The stadium lighting market may attract substantial growth through the forecast period of 2019-2029 on the back of the rising popularity for live sports and entertainment events across the globe. Large-scale sports events on huge stadiums are bringing tremendous growth opportunities for the stadium lighting market. The entertainment industry is also inviting considerable growth prospects for the stadium lighting market.
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Regular Sports and Entertainment Events Attracting Growth
Sports and massive entertainment live events act as prominent growth generators for the stadium lighting market. LED stadium lighting is mostly preferred for event purposes nowadays due to its property of withstanding different weather conditions. Therefore, manufacturers in the stadium lighting market are concentrating more on developing sturdy and durable LED stadium lightings.
COVID-19 Impact on Stadium Lighting Market
The novel coronavirus outbreak has recorded immense loss across almost all sectors and businesses around the world. The stadium lighting market also bore the brunt of the deadly virus outbreak. Due to strict lockdown implementations, all the production facilities and manufacturing units were shut. Disruptions in production and supply chain mechanisms resulted in tremendous losses for the stadium lighting market.
The lockdown restrictions have also paused sport and entertainment events worldwide, thus leading to a decrease in the demand for stadium lighting. However, the restrictions are being relaxed by the governments of various countries in an effort to bring the declining economy back on track. This aspect may serve as an opportunity for the stadium lighting market to revive its growth.
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Some sporting and entertainment events are also being resumed with limited seating capacities. This factor provides a ray of hope to increase the growth rate of the stadium lighting market. Some well-entrenched players in the stadium lighting market are Zumtobel Group, Philips Lighting, General Electric, Eaton Corporation, Panasonic, LG Electronics, and Cree.
Whilst for energy needs of a wide range of applications, lithium-ion batteries are the choice of electrochemical energy storage systems, currently, other types of emerging battery technologies are on the path to become equally dominant.
Among them, sodium-ion batteries display massive potential to represent next-gen low cost and eco-friendly energy storage solution. The different applications require diverse key performance indicators and the market diversification is mainly pushing the sodium-ion technology closer to the market.
To assess the current status of sodium-ion technology from materials to cell development, a team of scientists combined their knowledge and expertise, and offered a realistic comparison of key performance indicators for lithium-ion batteries and sodium-ion batteries.
Large-scale Production of LIBs has Environmental, social Implications
Lithium-ion batteries play a key role for transition to a low carbon economy. However, as the demand for lithium-ion batteries expands, the mass production of lithium-ion batteries is associated with environmental and social challenges. This is triggering large attention to find alternative energy storage solutions based on materials that can be obtained in a responsible and sustainable manner. In this scenario, sodium-ion batteries represent a low cost alternative that is sustainable and is a more eco-friendly energy storage technology.
Meanwhile, sodium-based batteries offer a number of attractive properties. Sodium-ion batteries are low cost, have a secure supply of raw materials, and use sustainable precursors. Besides this, sodium-ion batteries are considered a drop-in technology which could benefit from the manufacturing already existing for lithium-ion batteries.
The paper on the study published in the Journal of Power Sources, the team of scientists analyze the probability of sodium-ion batteries taking a lead spot in the energy storage market. Led by researchers at the University of Warwick, the paper includes researchers from Humboldt University and College de France among others.
The growth of the global smart refrigerator market is likely to be driven by the incorporation of advanced communication systems and technology to develop convenient yet energy efficient appliances for better lifestyle. Rapid progress made in the wireless communication systems and information technology (IT) facilitates hassle-free assimilation of various mobile devices, such as tablets, laptops, and smartphones with refrigerators. It enables consumers to regulate and optimize operations of fridge even from faraway places. These benefits are likely to fuel development of the global smart refrigerator market in the years to come.
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Growing Need to Check Wastage of Food to Shoot Up Demand for Smart Refrigerators
Lack of timely utilization and monitoring of refrigerated food items often result in the wastage of food, which is a very common problem for the end users. According to the United Nations Development Program (UNDP), nearly 40% of the food produced in India is wasted and around 20% of the purchased food items are thrown away in India. Such humungous amount of food wastage calls for efficacious management of food in commercial and residential sectors, which is anticipated to trigger growth of the global smart refrigerator market in the near future. The ability of these refrigerators to regulate and keep a watch on the shelf life and quality of the food products is likely to drive its demand. These refrigerators also provide timely alerts to users so as to avert food wastage.
Increasing demand for customization and personalization by customers and disruptive technologies are anticipated to augur well for the global smart refrigerator market over the period of analysis. Technological progress made in the communications and electronics sector coupled with the rising requirement for energy efficiency is expected to drive development of the global smart refrigerator market in the years to come.
In addition, a rise in the disposable income of people together with the propensity to buy luxury products to live a better life is driving the demand for premium products, such as smart refrigerators.
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The medicinal properties of rum were considered a lifesaver for soldiers and other people belonging to the army until some decades ago. Rum had played important role in keeping soldiers healthy and fit. The drink is capable of increasing the density of bone mineral. As a result of such properties, modest consumption of rum might assist in the prevention of osteoporosis and alleviation of the pain and symptoms of arthritis. In addition, rum is capable of increasing high-density lipoprotein (HDL) cholesterol, also called good cholesterol. It helps in fighting off blockages in artery thereby preventing blockages in artery and averting heart diseases and attacks. All these health benefits of rum are expected to support growth of the global rum market in the years to come.
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Rum is comparatively an economic drink in comparison with other alcoholic drinks; as such key consumers of rum are millennials. Rum is an economic drink in the premium segment with the desired content of alcohol. Millennials come with moderate spending power and are willing to spend on rum. This factor is expected to propel growth of the global rum market in the years to come.
Technological Progress Helped Introduce Varieties of New Flavors in the Market
Income of individuals determines the sale of alcoholic beverages as consumers’ purchasing power is determined by their income. There has been a rise in the number of middle-income people in the last few years. This group of people has exhibited increased tendency toward living a better life with an augmented spending on food and beverage items. This factor is likely to support expansion of the global rum market in the near future.
In the last few years, rum producers are making an offer of various flavors and tastes. Most of the rum producers are offering vanilla, tropical fruit, buttery caramel, and sweet flavors with molasses and smoky licorice finish. Availability of such varieties of flavor has been made possible due to technological progress.
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