Semiconductor Intellectual Property (IP) Market worth $7.2 billion by 2026

 

The report "Semiconductor Intellectual Property (IP) Market with COVID-19 Impact Analysis by Design IP (Processor IP, Memory IP, Interface IP, Other IPs), IP Source (Royalty, Licensing), IP Core (Hard IP, Soft IP), Vertical, and Geography - Global Forecast to 2026 ", is expected to grow from USD 5.5  billion in 2021 to USD 7.2 billion by 2026, at a CAGR of 5.4%. Increasing the advancements for multicore technology across various sectors as well as rising demand for modern SoC (system on chip) designs for different applications are the primary factors driving the market growth. Moreover, growing adoption of semiconductor IPs in consumer electronics, telecommunications & data center as well as automotive verticals will drive the demand for this technology in the near future.

The market has slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the semiconductor IP market. Though the market is impacted in 2020, it is expected to fully recover by 2021.

Processor IP is estimated to contribute largest market share in the said market during the forecast period

The processor IP segment is expected to hold a major share of the semiconductor IP market during the forecast period. 5G technology is making massive increments in speed, bandwidth, and data throughput for automobile and mobile applications by introducing carrier aggregation and increased throughput with advanced modulation via mmWave spectrums. Such advancements have increased the complexity of infrastructures, basebands, and application processor technologies. To address this issue, new innovative processor IPs are required. All these factors are expected to fuel the demand for processor IPs during the forecast period.

Automotive vertical is estimated to be the fastest-growing market during the forecast period

The semiconductor IP market for the automotive verticals is expected to grow at the highest CAGR during the forecast period due to the increasing applications of microprocessor units (MPUs), microcontroller units (MCUs), sensors, analog integrated circuits (ICs), interfaces, and memory in autonomous and premium cars. The introduction of technologies such as advanced driver assistance systems (ADAS), adaptive cruise control, and intelligent parking assistance systems are expected to further boost the market growth. Furthermore, the market growth can also be attributed to the increased demand for vehicle connectivity and the growing significance of connected cars.

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Asia Pacific is expected to grow at the highest rate

The market in APAC is expected to grow at the highest rate during 2021–2026. The global market players are experiencing increased demand for semiconductors such as cores and processors from countries such as China, Japan , Taiwan and South Korea. Major players in the chip industry in APAC include Intel (US), Qualcomm (US), Advanced Micro Devices, Inc. (US), and Texas Instruments (US). The consumer electronics vertical would continue to dominate the market in APAC. Increasing demand for consumer electronics, especially smartphones, is expected to drive the growth of the semiconductor IP market in APAC. China is expected to hold the largest market share in APAC by 2026.

Major players in the semiconductor IP market include Arm Holdings Ltd (UK), Synopsys Inc(US),  Cadence Design Systems, Inc (US) Imagination Technologies Ltd (UK), CEVA Inc (US),Lattice Semiconductor Corporation (US), Rambus Inc(US), eMemory Technology, Inc (Taiwan), Silicon Storage Technology, Inc (US) and VeriSilicon Microelectronics Co., Ltd. (China) among others.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Process Automation and Instrumentation Market worth $86.6 billion by 2027

 

According to the new research report "Process Automation and Instrumentation Market with COVID-19 Impact Analysis by Instrument (Field Instruments, Process Analyzers), Solution (PLC, DCS, SCADA, HMI, Functional Safety, MES), Industry and Region - Global Forecast to 2027" published by MarketsandMarkets, the global process automation and instrumentation market size is expected to grow from USD 66.2 billion in 2022 to USD 86.6 billion by 2027, at a CAGR of 5.5%. The process automation and instrumentation market comprises players that offer human-machine interface (HMI) devices, manufacturing execution systems (MES), programmable logic controllers (PLCs), distributed control systems (DCS), supervisory control and data acquisition (SCADA) systems, and functional safety solutions. The market is diversified, with various companies competing across the value chain to sustain their position in the market and increase their market share.

Field instruments dominated the global process automation and instrumentation market in 2021

Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is necessary to obtain key information regarding major parameters, including temperature, pressure, and level, to monitor and control processes quickly, smoothly, securely, and accurately, as well as to achieve optimum productivity. These instruments play a pivotal role in measuring and controlling process parameters in process industries. For example, in June 2021, Emerson Electric Co. introduced a new Rosemount 1408H level transmitter, specifically designed for the food & beverages industry. The constant release of advanced products to automate industrial processes and measure and control different process parameters is expected to drive the process automation and instrumentation market for field instruments.

Oil & gas industry is leading the global process automation and instrumentation market

The oil & gas industry is leading the global process automation and instrumentation market at present, and a similar trend is likely to continue in the next few years. Oil and gas companies are increasingly leveraging process automation and instrumentation to acquire a constant stream of data that can be mined, aggregated into big data, and transformed into smart data through analytics and detailed analysis. Major components used for process automation and instrumentation in the oil & gas industry are software, such as MES and SCADA, and instruments, such as control valves, actuators, positioners, flowmeters, and transmitters. The oil demand can be met by increasing the productivity and efficiency of the oil and gas companies. Therefore, it becomes necessary for industry players to implement solutions to improve manufacturing processes. This can ultimately be achieved by adopting process automation and instrumentation solutions such as HMI, SCADA, and PLC.

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Asia Pacific to grow at the highest CAGR during the forecast period of 2022 to 2027

In terms of region, Asia Pacific led the global process automation and instrumentation market, followed Asia Pacific led the global process automation and instrumentation market, followed by North America and Europe in 2021. In Asia Pacific, the demand for process automation and instrumentation solutions is growing from the oil & gas and food & beverages industries due to the ever-increasing population in Asia Pacific. Increasing investments in clean energy infrastructure in Asia Pacific to meet escalating demand for electricity and reduce reliance on fossil fuels to generate energy. Also, the process automation and instrumentation market for the pharmaceuticals industry in this region is expected to grow at the highest CAGR from 2022 to 2027 due to changing regulatory environment. Also, advantages such as higher reliability and flexibility and greater speed and accuracy offered by process automation encourage pharma companies to adopt process automation and instrumentation solutions.

Major companies operating in this process automation and instrumentation market include ABB Ltd. (Switzerland), Emerson Electric Co. (US), Siemens (Germany), General Electric Company (US), and Schneider Electric (France).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Industrial 3D Printing Market expected to worth $5.2 billion by 2026

 

The report "Industrial 3D Printing Market with COVID-19 Impact Analysis, by Offering (Printers, Materials, Software, Services), Application, Process, Technology, Industry (Aerospace & Defense, Automotive) and Geography - Global Forecast to 2026" The industrial 3D printing market is projected to grow from USD 2.1 billion in 2021 to USD 5.2 billion by 2026; it is expected to grow at a CAGR of 20.0% during the forecast period. Owing to COVID-19, the industrial 3D printing market faced some headwinds for 2020–2021. As 3D printing is moving beyond prototyping toward bulk-manufacturing the industrial 3D printing market is expected to witness significant growth during the forecast period. During the pandemic, 3D printing technology demonstrated on-demand production for healthcare equipment, as well as compensated for weak supply chains in other industries to some extent.

Printers segment to account for the largest share of the industrial 3D printing market in 2021

The printers segment is expected to hold the largest share of the industrial 3D printing market during the forecast period. When the 3D printer was first introduced, it appeared to be more of a novelty than a practical tool. However, with their declining cost and technological advancements, the consumer base of 3D printers has expanded considerably. They are being used for professional printing, for instance, producing lightweight and complex shapes for high-value products, ranging from aircraft to racing cars. The growth of the printers segment can be attributed to the changing perception of 3D printing and its evolution as a maturing manufacturing solution.

Powder bed fusion process segment to dominate industrial 3D printing market during the forecast period

The powder bed fusion segment is expected to hold the largest share of the industrial 3D printing market during the forecast period as it is one of the most common 3D printing processes used for industrial additive manufacturing (AM). Selective laser sintering (SLS) of plastics and selective laser melting (SLM) of metals are two well-known processes within this category. The main advantage of powder bed fusion over the other processes is it does not require support structures as the powder bed surrounding the parts provides the necessary support when working with plastic and its associated derivatives. In this process, the parts do not need support removal during post-processing.

Aerospace & Defense industry to register the highest share for industrial 3D printing market in 2021

The aerospace & defense segment is expected to hold the largest share of the industrial 3D printing market during the forecast period. Industrial 3D printing in the aerospace & defense industry is used in commercial, industrial, and military applications. The aerospace & defense industry is playing a major role in the evolution of 3D printing technology for manufacturing parts and prototyping. The industry players prefer 3D printing as it helps to lessen supply chain constraints, reduce wastage of materials, and requires limited warehouse space. Rapid production of aircraft parts on demand through 3D printing helps save enormous space, time, and money for aircraft manufacturing companies. NASA, Boeing, and Airbus are the major organizations that are turning to 3D printing to solve complex engineering problems and create specialized parts. It is forecasted that with advancements in metal 3D printing, domestic aircraft and spaceship manufacturers will adopt AM methods using custom alloys and high-end lightweight thermoplastics.

As corona virus is rapidly spreading worldwide, the growth of the aerospace & defense industry has been adversely affected as airlines have canceled orders for new aircraft, and large OEMs such as Airbus and Boeing have reduced production. Overall, the growth of the aerospace industry has been adversely impacted due to the downturn in commercial aviation. On the other hand, the defense sector has witnessed a low impact of COVID-19 in the short-to-mid term since defense contracts are generally set up for the long term.

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Market in North America estimated to have the largest share during the forecast period

North America is estimated to lead the industrial 3D printing market during the forecast period. The presence of several well-established market players, such as Stratasys, 3D Systems, GE Additive, ExOne, Protolabs, and HP, is contributing to the regional market’s growth. Several major industries are opting for 3D printing to develop innovative products using new combinations of materials, shapes, and structures; lower the production cost of small-batch manufacturing; achieve quick production; and reduce material wastage. Aerospace & defense and automotive are major end-use industries of industrial 3D printing in this region. The demand for high strength and lightweight parts in the aerospace & defense industry and the increasing production of electric vehicles have fueled the demand for 3D-printed metal parts. Increasing demand for high-performance metals, growing applications of 3D-printed metal parts, and substantial adoption and manufacturing of products based on 3D printing technology are fueling the growth of the industrial 3D printing market in North America.

Major vendors in the industrial 3D printing market include Stratasys (US), 3D Systems (US), Materialise (Belgium), EOS (Germany), GE Additive (US), ExOne (US), voxeljet (Germany), HP (US), SLM Solutions (Germany), Renishaw (UK), Protolabs (US), CleenGreen3D (Ireland), Optomec (US), Groupe Gorgé (France), Ultimaker (The Netherlands), Beijing Tiertime (China) XYZprinting (Taiwan), Höganäs (Sweden), Covestro (Royal DSM) (Germany), Desktop Metal (US), Nano Dimension (Israel), Formlabs (US), Carbon (US), TRUMPF (Germany), and Markforged (US).

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Data Center Interconnect Market Size Global Forecast to 2026 | MarketsandMarkets

 The data center interconnect market is projected to grow from USD 8.6 billion in 2021 to reach USD 17.0 billion by 2026; it is expected to grow at a CAGR of 14.5% from 2021 to 2026.

The rising migration to cloud-based solutions, growing borderless nature of global economy coupled with surging consumption of OTT services due to nationwide lockdown imposed on account of COVID-19 is expected to fuel the growth of the data center interconnect market.

Driver: Rising migration to cloud-based solutions

With the onset of web-based applications, the app architecture was so effortless that multiple apps could be easily hosted on a shared server. This took place without any significant compromises on performance. However, with the increase in the number of users and the complexity of apps, shared hosting became ineffective. Businesses migrated their apps to dedicated VPS hosting solutions that were not suitable for long and began to fail the users. Business owners had no option but to purchase an entire dedicated server. The first challenge they faced was the migration of the application to the new VPS server. However, businesses soon realized that the massive cost of the server was not worth it. Most of the time, a significant portion of server resources were left idle. Since the businesses were paying for the entire server regardless of resource utilization, the dedicated server proved to be a wrong business decision. This pushed businesses to opt for cloud-based solutions. Migration to cloud simplifies the process of setting up applications that users can access using their browsers instead of downloading them on their devices.

Restraint : High initial investment required in setting up data centers

Several aspects need to be considered while planning to set up a data center. These aspects include engineering, permits and approvals, power systems, generators with enclosures, conduit and cabling for generators, data center lighting, lighting protection, HVAC, fire suppression, etc. These costs can add up quickly to the capital investments.

Opportunity : Increasing disaster recovery and business continuity requirements

Disaster recovery is a major concern for data centers users across the world. IT infrastructure facilities are prone to disasters such as earthquakes, security attacks, fire outages, and other unplanned events. For businesses to not suffer from drastic losses owing to such disasters, proper disaster recovery measures must be in place. Data center interconnection facilities are located away from the users’ premises and be less prone to disasters. These facilities can be controlled remotely, adding to their reliability in disaster recovery measures. Therefore, interconnection facilities are anticipated to become an ideal backup and recovery option because they enable businesses to house key data in a remote location. Thus, business continuity can be achieved due to the presence of resilient and safe DCI solution, which is why these solutions are expected to witness growing demand.

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Challenge: Capacity limitations

Data centers store and deliver data as required by applications. Very often, the size of datasets entering or leaving a data center can be enormous, ranging from hundreds of Gigabits to Terabits. Skyrocketing video, social media, and distributed application traffic pose significant capacity planning and network engineering challenges for data center operators. New type of workloads such as analytics, machine learning and IoT are posing significant capacity limitations. Thus, the networking equipment used to connect data centers must be capable of providing reliable, high-capacity connections that can be scaled to address tremendous growth requirements in data center traffic.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

 

 

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Data Center Interconnect Market worth $17.0 billion by 2026

 According to a research report "Data Center Interconnect Market by Type (Products, Software, Services), Application (Real-Time Disaster Recovery and Business Continuity, Workload (VM) and Data (Storage) Mobility), End User and Region - Global Forecast to 2026" published by MarketsandMarkets, the data center interconnect market is projected to grow from  USD 8.6 billion in 2021 and is projected to reach USD 17.0 billion by 2026; it is expected to grow at a CAGR of 14.5 % from 2021 to 2026.

The migration of enterprises towards the cloud, growing borderless nature of global economy coupled with recent surge in the consumption of OTT services is expected to fuel the growth of the data center interconnect industry.

“Managed services to grow at a higher rate during the forecast period”

Managed services are expected to witness an above-average growth owing to several benefits, including remote management of customers IT infrastructure and systems of end-users, typically on a proactive basis and under a subscription model. The services market is expected to grow at the highest rate during the forecast period, as services help in achieving critical targets, developing a skillset for improving the internal planning and control process, and remotely managing customers  IT infrastructure and systems of end-users.

“Enterprise end-user segment to grow at the highest rate during the forecast period”

Enterprises end-user segment is expected to grow at the highest rate during the forecast period. A large majority of enterprises use or are planning to use hybrid cloud infrastructure to maintain tight control over mission-critical data. As a result, for many enterprises, the hybrid cloud runs in multiple different types of data centers. Connecting a hybrid cloud means connecting many or all these types of data centers, thereby pushing the need for data center interconnect solutions. Growing penetration of digital services across several industry verticals has resulted in the increased demand for data centers for storage, computing, and network management. This, in turn, will drive the demand for data center interconnect market. Increased employee mobility, adoption of bring-your-own-device, and bring-your-own-application, and big data explosion are impacting the future needs and requirements for enterprise DCI solutions. These include high performance, low latency, and secure optical WDM solutions. The real-time disaster recovery and business continuity application is the most common application for enterprise DCI. The application for dynamic workload scheduling and data replication, particularly cloud-based, will have growth areas for enterprise DCI in the future.

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“Real-time disaster and business recovery application segment to dominate the data center interconnect market throughout forecast period ”

The real-time disaster and business recovery application segment is expected to dominate the data center interconnect market from 2021-2026. The DCI solutions enables geographically separated data centers to easily participate in any form of business continuity and disaster recovery (BCDR) strategy. When the physical delineation between data centers is removed, critical business information can be backed up, replicated, or accessed in real-time, and active-active or active-standby strategies can be implemented much more simply. In the event of failures or IT maintenance schedules, workloads can be easily moved or recovered in any locations. It minimizes the effects of outages and disruptions on business operations. It reduces the risk of data loss and reputational harm and improve operations while decreasing the chance of emergencies. As business downtime can result in huge financial losses, there is a growing demand for DCI solutions that are widely being deployed in organizations for ensuring security and business continuity paving way for the market growth.

“North America held the largest share of data center interconnect market in 2020 and is expected to hold second-largest share by 2026”

North America is expected to account for the largest share of the data center interconnect market during the forecast period. North America held the largest market share in 2020 owing to the early adoption of DCI technologies by countries such as the US and Canada. An increase in the use of data centers across various business verticals and early adoption of the latest technologies in the region is expected to drive the market in this region. Several US-based companies such as Amazon Web Services (AWS), Google, and Microsoft are increasing their investments in data center construction. The growth will be driven by the US, where data centers manage high volumes of data generated. Extensive use of optical interconnects in the data centers of the US is another driving factor for the market in this region. This region is home to several major players in the data center interconnect market; some of these are Ciena Corporation (US), Juniper Networks, Inc. (US), Infinera Corporation (US), Cisco Systems (US), Extreme Networks, Inc. (US). These companies have contributed to the growth of the data center interconnect market in the North America by launching innovative products and services and spending extensively on the R&D of DCI solutions.

Key players in the data center interconnect market include Ciena Corporation (US), Nokia Corporation (Finland), Huawei Technologies (China), Juniper Network Inc. (US), Infinera Corporation (US), ADVA Optical Networking SE (Germany), CISCO Systems (US), Extreme Networks, Inc. (US), and Fujitsu Ltd. (Japan). Apart from these, XKL LLC (US), Ekinops S.A(France), Cologix (US), Pluribus Networks (US), Ranovus (Canada), Innovium (US), ZTE Corporation (China), Megaport (Australia), Flexential (US), Cyxtera Technologies (US), Fiber Mountain (US) are among a few emerging companies in the data center interconnect market.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of n

Livestock Identification Market Size share Global forecast to 2026 | MarketsandMarkets

The global livestock identification market size was valued at USD 1.4 billion in 2021 and is projected to reach USD 2.3 billion by 2026. It is expected to grow at a CAGR of 9.8% during the forecast period. Rapid adoption of IoT- and AI-enabled devices for effective management of livestock, elevated demand for automation in livestock farming, and increased focus of farmers on real-time identification and monitoring of livestock are the key driving factors for the livestock identification market.

Driver: Increased focus of farmers on real-time identification and monitoring of livestock

Livestock identification is another important aspect of livestock farming. Traditionally, cattle were identified and monitored manually and confined in farms by building physical fences. However, advanced technologies have made it possible to identify, track, and monitor farm animals in real-time. Real-time advanced technologies such as biometric sensors include either noninvasive or invasive sensors that identify and monitor an individual animal’s health and behavior in real-time, allowing farmers to integrate this data for population-related analysis. Real-time information from biometric sensors is processed and integrated using big data analytics systems that rely on statistical algorithms to sort through large complex data sets and provide farmers with relevant trending patterns and decision-making tools. Sensor-enabled blockchain technology affords secure and guaranteed traceability of animal products from farm to table, a key advantage in monitoring disease outbreaks and preventing related economic losses. Navigation satellites and GPS are extensively used for real-time monitoring of farms. Faster response and prevention of livestock diseases are major reasons for the increasing focus of farmers on using real-time livestock identification and monitoring solutions. Livestock disease is very often curable if detected early. However, herd animals rarely show outward signs of sickness until it is too late, which puts the entire herd in danger. The real-time data allows the farmers to make better informed decisions. Thus, mortality rates have lowered with the use of real-time livestock identification and monitoring devices. As a result, major market players focus on developing technologically advanced and innovative products for livestock identification and monitoring applications.

Restraint: Less awareness about benefits of livestock identification systems among ranchers and livestock owners

Although the livestock identification marketplace is flooded with various innovative technologies, awareness among livestock owners remains considerably low, which impacts the adoption of digital tools for herd identification and management. Livestock identification products find applications in almost all functional aspects of cattle, poultry, and swine farms. However, farmers are often unable to operate these systems efficiently. In addition, these livestock identification solutions yield huge volumes of data, which is difficult to process and understand. Furthermore, limited awareness and a lack of know-how pertaining to livestock technologies among farmers is also another key factor impeding the market growth. Thus, livestock technologies are adopted at a lower rate by the farmers in emerging countries due to several factors, including the high cost involved in automating farms, lack of technical knowledge among farmers, and reluctance in adopting new farming technologies due to limited skillset and technology understanding.

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Opportunity: Increasing number of dairy, poultry, and swine farms globally

The number of livestock farms has increased significantly over the past few years globally, and a similar trend is likely to be observed in the coming years to meet the demand for food from the ever-growing population. These farms provide a supplementary income to farmers. According to the Food and Agricultural Organization (FAO) of the United Nations (UN), the total number of cattle all over the world was 1.68 billion in 2018, and it is estimated to reach 2.0 billion by 2021. The rising demand for livestock identification products can be primarily attributed to the growing number of dairy cattle to fulfill the escalating demand for dairy products, such as butter, cheese, curd, and yogurt, worldwide. Similarly, a surge in meat consumption across the world has led to a rise in the number of poultry and swine farms. As the herd size of dairy farms increases, it becomes difficult to identify and monitor the herd manually. Therefore, the increasing herd size of livestock farms provides growth opportunities for the livestock identification market. Livestock farms can be made more efficient by deploying high-tech systems in large farms to achieve economies of scale.

Challenge: Stringent government regulations and barriers to trade livestock products

Livestock farming is one of the most regulated industries in almost all regions. Regulations control the quantity and quality of dairy products and also ensure that the food is safe for human consumption by imposing regulations pertaining to good animal feeding practices at farms. There are several regulatory policies pertaining to the international trade of animal products. Various trade barriers and government programs are prohibiting several developing countries from trading in regulated markets. These barriers prevent multilateral and bilateral trade negotiations from progressing, thereby decreasing export opportunities and impeding the growth of the dairy industry. Moreover, fragmented dairy farms and unorganized market structures in developing countries are other challenges for the livestock identification market. This has resulted in the low penetration of livestock identification equipment across small and mid-sized farms in emerging economies.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:               

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road                                                                      

Suite 430

Northbrook, IL 60062

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Asset Integrity Management Market Size Global Forecast to 2026 | MarketsandMarkets

 The global asset integrity management market size is expected to grow from USD 20.3 billion in 2021 to USD 25.7 billion by 2026 at a CAGR of 4.9% from 2021 to 2026.

 Factors such as stringent safety regulations and quality control requirements laid down by governments, and climatic changes affecting the operations of various industries, thereby driving the asset integrity management market.

Driver: Climatic changes giving rise to operational disturbances in various industries

Climatic changes over a period largely affect the operations of the oil & gas and power industries. Various industries and governments are progressively recognizing the need for climate adaptation planning and its inclusion in the overall risk management strategy. Climatic changes are inevitable and need to be considered at the time of risk planning to avoid major setbacks or hazardous accidents. Risk-based inspection of the assets in the oil & gas and power generation plants help to understand the risks involved in the forecasted climatic changes and the damage caused by such changes previously. Asset integrity management services help decision-makers to plan risk management strategies, thus decreasing the effects of climatic changes on plant operations.

Restraint: High initial costs and complexities with installation

Asset integrity management services are used for monitoring assets throughout their entire life cycle, which helps make decisions regarding maintenance activities to avoid breakdowns and disastrous events. Installation of the systems required for asset integrity management services is complex and involves careful consideration of certain trade-offs flanked by short-term and long-term benefits. A fundamental review of the expectations of stakeholders is considered while implementing these solutions, which is supported by a consistent and scalable method for determining the criticality and value of assets.

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Opportunity: Thriving power sector in developing nations

The power industry is expected to generate the maximum demand for asset integrity management services in the future. Developing countries such as China, India, and Mexico are undergoing infrastructure development on a large scale, especially in the power generation sector. Most of this growth is focused in regions where strong economic growth is driving demand, particularly in Asia. According to the data published by the World Nuclear Association (as of September 2020), the electricity generation capacity, specifically nuclear power generation, in Asia is growing remarkably. In this region, there are about 135 operational nuclear reactors, and about 35 are under construction; additionally, firms are planning to build 60-70 more. Increase in the number of nuclear power plants and the subsequent rise in the demand for machines used in these plants would present opportunities for asset integrity management service and NDT companies to develop solutions suitable for the nuclear power generation industry.

Challenge: Lack of skilled personnel for operating asset integrity management systems and software

Asset integrity management involves several techniques, hardware, and software, which need to be operated and administered by skilled individuals. Specially trained and educated workforce is required for operating software and equipment carrying out the inspection of asset integrity. Labors have to be trained specifically for these operations and require ample of relevant experience. Experience and training provide them the ability to operate and make appropriate and timely decisions for ensuring the smooth operation of the plants.

 

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