Market Research Blog – Page 10994 – New Product Development

Adult Diapers Market to Expand at Over 6.9% CAGR, Surpassing US$ 34.10 Bn through 2032

The global adult diapers market size is expected to reach ~US$ 34.10 Bn by the end of 2032. Expand at over 6.9% CAGR, surpassing US$ 17.20 Bn in 2022. Growth in the market is expected to surge with rising prevalence of incontinence across the globe.

According to the report, the geriatric population is growing at a significant rate across the globe coupled with rise in prevalence of incontinence in general population boost demand for adult diapers across the globe.

The report offers a comprehensive view of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.

It includes in-depth insights into the adult diapers market. Some of these are:

The estimated value of the adult diapers market was at ~US$ 16.89 Bn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
Regionally, North America dominates the adult diapers market globally owing to high consumer awareness and adoption of personal hygiene products among adults in the region.
East Asia emerges as one of key markets owing to rising affluence of working women and increasing demand of personal hygiene products for women at school, work places, and public settings in the region
Growth of e-retailer’s sales channel is expected to boost the sales of adult diapers over the forecast period.
Prominent players are expected to introduce an eco-friendly adult diapers with innovative designs, features, and materials to have a competitive edge in the market.

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Rise in Demand for Reusable or Cloth Diapers to Manage Incontinence Problem

Based on the product type, the reusable adult diapers segment creates a significant growth in the global adult diapers market.

Consumers in the market are considerably demanding for environmental-friendly diapers to reduce landfills coupled with various advantages associated with reusable diapers such as reduces diaper rash symptoms, comfortable, and use of less harmful chemicals are some of the factors expected to exhibit a significant growth in the global adult diapers market during the forecast period.

Furthermore, affordability of reusable adult diapers as compared to disposable diapers propel the global adult diapers market for further growth. Increasing use of cloth diapers among aging population who are suffering from incontinence and related problems is another factor influencing the growth of the global adult diapers market in the near future.

Who is Winning?

Some of the leading players operating in the adult diapers market are The Procter & Gamble Company, Ontex Group, Daio Paper Corporation, Unicharm Corporation, Kimberly-Clark Corporation, Medline Industries Inc., Hengan International Group Co. Limited, First Quality Enterprises, Inc., Nippon Paper Industries Co., Ltd., Essity AB, Covidien Company, DSG International Ltd., Kao Corporation, Svenska Cellulosa AB, Enka Hijyen, NorthShore Care Supply, and others. These manufacturers are developing novel products with natural material to meet growing consumer requirements as well as expand their product portfolio. Moreover, strategic partnership with local distributor, mergers and acquisition, and enter into digital platform remains a popular strategy among the market players. Companies intend to expand their regional footprint through strategic collaborations.

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In 2022, NorthShore Care Supply introduced a new direct-to-customer website ‘NorthShore.com’ enable customers to shop for incontinence products such as adult diapers through online sales channel. The website is featured with intuitive product recommendations based on consumer’s preferences.
In 2021, Enka Hijyen- Turkey based baby diaper manufacturer, now entered into adult diaper business segment by introduced a novel adult diapers under Paddlers brand. This Paddlers adult diaper will people suffering from moderate to severe incontinence problem.

Get Valuable Insights into Adult Diapers Market

Future Market Insights, in its new report, presents an unbiased analysis of the global adult diapers market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights on the adult diapers market based on product type (reusable and disposable), style (pants/pull-up style, pad style, flat style, and others), material type (cotton, mono-woven fabric, micro fabric, fluff pulp, and others), size (small, medium, large, extra-large, 2XL), end-user (male, female, and unisex), price range (economy, mid-range, and premium), sales channel (wholesalers/ distributors, supermarkets/hypermarkets, pharmacies & drug stores, specialty stores, independent small stores, e-retailers, and other sales channel), region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa).

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Period Panties Market has Expanded Exponentially over the Past Decade | Impact of COVID -19

The global period panties market to grow at 15.8% CAGR between 2020 and 2030. By the end of 2021, the market’s valuation is expected to reach US$ 180 Mn. The rise in awareness about feminine hygiene coupled with the increase in demand for eco-friendly period panties is projected to present lucrative opportunities for expansion of the market.

An increasing number of women getting conscious about the prevalence of the diseases associated with unhygienic menstrual management practices and they are opting safer ways to maintain the proper menstrual hygiene.

According to the National Centre for Biotechnology Information (NCBI), women who use reusable absorbent pads are more likely to be diagnosed with at least one urogenital infection than women using disposable pads. Disposable period panties being meant for maintenance of proper hygiene and providing comfort are experiencing surge in demand.

The COVID-19 pandemic has affected the sales of the market severely, especially earlier this year. However, the market seems to be recovering steadily owing to the rise in requirement for the safer and more hygienic ways of menstrual management practices. FMI in the study reports growth at decelerated pace in 2020. However, 2021 onwards the market is expected to regain momentum.

FMI offers an in-depth analysis of the market trends, potential, growth, and restraints.

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Some of the key takeaways from the report are highlighted below-

Brief-styled period panties are increasingly preferred style
Disposable period panties will emerge as highly sought after product in the coming years
Sales of medium-sized period panties will remain considerably high
Maximum sales of period panties are expected to happen via offline sales channels, however, growth exhibited by online channels is expected to happen at a higher rate
North America is expected to remain the dominant market for period panties yet East Asia and South Asia are expected to report growth at higher rate

“The demand for hygienic menstrual management has increased the requirement of period panties substantially over the past decade. The rise in concern about maintaining proper female hygiene is forecast to boost the growth of the market further in the coming years. With an increasing number of consumers willing to spend for better comfort, period panties sales are expected to pick up,” says an FMI analyst.

COVID-19 Impact Analysis

The global period panties market has suffered major set-back due to the outbreak of novel coronavirus, during the first half of this year. The sudden lock down followed by the decrease in demand due to the shifted focus towards emergency requirements has slowed down the growth of the market.

While the market is overcoming the restraints such as financial crisis, unavailability of enough raw materials, and others, the demand for period panties is rising again to let the market expand further. According to FMI, the market is likely to get back to its feet by the end of the next year paving new paths to excel for the key market players.

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Who is Winning?

The global period panties market has a highly competitive environment. In order to sail through the cut-throat competition, the key market players are focusing on launching of better quality products.

For instance,

Knixwear launched its new range of absorbent, machine-washable, and comfortable leakproof period panties such as Leakproof Boyshort, Leakprooof High Rise, Leakproof Bikini, and others in 2020
Modibodi launched its new extensive range of period panties such as Seamfree Full Brief Heavy-Overnight Absorbency, High-Waist Bikini Heavy-Overnight Absorbency, and others in 2020. They are focusing on brining quality products for all body types of women to target wider range of consumers

More Valuable Insights on Period Panties Market

In the latest report by Future Market Insights, we offer an unbiased analysis of the global period panties market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of product type (reusable, disposable), style (boy short, bikini, brief, hipsters, others), sales channel (online (e-commerce owned portal, company owned portal), offline (exclusive stores, multi-brand stores)), across six major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA).

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Women’s Luxury Footwear Market to Reach a Value of US$ 30 Bn in 2022

The market for women’s luxury footwear is currently worth close to US$ 30 Bn in 2022, and is projected to close in on a valuation of US$ 39 Bn by 2029, rising at a steady CAGR of 5% from 2022 to 2029.

Globally, there were 22.4 million HNWIs, and in 2021, their combined wealth totaled US$ 61,275 billion. With over 5.6 million HNWIs, Europe had the highest pace of HNWI population increase. As a result, people have large purchasing power. Additionally, the rise in the number of working women and the inclusion of women in the labour force in nations like Japan, the UK, and France contribute.

In 2022, worldwide sales of women’s luxury footwear are mostly contributed by sandals and flats casual as compared to other categories (boots, heels & pumps, and casual, sneakers & sports shoes) in the market.

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Key Takeaways – Women’s Luxury Footwear Market

Europe is expected to remain prominent in the global women’s luxury footwear market, owing to high concentration of luxury footwear manufacturers such as JIMMY CHOO PLC, Hermes, Christian Dior, Gucci, Chanel, etc.

The sandals & flats segment is considered as key attributor to the global women’s luxury footwear market, which can be attributed to their availability in wide variety of designs.
High exposure of consumers in websites such as Amazon, Walmart, etc., with 10% online penetration rate, support online retail in becoming the most lucrative sales channel.

Increasing number of high-net-worth individuals (HNI) led to a surge in demand for custom footwear. Advancements in technology such as 3D printing and advanced sensors would also push manufacturers to introduce innovative shoe designs.

Top Trends in Women’s Luxury Footwear Market

The women’s footwear market contributes high market revenue share as compared to men’s. Changing lifestyle, growing fashion concern, and celebrity endorsement have a significant impact on the global footwear market. The recent market trends in luxury footwear are – sustainable footwear, smart shoes, and athleisure trends. Different types of prints with huge popularity in the past include animal print boots, florals print, minimalist style heels, feather heels, bright chunky sneakers, big toe sandals, etc.

Competitive Landscape Analysis

The report highlights some prominent players in the global women’s luxury footwear market, which include Kering, Burberry, Caleres, Jimmy Choo PLC, and others. Market players primarily focuses on product design and innovation. Maison Baum, a Germany-based luxury footwear manufacturer, launched a pain free high heel in Q1 2019. The company uses its patented footbed technology and an insole with anatomical elevations to shift wearers’ weight from the ball of the foot.

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Key Segments of Women’s Luxury Footwear Industry Survey

Women’s Luxury Footwear Market by Product:

Women’s Luxury Boots
Women’s Luxury Heels & Pumps
Women’s Luxury Sandals & Flats
Women’s Luxury Casuals, Sneakers & Sports Shoes

Women’s Luxury Footwear Market by Material:

Rubber Footwear
Leather Footwear
Polyester Footwear
Velvet Footwear
Canvas Footwear
Textile Footwear
Others

Women’s Luxury Footwear Market by Price Range:

US$ 300-499
US$ 500-699
US$ 700-999
US$ 1,000-1,299
US$ 1,300-1,599
US$ 1,600 & Above

Women’s Luxury Footwear Market by Sales Channel:

Offline Sales of Women’s Luxury Footwear
- Department Stores
- Specialty Stores
- Monobrand Stores
- Off-price Stores
- Others
Online Sales of Women’s Luxury Footwear

Women’s Luxury Footwear Market by Region

North America Women’s Luxury Footwear Market
Latin America Women’s Luxury Footwear Market
Europe Women’s Luxury Footwear Market
East Asia Women’s Luxury Footwear Market
South Asia & Pacific Women’s Luxury Footwear Market
Middle East & Africa (MEA) Women’s Luxury Footwear Market

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Smart Shoe Market is Projected to Reach US$ 608.2 Mn by 2032

The smart shoe market is estimated at US$ 231.4 Mn in 2022 and is projected to reach US$ 608.2 Mn by 2032. The market grew at a CAGR of 7.6% from 2016 to 2021. The smart shoe market holds a minor amount of share of ~0.5% in the overall footwear market, but it is anticipated to alter over the next decade.

As increasing consumer proclivity for health and fitness related products has been elevating the prospects of smart wearables landscape, it is highly likely that smart shoes will also establish a firmer base in coming years. Functional capabilities of smart shoes tracking the data of running or walking, running routes, calories burned, and activity speed will continue to place smart shoes in today’s desirable products category.

Other important technologies such as GPS navigation are also likely to uplift applicability of smart shoes in the tech savvy age.

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According to FMI’s analysis, navigation shoes will remain bestselling in the smart shoe market, accounting for more than half of the global smart shoe sales. Step counting smart shoes are also cited as a popular category among consumers of smart shoes.

With leading manufacturers of smart shoes concentrating on enhancing overall customer experience by investing more efforts in improving the cushioning effect, stability, road-holding ability, breathability, shock absorption, and light weight, the report is anticipating more innovation in the smart shoe industry, translating into higher traction for innovative offerings in the smart shoe category.

Key Manufacturers of Smart Shoes Preferring Technological Collaborations, Targeting New Product Launches

The market is dominated by global brands such as Under Armour, Nike, and Puma among others. However, the study highlights that Chinese players have been strategizing on strengthening their market footprint, recently, boosting the level of competition further.

Moreover, relatively smaller, private-label brands are securing their position in the global smart shoe market by offering competitively priced products, which is likely to emerge as a point of concern for industry giants in the long run.

From Nike’s self-lacing sneakers launched a couple of years ago, followed by Li Ning’s smart shoes enabled with military-grade motion sensors, in partnership with Xiomi, product innovation has been the most preferred developmental strategy among leading players.

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Over innovation, leading companies in smart shoe market are entering strategic partnerships with tech giants. The strategic partnership between SR Max (SR Max Slip Resistant Shoes) and Sole Power, LLC to jointly develop self-charging smart work boots, and that between Genesis Rehab Services and Sensoria Fitness for the development of a smart footwear product for diabetes patients, mark some of the recent examples.

Puma’s relaunch of the oldest RS-Computer Shoes (2018) initiated a trend wave of launching older products in the category, with technological and feature upgrade.

The report has a dedicated section for strategic profiles of some of the most prominent players actively competing in the global smart shoe market landscape. A few among them include Puma, Under Armour, Adidas, Li Ning (Xiaomi), Nike, Salted Venture, Digitsole, Orphe, Powerlace, Intellinium, GTX Corp, Lechal Company, EasyJet, and E-Vone.

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According to FMI, Global Mini Crane Market is Anticipated To Expand at a CAGR of 6.0 percent by 2031

Mini cranes are used to lift materials in plants and factories where larger cranes are not permitted. Mini cranes are thought to be ideal for transporting materials during the construction of a home. It is their specialty to navigate courtyards and easily access cliff edges, which larger cranes cannot do.

According to a study conducted by future Market Insights, the global mini crane market is expected to grow at a CAGR of 6.0 percent from 2021 to 2031. The mini crane market will be strained by rising demand for small cranes in industries such as metals, oil and gas, automobiles, and construction. Glass-glazing sports will have more opportunities.

Spider cranes will be among the most commonly purchased mini cranes. Because of its short length and excellent manoeuvrability, their software is expected to thrive in a variety of industries. The creation quarter is expected to continue to be a major quit user. This quarter will provide nearly 65 percent of mini cranes in 2021.

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Mini crane applications have considerably increased in the past few years, and so has their production across the globe. Although mini cranes are niche products, a substantial increase in demand is expected as a result of their ability to perform well in confined spaces and compact areas.

While demand from various industries will continue rising, maximum users are likely to prefer rented mini cranes to directly owned ones. This is seen as an ideal solution for cost-saving while getting the job done. With the expansion of industries forecast to continue, despite hitting a roadblock amid the pandemic outbreaks, sales of mini cranes are expected to surge shortly.

Key Takeaways from Global Mini Crane Market Study

Mini cranes sales will continue rising, enabling the market to reach a valuation of US$ 408.1 Mn in 2021
Government stimulus towards construction activities is presenting growth opportunities in the U.S., which will account for over 68% of sales in North America
Recovering industrial activities is favoring sales in the U.K., which will account for over one-fourth of sales in Europe
Germany and France will emerge as other key markets for sale within Europe
The presence of some of the leading companies will seal Japan’s dominance in East Asia

“Companies operating in the market are introducing advanced technologies to keep pace with evolving industries. The implementation of connected technologies is one such example that facilitated remote access and monitoring. These developments are anticipated to create lucrative opportunities for growth in the future.” says an FMI Analyst.

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Mini-crane sales are expected to increase due to increased demand from various end-use sectors. Japan, the United Kingdom, and the United States are expected to remain among the most profitable markets in the world. Demand is expected to increase in the coming years as applications in disaster management and electrical material handling expand.

However, due to the pandemic impact in the year 2020, the mini crane market saw a significant drop in sales due to supply chain disruption and a decrease in demand. Nonetheless, as industrial activity gradually recovers, mini crane sales will rise in response.

Who is Winning?

The global mini crane market has been identified as a consolidated market, with top players occupying the majority of the overall share. Some of the key market participants which are included in the report are Manitex Valla S.r.l., Hoeflon International B.V, Skyjack( Linamar), Microcranes, Inc., R&B Engineering, Promax Access, Jekko s.r.l, MAEDA SEISHAKUSHO CO., LTD, BG Lift, Furukawa UNIC Corporation.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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According To A Report By Future Market Insights, Inc., Switchgear Market Will Experience The Highest CAGR Of 6.9% From 2017 To 2031

Global Switchgear sales are set to be valued at US$ 72.44 Bn in 2021 and is expected to have a stable long-term projection, according to latest insights from Future Market Insights (FMI). An ESOMAR-certified research and consulting firm. The report has forecast the global switchgear market to grow at nearly 6.9 % CAGR during 2021-2031.

The report offers analysis of growth trajectory exhibited by the market in 20+ high-growth countries. It offers detailed insights on into factors that will be driving growth over the coming decade.

The demand for switchgear was moderate in the 2020 however with it had to experience a brief period of lackluster growth on account of the unprecedented COVID-19 outbreak. Supply chain disruptions witnessed by end-use sectors such as T&D utilities, commercial, industrial and residential had restrained growth to an extent. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.

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As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.

Key Takeaways

After a period of negative growth, the market will show impressive improvement, registering above 6% y-o-y growth in 2021
The U.S. is expected to account for over 60% of sales in North America
After a period of negative growth, the U.K. will exhibit above 6% y-o-y growth in 2021, emerging as a strong market for switchgears
Expansion of the energy and utilities sector will enable growth in Germany and France
Government initiatives are expected to support growth in Japan and South Korea

“Increase in demand for advancement in the switchgear and advent of smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market.” says FMI analyst.

Switchgear market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities especially in the field of T&D Utilities. Their key focus will however remain meeting requirements of consumers. Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.

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Competitive Landscape

The market is fragmented, with key players accounting for approximately one fifth of the market share. These companies are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.

Switchgear Market By Category

By Component Type

Power Distributor Switch Breaker
Switch Disconnector
MCCB
HRC Fuse
Earth Switch
MCB

By Voltage Type

Low Voltage (less than 1kV)
Medium Voltage (1kV to 75kV)
High Voltage (75kV to 230kV)
Extra High Voltage (230kV to 500kV)
Ultra-High Voltage (above 500kV)

By Construction Type

Outdoor
Indoor
Others

By Insulation Type

Air Insulated Switchgear
Gas Insulated Switchgear
Oil Insulated Switchgear
Vacuum Insulated Switchgear

By End User

T&D Utilities
Commercial
Industrial
Residential

By Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

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Commercial Booster Pumps Market Rising Demand for Corrosion-resistant Pumps to Propel Market Potential

The global commercial booster pumps market is currently at $5.41 billion and is expected to be worth $10.06 billion by the end of 2030. Worldwide exports of commercial booster pumps are expected to expand at an 8.1 percent CAGR from 2022 to 2030.

The report offers a comprehensive market overview, offering insights into the prevalent factors. Some of the key takeaways from the report are highlighted below.

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Key Takeaways from the global commercial booster pumps market study:

Commercial booster pumps are dominating traditional pumping systems owing to its features of live monitoring and controlling, easy installation, and vibration-free operations.
Customized booster pumps having increased efficiency are attracting end-use industries such as aerospace, mining, and food processing
Both East Asia and Europe have emerged as lucrative markets for commercial booster pumps. In South Asia, the market will witness high demand from countries such as India and Thailand owing to the increasing investments made by the governments towards the development of water infrastructure
Growing applications in end use industries has created a significant demand for customized booster pumps as per the specific use in the industry. Fewer moving parts, no valves or seals are some of customizations preferred across industries

“The increasing demand for water has led to a positive development in different water technologies which have made the commercial booster pumps industry competitive. Consumers are also looking for corrosion and chemical-resistant pumps for application across various end-use industries. Hence, booster pumps are gaining traction across various end use industries and are creating positive prospects for the market growth.” says FMI analyst.

Covid-19 impact analysis:

The ongoing pandemic has put a dent in the global economy causing many economic activities to come to a halt. This has also caused a significant plunge in the commercial booster pumps market growth. Many challenges are encountered in the areas of the supply chain, communication, imports and exports, tariffs, and currency fluctuations.

These challenges have created an unstable economic environment and a negative impact on the growth of the booster commercial pumps market. However, as the economic activities are slowing resuming, the commercial booster pump market is also expected to witness a sharp recovery.

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Commercial booster pumps market competitive landscape:

The Commercial Booster Pumps Market is moderately consolidated, in which the leading players account for more than one third of the market share. The penetration of small regional players will make this market more competitive in the forecast period. Some of the key players in the market are Grundfos, Xylem Inc., KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., WILO SE, Gorman Rupp Pump Company, Torishima Pump Mfg. Co., Ltd. among others. These players have higher shares in the global market, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.

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Agriculture Equipment Sales Are Anticipated to Reach 6.7 Million Units by 2031: FMI

Agriculture equipment sales are projected to reach about 6.7 Mn units by 2031 due to the growing use of modern farm machinery. The top 5 market players collectively held a 44 percent market share in 2021, as the Agricultural Equipment Market experienced year-over-year (YOY) growth of 3.7 percent between 2020 and 2021. Between 2021 and 2031, the market for agricultural equipment will grow at a consistent CAGR of 4.8 percent. By the end of 2021, the market value is anticipated to reach US$ 65 Bn.

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Growing popularity of precision farming is augmenting the demand for modern agricultural equipment. With the integration of artificial intelligence (AI) and internet of things (IoT), the sales of agriculture equipment are soaring. Smart farming is gaining traction.

Introduction of electric agricultural equipment has completely changed the market scenario. These equipment does not only minimize the emissions but also reduce costs and improve efficiency.

New trends of agricultural robotics and driverless machines are attracting large number of farmers to upgrade their equipment systems.

As per FMI, the agricultural equipment market will surpass a valuation of US 65 Bn by 2021 end.

“Technological advancements in agricultural equipment and the availability of farm equipment rentals will offer lucrative growth opportunities for the manufacturers in the future” says the FMI analyst.

Key Takeaways from FMI’s Agricultural Equipment Market Study

Europe dominates the ground support equipment market as a result of increasing agricultural mechanization and presence of leading manufacturers. The market in the region is set to register steady growth at 4.4% CAGR between 2021 and 2031.
The U.S. is expected to register a strong CAGR during the forecast period as a result of rapid technological advancements and availability of equipment leasing.
With implementation of favorable governmental policies, China is anticipated to emerge as the leading market for agricultural equipment.
Top 5 players operating in agricultural equipment market collectively account for 44% market share.
By product type, tractors dominate the agricultural equipment market with their multipurpose nature.

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Competitive Landscape

Key players operating in agricultural equipment market are investing heavily on research and development activities. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market. For instance,

In August 2021, Precision Planting, LLC a subsidiary of AGCO Corporation announced an agreement to acquire the business and assets of Headsight, Inc., a leading precision agriculture harvesting solution company. The acquisition will help the company to offer farmers a range of industry-leading precision ag technologies across the crop cycle that will help them to maximize their value and output while minimizing inputs and impact.

In 2021, XAG Co., Ltd. Launched XAG R150, a jet sprayer system to pollinate fruit trees. A specially mixed solution of pollen is poured into the R150’s liquid tank before it is sent on a predetermined route around an orchard to spray pollen.

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Condition Monitoring Services Are Anticipated To Exceed 6.79 Billion USD, According to FMI

The global condition monitoring service market is anticipated to exceed US$ 3.52 Bn by the end of 2022. Growing emphasis on the integration of condition monitoring software with computerized process control services and maintenance management software is expected to favour the growth in the market.

The demand in the condition monitoring service global market is estimated to reach US$ 6.79 Bn by 2031, exhibiting growth at a CAGR of 9.8% during the forecast period 2022-2031.

Regionally, North America is anticipated to register robust growth in the global condition monitoring service market, accounting for more than 25% of the total sales by 2022. On the basis of technique, vibration analysis and oil analysis are estimated to emerge as the most remunerative segments, accounting for nearly 55% of the global market share through 2031.

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Key Takeaways of Condition Monitoring Service Market Study

• According to our research, the portable machine diagnostic segment is shaping the revenue pool of the condition monitoring service market as the portable equipment is used to analyze data from the sensors, saving time of operation.
• In the current scenario, integration of condition monitoring software with computerized maintenance management services & process control software is an emerging trend in the global condition monitoring service market.
• North America is a prominent market for condition monitoring services and is expected to continue its hegemony, owing to its strong industrial growth and high adoption of the services in the region.
• In the global condition monitoring service market, over 55% of the revenue comes through vibration analysis and oil analysis segments. A rising focus on maintenance to minimize asset downtime is fueling the deployment of both techniques.
• In order to minimize the asset downtime, it is necessary to monitor the assets continuously or in regular intervals, especially in facilities such as power generation and petrochemical plants. Given the criticality of highly accurate results in such facilities, manufacturers are striving to further develop condition monitoring software that can be integrated into the services to record the data.

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Condition Monitoring System Market by Category

By Technique:
• Corrosion Monitoring
• Infrared Thermography
• Motor Condition Monitoring
• Oil Analysis
• Ultrasound Testing
• Vibration Analysis

By Application:

• Aerospace and Defense
• Automotive and Transportation
• Chemical and Petrochemical
• Food & Beverage
• Marine
• Mining and Metal
• Oil and Gas
• Power Generation

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Conveyor System Market Is Anticipated To Grow At A Robust 4.5 Percent CAGR During The Assessment Period: FMI

Regionally, the North American market is expected to grow at a CAGR of 3.5 percent during the time of the assessment. The expansion of packaging centres in the United States and Canada, as well as the booming e-commerce sector, are responsible for the growth.

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Conveyor systems demand s significantly increasing from the mining industry. Mining requires transportation and handling of large volume of heavy goods and debris. Low cost of conveyor system and minimum maintenance make them ideal choice for long distance transportation.

Rising per capita income and rapid economic growth in developing countries like India and Brazil are driving the manufacturing industry. This coupled with automation in fast-moving consumer goods (FMCG), baggage handling, and manufacturing industries will positively influence the market growth over the forecast period.

Industries are looking towards optimizing their manufacturing process to improve efficiency and production rate. This has encouraged advancements in conveyor system development and integration of automation in material handling system.

Automated conveyor systems eliminate human error, improve safety and boost the production volume with high repeatability. Owing to such benefits, companies are adopting modern conveyor system for material handling processes.

Surge in online retailing activities along with increasing demand for high quality goods will drive the adoption of conveyor and sortation systems in the retail industry. Companies are installing conveyor system to optimize warehouse spacing, sorting and cross-docking products, and automating their distribution process. Increase in online shopping in India, China, Brazil, and Chile will positively influence the market growth in upcoming years.

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Key Takeaways from FMI’s Conveyor system Market Study

North America conveyor system market is forecast to expand at 3.5% CAGR due to rapid growth in online retail sector.
Growing adoption of automation in automotive and manufacturing industry, surging mining and construction activities along with growing e-commerce industry in the U.K. and Germany are the key factors driving the market in Europe.
Population surge, increase in demand for processed food, and presence of e-commerce giants like Alibaba group will drive the demand for conveyor systems in FMCG and packaging industries in China.
India is expected to offer lucrative opportunities as home to one of the leading the retail sectors after U.S. and China. Steady consumer demand and rising investment towards expansion of retail infrastructure will boost the demand for advanced material handling systems, such as conveyor systems.

“Increasing penetration of automation in material handling and distribution system and increase in number of supermarkets and distribution centers will boost the demand for conveyor system in upcoming years,” says the FMI analyst.

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Who is winning?

Future Market Insights discusses the key trends shaping conveyor system market and highlights the strategies adopted by leading market players in the study.

Top players, including Daifuku Co., ltd., Schaefer Systems International, Inc., Interroll Holding AG, BEUMER GROUP, and Dematic Company accounted for 23.5% of the market in 2020. Some of the leading companies are investing in research and development activities to drive product launches.

For instance, SideDrive Conveyor Co. launched configurable side drive conveyor system in January 2021 for modular sanitary applications.

In response to pandemic, Multi-Conveyor collaborated with East Coast representatives to develop a hand-pack conveyor system to effectively follow social distancing in work place and launched “Barrier Spaced Conveyor” in July 2020.

Dürr Group introduced automated guided vehicle designed for paint shops as a part of its intelligent production initiative in May 2019.

Prominent players operating in the conveyor system market are:-

Daifuku
BEUMER GROUP
Interroll Holding AG
Murata Machinery
Schaefer Systems International
Dürr Group

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