Market Trends and Growth: July 2023

Friday 28 July 2023

Fire Pits Market Size Worth $11.3 Billion By 2030 | CAGR: 6.5%

The global Fire Pits Market size is expected to reach USD 11.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The market is being fueled by an increase in home sales, the adoption of an urban lifestyle, and a growing necessity for fire pits. The market is mostly driven by northern countries with cold and severe climates. Fire pits are built to help consumers cope with the cold, which drives the increase in sales and also the expansion of the market.

Innovations brought by companies are expected to meet customers’ current demands and expectations. Hotel industries are providing royal touch to the atmosphere for visitors by focusing on the construction of architecturally built gas fire tables, which provide an attractive look both the inside and outside. This is expected to propel the market growth over the forecast period. For instance, in January 2022, VIP Hospitality Group, LLC was undergone a multi-million-dollar renovation and repositioning of the Nordic Oceanfront Inn in Lincoln City, Oregon. The main gathering point will be the hotel’s revamped courtyard, featuring fire pits, a bocce ball court, a beverage bar, a pet lawn, and BBQs.

The wood-burning segment of the bathroom vanities market is dominated in terms of product type, and it is anticipated that it would hold the largest market share during the projection period. Depending on the type of wood and the prevailing airflow in the area, wood logs can burn for four to eight hours. Additionally, logs that have just half burned can be preserved for subsequent use.

North America held the largest market share in 2021, owing to the continuous expansion of the residential sector on account of the increasing number of households. Also, homeowners looking to upgrade and expand their outside living space are accelerating the demand for fire pits in the U.S. Additionally, the market growth of outdoor living space changed with the pandemic.

To achieve product differentiation, market players are investing heavily in research and development activities. This enables companies to obtain an advantage and thrives in competitive markets. For instance, in September 2021, HPC, a Warming Trends brand, launched an interactive app for fire pit installation and in-field troubleshooting that visually guides the installer or field technician through every stage of the installation and servicing of any HPC gas fire pit.

Related Press Release@ Fire Pits Market Report

List of Key Players in Fire Pits Market

Firepits UK
Galaxy Outdoor
Warming Trends Inc.
Crate and Barrel
Airxcel, Inc. (Suburban)
Fire Sense (Well Traveled Living)
Yaheetech.shop
KingSo
PALOFORM
LANDMANN (DS Group)

Fire Pits Market Report Highlights

The market for fire pits was valued at USD 6.86 billion in 2022 and is expected to register a CAGR of 6.5% over the forecast period. Consumers are embracing the outdoors and are looking to make the most of their outdoor spaces, which subsequently is driving the demand for outdoor fireplaces and fire pits. Consumers are increasingly creating outdoor rooms with different materials and color schemes and aesthetics
The wood-burning segment is expected to witness substantial growth over the forecast period with a CAGR of 5.8% from 2023 to 2030. With more people dining out and the resulting increase in hotel & restaurant construction projects, there is an increased demand for aesthetic and comfortable outdoor furniture
The tabletop fire pits segment is expected to witness substantial growth over the forecast period with a CAGR of 10.2% from 2023 to 2030. Fire tables offer warmth, beauty, and a place to eat, drink, and chat in one contemporary display. Several international brands are launching their products worldwide after adapting them to the requirements of regional consumers
The outdoor segment was valued at USD 4.57 billion in 2022 and is expected to register a CAGR of 6.1% over the forecast period. The increased adoption of western culture and socializing trends such as outdoor dining, barbecuing, and grilling are among the factors expected to create different opportunities for the outdoor fire pits market
The B2B segment is expected to witness substantial growth over the forecast period with a CAGR of 7.1% from 2023 to 2030. In the upcoming years, it is anticipated that rapid investments in hotel, spa, and café construction, along with the growth of smart city initiatives, would create new opportunities for market participants
North America region was valued a USD 2.73 billion in 2022 and is expected to reach USD 4.29 million by 2030. Rapid growth in the installations of cabinets in new and existing homes, as well as in nonresidential buildings of Asia Pacific, will support the robust demand growth
HPC, a Warming Trends brand one of the key players, announced the launch of an interactive app for fire pit installation and in-field troubleshooting, the app visually guides the installer or field technician through every stage of the installation and servicing of any HPC gas fire pit

Fire Pits Market Report Scope

Report Attribute	Details
Market value in 2023	USD 7.3 billion
Revenue forecast in 2030	USD 11.3 billion
Growth Rate	CAGR of 6.5% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

Related Category Reports@

Scented Candles Market

Online Laundry Service Market

Fire Pits Market Segmentation

Grand View Research has segmented the global fire pits market based on product type, type, end-use, sales channel, and region:

Fire Pits Product Type Outlook (Revenue, USD Million, 2017 - 2030)

Wood Burning
Propane
Charcoal
Gas
Others (Ethanol, Gel-fueled)

Fire Pits Type Outlook (Revenue, USD Million, 2017 - 2030)

Classic Fire Pit
Fire Table
Fire Pit Bowls
Tabletop Fire Pits
Chiminea
Others (Ring, Pagoda, Column)

Fire Pits End-use Outlook (Revenue, USD Million, 2017 - 2030)

Indoor
Outdoor

Fire Pits Sales Channel Outlook (Revenue, USD Million, 2017 - 2030)

Fire Pits Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France

Asia Pacific

China
India
Japan

Central & South America

Brazil

Middle East & Africa

South Africa

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Thursday 27 July 2023

Fencing Market Size is Predicted to Witness 5.5% CAGR till 2030

The global Fencing Market size is anticipated to reach USD 44.39 billion by 2030, growing at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing need to safeguard agricultural assets and the aggressive investments being made by private companies in strengthening the security and enhancing the aesthetics of their premises are expected to drive the growth of the market over the forecast period. The growth of the real estate market and the increase in the number of remodeling projects being undertaken are expected to contribute to the growth of the market.

Government bodies are putting a strong emphasis on ensuring physical safety and security at public premises and parks. Consumers from both semi-urban and rural areas are equally focusing on countering any potential security breaches. For instance, while cultivators are opting for fences to mark the perimeters of their properties and to protect their livestock, property owners are looking forward to having novel properties with an aesthetic appeal. Subsequently, the growing demand for innovative fences is prompting market players to experiment with innovative materials to enhance durability while reducing the cost of their fencing solutions.

Consumer preferences for fencing solutions vary largely according to the design, cost, quality, and appearance. Household customers have started considering a fence as a vital part of a stylish home. They are also realizing gradually that a decorative fence can equally serve as a sign of social status as it can make their property stand out. In other words, customers have started realizing that attractive fencing can add to the curb appeal of their property. As such, a picket fence is emerging as the most decorative fencing option. All these factors are expected to drive the growth of the market over the forecast period.

List of Key Players in the Fencing Market

Allied Tube & Conduit
Ameristar Fence Products Incorporated
Associated Materials LLC
Bekaert
Betafence NV
CertainTeed Corporation
Gregory Industries, Inc.
Jerith Manufacturing Company Inc.
Long Fence Company Inc.
Ply Gem Holdings Inc.
Poly Vinyl Creations Inc.

Related Press Release@ Fencing Market Report

Fencing Market Report Highlights

The metal segment is expected to dominate the market over the forecast period owing to the increasing demand for high-end, ornamental, metal fences for both commercial and residential applications
Numerous vendors are focusing on selling their products on e-commerce platforms as part of their efforts to reduce operating costs and increase profit margins, thereby creating growth opportunities for the online segment over the forecast period
Homeowners prefer approaching contractors to select and install the appropriate fence for their homes and increase the value of their property
The residential segment is expected to witness phenomenal growth over the forecast period in line with the growing number of residential construction and renovation projects being undertaken
The strong emphasis on ensuring the safety of farms, livestock, and crops from trespassers and wild animals is expected to propel the growth of the agricultural segment
The government segment is expected to grow over the forecast period in line with the increasing adoption of fences for government buildings, embassies, and VIP quarters, among other government installations
The demand for fences is expected to gain traction in Asia Pacific owing to the increasing demand for fences for agricultural applications in line with the evolving agriculture industry, especially in emerging economies, such as India and China
The market can be described as a highly fragmented market characterized by intense competition between several local manufacturers aggressively looking forward to meeting consumer needs by offering cost-effective products

Fencing Market Report Scope

Report Attribute	Details
Market size value in 2022	USD 29.02 billion
Revenue forecast in 2030	USD 44.39 billion
Growth rate	CAGR of 5.5% from 2022 to 2030
Base year for estimation	2021
Historical data	2017 - 2020
Forecast period	2022 - 2030

Related Reports@

Gardening Equipment Market

Lawn Mowers Market

Fencing Market Segmentation

Grand View Research has segmented the global fencing market based on material, distribution channel, installation, application, end use, and region:

Fencing Material Outlook (Revenue, USD Million, 2017 - 2030)

Metal
Wood
Plastic & Composite
Concrete

Fencing Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

Online
Retail

Fencing Installation Outlook (Revenue, USD Million, 2017 - 2030)

Do-It-Yourself
Contractor

Fencing Application Outlook (Revenue, USD Million, 2017 - 2030)

Residential
Agricultural
Industrial

Fencing End-use Outlook (Revenue, USD Million, 2017 - 2030)

Government
Petroleum & Chemicals
Military & Defense
Mining
Energy & Power
Transport
Others

Fencing Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Belgium
Poland

Asia Pacific

China
India
Japan

Latin America

Brazil
Mexico

Saudi Arabia
UAE

Friday 14 July 2023

Outsourced Semiconductor Assembly And Test Services Market To Reach $67.92 Billion By 2030

The global Outsourced Semiconductor Assembly And Test Services Market size is expected to reach USD 67.92 billion by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc.

outsourced semiconductor assembly and test (OSAT) vendors are third-party service providers offering testing, packaging, and assembly of integrated circuit devices, which ultimately helps bridge the gap between semiconductor foundries and consumers. The market growth is driven by the use of OSAT packaging and test services by semiconductor device manufacturers worldwide. The significant increase in the number of connected devices and consumer electronics, along with an increasing focus of the companies on quality improvement and end-to-end testing solutions, is expected to further drive the market growth. Furthermore, the growing dominance of fabless market players in the sales of ICs is expected to contribute to the growth of the OSAT market.

The semiconductor industry is evolving continuously in line with the continued advances in technology and integration of the latest technologies in the overall digital ecosystem. The growing demand for having maximum functionalities on a system on a chip (SOC) and ensuring optimal performance of the memory system is, particularly increasing the semiconductor intellectual property (IP) cores. As such, the growing need for more effective memory solutions is driving the development of increasingly sophisticated semiconductors capable of performing intensive memory operations.

Semiconductors are evolving continuously in line with the advances in the latest technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), in particular, thereby prompting key providers of semiconductor chips to focus continuously on addressing the needs of both AI and IoT deployments and offer new, improved chips. At the same time, the continued rollout of 5G networks is driving the demand for faster, high-performance computing systems. All these trends are anticipated to open lucrative opportunities for the growth of the OSAT services market over the forecast period.

Following the continuing COVID-19 epidemic, businesses involved in manufacturing activities particularly opted for manufacturing and production solutions based on IoT technology and smart devices to facilitate remote operations and monitoring. The demand for healthcare and medical devices had already been rising in the wake of the outbreak of the pandemic; but the demand for advanced consumer electronics, such as smartphones, smartwatches, and other smart wearables, also started skyrocketing in line with the continued recovery of the market following the easing of lockdowns and other restrictions.

Several major OSAT services market players, such as Powertech Technology Inc., ASE Technology Holding Co., and Amkor, reported gains in their quarterly and annual numbers for 2020 and 2021. For instance, revenues of Powertech Technology Inc. increased 29% y/y in Q1/2020 in line with the growing demand for semiconductor chips from the incumbents of various end-use industries and industry verticals.

ASE Technology Holding Co. also reported a 9.56% year-on-year increase in revenues for Q1/2020. ASE Technology Holding Co.’s consolidated revenues grew over the year by 15.4% or by USD 2.12 billion to USD 16.96 billion in 2020. With the growing demand for 5G network equipment and high-performance servers and the continued launch of new, innovative electric vehicles globally, the demand for semiconductor components is poised for a remarkable upsurge, which bodes well for the growth of the OSAT services market over the forecast period.

List of Key Players in theOutsourced Semiconductor Assembly And Test (Services Market

Powertech Technology, Inc.
Amkor Technology Inc.
ASE Technology Holding Co.
ChipMOS Technologies Inc.
King Yuan Electronics Co., Ltd.
JCET Group Co., Ltd.
Hana Micron Inc.
UTAC Holdings Ltd.
Lingsen Precision Industries, Ltd.
Shenzhen CPET Electronics Co., Ltd.
Siliconware Precision Industries Co., Ltd.
Aehr Test Systems

Outsourced Semiconductor Assembly And Test Services Market Report Highlights

The OSAT services market’s growth is majorly driven by the growing demand for consumer electronics, continued electrification enhancements in next-generation electric vehicles, and the crucial role of semiconductor devices in industrial automation and smart manufacturing
The assembly & packaging segment held the largest market share in 2022. The growth can be attributed to the crucial role played by assembly & packaging in the automobile industry. The increasing sale of vehicles post-COVID-19 pandemic setback is expected to drive the demand for assembly & packaging
The telecommunication segment accounted for the largest revenue share of 25.2% in 2022. The increasing demand for outsourced semiconductor assembly and test services for manufacturing equipment such as analog and digital equipment, base transceiver stations, satellites, and multiplexers is expected to propel the market growth
Asia Pacific dominated the market with a revenue share of 60.2% in 2022. Government initiatives encouraging the establishment of electronic component manufacturing facilities and rapid industrialization in India, South Korea, Vietnam, and China, among other economies, are expected to propel the regional market growth
Some of the prominent industry players include ASE Technology Holding Co.; Amkor Technology Inc; Jiangsu Changdian Technology Co.; Powertech Technology Inc; and Siliconware Precision Industries Co., Ltd. The market is relatively fragmented, with outsourced semiconductor assembly and test services providers in the regional market

Outsourced Semiconductor Assembly And Test Services Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 39.92 billion
Revenue forecast in 2030	USD 67.92 billion
Growth Rate	CAGR of 7.9% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

Related Reports@

Automotive Semiconductor Market

Silicon Carbide Semiconductor Devices Market

Outsourced Semiconductor Assembly And Test Services Market Segmentation

Grand View Research has segmented the global Outsourced Semiconductor Assembly And Test (OSAT) services market based on service type, application, and region:

Outsourced Semiconductor Assembly And Test Service Type Outlook (Revenue, USD Billion, 2017 - 2030)

Assembly & Packaging

Ball Grid Array Packaging
Chip Scale Packaging
Multi-chip Packaging
Stacked Die Packaging
Quad-flat & Dual-inline Packaging

Testing

Outsourced Semiconductor Assembly And Test Services Application Outlook(Revenue, USD Billion, 2017 - 2030)

Telecommunication
Consumer Electronics
Industrial Electronics
Automotive
Aerospace & Defense
Others

Outsourced Semiconductor Assembly And Test Services Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North America

U.S.
Canada
Mexico

Europe

UK
Germany
France

Asia Pacific

China
India
Japan
Taiwan
South Korea

South America

Brazil

Middle East & Africa