Reinsurance Market is Expected to Reach US$ 364.59 Bn by 2026 | CAGR of 4.7%

According to a new market report published by Transparency Market Research titled “Reinsurance Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global reinsurance market was valued at US$ 241.14 Bn in 2017 and is expected to expand at a CAGR of 4.7% from 2018 to 2026, reaching a value of US$ 364.59 Bn by the end of the forecast period. According to the report, North America was a significant contributor to the reinsurance market in terms of revenue in 2017. The prominent market share of the region is due to the favorable regulatory environment and growth in property catastrophe protection in the reinsurance market across the region, especially in the U.S. and Canada.

Favorable regulatory environment and growth in property catastrophe protection driving the global reinsurance market

The global reinsurance market is currently driven by a favorable regulatory environment. Growing focus on sustainable growth has led to the relaxation in government rules globally. For instance, in September 2018, Insurance Regulatory and Development Authority (IRDA) approved revised reinsurance regulations in India. The core purpose behind revamping the regulations is that the maximum reinsurance business is held inside the nation and preference would be given to Indian domiciled entities. In 2016, the new SSN (Superintendence of Insurance) authorities removed the regulations which set minimum limits of insurers in projects involving small and medium enterprise. The new regulation now defines only maximum limits. Current regulatory variations are pushing the market to have fewer number of highly capitalized insurance companies. There are a large number of local players that need more capital to play in niche markets.

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Subsequently, demand for financial reinsurance is expected to increase in the coming years. Furthermore, increasing activity of foreign reinsurers in the global reinsurance market is contributing significantly to the growth of the market. Thus, increasing regulatory oversight initiatives is expected to enhance reinsurance penetration, as they are expected to promote self-assurance in the insurance industry. Therefore, a favorable regulatory environment is expected to have a long term impact on the reinsurance market. Growing number of such favorable regulations by several government entities are expected to boost the reinsurance market in the coming years.

Demand for property catastrophe protection is expected to contribute significantly to insurance renewals, provisioning any material reinsured loss. Furthermore, industries such as aviation, marine, automotive, healthcare, and agriculture are expected to show huge growth due to the high insurance penetration combined with the need to guard high value assets. Moreover, occurrence of natural calamities is encouraging individuals to avail reinsurance. Lack of disposable income is one of the major factors limiting the market growth. However, rising economic activities across the globe is expected to enhance investment in the insurance sector in the near future. The impact of this restraint is expected to remain low in the coming years.

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Stand-Up Pouches Market to Create Enormous Opportunities for Existing as well as New Entrants in Emerging Countries

In their latest report titled – “Stand-Up Pouches Market – Global Industry Analysis, Size, Share, Growth, Trends Historic (2013-2017) and Forecast (2018 – 2026)” Transparency Market Research (TMR) delivers key insights on the consumption of a variety of stand-up pouches for applications in different end-use industries. According to TMR, the global stand-up pouches market is projected to register a CAGR of 5.4% during 2018-26, which is attributed to several factors, on which, the report provides thorough insights and forecast. The MEA stand-up pouches market is expected to witness a good CAGR value of 5.9%, during 2018-2026.

The report includes a market research study on the global stand-up pouches market, which includes market assessment and trend analysis of different product types i.e. Aseptic Stand-up Pouch, Retort Stand-up Pouch, Standard Stand-up Pouch, and Hot-Filled Stand-up Pouch.

TMR suggests that the high growth in consumption of food & beverages is expected to be the major driving force behind the growth of stand-up pouches globally. Suitability of stand-up pouches for packaging liquid products will create strong demand prospects in the market. Beverage companies are shifting their product packaging from metal cans to stand-up pouches due to low weight and good barrier properties of the latter. Stand-up pouches are also significantly cheaper than other packaging alternatives which, in turn, makes them a perfect choice for the packaging of low-to-medium range products.

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Owing to their multiple-layer structure, the recyclability of these pouches becomes practically infeasible. Thus, the huge amount of resin and raw materials that enter into the production process of pouches remain unrecovered. The removal of various layers of lamination from slider zipper pouches require a special process which incurs additional cost, and may add to the landfill problems. Multinational packaging manufacturers in the global stand-up pouches market are planning to expand their market presence by venturing into untapped markets of the Asia-Pacific and Latin America. However, large proportion of the demand is still fulfilled by local manufacturers.

Introduction of new design formats is expected to generate high demand for stand-up pouches in the global packaging industry. On the basis of product type, the aseptic stand-up pouches segment accounts for the largest market share due to growing brand awareness and consumer demand for hygienic products. Recycling of stand-up pouches is the key challenge in the stand-up pouches market. There are enormous growth opportunities in the global stand-up pouches market for the existing as well as new entrants. Strategic partnerships play an important role in establishing market-leading positions in any market. Private equity investors are planning to invest in the stand-up pouches market due to its extraordinary growth. Optimization of existing resources and increasing automation are the major trends observed in the market.

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Inspection Drones Market - From Fighting War to Forecasting Weather, UAVs Change Everything

Inspection drone is a flying machine without any presence of human pilot onboard and also known as unmanned aerial vehicles (UAV). Drones can vary in size and shape, which are controlled remotely by a pilot or inspector. In addition, this is a flying machine that can fly independently which can function in conjunction with sensors and GPS. The inspection drone has two parts i.e. control system and the drone itself. The core elements of inspection drone are motor, microcontroller, battery, and sensors. Inspection drone are used to get a quick overview of the production sites with a high level of security and safety. Furthermore, it is also used to get data and insights of the confined area where the human access is difficult. Inspection drones are also used for commercial purposes including crop strength analysis for exactness of farming, surveillance and reconnaissance (ISR), and aerial mapping among others. Most of the inspection drones can be controlled up to 400 miles and can stay up in the air for up to 3 consecutive days. Moreover, inspection drones provide better information in a safe and less expensive manner. 

The rising adoption of inspection drone in commercial and non-commercial applications is expected to boost the demand of the inspection drones market worldwide. Additionally, it includes off-shore oil and wind energy platforms inspection, mapping and photogrammetry, detecting pipeline leakage in oil and gas industry, overviewing the production site in food industry, and homeland security. Oil and gas pipelines spans across thousands of miles, therefore, it is difficult to monitor the entire process. Inspection drone is used for detecting the hairline cracks, spillage, production outages, and unplanned shutdown. Inspection drones provide visual overview of the production site, which is also used to detect defects of the production equipment in the food industry. Higher cost of the inspection drone and lack of awareness towards the recent advanced technologies could hamper the growth of the inspection drones market.

The global inspection drones market can be segmented on the basis of types, industry vertical, range, application, and regions. Based on the types, global inspection drones market can be bifurcated into single rotor, multi rotor, and fixed wing drone. On the basis of industry vertical, global inspection drones market can be bifurcated into media & entertainment, aerospace, military and defense, oil & gas, construction, petrochemical, agriculture, food & beverages and others. Among these construction segment is expected to maintain its dominance. Over the forecast period. Growing adoption of home automation. On the basis of range, inspection drone can be segmented into three main types i.e. close range, mid-range and short range. Furthermore, on the basis of application, inspection drones market can be segmented into industrial survey & inspection, utilities survey & inspection, mapping and photogrammetry, thermography inspection, and others.

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Based on the region, the global inspection drones market can be classified into North America, Europe, South America, Middle East & Africa, and Asia Pacific. The global inspection drones market in North America is expected to account the largest market due to the existing key players followed by Asia-Pacific. The growth in North America is mainly attributed to increased use of drone services in construction, aerospace, and media & entertainment industries. The Asia-Pacific market is expected to grow at the significant rate during the forecast period due to growing demand for inspection drone for security purposes.in addition, rise in construction activities in developing economies such as India, China, Japan is fueling the growth of regional inspection drones market.

The various key players operating in global inspection drones market are Airobotics Ltd., Maverick Drone Systems, DJI, Yuneec International, Freefly Systems, Wingtra, Intel Corporation, Parrot Drones SAS, Acecore Technologies, Flyability, XAIRCRAFT, Zero Tech & AeroVironment, and 3D Robotics among others.

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3 Key Trends in Global Luxury Boxes Market

Luxury boxes utilized for packaging high-end products. Prominent packaging manufacturers are accessing different high quality materials and inventive shapes, as these properties improve the consumer experience. Factors such as changing buyer inclinations, growing eagerness to spend more, and rising focal point of a few brands on configuration, forms, and the overall product improvement, are boosting the luxury boxes demand. Moreover, the small scale providers are differentiating themselves by offering unique products, and customized packaging solutions for their objective clients.

With the growing partiality of individuals towards premium lifestyle, owning of luxury brands have turned into a fundamental piece of everyone's agenda. The luxury brands are gradually exploiting this changing lifestyle and are defining advancements into their products to draw more consumers and upgrade their experience to a superlative dimension.

As reported by TMR, these are 3 key trends in the global luxury boxes market:

• Personalized Packaging

Makers are progressively utilizing customized packaging for making their brand among the end clients. Regularly, auxiliary packaging is adjusted for making the remarkable personality of the items or brands in the market. Aside from enhancing the stylish appearance of the product, customized packaging is utilized for defending the product amid travel by redoing the packaging as per the components of the product.

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• Demand for Sustainable Packaging

Plastic is a standout amongst the most broadly utilized materials for packaging over different end-use applications. The material is cost effective, and offers a solid, temperature resistant packaging solution. However, the growing demand for sustainability in packaging drives the emergence of options such as paperboard packaging. It is light weight and is picking up traction because of the surge in demand for inexhaustible and recyclable solutions for different packaging needs. This material is utilized for packaging beautifying agents, pharmaceuticals, and food and beverages. This is expected to be a prominent driving trend in the global luxury boxes market.

• Advent of E-Commerce

Earlier, branded products were difficult to obtain. They were restricted to the individuals who either lived in territories sufficiently wealthy to shop, or those ready to arrange transportation. Online business has leveled the entrance barriers. Luxury packaging separates products in the libertarian commercial center. Packaging has an imperative job in keeping up a brand's picture. This is considerably increasingly imperative in the online era, as brands are discovering chances to use custom packaging to market their offering. The growing proliferation of e-commerce is thus expected to play a key role in the global luxury boxes market in coming years.

Luxury boxes constitute of a few features: the design, the materials used, and the experience. The package design is expected to reflect the vendor’s brand image. The used materials and finishing options that look and feel a little indulgent for the consumer is a key determinant of the product experience. This is expected to be key factor considered by vendors operating in the global luxury boxes market.

Prominent vendors operating in the global luxury boxes market include Smurfit Kappa Group plc, International Paper Company, DS Smith Plc, McLaren Packaging Limited, and Sunrise Packaging Incorporated.

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Modular Robotics Market are Reshaping Factory Production

Modular robotics are robots that can self-reconfigure their parts to take on different forms and functions. They are also known as self-reconfiguring modular robots. Generally these robots are small in size which can connect to each other to communicate, to transfer mechanical force and electrical power. As modular robots consist of similar units they can lower module cost by mass production which has an economic advantage. Modular robots are used for various applications such as in space exploration, bucket of stuff, deep sea exploration and in search and rescue operations. For example, disaster situations like earthquake or collapsed buildings use of a self-reconfiguring modular robot could be beneficial. 

Market Dynamics: Global Modular Robotics Market

The global modular robotics market is primarily driven by wide range of applications in various industries such as aerospace and defense, healthcare industry, oil and gas, and consumer goods & services among others. Incorporation of advanced technology in aerospace and defense self-reconfiguration modular robots plays an important role, such as exploration of space or unknown environments by means of resilient and adaptive locomotion devices. These robots are capable for self-repair which is one of the most important features for space missions. Along with this, these robots are also used in oil & gas industry for deep sea exploration.

As a result of these factors, modular robotics market is expected to show significant growth in coming years. Moreover, bucket of stuff is a futuristic concept wherein the module would be able to reconfigure itself to accomplish arbitrary household task. A self-reconfiguration modular robots have some advantages such as versatility, robustness and cost-efficient as compared to conventional robots. Considering all these factors, modular robotics market is anticipated to have prominent growth in coming years. Along with that, another factor shaping the market for modular robotics is the increased complexity of the robotic system.

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It is analyzed to be the major restraining factor to the modular robotics market as it is critical to recognize and choose useful configuration of modular robot and complexity in controlling. However, modular robots used in surgical operations are expected to offer significant growth opportunity to the global modular robotics market, as this system can reconfigure its own shape. Furthermore, with the help of camera mounted on it, it can capture the image of body from inside, which is very helpful to perform an operation precisely. 

Market Segmentation: Global Modular Robotics Market

The global modular robotics market has been segmented based on type, end-use industry and geography. Based on type, the global modular robotics market is classified into several architectures such as lattice architecture, chain architecture, hybrid architecture, deterministic reconfiguration and stochastic reconfiguration. Based on end-use industry, the market can be segmented into aerospace and defense, healthcare, oil & gas and consumer goods & services. Additionally, based on geography the market is further segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

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Neuro-gaming Technology Market New Growth Opportunities By 2026

Neuro-gaming technology is an advanced gaming technology that involves utilization of brain–computer interfaces such as the electroencephalography (EEG) technology. This technology allows users to interact with the game without using any traditional controller. If a player wants to watch the brain activity of other users, he/she can play the game in the multiplayer mode. The purpose of neuro-gaming technology is not only the entertainment. It also focuses on healthcare and the well-being of the people. Neuro-gaming technology also helps in treating brain disorders such as post-traumatic stress disorder (PTSD) and attention deficit hyperactivity disorder (ADHD).

‘NeuroRacer’ is one of the earliest neuro-games. It is a racing game which is designed to improve the cognitive functioning of aging adults. ‘Throw Trucks with Your Mind’ is another neuro-game. It permits users to pick up and throw objects by mentally blocking distractions. ‘NeuroMage’ is another neuro-game, by which users can easily learn new spellings. Neuro-gaming technology enables game developers to design games to improve physiological factors such as health, brainpower and skills of the players. Developers use the most recent, cognitive, emotional, behavioral and sensory technologies for creating advanced gaming systems such as neuro-games. Neuro-gaming technologies use a broad array of inputs for playing games such as brain waves, player’s heart rate, hand and body gestures, changing emotional state, and pupil dilation. The neuro-gaming technology leverages on other major technologies such as virtual reality, augmented reality, and haptic sensation systems for making new games.

The global neuro-gaming technology market is primarily driven by increasing usage of computers, laptops, and smartphones among users and rising development of brain computer interfaces (BCIs) in advanced gaming systems. This is primarily because most users prefer smart devices such as computers, laptops, and smart phones for playing video games. Additionally, rise in the demand for advanced technologies and tools for adding more functionality and features to games is anticipated to boost the demand for neuro-gaming technology across the globe in the near future. This is primarily because developers of the neuro-game technology are emphasizing the development of advanced gaming technologies in order to attract new customers and retain the existing customers.

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The global neuro-gaming technology market can be segmented based on component, deployment, end-user, and region. In terms of component, the market can be classified into software, hardware, and services. Based on deployment, the neuro-gaming technology market can be categorized into cloud-based and on-premise. In terms of end-user, the market can be divided into industrial, commercial, and residential. Among these, the industrial segment can be further classified into defense, health care, sports, and education.

In terms of region, the global neuro-gaming technology market can be segmented into North America, Middle East & Africa, Europe, South America, and Asia Pacific. The neuro-gaming technology market in North America is estimated to expand at a substantial rate during the forecast period. North America is among early adopters of the neuro-gaming technology due to presence of a large number of innovative developers in the region. Furthermore, continuous growth of the gaming industry in the region is fueling the neuro-gaming technology market in North America. The neuro-gaming technology market in Asia Pacific is anticipated to expand significantly during the forecast period. Demand for the neuro-gaming technology in the region is primarily generated from countries such as China, India, and Japan. Furthermore, increasing adoption of advanced gaming technologies and rising awareness among users are expected to create new growth opportunities for the neuro-gaming technology market in Asia Pacific in the next few years.

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Augmented Reality in Energy and Utilities Market - Bridge the Utility Industry’s Knowledge Gap

New digital technologies are ensuring that companies extract more energy more efficiently and with less impact on the environment. Augmented reality (AR) allows users to view their environments inversely by assimilating the digital content with the real world. Several players operating in the energy & utilities industry identify that strategic implementation of augmented reality not only enhances the customer experience, but also streamlines business operations. The impact of virtual and augmented reality on the energy industry is high. The ability of augmented reality (AR) to enhance workers’ safety and protect equipment addresses the priority of safety emphasized in the energy & utilities industry. AR facilitates enhanced visualization of pipelines in concrete, underground assets or any complex modules, which aids in escaping breaks while digging. It also identifies dangerous leaks and reduces accidents. Thus, employee safety is maintained along with reduction in errors and total downtime. The use of digital technologies by organizations in the energy & utilities sector is expected to reduce capital expenditures by up to approximately 20%. AR devices complement the reality, thereby permitting the wearer to circumnavigate, change, and accomplish work-related procedures and duties without any obstacles.

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The energy & utilities industry faces lack of skilled workers and aging workforce, which may result in knowledge loss. AR aids field workers by connecting them with remote experts that can provide real-time guidance. Thus, increasing demand by enterprises to optimize businesses and enhance workforce security is expected to contribute significantly to the augmented reality in energy and utilities market during the forecast period. Use of augmented reality in the energy sector considerably improves work; simplifies knowledge transfer; and reduces costs. It facilitates operational efficiencies. Various energy associations are investing large amounts in understanding the application of AR in the energy & utilities industry. For instance, The Electric Power Research Institute (EPRI) has partnered with Duke Energy, installing Atheer’s AR platform to demonstrate benefits of AR application in terms of enhanced productivity and safety led by hands-free data access. Expedited equipment maintenance offered by AR is also likely to drive the augmented reality in energy and utilities market during the forecast period.

However, lack of awareness regarding the implementation of software and unavailability of skilled individuals are expected to restrain the augmented reality in energy and utilities market during the forecast period. Implementation of AR in the energy & utilities industry can help companies streamline their operations; raise the overall safety level; and considerably reduce their operating expenses.

The global augmented reality in energy and utilities market can be segmented based on component, and region. Based on component, the augmented reality in energy and utilities market can be divided into hardware and software. The software segment can be sub-divided into cloud and on premise. In terms of region, the global augmented reality in energy and utilities market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global augmented reality in energy and utilities market during the forecast period, as the region is witnessing significant adoption of latest technologies.

Use of AR in the energy & utilities industry is helping reduce maintenance downtime at energy and utilities sites and reduces the costs of initiating and directing specialized workforces to actual sites for the purpose of a mere inspection. A large number of players are venturing into the augmented reality in energy and utilities market. Key players operating in the global augmented reality in energy and utilities market include Remote Technologies Inc., DAQRI, InnoCentive, Inc., and Vuzix. Key players are adopting various growth strategies such as mergers & acquisitions, partnerships, R&D, and product innovations so as to remain competitive in the augmented reality in energy and utilities market. For instance, in April 2018, Zpryme announced a collaboration with Austin Energy to release virtual and augmented reality applications (VR/AR apps), which are expected to transform the method by which retailers inform customers about energy in the next few years.

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