Electric Vehicle Charging Stations Market to be Worth $159.7 Billion by 2030

 

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DC Fast Charging), Connection Type, Component, Mounting Type (Wall, Pedestal, Ceiling), Vehicle Type, End User, and Geography - Global Forecast to 2030.’

 

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According to this latest publication from Meticulous Research®, the global electric vehicle charging stations market is projected to reach $159.7 billion by 2030, at a CAGR of 28.9% during the forecast period. The growth of the electric vehicle charging stations market is driven by government initiatives to promote EV adoption and the development of associated infrastructure, the rising demand for EV fast-charging infrastructure, the growing implementation of vehicle-to-grid charging stations, and the increasing EV deployment by shared mobility operators. However, the high installation costs of EV charging stations restrain the growth of this market.

 

The increasing adoption of electric mobility in emerging economies and the growing deployment of charging stations by retail MNCs are expected to generate growth opportunities for the players operating in this market. However, high electricity tariffs in developing countries are a major challenge to market growth. Additionally, electric vehicle charging stations powered by renewable energy are a prominent trend in this market.

 

The electric vehicle charging stations market is segmented by component (hardware [electric vehicle supply equipment {EVSE}, electrical distribution systems, cable management systems], software [charging station management systems {CSMS}, interoperability solutions, open charge point protocol {OCPP}, smartphone applications]), services (maintenance services, system integration, and installation services); charging type (Level 1, Level 2, DC fast charging); connection type (pantograph, connectors, wireless charging [static wireless EV charging, dynamic wireless EV charging]); mounting type (wall mount, pedestal mount, ceiling mount); vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, two-wheelers & scooters); end user (commercial EV charging stations [commercial public EV charging stations {on-road charging stations, parking space stations, destination charging stations}, commercial private EV charging stations {fleet charging, captive charging}], residential EV charging stations); and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

 

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Based on component, the global electric vehicle charging stations market is broadly segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the rising adoption of EVs, the increasing deployment of EV charging stations, and the increasing government initiatives aimed at electrifying public bus fleets and deploying associated charging infrastructure. However, the software segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, such as the increasing need for transparency in electricity consumption and demand charges, the growing need for managing EV fleets in real time, charging reports & insights, maintenance & support, and the increasing deployment of smart remote charging stations.

 

Based on charging type, the global electric vehicle charging stations market is broadly segmented into Level 1, Level 2, and DC fast charging. In 2023, the Level 2 segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increased adoption of Level 2 chargers for residential and commercial applications. These chargers offer faster charging speeds than Level 1 chargers. Furthermore, government incentives and regulations aimed at promoting the installation of Level 2 chargers contribute to the significant market share of this segment. However, the DC fast charging segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as government rebates on the purchase of DC fast charging stations, increasing investments from automakers in the development of DC fast charging station infrastructure to support their long-range battery-electric vehicles, the need for significantly faster charging, and the increasing installation of DC fast chargers in public locations including highways, shopping centers, restaurants, and other high-traffic areas.

 

In terms of volume, in 2023, the Level 2 segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed due to various factors such as government rebates on the purchase of DC fast charging stations, increasing investments from automakers towards the development of DC fast charging station infrastructure to support their long-range battery-electric vehicle, the need to provide significantly faster charging compared to Level 2 chargers, and increasing installation of DC fast chargers in public locations along highways, shopping centers, restaurants, and other high-traffic areas. However, the DC fast charging segment is projected to register the highest CAGR during the forecast period.

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Based on connection type, the global electric vehicle charging stations market is broadly segmented into pantograph, connectors, and wireless charging. In 2023, the connectors segment is expected to account for the largest share of the global electric vehicle charging stations market. The growth of this segment is attributed to the increasing development and adoption of standardized connector types to ensure compatibility between charging stations and electric vehicles, the increasing need for faster charging connectors compatible with high-power DC fast charging, the growing need for reliable connectors to minimize the risk of electrical faults, overheating, and other potential hazards, and dynamic international standards and regulations for promoting a harmonized charging infrastructure worldwide. Moreover, the connectors segment is projected to register the highest CAGR during the forecast period.

 

Based on mounting type, the global electric vehicle charging stations market is broadly segmented into wall mount, pedestal mount, and ceiling mount. In 2023, the wall mount segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increasing use of either Level 1 or Level 2 electric vehicle supply equipment (EVSE) and the increasing need for high-speed charging in a compact, affordable, and scalable package. Moreover, the wall mount segment is projected to register the highest CAGR during the forecast period.

 

Based on vehicle type, the global electric vehicle charging stations market is broadly segmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters. In 2023, the passenger cars segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles, environmental concerns and emission regulations, advancements in EV battery technology, and expansion of charging infrastructure networks. However, the two-wheelers & scooters segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, such as the increasing popularity of electric scooters and 2-wheelers, the rising need for cost-effective and nimble modes of transportation, and government incentives and policies, including subsidies, tax benefits, and grants for purchasing electric 2-wheelers.

 

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Based on end user, the global electric vehicle charging stations market is broadly segmented into commercial EV charging stations and residential EV charging stations. In 2023, the commercial EV charging stations segment is expected to account for the larger share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles in commercial fleets for cost savings and reduced emissions, government regulations and incentives for electric vehicle adoption in commercial fleets, infrastructure development for shared mobility services, and installations of commercial EV charging stations for cost savings and reduced emissions. Moreover, the commercial EV charging stations segment is slated to register the highest CAGR during the forecast period.

 

Based on geography, the electric vehicle charging stations market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global electric vehicle charging stations market in terms of volume and value. Asia-Pacific’s major market share is attributed to the growing demand for electric vehicles in countries such as China and Japan and the rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase electric vehicle adoption. Moreover, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.

 

Key Players

 

The key players operating in the global electric vehicle charging stations market are ChargePoint Holdings, Inc. (U.S.), Tesla, Inc. (U.S.), BP p.l.c. (U.K.), EVgo Inc. (U.S.), Shell Plc (U.K.), Électricité De France (France), EVBox Group (Netherlands), Electrify America LLC (U.S.), AddÉnergie Technologies, Inc. (Canada), Connected Kerb Limited (U.K.), Hangzhou AoNeng Power Supply Equipment Co. LTD. (China), Webasto Group (Germany), EV Charging Installers of America LLC (U.S.), Wanbang Xingxing Charging Technology Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG (Germany), and Blink Charging Co. (U.S.).

 

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Mobile Computer Market: Type, and End-use Industry

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Mobile Computer Market by Device Type (Key-based, Full-touch PDA-based, Rugged Tablet, and Software), Portability Type (Handheld, Wearable, Vehicle Mounted Computer), and End-use Industry (Retail, Warehouse, E-Commerce)—Global Forecast to 2029’.

 

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According to this latest publication from Meticulous Research®, the global mobile computer market is expected to reach $3.3 billion by 2029, at a CAGR of 7.4% during the forecast period 2022–2029. Manual data capture and associated errors were a concern in the past, resulting in significant time and capital losses. Traditional data capture and entry methods have been shown to have an error rate as high as 4% without additional verification steps.

 

The rising need to eliminate manual data capture and entry errors, growing government initiatives for the use of AIDC technology, and growing demand for mobile computing in warehouses and distribution centers are the major factors driving the demand for mobile computers.

 

Considering the growth of the mobile computers market, major players are increasing their market presence with expansion, investment, and technological upgradation. For instance, in March 2022, Zebra Technologies Corporation showcased its first all-in-one Android-based wearable computer, an RFID sled, and AMR, all designed to help reduce worker strain. WS50 Android wearable computer is half the size of traditional wearables and includes a small display, WiFi, and an imager or camera, eliminating the need for multiple devices supporting hands-free workflows, such as picking, sorting, loading, and putting away. The WS50 supports task management and communication in warehouse, manufacturing, and retail environments with powerful data capture capabilities and an integrated speaker and microphone. With the option of three different wearable styles, including the back of the hand, wrist, or, on the fingers, the ergonomic WS50 wearable computer provides users with the flexibility they need that’s right for the job.

 

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The mobile computers market is segmented based on device type, portability type, end-use industry, and geography. This study also evaluates industry competitors and analyzes the market based on countries.

 

Based on device type, the mobile computer market is segmented into key-based mobile computers, full-touch PDA-based mobile computers, rugged tablets, and software. In 2022, the full-touch PDA-based mobile computer segment is expected to account for the largest share of the mobile computers market. These mobile computer offers benefits such as more screen space for the same overall mobile computer size, greater ability to customize or add keyboards and add multiple keyboards, which provides the use of both optimized alpha and numeric keyboards. Further, it is estimated that the same segment will grow at the fastest rate during the forecast period.

 

Based on portability type, the mobile computers market is segmented into handheld computers, wearable computers, and vehicle-mounted computers. In 2022, the handheld computers segment is expected to account for the largest share of the mobile computers market. The main advantage of a handheld computer is that it makes information accessible on-the-go. In a warehouse, order pickers can get up-to-minute information at any time. With a handheld computer, there is no paperwork to fill out and less possibility of human errors, leading to incorrectly picked or packed orders. Also, handheld computers are used for accurately on-the-spot data collection.

 

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Based on end-use industry, the mobile computers market is segmented into transportation, manufacturing, banking & finance, retail, healthcare & life sciences, warehouse & logistics, e-commerce, and other end-use industries (government, hospitality, fleet management, and food & beverage). In 2022, the warehouse & logistics segment is estimated to account for the largest market share due to the growing adoption of mobile computers in its daily operations. However, the healthcare segment is slated to become the fastest growing segment during the forecast period. Mobile devices help doctors and nurses by allowing them to keep accurate records of patients and their prescriptions. The errors which could be caused by handwritten notes are minimized by digitized documents.

 

Based on geography, the mobile computers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest market share due to the large adoption of mobile computers in regional industries such as healthcare, retail, e-commerce, and manufacturing. The Asia-Pacific region is slated to register the highest CAGR during the forecast period. The growing market of e-commerce, manufacturing, and other end-use industries in countries such as China, India, South Korea, Singapore, and Japan is driving the adoption of mobile computers.

 

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Key Players:

 

The key players operating in the mobile computer market include Newland EMEA (Netherlands), Zebra Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Datalogic S.P.A. (Italy), Bluebird Inc. (South Korea), Opticon Sensors Europe B.V. (Netherlands), Winmate, Inc. (Taiwan), JLT Mobile Contacts (Sweden), Wasp Barcode Technologies (U.S.), Keyence Corporation of America (U.S.), Transition Products Inc. (U.S.), Handheld Group (Sweden), Comark (U.S.), Advantech Co., Ltd. (Taiwan), and Denso ADC (U.S.).

 

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Algal Pigments Market: Type, and Application

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Algal Pigments Market by Type (Beta-Carotene, Astaxanthin, Phycocyanin, Phycoerythrin, Chlorophyll), Form (Powder), Source (Microalgae, Macroalgae), Application (Food & Beverages, Aquaculture, Nutraceuticals, Pharmaceuticals, Cosmetics) - Forecast to 2030.’

 

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According to this latest publication from Meticulous Research®, the global algal pigments market is projected to reach $669.8 million by 2030, at a CAGR of 7.2% from 2023 to 2030. The growth of the algal pigments market is mainly attributed to rising demand for natural colorants, increased adoption of algal pigments for therapeutic & nutritional purposes, reluctance towards usage of synthetic colors, increasing awareness about clean-label products, and growing need to enhance product appeal. However, the high cost of natural colors, the complex production process for algae, and the risk of algae contamination are expected to restrain the growth of this market to a notable extent.

 

The algal pigments market is segmented by type (beta-carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, and chlorophyll), form (powder, liquid), source (microalgae (spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and other microalgae), macroalgae/seaweed (red seaweed, brown seaweed, and green seaweed)), application (food & beverages, aquaculture, nutraceuticals, pharmaceuticals, cosmetics, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.

 

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Based on type, the phycocyanin segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increasing adoption of phycocyanin for nutraceutical & nutritional applications, the reluctance toward the use of synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production, the high potential of phycocyanin in pharmaceutical applications, and the increasing consumer awareness regarding clean-label products.

 

Based on source, in 2023, the microalgae segment is expected to account for the larger share of the global algal pigments market. The large market share of this segment is attributed to the increasing preference for microalgae-sourced products, the consumer inclination toward health & wellness trends, the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, and the growing nutraceuticals industry.

 

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Based on application, in 2023, the food & beverages segment is expected to account for the largest share of the algal pigments market. The large market share of this segment is attributed to factors such as the increasing consumer demand for plant-derived alternatives, stringent regulations against the use of synthetic colors in food products, and properties of algal pigments such as high nutritive value, eco-friendly nature, non-toxicity, and non-carcinogenicity.

 

Based on geography, in 2023, Europe is expected to account for the largest share of the algal pigments market. The large market share of this region is attributed to the huge food and beverages industry; strict regulations against the use of synthetic colors; growing health and wellness trends; large demand for natural colorants from various end-use industries; the presence of a number of algal pigment manufacturers; and growing government focus on algae industry.

 

The key players operating in the algal pigments market are Bluetec Naturals Co., Ltd (China), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), AstaReal Group (Japan), Algatechologies Ltd. (Israel), Zhejiang Binmei Biotechnology Co., Ltd. (China), Algae Health Sciences (U.S.), Sochim International S.p.A. (Italy), D.D. Williamson & Co., Inc. (U.S.), Chlostanin Nikken Nature Co. Ltd. (China), DIC Corporation (Japan), Merck KGaA (Germany), Sensient Technologies Corporation (U.S.), Tianjin Norland Biotech Co., Ltd (China), AstaReal Group (Japan), Shaivaa Algaetech LLP (India), and Divi's Laboratories Limited (India).

 

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Animal Parasiticides Market Worth $17.9 Billion by 2030

 

Meticulous Research®—a leading global market research company, published a research report titled, "Animal Parasiticides Market By Product [Ectoparasiticides (Pour On, Spray, Spot on), Endoparasiticides (Oral, Injectable), Endectocides], Animal (Companion, Livestock), Parasite Type (Tapeworm, Fleas, Ticks, Mites, Roundworms) - Global Forecast to 2030."

 

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According to this latest publication from Meticulous Research®, the animal parasiticides market is projected to reach $17.9 billion by 2030, at a CAGR of 7.3% during the forecast period 2023–2030. The growth of this market is attributed to the increasing prevalence of zoonotic and parasitic diseases, growing demand for animal-derived food products, and rising expenditure on animal health. In addition, the increasing number of livestock in emerging economies is expected to provide significant growth opportunities for this market.

 

However, the restricted use of parasiticides in food-producing animals hinders the growth of this market to a notable extent. In addition, the rising inclination towards vegetarian and vegan diets is a major challenge for market growth.

 

The animal parasiticides market is segmented by product type, parasite type, animal type, and geography. The study also evaluates industry competitors and analyzes the market at the country and regional levels.

 

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Based on product type, in 2023, the ectoparasiticides segment is expected to account for the largest share of the animal parasiticides market. The large market share of this segment is attributed to factors such as the high rate of fleas, ticks, and mites infestations in animals and the ease of using ectoparasiticides on companion and farm animals. Ectoparasiticides are used in liquid pours, spots, sprays, powders, and other forms such as collars and ear tags, making them easy to apply on external parts of the animal body infected by parasites.

 

Based on parasite type, in 2023, the mite, tick, flea, lice, and grub infestation segment is expected to account for the largest share of the animal parasiticides market. The large market share of this segment is attributed to the high prevalence of ectoparasitic infections. Animals easily attract external parasites such as fleas, ticks, and lice, as they are a food source for them, and parasites can bury themselves in animals’ furs to lay eggs.

 

Based on animal type, in 2023, the companion animal segment is expected to account for the largest share of the animal parasiticides market. Globally a large number of households have pets which makes a large population base of the pet population. For instance, according to the American Pet Products Association National Pet Owners Survey (2021-2022), in the U.S., around 70% (85 million families) of households have at least one pet. Similarly, according to an Animal Medicines Australia survey on pet ownership, in 2022, approximately 69% of households in Australia owned pets, with dogs being the most common at 48%, followed by cats (33%). The pet owners treat pets as family member and show no hesitation in the pet’s health expenditure. For instance, in 2021, the total U.S. pet industry expenditure was USD 123.6 billion. Therefore, the large population base and high expenditure on pets are the major factors contributing to the large market share of this segment.

 

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This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.

 

Based on geography, in 2023, North America is expected to account for the largest share of the animal parasiticides market, followed by Europe and Asia-Pacific. The large share of this market is attributed to factors such as high expenditure on animal health, highly commercialized and institutionalized meat industry, large consumption and import-export of animal-derived food products, and large base of pet population treated as family.

 

The key players operating in the animal parasiticides market are Zoetis Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Bimeda, Inc. (Ireland), Boehringer Ingelheim International GmbH (Germany), Merck & Co., Inc. (U.S.), Elanco Animal Health Incorporated (U.S.), Vetoquinol Group (France), PetIQ, LLC (U.S.), and ECO Animal Health Ltd (U.K.), among others.

 

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Automated Material Handling Systems Market to be Worth $70.1 Billion by 2030

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Automated Material Handling Systems Market by Type (ASRS, AGV, Robotic Systems), Component, Function (Assembly, Picking, Sorting), End-use Industry (Automotive, Healthcare, Semiconductor, Manufacturing, Retail, Aviation, Postal) - Global Forecast to 2030.’

 

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According to this latest publication from Meticulous Research®, the global automated material handling systems market is projected to reach $70.1 billion by 2030, at a CAGR of 8.3% from 2023 to 2030. The growth of the automated material handling systems market is driven by the growing importance of AMHS across industries, enterprises’ increasing focus on improving floor space utilization and order processing capabilities, and the rising demand for warehouse automation. However, the high initial costs of AMHS deployment restrain the growth of this market. The growing significance of online retail platforms and associated supply chains, the increasing utilization of RFID and barcode technologies, the integration of cloud and IoT technologies in AMHS, and the advent of Industry 4.0 are expected to generate growth opportunities for the players operating in this market. However, the expansion and automation of warehouses without hampering operations and cybersecurity risks are challenges for the growth of this market. Additionally, the increasing adoption of Robots as a Service (RaaS) is a prominent trend in the automated material handling systems market.

 

The global automated material handling systems market is segmented by type, component, function, and end-use industry. The study also evaluates industry competitors and analyzes the market at the region/country level.

Based on type, the global automated material handling systems market is segmented into automated storage & retrieval systems, vehicle systems, conveyor & sortation systems, palletizing & depalletizing systems, and robotic systems. In 2023, the robotic systems segment is expected to account for the largest share of the global automated material handling systems market. The large market share of this segment is mainly attributed to the growing adoption of automation in manufacturing, increasing use of robotic systems to handle hazardous tasks, improved overall equipment effectiveness (OEE), increased production output, and advancements in robotics technology.

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However, the vehicle systems segment is projected to record the highest CAGR during the forecast period, mainly due to factors such as the increasing adoption of AGVs in various industries, including automotive and manufacturing, the growing need for automated material movement, enhanced production output, faster cycle times, and reduced labor costs, and increasing industrial growth in emerging economies.

 

Based on component, the global automated material handling systems (AMHS) market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global automated material handling systems market. The segment’s large share is mainly attributed to the increasing demand for industrial hardware components such as programmable logic controllers (PLCs) and sensors, rapid industrialization, and the rising need for robust industrial hardware for networking, data storage, and processing.

 

Based on function, the global automated material handling systems market is segmented into assembling, picking, sorting, packaging, shipping, receiving, and storing. In 2023, the picking segment is expected to account for the largest share of the global automated material handling systems market. The segment’s large share is mainly attributed to the growing need to ensure accurate inventory tracking, efficient replenishment, and timely reordering to avoid stockouts and backorders, reduce the time taken to pick and pack items, enable faster order processing and shipping, optimize the picking process, and maximize overall throughput in warehouse and distribution center operations.

 

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Moreover, the picking segment is also projected to record the highest CAGR during the forecast period.

 

Based on end-use industry, the global automated material handling systems market is segmented into automotive, electronics & semiconductors, general manufacturing, retail & warehousing/logistics, aviation, chemical, rubber, and plastic, healthcare & pharma, food & beverage, postal & parcel, and other end-use industries. In 2023, the automotive segment is expected to account for the largest share of the global automated material handling systems market. The segment’s large share is mainly attributed to automotive companies’ increasing need to optimize material flow, reduce manual labor, improve production efficiency, inventory management, and overall supply chain efficiency, and automate material handling tasks such as conveying, sorting, palletizing, depalletizing, and storage/retrieval for smooth production flow and minimal inventory buildup.

 

However, the healthcare & pharma segment is projected to record the highest CAGR during the forecast period, mainly due to the industries’ growing need for accurate tracking, tracing, and handling of pharmaceuticals and medical supplies and improving efficiency and safety in processes, including pharmaceutical and medical manufacturing and distribution, and hospital operations.

 

Based on geography, the global automated material handling systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global automated material handling systems market, followed by Europe, North America, Latin America, and the Middle East & Africa. The region is also expected to witness rapid growth during the forecast period. The large market share of Asia-Pacific is mainly attributed to the factors such as the rapidly transforming manufacturing and warehousing infrastructure, increasing investments in several innovative technologies, consistent technological advancements, an increasing emphasis on robotics and automation, and growth in the e-commerce sector are driving the growth of this market.

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Key Players

 

The key players operating in the automated material handling systems market are SSI SCHÄFER AG (Germany), Murata Machinery, Ltd. (Japan), KNAPP AG (Austria), BEUMER Group GmbH & Co. KG (Germany), Swisslog Holding AG (Switzerland) (A Part of KUKA AG), TGW Logistics Group GmbH (Austria), WITRON Service GmbH & Co. KG (Germany), Kardex Holding AG (Switzerland), E80 GROUP S.P.A. (Italy), System Logistics S.p.A. (Italy) (A Part of Krones AG), DMW&H (U.S.), viastore SYSTEMS GmbH (Germany), Lödige Industries GmbH (Germany), Stöcklin Logistik AG (Switzerland), Jungheinrich AG (Germany), Mobile Industrial Robots A/S (Denmark).

 

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Green Hydrogen Market to be Worth $12.8 Billion by 2030

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography - Global Forecast to 2030.’

 

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According to this latest publication from Meticulous Research®, the green hydrogen market is projected to reach $12.8 billion by 2030, at a CAGR of 40.9% during the forecast period. The growth of this market is driven by the increasing demand for green hydrogen in fuel cell electric vehicles (FCEVs), growing demand for green hydrogen in chemical production, and rising government initiatives for net zero-emission. However, the high cost of production restrains the growth of this market. Furthermore, increasing investment by market players for the development of electrolysis and the growing adoption of green hydrogen due to its zero-carbon footprint is expected to create market growth opportunities. However, the complex and expensive storage and transportation is a major challenge for the players in this market. The latest trends in the green hydrogen market are the increasing use of water and electricity for green hydrogen production.

 

The green hydrogen market is segmented by generation process (proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis), energy source (Wind, solar, hydropower, and other energy sources), application (fueling, feedstock, heat processing, energy storage, and other applications), end user (transportation [shipping, aviation, cars, railway, and trucks], chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

 

Based on generation process, the green hydrogen market is segmented into proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis. In 2023, the proton exchange membrane electrolysis segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of PEM electrolysis due to its ability to operate at high current density, the rising use of PEM due to its environment-friendly nature, rapidly growing low-carbon hydrogen production projects, and the increasing focus on fuel cell technology. Also, this segment is projected to register the highest CAGR during the forecast period.

 

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Based on energy source, the green hydrogen market is segmented into wind, solar, hydropower, and other energy sources. In 2023, the hydropower segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing demand for renewable sources of energy for hydrogen production, the growing government initiatives to reduce the dependency on fossil fuels for power generation, the increasing adoption of renewable energy, and rising global electricity consumption for green hydrogen production. This segment is also projected to register the highest CAGR during the forecast period.

 

Based on application, the green hydrogen market is segmented into fueling, feedstock, heat processing, energy storage, and other applications. In 2023, the feedstock segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of green hydrogen for chemical production and the growing government initiatives for the use of green hydrogen due to its zero-carbon footprint.

 

However, the fueling segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of green hydrogen due to more powerful and energy efficient than fossil fuels, the increasing government initiatives for clean and flexible energy sources to support zero-carbon energy, and the increasing adoption of green hydrogen during the combustion due to produce less smoke or any unpleasant fumes.

 

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Based on end user, the green hydrogen market is segmented into transportation, chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users. In 2023, the chemical production segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of green hydrogen to reduce net-zero emissions, the growing use of green hydrogen to produce sustainable methanol and ammonia, the increasing demand for highly efficient energy sources for refineries, and the increasing use of green methanol as a clean energy resource.

 

However, the transportation segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of fuel-cell electric vehicles (FCEVs), rising demand for green hydrogen to reduce carbon emission, growing fueling solutions for a range of transportation and motive power applications, and the increasing adoption of green hydrogen to produce less greenhouse gas emissions, reduce oil dependence, and lower air pollutants.

 

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Based on geography, the green hydrogen market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the green hydrogen market. The large market share of North America is attributed to the increasing adoption of clean energy solutions for sectors such as power generation and transportation, rising government initiatives and investment for green hydrogen production to reduce emissions, ongoing investment, funding programs, and grants for clean fuel adoption.

 

However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period due to the growing strategic alliances and large-scale investment in the clean hydrogen economy, the increasing adoption of green hydrogen in power generation, the increasing investment by market players for the development of electrolysis, and the growing ability to build large infrastructures for storing green hydrogen.

 

Key Players:

 

The key players operating in the green hydrogen market include FuelCell Energy, Inc. (U.S.), Bloom Energy Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and Chemicals, Inc. (U.S.), China Petrochemical Corporation. (China), L’AIR LIQUIDE S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A. (Spain).

 

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Digital Payment Market Worth $274.61 Billion by 2029

 

According to a new market research report titled, ‘Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography - Global Forecasts to 2029,’ the digital payment market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029.

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Digital payments are transactions that take place via digital or online modes, with no physical exchange of money involved. This means that both parties, the payer, and the payee, use electronic mediums to exchange money. Digital payment transactions have grown rapidly in emerging markets during the past two years as the pandemic accelerated shifts to contactless payments and e-commerce.

The growth of this market is attributed to the increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment and growing partnerships between banks and fintech to leverage customer experience. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for the growth of this market. However, a low level of awareness of online payments in rural areas can restrain the growth of this market to some extent.

Based on offering, the digital payment market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global digital payment market. The growth of the segment is attributed to the declining cash usage, the growing e-commerce industry, development in mobile payment technology, and increased use of mobile wallets.

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Based on payment mode, the digital payment market is segmented into digital wallets, banking cards, point of sales, internet banking, and other payment modes. In 2022, the digital wallets segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. Factors such as increasing population, rising adoption of smartphones, rising number of internet subscribers, and rapid growth in the retail and e-commerce sector across the countries such as India and China are driving the market.

Based on end user, the digital payment market is segmented into BFSI, retail, travel and hospitality, healthcare, IT and telecom, media and entertainment, and others. In 2022, the BFSI segment is expected to account for the largest share of the global digital payment market. The rising demand for digital remittances for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions.

 

However, the retail segment is expected to grow with the highest CAGR during the forecasted period. Retail e-commerce sales are rapidly increasing due to government support, increased smartphone penetration, and application usage, and the promise of a better shopping experience is likely to boost. The increasing usage of mobile payments in the retail industry, primarily in the e-commerce sector, boosts the digital payment market in the retail sector.

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Based on organization size, the digital payment market is segmented into large enterprises, small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is also expected to grow at the highest CAGR during the forecast period. The increasing number of high valuations transactions in large enterprises is compelling these enterprises to opt for premium digital payment solutions.

Based on geography, the digital payment market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the digital payment market. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided regional organizations with a competitive edge in the market. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the digital payment market are PayPal Holdings, Inc. (U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.),  WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.).

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