How Will Rising Energy Demand Help Flywheel Energy Storage Market Grow?

The flywheel energy storage market growth between 2021 and 2030 will thrive on the surging need for electricity in remote places, the increasing preference for traditional energy generation methods, and the rising number of government policies regarding electricity production. Flywheel storage systems play a vital role in traditional power generating plants, as they help meet the soaring energy demand and solve power quality problems, such as limiting CO2 emissions, data errors, automatic resets, and equipment/circuit board failures.

The burgeoning demand for electricity in BRICS nations and other emerging economies, owing to the rapid industrialization in these countries, is one of the key growth drivers of the market. Flywheel energy storage systems are necessary for aggregate traditional generating plants, as they help meet soaring power demand and supplement intermittent RES for their integration into electrical networks. In addition, the soaring demand for backup power will also increase the deployment of flywheel energy storage systems.

According to P&S Intelligence, in 2020, the data center category, within the end user segment, accounted for the largest share in the flywheel energy storage market. This is credited to the wide-scale deployment of energy storage systems in data centers of large IT corporations, such as Google. In situations of a transient power outrage, flywheel energy storage systems offer instant power to the connected systems, which, in turn, provides backup generators time to start. Due to these factors, the category will also retain its market lead in the coming years.

Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to retain its dominance in the coming years as well. This can be owed to the increasing number of flywheel projects to conserve energy in the region. Flywheels are being connected with renewable energy sources to make sure that the intermittent nature of renewable energy becomes more consistent. Whereas, the APAC market is projected to display the fastest growth in this decade, owing to the surging requirement for the continuous power supply. 

Therefore, the rising energy need in developing countries is expected to drive the demand for flywheel energy storage systems in the coming years.

How Are Rising Environmental Concerns Fueling Industrial Enzymes Market Advance?

Owing to the surging demand for carbohydrases and proteases in the food and beverage industry, the industrial enzymes market is predicted to exhibit massive growth between 2021 and 2030. Moreover, extensive R&D, rapid industrialization, escalating demand for bioethanol, and developments in the nutraceutical sector are driving the market. Enzymes are agents derived from biological sources that help speed up certain chemical reactions, therefore witness a huge demand in various industries. 

The growing environmental concerns, such as the scarcity of non-renewable resources and surging GHG emissions, have increased the demand for bioethanol, which has a negligible environmental impact. Bioethanol is produced from biomass, so it can be used as a substitute for or as an octane enhancer and extender in any traditional motor fuel, such as kerosene, gasoline, and diesel. Biofuels can help reduce pollution, which is why they can be used to replace the toxic oxygenates in petroleum fuels. Biogas and biodiesel are two more popular biofuels, thereby propelling the industrial enzymes market.

Owing to its multiuse nature, the carbohydrase category held the largest share in 2020 in the market, based on type. This class of enzymes is used in multiple industries such as food and beverage, pharmaceuticals, and animal feed. This is, in part, because these enzymes have a number of advantages, such as less time for performing the particular reaction, easy modification, optimization of the process performed, and cost-effectiveness. Moreover, with the increasing awareness on bio-based pharmaceutical and food and beverage chemicals, the demand for enzymes is rising in industries.

Across the globe, in 2020, North America held the largest share in the market, and it would continue to maintain its position till 2030. This will be because of the surge in clinical trials for developing high-performance items, such as drugs, processed food, biopolymers, and biofuels. Furthermore, the industrial enzymes market will grow in North America due to the robust growth of the food and beverage processing sector and the strong presence of biotechnology companies in this region.

Hence, it is safe to say that the demand for industrial enzymes will soar worldwide in the coming years, primarily due to their growing usage within the food and beverage industry.

How Will Urban Population Boom Boost Construction Equipment Market Growth?

The construction equipment market growth between 2021 and 2030 will be primarily driven by rapid urbanization around the world. The accelerating urbanization rate will increase the demand for housing projects and propel investments in infrastructure development. In recent years, the surging use of electric and fully autonomous equipment has become a key market trend. Usage of autonomous equipment increases the productivity of the construction sector, offers higher worker safety on site, and addresses the problem of skilled labor shortage.

The accelerating urbanization rate is one of the key growth drivers of the construction equipment market. The World Bank Group states that around 55% of the global population currently lives in cities. It is also estimated that the global urban population grew from 4.28 billion in 2019 to 4.358 billion in 2020. The organization also forecasts that nearly 7 out of 10 people in the world will reside in urban areas, by 2050. The population growth in urban localities will result in the wide-scale construction of housing, industrial, and commercial structures, owing to which construction equipment demand will increase considerably. 

According to P&S Intelligence, within the product segment, the earth-moving machinery category is expected to account for the largest share in the construction equipment industry throughout this decade. The dominance of this category can be attributed to the improved grip offered by this construction equipment on snow and in the mud. The surging use of this machinery in the construction sector is also credited to its wide application bases, such as trench digging, demolition of structures, soil grading, laying foundations, and removing rocks and dirt. 

Geographically, the APAC construction equipment market will generate the highest revenue in the foreseeable future. As construction projects are the backbone of economic development, a boom in the construction sector is a key contributor to the market growth in the region. Moreover, the growth of the sector in APAC is driven by the mounting investments being made by governments in construction activities. Additionally, the rapid urbanization in China, South Korea, India, and Japan will also drive the demand for construction equipment in these countries. 

Thus, the market growth during this decade will be driven by the booming urban population.

Read more: https://www.psmarketresearch.com/market-analysis/construction-equipment-market