Friday, October 22, 2021

Lithium Mining Market to Hit USD 516.22 Million in 2028; Rising Electrification of Buses, Trucks, Cars, and Two Wheelers to Bolster Growth: Fortune Business Insights™

The global lithium mining market  size is set to gain impetus from the increasing electrification of trucks, buses, two-wheelers, and three-wheelers. The International Energy Agency’s Global EV Outlook 2020 stated that in 2019, around 2.6% of electric cars were sold worldwide. It showcased a surge of 40% compared to 2018. This information is given by Fortune Business Insights™ in a report titled, “Lithium Mining Market, 2021-2028.” As per the report, the market stood at USD 321.36 million in 2020. It is projected to grow from USD 343.22 million in 2021 to USD 516.22 million in 2028 at a CAGR of 6% during the forecast period.

A list of renowned lithium mining companies present in the global market:

  • Jiangxi Ganfeng Lithium (China)
  • Albemarle Corporation (U.S.)
  • Tianqi Lithium (China)
  • Sociedad Química y Minera (Chile)
  • Mineral Resources Limited (Australia)
  • Pilbara Minerals (Australia)
  • FMC Corporation (US.)
  • Nemaska Lithium Inc. (Canada)
  • MGX Minerals Inc. (Canada)
  • Orocobre Limited Pty Ltd (Australia)
  • Nordic Mining ASA (Norway)
  • Wealth Minerals Limited (Canada)
  • Galaxy Resources Limited (Australia)
  • Lithium Americas Corp. (Canada)


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Report Coverage-

The report studies decisive segments of the industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.

Drivers & Restraints-

Increasing Development of Energy-efficient Mining Techniques to Boost Growth

The rising technological investments in mining and metallurgy are set to propel lithium production across the globe. Also, ongoing research activities are leading to the development of new energy-efficient techniques to conduct lithium mining. Most of these techniques, such as direct lithium extraction, utilize organic sieves by replacing vast evaporation ponds, thereby making it a sustainable practice. However, mining practices often cause water scarcity by affecting the quality of groundwater. It may hinder the lithium mining market growth in the near future.

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Country Insights-

Rising Awareness of Environmentally Friendly Electric Vehicles to Help Australia Dominate

Australia is in the leading position, and it procured USD 110.40 million in 2020 in terms of revenue. This growth is attributable to the surging awareness among people regarding the usage of eco-friendly electric vehicles in the country.

The spurring number of brine mining activities is estimated to help Chile remain in the second position throughout the forthcoming years in the lithium mining industry.

Brazil, Argentina, and Bolivia are set to grow steadily on account of the increasing investments in mining activities as these countries own several lithium reserves.  

Competitive Landscape-

Key Players Focus on Development of Innovative Technologies to Intensify Competition

The global market for lithium mining contains a large number of companies that are currently focusing on R&D activities to unveil cutting-edge mining technologies. These are helping them to gain a competitive edge. Below are the two crucial industry developments:

April 2021: QMC Quantum Minerals bagged the permit to accelerate the 2021 work program, mainly for its Irgon Lithium Mine Project in Canada. It would enable the company to conduct channel and surface sampling and prospecting and stripping of overburden.

April 2020: A team of researchers from the University of Texas at Austin, the University of Melbourne, Australia’s national science agency CSIRO, and Monash University successfully created a novel filtering technology for extracting lithium-ions from brine.

Monday, October 18, 2021

Connected Car Market to Hit $191.83 Billion by 2028; Rapid Expansion of Smartphone Usage Worldwide to Positively Impact the Market: Fortune Business Insights™

 The global connected car market size is projected to reach USD 191.83 billion by 2028, exhibiting a CAGR of 18.1% during the forecast period. Emergence of automotive electronic startups will enable this market to reach greater heights in the coming years, postulates Fortune Business Insights™ in its report, titled “Connected Car Market, 2021-2028”. The market size stood at USD 55.56 billion in 2020.

Wireless connectivity systems in cars are a trend that is gaining considerable traction in the automotive industry. Recognizing the potential offered by these changing dynamics, several startups specializing in automotive electronics and communications have come up and are advancing connected car technologies.

List of Key Companies Profiled in the Connected Car Market Report:


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The main features of the report include:

  • Tangible analysis of the various market drivers, trends, and restraints;
  • Holistic evaluation of the regional prospects of the market;
  • Microscopic study of all market segments; and
  • In-depth examination and profiling of the prominent players and their strategies.

Driving Factor

Rising Number of Road Accidents Worldwide to Accelerate Growth

One of the leading factors propelling the connected car market growth is the rising number of road traffic accidents around the globe. According to the World Health Organization (WHO), road traffic crashes kill approximately 1.35 million people worldwide every year. Furthermore, between 20 million and 50 million people suffer non-fatal injuries from road accidents, with several accident victims getting afflicted with a temporary or permanent disability. The most common causes of road accidents, the WHO highlights, include driving under influence, speeding, distracted driving, and unsafe vehicles. Connected cars have the potential to address all these issues as these vehicles operate on real-time data acquired from various sensors attached to the cars. For example, IoT-enabled cars gather real-time traffic and crash data, alerting drivers to changes in surrounding traffic conditions, road hazards, and upcoming obstructions such as pedestrians and cyclists. Smart technologies enhance the safety quotient of a vehicle and can thus reduce the probability of road accidents.

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COVID-19 Impact

The sudden explosion of the COVID-19 pandemic has created unprecedented turmoil across all economic systems around the globe, aggravating the already widespread uncertainty in the business world. Worldwide, governments have been taking emergency measures to wade their economies out of this crisis. Private sector entities are also exploring alternatives to survive these challenging times. At Fortune Business Insights™, we are taking solid efforts to gain market intelligence and equip you with updated information to aid your fight against this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.

Regional Insights

Growing Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market

Asia Pacific dominated the connected car market share in 2020 with a market size of USD 32.90 billion on account of the rising preference for high-end, advanced automotive technologies in the region. This evolving dimension in the automotive industry in Asia Pacific is underpinned by the increasing level of disposable incomes among buyers, which is enabling them to demand enhanced safety and infotainment features in cars. In Europe, major automakers such as BMW and Volkswagen are partnering with automotive technology specialists to equip their cars with sophisticated safety features. The market in North America, on the other hand, is set to benefit from the rapid adoption of next-gen connectivity technologies such as 5G by carmakers in the region.

Competitive Landscape

Key Players to Deepen Footprint in Emerging Markets

The demand for premium cars and vehicular components is escalating in the emerging market of Asia and Africa. Acknowledging the huge business scope offered by the countries in these regions, automotive giants are steadily deepening their presence in these countries by launching innovative solutions.

Industry Developments:

February 2020: Ford India introduced the FordPassTM, its comprehensive mobile connectivity solution that enables owners to remotely access their cars, call for breakdown assistance, and perform many such functions, in India. All BS-VI Ford cars will have a cloud-based device that connects the car with the FordPass app.

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Wednesday, October 13, 2021

Garbage Truck Bodies Market worth USD 29.98 Billion at 8.9% CAGR by 2028 Owing to Increasing Adoption of Electric Refuse Trucks in North America

 The global garbage truck bodies market size is expected to experience significant growth by reaching USD 29.98 billion by 2028 while exhibiting a CAGR of 8.9% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled Garbage Truck Bodies Market, 2021-2028.The report further mentions that the market stood at USD 15.13 billion in 2020. The rapid-paced industrialization and urbanization, coupled with the growing population rate worldwide has led to a high demand for effective waste management solutions.

List of the Companies Operating in the Global Market Garbage Truck Bodies:

  • Fujian Longma Environmental Sanitation Equipment Co., Ltd (Longyan, China)
  • McNeilus Truck and Manufacturing (Minnesota, U.S.)
  • Haul-All Equipment Ltd. (Alberta, Canada)
  • New Way (Iowa, U.S.)
  • Heil (Tennessee, U.S.)
  • Labrie Enviroquip Group (Quebec, Canada)
  • DENNIS EAGLE LTD (Warwick, UK)
  • BYD Company Ltd. (Shenzhen, China)
  • Curbtender Sweepers, LLC (Iowa, U.S.)


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The market report for garbage truck bodies provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. The report further provides insights into the regional analysis covering different regions, contributing to the market growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.


Increasing Focus on Truck Connectivity to Propel Market Growth

Several waste management companies are focusing on upgrading their large fleet of garbage trucks to provide efficient remote management and monitoring of waste management processes. These companies are adopting advanced connectivity solutions to collect data in order to observe the performance of the vehicles and improve their overall productivity. For instance, the Detroit Connect virtual technician is a type of remote diagnostic application consisting of a standard Detroit DD8 engine placed in Freightliner EcpnicSD. This remote application keeps a tab on the vehicle performance and shares vital insights with the fleet managers. Therefore, such initiatives are expected to boost the global garbage truck bodies market growth in the forthcoming years.

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The COVID-19 pandemic has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.


North America – The market in the region stood at USD 5.95 billion in 2020 and is expected to showcase exponential growth in the forthcoming years. This is owing to the presence of established manufacturers and the high adoption of electric refuse vehicles for proper waste management in countries such as the U.S. For instance, the sanitation department of Los Angeles announced their decision regarding the transition of their fleet of 1,100 garbage trucks to battery-electric by 2035.

Asia-Pacific – The market in the region is expected to showcase significant growth during the forecast period. This is attributable to the increasing awareness regarding sanitation and solid waste generation management that will propel the demand for advanced garbage truck bodies in the region.


Acquisition by Major Companies to Strengthen Their Market Positions

The market comprises small, medium, and large companies striving to maintain their presence. The large companies are focusing on acquiring other small companies to expand their garbage truck bodies portfolio. Moreover, other key players are adopting strategies such as merger and acquisition, the introduction of new products, partnership, and facility expansion that will favor the growth of the market in the forthcoming years.


·   January 2020 – Heil, a part of Dover Corporation and Environmental Solutions Group (ESG), acquired Sunbelt Waste Equipment, LLC. The development is perceived as a strategic move to expand and strengthen its nationwide dealer network.

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Monday, October 11, 2021

Glycerine Market to Exhibit 5.3% CAGR till 2028; Increasing Awareness about Harmful Effects of Chemicals to Bolster Growth, says Fortune Business Insights™

 The global glycerine market size is expected to reach USD 2.53 billion by 2028, exhibiting a CAGR of 5.3% during the forecast period. The increasing demand for bio-based fuels, such as biodiesel backed by rapid industrialization and urbanization, will aid the expansion of the glycerin market. This information is given by Fortune Business Insights™ in a report titled, “Glycerine Market, 2021-2028.” The report further states that the glycerine market size was USD 1.68 billion in 2020.

A list of all the renowned glycerine producers operating in the global market:

  • Wilmar International (Singapore)
  • Emery Oleochemicals (Malaysia)
  • IOI Group (Malaysia)
  • KLK OLEO (Malaysia) 
  • Croda International (U.K.)
  • Kao Corporation (Japan) 
  • Cargill Inc. (U.S.)
  • Godrej Industries (India)
  • P&G Chemicals (U.S.)
  • Cremer Oleo GmbH & Co. Kg (Germany)
  • Groupe Avril (France)
  • GLACONCHEMIE (Germany)
  • Granol (Brazil)
  • Timur Oleochemicals (Malaysia)
  • Sakamoto Yakuhin Kogyo Co., Ltd. (Japan)

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How Was This Report Developed?

Our highly skilled analysts have conducted extensive primary and secondary research to create this special report containing COVID-19 impact. Through desk research, they came up with relevant qualitative and quantitative data associated with research objectives. They have analyzed the data sourced through primary research, thereby building recommendations and conclusions. The secondary research includes Porter’s Five Forces analysis to gain insights into the bargaining power of every link present in the value chain.

Drivers & Restraints-

Rising Adoption of Natural & Organic Ingredients by Cosmetics Firms to Aid Growth

The rising inclination of consumers towards natural personal care and cosmetics products is set to propel the glycerine market growth in the coming years. This is mainly occurring because of the increasing awareness programs among the masses regarding the harmful effects of chemical ingredients. Hence, multiple reputed cosmetic manufacturers, such as L’Oréal, P&G, Unilever, and Johnson & Johnson, are extensively using natural and organic ingredients to cater to the high demand. However, as glycerine is obtained during the biodiesel manufacturing process as a by-product, refiners are facing challenges in terms of profit margins and production owing to the fluctuations in prices. It may hinder growth.

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COVID-19 Pandemic: Rising Demand for Hand Sanitizers to Accelerate Growth

The emergence of the COVID-19 pandemic has surged the demand for hand sanitizers exponentially. Glycerin is mainly used in small proportions to manufacture hand rubs and sanitizers. The World Health Organization (WHO), for instance, released its ethanol-based hand rub formulation containing 1.45% glycerol to protect healthcare workers’ skin against dermatitis and dryness. We are providing in-depth reports to help you better understand the current situation.  

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

Regional Analysis-

Expansion of Personal Care Industry to Propel Growth in Asia Pacific

Geographically, Asia Pacific held USD 0.73 billion in terms of revenue in 2020, on account of the presence of some of the top companies in Japan, India, Indonesia, and Malaysia. China is set to dominate the regional market because of the expansion of the chemical, food, and personal care industry in the country. The USP grade segment accounted for a 49.7% share in China.

Europe, on the other hand, is a key producer of glycerol and biodiesel worldwide. The rising production of biodiesel stoked by the increasing demand from various European countries would accelerate growth. Besides, the high demand for glycerine from the personal care and chemical industries in the U.S. will drive growth in North America.

Competitive Landscape-

Key Players Focus on Expanding Their Production Capacities to Intensify Competition

The market houses a large number of prominent manufacturers that are mainly focusing on expanding their production capacities to fulfill the high demand. Some of the others are using glycerine in the manufacturing of hand sanitizers to tackle the growing demand amid the COVID-19 pandemic. Below are the two latest industry developments:

  • July 2020: Versalis, a wholly-owned subsidiary of Eni, started producing a new range of liquid hand disinfectants to meet the rising demand amid the COVID-19 pandemic. It will be marketed under the name ‘Invix.’ It was developed on the basis of the World Health Organization’s formulation. It contains glycerine as an emollient.
  • September 2019: Emery Oleochemicals announced its investment in its Technical Development Center (TDC) in Germany to cater to the increasing demand. Every product is tested here. Also, the beneficial effect of additives is improved and adjusted. This new investment will strengthen the company’s position in the market.

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Thursday, October 7, 2021

Fleet Management Software Market to Reach USD 59.08 Billion by 2028; Amalgamation of Advanced Technologies with Software to Aid Growth: Fortune Business Insights™

 The global fleet management software market size was USD 16.89 billion in 2020. The market is projected to grow from USD 19.58 billion in 2021 to USD 59.08 billion in 2028 at a CAGR of 17.1% in the 2021-2028 period. This crucial information is published by Fortune Business Insights™ in its report titled, Fleet Management Software Market, 2021-2028.”

As per our research team, fleet management software provides properties such as real-time tracking, repairs, intelligent transportation, and driver security. For example, owing to its geofencing solution, the companies are enabled to detect vehicle locations, such as departure, terminus, road course, and functioning duration. This safeguards the security of the fleet along with its operatives, and the supplies parted for distribution. Therefore, this, in turn, is expected to reinforce the fleet management software market growth during the forecast period.

List of Key Players Covered in the Fleet Management Software Market Report

  • Verizon Connect (Atlanta U.S.)
  • Geotab Inc. (Oakville, Canada)
  • Trimble Inc. (California, U.S.)
  • GPS Insight (Arizona U.S.)
  • Omnitracs, LLC (Texas, U.S.)
  • MiXTelematics International Ltd (Texas, U.S.)
  • Fleet Complete (Toronto, Canada)
  • NexTraq, LLC (Georgia, U.S.)
  • GPSTrackit (Georgia, U.S.)
  • Inseego Corp. (California, U.S.)
  • Automotive Rentals Inc. (New Jersey, U.S.)
  • Cisco Systems Inc. (California, U.S.)
  • AT&T Inc. (Texas, U.S.)
  • Ctrack (Inseego Corp.)
  • IBM Corporation (New York, U.S.)
  • Tomtom NV (Amsterdam, Netherlands)


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Report Coverage

The report presents a systematic study of the fleet management software market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.

Drivers and Restraints

Combination of Linking Technologies into Fleet Management Software to Spur Growth

The fleet management industry has entered into the age of digitalization already, providing enhanced vehicle-to-infrastructure connection and driver-vehicle communications. The varied technologies such as artificial intelligence, machine learning, cloud solutions, big data analytics, and GPS has taken fleet management to an amplified level altogether. Alongside upgraded processes, the software targets elevating fleet performance and surging service superiority.

For example, Fleetx, which is a smart fleet management software, utilizes machine learning, predictive analytics, artificial intelligence, and sensor devices to assist fleet executives in refining security proficiency and aids in channelling insightful choices in a budget-effective manner.

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Supply of Vital Products amid COVID-19 Pandemic to Fuel Market Growth

The COVID-19 pandemic has considerably altered the day-to-day schedule of everyone. As numerous industries have switched to work from home and have willingly elected for such guidelines, the industries such as transport, service, field facility providers, energy, shipping, and trading, among others, are functioning to the complete latent to deliver crucial services and goods. Owing to the disaster and supply chain commotion, the shipping and logistics industries are experiencing severe risks. This has led to an increase in demand for fleets, drivers, dispatchers, organizers, and others fleet operators dramatically.

Moreover, FMCG, trade, farming medications, and various other indispensable service suppliers are unable to ship the deposited products on account of the decreased number of carriers. The demand for fleet management software augmented to accomplish and satisfy the incessant supply of necessities.

Regional Insights

Increasing Usage of Real-time Tracking Solutions to Help North America Grow

North America held the maximum fleet management software market share in 2020 and is estimated to dictate the global market. This is owing to the large-scale disposition of real-time tracing software by companies for unified business functioning. Rising implementation of vehicle tracking systems, increasing demand for innovative software from automotive giants such as General Motors, Ford, and Fiat-Chrysler, coupled with the factor that the U.S. being the primary implementer of digital technologies are attributable to the growth of the market in this region. The region stood at USD 5.88 billion in 2020 in terms of revenue.

Europe holds the second largest market share on account of Germany remaining as the biggest automobile sector core across the globe. Commercial vehicle fleets carry out a significant role in the European economy.

Asia Pacific is probable to be the rapidly growing region in the foreseeable future owing to the rising radio cab industry and surging inclination towards transportation services in this region. The existence of a huge number of production units in leading countries such as China, Japan, and India is additionally anticipated to augment the growth of the market for fleet management software in Asia Pacific region.

Competitive Landscape

Tactical Alliance of Chief Players with Vehicle Producers to Magnify Business Opportunities

The significant fleet management software providers are fixated on product extension by making huge investments in the novel research and development regarding the software. The corporations are joining forces with technology suppliers to deliver better fleet management with its radical tracing, precise GPS, and better backing to the drivers.  Likewise, these giant players are keen on entering into tactical collaborations with diverse automobile manufacturers in order to provide unconventional fleet management software solutions.

Industry Development

June 2020: Geotab Inc. declared a collaboration deal with Volvo Trucks, which provides telematics solutions and stages such as fleet management, diagnostics, agreement, and driver backup across North America. The company also surveys the vehicle position by gaining access to driver performance records, movement reports, and distribution timetables.

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Sunday, October 3, 2021

Detergent Chemicals Market to Hit USD 71.26 Billion by 2028; Increased Adoption of Enzyme-based Detergent to Augment Growth Worldwide, says Fortune Business Insights™

The global detergent chemicals market size is expected to gain momentum by reaching USD 71.26 billion by 2028 from USD 53.53 billion in 2021 while exhibiting a CAGR of 4.2% between 2021 to 2028. In its report titled, “Detergent Chemicals Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 50.14 billion in 2020.

Detergent comprises different types, such as surfactants, enzymes, fragrances, bleaches, dyes, and others. Each of them is designed to have different functional properties. The demand for detergent chemicals has surged due to increased pollution levels and the rising prevalence of diseases. Furthermore, adoption and inclination toward sustainable and bi-cleaning are expected to drive market growth. For instance, in March 2021, BASF partnered with the Japan-based Allied Carbon Solutions Co., Ltd. and the UK-based Holiferm Ltd. to develop biosurfactants. These surfactants will be used to formulate home care & personal care products.      

List of Key Players Profiled in Detergent Chemicals Industry Report

  • BASF SE (Germany)
  • Clariant AG (Switzerland)
  • Ashland Inc. (U.S.)
  • Evonik Industries AG (Germany)
  • Akzo Nobel N.V. (The Netherlands)
  • Croda International plc (U.K.)
  • DuPont (U.S.)
  • P&G (U.S.)
  • Stepan Company (U.S.)
  • Huntsman International LLC (U.S.)
  • Solvay (Belgium)
  • Novozymes (Denmark)


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What does the Report Provide?

The market for detergent chemicals report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.

Drivers & Restraints

Introduction of Multi-featured Detergents to Boost Market Growth

To garner the detergent chemicals market position, manufacturers are producing advanced and multi-featured detergent products. For instance, in 2021, Godrej Consumer Products Limited (GCPL) enlarged its laundry detergent products in India. Following it, P&G too launched a new line of plant-based laundry care products and launched a new 3in1 POD’s under the Aerial brand in the year 2019. Infamous HUL also launched its premium detergent range ‘Love & Care’ brand. Such timely introduction of new products by key players are creating potential demand for all types of detergent chemicals. Increasing detergent consumption, thus driving the chemical detergent market growth.  

On the other hand, prolonged and excessive use of detergent lowers the surface tension of water, which leads to easy absorption of harmful organic chemicals by the aquatic animal. Such factors are limiting the growth of the market for detergent chemicals.

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COVID-19 Impact

Amid the COVID-19 pandemic, the demand for cleaning products had increased.  Thus, there has been a steep increase in the consumption of detergents, especially in households. Moreover, the report suggests that in 2020, detergents were high in demand along with disinfectants in essential services & industries, such as government offices, food, pharmaceuticals. Furthermore, our internal data analysis estimates that the demand for household detergents increased more than 16% in 2020 as compared to 2019. Thus, to meet the consumer demand, key players such as P&G, Unilever Group increased their production capacities. These factors are expected to drive market growth during the forecast period. All these factors collectively pushed the demand for detergent chemicals.

Regional Insights

Asia Pacific to Dominate Backed by Increasing Industrialization

Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period owing to the Increasing industrialization, commercialization, & household expenditure in the region are pushing demand for innovative & sustainable detergents. The region stood at USD 23.68 billion. Moreover, China’s market share for the household segment was 77.6% in 2020.

North America is expected to showcase significant chemical detergent market share during the forecast period owing to the increased per capita detergent consumption. According to estimates in the U.S., per capita consumption is 10 kgs, which is higher than the global average.

Competitive Landscape

Key Players to Focus on Collaborations to Strengthen Market Growth

The detergent chemicals market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in December 2019, Evonik Industries & Unilever Group collaborated together to launch bio-based surfactants Rhamnolipid. It is mild on the skin and is biodegradable and renewable. It is used first time in Unilever’s Quix home cleaning brand.

Industry Development

·        November 2020: Firmenich announced the launch of its Artificial Intelligence (AI) based fragranced for liquid & powder laundry detergents. The usage of AI will help in the creation, optimization & prediction of sensorial experiences to identify the best fragrance solutions for detergent manufacturers. 


Thursday, September 30, 2021

Battery Energy Storage Market to Exhibit a CAGR of 16.5% by 2028; Massive Carbon Reduction Targets by Countries to Spur Opportunities: Fortune Business Insights™

 The global battery energy storage market size is expected to reach USD 26.81 billion in 2028, exhibiting a CAGR of 16.5% during the forecast period. The introduction of innovative technologies due to the rapidly growing energy demand can have a tremendous impact on the battery energy storage market growth in the foreseeable future, states Fortune Business Insights in a report titled, “Battery Energy Storage Market, 2021-2028.” The market size stood at USD 7.81 billion in 2020.

The Report Lists the Key Companies in the Battery Energy Storage Market:

  • ABB (Switzerland)
  • Kokam (South Korea)
  • Samsung SDI (South Korea)
  • Total (France)
  • Hitachi ABB Power Grids (Switzerland)
  • Siemens Energy (Germany)
  • Black & Veatch (U.S.)
  • EVE Energy Co., Ltd. (China)
  • VRB Energy (Canada)
  • Narada (China)
  • Fluence (U.S.)
  • LG Chem (South Korea)
  • Hitachi Chemical Co., Ltd. (Japan)
  • GE (U.S.)


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What Does the Report Highlights?

The study provides a detailed analysis of the industry, focusing on the variables that drive, repel, obstruct, and provide market possibilities. It also clarifies the segmentation table, the list of leading categories with statistics, and the variables that influence them. The competitive landscape of the market, the list of prominent players, and the major steps are also included in the study. Besides this, the report highlights the major industry developments of the market, current market trends, and other interesting insights into the market.

Driving Factor:

Rising Emphasis on Renewable Energy Technologies to Aid Market Expansion

Different governments have set significant goals to increase the use of sustainable energy technologies, which is expected to boost the market. To ensure peak power use supply, BESS devices may be easily incorporated into residential, commercial, and industrial-scale solar and wind energy generating techniques. Global renewable power generation was predicted at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018, according to the Statistical Review of World Energy 2020 published by BP in June 2020.

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COVID-19 Impact:

The rapid outbreak of COVID-19, or coronavirus viral illness, has had an extraordinary impact on many countries across the world. The sudden surge in the number of cases of Severe Acute Respiratory Syndrome Coronavirus 2 has had a significant impact on the economics of many countries (SARS-CoV-2). Furthermore, limited worldwide interactions to prevent the fatal virus from spreading across the population have hampered global supply chain logistics, thus hurting the global battery energy storage industry.

However, the demand for BESS units is expected to be counterbalanced by supporting economic stimulus packages proposed by a number of governments, as well as ongoing efforts by industry participants. In August 2020, for example, ABB announced a partnership with Zenob Energy Limited, a BESS producer, to deliver an advanced traction power solution for U.K. railways.

Regional Insights:

Increasing Carbon Reduction Targets to Favor Growth in Europe

In 2020, the Asia Pacific market for battery energy storage was expected to be worth USD 3.29 billion, accounting for the lion's share in terms of both value and volume. Rapidly expanding renewable energy generating capacity, continued urbanization and industrialization, increased electrification objectives, and the presence of diverse industry participants are some of the variables that are complementing the growth in the region. Furthermore, the huge carbon reduction targets set out by regional organizations such as the European Commission and national governments support the expansion of the European market. A wide range of encouraging renewable deployment goals and energy security regulations are also helping to boost demand for BESS devices in the region.

Competitive Landscape:

Prominent Companies Focus on Novel Offerings to Consolidate their Market Positions

The global battery energy storage industry is very fragmented, with various companies offering a wide range of goods, services, and solutions to retain their battery energy storage market share. In addition, the sector has seen significant global and regional players, as well as a large number of small and medium-sized system integrators, introduce new tactics.

Key Development:

January 2021: Siemens announced that it had signed a contract with Britishvolt to establish the first lithium-ion battery Gigafactory in the UK. Siemens will offer its automation, electrification, and digital twin solutions to Britishvolt to boost the lithium-ion output from the facility.

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