The market for power GaN devices is anticipated to expand at a CAGR of 41.5% during the forecast period of 2024 and 2032, propelled by a variety of sector-specific drivers. The ever-changing competitive environment, characterized by both well-established firms and newcomers, underscores the sector's dedication to technological progress. Although obstacles persist, specifically in the realm of industrial integration, continuous endeavors, and partnerships strive to surmount these barriers.
Key growth drivers for the mobile energy storage systems market include advancements in battery management software, rising demand for plug-and-play solutions, and expanding adoption of trailer-mounted systems. These factors are anticipated to contribute to a CAGR of 11% during the forecast period from 2024 to 2032. The aforementioned variables highlight the revolutionary capacity of mobile energy storage systems to deliver adaptable and effective energy solutions for a wide range of applications.
The market for slack wax is anticipated to expand at a CAGR of 2.1% during the forecast period of 2024 to 2032, propelled by factors including rising demand in the candle manufacturing sector, expanding applications in paraffin wax production, and the adaptability of construction board manufacturing. Despite this, the market remains significantly constrained by the volatility of crude oil prices, which highlights its vulnerability to external economic influences.
The market for connected tires is undergoing a paradigm shift, which is anticipated to result in a substantial compound annual growth rate (CAGR) of 45.5% during the forecast period of 2024 to 2032. This growth is primarily attributed to the incorporation of cutting-edge technologies into conventional tire systems. Reshaping the automotive industry, this revolutionary development improves safety, performance, and the overall driving experience.
Increasing global demand for high-performance electronic devices is anticipated to propel the GaN substrate market to a CAGR of 11.2% during the forecast period of 2024 and 2032. The Asia-Pacific region remains the global leader in terms of revenues, primarily due to significant investments in research and development, which facilitate technological progress and the extensive utilization of GaN substrates. The substantial revenue contributions from North America and Europe can be attributed to their robust presence in the semiconductor and electronics sectors, respectively.
The automotive window and exterior sealing market is anticipated to expand at a CAGR of 7.5% during the forecast period of 2024 to 2032. This growth will be driven by demand for key components such as roof ditch moldings and exterior seals, as well as a variety of vehicle types. Geographic trends demonstrate the market's expansion, with Europe, Asia-Pacific, and North America all playing pivotal roles. Even though managing diverse geographic demands presents obstacles, the market remains dynamic because leading participants employ ongoing innovations and strategic approaches.
The DNMM market is expected to grow at a CAGR of 11.1% during the forecast period of 2024 to 2032, predominantly attributable to technological developments, expanding 5G adoption, and the rising prominence of cloud solutions. Prominent entities in the industry, including Cisco Systems, VMware, and Ericsson, significantly influenced the course of the market in 2023.
The silicon photomultiplier market is expected to expand at a CAGR of 8.5% during the forecast period of 2024 to 2032. The revenue of the market is dominated by Near-Ultraviolet (NUV) SiPMs, which have a wide range of applications in ultraviolet-sensitive environments. It is anticipated that NUV SiPMs will sustain a consistent revenue position from 2024 to 2032, whereas Red, Green, and Blue (RGB) SiPMs will experience a more substantial Compound Annual Growth Rate (CAGR) due to their wide-ranging applications in consumer electronics and display technologies.
The asthma treatment market is anticipated to expand at a compound annual growth rate (CAGR) of 4.5 percent during the forecast period of 2024 to 2032. The expansion will be driven by advancements in therapeutic alternatives, heightened patient consciousness, and expanded access to treatments. The growing incidence of inhalers, oral medications, and combination therapies indicates a shift toward personalized and effective management of asthma.
The market for low-power IoT devices and networks is anticipated to expand at a CAGR of 17.1% during the forecast period of 2024 to 2032. This growth will be driven by developments in sensor technologies, the progression of LPWAN, and the expanding utilisation of Industrial IoT. Nevertheless, the complexity of mesh networks presents obstacles that act as a limitation.
