How Is Growing Hospitality Sector Driving Middle East and Africa Chiller Market?

A number of factors, such as the rising installation of chillers for district cooling systems and growing construction sector due to the increasing spending on infrastructure by governments are projected to drive the growth of the Middle East and Africa (MEA) chiller market at a CAGR of 3.6% during the forecast period (2019–2024). According to P&S Intelligence, the market generated revenue of $1.1 billion in 2018, which is expected to grow to $1.3 billion by 2024. Currently, the market is witnessing the trends of magnetic-bearing chillers and smart connected chillers.

One of the prime factors aiding the Middle East and Africa chiller market advance is the growing construction sector. Chillers are increasingly being deployed for cooling purposes in transportation networks like metro stations and railways, offices and buildings, and supermarkets. For instance, the construction industry in the MEA grew by 7.5% year-over-year (Y-o-Y) in 2019, and it is projected to witness an average growth of 6.8% till 2022. This is ascribed to the rising spending on infrastructure by the regional governments for several big events like the FIFA World Cup 2022 and Dubai Expo 2020.

Moreover, the growing awareness about inverter-based chillers offers extensive opportunities to the market players. These chillers are highly efficient when compared to conventional air conditioning systems. The inverter in the chiller regulates the power operations automatically, depending upon the actual necessity, which removes the need for manual on/off operations. Thus, inverter-based chillers offer several benefits such as electricity bill reduction of up to 50%, stable temperature, no sound disturbance, quick cooling, and longer life. Therefore, major players in the market have been involved in product launches to stay ahead in the competition.

The end user segment of the Middle East and Africa chiller market is categorized into commercial, industrial, and residential. Among these, the industrial category is projected to observe significant growth during the forecast period. This can be attributed to the expansion of oil and gas projects due to the surging investments in the industry. For instance, Saudi Arabia is expected to invest around $20 billion to expand its oil production capacity. Moreover, the U.A.E. is also observing huge investments in the oil and gas refinery projects to enhance the production capacity.

Additionally, the Middle East and Africa chiller market is classified into screw, reciprocating, scroll, centrifugal, and absorption, on the basis of type. Among these, the screw category accounted for the largest market share in 2018, owing to the increasing installation of such systems in the commercial and industrial sectors. Further, the growing hospitality sector in the region due to the upcoming mega events, such as the Dubai Expo 2020, is leading to the construction of several hotels, where screw chillers are widely used.

Based on country, the chiller market in the U.A.E. is projected to record a CAGR of 5.9% during the forecast period. This can be primarily attributed to the rising number of hotel projects in the country. Tourist attractions are being built across Dubai, which include the Heart of Europe, Dubai Creek Harbour, Jewel of the Creek, Marsa Al Arab, and Marasi Business Bay. These attractions are projected to boost the tourism sector in the city, which, in turn, will drive the demand for chillers in the country.

Thus, the growing construction sector and the increasing investment in the oil and gas sector are expected to propel the market growth during the forecast period.

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What Is the Role Of Automated Machine Learning In the Health Care Sector?

Automated machine learning is the method of executing machine learning models to real-world issues utilizing automation. More precisely, it automates the composition, selection, and parameterization of machine learning models. Powering the machine learning process styles, it is more intelligible and commonly offers quicker, more precise results than hand-coded algorithms.

Automated machine learning software platforms make ML more accessible and give companies without a dedicated data scientist or ML professional access to machine learning. Such platforms can be attained from a third-party seller, accessed via open-source repositories like built-in-house or GitHub.

The automated machine learning (AutoML) market is experiencing growth and is projected to reach USD 15,499.3 million by 2030.

Benefits of Automated Machine Learning

Productivity

Automated machine learning supports operators to transfer information to training algorithms and automatically search for the finest neural network architecture for a provided issue. This saves data science experts a huge amount of time. Common, tasks that can take days to complete can be completed in minutes by utilizing Automated machine learning

Scalability

Automated machine learning supports democratizing machine learning by enabling non-trained users to utilize machine-learning tools and skills. Automated machine learning tools support bridging the talent shortage, letting businesses scale their AI executions.

Error Reduction

Previously, data scientists were enforced to do such tasks manually, dull operations with their data. Those boring tasks commonly cause human-produced errors. Automated machine learning-enabled data scientists to decrease or remove the repetitive, manual tasks that take much of their time.

Why is AutoML Significant?

The need for professional-level skills in ML is outpacing supply. This is establishing itself via open positions that far surpass the number of capable applicants. Automated machine learning purposes to narrow this gap by powering processes that would else be too intricate for anyone other than a field professional.

This automation has directed to easy interface machine learning software that anyone with trainee technical skill and time to study the toolset can utilize, allowing non-data-science analysts, marketers, and computer science staff to execute ML into their workflows. By scaling machine learning across several industries, all establishments profit from increased effectiveness and efficiency in the fields that demand it most.

Government - Government agencies are leaning towards AI and Automated machine learning to enhance their huge data stores to advance waste, fraud, and abuse, predictive maintenance throughout communities and agencies, logistics and supply chain, external and internal cyber security, and workers.

Healthcare - Automated machine learning offers public and private healthcare specialists optimized information and the most suitable practices for hospital processes, life sciences and biopharma, clinical application, supply chain and transportation, precision medicine and transportation, human resources, finance, and marketing.

Hence, the purpose of machine learning is to power analytical model building and allow computers to learn from information without being programmed to do so. Machine learning is a powerful tool for creating calculations from data.

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North America Is Dominating AI-Based Medical Imaging Market

The global AI-based medical imaging market will reach USD11,921.4 million by 2030, advancing at a robust CAGR of 30.4% during forecast.

AI-based medical imaging technologies provides opportunities to fast and precisely analyze enormous numbers of medical images. Timely recognition of diseases, such as cancer, cardiovascular ailments, and neurological conditions is made possible by this technology. The growth of AI-based medical imaging technology is driven by the need for quicker and more accurate diagnoses.

Significant quantities of picture data are produced by the ongoing improvements in healthcare imaging technology, including digital imaging techniques and excellent quality scans. This data may be processed and analyzed by AI systems in an efficient manner, producing valuable insights that help radiologists and physicians make better decisions.

Big databases may be processed and analyzed in real time due to the accessibility of enormous volumes of health imaging data and improvements in cloud computing technology. Even in hospitals with a shortage of resources, AI-based medical imaging algorithms may make use of this information and cloud services to give precise and effective picture analysis.

Deep learning technology accounted for the larger revenue share, of around 50%, in the recent years, and the category is also expected to dominate the market in the forecast period. This is due to its excellent extraction capabilities and its high usage in identifying and distinguishing bacterial and viral pneumonia on pediatric chest radiographs.

The North American AI-based medical imaging market holds the largest revenue share, and it is expected to maintain the same trend in the coming years as well.

North America is renowned for its innovative technical advancements and medical systems. In the area of healthcare imaging in especially, the field of AI research and development has been at the frontline. Modern innovations have been heavily incorporated into medical imaging uses in the area, including deep learning techniques, machine vision, and processing of natural languages.

For the examination and approval of AI-based medical imaging solutions, regulatory organizations in North America, including the U.S. Food and Drug Administration (FDA), have set standards and procedures. The legal environment promotes innovation while guaranteeing patient security, promoting the acceptance and commercialization of innovative technology.

In the medical imaging market, computed tomography (CT) imaging generates the largest market revenue.

Since CT imaging can produce incredibly accurate cross-sectional pictures of the human body, it is frequently utilized for medical diagnosis. It is widely used for several purposes, such as the detection of internal injuries or anomalies, cardiac imaging, cancer diagnosis, and trauma assessment. The significant market income generated by CT imaging is a result of its widespread adoption and use.

The ability to perform CT imaging has been greatly enhanced by technological developments, which has resulted in greater image quality, quicker scanning periods, and lower radiation exposure. Multi-slice CT, dual-energy CT, and iterative reconstruction approaches are examples of innovations that have improved diagnostic precision and broadened the clinical applications of CT imaging. The ongoing development of CT technology drives the expansion of its market.

AI-based medical imaging technologies provide the chance for quick and accurate analysis of a significant volume of medical pictures, enabling early disease recognition. Due to technology improvements, regulatory requirements, and the substantial market income produced by computed tomography (CT) imaging, North America dominates the industry.

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Operational Technology Market IS Led by APAC

The revenue generated by operational technology market was USD 159.4 billion in 2022, and it will reach USD 255.9 billion by 2030, powering at a rate of 6.10% by the end of this decade.

The growth of the market has a lot to do with by the growing emphasis on instantaneous analysis of data and predictive maintenance, strategic initiatives taken by governments for promoting the acceptance of OTs, and advent of connected enterprises.

The share of the control systems was the largest in the industry in 2022, with about 48%. This is because of the increasing acceptance of SCADA for collecting instantaneous data from remote locations and controlling different devices.

For manufacturing organizations, SCADA systems are important as they come in handy for supporting efficiency, data processing for smarter decisions, and communicating system issues for helping in easing downtimes.

The wireless category accounted for larger share in the past. This was chiefly because wireless connectivity offers extensive area coverage and faster communication, through WLAN.

Nowadays, most networks operate on the wireless mode, because wireless LANs make use of infrared beams, high frequency radio signals or lasers connecting file servers, workstations, or hubs. Numerous devices are connected through wireless technologies for the formation of an area network.

Process industries had the larger share in operational technology market in 2022, due to the fact that OT is increasingly accepted in the oil & gas sector. This offers new prospects for the enhancement of the overall business performance with the support of improved asset reliability.

For end users, the integration of analytics, IIoT, and other technologies help in taking performance to the next level. The SCADA system can be intended for swiftly and competently coping with the requirements of companies operating pipelines of oil and gas.

APAC dominated the industry with a share of approximately 48%, in the recent past, as told by a report published by P&S Intelligence. It is mainly because of the growing acceptance of IoT and IIoT, to comprehend the concept of smart factories.

APAC is tremendously diverse, with localized features, such as affordable and low-productivity countries to progressive and the countries with high manufacturing cost.

Moreover, in the region, one of the main economical drivers is manufacturing. With the beginning of the industry 4.0 revolution, the major manufacturers of the region are experiencing a substantial evolution, as connectivity is a key pillar of next-gen factories, where AI, ML, IoT, and cloud computing are embraced for enabling smart manufacturing.

The growing demand of operational technology all over the world, has a lot to do with the rapid rate of digitization, and also the automation of the industrial sector.

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North America Is Dominating the Cryocooler Market

The cryocooler market was valued at $2.51 billion in 2021, and it is set to reach $4.45 billion by 2030, growing at a CAGR of 6.6% between 2021 and 2030, according to a research report by P&S Intelligence.

The growth of this industry is mainly ascribed to the increasing requirement for medical and healthcare services in developing countries and the growing usage of cryocoolers in nuclear MRIs, cryosurgeries, proton therapies, MRI systems and liquefaction of oxygen in hospitals.

The aerospace & defense category is projected to grow at the fastest rate of over 7% in the coming years. Cryocoolers are adopted in industries with sensors and sensitive electronics for commercial scientific space or military payloads.

The best-known publicly accessible LEO sensors are LANDSAT and MODIS sensors, with three-dimensional resolutions of 30 m and 250/500/1,000 m respectively. Such applications' requirements are very low vibration and capability to endure satellite launch vibration, power efficiency, and high reliability and can be exposed to space radiation for a longer time.

Moreover, cryocoolers are also extensively used in the missile guidance application, as enhanced guided-missiles technology these days is a vital requirement of a modern military inventory. From short-range anti-armor and anti-air missiles to medium, air-to-surface long-range air-to-air weapons, cruise, and ballistic missiles are now established as key elements of the most capable national militaries.

Additionally, cryocoolers are gradually discovering their applications in the semiconductor fabrication sector, because of the reduced costs of large-scale fabrication processes and the increased demand for semiconductors. Similarly, the demand for cryocoolers will surge moderately for high-temperature superconductors in wireless mobile phone base stations across the world.

Furthermore, the growing demand for cooling down IR sensors utilized in electromagnetic thermography offers many opportunities to small-sized cryocoolers producers. An electromagnetic camera or thermal imaging camera is a prominent feature of mid-IR sensors and is rapidly accepted in space exploration tasks for image sensing and data mining.

North America held the largest share of the cryocooler market of over 32%, In 2021. This can be credited to the increasing expenditure in the defense industry and medical research and healthcare innovations.

Furthermore, the snowballing cancer cases is one of the major reasons driving the market in the region.

The European market is projected to grow moderately. This can be ascribed to the extensive use of cryocoolers in high-end detectors and systems including, thermal weapon sights, missile warning systems and scaled-downed payloads in the region.

Therefore, the increasing requirement for medical and healthcare services in developing countries and the growing usage of cryocoolers in nuclear magnetic resonance instruments, cryosurgeries, and proton therapies, such factors will contribute to the industry growth in the future.

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