The Functional Service Providers (FSP) Market: Unlocking Growth Potential

 

he global business landscape is witnessing a paradigm shift in how organizations approach various functions within their operations. One prominent evolution is the proliferation of Functional Service Providers (FSPs), which are playing a pivotal role in unlocking new dimensions of growth for businesses across industries. FSPs are third-party entities that offer specialized and focused services to support specific functions within an organization, allowing the client company to concentrate on its core competencies and strategic objectives. This emerging trend is reshaping industries, driving efficiency, and fostering innovation. 

FSPs cater to a wide array of functions, including but not limited to Information Technology (IT), Human Resources (HR), Finance and Accounting, Customer Service, and Research and Development (R&D). By partnering with FSPs, companies can tap into a pool of expertise without the burden of managing these functions in-house. This approach streamlines operations, reduces costs, and provides access to specialized skill sets that might be challenging to develop internally.

One of the key drivers behind the growth of the functional service providers market is the flexibility it offers. Organizations can tailor their engagement with FSPs according to their unique requirements. This flexibility is particularly beneficial for businesses with fluctuating workloads. For instance, a company might experience peak demands in customer service during holiday seasons but might not need the same level of support throughout the year. By utilizing FSPs, they can scale up or down as needed, optimizing resource utilization and cost-efficiency

Furthermore, FSPs often bring a fresh perspective to the table. These providers deal with various clients from diverse industries, which exposes them to a range of challenges and solutions. As a result, they can introduce innovative approaches that a single-company-focused department might overlook. This injection of new ideas and best practices can significantly enhance a company's competitiveness and ability to adapt to changing market conditions.

Cost reduction is another compelling factor driving the adoption of FSPs. Maintaining in-house teams for non-core functions can be financially burdensome due to overhead costs, employee benefits, and training expenses. On the other hand, partnering with FSPs converts fixed costs into variable ones, as companies pay only for the services they use. This cost-effective model frees up capital that can be reinvested in strategic initiatives.

However, while the benefits of FSPs are substantial, their integration requires thoughtful planning. Choosing the right FSP that aligns with the company's culture, values, and goals is critical. The transition should be seamless, and communication between the FSP and the organization should be transparent and consistent to ensure that objectives are met.

As the FSP market continues to expand, it is essential for companies to stay updated with the latest industry trends and best practices. Collaboration with FSPs demands a deep understanding of the vendor's capabilities and a clear delineation of responsibilities.

In conclusion, the Functional Service Providers (FSP) market is reshaping the business landscape by offering specialized support in various functions. Companies are recognizing the advantages of outsourcing non-core activities to FSPs, including cost savings, flexibility, and access to expertise. This trend allows organizations to optimize their operations, allocate resources strategically, and foster innovation. However, successful integration of FSPs requires careful planning and communication. As businesses evolve in a dynamic market, embracing the potential of FSPs can be a key differentiator that propels growth and competitiveness.

 

Waterborne Epoxy Resins Market Continues To Grow With Rise in Demand from Various End-Use Industries

Waterborne Epoxy Resins Market Continues To Grow With a Rise in Demand from Various End-Use Industries

Overview:

Compared to traditional solvent-based coatings, waterborne epoxy resin is eco-friendly. They provide superior performance characteristics, including corrosion resistance, electrical properties, mechanical strength, toughness, and temperature tolerance. These coatings are largely used in the adhesives and coatings industries. These resins are copolymerized with a large number of hardeners to develop high-performance coatings for various applications. They are also used as a structural matrix in aircraft manufacturing. Waterborne epoxy resin coatings offer excellent chemical and physical properties and are compatible with a wide range of substrates.

Market Dynamics:

Increasing growth of end-user industries such as construction and automotive leading to high demand for these resins is anticipated to augment the growth of the global waterborne epoxy resins market during the forecast period. Waterborne epoxy resins produce zero VOCs emissions and due to this reason, the demand for this product is high in various end-user industries. For instance, as per the Office for National Statistics, U.K., the monthly output of construction activities in Great Britain increased by 0.4% in volume terms in September 2022, which is a consecutive growth from July 2022. Thus, with growing, the construction industry's demand for these products is also increasing all over the world.

However, the high cost of production of waterborne epoxy resins and volatility in prices of crude oil is projected to hamper the growth of the global waterborne epoxy resins market during the forecast period.

Impact of COVID-19:

The epidemic of Covid-19 affected several industries around the world. Many countries imposed stringent lockdown regulations for controlling the virus spread. The global waterborne epoxy resins market was negatively impacted by the Covid-19 pandemic, as several major market activities were disrupted under the lockdown regulations. Due to a lack of manpower and supply of raw materials, product and demand were impacted adversely in the market. Moreover, several end-user industries were disrupted during the pandemic, which again affected the waterborne epoxy resin demand.

Key Takeaways:

·       The global waterborne epoxy resins market is to grow with a CAGR of XY% during the forecast period, due to a rise in demand from the paint & coatings industry around the world. For instance, in November 2021, Solvay announced the development of Reactsurf 0092, a non-ionic reactive and an alkylphenol ethoxylates-free (APE) water-based emulsifier for solid epoxy resins, primarily to be used in industrial binders or paints and coatings.

·       Asia Pacific is anticipated to witness strong growth in the global waterborne epoxy resins market during the forecast period. This is due to the robust presence of major economies such as India and China, and increasing end-user industries for waterborne epoxy resin across the region.

·       Major players active in the global waterborne epoxy resins market are DIC Corporation, Allnex GmbH, Nan Ya Plastics Corporation, Evonik Industries AG, ADEKA Corporation, Huntsman Corporation, Reichhold LLC, Olin Corporation, and Kukdo Chemical Co., Ltd., among others. 

Zika Vaccines Market Is Expected To Witness Significant Growth, Due To High Incidence of Zika Virus Infection

 

The Zika vaccines market is expected to witness significant growth, due to high incidence of Zika virus infection. In November 2019, The European Centers for Disease Control confirmed the first three cases of Zika that started in southern France. Zika is spread mostly by the bite of an infected Aedes species mosquito. These mosquitoes bite during the day and night. Recently, there have been clusters of cases of meningitis, encephalitis, meningitis and other neurological conditions caused by the disease. There are also links to birth defects and neurological problems in some of the babies born to infected mothers. Such concerns are expected to aid in growth of the Zika vaccines market.   

R&D of new products is expected to aid in growth of the Zika vaccines market. Currently, a licensed product, in the form of a live virus extract, is under clinical trials. A Zika vaccine is targeted at preventing the complications and symptoms of pregnancy-related Zoonotic infections caused by the strain of Aedes species. Since it is generally associated with an airborne infection, it was assumed that a vaccine would be needed to prevent infection during pregnancy. There have been no clinical trials testing the safety of this vaccine in pregnant women, however, since the product's development stage involves both in vitro and in silico technologies.

North America Zika vaccines market is driven by R&D of new products. The Canadian Pest Management Regulatory Authority is currently evaluating four related Zika virus vaccines in development. The first is a type 2 injectable vaccine intended for women of childbearing age; the second is a vehicle injected in kittens that prevent the infection from occurring in kittens that are not immunized; the third is a whole virus product designed to be administered to pregnant mothers; and the fourth is an in vitro cell culture product aimed at preventing the infection in cell cultures. These vaccines are currently being evaluated in phase 1 clinical trials. No medication has been proven to stop or prevent the spread of the zika virus, but vaccines can reduce the risk to infants and mothers when infected.

The clinical trial procedures vary according to the type of product being tested. In the case of the in-vitro zika virus vaccine candidates, which are manufactured in the laboratories and then distributed by means of nasal trays into the nasal cavity, the primary test procedure involves exposing the vaccines to irritants and then monitoring the reaction of the mice for approximately two hours post-exposure. The product is expected to be able to protect mice from infection if at least one injection is successful.

Starpharma Holdings Limited Received a Patent for SPL7013 Ophthalmic Drops for Viral Conjunctivitis Drugs Market

 

The growing incidence of viral conjunctivitis cases is driving the growth of the viral conjunctivitis drugs market. According to National Center for Biotechnology: 2017, adenovirus is the most common cause of viral conjunctivitis and up to 70% of cases of acute conjunctivitis are viral. The number of individuals affected by viral conjunctivitis is estimated to be as high as 15 to 20 million per year in the U.S. Additionally, a rising number of research and development activities for enhancing the effectiveness of viral conjunctivitis drugs is again projected to accelerate the growth of the market. For instance, in 2019, iVIEW Therapeutics Inc., a clinical-stage ophthalmology drug development company, announced the dosing of the first patient in Phase II clinical trial. iVIEW Therapeutics Inc. is testing the safety and efficacy of the IVIEW-1201 in patients (age ≥15 years) for the treatment of acute adenoviral conjunctivitis.

In 2018, Starpharma Holdings Limited, a company headquartered in Australia, received a patent for SPL7013 ophthalmic drops for viral conjunctivitis from the U.S. Patent and Trademark Office. The patent has been granted to the company due to its broad claims for treating and preventing microbial infections of the eye, including adenoviral conjunctivitis, bacterial conjunctivitis, and other eye infections

In April 2020, Ocular Therapeutix™, Inc. a biopharmaceutical company focused on the formulation for diseases and conditions of the eye, announced topline results from its Phase 3 clinical trial to evaluate the safety and efficacy of DEXTENZA® for the treatment of ocular itching associated with allergic conjunctivitis (AC).

North America is expected to hold a dominant position in the global viral conjunctivitis drugs market due to growing product approval in the region. For instance, on February 23, 2021, Bausch + Lomb launched Alaway Preservative Free (ketotifen fumarate ophthalmic solution 0.035%) antihistamine eye drops. It is indicated to relieve eye itchiness caused due to conjunctivitis. Moreover, it is the first over-the-counter (OTC) preservative-free antihistamine eye itch relief drop approved by the U.S. Food and Drug Administration (FDA).

Viral conjunctivitis can result from a viral infection with one or more known fungal pathogens. Commonly, the infections are caused by Staphylococcus aureus, which is found commonly in the eyes; the nose, throat, and sinuses. A group of related species also cause systemic infection of the skin, lungs, and blood vessels. These species include E. coli, which is responsible for food poisoning, and the common respiratory tract infection flu. Other yeasts also produce conjunctivitis, including Candida albicans, which causes infections of the bladder and other mucous membranes. Apart from antiviral agents, the global conjunctivitis market is also flooded with topical agents such as steroids, salicylic acid, and azelaic acid.

The Outbreak of COVID-19 to Augment Growth of the Patient Centric Healthcare App Market

 

The emergence of COVID-19 (the global pandemic) is driving the growth of the patient centric healthcare app market. Telehealth has the potential to address many of the key challenges in providing health services during the outbreak of COVID-19. Moreover, the pandemic has made video telemedicine the safest interactive system between patients and clinicians. For example, in May 2021, Proximus innovated in the field of e-Health with patient-centric teleconsultation app Doktr. The company announced the launch of Doktr, an innovative video teleconsultation service allowing patients with a basic primary care need to get in touch with a qualified doctor in a convenient and secure way.

A patient-centric approach is a way the healthcare systems can establish a partnership among practitioners, patients, and their families to align decisions with patients' wants, needs, and preferences. Patient centric health care app helps provide information and deliver services to patients regarding their health, thereby improving patient's health. It offers access to health information and easy connectivity between patients and doctors. Moreover, these apps help users to stay updated about medication times, number of calories consumed, dehydration level in body, etc. Therefore, there is an increasing demand for patient-centric healthcare around the world, driving the growth of the patient centric healthcare app market.

For instance, in May 2020, MyMedicNow launched a mobile healthcare app to bridge the gap between patients and doctors. The NEW app aims to help patients search for medical conditions and find related local healthcare providers quickly and efficiently. Moreover, the popularity of the patient centric healthcare apps has increased due to the increasing number of smartphone and the Internet users worldwide. The patient centric healthcare app market, in the Asia Pacific, is witnessing robust growth due to the increasing adoption of health apps, especially among women, and the increasing number of smartphone and the Internet users in the region.

For instance, in May 2019, health start-up, Vivant launched Nyra, a mobile application that can be used by women to track their period, fertility, ovulation, mood, lifestyle, physical activity, etc. Furthermore, according to the India Brand Equity Foundation (IBEF), with the growing internet penetration, internet users in India are expected to increase from 429.23 million as of September 2017 to 829 million by 2021. Some patient centric healthcare apps are used in management of chronic diseases such as diabetes and hypertension. Thus, with the increasing prevalence of chronic diseases, the demand for patient centric healthcare is also increasing. This in turn is also expected to propel the patient centric healthcare app market growth.

US To Witness Significant Growth In Animation Design Software Market As The Software Is Easy To Use And Has Polished Designs

 

Animation design software is the first step you take to becoming an aspiring animation artist. These software programs primarily focus on digital art, concept arts and texture creation. Their strength isn't 2D animation, though, those tools are certainly important in your animation toolbox to create high quality work. They also allow you to bring your concepts and ideas to life through a realistic approach.

The U.S. is expected to witness significant growth in the animation design software market as the software is easy to use and has polished designs. It offers many tools that can make the process of creating animation films a breeze. Animation can help you with the following trends: Storyboard System. With the help of this software, you will be able to easily set up and animate your storyboards and achieve outstanding results.

Animation assistants are a great asset for any budding animator. If you need a hand to help you complete a project, then this is a great option. Animation assistants are in high demand and can be difficult to find in the animation design software market. The high-end versions of this software are quite costly, so it's best to take advantage of the low-end versions for this market. Animation is all about catching the attention of audiences everywhere and if animation design software market trends are anything to go by, the world loves animation more than ever. This shows no sign of slowing down anytime soon, which is why companies are queuing up to tap into this untapped market. Animation involves using computer animation to show real-life facts or to provide entertainment.

In this modern world, a simple video can easily be made by an animator. There are a variety of tools that one can use to make a simple animation video. You can also employ complex methods like clay modeling, and 3D animation with the help of professional animation software. If you are wondering what exactly animation software is used for, then you will need to refer to the next paragraph. It provides solutions for a range of needs related to animating, from conceptualization, planning, implementation, and creative finishing.

Animation design software is widely used by artists who wish to learn how to create good quality animations, which helps them to express their creativity and create eye-catching projects. However, as you would expect, there are a lot of products in this market that caters to different requirements. Hence, it is advisable for beginners to opt for animation design software that caters to their specific needs.

The Flavor Enhancer Market Has Tremendous Growth in Recent Years Owing To the Expansion of the Food & Beverage Industry around the Globe

 

Flavor Enhancer

Some of the key players in the global flavor enhancer market are Givaudan, FIRMENICH SA, Takasago International Corporation, Sensient Technologies Corporation, Mane, International Flavors & Fragrances Inc. IFF, Senomyx Inc., Innova and DuPont Nutrition & Health, A & Z Food Additives Co. Ltd., Kerry Group and Symrise.

Key Developments:

1.      In July 2020, Zhou Nutrition has launched an innovative new line, Zhou Nutrition Water Enhancers. Zhou Nutrition Water Enhancers are available in six delicious natural flavors, and support a variety of wellness needs, from hair and skin health to memory, and management of occasional stress

2.      In August 2020, Lifted Made, a wholly-owned subsidiary of Acquired Sales Corp., has launched flavored nano-CBD water enhancer packets under Lifted Made’s flagship brand Urb Finest Flowers

3.      In August 2020, Ocean Spray Cranberries, Inc. the human food and beverage brand entered the pet industry with the launch of Tally-Ho™ functional water enhancers for dogs

Regional Insights:

North America is anticipated to attain significant growth in the global flavor enhancer market in the near future. This is attributed to the increasing spending on the food industry by consumers and the government in the region. This is augmenting the demand for flavor enhancers from the food &beverage industry. As per stats released by the United States Department of Agriculture, in 2019, Americans spent an average of 9.5 percent of their disposable personal incomes on food—divided between food at home (4.9 percent) and food away from home (4.6 percent).

What are Flavor Enhancers?

Flavor enhancers are types of additives that are widely added into the food to modify the existing flavor and also enhance the taste and texture of food. Flavor enhancers are widely used in food products such as prepared meals, savory snacks, and condiments.

Market Drivers:

Changing food habits, growing disposable income of consumers, and increasing adoption of the western culture around the globe are key factors responsible for the growth of the flavor enhancer market. Increasing consumption of snacks prepared meals, and condiments are also uplifting the growth of the flavor enhancer market. In July 2017, PureCircle the producer and innovator of great-tasting stevia sweeteners for the global beverage and food industry has announced the launch of new stevia leaf-based flavor enhancers. The increasing focus of key manufacturers on introducing such variety in flavor enhancers is further anticipated to augment the growth of the flavor enhancers market over the forecast period.

Growing Trend of “Do It Yourself” (DIY) Projects Playing Significant Role in the Overall Development of Cordless Power Tools Market

 

Cordless Power Tool

Rapid urbanization and industrialization are key factors uplifting the overall growth of the global cordless power tools market. The growing trend of “Do it Yourself” (DIY) projects, which is creating demand for amateurs and enthusiasts to upgrade or rebuild material possessions such as household appliances are again expanding the growth of the cordless power tools market size. Rise in the end-user segments such as Automobile, aerospace, construction, electronics, shipbuilding industries are also anticipated to foster market growth. Drilling & fastening devices, sawing & cutting, and demolition machines segments are gaining tremendous demand from a wide range of applications. The increasing global electric vehicles market has further resulted in the high demand for cordless power tools such as fastening and other material removal devices.

North America is estimated to exhibit tremendous growth in the near future and this attributed to the rapid growth in the end-user segments such as automobiles, electronics, construction, and aerospace in the region. Also, expanding oil &gas industry in the region due to high demand for crude oil and increasing investment has further augmented the cordless power tools market growth. According to the International Energy Agency, The crude oil production in the United States increased by 10.9% compared to 2018. As such, the United States remained the world’s top producer, followed by the Russian Federation, Saudi Arabia, Canada and Iraq

Cordless power tools that are available today come with a variety of different options and functions, allowing users to customize them to meet their exact needs. Drilling & fastening devices, Material Removal Tools, Routing Tools, demolition machines, and sawing & cutting are some of the cordless power tools. They are widely used across end-user industries such as automobile, construction, aerospace, electronics, and shipbuilding industries.

Key Developments:

1.      In June 2019, Bosch Power Tools has launched its range of cordless power tools like wireless screwdrivers powered by lithium-ion batteries. These power tools will boost convenience to the workers 4X compared to the existing screwdrivers

2.      In June 2017, DEWALT has launched a new range of cordless power tools that guarantee sustained, all-day onsite performance without the need for mains power supply

3.      In February 2020, Bosch Power Tools India, a provider of the power tools segment that offers a complete range of power tools for construction, woodworking, and the metalworking industry has launched innovations in the measuring and imaging categories for Indian professions

4.      In February 2019, Peugeot Outillage launched its complete range of tools: hammer drill, jackhammer, circular saw, jigsaw, orbital sander, angle grinder, restorer, and multi-function tool

Disaster Recovery as a Service (Draas) Market Continues To Grow Owing To the Huge Demand from Organizations for Data Recovery and Management

Disaster Recovery as a Service (DRaaS) has become more popular over the years as businesses have begun to realize just how easy it is to restore their business up to normal after a massive data loss or attack of some kind. The problem many people run into, though, is that unless they already possess a highly specialized skill set in terms of both IT and telecommunications, they find it difficult to find an appropriate provider that will deliver on their claims of Disaster Recovery as a Service (DRaaS), especially if they are relatively new to the IT business or field.

Currently, there has been an increasing incidence rate of malicious cybercrimes, across the globe, which is enhancing the requirement of data recovery in various governmental, nonprofit, and private organizations, and creating demand in the Disaster Recovery as a Service (DRaaS) market. For instance, according to the National Crime Records Bureau (NCRB) of India, in 2019 there were around 44546 cybercrime incidents in the region. Moreover, authoritarian bodies worldwide are issuing stringent measures related to data protection and regulation, which has the proximity to augment the growth of the Disaster Recovery as a Service (DRaaS) market on a global scale.

If the business is relatively new to IT and/or telecommunications, it might be wise to consult the local county office to see the Disaster Recovery as a Service (DRaaS), that they offer. In most cases, the local county office has already done much of the work in terms of establishing the business's IT backbone. Once the Disaster Recovery as a Service (DRaaS) is running accurately the individual can then consider moving on to finding better Disaster Recovery as a Services (DRaaS), which can be done very easily online by checking out a few of the larger companies in this field that will be more than happy to assist. If the individual is careful, they should find Disaster Recovery as a Service (DRaaS) as simple as buying a CD or flash drive, installing it on their computer, and then making use of its software to back it up and restore the system. However, the lack of efficient and skilled expertise in the market can negatively influence the growth of the Disaster Recovery as a Service (DRaaS) market.

Owing to the high incidence rate of cybercrimes in the U.S., the demand for efficient recovery systems is increasing significantly and is creating a huge demand in the Disaster Recovery as a Service (DRaaS) market. According to the Federal Bureau of Investigation (FBI), in 2020 there were around 1001 cases of cybercrimes registered in the U.S. The increasing requirement of data recovery has led to some significant industrial developments in the Disaster Recovery as a Service (DRaaS) market. For instance, in March 2019, Druva Inc enhanced its Disaster Recovery as a Service (DRaaS) solution, aiming to offer better automation and orchestration. Likewise in June 2019, Infrascale Inc., and A.R. International Consulting LLC, introduced a cloud-based and hybrid Disaster Recovery as a Service (DRaaS).

High Demand for Fresh Produce to Augment the LED Lighting Horticulture Market Growth

 

LED Lighting Horticulture

Horticulture is a growing field because of the many advantages that are associated with it. The first advantage of being involved with horticulture is being able to grow and harvest various different types of plants, flowers, vegetables, and fruit, which will ultimately result in providing food to many people. Horticultural crops are diverse; they include annual and perennial species, delicious fruits and vegetables, and decorative indoor and landscape plants. Horticulture is truly a burgeoning application. Thus, LED lighting horticulture market has been rising steadily in the recent years.

LED lighting is gaining traction in the market due to its numerous advantage such as cost-effective, efficient, brighter, low power consumption, and a longer life compared to incumbent technologies. Moreover, they can be placed near a lower layer of plants that are generally shaded from light by the upper layer, and enhance their production consistency, or yield. Furthermore, horticulture experts are increasingly encouraging the use of LED lighting for many applications due to the associated power savings, optimal plant light output, and longer lifespan up to 5X the conventional products.

The HortiCann Light+ Tech Conference (2020) shared the latest advances, research, and case-study findings regarding lighting optimization and efficacy, energy and cost savings, operations and environmental control systems, and strategies for integrating multiple ag-tech management technology platforms to attendees. The above-mentioned factors are expected to provide major traction to the LED lighting horticulture market. There is a high demand for fresh produce in quick time due to increasing global population and loss of arable land. According to the Food and Agriculture Organization (FAO) of the United Nations, overall food production needs to increase by 70% from 2005/07 to 2050 to sustain a population of 9.1 billion.

The LED lighting horticulture market is expected to witness significant growth due to increase in population and lack of adequate sunlight in some European regions, such as North Central Europe and Nordic countries. North America is also expected to offer lucrative growth opportunities to the market due to the unfavorable climatic conditions and increasing demand for LED lighting equipment. For instance, in February 2020, Cree, Inc. launched the next-generation XLamp XP-E2 Photo Red and Far Red LEDs, delivering breakthrough performance for horticulture applications.

These higher-performance horticulture LEDs increase the efficiency of LED luminaires, which makes them more affordable to grow food under optimized lighting. Moreover, in February 2021, TSRgrow announced Lighting as a Platform, a revolutionary technology that delivers unparalleled results to indoor growers, while significantly reducing up-front and long-term operating costs. However, high setup and installation costs of LED grow lights are the factors restraining the growth of the LED lighting horticulture market.

Smart Wind Market is Expanding Rapidly with Siemens Gamesa Renewable Energy Introducing Its Next-Generation Wind Turbine SG 3.4-145

 

Smart Wind is a revolutionary concept and has been around for quite some time. This is a concept that combines wind power with remote control turbines. The idea behind this new technology is to provide homeowners with the ability to produce free electricity at home SMART is an acronym for system management atmospheric resources through technology. Smart wind is a combination of management technologies and wind turbine siting, which would create electricity in a cost-effective manner. Governments of many countries are focused on reducing pollution and consumption of conventional fuels as well as increase the use of renewable power sources such as wind, hydro, geothermal, and biofuels. Since the demand for electricity is increasing significantly, the use of SMART wind technologies is expected to witness massive adoption in the near future. As per the World Bank, electric power consumption in India reached 804.514 kWh per capita in 2014, increasing from 640.395 kWh per capita in 2010. According to the Our World in Data, in 2019, Asia Pacific consumed 71,544 TWh of energy. Such high consumption of electricity suggests growth in the smart wind market in the near future.

MART Wind combines the use of two technologies: the horizontal axis and vertical axis turbines. This enables it to use the wind's kinetic energy and convert it into electrical energy. Since vertical axis turbines require the use of shafts in order to rotate, horizontal axis turbines have a tendency to be more compact. SMART Wind is actually a small wind turbine that measures less than 1 square meter. It uses the power of the wind to generate power. Just like other wind turbine technologies, it also employs the concept of the force of air against the rotation of the rotor blades. In this case, the wind turbine rotates in a horizontal direction. The U.S. has emerged as the leading player in the smart wind market with high production of renewable energy in the country. Furthermore, there is a solid platform for this market in both Europe and the Asia Pacific due to the high demand for electricity. 

One of the biggest problems that many people face is the reliability of the wind. It will either blow too hard or too soft, causing your electrical lines to be blown to oblivion. The best part about these systems is that they can be built by anyone. One of the major advantages of SMART wind is the low cost of electricity per unit. As per the American Wind Energy Association (AWEA), unsubsidized costs of this energy generation methodology in the U.S. range from US$ 32 to 62 per MWh in 2016. Such low cost of electricity can stimulate the growth of SMART wind market. Regardless, SMART wind requires high upfront cost and is a threat to the wildlife, which could restrict growth of the smart wind market.

Recently, in July 2020, Siemens Gamesa Renewable Energy launched its next-generation wind turbine SG 3.4-145.