Air Compressor Sales Rising in APAC with Burgeoning Industrial Production

Among the top manufacturing nations in the world are China, Japan, India, and South Korea. Their booming population and export volume are leading to a continuous increase in industrial production. New manufacturing clusters are being set up, and a huge volume and variety of production equipment is being procured in order to fulfill the rising demand for all things imaginable. One of the key pieces of equipment used at factories is an air compressor, often as part of larger machines that operate on pneumatics (air pressure).

Therefore, as per P&S Intelligence, with the burgeoning industrial production, the value of the Asia-Pacific (APAC) air compressor market will increase to $15.2 billion by 2024 from $11.8 billion in 2018, at a 4.1% CAGR during 2019–2024 (forecast period). Some of the common industrial machines that work on pneumatics, therefore require air compressors, are rock drills, riveters, pavement breakers, paint sprayers, forging presses, blast cleaners, nail guns, and atomizers. Moreover, several piping systems, such as those used in food processing plans, use pressurized air to push products and ingredients.

Another important and, perhaps, the most-common application area of such devices, is heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems. The most-important component of an AC or fridge is the compressor, as it is what provides the cooling. Hence, with the global temperature rising each year as a result of climate change due to air pollution, the demand for such systems is burgeoning. In addition, the rising disposable income in developing countries is allowing people to purchase ACs and fridges, thereby propelling air compressor sales in APAC.

The portability segment of the APAC air compressor market is bifurcated into portable and stationary. Of these, the stationary bifurcation held the larger share during 2014–2018 (historical period) as most of the compressors used in factories are so big that they cannot be carried from one place to another. Moreover, they need to be this massive because the compressed air requirements of factories are huge, both in terms of the volume of air and the pressure.

Such machines are widely used in the construction, industrial manufacturing, power, HVAC-R, oil & gas, chemical & cement, automotive, textile, food & beverage, healthcare, agriculture, and research sectors. Among these, the food & beverage sector’s procurement of air compressors will be at the highest rate in the coming years. Here, compressors are used to clean utensils and bins where using chemicals or other agents is banned due to product safety concerns and in various production purposes. For instance, in factories that produce coated products, the excess coating of vanilla, chocolate, cheese or other emulsions is blasted off with pressurized air.

In 2018, the APAC air compressor market was dominated by China, as it is home to the largest manufacturing sector in the world. Cost-effective labor and raw materials, less-stringent environmental regulations than the Western world, and a huge population have encouraged European and North American manufacturers to set up factories here. Moreover, China is home to a large number of domestic industrial companies, which keeps boosting the requirement for air compressors and other equipment.

In the coming years, the fastest adoption of such machines in the region will likely be witnessed in India. This will be due to the government’s Make in India initiative, under which 100% foreign direct investment is allowed, in order to make the country an industrial powerhouse. Further, India has a rather large automotive industry, where air compressors are quite essential in several processes, such as spray painting and tire inflation.

Hence, with the booming manufacturing industry, the demand for air compressors will grow in the APAC region.

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Next-Generation Firewall Market To Demonstrate CAGR of 11.9% during 2020–2025

Factors such as the increasing number of cyber threats, rising adoption of the bring-your-own-device (BYOD) policy in workplaces, limitations of traditional firewall, surging implementation of the internet of things (IoT), and rising number of financial institutions across the globe are expected to drive the growth of the next-generation firewall (NGFW) market at a CAGR of 11.9% during the forecast period (2020–2025). With this growth rate, the market size will increase from $2,706.9 million in 2019 to $5,188.8 million by 2025.

One of the prime factors aiding the next-generation firewall market is the increasing number of cyber threats. For instance, about 2.9 million cases of cybercrime were reported in the U.S. in 2018. Hence, the need for cyber-attack prevention in the current business landscape is surging. NGFW is a security solution that can be easily combined with the existing technologies in a company’s network to enhance security and data breach protection and provide complete network visibility. This technology is also effective in preventing intrusion, protecting the cloud, and offering application awareness and control.

Another key factor driving the next-generation firewall market is the limitations of traditional firewall, such as ineffectiveness in meeting the changing internet security requirements and differentiating between different types of web traffic, which is why it either accepts or rejects the overall data traffic. All such limitations are eradicated by the adoption of NGFW, as it offers strong protection with several layers, including application-level inspection and intrusion protection, and improves the efficiency of conventional firewalls. Therefore, the limitations of traditional firewalls are shifting the companies’ focus toward NGFW.

The industry segment of the next-generation firewall market is categorized into banking, financial services, and insurance (BFSI); aerospace & defense; government & public utility; information technology (IT) & telecommunication; retail; healthcare; manufacturing; and others. Among these, the BFSI industry generated the highest market revenue in 2019. This is ascribed to the surging adoption of digital technologies, rising number of financial institutions, and increasing need to prevent cyberattacks. The healthcare industry is projected to observe the highest CAGR during the forecast period, owing to the increasing cases of data breach in the sector.

Moreover, the next-generation firewall market is bifurcated into large enterprises and small and medium enterprises (SMEs), based on enterprise size. Between the two, the large enterprises category accounted for the larger share in the market in 2019, owing to the increasing requirement for enhanced digital security solutions to manage and secure vast amounts of data in big companies. The SMEs category is projected to observe the higher CAGR during the forecast period, due to the increasing focus of such companies on deploying the cost-effective NGFW solutions.

Geographically, the next-generation firewall market in the Asia-Pacific (APAC) region is expected to witness the most-rapid advance during the forecast period. This can be ascribed to the increasing number of SMEs, surging demand for IoT devices, rising number of cyber threats, and growing focus of governments on data security. North America held the largest industry share in 2019, owing to the presence of a large number of market players, rising adoption of cloud solutions, and growing initiatives of governments for the safety of public data.

Thus, the rising number of cyberattacks, surging deployment of IoT devices, and increasing number of financial institutions across the globe are expected to propel the market growth during the forecast period.

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Hardware Security Module Market is Dominated by North America

As per a market research institution, P&S Intelligence, hardware security modules market was USD 1,250 million in 2022, and it will grow at a rate of 14.7% in the years to come, to touch USD 3,732 million by 2030.

The IoT technology has thrived in this digital world. Sensors and smart devices are collecting huge data volumes and converting it into business insights more quickly, at a lower cost, and with advanced accurateness.

IoT has been converting numerous consumer, government, industrial, and defense applications, with use cases spanning the operations, quality control, supply chain, customer relationship management, inventory management, and HR business functions.

The increase in the necessity for personalization and self-service on services and products is the key factor for the growth in the use of mobile banking applications.

Furthermore, the tech progressions in mobile banking, for example the smart bots employed for personalized instantaneous customer service, and the rise in the use of smartphones power the growth in the count of individuals accessing banking services with the help of mobile applications.

Cloud deployment category will expand at the higher rate, of about 15%, in the years to come. With cloud-based HSMs, industries can produce encryption keys on the cloud rather easily, without the requirement for hosting and upholding on-premises servers.

The further benefits organization are accessible by cloud services are scalability, flexibility, and the suitability of updating systems so that corporations can invest time in their main business strategies.

The USB-based/portable category will grow the fastest, with a rate of around 14.8% in the years to come. These devices are small and portable, consequently can be installed for numerous functions, for example digital signatures, coding and signing, and safe important storage.

Portable HSMs are majorly employed for offline processes, with a physical safe put to use for stowing the module.

The BFSI category will grow the fastest, at a rate of over 15.1%, in the years to come, mainly because of the growing requirement for 3D secure payments, digital banking, and e-wallet payment solutions.

Extensively, hackers have strongly focused on the BFSI industry, with the use of modern methods to steal credit/debit details, bank accounts, tax records, credentials of the users, and data of the insurance, which drives the use of hardware security modules here.

North America hardware security modules market has a considerable share, as a result of the growing acceptance of these devices in telecom, retail, and government, in Canada and the U.S.

The last few years have a stable increase in the acceptance of cloud technologies by businesses. Furthermore, the quick digitalization of business processes and the high usage of internet have therefore increased the data breach risks and supplementary cybercrimes, forcing companies to implement robust cybersecurity solutions.

It is because of the increasing use of online banking and the overall digitization of verticals, the demand for hardware security modules will be on the rise.

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Cloud Professional Services Market Will Reach USD 73.3 Billion by 2030

The total value of the cloud professional services market was USD 20.4 billion in 2022, and it will rise at a growth rate of above 17.3% shortly, reaching USD 73.3 billion by 2030, according to P&S Intelligence.

This growth can be ascribed to the increasing acceptance of cloud computing, particularly with the surge in the utilization of remotely employed models during the epidemic, which is boosting the need for cloud-based services.

Consequently, several businesses offer cloud-based services for establishments of all sizes, to support them in managing their cloud infrastructure lucratively. Such services are delivered via numerous tools, frameworks, and practices, which allow businesses to streamline their operations, lessen the total product price, and decrease human faults during manufacturing.

In 2022, the public cloud category held a larger cloud professional services market share, and the category is projected to be dominating the market throughout the forecast period. The public cloud is delivered by a third party over the public internet, which is obtainable for everybody who desires to utilize it.

In this method, numerous resources, like storage and other pieces of the machine, virtual servers, and applications, are obtainable over the web to the operator, to fulfill their requirement for scalability, pay-as-per-utilization valuing strategy, and comfort of deployment.

Worldwide, numerous businesses accepted AI and ML technologies to aid their remotely employed workforces, handle their IT infrastructure, and guarantee suitable functioning during the epidemic. It is now a popular belief that artificial intelligence and machine learning-based cloud applications have the capability to help with data insights, the computerization of physical tasks, and large-scale information analytics.

Thus, annually, nearly 91% of businesses spend on some form of artificial intelligence for some determination. It is also projected that over 44% of private-sector establishments are going to spend on AI by 2030.

In the coming few years, the PaaS category is projected to grow at a significant rate. The requirement for PaaS is growing among companies for increasing productivity, efficiency, security, and speed, which are all main markers of performance. Furthermore, the need is also rising because of the growing need to decrease the time to industry and the expenditures on application development.

In the coming few years, the APAC region is projected to grow at a CAGR of 18.2%. This development can be credited to the support of cloud services, businesses can lessen their functioning expenditures, improve their IT infrastructure, and enhance their operations. The growing demand for mobility and the widespread cloud trends in China, Japan, and India are also boosting the development of the industry.

Hence, the increasing acceptance of cloud computing, particularly with the surge in the utilization of remotely employed models during the epidemic, is boosting the need for cloud-based services.

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Why Does Dubai Witness Most Chiller Sales in U.A.E.?

Situated on the eastern edge of the Arabian Desert, the U.A.E. is no stranger to blistering-hot summers and warm winters. Therefore, the need for cooling apparatus, including air conditioners and chillers, has always been high here. Moreover, since the 1950s, the booming oil trade, which led to the country’s economic boom, has been bringing in immigrants from around the world. As a result, infrastructure development continues to progress rapidly, being reflected in the rising number of hotels, houses, shopping malls, and other facilities.

P&S Intelligence credits this construction boom while forecasting that the U.A.E. chiller market will grow from $134.7 million in 2018 to $186.4 million by 2024, at a 5.9% CAGR between 2019 and 2024 (forecast period). Chillers are a popular choice of cooling systems in large settings, such as factories, hotels, office complexes, and shopping malls. In 2019, Dubai alone had over 3,000 under-construction projects valued at around $245 million, with many more under various stages of implementation.

One of the major projects underway in the city is the Dubai Metro Red Line extension, which is being carried out in part under the preparations for the Dubai Expo to be held this year. Chillers are expected to be procured in substantial numbers for the seven stations that are to be built on the extended line. Another major sector in the country that is witnessing rampant construction is hospitality. On account of its rich Arabian culture, lavish lifestyle, scenic beauty, and themed attractions, the arrival of tourists in Abu Dhabi and Dubai is increasing constantly.

As per to the World Travel and Tourism Council, the tourism and hospitality sector generated 11.3% of the U.A.E.’s gross domestic product (GDP) in 2017. Moreover, government initiatives, including the Sharjah Tourism Vision 2021, Dubai Tourism Strategy 2020, and Ajman Tourism Plan for Tourism 2015-2021, were launched to give this sector a further boost. By 2025, Ras Al Khaimah is expected to receive 3 million tourists every year, for which hotels and resorts are being rapidly constructed. On account of all such factors, the country had 233 hotels, equaling 63,734 rooms, under construction in November 2018.

Under the type segment, the categories of the U.A.E. chiller market are centrifugal, screw, absorption, scroll, and reciprocating. Among these, the highest revenue during the historical period (2014–2018) was generated by the screw category. This is attributed to the rising adoption of district cooling systems to achieve energy savings, while boosting efficiency. The absorption category is expected to witness the fastest growth during the forecast period on account of the rising demand for solar-powered absorption chillers.

Presently, most chiller sales in the country take place in Dubai, which is a major financial and tourist hub in the Middle East. In addition, with the government trying to reduce its oil dependence, it is giving a boost to other sectors, such as tourism, manufacturing, and education. Apart from the metro red line extension, other important construction projects underway in the metropolis are the Jebel Ali Port Container Terminal 4 expansion, Museum of the Future, Royal Atlantis Resort and Residences, MBR City – District One, and Jewel of the Creek.

Till 2024, the highest CAGR in the U.A.E. chiller market is expected to be seen in the Abu Dhabi & Al Ain category, under segmentation by region. Under the Abu Dhabi 2030 program, the city government is planning to cater to 7.9 million tourists each year, for which massive infrastructure development is underway. For instance, the Midfield Terminal Complex is under-construction at Abu Dhabi International Airport, which, upon completion, will increase the airport’s annual passenger handling capacity by 30 million.

Thus, to cater to the increasing number of people coming to the country on business and holidays, the booming construction sector will propel the demand for chillers.

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