased market penetration.
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SDKI Inc.'s goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. Is to clarify. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends, and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies.
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The Global Radiation Detection, Monitoring, and Safety Market was valued at USD 2.85 billion in 2020 and is expected to reach USD 4.13 billion by 2031, registering a CAGR of 6.67% during the forecast period of 2022-2031. Radiation monitoring equipment is used to control exposure to radiation or radioactive substances by measuring radiation dose or contamination levels.
The market is constantly driven by regulatory requirements and evolving customer needs. The increased use of radioactive materials in areas, such as power production, industrial processing, research and processing, and the security sector, intensified the need for equipment offering protection against radioactive radiation.
With multiple regions facing the COVID-19 impact at varying intensities, certain aspects of radiation protection are witnessed to be in demand. One of them is the focus of the power plants to keep up with the increasing electricity demand. The hospitals in need of diagnostic and therapeutic procedures have stated their requirements for radiation monitoring systems. Likewise, the demand for nuclear medicine to be produced and safely transported to pharmacies has remained significant.
The market is also witnessing the development of new monitoring technology using drones. For instance, in May 2021, a technology that enables drones to be used to carry out radiological measurements was developed by Belgium's Nuclear Research Centre (SCK-CEN) and the Belgian aeronautical firm, Sabca. SCK-CEN and Sabca were awarded EUR 1 million in government funding, and they are investing additional funds into the project by themselves.
Furthermore, countries spend significantly in the development of nuclear weapons and facilities, which is expected to boost the adoption of radiation detection, monitoring, and safety equipment. According to the Federation of American Scientists, the United States and Russia are among the countries with the maximum number of nuclear weapons as of May 2019. Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.
The occurrence of incidents, such as the disaster at the Fukushima Dai-Ichi nuclear plant, has emphasized the need for safety, environmental sustainability, and regulatory compliances. Radiation-testing equipment manufacturers need to adhere to all the standards mentioned by the regulatory bodies.
There is a huge demand for skilled radiation professionals in the radiation monitoring and safety market. However, there has been a lack of personnel, due to the high risks associated with the harmful radiation and the lack of proper skills related to the industry.
Key Market Trends
Medical and Healthcare Industry has Largest Market Share
The medical and healthcare industry accounts for one of the largest market share, owing to the increasing adoption of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Various forms of radiation are used in medical diagnostics and treatment. All forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.
The increasing number of nuclear power facilities across the world is resulting in the increased demand for radiation monitoring equipment. Since, by-products of these power plants can be used in the healthcare industry. Incidentally, hospitals are promoting the installation of diagnostic radiology equipment, accompanied using medical isotopes that are administered to patients.
X-ray diagnostics (general and dental radiography) and therapies, which make use of radioisotopes in oncology and some other serious diseases, attribute to the primary contribution to the dose absorbed by a person from human-made radiation sources. The upcoming diagnostic and therapeutic methods, based on the use of radioactive elements, are also being adopted.
Radiation (radioisotope) therapy remains one of the main approaches to fight cancer. To reduce the negative impact of radiation on the personnel of healthcare facilities, the market vendors are offering personal dosimeters and automated systems for personal dosimetry control.
The market vendors and researchers are also deploying new technologies into their products in order to stay competitive in the market. In April 2020, researchers at Los Alamos and Argonne National Laboratories announced that they had developed an X-ray detector based on perovskite, a calcium titanium oxide mineral. More sensitive detectors may allow X-ray-based imaging systems to reduce the radiation dose that they deliver and improve their image fidelity.
North America is one of the fastest growing regions.
The massive share of the Radiation Detection, Monitoring, and Safety Market in North America is attributed to favorable government initiatives, a higher number of active nuclear power plants, increasing prevalence of cancer, and growing awareness of radiation safety, driving the market in this region. Moreover, the fact wherein major vendors (Thermo Fischer Scientific, Mirion Technologies, Ludlum Measurement, Ametek, Ultra Electronics, and Landauer) of this market are based in the United States are expected to boost market growth during the forecast period.
The EIA estimates that the United States' nuclear electricity generation capacity may be increased by 4.4 gigawatts in 2020. Multiple new nuclear power plants are under construction in Georgia (for instance, according to the EIA, twonew nuclear reactors are under construction in Geodia with a capacity of 1100 MW) and South Carolina, and they indicate the opportunity for the demand for radiation monitoring and detection products. Strict regulations for workers’ safety in the nuclear industry are supposed to give momentum to the market for radiation detection, monitoring, and safety devices in the country.
Recently, it has been seen that there has been a shift toward mechanized radiation monitoring and inspection of oil and gas pipelines from the manual method of ultrasound application. These trends reflect that more focus is being placed on making the test increasingly automated, as some of the test sites require technicians to work in extreme site conditions, which can be carried out through drone application, consequently fostering the growth of the market.
The increasing adoption of nuclear medicine and radiation therapy as a consequence of the increasing incidence of cancer may drive the market growth over the forecast period. For instance, according to the American Cancer Society, the number of new cancer cases in 2020 was estimated to be over 1.81 million people in the United States, out of which almost 0.61 million people were estimated to succumb to the disease. For 2020, it was estimated that there would be nearly 913 thousand new cancer cases among women in the United States.
According to the National Oncology PET Registry, as more 85% of more than 1,600 PET facilities in the United States have PET/CT systems, the emergence of molecular imaging with new radiopharmaceuticals and new technologies is likely to result in continued growth in the coming decades, which may give momentum to the demand for radiation detection, monitoring, and safety devices.
Competitive Landscape
The Radiation detection, Monitoring, and Safety market is moderately concentrated moving towards the fragmented stage, and features a significant amount of innovation derived from basic scientific research. Major players with a prominent share in the market are focusing on expanding their customer base across the served end-user industries. The companies leverage on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on Radiation Detection, Monitoring, and Safety technologies to strengthen their product capabilities.
December 2020 - The Dosimetry Services Division of Mirion Technologies acquired Dosimetrics GmbH for the development and production of OSL personal radiation dosimeters and dosimetry solutions, including readers, erasers, software, accessories, and automation systems.
October 2020 - Mirion Technologies Inc. acquired Biodex Medical Systems Inc., a leader in the medical industry, providing customers with nuclear medicine instruments, medical imaging equipment, and rehabilitation systems. Biodex’s product portfolio complements Mirion’s existing portfolio and will allow Mirion to extend its footprint in the medical field.
August 2020 - ECOTEST Group launched new compact search radiometer-dosimeter RKS-01 STORA-ABG with a telescopic tube for quick detection and localization of alpha, beta, gamma and X-ray radiation sources.
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SDKI Inc.'s goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. Is to clarify. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies.
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The Memory Packaging Market was valued at USD 23.61 billion in 2020 and is expected to reach a value of USD 32.43 billion by 2031, at a CAGR of 5.5%, over the forecast period (2022 - 2031).
The recent COVID-19 outbreak is expected to create significant imbalances in the supply chain of the market studied, as Asia-Pacific, particularly China, is one of the major influencers of the market studied. Also, many of the local governments in the Asia-Pacific have invested in the semiconductor industry in a long run program, hence, expected to regain market growth. For instance, the Chinese government raised around USD 23 to 30 billion funds, to pay for the second phase of its National IC Investment Fund 2030. Owing to the uncertainty in the recovery time of the market from the pandemic, economic impacts on several parts of the world are further expected to provide significant challenges to the growth of the semiconductor market, directly affecting the availability of critical raw materials required for advanced memory packaging market globally.
Memory devices employed a broad range of the packaging technology that include flip-chip, lead-frame, wire-bond, through-silicon via (TSV). With the decrease in dimensions and increase in the chip functionality, a higher number of the electrical connections have to be made to the external circuit.
This has also led to the development in packaging technologies. Flip-chip, TSV, and wafer-level chip-scale Packaging (WLCSP) are promising technologies to satisfy wider bandwidth, faster speed, and smaller/thinner packages. Comprehensible program adjustments, low engineering costs, and easy changeovers are fueling the demand for the wire-bond memory packaging platform.
Additionally, due to changes in the package design, the wire-bond memory packaging platform continues to be used as the most preferred interconnection platform because of its flexibility, reliability, and low cost. Flip-chip began making inroads in the DRAM memory packaging in 2016 and was expected to grow due to its increased adoption in the DRAM PC/server, fueled by high bandwidth requirements.
Spurred on by high bandwidth and memory chips’ low latency demands for high-performance computing in numerous applications, through-silicon via (TSV), is being employed in high bandwidth memory devices.
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Key Market Trends
DRAM is Estimated to Hold a Significant Share
The market studied is witnessing demand from mobile and the computing (mainly servers). On average, the DRAM memory capacity per smartphone is anticipated to rise more than threefold to reach around 6GB by 2022.
Recently, Samsung Electronics Co. Ltd, one of the dominant players in the market studied, announced the mass production of the new memory package aimed at high-end smartphones, which may save space by putting DRAM and eMMC together.
For mobile applications, memory packaging is expected to remain on the wire-bond platform mostly. However, it will soon begin moving toward the multi-chip package (ePoP) for high-end smartphones. With the improvement in enterprise architecture and cloud computing, the computing DRAM packaging is anticipated to witness significant growth during the forecast period.
Samsung’s HBM2 technology consists of eight 8Gbit DRAM dies, which are stacked and connected using 5,000 TSVs. Recently, the company also launched a new HBM version that stacks 12 DRAM dies, which are connected using 60,000 TSVs and are ideal for data-intensive applications, such as AI and HPC.
DRAM memory capacity per smartphone has risen with new devices offering a minimum of 4 Gb space which is expected to reach a minimum of 6 GB to 8 GB of space by 2020, while NAND capacity per smartphone has increased reaching more than 64 GB now and are expected to become reach over 150 GB by 2020. For servers, DRAM capacity per unit is projected to increase to approximately 1 TB by 2020 and NAND capacity for each SSD for the enterprise market are expected to reach more than 5 TB in capacity by the end of the forecast period
Automotive Industry to Hold Significant Share
The automotive market, which uses low density (low-MB) memory, might observe an increase in the acceptance of DRAM memory, led by the growing trend of autonomous driving and in-vehicle infotainment. NOR Flash memory packaging market is also expected to grow due to its application in new areas, such as touch display driver ICs, AMOLED display, and industrial IoTs.
As part of the growth strategy, numerous OSAT players are entering into strategic alliances with memory chip manufacturers, and regional players are partnering with global technology providers to increase their reach in the market.
Manufacturers operating in the market are expanding their production facilities. For instance, SK Hynix Inc. is expanding its semiconductor packaging and inspection facility capacity in South Korea. Such developments are expected to help create increased opportunity for the existing players and cut competitors' edge in the market studied.
The innovations being introduced in the packaging technology are associated with the growth in functional density of large system-on-chip (SoC) solutions. However, harsh reliability requirements in the automotive environment and changing landscape of the OSATs industry is anticipated to hamper the growth of the market studied over the forecast period.
In recent times, there has been growth in the use of Si-based sensor technology for a variety of applications, including biometric sensors, CMOS image sensors, and MEMS sensors, such as accelerometers. Increasingly, and sensor devices are being integrated into portable devices, like handsets and PDAs. In these applications, small-size, low-cost, and ease of integration are essential to incorporate this sensor technology successfully.
Generally, OEMs prefer a plug-and-play module or complete subsystem, which is also a factor that is helping the memory chip market, and in turn, driving the demand for memory packaging for enhanced technological applications.
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Competitive Landscape
The memory packaging market is moderately competitive. With the rising prices of DRAM memory, vendors operating in the memory packaging market are increasingly spending on the development of 3D NAND. According to an article published by SK Hynix Inc., companies can no longer keep up with 3D NAND demand and are required to expand their manufacturing capacity. Also, many of companies are expanding their manufacturing units in order to meet the growing demand. Overall the market might move towards highly competitive during the forecast period due to all the above factors.
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SDKI Inc.'s goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. Is to clarify. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies.
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The industrial lighting market is expected to register a CAGR of 5.3% during the forecast period (2022 - 2031). The availability of a wide range of lighting products at competitive prices and the increasing demand for energy-efficient lighting systems across various industrial sectors drive the industrial lighting market's growth.
Amid the COVID-19 pandemic, the market has witnessed the halting of production and disruption in the supply chain. It led to weakened industrial output growth and the decline of light-manufacturing output across significant manufacturing hubs. Due to the impact of the COVID-19 outbreak on the chemical industry globally, the market is also susceptible to increased LED lighting price. For instance, in April 2020, Lumileds announced the increased prices for LED lightings by 4% starting mid-April 2020. It attributed the same as a measure to offset costs incurred during the coronavirus pandemic.
Industrial operators are often faced with challenges of maintenance costs due to heat losses of the traditional and most common lighting fixtures in commercial and industrial settings, i.e., fluorescent and high-intensity discharge (HID) lights. LED lights that offer greater energy and cost savings, as well as low maintenance costs, have witnessed high demand in the past few years.
Factors, such as the regulatory standards promoting the use of LED lightings and worker safety in industrial locations, regulations that halt the usage of mercury vapor ballasts and metal halide activated lighting, demand for cost-effective lighting solutions, high service life, and replacement of traditional lighting systems with LEDs, are expected to drive the growth of the market during the forecast period. The emergence of LED lighting as a viable alternative to conventional lighting provides growth opportunities across various markets globally.
With the introduction of new solutions to illuminate the work area, players in the market are finding exciting growth opportunities. For instance, in August 2020, Emerson Appleton released a safe and economical solution for retrofitting a plant’s legacy HID lighting system to an energy-efficient LED system. The Appleton Contender LED Luminaires offer an energy savings of up to 65% compared to HID lighting. With the low-profile design, these luminaires provide lighting options for low clearance areas.
The increase in demand for LED lighting in industrial locations is likely to be aided by the growth of the new oil and gas plant project in India, China, and Indonesia, coinciding with the coal-to-gas switching policies. For instance, China planned and announced the completion of around 305 petrochemical plants, with a total capacity of about 152.4 MTPA, by 2030, with major capacity additions coming from Hengli Petrochemical and China Petrochemical Corp. Therefore, the optimistic oil and gas industry provides significant scope for the market over the forecast period.
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Key Market Trends
LED Light Source is Expected to Hold Major Share
LED has features, such as longevity, energy efficiency, low operational/maintenance costs, and ability to deliver an increasingly shorter return on investment (ROI), which may ultimately drive its demand in the industrial lighting market. Moreover, LEDs produce no harmful ultraviolet or infrared radiation, thereby offer numerous benefits, such as lowered cooling costs, maintenance simplification, prolonged product life, avoiding damage to eyes and sensitive equipment, and providing a margin of safety in an industrial environment.
Governments and public organizations worldwide are increasingly deploying these LED Lighting networks to address the maintenance issues created by incandescent lamps' usage. These bulbs and high-pressure sodium are easily compounded due to the surrounding reactive gases. Besides, as a lighting source, LED also provides a high luminosity and high efficiency and offers operational solutions against corrosion and vapor resistance compared to traditional lighting
Also, LEDs contain no moving parts. Hence, they are more durable and can withstand shock and corrosion better. Their inability to ignite with a spark is an added advantage. With such properties, LEDs are extremely useful for the mining industry applications that are often subject to high vibrations, debris, chemicals, and explosive solutions.
One other prominent characteristic of LEDs is that it eliminates light pollution by reducing energy waste reduction, by controlling each diode through lensing to aim the light exactly where it is needed. Light pollution can be controlled by up to 50% and energy waste by up to 70%.
Europe to Hold Significant Market Share
The associations in the region frequently engage by proposing strategies and plans for lighting segments. The European SSL Support Strategy of 2011 was proposed and implemented for European LED standardization and accelerating large-scale Solid-State- Lighting deployment. Then, in March 2019, the Russian government announced plans to increase the volume of support for its domestic petrochemicals industry by doubling the capacity. The government further aims to attract over USD 40 billion of additional investments to the industry by 2030.
Further, most European countries, primarily the United Kingdom, are aiming for net-zero carbon emissions by 2050. Therefore, local manufacturing companies are investing considerably in lighting innovations based on this agenda. As a result, the manufacturers are innovating to keep up with the environmental norms. Also, the Europe Association of Lighting and Lighting Europe released, in August 2019, the norms on how modulated fees can be applied to the lamps and luminaires segment. After enforcing the waste management fees system in the EU market, the lighting segment still faces challenges.
Furthermore, the use of LED lighting in quarries is increasing in the region due to various mines, around 2,000 mines, and quarries in the United Kingdom alone to produce a vast range of materials, despite reduced activity in the region. Despite the slow growth of mining in Europe, the investments are skewed toward reducing overall cost using technology that miners focus upon currently.
Other recent developments, such as the ban on mercury in lamps to cut the EU's CO2 emissions by more than 40 megatons and electricity use by 138 TWh by 2030, lead to increased LED lighting applications across coal-based power plants in the region. The report by the Swedish Energy Agency (SEA) and CLASP in late 2019 underlines four major power plants dependency on mercury-based lightings.
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Competitive Landscape
The industrial lighting market is highly fragmented. Overall, the competitive rivalry among existing competitors is high. Further, the new innovation strategies of large and small enterprise companies are expected to drive market growth. Some of the recent developments in the market are:
December 2020 - Signify launches residential UV-C tabletop lamp in Asia and the Middle East, adding an extra layer of safety for schools, food outlets, retail, industry, and offices. The Philips UV-C disinfection upper air luminaires are designed to be installed on walls or ceilings to continuously disinfect the air in the upper sections of supporting areas, circulation areas, and working areas while people are present in the lower sections of those rooms.
August 2020 - Emerson Appleton released a safe and economical solution for retrofitting a plant’s legacy HID lighting system to an energy-efficient LED system. The Appleton Contender LED Luminaires offer an energy savings of up to 65% compared to HID lighting. With the low-profile design, these luminaires provide lighting options for low clearance areas.
August 2020 - Hubbell Lighting introduced the SpectraSafe video security application intended for deployment on linear LED luminaires throughout facilities, such as office space, retail, care facilities, banks, and more, and intended to supplant legacy video security systems. The intention is facility security based on Internet of Things (IoT) technology with guaranteed secure transmission and storage of the video data.
