Friday, December 14, 2018

Qatar Plastic Pipes and Fittings Market Projections to 2022: Ken Research


The report titled “Qatar Plastic Pipes and Fittings Market Projections to 2022- By Type of Pipes (UPVC, CPVC, PE, PP and Others) and Type of End Use Applications (Irrigation, Water Supply and Sewage, Plumbing, Chemical, Oil and Gas and Others)” provides a comprehensive analysis on the Plastic Pipes and Fittings industry of Qatar. The report covers various aspects including introduction, value chain, manufacturing process, stakeholders, market size by revenue (2012-2017), market segmentation on the basis of types of pipes, type of market structure, types of manufacturing, type of end user application, factors determining prices of the product, competitive landscape in the industry, company profiles of major players in the market, export and import scenario, common manufacturing standards used, growth drivers, issues and challenges and porter five forces analysis for the industry. The report also includes future outlook for the market (2017-2022).

The report is useful for manufacturers of pvc resin and plastic pipes and fittings to align their market centric strategies according to ongoing and expected trends in the future.
Market Size
Qatar Plastic Pipes and Fittings market augmented positively from 2012 to 2017 at a positive CAGR during the review period 2012-2017. The organized sector dominated the market due to its superior product quality and enjoys competitive advantage over the unorganized sector as it can provide product customization. Government schemes such as Vision 2030 to emphasize on developing sectors such as tourism, transport, manufacturing and infrastructure will increase the investments in the construction of hospitals, factories and other infrastructure. This has contributed majorly to the market as these schemes have quadrupled the demand for plastic pipes and fittings in the country. The market for Plastic pipes and fittings in Qatar is expected to grow till 2021 owing to the various developments taking place in the country for FIFA World Cup 2022. However, post that, the growth is expected to slow down in the country.
Market Segmentation:
In 2017, uPVC pipes and fittings continued to be the prevalent product followed by PE pipes, CPVC pipes, PP pipes and other type of products which includes PB, ABS and PVDF in terms of revenue in the Plastic Pipes and Fittings in Qatar. The demand for PVC pipes and fittings has been reducing continuously because of the increase in application areas of PE and PPR pipes and changes in consumer preferences. In 2017, Water supply and Sewage contributed the highest share to the Plastic Pipes and Fittings market of Qatar followed by plumbing sector, other applications such as cable protection, telecom, power and electrical, HVAC and other related industry, chemical, oil and gas industries and Irrigation in terms of revenue. The organized players are operating on a nationwide scale and undertake domestic manufacturing of plastic pipes and fittings. Additionally, majority of the revenue of the total plastic pipe & fittings market in Qatar was generated by domestically manufactured products while imports contributed a very small share in terms of revenue.
Competitive Landscape
Qatar plastic pipes and fittings market is moderately concentrated with the presence of few big players constituting majority of the market. The country is a home of around 45-50 large, small and medium scale manufacturers and importers in the plastic pipe industry, including about 20-30 organized players. Al Khayarin Plastic Factory (KG Plastic), Advanced plastic factory, Al Sada Factory For Plastic Pipes, Bumatar German Factory (BGF), Doha Plastic Company, Doha Regional Plastic Solution (DRPS), Hepworth Qatar, New Products Plastic Factory - NEPRO W.L.L, Qatar National Plastic Factory W.L.L (Q-PLAST) and Qatar Plastic Additives & Industries Group (QUADDCO) are the major players in the market. The players are competing on the basis of prices, quality, on demand availability, manufacturing standards and product customization.
Future Outlook
The future outlook of the industry is positive as the oil prices are expected to recover in the coming years which will give a boost to the Qatar economy.  The construction industry would continue to expand with investments in infrastructure, residential, water and energy projects. The plastic pipes and fittings market growth will also be driven by the country’s Vision 2030, under which the government aims to diversify the country’s economy away from oil and support economic growth. There are numerous large-scale infrastructure projects underway in preparation of the FIFA 2022 World Cup which will positively impact the industry. It is estimated that water supply and sewage sector will continue to contribute the highest share to the revenue of plastic pipes and fittings in Qatar as of 2022 and the share of domestic manufacturing would further increase in the country in the coming years.
Key Segments Covered:-
By Type of Pipe:-
uPVC
CPVC
PE
PP
PB, ABS, PVDF and others
By Type of Market Structure:-
Organized Market
Unorganized Market
By Type of Manufacturing:-
Domestic Manufacturing
Imports
By Type of End User Application:-
Water Supply and Sewage
Plumbing
Chemical, Oil and Gas
Irrigation
Cable Protection, Telecom, Power and Electrical, HVAC and others
Companies Covered:
Plastic Pipes and Fittings Manufacturing Companies:-
Al Khayarin Plastic Factory (KG Plastic), Advanced plastic factory, Al Sada Factory For Plastic Pipes, Bumatar German Factory (BGF), Doha Plastic Company, Doha Regional Plastic Solution (DRPS), Hepworth Qatar, New Products Plastic Factory - NEPRO W.L.L, Qatar National Plastic Factory W.L.L (Q-PLAST), Al Waab Plastics Company and Qatar Plastic Additives & Industries Group (QUADDCO)
Key Topics Covered in the Report:-
Introduction on Qatar Plastic Pipes and Fittings Market
Value Chain
Manufacturing Process
Stakeholders in the Market
Market Size by revenue (2012-2017)
Market Segmentation on the Basis of Types of Pipes, Type of Market Structure, Type of Manufacturing, Type of End User Application
Factors Determining Prices of the Product
Competitive Landscape in the Industry
Company Profiles of Major Players in the Market
Export and Import Scenario
Common Manufacturing Standards Used
Growth Drivers
Issues and Challenges
Porter Five Forces Analysis
Future Outlook for the market (2018-2022) including estimated market size in terms of revenue, market segmentation on the basis of type of pipes, type of market structure, type of manufacturing and type of end user application for the period
Snapshot on Middle East Plastic Pipes and Fittings market including market size by revenue (2012-2017), market segmentation on the basis of types of pipes, type if market structure, type of source and type of end user application
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The Insurance Industry in Cape Verde, Analysis and Opportunities to 2022: Ken Research

Insurance Market in Cape Verde
Officially, Cape Verde is known as the Republic of Cabo Verde. This island country is found in Atlantic country. It is a small country and it is sparsely populated. But the country has a strong, efficient and well – managed financial structure. Cape Verde has a vibrant Creole Portuguese – African culture and traditional morna music since it used to be a Portuguese colony.  The insurance industry of Cape Verde is regulated by a single institution which is the Central Bank of the country, the Central Bank of Cape Verde. Most of the insurance companies are based out of the capital city of Praia.
According to the study The Insurance Industry in Cape Verde, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Cape Verde economy and demographics and details on the competitive landscape in Cape Verde. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Cape Verde. It offers a detailed analysis of the key segments in the Cape Verde insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Cape Verde and profiles the top insurance companies in Cape Verde, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein.  The key market players in Cape Verde insurance market are Garantia Seguros and Impar Seguros.
The different types of insurance industries found in Cape Verde are War and Terrorism Insurance, International Health Insurance, Expat Life and Disability Insurance, Travel Insurance, Evacuation Coverage, Special Risk Plans, and Group Expat Insurance Plans. In Cape Verde, the health care facilities are very limited and basic medical facilities are received in the capital city of Praia mostly. However, other cities islands are also funded by the government but only provide very basic facilities. Since the country has seen a surge in tourism, medical facilities have been opened for international patients. Thus, for advanced operations, the patients are required to be flown overseas which proves to be very expensive. This is a basic and the most vital coverage all the health insurances cover in Cape Verde.
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Thursday, December 13, 2018

Dynamic Landscape of the Pharmacy Retail in Indian Market Outlook: Ken Research

A pharmacy is a retail shop which serves prescription drugs, among the other medicinal products. At the pharmacy, a pharmacist administers the fulfillment of medical prescriptions and is obtainable to give guidance on their contributions of over-the-counter drugs. A representative pharmacy would be in the marketable area of a community. Moreover, Pharmacy retail mentions to the transaction of pharmaceutical products, which comprise over-the-counter (OTC) drugs and prescription drugs whereas, pharmacy retail stores also sell numerous FMCG products along with pharmaceutical products and its related services. The key players of this market in the India is doing effective developments and establishing the many more pharmacies for acquiring the huge market share which become profitable for leading the fastest growth in the country. Not only has this, the growing need for medicinal products by the potential consumers also lead the market growth in the forecasted in India more significantly.

According to the report analysis, ‘Pharmacy Retail Market in India (2018-2023)’ states that some of the major player which are presently functioning in this market more actively for attaining the huge market share in India by establishing an online pharmacy for dominating the growing demand of consumers with the significant increase in disposable income includes Apollo Pharmacy Private Limited, Emami Frank Ross Limited, Global Healthline Private Limited, Guardian Lifecare Private Limited, MedPlus Health Services Private Limited, Muthu Pharmacy Private Limited, Netmeds Marketplace Limited, RWL Health world Limited, The Himalaya Drug Company Private Limited, Trust Chemists and Druggists Limited and several others. Moreover, the report also cover several other relevant information related to the key player and other aspects of the market which includes corporate information, business description, products and services, key people, financial snapshot, key rations, technology adoption, online pharmacy-operating model, key growth drivers of the market, market trends and several others. Furthermore, many of the key players are adopting an effective market strategies and policies of acquiring the huge amount share with the fastest market growth in the reviewed period.

Introduction of online pharmacy and the appearance of Ayurvedic product retailers in the market of India is facilitating the market develop speedily. Observing at the potential of this sector, several offline retailers too have started online stores in order to upsurge revenue. Increasing health awareness among customers and information of the additional amenities obtainable by systematized players shall result in a gradual shift from unorganized pharmacies towards present pharmacy retail outlets. Pharmacy retailing is a capital intensive business suggestion and its set-up encompasses strategic location of outlets and the margin is fixed constructed on the government's restricted prices.
Improvement in medical infrastructure, progress in the number of middle class households and augmented penetration of health insurance extremely impact the growth of the domestic pharmaceuticals segment. Pressure, inactive lifestyles and unhealthy food habits are the maximum common motives for the upsurge in number of patients who grieve from lifestyle-based ailments. This will standardize prescription on an ongoing basis, which in turn will make prescription-based medicines compulsory that will assistance in the development of the Indian pharmacy retail market. Additionally, it is expected that in the coming years the market of pharmacy retail in India will grow more actively over the recent few years.

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Rising Landscape Of The Global Medical Devices Market Outlook: Ken Research


In the history, the market of medical devices was not so developed and innovated but in the recent trend, the market of this is very much profitable and innovated as now various types of advanced technological medical devices are available for making more effective and reasonable. The global medical devices market presents a steady rising industrial segment as well as attractive investment opportunity for profitable rewards. Whereas, the medical device is refers to an appliance, software, apparatus, material and several other article whether that is used alone or in combination. Moreover, the usage of medical devices can be done on various level of scale and they are varying according to their usage and indications. The structure of medical devices organizes a huge sector of the field of biomedical engineering. For instance, the key players of this market are playing an effective role across the globe by doing more significant developments which proved to effective while doing treatment at a reasonable cost which further proved to be beneficial for leading the highest market growth more actively and positively around the globe in the near future.

According to the report analysis, ‘Investing in Global Medical Device Sector: Risk Analysis and Management 2014-2020’it is stated that there are several key players which are recently functioning in this market in aspiffing manner for attaining the huge market share across the globe by dominating the growing demand of advanced and developed medical devices likewise Johnson & Johnson, GE Healthcare, Medtronic Inc., Siemens AG, Baxter International Inc., Fresenius Medical Care AG & Co. KGAA, Koninklijke Philips NV, Cardinal Health Inc., Novartis AG, Covidien plc, Stryker Corp., Becton, Dickinson and Co., Boston Scientific Corp., Essilor International SA, Allergan Inc., St. Jude Medical Inc., 3M Co., Abbott Laboratories, Zimmer Holdings Inc., Terumo Corp. and several others. In addition, the capability for greater investment return may be constrained by a number of obstructions and risks in the market of medical devices across the globe most notably, challenging and changing regulatory laws, maturity industry growth stage, declining profit margins and strict procedures of law authorities. Meanwhile, the key players are taking such type of risks and barriers as challenge and work spiffily for removing these barriers by utilizing the market opportunities in an effective manner.

On the basis of region phase, with the effective applications and working of key players the market of medical devices is spread across the globe which majorly includes highly developed regions such as North America, Asia Pacific region, Europe and rest of the world. Whereas, it is expected that the developed regions are dominating the significant share of medical devices market across the globe while, he developing countries are proving themselves as an effective competitor by doing more developments in the economy and technology of medical devices. Therefore, it is expected that in the coming years, the market of medical devices will rise across the globe more positively over the recent few years as the focused key players are doing significant investment in the research and development programs of medical devices for enhancing the usage while doing treatment.

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Rising Necessity of Automation to Drive the Programmable Logic Controllers Market: Ken Research

A programmable logic controller (PLC) is a specific computer, which is used to manage machines process. Its main purpose is to monitor critical process constraints and regulate process operations. It uses a programmable memory to accumulate instructions and specific functions such as timing, ON/OFF functions, counting, arithmetic, sequencing and data handling. Some components of PLC are processor, input module, output module, power supply, sensors and programming device. Some essential characteristics are collective inquiry, shared mission (values, vision and goals), action oriented & experimentation, collaborative teams focused on learning, result orientation and commitment to continuous improvement etc. In addition, some programming languages are functional block diagram, Boolean mnemonics, ladder logic and sequential function chart.

Refering to study, “Global Programmable Logic Controllers (PLC) Market by Architecture, Product, Industry Vertical and Region 2014-2025: Segment Analysis, Trend Forecast and Business Strategy” some of the major companies that are currently working in the global programmable logic controllers market are B & R Industrial Automation GmbH, ABB Ltd., Emerson Electric Co., Hitachi, Ltd., General Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., IDEC Corporation, Omron Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Siemens AG,  Schneider Electric SE, Yokogawa Electric Corporation. These key players offer product innovation, technological advancement and maintaining quality standards.

On the basis of architecture, the global PLC market is segmented into software, hardware and system services. Hardware segment is sub-segmented into power supply, processor and input or output. System services are sub-segmented into maintenance, training and consulting. On the basis of product type, the global market is segmented into micro or small PLC, nano PLC, medium PLC and large PLC. Moreover, on the basis of industry vertical, the global market is segmented into chemicals industry, automotive industry, food & beverage industry, energy & power industry, oil & gas industry, metal & mining industry, pulp & paper industry and water & waste water industry.

Some brands includes Gould Modicon, Allen Bradley, Texas instruments, Westinghouse, Cutter Hammer, General Electric, Square D, Klockner & Mouller, Siemens, Festo, Telemechanique, Omron, Toshiba, Fanuc and Mitsubishi etc. Some advantages include high speed of operation, reduced space, cost effective for controlling complex systems, flexibility in programming & reprogramming, ease of maintenance or troubleshooting, small physical size or shorter project time, energy saving, ability to communicating and reliability. Apart from advantages some of the disadvantages are unchanged operational sequence, limited design & cost option and single functionality.

The market of PLC is mainly driven by increasing requirement smart operations in factories, rising adoption of automated systems, increasing prominence of programmable automation controller, rising of augmented reality, high prevalence of personal mobile devices, rising development of smart cities and technological advances are increasing significantly which led to the growth of the PLC market.
In 2017, many PLC technologies have developed, which provides accurate & comprehensive picture of operations and production of information technology. It is estimated that the revenue of global PLC market will be reached at USD 156.8 billion during 2018-2025, due to controls in various industry verticals.

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Germany to Add Significant Wind Capacity Installations: Ken Research

Wind Power Market in Germany
Wind is converted into wind power and used as a medium of electricity. It depends on the amount of air, speed of air and mass of air. It can create substantial energy to replace the non-renewable fossil fuel energy sources that create pollution and destroy the landscape and atmosphere. The process of wind energy conversion is completed by wind turbines, wind pumps, and windmills. One wind turbine can give power up to 500 homes. Wind turbines have the ability to be located offshore and send energy back to land.
It’s a good source of electricity because it is a renewable source. Wind power generation in the country partly balanced out by solar installations. It is mainly of two types: onshore wind power and offshore wind power. Onshore wind power is a central pillar of Germany’s transition to low-carbon energy generation: it gives insight into the industry’s most important actors, financial support of the technology. Offshore wind power is used for wind farms constructed in bodies of water, usually in the ocean on the continental shelf, to harvest wind energy to generate electricity. Bard Offshore 1 is the country’s largest offshore wind farm with 400 MW capacities.
According to report, “Wind Power in Germany, Market Outlook to 2030, Update 2018 - Capacity, Generation, Investment Trends, Regulations and Company Profiles” some of the major companies that are currently working in the wind power in Germany are Windl and Energieer zeugungs GmbH, Vattenfall AB, RWE AG, Ocean Breeze GmbH & Co. KG, EWE Aktiengesellschaft, ENOVA Energieanlagen GmbH, ENERTRAG Aktiengesellschaft, E.ON SE, Allianz Capital Partners GmbH.
Some advantages of wind power are environmentally friendly, unlimited and cleanest form of energy etc. Some disadvantages of wind power are inconsistency, produce noise pollution an impact on local wildlife, difficult to install & maintain etc.
Recently country's wind power electricity generation is dropped due to falling wholesale power prices with potentially adverse effects for the industry. Therefore Germany’s Federal Network Agency rated the country’s coastal regions and hinterland as a “grid expansion area" due to the high concentration of wind power in northern states, where new wind power installations will be capped at about 60 % of previous levels in order to make leeway for lagging grid expansion. By this process, turbine efficiency will be increased.
In 2018, installing onshore wind power capacity is only 1,600 MW. In addition, the offshore wind energy will be expanded to reach 6.5 GW by 2020 and 15 GW by 2030. As well as combined wind, solar, biomass and hydroelectric power output hit a record 104 billion kilowatt hours. The country's federal government capped support to an annual onshore expansion capacity of 2,800 Mw until 2019 and decided to slowly expand this “expansion corridor” over the following years. It is also expected that the cover rate of current electricity consumption with wind energy will be 40% by 2030. The German government’s aim is to bring wind power capacity up to 15,000 MW by 2030. The use of wind power is increasing so quickly that it is estimated that by 2050 wind power will account for 1/3rd of the energy produced on the earth. In the upcoming years, for increasing efficiency and practicality of turbines, the wind turbine design will be changed, from blade to bladeless. These designs may be looping and mixer-ejector wind turbine (MEWT). Loop wing requires a very low wind speed to start- the only 1.6mph. The MEWT design creates a low-pressure area within the turbine to suck in even more wind and generate more energy, making it more efficient than traditional wind turbines.
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Rising Demand For Smart Phones Across The Globe Market Outlook: Ken Research


The smartphones are a category of mobile phones and of multi-purpose mobile computing devices. Moreover, in the market they are distinguished from the features phones by their stronger hardware abilities with the effective and extensive mobile operating systems, which facilitate wider software, multimedia functionality and internet with the essential phone functions likewise text messaging and voice calls. Furthermore, it works as a computer but are mobile devices small enough to fit in a user’s hand. The users of smart phones can get more programs, called mobile apps, from the introducer’s app store likewise the Google Play and Apple App Store which can help them for accomplishing the special tasks. Whereas, the key players of this market are playing more effective role by doing more developments as in the recent trend the most smartphones are also GPS receivers and digital cameras. Hence, with the effective applications and classifications the market of smartphones will grow in the coming years more actively.

According to the report analysis, ‘Global Smartphone Market 2013-2020’ states that some of the major companies which are recently functioning in this market more actively for attaining the huge market share more positively by doing more developments in the technology of smart phones for dominating the growing demand from the potential buyers such as Samsung Electronics Company Ltd., Apple Inc., Sony Corporation, Nokia Oyj, Micromax Informatics Ltd, LG Electronics Inc., Huawei Technologies Co. Ltd., OPPO Electronics Corp., Beijing Xiaomi Technology Co. Ltd., Lenovo Group Ltd., and several others. The global smart-phone market is anticipated to reach USD 689.4 billion by 2020, with a CAGR of 11.2%. Moreover, the market of smart phones is classified on the basis of operating systems, screen size, display technology and region whereas, on the basis of operating systems is further divided likewise Android Global Smart-phone Market, iOS Global Smart-phone Market, Windows Global Smart-phone Market, Others Global Smart-phone Market. Meanwhile, on the basis of display technology it is split into LCD technology, OLED Display and other display technologies.

On the basis of geography, with the effective applications the global market smart-phones is spread across the globe which majorly includes North America, Europe, Asia-Pacific, Middle-East and Africa, Latin America and several others. The global smart-phone market is accounted by Asia-Pacific region with 40.7% market share, followed by Europe with 32.2% market share. While, by 2020 the global smart-phone shipment is anticipated to reach 2,968.9 million units. Moreover, with the rising utilization of mobile internet and services in major European and Asian countries such as India, China, UK, Germany, South Korea and Indonesia is leading the growth of global smart-phone market. Additionally, decrease in average selling price of smart-phones is anticipated to fuel the growth of the market over the coming years.

Reducing the requirement of smart-phones in matured regions likewise U.S. and Japan is anticipated to hamper the growth of smart-phones market to some magnitude from 2014 through 2020. While, the key players are investing more in the research and development programs for developing the new applications in the smart-phones which lead the demand of smart-phones in the forecasted period. Therefore, in the coming years, it is expected that the global market of smart-phones will rise more actively with the more developments in the applications and investments from the new entrants.

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The Insurance Market in Sri Lanka, Analysis and Opportunities to 2021: Ken Research

Insurance Market in Sri Lanka
Due to the growing awareness of the importance of insurance, Sri Lanka has seen a strong growth in the insurance industry. Reasons for this include stable economic and political conditions and rising per capita incomes. The industry is expected to witness higher growth rates since life insurances are growing at a fast rate and the emergence of digitalization of these services. The insurance industry saw an increase in the Gross Written Premium (GWP) in the year 2017 across both life and non – life insurances. Both the segments are growing at a high rate, with general insurance recording higher growth rates. The National Insurance Trust Fund generates reinsurance premium income and this has risen significantly due to acceptance of reinsurance business from a wide class of general insurers.
According to the study “The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021 gives a comprehensive overview of the Sri Lanka economy and demographics and details on the competitive landscape in Sri Lanka. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Sri Lanka. It offers a detailed analysis of the key segments in the Sri Lanka insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Sri Lanka and profiles the top insurance companies in Sri Lanka, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein.  The key market players in Sri Lanka insurance market are Sri Lanka Insurance Corporation Ltd, Ceylinco General Insurance Ltd, Ceylinco Life Insurance Ltd, Janasahkthi General Insurance Ltd, AIA Insurance Lanka PLC, Union Assurance PLC, Union General Insurance Ltd, Softlogic Life Insurance, Allianz Insurance Lanka Ltd and People's Insurance Ltd.
Though the insurance penetration has increased from in the country over the past year, it is comparatively lower than its counter Asian countries. The insurance density, which measures the insurance premium income per person, has grown due to increased premium income against the lower increase in population. The claims of the insurance premiums have increased in life and non-life segments- mostly in motor, fire, marine and other categories.
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Use of Internet Coupled With Demand of Advanced Vehicles to Drive the South Korea Connected Vehicle Market: Ken Research

The connected vehicle use communication techniques to communicate between the vehicle and users. The use of connected vehicle have improved commutation times and vehicle efficiency. There are various types of the communication techniques used types of communications such as vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to pedestrian (V2P), vehicle to cloud (V2C) and vehicle to everything (V2X). The use of connected technologies had improved considerably due to the use of cameras, radar, lidar and other sensors. The on board communication equipment at vehicles have a high range of alerts systems of dangerous situations and prevent the major accidents.

Some of the major features of the connected vehicles are vehicle tracking, safety & security, infotainment system, Wi-Fi hotspots, automotive system diagnosis and prognosis, fleet management, parking assistance, navigation, hands free control & voice commands, road side assistance and contextual help and many others. Based on the applications the connected vehicle can be segmented into dynamic mobility applications, vehicle health monitoring, data capture & management, V2V and V2I communication for safety and road weather management etc. In the connected vehicles speed and the distance to other vehicles can be adjusted immediately based on the response to conditions on the road. The voice recognition features help the drivers to communicate with a virtual personal assistant to schedule the routine work without being stopped to particular place while the vehicle’s navigation system guides the car through traffic.

According to study, “South Korea Connected Vehicle Market (2018-2023)” some of the major companies that are currently working in the South Korea connected vehicle market are Continental AG, NXP Semiconductors, Aptiv PLC, Robert Bosch GmbH, Denso, ZF Friedrichshafen.

The connected vehicle market is categorized into connected car market, connected truck market, connected bus market and connected train market. Connected car market is segmented into wireless & cellular modules, fleet manager, processors, sensors, original equipment manufacturer (OEM) services and aftermarket services. On the basis of technology, the market is segmented into 2G, 3G and 4G/LTE. On the basis of application, the market is segmented into infotainment, navigation and telematics. Additionally, on the basis of services, the market is segmented into safety & security, connected services and autonomous driving services.

Ministry of Land, Infrastructure and Transport (MOLIT) is a government regulating agency, which is responsible for connecting communicating equipment in all new vehicles. Adding upon technology is confined to smartphones or smart speakers, automakers are expected to provide artificial intelligence software in a vehicle’s infotainment system. Moreover the market of connected vehicle is mainly driven by increasing need for connectivity among the customers. Followed by increasing in the technological advancements, decreasing traffic congestion, reducing energy consumption, incorporation of internet of things (IoT) based technologies; demand for vehicle-to-vehicle (V2V) connectivity technology, and improving safety and demanding for an autonomous driving experiencehave increased significantly which led to the growth of the market.

It is estimated that the revenue of connected car market will be reached at US $648 million by 2023. It is also estimated that the country will be a prominent market due to improved connectivity infrastructure and high growth in the automotive sector in the forecast period.

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