Global Industry Trends

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

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.

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 urb