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The Saudi Arabia Interior Design Market Trends, Growth Drivers, and Futu...

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APAC Solar Street Lighting Market Will Advance at a 16.4% CAGR

The APAC solar street lighting market was USD 2,315.9 million in 2023, which will rise to USD 6,691.2 million, advancing at a 16.4% CAGR, by 2030.

A key trend observed in this industry is the increasing acceptance of smart solar streetlights. Moreover, smart lighting systems are power-effective because they employ LED lights and offer distinctive sensors and control units in every lamp, which allow data communication to central controlling systems.

The centralized category, on the basis of structure type, led the industry. This can be because of the increasing on-grid based solar streetlight disposition that gets a constant electric source from a grid to fuel lights at a great illumination.

The solar panel category, based on component, was the largest contributor to the APAC solar street lighting market in 2023, with a 35% share. This can be because it is essential for the operation of entire street lighting via renewable energy.

The lamp category, on the other hand, will advance at the fastest compound annual growth rate in the coming years. This is mainly because of the increasing acceptance of LEDs in solar streetlights. The increasing emphasis on adopting LEDs is because of the rising government proposals in nations, such as China and India, for the acceptance of energy-effective LED lights.

China led the industry, and it is likely to advance at a 17.0% compound annual growth rate, in the coming years. This can be mainly because of the continuing building of several highways, streets, flyovers, and airports; and the increasing urbanization.

With the growing number of smart cities in this region, the APAC solar street lighting industry will advance continuously in the coming years.

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Bangladesh QSR Market Report: Trends, Analysis, and Growth Insights | P&S Intelligence

The value of the Bangladeshi quick-service restaurants market stood at USD 1,712.4 million in 2023, and this number is projected to reach USD 2,653.4 million by 2030, advancing at a CAGR of 7.1% during 2023–2030. This growth can be credited to the developing lifestyle of the adult populace, the increasing count of QSRs in the nation, the growing demand for fast food among the urban populace, and the rising working populace in the city and semi-urban areas of the country.

The demand for easy foods is increasing quickly among customers in Bangladesh, due to the parallel variations in the working and social lives and the mounting habit of dining out. People these days like to socialize over good food, away from the house. Therefore, because of the shortage of time, numerous contemporary nuclear families tend to choose convenient, quick meals over old-style meals.

American cuisine is likely to advance at the highest rate during this decade. This is because of the high requirement for fries, pizzas, and burgers among the young populace as well as the busy lifestyle of adults, which makes a requirement for convenience foods. Furthermore, other cuisines like Italian, Mexican, and Chinese, are also broadly prevalent among Bangladeshi citizens.

Moreover, the rising purchasing power of customers with their increasing per capita income, particularly in Dhaka, has boosted the sale of prepared food from QSRs in this nation. Bangladesh's economy is facing an era of low inflation, rising household income, and speedy progress.

As per the World Bank, Bangladesh has a purchasing power parity of 32.1 LCU per international dollar in 2021, in comparison to 16.3 LCU in 2002, advancing at a 3.63% average annual rate.

Furthermore, people, now, socialize with friends, neighbors, or colleagues, as compared to before for social or business purposes. This led to the increasing consumption of meals in fast food settings, which further boosted the industry.

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Malaysia Diesel Generator Set Market To Hit USD 97.9 Million by 2030

Improved fuel effectiveness and low operating prices are some of key advantages of diesel generators. Therefore, these are more popular in emerging economies, mostly in APAC. Further, the Malaysian diesel generator set market will reach USD 97.9 million by 2030, according to P&S Intelligence.

The growth of this industry is credited to the government is focusing on the development of infrastructural to manage users with under the 40% income bracket in 2029, with a scheme to construct 1 million structures of housing.

Moreover, as part of the 2021 Budget, the government announced more plans to assist the construction industry, such as partnerships with financial bodies.

The nation allocated funding to the People's Housing Program, the Rumah Mesra Rakyat AND Perumahan Penjawat Awam dwelling initiatives, to create housing units for low-income homeowners. The demand for diesel generator sets will rise in the near future due to the rising number of residential homes and commercial buildings.

Additionally, the country's emphasis is on producing more items with value added in order to strengthen its economy, which motivates startups to grow their manufacturing facilities and increases demand for these generator sets.

Malaysia's need for energy is rapidly growing, but up until now, the supply has not kept up with demand, causing frequent power outages that are primarily brought on by natural disasters. Due to Malaysia's significant risk of flooding and tsunamis, the government closes power plants for safety.

For instance, across six states and 333 electricity substations, TNB temporarily closed off 333 power substations in December 2021. 17,251 electricity users in Pahang, 4,450 in Kuala Lumpur, 5,062 in Selangor, 470 in Kelantan, 634 in Melaka, and 284 in Negeri Sembilan were impacted by the shutdown.

However, at temporary evacuation shelters without access to substation power, electricity was provided by portable diesel generators. As a result, the nation's ongoing power outage issue is driving up need for diesel generator sets there.

Additionally, a lot of international corporations are setting up shop in Malaysia due to the country's advantageous business and consumer climate, affinity for American goods, well-established infrastructure and legal system, and ease of making profits. These elements contribute to the expansion of the business sector, which is raising need for diesel generator sets in the nation.

To stay competitive, major players in the Malaysian diesel generator set industry have taken part in a number of strategic advancements, such product releases. For instance, Cummins Inc. launched the NEW EC-AGS+ wireless control system for Onan gas and diesel DG sets in past year.

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Biomass Gasification Market To Grow Fastest in the APAC Region

The biomass gasification market will grow at a rate of 7.16% by the end of the forecast period, to reach USD 187.3 billion by 2030.

The growth can be chiefly credited to the increasing GHG emissions, growing acceptance of environment-friendly energy sources, and growing concerns with regards to environment amongst the population.

The fixed-bed gasifier will grow at a rate of over 8%, as a result of the simplicity, solid retention time, high carbon conversion rate, and low ash carry of this variant.

On the basis of application, the chemical category led the industry because of the increasing acceptance of the gasification technology for producing ethanol and other beneficial commodities.

Its low cost of operations, requirement for low-value waste and feedstock, and high-power competence are improving the acceptance of the gasification procedure for the making of chemicals of high value. Also, the obtainability of an enormous amount of feedstock will allow the industry growth.

APAC leads the biomass gasification market and this trend will continue in the years to come as well.

Furthermore, the growing consumption of electricity as a result of the growing rates of urbanization and industrialization in the developing countries is powering the growth of the industry.

The APAC region will also observe a significant growth by the end of this decade. This has a lot to do with the robust development in the environment-friendly power industry in India, China and Japan. In this regard, the growing count of power plants accompanied by the laws of the government on clean power generation, will drive the regional industry.

The requirement for renewable energy sources is on the rise due to the fossil fuel reserve depletion and the increasing consciousness of the destructive ecological influence of petroleum and its byproducts.

Furthermore, the increasing need for cost-effective, clean and eco-friendly heat and electricity production will power the growth of the industry.

The growing environmental concerns has a lot to do with having a positive impact on biomass gasification, and this trend will continue in the years to come as well.

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Fuel Cell Generator Market Is Driven by Minimalization of Carbon Residues

The size of the fuel cell generator market was USD 330 million in 2022, and the figure is set to rise at a CAGR of 17.50% from 2022 to 2030 and reach USD 1,199 million by the end of this decade.

There are several reasons for this development, including the minimalization of CO2 emissions, the easy availability of fuel cells, and their ability to renew energy. The snowballing need for the production of clean power along with minimal releases from CO2 will drive the market.

Numerous regions and nations throughout the globe are targeting to decrease overall releases of CO2 to zero by 2050, To achieve CO2 neutrality. The government's focus has amplified on making a decarbonized civilization in the past few years. To achieve this aim, the introduction of renewable sources, including solar, biomass, hydro, wind, and geothermal, is vital.

The production of electricity with the support of solar and wind has a few drawbacks, like the lack of ability to regulate the generation and huge quantity of output disparities reliant on weather conditions.

Aquaculture is the fastest-rising end-user developing at a CAGR of approximately 19.2%, credited to the increasing quantity of aquaculture amenities and increasing ecological impacts related to it such as the consumption of electricity and water. Mainly to lessen the environmental effects, governments have taken numerous steps to utilize fuel cell-based generators as an alternative to diesel generators.

North America is dominating the fuel cell generator market and is projected to continue with this dominance throughout the decade. This can be ascribed to the growing concentration and fast acceptance of clean sources.

In North America, the U.S. is leading the market, and it will develop with a CAGR of 18.1%, credited to solid economic support. The innovative growth in the usage of renewable sources and snowballing electricity needs from the aquaculture and data centers industry are the major reasons that will boost the industry in the future as well.  

Hence, the minimalization of CO2 emissions, the easy availability of fuel cells, and their ability to renew energy are the major factors contributing to the growth of the fuel cell generator market.