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Energy Storage Market Leading Players and Growth Forecast Report 2030

The size of the energy storage market was 36,774 MW in 2022, and it will grow at a rate of 35.2% in the years to come, for reaching 410,543 MW by 2030, as said in a report by a market research company, P&S Intelligence.

One of the key drivers of the industry is the increasing emphasis on alternative sources of generating electricity. With the quick urbanization, there is a growing requirement for solar, hydro, and wind power.

This has a lot to do with the fact that these resources are easily available, produce clean power, and can effortlessly meet the snowballing electricity requirement. Since renewable technologies, such as wind and solar, have variable outputs.

Li-ion battery dominated the industry in 2022 in the electrochemical subsegment. This has a lot to do with the numerous advantages related to it, for example low self-discharge, high-power density, and low maintenance.

Furthermore, because of the reduction in prices, lithium-ion batteries are preferred by people as a source for energy storage.

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Presently, Asian power utilities take into consideration power storage systems the next upgrade in smart grid technologies. With the growing requirement for stable grids and snowballing emphasis of governments on smart grids, the region will increase its fundings on these technologies in the years to come.

It is because of the budding renewable sector all over the world, the demand for energy storage utilities will continue to grow at a considerable rate in the years to come.

Peripheral I.V. Catheter Market Growth, Development and Demand Forecast Report 2030

Peripheral intravenous (I.V.) catheters are primarily used for blood sampling and therapeutic purposes, such as administration of blood components, fluids, antibiotics, psycholeptics, and analgesics. These catheters/cannulae are inserted into a minute peripheral vein for therapeutic purposes. The advent of these catheters has reduced the incidence of bloodstream infections and hematoma-related complications. Additionally, the usage of integrated/closed and short peripheral I.V. catheters helps in preventing the transfer of blood-borne pathogens to other patients in healthcare facilities.

In addition, the rising geriatric population will also augment the need for peripheral I.V. catheters, as this age pool is highly susceptible to chronic ailments. For instance, the National Institutes of Health, under the U.S. Department of Health and Human Services, states that in the U.S., nearly 85% of the old populace suffers from at least one chronic health condition and approximately 60% has at least two. Further, the World Population Ageing 2020 report estimates that the global population of people aged 65 years and above will reach around 1.5 billion by 2050.

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In the coming years, these manufacturers will provide an abundant amount of peripheral I.V. catheters in the emerging economies of India, Brazil, and China due to the increasing awareness about advanced treatments in the areas of oncology, gastroenterology, renal diseases, infectious diseases, and pediatric diseases. Moreover, apart from the spurring healthcare spending, the rising focus on reducing needlestick injuries will also boost the adoption of such catheters in developing countries. Besides, the introduction of several initiatives to spread awareness about the new and improved I.V. catheters will promote their usage in the coming years.

According to P&S Intelligence, North America dominated the peripheral I.V. catheter market in the past, and it will continue to do so in the coming years. This can be credited to the spurring demand for injectable drugs, surging aging population, and escalating healthcare expenditure. In the North American region, the U.S. consumes the highest quantity of peripheral I.V. catheters. Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the demand for such devices in the coming years due to similar reasons.

Thus, the rising elderly population, growing healthcare spending, and increasing cases of chronic diseases will propel the usage of peripheral I.V. catheters in healthcare settings in the coming years.

U.S. Diesel Genset Market Growth, Development and Demand Forecast Report 2030

By 2030, the U.S. diesel genset market will reach $3,132.4 million, from $2,175.6 million in 2021. The market is projected to grow at a 4.1% CAGR during 2021–2030, owing to the increasing instance of power outages and the rising need for reliable and uninterrupted power supply. Moreover, there is a surging need for power backup sources, ascribed to the skyrocketing development of residential homes, hotels, and corporate offices, which is boosting the demand for gensets.

The frequency of power outages in the country is increasing, owing to factors including overloading and aging power grids, and natural calamities. Prominent places that require a consistent and smooth power supply, include fire stations, data centers, telecom towers, nuclear power plants, and healthcare centers. The equipment and devices in these facilities can be affected by a power failure, which will lead to misfunctioning because of the lack of ability to handle load surges. Hence, the development in these application areas will drive the requirement for diesel gensets.

Within the power requirement segment, the U.S. diesel genset market is bifurcated into backup power and prime power. In 2021, the backup power category accounted for higher revenue, of $1.9 billion. This is ascribed to the surging use of DGs in manufacturing facilities, retail establishments, hospitality units, healthcare facilities, commercial buildings, hotels, shops, and houses, as a backup power solution. Further, people in the country are continually installing powered generators to curb power outages because of natural calamities and old electricity grid infrastructure.

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The use of data in the U.S. diesel genset market is expanding as hyper-scale cloud providers and business organizations attempt to reap profits from local and worldwide data demand. With the gradual acceptance and swift expansion of technologies in the U.S., there is a dire need for extra storage space. This is predicted to create a snowballing demand for data centers in the future. Additionally, data centers create a high requirement for reliable power sources and need a consistent power supply, which, in turn, drives the requirement for diesel gensets.

Hence, the surging demand for reliable and uninterrupted power supply and the increasing instances of power outages will provide lucrative opportunities for market players to gain a competitive edge.

GCC Facility Management Market Projection, Technological Innovation And Emerging Trends 2030

The Gulf Cooperation Council facility management market is a growing market and will reach a value of about $137,298 million by 2030. This is majorly credited to the increasing requirement for facility management services in residential and commercial buildings, civil infra projects, and industrial units.

The property category was the largest in the industry in the past. This was since of the growing requirement for property management services like HVAC maintenance and mechanical & electrical maintenance, at the afresh erected buildings in GCC nations.

HVAC maintenance services were the highest demanded in the past. This is majorly credited to the extreme weather conditions in GCC nations resulting in a high dependency of buildings on HVAC systems will fuel the requirement for their maintenance in the years to come.

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Moreover, the growing competition and high pressure since of the strict governing requirements are compelling companies for evaluating their way of directing business. For dealing the tight guidelines and high scrutiny, administrations are looking for ways for minimizing risks and accomplish their facilities competently.

For achieving this, they started engaging facility management companies able to deliver and manage these services and also bear the risks related with them.

It is due to the increasing construction activities in the GCC nations, the demand for GCC facility management services is on the rise.

Western and Central Europe Agricultural Machinery Market And Emerging Trends 2030

In 2021, The Western European agricultural machinery market was worth around USD 37,189.4 million, and the market value will be progressing at a rate of 3.4% from 2022–2030. Moreover, the Central European agricultural machinery market was worth around USD 12,489.2 million in 2021, and the market value will be progressing at a rate of 4.3% from 2022–2030, as per P&S Intelligence.

The major reasons behind the growth of the market are the high cost of farm automation, the increasing price of farm labor, the booming popularity of agricultural machinery, and progressing technology.

In Europe, farming has long been a labor-intensive. Though, as people are migrating to urban regions, the employment cost in this sector has fallen over time. Agriculturalists are progressively utilizing agricultural technology to swap with manual labor, as agricultural technology is a more lucrative, always obtainable, and effective way of agriculture.

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Agriculturalists are under a continuous burden to fulfill the requirement for food of the growing population, which is encouraging them to emphasize on the efficiency of production. Precision farming is gaining traction among farmers who desire to maximize their output while working with limited resources.

This agricultural technology has the potential to efficiently address the problem of food shortage. It enables for more effective use of resources including, seeds, fertilizers, water, and agricultural equipment, thus ensuing in a higher crop amount and quality.

Hence, the high cost of farm automation, the growing price of farm labor, the increasing popularity of agricultural machinery, and progressing technology are the major reasons propelling the agricultural machinery industry in Western and Central Europe.