Market Trends and Growth: March 2022

Thursday 31 March 2022

Fire Alarm And Detection Market Worth $56.06 Billion By 2030

The global Fire Alarm And Detection Market size is expected to reach USD 56.06 billion by 2030, registering a CAGR of 7.2% from 2022 to 2030, according to a study conducted by Grand View Research, Inc. The market is gaining prominence, more so amidst the COVID-19 pandemic that hit the world economy in 2020, with businesses shifting to remote working models. The demand for residential fire safety witnessed a rise, with people spending extended hours working from home. The global demand continues to witness growth over the next seven years. While the pandemic created a few lucrative opportunities for the Original Equipment Manufacturers (OEMs), awareness about the safety and security of assets in the commercial sector also increased.

As businesses resume operations, the need to safeguard facilities with guidelines and installations promoting fire safety will encourage building owners to either replace old equipment or install new safety devices. In addition, the advancements in fire safety products by leveraging the latest wireless technologies will help OEMs keep up with the competitive rivalry in the industry. Advancements followed by cost-effective products and service & maintenance post installations will go a long way in favoring sales. Vendors aim to launch new products and leverage opportunities in emerging markets by developing a local sales network and closing new business deals.

All such efforts by OEMs will drive the growth of this market over the next few years. Apart from new equipment sales, the demand for the replacement market is also on the rise. Aging infrastructure with outdated fire safety devices will pave the way for new business opportunities over the next seven years. The replacement scenario is likely to create several growth opportunities particularly in the North American and European regional markets, where the market has hit the ceiling, in terms of growth.

Related Press Release@ Fire Alarm And Detection Market Report

Fire Alarm And Detection Market Report Highlights

The worldwide demand for fire alarms and detectors will witness an uptick
Mandates and guidelines promoting fire safety in residential, commercial, and industrial settings will upkeep the product demand over the forecast period
Smoke detectors witnessed a significant demand in 2021; however, heat detectors will register a significant CAGR from 2022 to 2030
Regulations governing the commercial sector resulted in the segment dominating the market in 2021
The market in North America has reached maturity, in terms of demand; however, aging infrastructure will drive replacement sales over the forecast period

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Hard Seltzer Market Worth $57.34 Billion By 2030 | CAGR 22.9%

The global Hard Seltzer Market size is expected to reach USD 57.34 billion by 2030, registering a CAGR of 22.9%, according to a new report by Grand View Research, Inc. Shifting consumer preference for low alcohol content beverages, especially among millennials and the working-class population, is expected to be a key factor contributing to the growth of the market. Hard seltzers are gaining popularity due to the rising preference for low-calorie and low-sugar alternative alcoholic drinks over traditional alcoholic beverages among the health-conscious demographics across the world. Hard seltzer flavors, such as citrus and other fruity flavors, are gaining popularity among consumers. The rising adoption of new flavors among consumers is likely to provide opportunities to the players operating in this market.

For instance, in March 2021 Stewarts Enterprises launched Stewart’s Spiked Seltzer, a line of low-calorie hard seltzers in three flavors, namely Root Beer, Orange Cream, and Black Cherry, to expand in the northeast U.S. Hard seltzer with 5.0% to 6.9% ABV content held the largest revenue share in 2021 and is expected to maintain dominance over the forecast period. The high consumption and wide availability of hard seltzer of this category, especially in the North America region, are driving the growth of this segment. The off-trade segment accounted for a majority of the share in 2021. The increasing availability of such products at Walmart, Target, Costco, and Tesco among others has helped in driving the product sales through off-trade channels.

Furthermore, the closure of on-trade distribution channels due to the outbreak of COVID-19 has also boosted product sale through off-trade channels. The market is consolidated in the U.S. with a major share occupied by Mark Anthony Brands International and The Boston Beer Company. However, it is fragmented in other regions/countries owing to the presence of a large number of players including Mark Anthony Brands International, Anheuser-Busch InBev, The Coca Cola Company, Diageo plc, Heineken N.V., Constellation Brands, Inc., and Constellation Brands, Inc.

Related Press Release@ Hard Seltzer Market Report

Hard Seltzer Market Report Highlights

Hard seltzer with 1.0% to 4.9% ABV content is projected to register the fastest CAGR
The growth can be credited to the high demand for low-alcoholic beverages among millennials and Gen Z consumers
The on-trade channel is anticipated to register a CAGR of more than 23% from 2022 to 2030 due to the rising demand through these channels
The rest of the World (RoW) is expected to be the fastest-growing market during the forecast period
This growth can be credited to the increasing product consumption in countries, such as China, Australia, New Zealand, and India

Honey Market Size Worth $13.57 Billion By 2030 | CAGR: 5.2%

The global Honey Market size is expected to reach USD 13.57 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2022 to 2030. Increased demand for nutritious and natural sugar alternatives and healthy spreads is expected to drive the market. The growing demand for vegan and organic honey products, including soups, challah, and hot toddy, is likely to fuel the overall growth of this market.

In addition, inclination towards the use of natural ingredients including honey by several pharmaceutical companies for treatments, such as hemodialysis, diabetic foot ulcers (DFUs), autolytic debridement, mucositis, vernal keratoconjunctivitis, and hemorrhoid, will fuel the market growth. Honey infused with natural ingredients helps boost the body’s healing process at a faster rate.

The conventional processing segment held the largest revenue share in 2021 and is expected to maintain its lead over the forecast period. The popularity of these products due to a variety of applications in the food and beverages and beauty and personal care industries is the key factor driving the segment. New product launches by companies in this segment are projected to fuel the market growth.

The hypermarkets and supermarkets distribution channel segment held the largest revenue share in 2021. Owing to the shopping experience offered by these establishments, a large percentage of people prefer to buy products from hypermarkets and supermarkets. Other key reasons contributing to the expansion of this distribution channel are the opportunity to physically inspect these products and the assistance provided. The market is characterized by the presence of a few well-established players and several small and medium players.

Related Press Release@ Honey Market Report

Honey Market Report Highlights

The organic processing segment is projected to register the fastest CAGR of 5.9% from 2022 to 2030 as manufacturers are launching various organic products owing to consumer demand
The online distribution channel segment is expected to register the fastest growth rate during the forecast period owing to a shift in consumer shopping behavior. Due to the availability of doorstep delivery, easy payment methods, and significant discounts, consumers prefer buying honey products from online websites
Asia Pacific is expected to register the highest CAGR from 2022 to 2030 due to the emerging markets of China and India. The growing number of new product launches and rising concerns over health are likely to positively influence the growth of the Asia Pacific market

Agricultural Tractors Market Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Agricultural Tractors Market demand is expected to reach 4,968 thousand units by 2030, expanding at a CAGR of 6.8% during the forecast period, according to a study conducted by Grand View Research, Inc. Increase in farmers’ income, lower bank interest rates, and soaring farm yields are expected to drive the market growth over the forecast period. In addition, increased demand for mini-compact tractors is likely to drive market growth over the forecast period. Also, the integration of sophisticated technology, such as Light Detection and Ranging (LiDAR) and Global Positioning System (GPS), and telematics coupled with the rising popularity of compact tractors are presumed to drive the market growth over the next few years. Increasing demand for medium horsepower (40 to 100 HP) tractors is likely to grow over the next few quarters of 2022.

It is attributed to greater convenience for farmers to operate in compact spaces and provide a better operational experience on different terrain. However, Original Equipment Manufacturers (OEMs) are witnessing supply chain disruptions, which may hamper the market growth. In addition, semiconductor shortages are likely to have production delays. Thus, new agricultural tractor sales are likely to see delayed delivery schedule, thereby hindering the market growth. The international commodity prices of base metals directly influence this market. A rise in raw materials costs of steel, aluminum, and others is likely to increase the price of agricultural tractors, which will eventually impact the market demand. The trend is expected to continue till Q4/2022. As a result, OEMs are expected to increase product prices by 22% in 2022. Such challenges may hinder the demand over the forecast period.

Related Press Release@ Agricultural Tractors Market Report

Agricultural Tractors Market Report Highlights

The surge in demand for 2WD tractors and the rising popularity of autonomous tractors are likely to drive the market over the forecast period
China, India, and countries of Eastern Europe are likely to have strong demand for less than 40 HP engine tractors over the forecast period
This is due to lower credit interest rates and policies undertaken by the respective government to protect farmers’ income
The 2WD and 4WD segments are expected to register 7% and 4% growth rates in 2022 and 6% and 3% in 2023 respectively
The slowdown is attributed to worldwide tractor microchip shortages, which cause supply chain delays leading to low inventory stocks of equipment and parts
Key vendors in the market continue to witness labor shortages, leading to production delays. However, OEMs advancement in electric tractors with autonomous features is expected to be a new revenue stream to increase their market profitability over the next few years

Monday 28 March 2022

North America And Australia Silica Market Worth $16.52 Billion By 2028

The North America And Australia Silica Market size is expected to reach USD 16.52 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.0% over the forecast period. The market growth is attributed to the rising product demand in various applications including oil & gas, rubber, foundry, glass, agrochemicals, and others. Commercial silica sand obtained through mining mainly finds use in oil & gas, glass, and foundry sand. Specialty silica is extracted through wet and thermal processes and includes precipitated, fumed, and colloidal silica along with silica gel and fused gel. These products undergo different processes and find applications in rubber, agrochemicals, oral care, food, desiccants, paints & coatings, and other applications.

Based on application, the market is segmented into oil & gas, glass, foundry, rubber, agrochemicals, oral care, food, desiccants, paints & coatings, and others. The product demand in the oil & gas industry is expected to increase on account of the rising hydraulic fracturing activities. In addition, high demand for glass products owing to the growth in construction activities and increasing beverages consumption will further drive the market. Moreover, the market is expected to witness lucrative growth opportunities in the rubber industry. Highly dispersible silica is used in green tire production, which further enhances the performance parameters of the tire in terms of fuel efficiency and safety, without affecting the durability of the tire.

This is driving the consumption of silica in countries in North America moving toward high production of green tires. With the outbreak of COVID-19, the production of silica sand was severely impacted as the demand from end-use industries declined significantly in 2020. For example, W. R. Grace & Co.-Conn sales in 2020 decreased by 11.7% as compared to 2019. However, with recovery in the economy and increasing demand from industries, such as oil & gas, glass, rubber, and foundry, the production is expected to increase during the forecast period. The growing demand and low production led to a surge in prices in 2021. For example, in November 2021, U.S. Silica Holdings Inc. announced raise in price for its products in the range of 6% to 14% starting from February 2022.

The price increase is part of the company’s plan to curb losses due to a significant and continuous rise in labor, transportation, materials, and manufacturing costs. The market is highly competitive owing to the presence of numerous players and rising product demand from application industries. For instance, in December 2021, Canadian Premium Sand Inc. (CPS) announced to set up its first solar glass manufacturing facility in North America. The company chose the City of Selkirk, Manitoba as the location due to its proximity to a high-grade silica sand quarry.

Related Press Release@ North America And Australia Silica Market Report

North America And Australia Silica Market Report Highlights

The oil & gas segment held the largest revenue share in 2020 owing to the increasing number of rigs in North America and growing investments in the Australian oil & gas industry
A rise in raw material, energy, and transportation costs during the COVID-19 pandemic impacted final product prices
For instance, in August 2021, PQ Corp. announced new prices for its silica products in the U.S. and Canada. The company along with its subsidiary National Silicates declared a price hike of 10–12% for its products
Companies in Australia are making efforts to increase the production of silica. For instance, in September 2021, VRX silica started the processing of its second silica sands project at Arrowsmith, Western Australia. The company is currently awaiting environmental approval for its advanced Arrowsmith North project
The market in Australia was estimated at 2,866.0 kilotons in 2020. The high market growth is on account of development in the application industries, such as glass and foundry, in the country

Tuesday 22 March 2022

Microcontroller Market Worth $41.6 Billion By 2030 | CAGR: 9.8%

The global Microcontroller Market size is expected to reach USD 41.6 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.8% from 2022 to 2030. Globally, more than 27 billion units of microcontrollers were shipped in 2021. The market growth is attributed to the increasing focus on automation and artificial intelligence across various verticals such as automotive and industrial. Increasing demand for embedded control systems in multifunctional devices such as vehicles, robots, medical devices, mobile radio, and residential appliances is also playing a principal role in the growth of the market.

However, the market has witnessed a downfall in revenue owing to the adverse effects of the COVID-19 pandemic. The leading companies such as Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, and STMicroelectronics have witnessed a significant fall in revenues in the first two quarters of 2020. However, as the lockdown restrictions are gradually getting lifted, manufacturing facilities across the globe are reopening with a limited workforce. Further, as the automotive and industrial factories worldwide are reopening, the demand for microcontrollers is expected to grow steadily from 2022 to 2030.

The rising need for agility and flexibility in the industrial ecosystem due to the reducing product lifecycles is expected to spur growth further. The consumer electronics segment has witnessed significant growth owing to innovative technological developments such as wireless sensing and connectivity, automation, along with the emergence of IoT ecosystems in homes. Furthermore, many players in the market are developing microcontrollers with state-of-the-art architecture to make them compatible with the devices that are having such technologies. Miniaturization of microcontrollers and the delivery of high performance with extremely low power usage are some of the key advantages that are offered by some of the new microcontroller units in the market.

The increased demand for devices supporting Ethernet and the Internet of Things (IoT) is also expected to favorably impact the demand for microcontrollers over the forecast period. The demand for microcontroller chips integrated with wireless interfaces, such as ZigBee, microcontrollers, and Bluetooth, has witnessed a considerable rise. Furthermore, the rising need for wireless sensor-based networks for the controlling and monitoring of systems has enhanced the interest of companies in implementing a combination of low-cost systems. Increasing focus on the implementation of energy-efficient solutions for both the discrete and process industries is anticipated to propel sustainable manufacturing in industrial automation for a more efficient process. Flexible production and asset management would also influence factory integration, offering high potential for automation and customized solutions among industrial applications.

Related Press Release@ Microcontroller Market Report

Microcontroller Market Report Highlights

The 32-bit microcontroller is anticipated to emerge as the fastest-growing product segment over the forecast period owing to its ability to offer high computational power. Technological developments in the production of semi-autonomous and fully autonomous driving systems also require 32-bit microcontrollers, thus driving the product segment
The consumer electronics and telecom application segment dominated the global market in 2021. The development of microcontrollers integrated with the Near-Field Communication (NFC), Bluetooth, and ZigBee, among other wireless interfaces is expected to positively impact the global market. The favorable regulatory scenario for the installation of smart grid systems is expected to boost microcontrollers’ demand over the forecast period
Asia Pacific dominated the market in 2021. It is anticipated to witness significant demand, particularly in India and China, because of the availability of high-end luxury as well as economy vehicles. The increasing labor cost in China would result in the increasing automation of industrial processes, which is likely to propel the market demand over the projected period
Factors such as the Brexit and U.S.-China trade war have led to declining market conditions. New American tariffs on Chinese goods and a slowdown in the Chinese economy are the major factors affecting the steady growth of the market

Monday 7 March 2022

Automotive Adhesive Tapes Market by L&L Products, Inc., Sika Automotive AG, The 3M Company, Nitto Denko Corp.

The global Automotive Adhesive Tapes Market size is expected to reach USD 4.73 billion by 2028, registering a CAGR of 7.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing usage of advanced functional materials to improve aesthetics, reduce weight, and enhance the performance of vehicles is expected to drive the market growth.

Technological developments and performance enhancements in vehicles have led to the installation of specialized components, which is expected to have a positive impact on the product demand. In addition, the increasing focus of manufacturers on the development of lightweight vehicles will augment the product demand.

The global automotive market is witnessing switching trends with growing popularity and demand for Electric Vehicles (EVs). Prominent vehicle manufacturers are aiming to comply with environmental standards and emission norms by reducing vehicle pollutants at a significant level. Thus, battery-operated vehicles including cars, mini trucks, and others are gaining popularity across the globe, which, in turn, is expected to drive the product demand.

Related Press Release@ Automotive Adhesive Tapes Market Report

Automotive Adhesive Tapes Market Report Highlights

The interior attachment application segment accounted for the largest revenue share in 2020 owing to high demand for vehicles with improved aesthetics
Emulsion-based adhesive tapes are expected to witness the fastest CAGR on account of the wide usage of these products in permanent application in car exteriors
The powertrain application segment is expected to witness the fastest growth on account of the rising product penetration in electric and hybrid vehicle powertrains
Europe dominated the global market, in terms of revenue share, in 2020 owing to the high per vehicle content of tapes in the European automotive car models
Key market players focus on improving the product application scope in niche areas, such as powertrains and battery compartments, which is expected to drive the industry growth

Wednesday 2 March 2022

Air Compressor Market is Predicted to Witness 3.4% CAGR till 2028

The global Air Compressor Market size is anticipated to reach USD 40.98 billion by 2028, registering a CAGR of 3.4% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. AireTex Compressor; Atlas Copco; Bauer Group; BelAire Compressors; Cook Compression are some of the key players in this industry. Air compressors are used in various industries, such as food and beverages, home appliances, oil and gas, semiconductors and electronics, healthcare, manufacturing, and energy. The rising need for the reduction of CO2 emissions and stringent regulations pertaining to environmental conservation is anticipated to boost market growth. Moreover, eco-friendly, reliable features, ease of handling, and low maintenance costs offered by the product are propelling its demand.

The onset of the COVID-19 pandemic resulted in lockdowns and declining investments across industries and verticals, which hampered the growth of the market. However, after a short slowdown, the market is expected to rebound and witness a healthy growth rate in the post-pandemic era.

The growing consumer awareness regarding product quality, the need for improved air quality, and supportive government policies on energy conservation are anticipated to boost the market growth. At workplaces, air compressors are required to comply with the Occupational Health & Safety (OHS) regulations, which would positively impact the market over the forecast period.

Oil-free air compressors are expected to emerge as the fastest-growing lubrication segment. The growth is attributed to the increased proliferation in the manufacturing sector. Moreover, oil-free compressors reduce the operating costs by evading compressor oil separator elements and down-streaming filter replacement costs.

Asia Pacific dominated the market for air compressor in 2020 owing to rapid industrialization in emerging economies, such as India and China. The need for efficient and next-generation compressors has propelled the product demand across different industries in the region.

Related Press Release@ Air Compressor Market Report

Air Compressor Market Report Highlights

The stationary type segment dominated the market in 2020, while the portable segment is anticipated to emerge as the fastest-growing segment from 2021 to 2028
The oil-filled compressor segment is likely to lead the market over the forecast period. These compressors are widely adopted for commercial applications by the chemical, energy, and manufacturing industries
The rotary/screw air compressor segment is expected to account for a 46.4% market share by 2028. These compressors offer continuous airflow at different discharge pressure and operate through positive displacements. Furthermore, features such as easy maintenance and longer product life are expected to fuel the demand for these compressors over the forecast period
Asia Pacific held the largest market share in 2020. The growing oil and gas sector in countries such as China and India is, in turn, expected to lead the growth of the market