Growing Commercial Sector to Spur Propane Demand

10 November 2020: The propane market is expected to witness substantial growth due to rising demand in automobile and petrochemical industry. Propane is a flammable hydrocarbon that is liquefied through extensively used pressurization techniques and used in cooking, heating rooms, food, and also as a fuel in vehicles. It is also used for aerosol propellants, refrigerants, and petrochemical feedstock.

Propane is separated from petroleum refining and unprocessed natural gas using refrigeration. It can also be produced from heating crude oil using a distillation tower. Propane can be compressed and stored as liquid in various vessels such as BBQ gas bottles, large gas cylinders, and LPG storage tanks. 

Demand in Industrial Sector to Boost Propane Growth

Based on end use, the product can be segmented into industrial, commercial, residential, transportation, and agriculture. Industrial segment emerged as a leading end-use segment in 2016 and is expected to maintain its dominance over the forecast period due to increasing industrial applications.

Clean burning characteristics of propane gas make it ideal in applications such as preheating, cutting and brazing, soldering, heat treatment, and shrink wrapping. In petrochemical industry, it is used to calibrate process control analyzers in mixtures. 

Various other applications of the product include testing of engines and gas burners, atmospheres in metallurgy, calibration of gas mixtures, and production of different chemicals. The commercial end use segment is the second largest segment in terms of revenue owing to high consumption of food in restaurants and hotels.

Market Insights

Propane is used as an intermediate product in the production of propylene and ethylene. Rising demand for higher efficiency fuels in automotive industry and applications in other industries are responsible for driving the growth of the market. The product is also used widely in agriculture, commercial, and residential sectors that has led to various regulations and actions concerning safety. For being highly competitive, application development and customized end-uses are expected to be the key parameters.

In order to gain market share major leading companies are resorting to various strategies such as mergers, acquisitions, and capacity expansions in an attempt to diversify the end-use portfolio. The propane market is highly competitive in nature and some of the leading key players in the market are BP, ExxonMobil, Chevron Corp., Total SA, Royal Dutch Shell, and Sinopec.

Rising Adoption of Smart Household Appliances Spur Smart Ceiling Fans Demand

21 July 2020: The global smart ceiling fans market is expected to witness considerable growth on account of increasing preference of consumers for convenient products along with rapid adoption of advanced technology. Smart ceiling fans consist of a unique feature of remote location operability with the help of wireless connecting devices. By downloading relevant app on the mobile phone, consumers can operate these fans as both are connected through a common Wi-Fi. 

High demand for technologically advanced products, especially from millennial consumers, coupled with easy access to a wide range of products is a positive factor for the market. Changing consumers’ lifestyle and rising adoption of smart household appliances that can be controlled through internet and smartphones, is anticipated to drive the growth of the market.

After-Sale Services Promoting Growth of Offline Distribution Segment

Based on distribution channel, the smart ceiling fans market is segmented into offline and online. Offline distribution channel accounted the largest market share in 2018. After-sale services provided by the professionals and the provision of detailed instructions about installation is driving the consumer preference for brick and mortar distribution channels, especially the specialty stores. 

Online distribution channel segment is anticipated to witness substantial growth over the next few years due to increasing usage of smartphones and internet, and increased spending on home appliances through e-commerce among middle-income population. Growth of online retailers, especially company-owned shopping portals, such as Orient Electric Limited, LG Electronics, and Ottomate International are contributing toward increasing online sales.

In terms of revenue, residential application segment accounted for a significant share of the market. Rising adoption of smart devices in residential sector along with increasing demand for silent and energy-saving fans is boosting the demand for the product. Consumers opt for these products since they complement the modern and smart homes and offer room-specific climate. For instance, In March 2019, Ottomate International, launched Ottomate Smart Fan, which enables Bluetooth mesh connectivity. The Otto mode senses the climatic conditions of a particular and adjusts the airflow automatically.

Market Insights

Rapid adoption of advanced technology and rising demand for convenient products is projected to drive the growth of the market. Energy-efficiency, ease of operation, and introduction of innovative features such as climate control are some features driving the growth of the market. 

Leading companies in the smart ceiling fans market are Orient Electric; Hunter Fan Company; Delta T, LLC; Minka Lighting Inc.; Ottomate International; Modern Form; OCECO; Fanimation; Havells India Ltd.; and CG Power and Industrial Solutions Limited; among others. 

New Products Offerings in Industrial and Commercial LED Lighting to Spur its Growth

18 June 2020: The LED lighting technology offers high brightness and efficiency, has long lifespan, and high reliability than incandescent, high-intensity discharge (HID), and fluorescent lights. LED lights decrease the maintenance and operating costs and are also considered as environment-friendly lighting since they do not release harmful gases. LEDs release very less heat compared to compact fluorescent lights (CFLs) and incandescent bulbs. 

The industrial and commercial LED lighting retains high potential and rising demand for this LED lighting, mainly in emerging economies, is boosting its demand. Furthermore, companies in industrial and commercial LED lighting are accepting several innovative techniques to offer customers innovative and advanced product offerings.

Reducing Size of Traditional Lighting in Terms of Revenue and Units 

The major application variants of the industrial and commercial LED lighting market include architectural, outdoor, commercial, and industrial. Commercial lighting market estimated to account for more than half of the overall industry in 2014. Commercial application segment further includes hospitality, retail, buildings, education, warehouse storage, and office applications. The sector has observed high acceptance as a substitute to HID, incandescent, and fluorescent lighting.

The architectural application segment includes statues, illumination of building structures, landscapes and columns, digital signage, and other decorative features. Reducing the size of traditional lighting in terms of both revenue and units, and faster cost dropping of LED lights has inferences for its saturation in several application areas. 

The industrial sector is anticipated to be slow growing as compared to other counterparts on account of extensively used fluorescent technologies and high-intensity discharge (HID) with high performance. 

Furthermore, the outdoor application segment includes airport, industrial warehouse, government and healthcare corporate campus, municipal, and other non-public outdoor areas. Its demand can be affected by public rule interventions and municipality. 

Increasing demand for high resolution 10 mm billboards and signs, which are perfect for high-volume ordinary traffic sectors, and customizable content are expected to transform the outdoor display industrial and commercial LED lighting over the forecast period. 

Market Insights: 

The companies are focusing on improving technology by the growth of cost-efficient products with enhanced performance. Technology innovation, product development, and production optimization are crucial for industry participants to uphold a competitive edge. Leading players operating in the industrial and commercial LED lighting market include Philips Electronics; GE Lighting; Toshiba Corporation; Osram Opto; and Cree Inc.

Virtual Reality Offers Enhanced and Immersive User Experience

27th Feb 2020: The virtual reality (VR) market is anticipated to witness a significant growth on account of increasing demand for Head Mount Displays (HMDs) in the entertainment and gaming sector. Using VR technology, a user can interact with objects in a virtual space, which is gives an experience similar to communicating in the real world. This technology offers immersive experience to the user with the help of specific software and hardware. VR can be experienced with the help of various devices such as video/display walls, gesture-tracking devices, head-mounted displays, and projectors. 

VR based Technology to benefit Defense and Electronics Sector

Based on technology, the market has been segmented into semi-immersive, fully immersive, and non-immersive VR. In 2016, the semi & fully immersive VR technology was the largest segment in terms of size. It is expected to be the dominant segment over the forecast period (2017 - 2025) due to high demand for HMD based VR devices. These devices include optics, display, head, and eye tracking. 

Immersive virtual reality systems have various number of applications that can be used in industrial sector to visualize information and in educational sector to create augmented reality based products and museums. It is also used in the defense sector to simulate environments for training crisis response squad, soldiers, and pilots to help them deal with potentially dangerous situations. 

Surging demand for latest smartphones and tablets is expected to drive the growth of immersive virtual reality systems. With reduction in the costs associated with the technology, its application has increased across many industries. 

Market insight

The rise in demand for VR is due to its increasing usage in commercial applications such as gaming and technology. Investments by the technology giants like Google in the field of display technology is changing the traditional methodology. With technology giants investing heavily in tech startups for developing virtual reality and prominent players of the market actively engaging in R&D, the market is anticipated to be more competitive. 

Key participants of the virtual reality market are Leap Motion; Inc.; Barco, Alphabet Inc.; CyberGlove Systems LLC; Oculus VR LLC; and HTC Corporation.