Why will Demand for Hydrogen Shoot Up in Asia-Pacific in Near Future?

With the surge in the global population and the escalating pollution levels, the availability of large areas of arable land is declining rapidly. This is encouraging farmers and governments to use the available arable land in a very judicious manner. As per the World Bank, the size of per person arable land across the world fell from 0.2 hectares in 2011 to 0.19 hectares in 2016. Moreover, the lack of availability of large areas of arable land is making farmers adopt modern strategies and tools such as fertilizers for enhancing the agricultural productivity.  

Additionally, with the mushrooming population in several countries, the demand for agricultural products is skyrocketing, which is, in turn, propelling the requirement for fertilizers. Due to this factor, the popularity of nitrogen-based fertilizers is surging. As hydrogen is an important component of these fertilizers, the soaring use of these fertilizers across the world is fueling the demand for hydrogen, thereby causing the expansion of the global hydrogen market. According to the forecast of the market research company, P&S Intelligence, the market revenue will rise from $136,185.0 million in 2019 to $196,934.5 million by 2030.

Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the hydrogen market in the upcoming years. This will be because of the soaring chemical production and booming crude oil refining activities in the region. Furthermore, the implementation of various initiatives aimed at augmenting the use of fuel-cell vehicles is also propelling the demand for hydrogen in the region. Additionally, the mushrooming usage of fertilizers, especially in India and China, is also driving the demand for hydrogen in the region.

Thus, the demand for hydrogen is set to boom in the coming years, owing to the increasing utilization of ammonia-based fertilizers, growing use of hydrogen in the refining industry, and ballooning deployment of fuel-cell vehicles all over the world. 

Source: www.psmarketresearch.com

Booming Tourism Industry Driving Growth of U.A.E. Facility Management Market

The U.A.E. facility management market generated a revenue of $14,360.2 million in 2020, and it is predicted to advance at a CAGR of 10.8% from 2021 to 2030. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market will attain a value of $39,680.8 million by 2030. The market is being driven by the surging investments being made in the construction sector and the expansion of the tourism sector in the country.

With the expansion of the tourism industry, due to strong government support, and the subsequent rise in the tourist footfall, gross domestic product (GDP), and foreign direct investments (FDI), the demand for facility management services such as security services, safety services, environmental management services, and disinfection services is rising sharply in the country. Additionally, the upcoming Expo 2020 Dubai (which was postponed to 2021 due to the COVID-19 pandemic) is predicted to create huge growth opportunities for the tourism sector.

Depending on service, the U.A.E. facility management market is divided into cleaning, catering, property, security, support, and environmental management. Out of these, the property category contributed the highest revenue to the market in 2020, and the situation will not change in the upcoming years. This is credited to the burgeoning demand for property services to keep the facilities in optimal condition. Moreover, the extreme weather conditions are pushing up the requirement for these services in commercial and industrial facilities.

Currently, companies in the U.A.E. facility management market are proactively working toward winning large-scale client tenders to increase their revenue. Ejadah Asset Management Group LLC, Adeeb Electrical & Electronic Services Co. LLC, Al Shirawi Facilities Management LLC, Blue Diamond Facilities Management LLC, Tafawuq Facility Management LLC, Engie Cofely, Imdaad LLC, EFS Facilities Services Group Limited, Deyaar Development PJSC, Transguard Group LLC, AG Facilities Solution LLC, Reliance Facilities Management, and Etisalat Facilities Management LLC are some of the most-significant facility management service providers in the country.

Thus, the expansion of the tourism and construction sectors in the U.A.E. will boost the requirement for facility management services in the coming years.

Read More: https://www.psmarketresearch.com/market-analysis/uae-facility-management-market

Why Does Europe Deploy Highest Volume of Waste Heat Recovery Systems?

Waste heat is generated from the exhausts of fume incinerators, combustion engines, glass melting furnaces, and cooling water from furnaces and convective, conductive, and radiation heat losses from combustion engines and cement kilns. Waste heat is also generated from process off-gases. Heat losses in several industrial processes can be curtailed by using waste heat recovery systems. Such systems involve the capturing and reuse of waste heat for combustion air preheating, steam generation, load preheating, power generation, space heating, and waster preheating.

The burgeoning demand for electricity from the petroleum refining, cement, chemical, paper and pulp, natural gas composition, and metal production and casting industries will help the waste heat recovery market to advance at 6.8% CAGR during forecast period. According to P&S Intelligence, the market will generate a revenue of $70.5 billion by 2022. Owing to the high prices of conventional energy sources such as oil, gas, and coal, such industries are focusing on the recovery of waste heat, as it will allow them to reduce their operating costs.

Geographically, Europe emerged as the largest user of waste heat recovery systems in the recent past, due to the rising implementation of environmental policies aimed at curbing industrial harmful emissions in the continent. Whereas, Asia-Pacific (APAC) is expected to adopt waste heat recovery systems at the highest rate in the coming years, owing to the growth of the cement industry in the region. Moreover, the booming energy demand and toughening environmental protection regulations will also boost the usage of such systems in the region in the foreseeable future.

Therefore, the rising electricity demand from the manufacturing sector and surging need for alternative and clean energy sources will encourage the adoption of waste heat recovery units in the foreseeable future.

Source: www.psmarketresearch.com

Increasing Demand for Petrochemicals Fueling Need for Industrial Gases

With the expansion of petroleum, heavy metal, healthcare, food and beverage, electronics, and chemical industries, the demand for industrial gases is shooting up. This is because these gases are extensively used in these industries. For instance, carbon dioxide (CO2) is heavily used in the food and beverage industry for carbonating beer and soft drinks and making decaffeinated coffee. Similarly, acetylene is also extensively used in the oxy-acetylene flame in the heavy metal industry for welding and cutting. 

Furthermore, the surging demand for petrochemicals is also driving the need for industrial gases across the world. For instance, Invest India, which is a national investment promotion & facilitation agency, forecasts that the demand for petrochemicals will grow at a CAGR of 7.5% between 2019 and 2023, with the demand for polymer advancing at a CAGR of 8.0%. As hydrogen is required in petroleum refining and chemical production, the soaring requirement for petrochemicals will fuel its demand in the coming years.

Due to the aforementioned factors, the demand for industrial gases is rising sharply, which is, in turn, fueling the growth of the global industrial gases market. As per the estimates of the market research company, P&S Intelligence, the market value will surge from $92,392.4 million in 2019 to $154,079.5 million by 2030. Furthermore, the market is expected to advance at a CAGR of 5.5% from 2020 to 2030. Amongst oxygen, hydrogen, carbon dioxide, helium, nitrogen, acetylene, and argon, the demand for hydrogen was found to be the highest in 2019.

Hence, it is safe to say that the demand for industrial gases will rise tremendously in the coming years, mainly because of the surge in several end-use industries such as chemical, oil & gas, and food & beverage, rising requirement for petrochemicals, and the mushrooming adoption of renewable energy sources all over the world. 

Source: www.psmarketresearch.com

Why Are Architects Replacing Solar Control Glass with Conventional Glass?

Solar control glass refers to the glass which consists of a special coating that reflects a major portion of sunlight, thereby, reducing the heat entering into a building. Installation of such glass, therefore, helps in cooling and brightening indoor spaces. Additionally, the usage of such glasses can also reduce the need for blinds and air-conditioning systems in newly constructed green buildings. Thus, the surging use of glass in modern buildings is resulting in the large-scale installation of solar control glasses in residential and commercial structures. 

Moreover, the surging use of building-integrated photovoltaic (BIPV) materials in the construction of new buildings as electricity sources will also help the solar control glass market advance at 9.2% CAGR during 2016–2022. According to P&S Intelligence, the market generated a revenue of $4,198.0 million in 2015. BIPV materials are used on vertical and horizontal surfaces, that help in generating solar energy in a large number of areas. Besides, the ongoing innovations being made in BIPV products such as transparent, insulated, and colored BIPV windows will create a huge requirement for solar control glasses in the coming years.

Geographically, Europe has emerged as the largest user of solar control glasses in the recent past, due to the escalating construction of commercial and residential buildings and the increasing number of emission reduction regulations in the region. Moreover, the surging use of novel technologies in energy conservation will augment the installation of such glasses in residential and non-residential structures, as they help in reducing the load on air conditioning systems. According to the European Union (EU), the usage of solar control glasses helps in reducing up to 15 million tons of carbon dioxide emissions annually.

Thus, the strengthening construction sector and the booming BIPV industry will boost the integration of solar control glasses in residential and non-residential buildings in the coming years.

Source: www.psmarketresearch.com

Why are Sales of Automotive Lightweight Materials Surging in North America?

With the escalating air pollution levels and the rapid deterioration of the environment, many environmental organizations and governments are enacting stringent policies and taking initiatives for reducing the emission of greenhouse gases. These policies are also aimed at mitigating greenhouse gas emissions from automobiles. For instance, the governments of many European and North American countries are promoting the development and incorporation of lightweight materials in automobiles for reducing carbon dioxide emissions by 2025. 

Similarly, the governments of several Asia-Pacific (APAC) countries such as China, are implementing strict policies for reducing the generation of carbon emissions. Furthermore, APAC countries such as India, Indonesia, and Australia are implementing regulations for mitigating such emissions. Moreover, many international organizations are supporting the use of lightweight materials in automobiles, as these materials assist in reducing the generation of toxic gases. Besides these factors, the burgeoning requirement for greater fuel efficiency is also fueling the growth of the automotive lightweight material market.

As a result of the aforementioned factors, the market reached $77.1 billion revenue in 2015. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 14.0% from 2016 to 2022.  Plastics, composites, and metals are the most widely used lightweight materials in the automotive industry. Out of these, the demand for metals is predicted to shoot up in the automotive industry in the forthcoming years. This is attributed to the surging use of high-strength steel and aluminum lightweight materials.

Hence, it can be said without any hesitation that the sales of automotive lightweight materials will explode in the coming years, primarily because of the growing requirement for fuel-efficient vehicles and the increasing implementation of stringent regulations and policies by the governments of several countries for mitigating the emission of carbon dioxide and other greenhouse gases, on account of the surging concerns being raised over the rapid environmental degradation and escalating air pollution levels all over the world.

Source: www.psmarketresearch.com

Surging Geriatric Population Driving Pharmaceutical Fine Chemical Sales

According to the United Nations Department of Economic and Social Affairs (UNDESA), the global population of people aged 65 years or above will surge from 703 million in 2019 to 1.5 billion by 2050. Due to the weak immune system and weak physical traits of the elderly, they are easily affected by various diseases. The surging prevalence of several illnesses among the geriatric population is creating a high requirement for an array of medical drugs. With the increasing consumption of medical drugs, the usage of pharmaceutical fine chemicals will accelerate in the coming years.

Further, the soaring awareness about pharmaceutical chemicals in various countries of Africa is expected to drive the pharmaceutical fine chemicals market at a CAGR of 6.2% during 2020–2030. According to P&S Intelligence, the market generated a revenue of $100.3 billion in 2019. The governments of Nigeria and Kenya are focusing on improving the accessibility of medical drugs by promoting the local production of such products. The African countries are proactively working toward improving their public health sector, with the ultimate aim of creating a large and healthy workforce that can drive their economy. 

Geographically, North America held the largest share in the pharmaceutical fine chemicals market during the historical period (2014–2019), as it is home to the largest pharmaceutical industry in the world. Moreover, the huge healthcare spending and numerous R&D activities in the pharmaceutical sector are supporting the market growth in the region. Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the forecast years, owing to the soaring R&D investments and increasing government support for developing drugs for diseases that cannot be cured at present. 

Thus, the booming aging population and growing awareness about pharmaceutical fine chemicals among African countries will amplify the production of such chemicals in the foreseeable future.

Source: www.psmarketresearch.com