The need to manage limited space and high rack densities, in order to reduce IT system downtime, has been driving the data center infrastructure management (DCIM) market’s growth, since the past few years. According to AFCOM estimates, the current rack density is valued at 16.9 kW in data centers. According to a study conducted by the Data Centers Association (AFCOM), close to 67% repor ted an increase in rack density in the past three years. Moreover, the study highlights that with an average power density of about 7 kilowatts per rack, most data centers face challenges in managing their IT workloads with traditional air-cooling methods. Factors driving the rack density include the growth of cloud computing, Big Data, and AI. It is highly essential to mange IT, since more equipment is fit into the data center space. Such facts indicate the need for solutions such as DCIM. Initiatives, such as the Data Center Optimization Initiative (DCOI), are aimed at reducing the costs of physical data centers and maintaining minimum PUE rates. This is encouraging enterprises to consolidate and maximize the use of their existing infrastructure. Such initiatives prompt the need for data center services. Moreover, the high penetration of cloud computing augmented the competitiveness of the industry, as various companies, such as Google and AWS, are actively investing more in this technology. This is expected to aid in the scaling of data center resources. Furthermore, it is expected to gain more visibility in data activities.

Major aircraft OEMs, mainly in the commercial aircraft industry, have emphasized on improving the overall air travel experience, including customer safety and reliability. In addition, fuel efficiency has become an important factor in determining the airline’s choice of aircraft during the purchase decision-making process. In this regard, the focus on the air management systems has become very crucial over the last two decades. Currently, the suppliers of commercial aircraft air management systems are working closely with the aircraft OEMs for the developments of advanced systems, to address the dynamic market requirements. This may also help them to remain as a preferred choice in the market. The aircraft and related subsystems industries are technology driven. The replacement of conventional sensors with the latest sensors, which yield better and accurate results, and the development of robust heat exchangers are helping the production of more efficient air management systems. The introduction of no-bleed systems architecture in Boeing 787 Dreamliner initiated a revolution in the air management systems industry. This system offers better operational efficiencies due to the replacement of traditional pneumatic systems with electrical systems, providing advantage in terms of weight and lifecycle costs. The commercial aircraft industry is the largest procurer of the air management systems, due to a higher requirement for the system, compared to any other end-user industries. This is explained by the presence of larger passenger cabins in the commercial aircraft.

By overcoming the major limitation of geographical reach, satellite imaging surpassed the usage of terrestrial and aerial imagery, owing to its comprehensive coverage across the world and quick delivery of image data. The significance of satellite imaging prompted governmental organizations to support its growth In the United States, the US Department of Commerce relaxed the resolution restrictions on images, thereby, helping the regional companies in improving their image quality For instance, owing to the relaxed restrictions, DigitalGlobe, one of the prominent providers of commercial high resolution earth observation and advanced geospatial solutions, could sell its high quality and industry leading commercial satellite imagery. In addition, various governments have been supporting the firms in the market studied, by investing in satellite imaging technologies The Australian government invested in satellite technologies, and it spent USD 260 million for the development of satellite technology and creation of jobs in Australia. The government’s investments in satellite imaging are poised to ensure that a wide range of Australian industries have access to data, thereby, helping the country mold its investments, create jobs in target regions, and increase competitiveness The booming digital economy of Australia is expected to benefit the developed sectors, such as mining, transport, construction, aviation, and agriculture

With the increasing complexity around online adver tising, coupled with the premium pricing charged for ad blockers, marketing and adver tising companies are looking for alternative solutions that will enable them to display their adver tisements or messages. This presents the DOOH market with a lucrative oppor tunity, which may boost its adoption over the forecast period. According to the Outdoor Adver tising Association of America (OAAA), in 2018, the top spenders, in terms of OOH, included Geico, Netflix, Google, American Express, Apple, McDonalds, Metro by T-Mobile, Amazon, M&Ms, Chevrolet, Facebook, and Universal Pictures, among others, with Apple and McDonalds retaining their top spots. The mobile location marketing is gaining traction, as it enables billboard owners to offer more informed choices regarding ad placements to the companies wanting to place the ad. This is expected to increase the adoption of DOOH over the forecast period

The need to increase storage capacity has become an opportunity for every major enterprise, as there is a continuous rise in data and respective applications. Globally, the amount of data is set to grow drastically in the next six years, to more than 44 zettabytes. The amount of information produced by machines, such as Internet of Things (IoT), is likely to account for about 10% of the worldwide data. It is estimated that, currently, 60% of data in digital world is produced in mature markets, such as Germany, Japan, and the United States. However, this situation may reverse in 2020, and the emerging markets, such as Brazil, China, India, Mexico, and Russia may account for most of the world’s data. The rising percentage of energy consumption by data centers, over the years, has alerted the governments across regions, like the United States and Europe, who have been regulating the energy consumption regularly. GreenPeace, a green data center community, for instance, highlighted the increasing energy consumption by the IT sector since 2012. As a central repository that stores and manages data, data centers play a crucial role in an economy. Green data centers are getting integrated with green technology that creates better sustainability and more energy efficiency in the form of better lighting, electrical, and mechanical works. The traditional technology not only consumes a gigantic amount of electricity, but also water, in millions of gallons, for the purpose of cooling. Low impact data centers run on clean and renewable energy sources, such as solar, wind, and water energy.

2020 年5 月，申万通信指数涨跌幅为-5.85%，涨幅靠后，在28 个申万一级子行业涨跌幅中排名倒数第一。从整体估值水平来看，申万通信板块整体法估值PE为40.22倍，估值处于历史后31.20%分位；申万通信中位数法估值PE 为59.57 倍，估值处于历史后49.20%分位。通信板块在5 月份较大幅度跑输市场，但整体估值已处于中位数略低的水平，参照历史估值变动情况，后续有望有边际改善的表现。

5G 后周期机会临近，随着商用推进，有望不断催生新的5G应用，驱动网络层、数据中心、物联网等产业业绩兑现。运营商有望在5G 时代获得新商机，关注：中国联通、中国移动、中国电信。IDC 受益5G 流量，REITs 出台利好行业长期成长，关注：光环新网、万国数据、科华恒盛、城地股份、数据港等。2/3G 退网，NB/LTE 向5G 进发，物联网芯片/模组/终端厂受益显著，关注：移为通信、移远通信、广和通、有方科技等。

低轨卫星星座系统具备高稳定性、低时延、不依赖地面基础设施、轻量化终端以及全球覆盖等优点。随着Starlink 与OneWeb 均计划于2021 年左右提供全球服务，低轨卫星产业将迎来重大发展机遇。鉴于轨道频谱战略重要性以及低轨卫星相对技术优势，我们中长期战略看好低轨卫星产业。目前，国内低轨卫星产业处于起步期，随着卫星互联网被纳入新基建范畴，未来技术升级以及商业模式的创新都将刺激更多的资本投入低轨卫星这个领域，建议投资者关注产业链投资机遇。