Market Research Blog

High requirements from the offshore vessel positioning in oil and gas exploration, and cargo ships, will drive the ultra-short base line positioning system market to rise at 5.8% CAGR between 2021 and 2031. The U.S. is projected to continue as one of the most attractive markets during the forecast period according to Future Market Insights. According to the study, the U.S. is estimated to account for over 60% of the North America market through 2031.

Many medium to large businesses in the country produce Ultra Short Base Line Positioning Systems, which are used in a variety of applications. Second, significant investments in offshore oil and gas exploration activities fuel growth. Furthermore, the country’s prevalence of water sports and recreational activities generates high demand from the tourism and leisure sectors.

It is also expected to expand at a rapid pace during the forecast period. This is due to the prevalence of a significant tourist trade, as well as significant government and private investments in the development of water sports and recreational activities in the country.

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Ships and vessel owners will increasingly use ultra-short base line positioning systems to ensure the safety of their passengers as interest in water sports and leisure travel grows. This component is expected to foster growth and technological development in the ultra-short base.

“Increasing investments in maritime and marine science are paving way for product developments in the global ultra-short base line positioning system market. Besides this, introduction of sales through online channels by OEMs will further augment market growth,” says the FMI analyst.

FMI on the basis of in-depth regional analysis projects the U.S. to dominate the ultra-short base line positioning system market. The U.S. is forecast to account for 60% of sales in North America. Rapid expansion of various end-use industries such as oil & gas and tourism are anticipated to bode well for the market.

Key Takeaways:

• In terms of nominal range, deep (upto 10,000 m) ultra-short base line positioning system will lead the segment, holding 57% of the total market share.
• 200-degree antenna aperture will account for 45% of the total ultra-short base line positioning system market share.
• ROV, AUV vessels positioning will dominate the end-user segment, accounting for 25% of the total market share.
• Holding 60% of the North American ultra-short base line positioning system market, the U.S. will continue witnessing high growth through 2031.
• Growing investments in machine science and expansions in the oil & gas industry in China will place it as a lucrative market, expanding at a 5.1% CAGR through 2031.
• Sales outlook of ultra-short base line positioning systems in Italy is projected to be positive, holding 20% of the European market.

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Competitive Landscape

Key players operating in the ultra-short base line positioning system market are leveraging strategic collaborations, partnerships, and acquisitions to strengthen their position in the market. Product portfolio expansions and customized products to meet end-users demand will remain lucrative growth strategies during the assessment period. For instance:

• In July 2021, Norwegian company Konsberg Maritime launched two new water jet control systems known as JCS Compact and JCS Extended. These new control systems use standard components for reducing costs and streamlining simple operations.
• In September 2020, EdgeTech, a global leader in high-resolution sonar imaging systems and underwater technology, introduced a new sonar frequency combination suitable for shallow water unmanned surface vehicles (USV) and unmanned underwater vehicles (UUV). The new technology effectively connects small vehicles operating in shallow waters or close to the seafloor.

Leading players operating in Ultra Short Base Line Positioning System Market profiled by FMI include:

• Kongsberg Maritime AS
• Teledyne Marine
• iXblue
• ROV-Support A/S
• EvoLogics GmbH
• Sonardyne Holdings Limited
• AAE Technologies Ltd.
• Tritech International Limited
• Imenco AS
• Deep Trekker Inc.
• VideoRay LLC
• Link Quest Inc.
• Blueprint Design Engineering Ltd.
• Beringia Enterprises LLC (DiveNET)
• EdgeTech

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The global industrial nailers market is valued at around US$ 629.6 Mn in 2022, having registered Y-o-Y growth of 7.5%. The market is projected to increase at a CAGR of 7.9% and attain a valuation of US$ 1.15 Bn by the end of 2030.

FMI provides a half-year comparison and in-depth analysis of the industrial nailer market growth. The market demand for industrial nailers is expected to rise in the coming years due to increased demand and acceptance in a variety of industries.

This is primarily due to its characteristics. It saves time and is useful and well-liked by industry experts, for example.

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The automotive and construction industries, both of which rely heavily on industrial nailers, bear the brunt of the shortage. To combat the virus’s spread, major construction and automobile manufacturers have been forced to halt all on-site projects, resulting in lower output.

This is primarily due to its characteristics. It saves time and is useful and well-liked by industry experts, for example. Because of their ability to install other versatile instruments such as hammers of various types, the market for nailers in the industrial sector is expected to grow during the monsoon season.

Key Takeaways from FMI’s Industrial Nailers Report

• US and East Asian countries will remain epicenter of growth, accounting for over 50% of the revenue share by 2030
• Cordless industrial nailers will outsell pneumatic variants
• Framing & sheathing nailers to capture nearly a quarter of the revenue share
• Automatic nailers are projected to surge in popularity, gaining 170 BPS from 2020-2030
• Furniture segment to generate an incremental $ opportunity worth US$ 153 Mn

“Concerns regarding injuries while using industrial nailers are prompting vendors to introduce enhanced safety features within their products, thus reducing accidents,” concludes the FMI analyst.

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COVID-19 Impact Analysis

The COVID-19 pandemic is slated to have a debilitating impact on world economic growth projections for FY 2020-2021 or possibly even longer. As economic activities of all countries have almost come to a standstill, major supply chain disruptions are on the cards.

Falling production levels across the aforementioned industries have also reduced demand for pneumatic, cordless and gas powered industrial nailers. This is expected to impede revenue prospects of the market in the short-term forecast period.

While the conservative estimates pegs recovery between the next 8 to 14 quarters, the optimistic scenario projects growth to rebound within the next 5 to 8 quarters. Slowdown shall be moderate as consumers are relying on their own carpentry skills to repair their furniture, keeping demand sustained to a significant extent.

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Competitive Landscape

The global industrial nailers market is highly consolidated, with top-notch players relying on product launchers, divestures and acquisition of rival players to stay afloat. These include Stanley Black & Decker, Illinois Tool Work Inc., MAX Co. Ltd., Koki Holdings America Ltd., and Robert Bosch Power Tools GmbH.

In 2018, MAX USA CORP. released the New PowerLite High Pressure Coil Framing Nailer. This nailer has power to drive nails through engineered lumbers such as laminated strand lumber (LSL) and laminated veneer lumber (LVL) respectively.

In 2019, Stanley Black & Decker divested its Sargent and Greenleaf mechanical locks business within the security segment. In 2020, Everwin Pneumatic Corp launched a new product for industrial coil nailers known as PN59 for the automotive segment.

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The global non-destructive testing (NDT) Inspection services market is experiencing a spike in revenues as various end users are investing making their methods safe for workers and consumers.

NDT inspection services are essential in industries that use automation machinery because they are primarily used to identify flaws, defects, and cracks. Continuous checks ensure that safety is evaluated in order to keep the processes running.

Growing investments in railroads, the aerospace industry, the art market, and the healthcare sector are expected to drive market growth in the coming years. Ultrasonic testing is expected to be in high demand in the market because it is simple to use, portable, and provides precise results in a short period of time.

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The market is also expected to be driven by the aging infrastructure that requires constant upgradation to ensure safety. Detection of instabilities and component failures help in implementing preemptive measures, reducing downtime and cost due to delays.

Advancements in radiographic testing equipment with industrial CT scanners has also emerged as strengthening trend in the global market. Future Market Insights predicts that the global NDT Inspection Services market will reach a valuation of over US$ 28 Bn by the end 2030.

Key Takeaways from Global NDT Services Market Study

• Asia Pacific to emerge as the leading regional segment as power plants and manufacturing activities are slated to surge in forecast period
• Ultrasound to occupy sizeable chunk in the market as it remains widely used equipment for assessing dysfunctionalities
• Oil and gas sector to employ NDT inspection services at a growing rate to avoid spillage, leaks, and other accidents
• Government initiatives such as “Make in India”, “Industry 4.0”, and “National Infrastructural Plan” to boost market growth in coming years

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Manufacturing Sector to Lead the Way for Global NDT Inspection Services

The manufacturing sector is expected to grow at an unprecedented pace across regions being a major contributor to global economy. This sector is expected to register a CAGR of more than 6% between 2020 and 2030. As more and more number of manufacturers are trying to automate tasks, they are likely to require testing methods to identify faults in machinery and equipment. Thus, between 2020 and 2030, the NDT inspection services are likely to see extensive application in the manufacturing sector.

The rise of automotive, aerospace, defense, electrical and electronics manufacturing, especially in India and China are expected to boost the uptake of NDT inspection services. Furthermore, stringent laws pertaining to the worker safety across developed nations is also anticipated to lead to a revenue generation for NDT inspection services in the near future.

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COVID-19 Impact on NDT Services Market

The manufacturing sector has been terribly hit by the COVID-19 pandemic. Brining the economies to halt and disrupting the supply chains, the pandemic has also prevented manufacturing activities. Stringent norms of social distancing to prevent infections have resulted in reduced manufacturing activities.

Labor migration back to villages, especially in a country like India, has affected the manufacturing activity beyond measure. Furthermore, plummeting consumption as consumers get cost conscious spending and chances of infection via deliveries, it has addled the manufacturing issues. In the light of this, the NDT inspection services market is expected to suffer as third-party vendors stand to lose their contract renewals.

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More Valuable Insights on Global NDT Services Market

FMI’s research on the global NDT inspection services market is segmented into four major segments. To begin the market for global NDT inspection services is segmented into offering type, which includes NDT Inspection Services and equipment. On the basis of test method, the market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, Eddy current testing, ultrasonic testing, and radiographic testing. On the basis of industrial vertical, the market is segmented into oil and gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.

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The presence of many prominent portable crane manufacturers in China, such as Sym Hoist & Tower Crane, Xuzhou Jiufa Construction Machinery, Dahan Construction Machinery, and Katop Group is projected to drive the market. As per FMI, the China crane market is anticipated to account for about 28.5% of the total market share in 2022.

Another factor that is likely to drive sales is manufacturers’ increased emphasis on leasing and renting hoists. Portable crane rental services are being prioritised by countries such as Turkey, Italy, and India, and are expected to drive growth in the coming years.

A number of major players in the global crane market have implemented policies and plans that prioritise strong customer relationships with dealers, distributors, and other channel participants. These relationships have grown stronger as a result of their local market presence. The global crane market was worth approximately US$ 43.9 billion in 2022, and it is expected to grow 1.5X by 2029.

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Insights Gathered from Crane Market Study

• The integration of cranes with IoT is expected to allow key players to increase sales during the forecast period, especially through contracts from leading companies dealing in real estate buildings and commercial apartments.
• Rising number of remote operations have boosted demand, and more customers are demanding high load capacity cranes.
• Loader cranes find application in refineries and offshore oil droll platforms, and increase in the production capacity of crude oil across the globe (to cater to energy needs) will have a positive impact on the loader crane segment.
• Lack of technological adoption in conventional cranes will act as a restraint, and manufacturers will have to adopt advanced automation solutions to sustain and enhance their market share.
• China is estimated to hold a significant share in the global crane market, and is expected to drive market growth in the region, while growing at a CAGR of above 5% in terms of value from 2022 to 2029.

“Increasing demand for high capacity cranes and need for portability are propelling the sales of handheld cranes, mainly manufactured by leading players. Further, providing customer-specific products at attractive costs based upon individuals’ economic tier and spending capability is expected to drive the growth of the crane market in the coming years.”

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Crane Market: Participant Insights

The crane market is largely fragmented, owing to a large number of established and large players. The report also provides details of some of the key players in the global crane market, such as Liebherr Group, XCMG Construction Machinery Co. Ltd, The Manitowoc Company, Texrex Corporation, Cargotec Oyj, Tadano Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd. Kobelco Ltd, and Kato, among others. Increasing investments in public and private sector construction projects are primarily responsible for driving the growth of the market.

Competitiveness in this landscape is growing stronger, and the adoption of new crane technology is superseding the cranes of yesteryears. With numerous updations, customizations, and innovations, end users can increase uptime, save on maintenance and energy costs, scale products with the business, and extend the life of their investments, all of which will play a significant role in the global crane market.

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In 2022, the global walk-in coolers and freezers market is expected to be worth approximately $9.52 billion USD. With the increasing trend of installing customised walk-in coolers and freezers, the overall market is expected to grow at a 5.7% CAGR between 2022 and 2029, reaching a valuation of US$ 14.05 Bn by 2029.

According to FMI, the United States will continue to be the most profitable market for both indoor walk-in coolers and freezers and commercial grades. The presence of well-established retail sectors, the growing popularity of customised walk-in coolers and freezers, rising hotel construction, and the presence of leading market players will all help sales in the United States.

Furthermore, rising adoption of portable walk-in coolers and freezers in pharmaceutical and clinical research segments, as well as rising sales of food products through online platforms, will support the growth of the US market. Based on the aforementioned factors, a healthy market share of 25.7% has been projected for North American walk-in coolers and freezers market dominated by the U.S in 2022.

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Digitalization and smart technologies continue to influence numerous product developments and demand-side dynamics, and walk-in coolers and freezers are no exception. As consumers show marked preference for efficient yet custom-sized units, manufacturers are leveraging technological advancements to develop unique product features that fulfil specific customer requirements.

“Walk-in coolers and freezers are witnessing transformations under the influences of smart technologies and digitalization, and consumer preference for customized yet efficient equipment has led manufacturers to emphasize application-specific features in new product development”.

According to the study, key players in the walk-in coolers and freezers market also remained focused on improving energy efficiency of their products, considering the continuous changes in energy conservation standards for various commercial and industrial equipment including walk-in coolers and freezers. These players are continuously putting efforts on improving quality of their offerings, while investing in innovative developments that would yield substantial improvements for customers.

Walk-in coolers and freezers with self-contained refrigeration continue to account for higher share as compared to remote condensing and multiplex condensing. Considering the suitability of self-contained refrigeration in almost any application along with ease of service and maintenance, this category also continues to witness higher innovation and investments.

According to the study, the walk-in coolers and freezers market shows a high level of fragmentation, and therefore, several market players are focusing on forging strategic alliance with other players to improve their market shares. Manufacturers are also focused on offering products that can be custom designed to fit any settings along with several add-on features to increase convenience and ease-of-use.

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FMI’s research study also offers a long-term perspective and thorough analysis on opportunities present in the walk-in coolers and freezers market for the period between 2022 and 2029. As per the study, the global walk-in coolers and freezers market is projected to register a CAGR of 5.6% during the forecast period.

Gains Remain High from Commercial Kitchens & Restaurants

Walk-in coolers and freezers continue to gain high traction from commercial kitchens and restaurants, which are widely used to preserve raw foods and grocery items. As international fast food chains and café outlets continue to explore opportunities in various attractive destinations, demand of walk-in coolers and freezers has been on an upward swing across the globe.

North America and Europe have been the early adopters of commercial kitchens and restaurants; however, they are reaching their saturation point. Walk-in cooler and freezer manufacturers are tapping into opportunities in developing countries in East Asia, where multi-cultural environment, changing eating habits, and rising disposable income have opened avenues of growth for commercial kitchens and restaurants. Moreover, walk-in coolers and freezers market in East Asia is likely to take over the Europe market in the future.

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The global magnetic separator market is estimated to reach US$ 1.3 Bn in 2022. Increasing use of magnetic separators to remove unwanted particles during the metal recycling processes across diverse industries is propelling the demand in the market. Driven by this, the market valuation is set to reach US$ 1.7 Bn in 2029.

Magnetic separator is a type of separation and sorting equipment, mainly used for separating magnetic minerals mixed in non-magnetic minerals such as removal of metallic and ferrous materials from a mixture with the help of magnetic force.

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Oceania Emerging as a High Potential Storehouse of Opportunities

In the past five years, the Oceania region witnessed substantial growth in mineral production. In 2012, the Oceania region accounted for a share of 5.1% in the global mineral production, while in 2017, the Oceania region accounted for a share of more than 7.0%. Increasing mineral production in the region is expected to increase the demand for mineral sorting and separation equipment. Consequently, increasing the demand for magnetic separators.

The rising number of metallic contamination incidents in several food and beverage products have triggered a great demand for enhanced safety. Government authorities have formed several regulations to improve the operational safety and thus, there has been a greater demand for high performance magnetic separators in the food and beverages processing industry.

The East Asia market is expected to dominate the global magnetic separator market, owing to its relatively large consumption for separation and sorting equipment in mining and other industries. North America and Europe magnetic separator markets are expected to experience modest growth, owing to being mature magnetic separator markets.

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Countries/regions such as Australia, Japan, India, Brazil, and ASEAN being at the forefront in the mining industry are expected to generate significant opportunities in the global magnetic separator market. Significant growth in demand for magnetic separators is also anticipated to be witnessed in countries of Middle East and Africa, owing to substantial requirement for separation and sorting equipment such as magnetic separators in mining, chemicals, cement, steel, and other industries.

Some of the key manufacturers involved in the magnetic separator market are Eriez Manufacturing Co, Nippon Magnetics, Inc., LONGi Magnet Co., Ltd, Metso Corporation, Outotec Oyj, Noritake Co., Limited, A AND A MAGNETICS, INC, SLon Magnetic Separator Ltd., KANETEC CO.,LTD., Shandong Huate Magnet Technology Co., Ltd, Douglas Manufacturing Co., and Inc., among others.

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This will remain a critical factor in allowing marine radar sales to grow at a 2.4% CAGR between 2021 and 2031. Demand is expected to be consistent throughout the forecast period, allowing the market to grow by slightly more than 2% year on year in 2021. Future Market Insights (FMI) presented an optimistic outlook for the marine radar market in a new study, especially with the introduction of next generation solid state radars.

Marine radar is a device that sends out small bursts of electromagnetic waves and receives the waves back, allowing it to calculate target range, angle, and speed. According to FMI, X-Band radar commands a sizable market share. It is also used in merchant marine, fishing vessels, yachts/recreational, and military/naval Applications

Technology advancement and rising demand for advanced intrusion detection systems are driving market expansion. According to FMI, the market’s valuation will reach US$ 971 Mn by the end of 2031.

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Key Takeaways of Marine Radar Market Study

• The global marine radar market is projected to expand at a CAGR of ~2.4% by during the forecast period of 2021-2031
• The U.S. will remain a key pocket for sales, accounting for over 90% of the North America Market based on value in 2021
• Slump in growth is likely in the U.K. following the pandemic outbreak in 2020. FMI projects the market to record -0.5% Y-o-Y growth in 2021. However, recovery is on cards 2022 onwards
• Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well
• After sluggish return in 2020, sales in both Japan and South Korea market are likely to improve

    “With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint.” says a FMI analyst.

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The demand for Marine Radar is expected to grow at moderate rate owing to its increasing consumption in Merchant Marine application. Military Naval is the segment is expected to grow during the forecast period with fastest CAGR. Naval sector plays an important role in structuring command on the marine radar market. China and India are the major target locations for supply of Marine Radar for manufacturers.

Who is Winning?

The global marine radar market is equally integrated at global and regional levels. Some of the leading players included in the report are FURUNO ELECTRIC CO., LTD., Northrop Grumman Corporation, Lockheed Martin Corporation, Saab AB, Japan Radio Co. Ltd., BAE Systems, JRC (Alphatron Marine), and Garmin, Raytheon Company, Wärtsilä SAM Electronics Gmbh, Transas Marine International AB and others. To gain competitive advantage in the market, market participants are involved in acquisition activities expansion, merger, and expansion with regards to excessive market growth.

Want to Know More?

Future Market Insights has released a Marine Radar market research report providing the 2016-2020 global industry analysis and the 2021-2031 opportunity assessment. The report provides an in-depth analysis of the Marine Radar Market across various segments, namely the type, application and region of the product. The Marine Radar Market study, along with an overview of the parent market, also provides supply and demand trends.

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