Market Trends of Micro LED Industry
Consumer Electronics to be the Largest End-user Industry
- The increasing usage of digital twin technology in the transportation industry is expected to drive the demand for virtual sensors. Digital twins have emerged as the most recent technological phenomenon in the transportation sector. Implementing digital twins in supply chains is enhancing the efficiency of supply chain networks on both local and global scales. By utilizing the data, transportation companies are able to predict their operations with exceptional precision. Significantly, this innovative technology also aids in generating valuable insights to enhance corporate strategies.
- Virtual sensors are increasingly becoming crucial for the automotive industry due to their wide variety of applications. The growing adoption of virtual sensors in the industry will enable the market to gain traction over the forecast period. Amidst this costly sensory inflation, the adoption of virtual sensors has become prevalent. Virtual sensors entail replacing a physical sensor with software embedded in the vehicle’s electronic control unit. The objective is to acquire essential information without the need for a physical component. Numerous vehicle parts, including tires, engines, and cabins, are embedded with these virtual sensors. Virtual sensing is widely employed in automotive applications, such as passenger thermal comfort, tire pressure monitoring systems, powertrain applications, estimation of sprung mass state, and others.
- The automotive sector depends significantly on sensing technology for various functions such as safety, entertainment, traffic management, navigation, and guidance. With the advancement toward autonomous vehicles, sensing device usage is expected to grow. Despite the high cost and occasional unreliability of physical sensors in vehicles, virtual sensors are emerging as a cost-effective solution for car makers. These virtual sensors serve as a secondary safety measure to physical sensors and play a crucial role in enhancing driver assistance systems (ADAS) and ultimately achieving autonomous driving capabilities.
- The growing demand for ADAS features in the automotive industry is expected to drive the segment’s growth. Several governments worldwide are implementing various measures to boost the adoption of ADAS technology to ensure vehicle safety. Furthermore, the increasing trend of autonomous or self-driving vehicles is also playing a role in the expansion of the market. As an illustration, Intel predicts that worldwide car sales will exceed 101.4 million units by 2030, with autonomous vehicles projected to make up approximately 12% of car registrations by the same year.
- Furthermore, Artificial Intelligence (AI) has become vital in various industries, including the automotive sector. A significant innovation in this field is the creation of advanced driver assistance systems (ADAS), designed to enhance vehicle safety and assist drivers in different driving situations. The adoption of ADAS technology is increasing in countries such as Germany, China, and India, as it has the potential to reduce accidents and promote road safety. Such factors in boosting ASAD technology may present significant opportunities for the market.
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North America to Hold Significant Market Share
- The increasing demand for digital signage creates a need for high-quality displays. Digital signage is becoming popular in the United States with technological advancements in display, connectivity, and monitoring space. Furthermore, the increasing adoption has decreased the prices of display panels significantly.
- Educational institutions are adopting digital signages for huge displays in the building's pre-function and lobby areas to broadcast building-wide event messaging, with directional navigation arrows to direct people to the appropriate conference rooms.
- For instance, in April 2022, Visix Inc. expanded its portfolio of higher education projects by announcing that Wichita State University has chosen an AxisTV Signage Suite digital signage system for its Metroplex convention center. The entire solution includes a cloud-hosted CMS, three Nano digital signage players, and ten Electronic Paper Room (E-Paper) Signs, which dynamically display events and meetings as they happen.
- As marketing and promotional strategies evolve, advertisers favor digitized promotion over traditional marketing, and the United States and Canada are popular destinations for market players. Other advantages of digitized signage, such as higher audience engagement, reduced paper consumption, increased sales due to improved consumer influence, and cost-effective advertising, drive their implementation in the region.
- The region is witnessing various developments as vendors operating in the market are continuously innovating new solutions through partnerships.
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