Market Trends and Growth: 2021

Thursday, 23 December 2021

Commercial Tabletop Kitchen Products Market Worth $17.74 Billion By 2028

The global Commercial Tabletop Kitchen Products Market size is expected to reach USD 17.74 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.5% from 2021 to 2028. The Oneida Group, Villeroy & Boch AG, Arc International, Sambonet Paderno Industrie S.p.A., Mepra S.p.A., Sola Cutlery are some of the key players in this industry. The evolution of self-service kiosks and the popularity of buffet systems in restaurants have resulted in the growing adoption of commercial tabletop kitchen products. Besides, events such as holiday parties, business meetings, weddings, or any other social gathering require feeding a large number of people, wherein a buffet system is considered to be the ideal service option. This scenario is expected to result in the growing adoption of different buffet service utensils and serving ware, such as plates and drinkware.

The growing trend of food-away-from home, dining out, and takeout has been presenting lucrative growth opportunities for restaurants and eating joints, which has resulted in a surge in the number of eateries. This has driven the need for various tabletop kitchen products for the preparation, service, and delivery of various kinds of foods. The growth of the restaurant industry is mainly attributed to the customer desire for convenience, socializing, and high-quality food and services. This has influenced restaurant owners to invest in modern and quality tabletop kitchen products, including dinnerware and buffet ware.

The rapidly increasing urbanization across developing economies is a prominent factor leading to a positive scenario for the market. In line with this, growing investments by countries in constructing office buildings, hotels, retail stores, malls, hospitals, and other commercial infrastructure will result in the subsequent demand for various kinds of tabletop kitchen products. According to Invest India, the construction market in India is expected to emerge as the third-largest globally by 2025. Similarly, in China, the number of private hospitals doubled to a total of 16,900 hospitals in 2017 from 2011. Such infrastructure development efforts are paving the way for various commercial tabletop kitchen products across countries.

Businesses are gradually shifting from brick-and-mortar sales to e-commerce portals due to increasing digitization, penetration of smartphones, and internet access. To expand product visibility, especially in the emerging markets, manufacturers are showcasing their products on various online platforms, such as company-owned portals and third-party retailers. Appropriate pricing, dealer margins, a strong distribution network, and brand awareness are some of the critical factors determining the success of industry players. Omnichannel is a new strategy implemented by manufacturers in the market.

Asia Pacific held the largest revenue share in 2020 and is expected to expand at the fastest CAGR over the forecast period. In Asia Pacific, China is likely to be at the forefront in terms of revenue share and is expected to expand at a notable CAGR from 2021 to 2028. Factors such as the increasing popularity of commercial tabletop kitchen products and the expanding hospitality sector in the country are driving the market in China. The presence of a large number of manufacturers of tabletop kitchen products in China is another factor boosting the market growth.

Related Press Release@ Commercial Tabletop Kitchen Products Market Report

Commercial Tabletop Kitchen Products Market Report Highlights

Asia Pacific held the largest share of over 33.0% in 2020 and is foreseen to remain at the forefront over the forecast period
By material, the metal ware segment held the largest share of over 43.0% in 2020. This is attributed to the increased adoption of metal ware in the commercial sector
The porcelain material segment is projected to expand at the highest CAGR of 8.3% from 2021 to 2028 owing to its favorable properties, such as strength, elasticity, permeability, cost-effectiveness, and translucency

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Tuesday, 21 December 2021

Non-destructive Testing Market Size Worth $22.9 Billion By 2028

The global Non-Destructive Testing Market size is anticipated to reach USD 22.9 billion by 2028, registering a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.

The use of non-destructive testing (NDT) helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. The use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the market is the technological advancements in non-destructive testing methods. Improvements in the techniques have ensured deviation-free fault detection and have reduced the complexity involved in the testing procedures considerably.

The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.

Related Press Release@ Non-destructive Testing Market Report

Non-destructive Testing Market Report Highlights

The market is expected to exhibit a CAGR of 6.7% over the next eight years owing to a rise in manufacturing-related activities, globally
The services segment accounted for the largest revenue share of over 73.0% in 2020. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
The ultrasonic testing segment is expected to witness a significant CAGR of 7.5% over the forecast period owing to the benefits such as ease of handling and precise results
The manufacturing vertical segment was the dominant segment in 2020 and is expected to witness a healthy CAGR of more than 7.6% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific
North America dominated the market in 2020 and accounted for the largest revenue share of more than 35.0%, owing to the extensive adoption of NDT techniques in the region

Monday, 29 November 2021

Epoxy Adhesives Market: Industry Demand, Analysis and Future Trends 2028

The global Epoxy Adhesives Market size is expected to reach USD 10.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. Increasing investments in electric vehicles (EVs) and solar and wind energy industries are the prominent factors attributed to the market growth during the projected period.

The industry is projected to experience significant growth owing to the growing emphasis on the incorporation of lightweight materials in the automotive and transportation industry. The usage of adhesives offers a reduction in the weight of the final product, which has become a crucial factor in the aerospace and automotive industries in recent years. Moreover, epoxy adhesives are used in various other industries as well, such as medical, sports tools, defense, and power and energy.

A growing focus on sustainable solutions and increasing usage of mass timber in the construction industry is expected to bolster the consumption of adhesives, which is further anticipated to offer lucrative growth opportunities for the market. Furthermore, a surge in DIY home improvement activities has been witnessed during the COVID period, as people were spending more time at home. Thus, wide-scope applications in various industries make the market more lucrative.

The COVID-19 pandemic has impacted various commercial and industrial sectors, which led to a halt in new investments resulting in a downfall in global revenue. Moreover, with the continuing second and third waves of the virus, restrictions were seen in Q1 2021 as well. During the pandemic, the prices of raw materials have increased owing to a rise in logistic costs, unavailability of raw materials, and unfavorable weather conditions. It also adversely impacted the end-use industries which remained shut down during the pandemic.

Related Press Release@ Epoxy Adhesives Market Report

Epoxy Adhesives Market Report Highlights

By technology, the two component segment dominated the market and was estimated at USD 2.9 billion in 2020. The two component epoxies have excellent shear strength owing to different curing characteristics and provide an additional advantage of getting cured at room temperature, which aids to its consumption
By application, the automotive and transportation segment dominated the market with a revenue share of over 42.0% in 2020. Growth in the EV industry and increasing consumption of adhesives over mechanical fasteners in vehicles is anticipated to boost the market growth
The power and energy segment is anticipated to register the highest CAGR of 7.1%, in terms of revenue, during the forecast period. Adhesives are used to protect and bond sensitive mechanical and electrical components such as solar panels, charge controllers, and wind turbine blades in the energy industry
Asia Pacific dominated the market and held the largest revenue share of over 45.0% in 2020. Increasing investments in the energy and automotive industries of the region are anticipated to further propel market growth across the forecast period

U.S. Self-checkout Systems Market Size is Predicted to Witness 11.3% CAGR till 2028

The U.S. Self-Checkout Systems Market size is anticipated to reach USD 2.97 billion by 2028, expanding at a CAGR of 11.3% from 2021 to 2028. The strong emphasis retailers are putting on providing self-checkout solutions as part of the efforts to improve purchase efficiency, enhance the consumer experience, and serve a larger customer base is expected to drive the growth of the market over the forecast period. The blend of cash and cashless features offered by the latest self-checkout solutions, which can potentially allow retailers to tailor their checkout experience to the changing consumer preferences, also bodes well for the growth of the market.

Self-checkout solutions, also known as self-service kiosks, are automated systems deployed in offline stores to help in-store buyers in shopping, ordering, and transacting without any intervention from the employees or staff of the stores. The popularity of self-checkout solutions is growing as the retail industry is evolving continuously and adapting to the changing shopping habits of consumers. The growing preference of consumers for cashless transactions is prompting store owners to install cashless checkout stores to allow customers to shop, order, and transact at their convenience without having to wait in a queue. For instance, in January 2020, Weis Markets, Inc., a grocery chain based in the U.S., deployed Toshiba Global Commerce Solutions’ latest self-checkout solution across the majority of its 198 locations.

The outbreak of the COVID-19 pandemic took its toll on the U.S. market for self-checkout systems in 2020 as the demand for self-checkout systems plummeted while the adoption of contactless solutions gained traction in the wake of the social distancing norms. Although several stores and outlets implemented self-checkout systems to ensure a safe and convenient interface for customers to order and buy food and groceries, the demand for self-checkout systems plummeted as a result of the temporary closure of retail stores, restaurants, hotels, and transportation facilities in line with the restrictions imposed by the government as part of the efforts to arrest the spread of coronavirus. Nevertheless, the market has been gaining traction since the beginning of 2021 and is expected to witness significant growth over the forecast period as the restrictions are relaxed and the situation normalizes gradually.

Related Press Release@ U.S. Self-checkout Systems Market Report

U.S. Self-checkout Systems Market Report Highlights

The systems segment dominated the market in 2020 owing to the growing preference among the operators of supermarkets, hypermarkets, and convenience stores to install cashless self-checkout systems to attract more customers and facilitate quick checkout
The cashless-based self-checkout systems segment is expected to expand at a CAGR of more than 11% over the forecast period in line with the growing preference among customers for digital payment options and card-based transactions
The supermarkets and hypermarkets segment dominated the U.S. market in 2020 as supermarkets and grocery stores continued to invest aggressively and installed self-checkout systems as part of their respective in-store transformation projects
Key vendors operating in the market are focused on strengthening their customer pool, using several product launches and new product developments

North America Packaged Salad Market: Industry Demand, Analysis and Future Trends 2028

The North America Packaged Salad Market size is expected to reach USD 10.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2021 to 2028. Rising health consciousness among consumers and a growing inclination toward convenience foods are expected to be the major factors contributing to the growth of the market.

The branded category segment led the market in 2020. Branded packaged salads are salads that are widely available nationally or internationally and are not limited to one retailer or region. Retail channels usually trade both branded and private label packaged salads to take advantage of exclusive products.

Vegetarian products are most popular among customers and the demand for vegetarian packaged salads is being pushed by the rising number of health-conscious consumers in North America. Individuals searching for organic produce/products continue to create a large demand for vegetarian packed salads in this regard.

The U.S. dominated the North American market in 2020. With the increasing awareness about leading a healthy lifestyle, the demand for packaged salads has been growing significantly among consumers. Furthermore, the high penetration of key market players in the U.S. has improved product accessibility across the country.

The market players face stiff competition from each other as some of them are among the top frozen bakery manufacturers and have a large customer base. The market is fragmented with the presence of a large number of global and regional players such as Earthbound Farm; Vegpro International Inc.; Dole Food Company, Inc.; and Fresh Express Incorporated.

Related Press Release@ North America Packaged Salad Market Report

North America Packaged Salad Market Report Highlights

Canada is projected to register the fastest growth rate of 9.2% from 2021 to 2028 due to increasing awareness regarding the health benefits of eating salads as a part of the daily diet
By type, packaged kits are expected to expand at the fastest CAGR of 8.0% from 2021 to 2028 due to the growing consumption of healthy meal alternative products that are healthy and contain less fat
The offline distribution channel held the largest share of over 80.0% in 2020as supermarkets offer significant advantages to consumers, such as the freedom of selection, lower prices, and the high visibility of international brands

Thursday, 25 November 2021

U.S. Faucet Market: Industry Demand, Analysis and Future Trends 2028

The U.S. Faucet Market size is anticipated to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Rising demand for home furnishings and fittings is driving the market. According to the Leading Indicator for Remodeling Activity (LIRA), home improvement spending grew at 6.0% annually in 2019.

The growing construction of smart homes and smart bathrooms can be attributed to an increasing number of consumers showing a preference for a spa-like experience at home. Digital faucets that operate on sensors serve as a means of conserving water and energy through different features such as reduced tap flow, digital temperature control settings, touchless technology, infrared tap technology, and timed settings.

The U.S. EPA WaterSense label on sink faucets and accessories indicates that they use a maximum of 1.5 gallons of water per minute, which reduces a sink’s water flow by 30.0% compared to a standard flow of 2.2 gallons per minute. Thus, rising consciousness among consumers to save water is driving the demand for smart bathroom fittings and digital taps.

The COVID-19 pandemic has shaken every sector across the globe, and the hotel industry is among the hardest hit. The market in the commercial sector has been impacted on account of travel bans and lockdowns. The overall travel business has witnessed a considerable decline as a result of continued health concerns from the prolonged pandemic and a weakened economy, which hits many small companies. As the disease prevails and economic uncertainty remains, there is a significant reduction in business travel (in terms of both trips and expenditure) as compared to pre-COVID-19 times. Reduced travels have affected the travel and hospitality industry immensely, thereby affecting the market.

The commercial segment is estimated to be the largest and fastest-growing segment in the coming years. Many players are offering premium and luxury taps, specially designed for the commercial sector. Moen Incorporated offers a wide variety of taps for the commercial sector and some of the latest innovations include M-Power, M-Dura, M-Press, and M-Bition. Similarly, Delta Faucet Company offers innovative commercial faucets for the hospitality sector.

The kitchen segment is estimated to be the fastest-growing segment. The increasing adoption of high-tech faucets is supporting the growth of the segment. According to Houzz, 57.0% of the homeowners had updated kitchen taps as part of a completed, current, or planned 2018-19 kitchen renovation. Out of these, 30.0% opted for water-efficient faucets, 24.0% opted for no fingerprint coatings faucets, and 22.0% preferred touch-only taps. The growing adoption of pull-out and pull-down faucets in order to achieve maximum reach and increase flexibility drives the demand for kitchen taps among millennials.

Companies such as Franke Kitchen Systems provide faucets that are outfitted and can be switched between the needle and full water spray, and swivel 360 degrees. The Franke 3-in-1 faucet is created to provide cold, hot, and distilled water for ensuring the use of pure and suitable temperature water in the kitchen.

Multi-brand retailers are the largest shareholder in the distribution channel segment. Corporate firms, government organizations, and large builders prefer direct association with faucet manufacturers. For this purpose, annual contracts and tenders are released for a continuous supply of taps. As these B2B sales require proper interaction for a better understanding of minute details, offline sales for commercial applications have been dominating the market.

Related Press Release@ U.S. Faucet Market Report

U.S. Faucet Market Report Highlights

The commercial segment accounted for a revenue share of 67.1% in 2020 and is expected to witness a CAGR of 5.0% over the forecast period
The kitchen segment is expected to expand at the fastest CAGR of 5.6% from 2021 to 2028 and will be valued at USD 1,551.7 million by 2028
The multi-brand retailer segment was the largest segment in 2020 and was valued at USD 1,871.9 million, ascending with a CAGR of 4.6% over the forecast period
The west region of the U.S. was valued at USD 776.7 million in 2020, ascending with a CAGR of 5.5% over the forecast period, thereby expected to be valued at USD 1,193.5 million by 2028

Americas Range Hood Market Growth, Opportunities and Forecast To 2028 | Whirlpool Corporation, Broan-NuTone, LLC, GE Appliances, a Haier Company

The Americas Range Hood Market size is expected to reach USD 6.11 billion by 2028, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Changing lifestyles, exposure through traveling, and design innovations have set the pace for new modern standards of living. With higher spending capability as well as improved infrastructure facilities, the need for comfort in the kitchen has triggered a positive impact on the market.

The growing home values have doubled homeowner equity, indicating a trend of homeowners feeling richer and disposed towards spending money on home improvement. The online home remodeling platform Houzz reported a 58% uptick in the project leads for home professionals in June 2020, as compared to the same month the previous year. Similarly, kitchen and bath remodeling projects picked up by 40%, according to the agency. According to Home Improvement Research Institute (HIRI), home improvement spending by Americans was likely to reach USD 439.9 billion in 2020, incurring a rise of 8.7% in spending.

With an increasing number of families considering the kitchen as a central gathering place in the home, the focus on renovating and improvising the area has been growing. For instance, the 2019 U.S. Houzz Kitchen Trends Study found that spending on both median and large kitchen remodels increased by 10% from 2018. Furthermore, an increasing number of millennials are buying homes, particularly older homes that require more repairs. According to studies by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year compared to other age groups.

The increasing infrastructural developments, as well as new building permits in the region, are expected to boost the market growth. According to the U.S. Census Bureau, privately-owned housing units authorized by building permits in November 2020 were at a seasonally adjusted annual rate of 1,639,000. This is 6.2% (±1.5 percent) above the revised October rate of 1,544,000 and is 8.5% (±1.8 percent) above the November 2019 rate of 1,510,000. Moreover, rapid construction in the commercial segment, particularly the hospitality sector, is also driving the demand for kitchen range hoods. The hotel industry is a key supporting factor to the region’s hospitality sector, driving the construction of more hotels. The booming tourism and real estate industries, accompanied by various infrastructural developments in the hospitality sector, will continue to spur the market for kitchen ventilation over the forecast period.

Under-cabinet product held over 42.7% of the Americas range hood revenue in 2020. These are the most common range hoods as the design of an under-cabinet venting system is simple and versatile to fit any kitchen style or design. The current trend of open shelves in a kitchen, as opposed to upper cabinets, is drawing more attention toward the installation of such range hoods. New trends and innovation in range hoods have created immense opportunities in the market concerning product installation and design. For instance, AKDY, a manufacturer of high-end kitchen and bath appliances, introduced the Under Cabinet Range Hood Collection containing detailed 3D drawings that can be used in kitchen remodeling projects.

The key companies of the industry include Whirlpool Corporation, Broan-NuTone, LLC, GE Appliances, a Haier company, Robert Bosch GmbH, Haube Range Hood Co., KOBE Range Hoods, Victory Range Hoods, Proline Range Hoods, Faber US and Canada, and Vent-A-Hood® Ltd.

Related Press Release@ Americas Range Hood Market Report

Americas Range Hood Market Report Highlights

Canada is expected to register the fastest CAGR of 4.5% from 2021 to 2028. Steady growth in the number of foodservice joints and residential construction projects are the main factors driving the demand for range hoods
Kitchen stops distribution channel dominated the market by contributing over 57.7% in the revenue in 2020
The residential end-user segment held the largest market share in 2020, contributed more than 85.7% of the total revenue owing to its higher penetration across households

Europe, Middle East & Africa Wax Melt Market Size is Predicted to Witness 11.9% CAGR till 2028

Europe, Middle East & Africa Wax Melt Market size is anticipated to reach USD 2.71 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.9% from 2021 to 2028. Wax melts are becoming more and more popular and now many consumers favor them over candles to make their homes smell beautiful. Wax melts do not have a wick, nor do they require a flame, like candles.

Wax melts are usually warmed in an electric wax melt warmer containing a small 15-watt light bulb that is included at the base of the warmer. The light bulb provides just enough heat to warm the wax melts, tarts, or cubes, releasing the scent in as little as 5-10 minutes. The National Fire Protection Association estimated that from 2009 to 2013, fires related to candles caused an estimated USD 374 million in direct property damage. Decorative candles are appealing, but the exposed flame poses the risk of something else catching fire by accident.

Several factors affect both the average burn time of candles and wax melts, such as type of wax, amount of fragrance oil and size of candle or wax melt. Wax melts are preferred over candles for their burn time. The average burn time of a 16-oz candle jar is expected to be anywhere between 60 and 84 hours, i.e. about 5 hours of burn time per ounce. On the other hand, 8-oz. wax melts have an average of 225 hours of burn time, which breaks down to 28 hours of burn time per ounce.

Perceived as safe due to the absence of an exposed flame and popular for their unique capability to create personalized fragrance combinations, wax melts have been enjoying double-digit growth since 2007. In 2013, the category was primarily driven by new entries from S.C. Johnson who recorded sales of nearly USD 20 million, Procter & Gamble who extended Febreze into wax melts, and several smaller marketers who joined the category.

By product, pressed wax melt will grow at the fastest CAGR over the forecast period. Compared to the pouring process, pressed wax melts can be produced in large quantities through extrusion molding, which drastically brings down the overall cost of manufacturing. Moreover, most consumers in the U.K. purchase these products from supermarkets, where the availability of pressed wax melt is greater than poured wax melt. There are several players manufacturing pressed and poured wax melt in Germany. The market is dominated by pressed wax melts due to their easy availability and low cost as compared to poured wax melts. Pressed wax melts are commonly found in the form of scented cube air fresheners, with the process being prominently used by companies such as P&G (Febreze) and SC Johnson (Glade wax).

Multipack segment is the largest and fastest-growing segment for distribution channels. There is a rise in demand for aromatherapy and spa treatments and wax melts help in creating a relaxing atmosphere. Tourism has also increased in EMEA countries. The hospitality sector such as hotels, spas, and restaurants purchase multi-packs of wax melt to cater to the needs of their consumers.

Related Press Release@ Europe, Middle East & Africa Wax Melt Market Report

Europe, Middle East & Africa Wax Melt Market Report Highlights

The poured wax melt segment accounted for the largest share of 57.2% in 2020 and is expected to expand at a CAGR of 11.4% over the forecast period of 2021 to 2028
The pressed wax melt segment is expected to register the highest CAGR of 12.5% over the forecast period
The multi-pack segment accounted for the largest share of 77.4% in 2020 and is estimated to ascend with a CAGR of 12.0% over the forecast period
The U.K. held the largest market share of 21.8% in 2020

Gas Detection Equipment Market: Industry Demand, Analysis and Future Trends 2028

The global Gas Detection Equipment Market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth.

Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in the coming years. For instance, in February 2019, FLIR Systems, Inc. announced the launch of FLIR MUVE C360, a multi-gas detector built for unmanned aerial systems. FLIR MUVE C360 aims to transform the way emergency teams approach environmental, chemical, and industrial incidents.

IR camera-based gas detectors are gaining traction owing to their capability of detecting combustible gases that are not visible to the human eyes. Uncooled IR cameras are widely in demand by various industries, which has resulted in increased efforts by companies worldwide to address this demand. For instance, in February 2019, FLIR Systems, Inc. announced the launch of FLIR GF77 Gas Find IR, an uncooled thermal camera for detecting methane.

The COVID-19 pandemic is anticipated to favorably impact market growth in the near future. Hospitals have been using gas detection equipment for monitoring oxygen tanks during the pandemic. During the COVID-19 situation, the U.K. government laid down guidelines highlighting the hazards caused by the increased oxygen level due to the high density of ventilators. This initiative is expected to contribute to market growth.

Related Press Release@ Gas Detection Equipment Market Report

Gas Detection Equipment Market Report Highlights

In terms of product, the fixed gas detector segment is expected to retain its dominance over the forecast period. The ability of fixed gas detectors to ensure workforce safety is driving the segment growth
In terms of technology, the infrared gas detection technology segment dominated the market in 2020 and is expected to witness growth over the forecast period. Infrared gas detectors are maintenance-free, which is one of the major factors driving the market growth
In terms of end-use, the industrial segment dominated the market in 2020. The increasing demand for detectors in the mining industry is driving the segment growth
The increasing adoption of gas detection equipment in emerging economies such as India and China is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

Friday, 29 October 2021

Circuit Protection Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Circuit Protection Market size is expected to reach USD 71.64 billion by 2028, expanding at a CAGR of 6.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is expected to benefit from the growing need to upgrade power transmission and distribution networks and establish renewable energy connectivity. The rising demand for advanced circuit protection equipment in the automotive, electronics, and telecommunications sectors can be attributed to growing safety concerns related to short circuits and damage resulting from power fluctuations.

Increasing access to electricity in developing countries, rising construction and infrastructure development activities, and the growing number of renewable power generation projects are also driving the market growth. Moreover, in the automotive sector, continued urbanization and the strong emphasis passengers are putting on safety and security in the wake of the growing number of vehicles on the road are driving the adoption of circuit protection devices.

The unabated growth in the world population, continued economic growth, and rapid urbanization have triggered an increased demand for electricity globally. Continued industrialization and urbanization are contributing to the increased demand for energy in developing countries. The United Nations (UN) expects the world population to grow from 7.6 billion in 2017 to 9.7 billion by 2050. Electricity demand is also anticipated to rise in line with the rising levels of household income, the continued electrification of the transportation sector, the growing demand for air conditioning in the wake of the rising temperatures, and the proliferation of digitally connected devices. Moreover, the growing need for additional generation capacity can open new opportunities for market growth over the forecast period.

Related Press Release@ Circuit Protection Market Report

Circuit Protection Market Report Highlights

The power generation segment is anticipated to expand at a CAGR of 5.6% over the forecast period. The increased implementation of IT technologies in several operations in the power generation sector is necessitating the appropriate power management of IT products for better performance. This is expected to drive the demand for circuit protectors in the power generation segment
In terms of application, the commercial and residential building segment is poised to expand at a CAGR of 6.4% during the forecast period. The need and importance of circuit protection devices are continuously increasing in commercial and residential buildings due to increasing incidences of accidents and losses caused by electrical faults and short circuits
In terms of channel, the retail segment is estimated to account for significant market size in terms of revenue by 2028, register a CAGR of 6.2% during the forecast period. Many suppliers provide training sessions and certifications pertaining to installation and servicing to distributors, retailers, and installers based in the country. The certified distributors and installers have become a part of an authorized distributor/installer network post the training
The market in the Asia Pacific is anticipated to register the highest CAGR of 7.8% over the forecast period. The growth in construction activities and the growing adoption of renewable power generation sources, such as wind and solar, have led to the increased demand for circuit protection devices in the region

Friday, 22 October 2021

Oxygen Flow Meters Market Size, Share, Analysis and Forecast to 2028

The global Oxygen Flow Meters Market size is expected to reach USD 1.60 billion by 2028, according to the new report conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2021 to 2028. The number of infectious and fatal diseases, including cancer and recent coronavirus, has witnessed a significant increase across the globe. This has forced pharmaceutical companies to deliver oxygen supplies, including oxygen flow meters, for such diseases continuously. This is leading to an increased demand for oxygen flow meters across the healthcare sector.

The ongoing COVID-19 pandemic has taken a severe toll on enterprises across every industry, drying up financial reserves and cash flows and curbing profits. However, the pandemic has positively impacted the healthcare sector and associated markets. The outbreak has increased the demand for a wide range of medical supplies, including oxygen cylinders and oxygen concentrators. Therefore, these medical supplies are expected to increase the adoption of oxygen flow meters across the globe as it measures the flow of oxygen from an oxygen-dispensing unit to the oxygen user.

North America held a significant market share in 2020 as it is home to several product manufacturers of oxygen flow meters. Asia Pacific is anticipated to witness the highest CAGR over the forecast period owing to the continuous developments in steelmaking and other manufacturing sectors. Furthermore, in the wake of the second wave of COVID-19, the countries such as the U.S., Russia, Ireland, Italy, and France contributed to India’s medical requirements by sending ventilators, oxygen flow meters, oxygen concentrators, medicines, rapid testing kits, and building oxygen plants across the country. Therefore, it boosted the market demand in the country.

Moreover, DZ Medicale; Dwyer Instruments LTD.; Ohio Medical; Precision Medical, Inc.; HERSILL; and Penlon are a few major providers and vendors of oxygen flow meters. Market players are constantly focusing on product innovation and enhancing their products and solutions.

Related Press Release@ Oxygen Flow Meters Market Report

Oxygen Flow Meters Market Report Highlights

The market is anticipated to witness substantial growth during the forecast period due to the escalating demand for flow rate measurement in healthcare applications across the globe
Leak resistance, precise flow measurements, reduced clogging, and improved signal stability in the industrial sector are few features creating lucrative opportunities for double flange oxygen flow meters
The healthcare application segment held the largest share in 2020 and is anticipated to witness the highest growth during the forecast period owing to the increasing number of patients at hospitals suffering from Covid-19
Asia Pacific is expected to grow at the fastest rate over the forecast period owing to substantial demand for and adoption of oxygen flow meters in various application sectors, particularly in China, India, and Southeast Asian countries

Canada Maintenance, Repair & Overhaul Distribution Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The Canada Maintenance, Repair & Overhaul Distribution Market size is expected to reach USD 19.10 billion by 2028, registering a CAGR of 4.3% from 2020 to 2028, according to a new report by Grand View Research, Inc. The expanding manufacturing sector in Canada is expected to fuel the growth of the market for maintenance, repair, and overhaul distribution (MRO) over the forecast period.

The growth of the MRO distribution market in Canada is attributed to growth in the manufacturing industries in the country inclusive of food and beverages, aircraft, machinery, transportation, energy and power, electronics, and others for maintenance and repairs of several types of equipment including hoses, gaskets, seals, fasteners, and safety tools.

The adoption of MRO has registered considerable change within the industries, especially with the OEMs considering MRO distribution companies as potential partners to enhance their operational efficiencies and achieve higher profitability. At the same time, the technology and service outsourcing providers have developed specific solutions to address the needs of several end-use industries in Canada.

The major players involved in the MRO products and services distribution in Canada cater to several end-use industries via third-party distributors, annual maintenance contracts, direct sales channels, and e-commerce. In addition, companies tend to collaborate with distributors and retailer companies in different regions for the offering of their services.

Canada Maintenance, Repair & Overhaul Distribution Market Report Highlights

Aircraft maintenance end use segment is likely to ascend at fastest growth from 2020 to 2028 expanding at a CAGR of 9.2% owing to a robust aircraft maintenance service sector in the country
MRO distribution for electrical and electronic end use in Canada accounted for 12% in 2020 and is expected to register a CAGR of over 3.9% from 2020 to 2028
The tools, maintenance, and safety product segment accounted for the revenue of more than USD 2.9 billion in 2020 and is likely to ascend at a notable CAGR in the forthcoming years. Rise in demand for periodic maintenance operations in manufacturing industries in Canada are expected to offer growth prospect
Power transmission product segment accounted for a revenue share of over 16% in 2020. The adoption of MRO products and services in power transmission, helps to lower down the risk for power outage in case of electrical industry, and proper lifting of products using hydraulic equipment in construction, automobile, and metallurgy industries
The COVID-19 outbreak in Canada impacted the manufacturing and service industries in 2020. Moreover, suspension of industrial activities across the country has halted the growth of maintenance, repair and overhaul distribution market