#Remote Vehicle Shutdown Market share

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Remote Vehicle Shutdown Market- Global Market Size, Share, Growth, Trends, Statistics Analysis

The remote vehicle shutdown market size was valued at USD 3.1 Billion in 2023 and is expected to reach a market size of USD 5.9 Billion by 2032 at a CAGR of 7.4%.

The remote vehicle shutdown market is projected to experience significant growth over the next decade, driven by increasing vehicle theft rates, advancements in telematics, and stringent government regulations aimed at enhancing vehicle security. The market was valued at approximately USD 3.23 billion in 2022 and is expected to reach USD 6.36 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period Dataintelo.

Key Market Drivers

Rising Vehicle Theft Rates: With vehicle theft continuing to be a major issue globally, the need for effective vehicle security solutions like remote vehicle shutdown systems has increased. These systems enable owners and fleet managers to immobilize vehicles remotely, enhancing security and aiding in theft recovery.

Government Regulations: Various governments are implementing regulations that mandate advanced safety and security features in vehicles. For instance, the European Union’s eCall mandate requires new cars to be equipped with systems that can contact emergency services automatically, which often integrates remote shutdown capabilities​.

Technological Advancements: The integration of Internet of Things (IoT), artificial intelligence (AI), and advanced telematics into vehicle security systems is making remote vehicle shutdown solutions more effective and reliable. Innovations in GPS tracking and wireless communication are also contributing to market growth.

Top Companies are:

· LoJack Corporation

· CalAmp Corp

· Viper Automotive

· Directed Electronics

· Scorpion Automotive

· Fleetsmart

· Sky Patrol

· PassTime GPS

· eTrans Solutions

· Linxup

Market Segmentations:

Remote Vehicle Shutdown Market, By Type (2024–2032)

Manual System

Automatic System

Remote Vehicle Shutdown Market, By Application (2024–2032)

Passenger Car

Commercial Car

Regional Analysis:

North America commands a significant portion of the remote vehicle shutdown market, with the United States being a major contributor. This system is extensively used not only by car lenders but also by law enforcement agencies to manage speeding vehicles and control high-speed chases, which have been on the rise. This application is crucial for ensuring public safety and preventing accidents. Additionally, the increasing instances of vehicle theft in the country are driving the adoption of remote vehicle shutdown systems, as they offer an effective solution for theft prevention and vehicle recovery.

Key highlights of the report include:

1. The report delivers thorough Market analysis, furnishing valuable insights to guide strategic decision-making.

2. The comprehensive research outlined in the study enhances the depth of your presentations and marketing strategies.

3. By offering crucial insights into key market competitors, the study empowers businesses with a strategic edge.

4. It delivers a precise assessment of evolving market dynamics, ensuring readers stay abreast of the latest industry trends.

5. With meticulous breakdowns of various market niches, the report facilitates informed decision-making processes.

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Autonomous Ships Market share 2030

The global autonomous ships market size was valued at USD 5.21 billion in 2022. The market is projected to grow from USD 5.61 billion in 2023 to USD 9.87 billion by 2030, exhibiting a CAGR of 8.4% during the forecast period.

Autonomous ships refer to ships that are operated remotely or possess high levels of automation. These vessels incorporate cutting-edge Internet of Things (IoT) technology, data analysis technology, and connect to land-based monitoring centers through broadband networks. The increasing adoption of these advanced technologies is expected to fuel the growth of the market. Fortune Business Insights presents this information in their report titled "Global Autonomous Ships Market, 2023–2030."

Major Players Profiled in the Market Report:

ABB (Switzerland)

ASELSAN A.Ş. (Turkey)

BAE Systems (U.K.)

Fugro (Netherlands)

GE (U.S.)

Honeywell International Inc. (U.S.)

Kongsberg Gruppen Maritime (Norway)

L3 ASV (U.S.)

Northrop Grumman (U.S.)

Rolls Royce plc (U.K.)

Siemens Energy (Germany)

Wärtsilä (Finland)

Marine Technologies LLC (U.S.)

Ulstein Group ASA (Norway)

Mitsui (Japan)

Sea Machines Robotics Inc. (U.S.)

Neptec Technologies Corp. (Canada)

Browse Detailed Summary of Research Report with TOC:

COVID-19 Impact

Stringent Regulations During Pandemic On Sea Trade Activities Affected Market Growth

The market growth during pandemic was impeded by production shutdowns, disruptions in the supply chain, and mandatory quarantine periods for crew and staff. Local authorities-imposed restrictions on cargo and passenger ships, preventing them from entering ports. Consequently, merchant seamen had to remain on board, leading to extended stays in territorial waters and additional costs for ship owners.

Russia-Ukraine War Impact

Naval Forces Embrace Unmanned Ships due to their Autonomous Capabilities

Naval forces are increasingly drawn to the advantages offered by autonomous ships compared to traditional manned vessels. The U.S., in particular, has made substantial investments and formulated a strategic plan to procure medium, large, and extra-large "unmanned vehicles" for surface and undersea operations.

Segments:

Several Advantages of Fully Autonomous Ships Propel Segmental Growth

Based on autonomy, the market is classified into partial automation, remotely operated, and fully autonomous. The fully autonomous segment is projected to experience the most significant growth owing to the advantages it offers, including reduced delivery times, shorter port stays, decreased operating expenses, elimination of accidents caused by human error, and lower freight rates.

Hardware Components Spearhead Growth Due to Increased Adoption

Based on the solution, the market is segmented into hardware and software. The hardware segment dominated the market and is expected to continue its dominance. The growth is primarily driven by the increasing uptake of various hardware components, including sensors, GPS trackers, automated navigation systems, propulsion, auxiliary systems, and other essential elements.

Commercial Sector Takes the Lead due to Rising Tourism and Global Trade

By ship type, the market is classified into commercial and defense. The commercial segment is divided into bulk carriers, tankers, dry cargo, and containers. In 2022, the commercial segment claimed the largest market share, driven by the surge in tourism activities and the expansion of international seaborne trade. The International Chamber of Shipping reported that the global shipping industry's annual trade value reached a staggering USD 14 trillion in 2019.

Line Segment Dominates Owing to Increasing Investments

By end-user, the market is segmented into line fit and retrofit. In 2022, the line fit segment emerged as the frontrunner, capturing the largest autonomous ships market share. The remarkable growth of this segment can be attributed to two key factors: the increasing investments made by naval defense forces and the thriving international maritime trade.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

Report Coverage

The comprehensive market analysis report offers a meticulous examination of key factors, including prominent fleet companies, diverse vessel types, innovative solutions, and major application areas. It provides valuable insights into prevailing market trends and highlights noteworthy industry advancements. Furthermore, the report delves into various direct and indirect factors that have exerted a significant influence on the market's growth trajectory in recent times.

Drivers and Restraints

Technological Advancements Drive Market Expansion: Increasing Investments Fuel Growth

The market is experiencing accelerated growth due to the rising investments made by several countries in high technology. For example, in October 2019, South Korea invested a substantial USD 130 million in an autonomous ship project. This initiative focuses on developing an intelligent navigation system, collision and accident prevention capabilities, and an integrated platform for system management, decision-making, and situational awareness.

However, digitization and automation has increased chances of cyberattacks and may pose challenges to the autonomous ships market growth.

Regional Insights

Asia Pacific Drives Growth Due to Rapid Economic Development and Maritime Trade

In 2022, Asia Pacific emerged as the dominant force in the market, capturing the largest market share. This remarkable growth can be attributed to the region's rapid economic development and the thriving maritime trade activities. The expanding economies and increasing trade volumes in countries across Asia Pacific contribute to the region's market dominance.

North America is experiencing significant growth in the market, fueled by the escalating investments made towards the development of advanced commercial and defense vessels.

Competitive Landscape

Industry Players Drive Business Expansion with Next-Generation Ships and Systems

The key players operating in the market prioritize business expansion through the development of next-generation ships and advanced systems. In October 2022, Kongsberg Maritime, a prominent player in the market, made a significant announcement regarding a supply contract. The company was awarded the contract for the HUGIN Endurance Autonomous Underwater Vehicle (AUV) system, collaborating with an undisclosed partner. 

Key Industry Development

February 2022: Kongsberg Maritime was awarded a contract by Holland Shipyards Group to electrify and automate new ferries. Under the contract, Kongsberg Maritime will supply electrification and control systems with automated functions for up to four new all-electric ferries.

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Remote Vehicle Shutdown Market Tracking Report Analysis 2023-2031 

The Global Remote Vehicle Shutdown Market was valued at USD 450.64 Million in 2022 and is projected to reach around USD 819.95 Million by 2031, at a CAGR of 8.87% during the forecast period.

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Top Key Players:

3B+D

3Built LLC.

CalAmp

CEBS

Coban

Connect2Car Inc.

Dragon Bridge (SZ)Tech Co., Ltd

Fleetsmart

FleetUp

GPS and Track, LLC

MINE SAFETY APPLIANCES COMPANY

Neltronics

OnStar, LLC.

Shenzhen Eelink Communication Technology Co., Ltd

Xmarton

Market Introduction:

The remote vehicle shutdown system is used in automobiles. This is a device that uses radio pulses to help the user disable the car via the remote within a 50-meter radius. The remote vehicle lockdown devices are being combined with a comprehensive security device that provides complete vehicle security, inclusive of GPS tracking and an anti-theft security alarm.

The Remote vehicle shutdown systems are electronic devices mounted on vehicles that cut off the fuel supply and ignition power of the vehicles from a distant location. These systems are equipped with GPS trackers that are connected to the power supply, ignition, and starter motor circuits of vehicles, which enables these systems to shut down vehicles and prevent them from restarting. These systems alert the user through a remote device or mobile application by using short- or long-range networks. Pressing a switch on the remote device or mobile app delivers a coded command to the receiver of the system, which cuts the engine power and immobilises the vehicle.

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Market segmentation:

Remote Vehicle Shutdown Market Size, Share & Trends Analysis Report By System (Manual, Automatic), By End-User (Personal Use, Commercial Use), By Vehicle Type (Passenger Vehicles, Transport Vehicles), Based on Region, And Segment Forecasts, 2023 2031

Market Dynamics:

The increase in vehicle and cargo thefts requires automated systems that help protect the vehicle or cargo from hijacking or robbing. These systems are equipped with complex electronics and alarm systems. Transportation is at a standstill due to thefts. A remote immobilization system prevents vehicle thefts and helps recover valuable things like goods and cargo from lost vehicles. Hence, this factor accelerates market growth. It provides complete vehicle security, like GPS tracking and an anti-theft security alarm.

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The Global Remote Vehicle Shutdown Market report, published by Reports and Data, unravels a wide spectrum of significant factors impacting the performance of the sector. It uses the historical analysis of the market from 2017 to 2018 to provide the reader with an accurate understanding of the current market scenario and offer concise market estimations for the forecast period of 2019 to 2027. The latest market intelligence report extensively studies the ongoing growth trends, emerging market segments, and growth prospects over the projected timeframe. It further sheds light on the ever-changing patterns, dominant facets, and infrastructural properties.

The report lists down some critically important parameters that help the market bolster its global foothold and contribute substantially to future revenue generation. Additionally, the report includes specific details related to the Remote Vehicle Shutdown industry, such as product offerings, sales and revenue estimates, leading regions, key market contenders, and technological upgradation.

The latest report is the most recent one offering full coverage of the impact of the ongoing COVID-19 pandemic on the global Remote Vehicle Shutdown business vertical. The outbreak has extensively affected the global economic landscape. The report examines the current scenario of the ever-evolving business setting and the aftereffects of COVID-19 on the market. The global health crisis has brought massive changes to the market, revolutionizing the global economic scenario. Besides drastically affecting the Remote Vehicle Shutdown Market, the pandemic has led to severe disruptions to supply chains and caused volatility in prices and demands. However, the market is expected to regain momentum in a post-COVID-19 scenario, according to our market analysts. Further, experts assessed the essential facts and figures relevant to this market using several industry-wide prominent analytical tools, such as SWOT analysis and Porter’s Five Forces.

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 Competitive Terrain:

A precise summary of the intensely competitive landscape of the global Remote Vehicle Shutdown Market has been included in the latest report, with the systematic listing of the company profiles of the leading market players. This section of the report studies the strategic initiatives undertaken by these market rivals for business expansion. In addition, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of both established and new players have been assessed using effective analytical tools like SWOT analysis.

The following are the leading market players:

PassTime (U.S.), Onstar Corp. (U.S.), Cobra Car Tech. Ltd. (U.K.), Sonic Electronix Inc. (U.S.), LoJack Stolen Vehicle Recovery System (U.S.), EMCO Software (Iceland), Frotcom International (Portugal), The Tracker (South Africa), Fleetsmart (U.K.), TracknStop (Ireland), and Scania (Sweden).

Regional Overview:

The latest research report entails an in-depth analysis of the current growth opportunities for various regions of the Remote Vehicle Shutdown Market, gauging their revenue share over the forecast timeline. Furthermore, the report analyzes the year-on-year growth rate of these regions over the forecast duration. The leading geographic regions encompassed in the report include:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

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 Other significant market segments highlighted in the report are:

Product Type Outlook:

Manual

Automatic

Application Outlook:

·         Electric

·         Petrol

·         Diesel

The report considers the following timeline for market estimations:

·         Historical Years: 2017-2018

·         Base Year: 2019

·         Estimated Year: 2027

·         Forecast Period: 2020-2027

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Highlights of the TOC: 

1.      Global Remote Vehicle Shutdown Market Report Overview:  Research Scope Key Remote Vehicle Shutdown Market   segments Major players Market analysis by product Market analysis by application Report timeline

2.      Global Growth Trends  Global Remote Vehicle Shutdown Market size Latest trends of the Remote Vehicle Shutdown Market   by region Key growth trends

3.      Global Remote Vehicle Shutdown Market by Product Global Remote Vehicle Shutdown  Sales by Product Global Remote Vehicle Shutdown  by Product Revenue

Key takeaways of the Global Remote Vehicle Shutdown Market report:

·         The report enumerates the most vital market drivers, restraints, opportunities, threats, and challenges.

·         The report reviews the regulatory framework for creating new opportunities in various regions of the market and focuses on the new revenue streams for the players in the emerging markets.

·         It elaborates on the new, promising arenas in the leading market regions.

·         The report studies the recent research & development projects, along with the technological innovations in the key regional segments.

·         The report highlights the potentially market-disrupting technological advancements and business models that are poised to take the market to an all-new level of growth.

·         It offers details in the rising revenue share and size of the leading product segments of the market during the forecast period.

Key queries addressed in the report are as follows:

·         Which product segments have witnessed new, profitable application areas over recent years?

·         Which business models are projected to fast-track the expansion of the key regional markets over the forecast timeframe?

·         Which strategic initiatives adopted by the market rivals are expected to fortify their already established presence in the Automotive Lubricants industry?

·         Which technologies prevailing in the market are expected to witness the highest research investments in the near future?

·         What will be the significant sources of funding for start-ups and new entrants in the industry?

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·         Automotive Hydrogen Sensors Market@

https://www.reportsanddata.com/report-detail/automotive-hydrogen-sensors-market

·         Vehicle Electrification Market @

https://www.reportsanddata.com/report-detail/vehicle-electrification-market

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Liquefied Natural Gas Market To Surge Beyond $208.85 Billion By 2030

The global liquefied natural gas market size is expected to reach USD 208.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The growing demand for electric power through clean energy sources is likely to propel the market growth over the coming years. A growing focus on projects related to distributed power & utility is anticipated to bolster the market growth over the next eight years. The projected growth in natural gas in the power generation business is also likely to create more demand for liquefied natural gas (LNG) across various countries.

The power generation application segment accounted for the largest volume share of 47.44% in 2021. Growing demand for NG also helps in reducing the emission of harmful greenhouse gas emissions. Increased usage of this fuel in the mining, industrial and power generation sectors has displayed a significant change over the historic period. A decline in the prices, as well as low fuel switching costs, are enhancing the industry growth in the transportation and power generation application.

The supply chain of the LNG and ancillary industries was affected due to the shutdown of production facilities, especially in the Asia Pacific as it was the epicenter of the COVID-19. The manufacturing and energy & power sectors globally experienced a considerable slowdown due to the COVID-19. Additionally, local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of LPG that were in process of being delivered.

Diesel and petrol have been the default options for vehicle fuels. However there has been a shift from traditional fuel to available better choices on the market such as natural gas that give the same performance in terms of power, acceleration, and cruising speed, but with added financial and environmental benefits. LNG is typically less expensive than diesel giving lower running costs over the medium to long distances and the lowest total cost of ownership compared to conventional fuels. It also has strong environmental benefits that improve air quality by reducing greenhouse gas emissions.

Others application includes natural gas used in the mining industry, chemical industry, food processing, and other industries. For mines operating in remote areas which do not have access to grid-connect electricity, in many such cases, natural gas-powered generators provide peak and baseload generation for electricity and heat.

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Liquefied Natural Gas Market Report Highlights

In terms of revenue, the power generation segment accounted for a prominent share of 47.44% in the market in 2021 and is further expected to witness steady growth in the forecast period

As of 2021, the Asia Pacific accounted for about 80.11% revenue share in the overall market. The high growth of industrial sectors in China, India, and Japan has triggered the demand for power through clean sources driving the need for natural gas. The establishment of heavy equipment, oil & gas, and process companies in China, on account of low labor and utility costs, has been one of the factors responsible for the penetration of natural gas for industrial application in the region.

Various strategic initiatives were recorded over the past few years to boost the growth of the LNG market. For instance, in January 2020, the company signed a liquefied natural gas supply agreement with Nigeria LNG. This agreement is expected to increase Eni SpAs’ global LNG portfolio starting from 2021 and to support further the development of its presence in the main destination markets worldwide.

Liquefied Natural Gas Market Segmentation

Grand View Research has segmented the global liquefied natural gas market based on application and region:

Liquefied Natural Gas Application Outlook (Revenue, USD Million, Volume, Million Tons, 2019 - 2030)

Transportation Fuel

Power Generation

Others

Liquefied Natural Gas Regional Outlook (Revenue, USD Million, Volume, Million Tons, 2019 - 2030)

North America

U.S.

Canada

Mexico

Europe

UK

France

Italy

Asia Pacific

China

India

Japan

Central & South America

Brazil

Argentina

Middle East & Africa

UAE

Kuwait

List of Key Players in the Liquefied Natural Gas Market

British Petroleum (BP) p.l.c.

Chevron Corporation

China Petroleum & Chemical Corporation

Eni SpA

Equinor ASA

Exxon Mobil Corporation

Gazprom Energy

PetroChina Company Limited

Royal Dutch Shell PLC

Total S.A.

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North America Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, Charging Standard, and Geography - Regional Forecast to 2029

The North America Electric Vehicle Market is expected to record a CAGR of 39.4% from 2022 to 2029 to reach $570.47 billion by 2029 from an estimated $55.81 billion in 2022. By volume, this market is expected to reach 7.62 million units by 2029 from an estimated 1.54 million units in 2022, at a CAGR of 25.7% during the forecast period. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, increasing adoption of electric mobility. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery and increasing trend of shared mobility are offering lucrative growth opportunities for this market's growth.

The Impact of COVID-19 on the North America Electric Vehicle Market

The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. During COVID-19, the U.S. was hit severely causing significant damages in terms of life, resources, and economy. The adoption of EVs had fallen in the first & second quarters of 2020 while a slight growth was witnessed post second quarter. Consumer behavior has changed significantly since the pandemic. People have avoided shared mobility and public transit to reduce the risk of infection while, due to remote working, distance traveled is also decreased. This has negatively affected the adoption of EVs. Leading investors have planned to double their investment in autonomous vehicles that positively impact the EV market in the forecast period.

Zero-emission vehicle (ZEV) sales of Canada witnessed a decline in the second quarter of 2020. According to Electric Mobility Canada (EMC), only 9,069 sold between April and June 2020. That number includes battery electric vehicles, plug-in hybrids and hydrogen fuel cell vehicles. The 2020 sales results represent a drop of over 50% from the 18,032 sold in the second quarter of 2019. Furthermore, EVs’ entire light vehicle market share in Q2 dropped by 2.9% from the 3.4% from the same period in 2019. The sales of EVs were down by 45% in the second quarter and by 34% in the first half of 2020, due to the widespread economic shutdowns in effect throughout most of Canada since mid-March. However, the total number of ZEVs in Canada continues to grow. According to EMC, the total number of ZEVs has reached an estimated 168,000, with 75,000 of those located in Quebec, 46,000 in Ontario, and 41,000 in British Columbia and continue to grow in the coming years.

The North America electric vehicles market study presents historical market data in terms of value and volume (2020 to 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and geography. The study also evaluates industry competitors and analyses the market at the country level.

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Increasing Investments in EV Ecosystem

The automotive industry of North America is rapidly shifting from fuel-based vehicles to electric vehicles. Increasing investments and incorporation of innovative technologies by automotive OEMs in EVs and the development of advanced charging systems and batteries are driving this market growth in North America. Several industries worldwide are heavily investing to make strides in the decarbonization of transport and equipment and improve air quality in cities through greater investments in passenger trucks, light commercial vehicles, and e-scooters. Increasing adoption of electric vehicles to control pollution and carbon emissions and growing awareness about the use of electric vehicles to reduce emissions, and stringent government rules and emissions regulations towards vehicle emission are driving the demand for EVs and contributing to the overall market growth. In May 2021, South Korean automotive company, Hyundai Motor Group announced plans to invest USD 7.4 billion in the U.S. by 2025. The investments are aimed to produce electric vehicles, upgrade production facilities and further its investment in smart mobility solutions. Hyundai's investments plan comes as U.S. President Joe Biden's administration prioritized a strict regulation for electric vehicles, aiming to replace the 650,000 vehicles in federal fleets with U.S. made electric vehicles.

The Canadian government is investing in EVs and charging infrastructures to build a clean energy future to strengthen the economy, creating job opportunities and promoting support to workers in the natural resource sectors. In June 2021, Natural Resources of Canada (NRC) funded USD 2.3 million to the British Columbia Hydro and Power Authority for installing 47 EV fast chargers across Columbia province to decarbonize the environment. This fund is initiated through Electric Vehicle and Alternative Fuel Infrastructure Deployment Initiative (AFIDI) of NRC. Additionally, The Government of British Columbia is investing USD 1.2 million through CleanBC Go Electric program towards AFIDI initiative. These investments and initiatives are propelling adoption of EVs in North America.

Key Findings in the North America Electric Vehicle Market Study:

During the forecast period, the light commercial vehicles segment is expected to grow at the highest CAGR

Based on vehicle type, the North America electric vehicles market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly driven by the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions. Electric LCVs are a key element of urban distribution and transport systems and offer a promising low-emission solution. They require low maintenance and have relatively lower operating costs, as there is no need to lubricate the engines nor the maintenance costs associated with gas engines. Electric LCVs contribute to reducing greenhouse gas emissions and reduce the dependence on fuels. These are the key factors driving the adoption of electric light commercial vehicles.

The fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period

Based on propulsion type, the North America electric vehicles market is segmented into battery electric vehicles, hybrid vehicles, and fuel cell electric vehicles. The fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly driven by the increasing demand for vehicles with low carbon emissions, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling and increasing government initiatives and investments for advancing fuel cell technology. Several major players and governments across the region are trying to encourage the use of hydrogen fuel cells for vehicles through various policies, investments, and regulations.

The more than 250kW segment is expected to grow at the highest CAGR during the forecast period

Based on power output, the North America electric vehicles market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW. The more than 250kW segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of electric buses and trucks for heavy applications, the implementation of numerous wireless EV charging pilot projects for heavy commercial vehicles, and the increasing adoption of electric mobility in emerging economies.

The commercial use segment is expected to grow at the highest CAGR during the forecast period

Based on end use, the North America electric vehicles market is segmented into private use, commercial use, and industrial use. The commercial use segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks. Electric commercial vehicles help lower greenhouse gas emissions, reduce dependence on fossil fuels, ensure smooth operation, and meet the latest emissions regulations. Electric buses are the most commonly used EVs for commercial applications. E-trucks are used for distribution and courier services. These vehicles have to cover long distances, as buses or trucks are required to travel a distance of 200 to 300 kilometers.

Canada to be the fastest-growing market in North America

Canada is expected to record the highest CAGR during the forecast period. The Canadian EV market is majorly driven by the local government's policies and incentives, increased driving range, and affordable vehicle prices due to increased spending of consumers on environment-friendly automobiles and developing infrastructure resulting in faster charging times. Canada’s mission to eliminate transportation emissions in the coming years has enabled governments to introduce numerous policies and incentive programs that could increase EV adoption and reduce emissions. For instance, in May 2019, the Government of Canada launched the Incentives for Zero-Emission Vehicles (iZEV) Program to encourage EV adoption. On the purchase or lease of ZEV, the government provides iZEV Program incentives of up to USD 5,000. The authorities have set targets for enhancing the adoption of EVs in the country.

Key Players

The key players operating in North America electric vehicles market are AB Volvo (Sweden), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Jaguar Land Rover Automotive PLC (U.K.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Zero Electric Vehicles Inc. (U.S.), Nissan Motor Co., Ltd. (Japan), Rivian LLC (U.S.), Tesla, Inc. (U.S.), Volkswagen AG (Germany).

Scope of the Report:

North America Electric Vehicle Market, by Vehicle Type

Passenger Vehicle

Light Commercial Vehicles

Heavy Commercial Vehicles

Two-wheeler

E-scooters & Bikes

North America Electric Vehicle Market, by Propulsion Type

Hybrid Electric Vehicles

Battery Electric Vehicles

Fuel Cell Electric Vehicles

Pure Hybrid Electric Vehicles

Plug-In Hybrid Electric Vehicles

North America Electric Vehicle Market, by Power Output

Less Than 100 KW

100 KW to 250 KW

More Than 250 KW

North America Electric Vehicle Market, by End Use

Private Use

Commercial Use

Industrial Use

Shared Mobility

Micromobility

Public Transport

North America Electric Vehicle Market, by Geography

U.S.

Canada

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Current Research : Electric Vehicle Batteries Market is Expected to Reach $175.11 Billion by 2028, at a CAGR of 26%

According to a new market research report titled “EV Batteries Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Geography — Global Forecast to 2028”, the EV batteries market is expected to grow at a CAGR of ~26% from 2021 to 2028 to reach $175.11 billion by 2028.

Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells put into a module frame to protect them from external shocks such as heat or vibration. EV batteries having high power and high energy density provide an optimal driving range to the vehicles.

Download Research PDF Here :- https://www.meticulousresearch.com/download-sample-report/cp_id=5210

The growth of this market is backed by factors such as increasing adoption of EVs worldwide, decreasing battery prices and increasing investment by leading automotive OEMs to secure the battery supply chain for their future electric vehicles. Moreover, increasing adoption of electric mobility in emerging economies, growing investments in developing lithium-ion battery capacity, and growing deployment of battery-as-a-service provide significant opportunities in this market.

The Impact of COVID-19 on the EV Batteries Market

The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. As a result, the light vehicles market suffered a decline in revenue close to 20% in 2020. Furthermore, shifts in consumer purchasing behavior due to the pandemic's uncertainty are expected to have significant consequences for the industry's near-future growth.

In North America, the U.S. was hit severely by the pandemic, causing significant life, resources, and economic damages. The adoption of EVs had fallen in the first & second quarters of 2020, which affects the sale of electric vehicle batteries in North America, while a slight growth was witnessed post second quarter. People have avoided shared mobility and public transit to reduce the risk of infection, while, due to remote working, distance traveled is also decreased. Due to the COVID-19 pandemic, U.S. vehicle sales declined 12% in the first quarter of 2020 compared to Q1 2019. As the year progressed, things got worse, with a 33% year-on-year decline in Q2, followed by a slight rebound in Q3, with U.S. sales 7% lower than 2019 Q3 sales. Additionally, US sales of plug-in light-duty electric vehicles in 2020 totaled 296,000 units, which was down significantly from the 331,000 in sales in 2019. The decline in sales of electric vehicles in the U.S. directly impacted the EV batteries market in North America.

However, aggressive government initiatives to support the adoption of electric vehicles are anticipated as a key factor in supporting the EV battery market growth post-pandemic. For instance, in June 2021, the U.S. Department of Energy (DOE) announced USD 200 million funding over the next five years for electric vehicles, batteries, and connected vehicles projects at DOE national labs and new DOE partnerships to support electric vehicles innovation. In July 2021, the Government of Canada has set a mandatory target for all new light-duty cars and passenger trucks to be zero-emission by 2035, accelerating Canada’s previous goal of 100% sales by 2040. The government of Canada has already invested over USD 1 billion to support increased zero-emission vehicle adoption, and it will pursue a combination of investments and regulations for the transition of the Canadian automotive industry. Such initiatives will help to boost the demand for the electric vehicle batteries market in North America.

The EV batteries market is segmented based on type, capacity, bonding type, form, application, end-user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Decreasing battery prices to drive the demand for EV batteries

Increasing production capacities and technological improvements are making batteries production cheaper. Increased production due to EV sales growth and new battery pack designs are the factors attributed to the drop in battery prices. Battery cost determines the final price of electric vehicles, and decreasing battery prices will be a major factor in reaching the price parity with ICE vehicles. The price of lithium-ion batteries decreased by 89%, from USD 1,100/kWh in 2010 to USD 137/kWh in 2020. In 2020, prices of electric vehicle batteries were 13% lower as compared to prices in 2019. The average price per kilowatt-hour for batteries is expected to be approximately USD 100/kWh by 2023, making it possible for EVs to be priced the same as comparable gasoline-powered vehicles.

To provide efficient analysis, Meticulous Research® has segmented this market based on type ( lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid state batteries, and other batteries), capacity (less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh), bonding type (wire bonding, and laser bonding), form ( prismatic, cylindrical, and pouch), application (electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters and motorcycles, and e-bikes), end-user (electric vehicle OEMs, and battery swapping stations), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

The key players operating in the EV batteries market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).

Buy Research PDF Here [305 Pages] : https://www.meticulousresearch.com/Checkout/39523752

Scope of the Report

EV Batteries Market, by Type

·         Lithium-ion Battery

·         Sealed Lead Acid Battery

·         Nickel-Metal Hydride Battery

·         Ultracapacitors

·         Solid-State Batteries

·         Other Batteries

EV Batteries Market, by Capacity

·         Less Than 50 kWh

·         51 kWh to 100 kWh

·         101 kWh to 300 kWh

·         More Than 300 kWh

EV Batteries Market, by Bonding Type

·         Wire Bonding

·         Laser Bonding

EV Batteries Market, by Form

·         Prismatic

·         Cylindrical

·         Pouch

EV Batteries Market, by Application

·         Electric Cars

o   Battery Electric Vehicles

§  Lithium-ion Battery

§  Nickel-Metal Hydride Battery

§  Ultracapacitors

§  Solid-State Batteries

§  Other Batteries

o   Plug-in Hybrid Electric Vehicles

§  Lithium-ion Battery

§  Ultracapacitors

§  Solid-State Batteries

§  Other Batteries

o   Pure Hybrid Electric Vehicles

§  Lithium-ion Battery

§  Nickel-Metal Hydride Battery

§  Ultracapacitors

§  Solid-State Batteries

§  Other Batteries

·         Light Commercial Vehicles

·         Heavy Commercial Vehicles

·         E-scooters & Motorcycles

·         E-bikes

EV Batteries Market, by End-user

·         Electric Vehicle OEMs

·         Battery Swapping Stations

EV Batteries Market, by Geography

·         Asia-Pacific (APAC)

o   China

o   Japan

o   South Korea

o   Thailand

o   Indonesia

o   India

o   Taiwan

o   Rest of Asia-Pacific

·         Europe

o   Germany

o   U.K.

o   France

o   Italy

o   Spain

o   Poland

o   Hungary

o   Sweden

o   Norway

o   Rest of Europe (RoE)

 ·         North America

o   U.S.

o   Canada

·         Latin America

·         Middle East & Africa

Contact: Mr. Khushal Bombe Meticulous Market Research Inc. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- sales@meticulousresearch.com Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Content Source: https://www.meticulousresearch.com/product/EV-battery-market-5210

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Autonomous Ships Market Size 2030

The global autonomous ships market size was valued at USD 5.21 billion in 2022. The market is projected to grow from USD 5.61 billion in 2023 to USD 9.87 billion by 2030, exhibiting a CAGR of 8.4% during the forecast period.

Autonomous ships refer to ships that are operated remotely or possess high levels of automation. These vessels incorporate cutting-edge Internet of Things (IoT) technology, data analysis technology, and connect to land-based monitoring centers through broadband networks. The increasing adoption of these advanced technologies is expected to fuel the growth of the market. Fortune Business Insights presents this information in their report titled "Global Autonomous Ships Market, 2023–2030."

Major Players Profiled in the Market Report:

ABB (Switzerland)

ASELSAN A.Ş. (Turkey)

BAE Systems (U.K.)

Fugro (Netherlands)

GE (U.S.)

Honeywell International Inc. (U.S.)

Kongsberg Gruppen Maritime (Norway)

L3 ASV (U.S.)

Northrop Grumman (U.S.)

Rolls Royce plc (U.K.)

Siemens Energy (Germany)

Wärtsilä (Finland)

Marine Technologies LLC (U.S.)

Ulstein Group ASA (Norway)

Mitsui (Japan)

Sea Machines Robotics Inc. (U.S.)

Neptec Technologies Corp. (Canada)

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/industry-reports/autonomous-ship-market-101797

COVID-19 Impact

Stringent Regulations During Pandemic On Sea Trade Activities Affected Market Growth

The market growth during pandemic was impeded by production shutdowns, disruptions in the supply chain, and mandatory quarantine periods for crew and staff. Local authorities-imposed restrictions on cargo and passenger ships, preventing them from entering ports. Consequently, merchant seamen had to remain on board, leading to extended stays in territorial waters and additional costs for ship owners.

Russia-Ukraine War Impact

Naval Forces Embrace Unmanned Ships due to their Autonomous Capabilities

Naval forces are increasingly drawn to the advantages offered by autonomous ships compared to traditional manned vessels. The U.S., in particular, has made substantial investments and formulated a strategic plan to procure medium, large, and extra-large "unmanned vehicles" for surface and undersea operations.

Segments:

Several Advantages of Fully Autonomous Ships Propel Segmental Growth

Based on autonomy, the market is classified into partial automation, remotely operated, and fully autonomous. The fully autonomous segment is projected to experience the most significant growth owing to the advantages it offers, including reduced delivery times, shorter port stays, decreased operating expenses, elimination of accidents caused by human error, and lower freight rates.

Hardware Components Spearhead Growth Due to Increased Adoption

Based on the solution, the market is segmented into hardware and software. The hardware segment dominated the market and is expected to continue its dominance. The growth is primarily driven by the increasing uptake of various hardware components, including sensors, GPS trackers, automated navigation systems, propulsion, auxiliary systems, and other essential elements.

Commercial Sector Takes the Lead due to Rising Tourism and Global Trade

By ship type, the market is classified into commercial and defense. The commercial segment is divided into bulk carriers, tankers, dry cargo, and containers. In 2022, the commercial segment claimed the largest market share, driven by the surge in tourism activities and the expansion of international seaborne trade. The International Chamber of Shipping reported that the global shipping industry's annual trade value reached a staggering USD 14 trillion in 2019.

Line Segment Dominates Owing to Increasing Investments

By end-user, the market is segmented into line fit and retrofit. In 2022, the line fit segment emerged as the frontrunner, capturing the largest autonomous ships market share. The remarkable growth of this segment can be attributed to two key factors: the increasing investments made by naval defense forces and the thriving international maritime trade.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

Report Coverage

The comprehensive market analysis report offers a meticulous examination of key factors, including prominent fleet companies, diverse vessel types, innovative solutions, and major application areas. It provides valuable insights into prevailing market trends and highlights noteworthy industry advancements. Furthermore, the report delves into various direct and indirect factors that have exerted a significant influence on the market's growth trajectory in recent times.

Drivers and Restraints

Technological Advancements Drive Market Expansion: Increasing Investments Fuel Growth

The market is experiencing accelerated growth due to the rising investments made by several countries in high technology. For example, in October 2019, South Korea invested a substantial USD 130 million in an autonomous ship project. This initiative focuses on developing an intelligent navigation system, collision and accident prevention capabilities, and an integrated platform for system management, decision-making, and situational awareness.

However, digitization and automation has increased chances of cyberattacks and may pose challenges to the autonomous ships market growth.

Regional Insights

Asia Pacific Drives Growth Due to Rapid Economic Development and Maritime Trade

In 2022, Asia Pacific emerged as the dominant force in the market, capturing the largest market share. This remarkable growth can be attributed to the region's rapid economic development and the thriving maritime trade activities. The expanding economies and increasing trade volumes in countries across Asia Pacific contribute to the region's market dominance.

North America is experiencing significant growth in the market, fueled by the escalating investments made towards the development of advanced commercial and defense vessels.

Competitive Landscape

Industry Players Drive Business Expansion with Next-Generation Ships and Systems

The key players operating in the market prioritize business expansion through the development of next-generation ships and advanced systems. In October 2022, Kongsberg Maritime, a prominent player in the market, made a significant announcement regarding a supply contract. The company was awarded the contract for the HUGIN Endurance Autonomous Underwater Vehicle (AUV) system, collaborating with an undisclosed partner. 

Key Industry Development

February 2022: Kongsberg Maritime was awarded a contract by Holland Shipyards Group to electrify and automate new ferries. Under the contract, Kongsberg Maritime will supply electrification and control systems with automated functions for up to four new all-electric ferries.

[swarajya7793]

Significant COVID-19 Impact on Probiotics in Automotive Industry | Data Bridge Market Research

COVID-19 Impact on Automotive Hud in Automotive Industry

COVID-19 is a pandemic disease which has created a severe outbreak in the world starting from China to almost in every country. It has major impact almost on everything including human life, world economy, automotive sector, industrial sector and others as a result demand and consumption rate gets lowered.

Unavailability of vaccine to cure or prevent the disease from spreading is major reason due to which lockdown has been initiated for prevention and to lower the COVID-19 spread. To control the disease spread, lockdown is so far is considered to be the better solution observed in the many countries but it also harms the economy. The lockdown impacted the manufacturing industry, operation plants, ports and others locations as all facilities are closed which is a reason behind the slow market growth. Due to low operational machinery and low staff demand for the supply for automotive HUB has been stopped.

Although, permission provided by the governments to run facility with certain safety measures created opportunity for the market to support the manufacturing plant operations and to resume the tasks and improving production efficiency the automotive HUB market is witnessing rising demand to meet the increased production target with limited resources is difficult task for manufactures to ease operations for better productivity. Expanding utilizes of virtual reality displays and Google glasses in numerous segments have made automobiles companies to come up with modern developments. The unused innovation of AR-VR in HUD has come up with a better approach of utilizing GPS, unlike some a long time back, when a turn was missed whereas utilizing GPS or the roadway was missed due to utilizing and setting the radio in car.

HUD introduced on car show appears data or information in such a way that the client doesn’t get diverted and lose the center of their current errand. This includes HUD in car show makes difference dodge mischances, and it has brought security, consolation, and excitement for clients. They moreover give a few other benefits. The need of intrigued by OEMs in contributing to progressed technologies for the next one or two years will be a major difficulty for automotive HUD manufacturers, and the automotive HUD market is evaluated to witness a dip.

IMPACT ON THE MANUFACTURING INDUSTRY AND GOVERNMENT INITIATIVE TO BOOST THE MARKET

COVID-19 created a major impact on the manufacturing industry as almost every country has initiated the shutdown of production facilities in the first half-year which are not producing the essential goods. To prevent the spread of novel coronavirus disease, the government implemented some strict actions in the first half such as the shutdown of production and sale of non-essential goods, blocked international trade, and others. The only business which is dealing with the essential services is allowed to open and run the processes. Companies such as pharmaceutical, chemical and others allowed operating the facilities with certain safety rules and to increase production capabilities. Now at the current period where almost half a year is ended government is taking the initiative to support the economy by allowing the manufacturing operations by following physical distancing practices. The manufacturing facilities are getting started now with a limited workforce creating major demand for the market. The slowdown of the automotive industry is acting as a challenge for the global automotive HUB market.

STRATEGIC DECISIONS FOR MARKET PLAYERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE 

There is a positive and negative impact of the COVID-19 disease on the market as it lowered its demand and at the same created opportunity to increase its services for enhancing the plant performance. Several strategies can help the market players to increase their presence and market share in the industry. Major automotive HUD manufacturers such as Bosch, Continental, Panasonic, Denso, Nippon Seiki, Garmin, and LG Show have reported either suspension of production or adjustment of generation due to the diminished demand and supply chain bottlenecks and to guarantee the safety of their employees in China, Europe, and North America amid the COVID-19 widespread.

For instance,

COVID-19 has constrained continental to put a brake on its operations. As of April 2020, the increased outbreak of the infection has constrained the company to briefly cease production in more than 40% of its 249 production areas over the world.

 In April 2020, Visteon has taken conclusive activities to oversee costs and protect liquidity, counting compelling taken a toll administration due to the COVID-19 widespread. The company has briefly suspended or decreased generation at certain offices within the Americas, Europe, and most of Asia exterior of China in reaction to government prerequisites and lower request for components due to generation suspension by major OEMs. The company proposed a rebuilding arrange in January 2020 to diminish the number of workers at different destinations to lower its cost base and improve budgetary performance.

IMPACT ON DEMAND AND SUPPLY CHAIN

The COVID-19 pandemic has been posing measurable impacts on the global economy. Owing to quarantine situation, traveling constraints and social distancing measures on a broad-scale drive a steep decline in business and consumer spending. The COVID-19 pandemic has decelerated the development of the automotive HUD market. Lower vehicle deals are likely to weaken the demand for vehicle and passenger security features. Across the globe lockdowns and suspension of major trade exercises by OEMs have postponed the testing of semi-autonomous driving systems and progressed security features.

The demand for automotive HUB for the automotive purpose expected to improve gradually due to the plants in china resumed their production from March. Companies that need resources to connect remote workstations to employees, businesses that urgently need to go online to work with consumers or retailers, and delivery services. So the above reasons are directly impacting the demand for the automotive HUB market in a positive way.

COVID-19 is the unpredictable event that finally forces many industries and companies to re-think and transform their supply chain models. Due to the lockdowns, companies are facing severe problems for raw materials or finished product transport which is directly impacting the growth of the company to overcome this situation, companies must closely monitor long-term and short-term demand and maintain inventory to reduce production loss in the economic slowdown situation.

Automotive HUD manufacturers are facing disruptions in supply chains as major countries are in a state of lockdown to prevent the spread of the disease. Thus, the market for automotive HUDs is projected to undergo a phase of decline in 2020.

CONCLUSION

The pandemic situation created by COVID-19 has a major impact on the automotive HUB market as it lowered its demand and sale owing to the shutdown of manufacturing facilities until the first half of the year 2020. The strategic decisions such as close touch with our suppliers to monitor the supply chain and working closely with their component suppliers and monitoring the demand by the key players are opening lucrative opportunities for the market. Anticipating a significant fall in automotive production ahead of the COVID-19 pandemic is the major challenge for the market. After lowering the lockdown and by providing permission for the production facilities to run the operations market is supposed to gain strong growth.

[super-brandessence1]

Remote Vehicle Shutdown Market  Scope, Research, Growth Prediction and Forecast Report Till 2025

Read More : https://www.brandessenceresearch.com/automotive-transport/remote-vehicle-shutdown-market/

[latestglobalmarketresearch]

Unmanned Underwater Vehicles Market Key Participants Examination and In-Depth Analysis Report

The global Unmanned Underwater Vehicles Market size is projected to grow from USD 2.0 billion in 2020 to USD 4.4 billion by 2025, at a CAGR of 16.4% from 2020 to 2025. The growth of the market can be attributed to the rising number of deep-water offshore oil & gas production activities and increasing maritime security threats.

The UUV market includes major players Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US), Oceaneering International, Inc. (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect UUV production and services by 25–30% globally in 2020.

Based on application, the commercial exploration segment of the Remotely Operated Vehicle (ROV) market is expected to witness the highest growth during the forecast period.

The commercial exploration segment of the Remotely Operated Vehicle (ROV) market is expected to witness the highest growth during the forecast period. This growth can be attributed to the increased demand for UUVs in commercial applications, such as surveys and seabed mapping, offshore drilling, and pipeline inspection.

Browse In-depth Insights & Outlook:  https://www.marketsandmarkets.com/Market-Reports/unmanned-underwater-vehicles-market-140710720.html

Based on the system, the sensors segment of the ROV market is expected to witness the highest growth during the forecast period

The ROV market has been segmented and analyzed based on the system into a propulsion system, collision avoidance system, a navigation system, communication system, sensors, payloads, and chassis. sensors, radars, cameras, lasers, and others. Based on sensors, the camera segment is estimated to be the largest segment of the market in 2017, as high-resolution cameras are the most widely used payloads in various applications. The sensors segment is projected to witness the highest growth, due to the increased use of sensors in the defense sector for scanning, detecting, mapping, and remote sensing. Sensors are also used in the commercial sector to measure the concentration of various elements and compounds and detect the presence of microscopic life.

COVID-19 Impact on the Global Unmanned Underwater Vehicles Market

The unmanned underwater vehicles market includes major players Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US),Oceaneering International, Inc. (US) . These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect UUV production and services by 25-30% globally in 2020.

The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for UUV globally, with a corresponding reduction in revenues for various payload suppliers, service providers across all markets owing to late delivery, manufacturing shutdown, the limited staff at manufacturing facilities, and limited availability of equipment. As per industry experts, the global UUV demand is anticipated to recover by 2022 fully. North America is projected to have maximum market share in the autonomous underwater vehicles market during the forecast period. Due to increasing security concerns, the US and Canada are expected to use an autonomous underwater vehicle (AUVs) for various defense operations, such as anti-submarine warfare and surveillance. Autonomous underwater vehicles (AUVs) are used for collecting data related to the seabed. The main driver for the growth of the North America autonomous underwater vehicle market is the increased use of autonomous underwater vehicles (AUVs) for carrying out deepwater surveys for the oil & gas industry that otherwise would have been expensive.

Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US), Oceaneering International, Inc. (US) are some of the leading players operating in the UUV market report.

Get Sample Here: https://www.marketsandmarkets.com/requestsampleNew.asp?id=140710720

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