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.