Market Trends and Growth: October 2021

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

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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

Friday 8 October 2021

Epoxy Composite Market Outlook and Industry Forecast to 2028

The global Epoxy Composite Market size is expected to reach USD 55.97 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Some of the key players are Teijin Ltd., Toray Industries, Inc., Huntsman Corp. LLC, SGL Carbon and Hexcel Corp. Growing usage of advanced lightweight functional materials in various industries, such as automotive & transportation, aerospace & defense, and wind energy, is expected to drive the market.

Increasing demand for composites in the automotive industry is anticipated to boost the market growth over the forecast period. Rising fuel prices have triggered the need for fuel-efficient vehicles, which is expected to increase the usage of composites. Composites are majorly utilized as the replacement for aluminum, wood, and steel on account of their higher strength-to-weight ratio.

The high manufacturing cost of composites is challenging the growth and profitability of the market across the world. In addition, initial capital investment is anticipated to pose a challenge over the forecast period. Companies, such as Toray Industries and Teijin Ltd., are integrated across the value chain of composites ranging from raw material supply to distribution activities and have also diversified their product offerings.

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Epoxy Composite Market Report Highlights

The glass fiber reinforced epoxy composites segment accounted for the highest revenue share of more than 60% in 2020 as a result of high demand due to their superior characteristics along with cost-effectiveness
The automotive & transportation application segment dominated the global market and is expected to register a significant CAGR over the forecast period
The wind energy application segment is expected to witness the fastest CAGR of more than 9% due to high product demand in this application or ensuring shape stability, structural strength, and damage resistance to wind turbine rotor blades
Asia Pacific led the global market in 2020, in terms of revenue share, owing to the presence of a robust automotive manufacturing base in the region
Key companies have undertaken various initiatives, such as technology innovations, R&D, partnerships, and mergers & acquisitions, to manufacture cost-effective and lightweight composite products

Thursday 7 October 2021

Outdoor Living Structure Market to Witness a Strong Growth During 2021– 2028

The global Outdoor Living Structure Market is expected to reach USD 2.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2021 to 2028. Key industry participants like Renson, Outdoor Structure Company LLC, Outdoor Living, Absolute Outdoor Living. Growing trend of utilizing the garden areas or, backyards to extend the building structures into dining areas, working spaces, grill areas are expected to propel the market growth over the forecast period.

As per a survey published by the National Kitchen & Bath Association (NKBA) for 2020-21, the adoption of outdoor living projects interest has grown by about 65% in the U.S. in comparison to the past few years. Furthermore, the demand for outdoor kitchen setups is expected to be highest, followed by patios and decks, and screened porches & three season rooms.

The stay-at-home restrictions imposed by governments across several countries amid the outbreak of the COVID-19 pandemic are expected to create new growth opportunities for the market. Companies offering perpetual work from home opportunity to employees has enabled homeowners to renovate their existing spaces into office spaces, mini gaming zones, grilling spaces, mini-gymnasiums, and yoga spaces.

The market is 100% customer-driven, i.e., these structures are built as per the specifications provided by the customers. In addition, the raw materials are also selected as per consumer preferences. This has led to market domination by local players confined to specific regions, however, companies including Absolute Outdoor Living, Corradi, Outdoor World are improving market penetration via contractors, and architects.

Related Press Release@ Outdoor Living Structure Market Report

Outdoor Living Structure Market Report Highlights

The pavilions/gazebo segment is expected to grow at the fastest CAGR of 6.9% over the forecast period owing to the structure having its own flooring and partly closed sides, thus improving placement and application options.
Furthermore, increasing use of the product for adding aesthetics near mini bars near pools, fireplace-based gatherings, and entertainment zones is expected to propel market growth over the forecast period.
North America dominated the market with a revenue share of 43.4% in 2020. This is attributed to the growing popularity of the concept of ‘outdoor living’ among consumers as it offers relaxation, leisure time to spend with family and friends, and a way to get connected to nature.
The European outdoor living structure market is driven by key factors such as demand for improved and luxurious lifestyle, increasing per capita income, presence of developed economies and rising investments in residential constructions and landscaping projects.
Several companies are offering app-based AI solutions for customers to update their preferences regarding the design of structures, materials to be used, tiles colors& designs, and size of structures as per the desired applications. For instance, Absolute Outdoor Living offers a StruXure Outdoor app, which is controlled by its partner, Somfy Systems Inc.

Pet Supplements Market Size, Share, Analysis and Forecast to 2028

The global Pet Supplements Market size is expected to reach USD 2.32 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. Some of the key industry participants are Nestlé Purina Petcare, Food Science Corporation, Ark Naturals and NOW Foods. Pet supplement sales soared as a result of increased consumer interest sparked by COVID-19, particularly in products that target immunity, anxiety, and overall wellness. When it comes to consumer buying patterns, joint health supplements are already at the top of the list, but hip and joint supplements are only one element of the senior pet health picture.

The growing numbers of aging dogs and cats are in need of an immune response, cardiac and cognitive support items, and anti-inflammatory and pain management aid, thanks to breakthroughs in veterinary treatment and pet owner interest in pet wellness and nutrition at an all-time high.

According to Packaged Facts' 2020 Pet Owners Survey, 47% of dog owners have a dog aged 7 or older, up from 43% in our previous study, and 43% of cat owners have a cat aged 7 or older, up from 39% in our previous survey, demonstrating the growth of this pet demographic. Marketers can leverage already-existing products into a growing pet population segment by targeting the senior population with personalized products and senior-specific products, such as multifunctional supplements, thereby offering another viable avenue for market expansion.

According to a survey of pet food producers performed by Petfood Industry in April, 60% indicated higher sales through online shops. Granted, that was during the early lockdown-induced stockpiling of pet food and many other essential household goods; however, in the most recent Petfood Industry Confidence Index surveys of pet food executives and other professionals, e-commerce has remained one of the few bright spots as business confidence has lagged in other areas.

Many dog owners are naturally anxious about administering human-grade CBD oil to their pets. However, firms such as Royal CBD and Gold Bee have created CBD products designed specifically for pets that are less strong. Preliminary research from Baylor College of Medicine suggests that CBD oil can aid in the treatment of canine osteoarthritis, which affects 20% of dogs over the age of a year.

Related Press Release@ Pet Supplements Market Report

Pet Supplements Market Report Highlights

By pet type, the dogs segment accounted for the largest share of over 45.0% in 2020 as dogs are the most popular pets in the world, with an incredibly high adoption rate
The offline distribution channel segment accounted for the largest share of over 75.0% in 2020 and is expected to witness the fastest growth over the forecast period
North America held the largest share of over 40.0% in 2020. An increase in the number of pet owners and increased knowledge among pet owners about various health hazards are some of the factors fueling the regional market growth