Market Research Blog – Page 11413 – New Product Development

FMI Predicts That Market For District Cooling Will Expand Steadily At A CAGR Of 3%, Reaching US$ 1.28 Billion By 2032

With an estimated CAGR of 3% during the projected period, the district cooling market share is expected to reach US$ 1.28 billion by 2032, finds a recent report published by FMI. The study finds that the rising demand for energy-efficient cooling technology proportionately reflects on the adoption of district cooling.

Asia Pacific and South America, impressive demand for district cooling technology is being observed in recent times. Rapid urbanization and changing climatic conditions are the propellers for adopting central cooling systems in the significant buildings of these regions. The global District Cooling System industry is expected to grow at a 3 percent CAGR, reaching US$ 1.28 Bn by 2032 from US$ 930 Mn in 2021.

“Due to the current coronavirus outbreak, healthcare facilities will increasingly utilise energy-efficient district cooling systems.” Governments enforce stricter GHG emission limitations, improving the prospects for the Middle East district cooling sector.”

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Moreover, the global concern for rising temperatures and environmental pollution has inspired governments to implement more sustainable methods of energy utilization. As a result, the district is heating and cooling markets are emerging as the energy-efficient and environment-friendly alternative against traditional refrigerators in almost every world.

Asia Pacific nations are at the forefront of adopting green energy consumption methods, which translates into the highest growth potential for the regional market.

The adoption of district cooling systems around the world has stemmed from rapidly rising temperatures and the proven viability of district cooling plants over time. However, the study finds that the district cooling market in Asia Pacific has shown an impressive growth. With an increasing awareness of the need for energy conservation, a District Cooling Plant concept has acquired even more traction.

The sales of district cooling are likely to rise as the need for energy-efficient technologies rises to meet the ongoing construction boom.

Continued deployment of viable and sustainable cooling systems to accomplish energy-saving targets and increased production of sustainable building solutions is anticipated to support the district cooling industry.

Furthermore, the growing use of renewable technology, combined with strict regulatory requirements to reduce pollution, would spur the district cooling market growth. Furthermore, severe climate circumstances would encourage district cooling due to rising surface temperature levels in the Middle East, Central Europe, and South Asian nations. Furthermore, over the forecasted period, total demand is increasing.

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The population in tropical and hot temperature zones requires cooling to be more comfortable, particularly during the summer. As a result, air conditioner ownership is on the rise in these areas, according to the International Energy Agency (IEA). One of the most advanced markets for district cooling is the Middle East. The Middle East has been experiencing an increase in temperature in the summer, with temperatures exceeding 50 degrees Celsius, necessitating the adoption of district cooling.

When establishing a district cooling system, the limited availability of space for operating construction equipment is a significant construction issue. Other building obstacles include transporting equipment to a particular site and coordinating the efforts of the many contractors. One of the significant issues is ensuring that space for chiller plants and distribution pipelines is available. It isn’t easy to keep a district cooling plant running at near-total capacity all year. All-in-all, the district cooling market size is expected to reach a valuation of US$ 1.2 Bn by 2026.

Key Takeaways:

During the projection period, the electric chillers market is predicted to be the largest segment in the district cooling market by production technology.
During the forecast period, the commercial segment is likely to be the leading proportion in the sales of the district cooling market by application. The expansion of the commercial segment of the district cooling market is predicted to be fuelled by the development of new infrastructure in Middle Eastern countries and the growing requirement for businesses to decrease their carbon footprint.
Asia’s major markets include Japan, India, Malaysia, Singapore, China, and South Korea. The Indian government has outlined ambitious projects like Smart Cities and Smart Grid, which are anticipated to drive the market in the coming years.
Attributed to the increasingly affluent population and increased construction activity, the Middle East and Africa are likely to dominate most of the district cooling market opportunities, particularly in nations like the United Arab Emirates, Saudi Arabia, and Qatar.

Competitive Landscape
As a large pool of players are present in the district cooling market, the nature of the market is fragmented.

National Central Cooling Company PJSC (TABREED) (UAE),
Emirates Central Cooling System Corporation (EMPOWER) (UAE),
Emirates District Cooling, LLC (EMICOOL) (UAE), and
Qatar District Cooling Company (QATAR COOL)

are the top players in the global district cooling market.

The district cooling companies have been using strategic initiatives such as contracts and agreements, investments and expansions, partnerships, collaborations, alliances, and joint ventures to capture a larger district cooling market share.

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Tabreed, a leading district cooling company, signed a significant strategic agreement with the International Finance Corporation (IFC), a World Bank Group member and the world’s largest development agency focused on the private sector in emerging economies, in December 2021. IFC has invested more than USD 321 billion in emerging nations since its founding in 1956.
Empower signed an agreement in November 2021 to acquire Dubai International Airport’s district cooling systems, with a total cooling capacity of 110,000 refrigeration tonnes (RT), for a total value of AED 1.1 billion, using an amalgamation of internal accruals and debt financing from local and international banks with whom Empower has close strategic relationships.

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Machine Control Systems Market Is Expected To Reach US$13.6 Billion By 2032: FMI

With a projected valuation of US$ 13.6 Bn by 2032, the global machine control system market is anticipated to grow at a healthy CAGR of 8% during the assessment period. As per machine control system market analysis, the growing demand for precision in heavy machinery control and navigation is projected to fuel market expansion. In 2021, the demand for machine control systems was valued at US$ 4 billion, and it is predicted to increase at an annual pace of 8% over the forecast period.

Machine control systems reduce field and machine downtime while allowing for more efficient resource utilization. Failure of heavy gear at a building site can create delays in operations and result in significant financial losses.

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Machine control specialists ensure that construction equipment is precisely monitored and controlled, resulting in optimized performance and quicker quality assurance on the job site. As a result, investing in machine control systems promises to save time, eliminate budget overruns, and lower machine maintenance costs, which are expected to impact the machine control system market’s future trends.

Excavators, dozers, and graders are costly machines, and incorporating machine-guided technology into them raises installation and integration expenses. In addition, the machine control market trends indicate that building and mining companies need a lot of money to buy or rent equipment integrated with machine control technology.

While recent developments in machine control systems provide improved precision, aid in faster project completion, and have reduced maintenance costs, the costly initial outlay is a barrier to market expansion.

“Lockdowns were imposed around the world, halting many existing and prospective projects, affecting consumption for machine control systems and other construction materials. Owing to the lifting of lockdowns and vaccination rollouts, this sector has acquired traction again and is likely to rebound quickly. As a result, the machine control system market trends and forecast are now shifting again, with the demand for machine control systems is predicted to increase consistently over the forecast period.”, opines an FMI analyst.

There is a growing market for machine-guided technology in the Asia Pacific. In the construction sector, cost-effective and time-efficient techniques must provide a secure, elevated, durable, and friendly constructed environment. As a result, machine control systems play a critical role in ensuring efficiency and reliability on building sites in emerging regions.

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Key Takeaways

Over the projected period, the Asia Pacific area is expected to grow the most, with China and India leading the way. Governments in these countries have embarked on initiatives to replace aging infrastructures such as roads, bridges, sewage systems, and tunnels by effectively using the intelligent machine control system market.
Because of the ever-increasing population and high need for food, the agriculture segment is predicted to grow at a stable CAGR of around 10%. The demand for quick production and enhanced crop quality drives digital control system growth.
Segmented as per equipment, excavators fully utilize the machine control system market opportunities due to their accuracy productivity than other equipment in construction and excavating operations.
As per the machine control market report, the construction segment is leading the growth-share due to rising modernization and other infrastructural initiatives conducted by emerging regions.
The GNSS product segment dominates the market. The high use of GNSS on scrapers, dozers, graders, excavators, and aerial devices is responsible for this high share.
The emerging trends in the machine control system market state that the second-largest segment, total stations, is predicted to grow at a steady rate. These systems’ ease of deployment and enormous product modification scope is credited with this expansion.

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Competitive Landscape

To enhance their offers in the market, machine control unit companies have used various organic and inorganic growth tactics, such as news releases, product developments, alliances, and collaborations.

Topcon and Hitachi (HCMUK) collaborated in March 2020 to provide an ‘inventive’ and ‘sophisticated’ machine control for a more effective workflow. HCMUK used the Topcon X53-x automated machine control software on its excavators as part of the deal.
Volvo Construction Equipment has expanded its machine control system market demand analysis to encompass a wider variety of wheeled loaders and introduce productivity and serviceability improvements.

Key Segments

By Type:

Total Stations
Global Navigation Satellite Systems (GNSS)
Laser Scanners
Sensors
Others

By Vertical:

Infrastructure
Commercial
Residential
Industrial
Others

By Equipment:

Excavators
Loaders
Graders
Dozens
Scrapers
Paving systems
Others

By Region:

North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa

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During The Period Under Consideration, Shot Blasting Machine Industry Is Anticipated To Grow At A 5% CAGR: FMI

As per a recent market survey by Future Market Insights, sales in the global shot blasting machine market are expected to increase at a healthy 5% CAGR, reaching a valuation of US$ 1.8 Bn in 2031. Shot blasting machines play a vital role in the metal industry. With increasing demand from industries such as aerospace and automotive, sales will rise across the globe over the forecast period.

Growing demand for shot blasting equipment from the construction and automotive sectors is expected to drive the demand for semi-automatic shot blasting machines in the forthcoming years.

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Further, manufacturers are offering customized shot blasting machines to improve sales in the market. They are focusing on innovative technologies and techniques to improve the performance of these machines. This is expected to augment the. Growth of the market in the forthcoming years.

As per FMI, sales in China and India are expected to increase at a considerable pace owing to rapid urbanization, increasing sales of electric vehicles, and growing residential and commercial establishments.

“Increasing applications of shot blast machines in the aviation sectors, along with surging demand for roller conveyor shot blasting machines will continue boosting the growth in the market over the forecast period,” says an FMI analyst.

Key Takeaways:

In terms of product type, sales of wheel blasting machines are projected to increase at a 3.8% CAGR through 2031.
Based on automation, demand in the semi-automatic segment will grow at a 4.1% CAGR over the assessment period.
Sales in the automotive sector will increase at a steady 4.2% CAGR over the forecast period.
The U.S. will dominate North American shot blasting machines market, expanding at a 4% CAGR.
The U.K. will emerge as a lucrative pocket in the Europe shot blasting machines market, with sales growing at a 4.3% CAGR.

Competitive Landscape

Some of the leading players in the market are SINTOKOGIO, LTD., Rösler Oberflächentechnik GmbH, Norican Group and SHANDONG KAITAI GROUP CO. LTD. The top 5 players are projected to account for 20-25% of the total market share over the forecast period.

The global shot blasting machines market is extremely consolidated. Market players are competing to increase their global footprints by advancing their product portfolio through technological innovations and new product development. Players are also expanding their sales channels in emerging markets through collaborations and are focusing to provide a global service network to end-users.

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Find More Valuable Insights

The research report analyzes the market demand trends of the shot blasting machine market. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of Shot Blasting Machines.

As per Future Market Insights’ research scope, the Shot Blasting Machine Market has been studied and segmented based on product type, automation, end-use industry and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on both, the supply-side and demand side.

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According To FMI, ESD Safe Matting Market Will Expand At A 3.8% CAGR Between 2022 And 2032

The global ESD safe matting market is expected to be valued at US$ 101.72 Million in 2022, expected to reach US$ 147.71 Million by 2032. A CAGR worth 3.8% is expected for the market during the 2022-2032 forecast period. The growing use of ESD-Safe Mat in industries such as table, bench, monitor, floor, and others is propelling the global ESD-safe mat market forward.

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ESD safe matting is used by people who work with Electrostatic Discharge (ESD)-sensitive electrical components such as backplanes, Printed Circuits Boards (PCBs) and motherboards. ESD safe matting helps create an ESD Protected Area (EPA).

Most of the units that manufacture electronic components as well as data centres that house mainframe supercomputers need to be very cautious when it comes to controlling their electrostatic discharge, as it can cause temporary or permanent damage. Not only the electronic components, but also the employees working at these places need to be protected from static discharge. Moreover, flammable materials, such as gases or chemicals, are likely to burn upon direct contact with electric sparks, which can be prevented with the usage of ESD safe matting.

ESD Safe Matting Market: Related Standards

The ESD safe mats should comply with standards such as ESD Standard 20.20, ESD Standard 4.1, EIA 625, MILl-HDBK-263 and MIL-STD-1686. Moreover, the material used in ESD safe matting should comply with International ESD standards, such as IEC 61340-5-1, for the protection of electrostatic sensitive devices.

ESD Safe Matting Market: The increasing importance of self-protection at workplaces is expected to boost the demand for ESD safe matting

Increase in the demand for self-protection at workstations, coupled with an increase in the demand from the end-use sector, is expected to spur the demand for the ESD safe matting market. In addition, the demand for entry matts market has risen significantly owing to its wide adoption by end users for different applications. Manufactures can very simply customise the size and shape of mats, and provide additional features to consumers as per their requirements.

ESD Safe Matting Market: Trend

The demand for products that offer protection against ESD will continue to grow across the world. With persistent demand from electronics sector, the size of the ESD products market, which include ESD safe matting, is expected to witness significant growth. Moreover, the increasing usage of nano-materials is also expected to boost the ESD products market, in addition to the growing electronics business across the world. To keep pace with international standards and trends, the ESD products available in various countries are undergoing major upgradation.

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Furthermore, companies engaged in the business of ESD safe matting are launching new products to sustain their share in the ESD safe matting market. For instance, Nortax launched the SkyStep ESD safe matting, which is available in a choice of compounds for certain industrial applications such as oil-proof, general-purpose or ESD-static dissipative. Similarly, a new type of wrist strap cum double footwear testers have been launched for testing the strength of the ESD footwear and wrist strap.

Moreover, companies are producing customised ESD safe matting to fulfil the requirements of customers. With the emergence of new technologies, the manufacturers of entrance matting are focusing on more advanced methods to make entrance matting more innovative with various sizes and designs.

ESD Safe Matting Market: Market Participants

Examples of some of the market participants/vendors identified in the ESD safe matting market across the globe are:

ACL Staticide Inc., RS Pro, Shanghai Jiafu New Material Technology, Superior Manufacturing Group, Hozan, , Bertech, Achilles Industrial Materials, Hakko, Ranco Industries, Zhejiang CONCO AntiStatic, SDM Technologies, COBA Europe, Henyer Rubber, Desco (SCS) and Cleansem.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

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The report covers exhaustive analysis on:

Market Segments of ESD Safe Matting
Market Dynamics of ESD Safe Matting
Market Size of ESD Safe Matting
Supply & Demand of ESD Safe Matting
Current Trends/Issues/Challenges of ESD Safe Matting
Competition & Companies involved of ESD Safe Matting
Technology of ESD Safe Matting
Value Chain of ESD Safe Matting

Regional analysis includes:

North America (U.S., Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Key Segments Profiled in the Global ESD safe matting market

ESD Safe Matting Market by Application:

Table ESD Safe Matting
Bench ESD Safe Matting
Floor ESD Safe Matting
Monitor ESD Safe Matting
Others ESD Safe Matting

ESD Safe Matting Market by Type:

Vinyl ESD Safe Matting
Rubber ESD Safe Matting
PVC ESD Safe Matting
Others

ESD Safe Matting Market by Region:

ESD Safe Matting Market in North America
ESD Safe Matting Market in Latin America
ESD Safe Matting Market in Europe
ESD Safe Matting Market in Asia Pacific
ESD Safe Matting Market in MEA

Report Highlights:

Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current, and projected market size in terms of volume and value
Recent industry trends and developments

Competitive landscape

Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint
Have a Look at Related Research Reports of Industrial Automation

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End-Suction Pump Sales To Achieve US$ 6.08 Billion By 2031, With The Industrial Sector Accounting For 75% Of The Total Sales, Per FMI

As per a detailed study by FMI, the global end suction pump market is set to top US$ 6.08 Bn in 2021. Increasing use of the end suction pumps in the power industry for various processes, including boiler feed, circulation, and sludge handling is propelling the demand in the market.

End suction pumps are finding a wide range of applications such as water dosing, fire suppression, and heating, ventilation, and air conditioning (HVAC) gas suction across hotels, gas stations, and others. On account of this, the market is expected to grow at a CAGR of 4.6% CAGR during the forecast period 2021-2031.

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Hence, increasing construction activities owing to the rapid urbanization across emerging economies such as China, India, and Japan among others is expected to create lucrative growth opportunities in the market.

Governments of several countries are emphasizing on expanding their manufacturing capacity. For instance, the Indian Government has initiated a ‘Make in India‘ program to expand the manufacturing sector in the country.

Such initiatives to increase production of petrochemicals, processed food & beverage, chemicals, and others will boost the market. In response to this, end suction pump market is estimated to register 3.5% year-on-year growth in 2021.

Based on application, the industrial segment is projected to hold the lion’s share in the market, accounting for more than 75% of the sales in 2021. Growing demand for end suction pumps for application in oil & gas, power generation, water treatment, and mining sector is facilitating the growth in the segment.

“Rising offshore and onshore oil gas exploration activities and rising emphasis on the development of wastewater infrastructure across the U.S., China, and India is expected to drive the growth in the market,” says a FMI analyst.

Key Takeaways from Painting Robots Market Study

The U.S. is anticipated to emerge as the most remunerative market in North America, creating an incremental opportunity of US$ 992.4 Mn through 2031.
China is projected to register the fastest growth in East Asia, expanding at a CAGR of 5.1% over the forecast period.
Germany is forecast to dominate the market in Europe, accounting for more than 20% of the demand share over the next ten years.
On the basis of product type, close-coupled pumps are estimated to remain highly sought-after pumps in the market, accounting for nearly 80% of the sales in 2021.
In terms of flow rate, the up to 100 GPM pumps segment is expected to hold the highest share, with sales totaling US$ 1.6 Bn by 2031.

Key Drivers

Increasing adoption of end suction pumps for concrete, oil, gas, water, and slurry transfer purposes in the construction, water treatment, and oil & gas industries is increasing the sales across the industrial segment.
Growing emphasis on enhancing irrigation facilities for increasing yield across the agricultural sector in developing economies such as India and China is expected to propel the demand.

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Key Restraints

High cost of end-suction pumps compared to conventional ones is a primary factor hindering the sales in the market.

Increasing customer inclination towards the use of renewable eco-friendly fuels is slumping the oil & gas sector, which in turn might hamper the growth in the market.

Competitive Landscape

Leading companies operating in the global market are Grundfos, Sulzer Ltd, Xylem Inc., KSB AG, Flowserve Corporation, Ebara Corporation, Kubota Corporation and others. As per Future Market Insights, the top 10 players are estimated to account for more than 15% of the market share in 2021.

Key players are focusing on launching new products to expand their product portfolio. Some of the companies are aiming for strategic collaborations and partnerships with other manufacturers, local dealers, and service providers to strengthen their global footprint. For instance,

In August 2021, Roto Pumps, a leading manufacturers & suppliers’ industrial pumps announced entering into a membership with British Pump Manufacturer Association (BPMA). The strategy will assist the company to strengthen its footprint and expand its market share in European pump industry.
In 2018, Sulzer, a Swiss industrial engineering and manufacturing firm, announced expanding its portfolio by introducing a new centrifugal pumps with the end-suction single-stage design to meet the process requirements in a variety of industrial applications.

Some of the key players operating in the market profiled by FMI are:

Grundfos
Sulzer Ltd.
Xylem Inc.
KSB AG
Flowserve Corporation
Ebara Corporation
Kubota Corporation
Ruhrpumpen Group
Kirloskar Brothers Ltd.
WILO SE
DESMI A/S
Pentair
Torishima Pump Manufacturing Co., Ltd

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More Valuable Insights on End Suction Pump Market

A detailed study by FMI provides an unbiased analysis of vital factors favoring the growth in the global end suction pump market through 2021 and beyond. The survey offers refined sales projections in end suction pump market with detailed segmentation:

By Type:

Close Coupled Pump
Separately Coupled Pump

By Flow Rate:

Upto 100 GPM
100 to 300 GPM
300 to 500 GPM
500 to 1,300 GPM
1,500 to 5,000 GPM
Above 5,000 GPM

By Application:

Commercial
- Hotels
- Swimming Pool
- Retail Space
- Office & Institution
Industrial
- Food & Beverages
- Chemicals
- Mining & Metals
- Power Generation
- General Manufacturing

By Region:

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

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Key Questions Covered in the Report

The report offers insight into end suction pump market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for end suction pump market between 2021 and 2031
End suction pump market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
End suction pump market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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According To FMI, Market For Gas-Insulated Substations Is Expected To Grow At A 5.7% CAGR Between 2021-2031

Sales in the gas insulated substation market are anticipated to reach US$ 12.5 Bn by 2021, according to the most recent Future Market Insights (FMI) analysis. The market is expected to grow at a 5.7% CAGR between 2021 and 2031, maintaining a positive growth outlook.

Leading companies in the market for gas insulated substations, according to FMI, include General Electric, Hitachi Ltd., ABB, Infosys, SIEMENS AG, and Mitsubishi Electric Corporation. Nearly half of the demand recorded throughout the forecast period is anticipated to be accounted for by the top ten market players.

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Key Takeaways of Global Gas Insulated Substation Market Study

Indoor based installed units are estimated to gain close to two-thirds of the overall market in the forecast period. Increasing necessity for small and low maintenance power systems will favour the adoption of the system type.
While high rated voltage units are deemed to be the leading segment, medium rated voltage unit is expected to register higher growth surpassing growth exhibited by other prototypes owing to demand from the manufacturing sector
North America, Europe and East Asia have been identified as leading regional markets owing to robust investments and growth in civic infrastructure and industrialisation
The gas-insulated substation demand in India will grow by 6.4% CAGR over the assessment period, from 2021 to 2031
The gas-insulated substation market in China is expected to total US$2.9 Bn by 2031

“Automation based operating substation is expected to be a key trend adopted by system providers which is likely to be embraced in full capacity by various end users. New installations as well as upgrading ageing infrastructure will drive the market growth” says FMI analyst.

Competitive Landscape

The market is highly competitive. As per FMI, tier-1 companies are estimated to occupy half of the demand in the market. The leading players are likely to pursue robust channel partner based supply chains as well as create supply chain contracts directly with end-users to customise solutions as per their requirements.

After-sales repair and maintenance programs offered by OEMs or tie-up with channel vendors are other trends witnessed in the market. Some of the key players in the market are General Electric Company, Hitachi, Ltd., ABB Ltd, Larsen & Toubro Limited, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation PLC, and Toshiba Corp, CG Power and Industrial Solutions Ltd, Schneider Electric SE., amongst others, etc.

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2016-2020 Gas Insulated Substation Market Outlook Compared to 2021-2031 Forecast

Driven by an increased focus on research and development and investment in the power generation sector, the gas insulated substation market will rise at 5.7% CAGR between 2021 and 2031 in comparison to 3.8% CAGR registered during 2016-2020.

Over the forecast period, the growing demand for small, low-maintenance power systems is expected to drive the market. In comparison to air-insulated substations, gas-insulated ones have higher efficiency and dependability.

Because gas-insulated substations require less area than their equivalents, rising per hectare land values are predicted to stimulate prospects for expansion. Due to their lower space use, these substations require 90% less area than other power plants, which enables growth in the market.

Market growth is predicted to be driven by rising energy consumption in emerging nations as a result of changing lifestyles and increasing per capita income. It is expected to gain traction in the market since it can be planted in a small space also it protects the environment using sulphur hexafluoride gas whereas Air-insulated substations are more likely to pollute the environment, whereas gas-insulated substations are more environmentally friendly.

Leading manufacturing companies are focusing on expanding their product offering and are employing omnichannel sales channels across various regional markets. To improve their revenue generation, companies are directly making contracts and proposal bidding with end-users and governments, which is helping them in revenue generation.

Rising safety concerns, reliability, and substation security are projected to fuel demand in the market in the coming years. Longer life spans and one-time investment requirements for gas insulated substations are expected to continue to drive the market.

Since the sulphur hexafluoride is a greenhouse gas, its use in substations can impact the market growth. However, its market is expected to grow at a higher rate owing to its advantages over other options.

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Gas Insulated Substation Market by Category

By Basis of Installation:

Indoor
Outdoor

By Voltage Rating:

Medium voltage (Up to 72.5 kV)
High Voltage (72.5 kV – 220 kV)
Ultra-High Voltage (220 kV – 765 kV)

By End-user:

Power Transmission and Distribution
Manufacturing and Processing

By Region:

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

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According To FMI, Market For Tower Crane Rental Is Expected To Surpass US$ 6.49 Billion By 2031

The global tower crane rental market is projected to top US$ 6.49 Bn in 2021, according to a recent market analysis by ESOMAR-certifies consulting firm Future Market Insights (FMI). With a favorable demand outlook, the market is estimated to grow at a 5.7% CAGR, reaching 54,685 units in terms of volume.

Demand for tower crane rental plummeted in 2020 due to the onset of the COVID-19 pandemic. However, considering the recovery of the construction sector, sales prospects of tower crane rentals are projected to be bright over the forecast period, as the market experienced year-over-year growth by 4.8% between 2020 and 2021.

The global construction industry has witnessed substantial growth in the past few years and the trend is expected to persist over the forecast period. Growth in the construction can be attributed to increasing government investments and rising per capita expenditure in home ownership and renovation. As infrastructure projects are rising globally, it is translating into high demand for tower crane rentals in the market.

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Owing to high demand for tower crane rentals, key players operating in the market are focusing on enhancing their strategic partnerships with regional and local end-use industries to gain a competitive edge in the market. Besides this, players are offering customized fleet solutions, technologically advanced equipment, and robust aftersales services, which is further propelling demand for tower crane rentals in the market.

As per FMI’s in-depth regional analysis, China is projected to dominate the East Asia tower crane rentals market. Rapid adoption of technologically advanced equipment and machinery, along with increasing development of residential and commercial projects in the country will continue fostering sales of tower crane rentals over the forecast period.

“Public Private Partnerships (PPP) for infrastructural development in various countries are positively shaping the demand outlook for tower crane rentals. In addition to this, collaborative efforts to offer personalized crane rental solutions by key market players will continue augmenting market growth in forthcoming years,” says the FMI analyst.

Key Takeaways:

In terms of design type, the top slewing segment is projected to hold 60.4% of the total tower crane rental market share.
Based on end-use, applications of tower crane rentals are anticipated to continue rising in the construction sector, accounting for 59.3% of the total market share.
OEMs are expected to remain the most-preferred vendors for tower crane rental services, capturing 40.2% of the total market share.
China is anticipated to emerge as an attractive market, commanding 76.1% of the East Asian tower crane rental market share.
Germany is projected to lead the European tower crane rental market, growing at a 4.5% CAGR.
India will continue experiencing high demand for tower crane rentals, capturing 43.1% of the South Asia Pacific market share.
Japan and South Korea will collectively account for 8% of the global tower crane and rental market share.

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Competitive Landscape

Key players operating in the global tower crane rental market are Konecranes, Liebherr, Mammoet, Maxim Crane Works, L.P., Morrow Equipment Company, Morwest Crane & Services, Bigge Crane and Rigging Co., Stafford Crane Group, Leavitt Cranes, United Crane & Rigging, Locabens Equipamentos, Grumont Equipamentos Ltda, JASO Group, and Arcomet.

As per FMI’s market survey, top 5 players comprising Al Faris, Kanamoto Co., Ltd., Konecranes, Mammoet and Uperio Group are estimated to account for 41% of the total market share over the forecast period.

As a part of their growth strategies, leading players are investing in intensive research and development to offer innovative and safe tower crane rental options suitable for various end-use applications. Besides this, strategic collaboration, partnerships, mergers and acquisitions will remain prominent growth strategies among key players. For instance:

In September 2021, Konecranes won a 14-crane order from Thyssenkrupp Marine Systems for Kiel Shipyard built in Germany.

Global Tower Crane Rental Market by Category

By Lifting Capacity:

Up to 5 Tons
5 – 10 Tons
10 – 20 Tons
20 – 50 Tons
Above 50 Tons

By Product Type:

Self-Erecting
Hammerhead Crane
Luffing Jib Tower Crane
Mobile Tower Crane

By Design Type:

Top Slewing Tower Crane
Bottom Slewing Tower Crane

By Vendor Type:

Original Equipment Manufacturer (OEM)
Independent Service Provider

By Applications:

Building and Construction
- Residential and Commercial
- Industrial
- Civic Infrastructure
Marine and Sea Ports
Mining
Others

By Region:

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

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According To Future Market Insights Inc., Market For Heat Shrink Tubing And Sleeves Is Expanding At A Rate Of 5.9%

Rapid advancements in industrial sectors across the globe, along with increasing investments in mechanical equipment, are key factors driving heat shrink tubing and sleeves sales. Besides this, OEMs’ customized solutions and expansion of distribution channels will continue propelling heat shrink tubing and sleeves sales in the forthcoming years.

Due to the outbreak of the novel coronavirus, the demand for heat shrink tubing and sleeves plummeted in the first quarter of FY’2020. However, with improvements in the supply chain and resumption in production activities in end-use industries, steady recovery of the heat shrink tubing and sleeves market is on cards. FMI projects the market to grow year-over-year by 4.7% between 2020 and 2021.

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Heat shrink tubing and sleeves effectively protect wires and cables from abrasion, wear and tear, and external stress. These benefits are propelling their applications in various end-use sectors such as telecommunications, automotive, aerospace and defence and transportation.

Growing concerns regarding environmental protection in various countries are ushering product developments in the global heat shrink tubing and sleeves market. Consumers and manufacturers increasingly prefer cost-effective eco-friendly alternatives and recycled plastic products, creating avenues for product portfolio expansion for key market players.

FMI’s in-depth regional analysis projects the U.S. to dominate the North American heat shrink tubing and sleeves market. The presence of key market players and ongoing expansions of automotive, aerospace and defence sectors in the U.S. are anticipated to place the country as an attractive market in the upcoming years.

“Increasing electricity usage across various industries is translating into high demand for heat shrink tubing and sleeves. Apart from this, demand for safer alternatives for wires and cables in oil & gas and telecommunications sectors will continue driving sales of heat shrink tubing and sleeves in the forthcoming years,” says the FMI analyst.

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Key Takeaways:

Based on material type, the polyolefin segment is anticipated to hold 13.2% of the total heat shrink tubing and sleeves market share.
based on product type, sales of tubing will continue rising. The segment is projected to create around US$ 659.5 Mn incremental opportunity in 2021.
In terms of length, sales of standard length (1.2 meters) heat shrink tubing and sleeves are anticipated to remain high.
Applications of heat shrink tubing and sleeves in the energy sector will continue gaining traction in the energy sector. The energy sector is anticipated to hold 14.9% of the total market share in 2021.
Based on the sales channel, OEMs are estimated to account for 59% of the total heat shrink tubing and sleeves sales.
The U.S. is projected to hold approximately 67% of the North American heat shrink tubing and sleeves market share, emerging as an attractive market.
The Chinese heat shrink tubing and sleeves market is estimated to grow at a 6.1% CAGR over the forecast period.

Competitive Landscape

Leading players operating in the global heat shrink tubing and sleeves market include HellermannTyton, Molex Electronic Software, Panduit, Shrink Sleeves Ltd., TE Connectivity, ABB Ltd., The 3M Company, Wurth Elektronik GmbH, Techflex, Artilabo International, Gremtek SAS, PEXCO, DSK-CANUSA, WKK Nederland B.V., Essentra PLC, Plastpolymer Prom LLC., Don-Polymer Ltd., and others.

The top 5 players operating in the market comprise ABB, 3M, TE Connectivity, Essentra plc and Wurth Elektronik GmbH, holding 52% of the total heat shrink tubing and sleeves market share.

As a part of their growth strategies, players are focusing on strategic collaborations, acquisitions, and mergers to expand their global footprint. In addition, investments in research and development for launching innovative and eco-friendly solutions will remain key growth strategies among market players. For instance:

In August 2021, TE Connectivity, a global leader in connectivity and sensors, expanded its product portfolio by launching the Dynamic 8000 series and Mini Series. The new product range comprises a high-quality crimp contact system and a robust housing structure for protection from harsh environmental factors.

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Laser Therapy Devices Market is expected to post significant gains, reaching a valuation of nearly US$ 2 billion by 2022

Future Market Insights’ (FMI) latest report on the global laser therapy devices market expects a healthy growth trend, reach a value of almost US$ 2 billion by 2022, registering a CAGR of around 4%. Long-term prospects also appear bright, with numerous large-scale investments underway to adopt laser treatment procedures, amid rising inclination towards minimally invasive surgeries.

As per FMI’s analysis, oncology and aesthetics treatment are expected to emerge as key growth engines, followed by ophthalmology applications. Furthermore, preference for low level laser therapy (LLLT) is expected to increase, prompting key manufacturers to introduce a slew of innovative laser therapy devices solutions in the long-run. In 2019, the US Food & Drug Administration approved the Erchonia FX 635, a LLLT device to address whole-body pain, reducing the incidence by nearly 50%.

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According to the Cancer Atlas, there were an estimated 18.1 million active cases, with over 9 million cancer deaths in 2018. Additionally, nearly 44 million individuals persons living with cancer that same year who were diagnosed within the previous’ five years. It is projected that this burden is expected to rise by over 60% by 2040. Hence, credible progress is expected to be made in this regard.

Key Takeaways from FMI’s Laser Therapy Devices Market Study

By device type, gas laser therapy devices to account for more than a quarter of the revenue share through 2021
A fifth of the total laser therapy devices revenue is accounted for by hospitals, specialty clinics to generate over half of the total share
Ophthalmology treatment is likely to account for the bulk of the revenue share in the laser therapy devices market
US and UK to experience high sales amid surging popularity of low-level laser therapy (LLLT)
High prevalence rates of dermatological disorders to fuel laser therapy device sales across Germany
Robust healthcare research funding and a flourishing aesthetics industry to pivot French laser therapy devices market growth
High plastic surgery rates to heighten China’s share in the laser therapy devices market
“Prominent laser therapy devices manufacturers are introducing portable handheld devices in order to enhance the comfort factor for surgeons while administering the appropriate treatment, improving patient outcomes and success rates,” says the FMI analyst.

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Competitive Landscape

Boston Scientific Corporation, IPG Photonics Corporation, Lumenis Ltd., Coherent Inc., Biolitec AG, Hologic Inc., Alma Lasers Ltd., Fotona D.D, Danaher Corporation and Thermo Fisher Scientific Inc. are some prominent laser therapy devices manufacturers as profiled by FMI’s report. New product launches, capacity expansion initiatives and securing regulatory approvals for specific techniques are some key growth strategies.

In 2018, Hologic Inc. received a medical device license issued by Health Canada to market Cynosure’s advanced non-invasive body contouring product called SculpSure®, a laser treatment device for treating back, inner and outer thighs, and submental area under the chin. This approach destroys fat cells by raising body fat temperature.

Recently, in April 2021, Alma Lasers Ltd. launched the Alma PrimeXTM platform, a non-invasive approach for body contouring and skin tightening in the abdomen, waist, thighs and buttock areas. It deploys a combination of ultrasound and radiofrequency technologies.

More Insights on the Global Laser Therapy Devices Market

In its latest report, FMI offers an unbiased analysis of the global laser therapy devices market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of device type (solid-state laser, gas laser, liquid laser and semiconductor laser), end-user (hospitals, ambulatory surgical centers, specialized clinics and other end-users), application (ophthalmology, dermatology, gynecology, dentistry, urology, cardiovascular and others) and region (North America, Latin America, Europe, Japan, APEJ and Middle East & Africa).

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Key Segments Covered Device Type

Solid-State Laser
Gas Laser
Liquid Laser
Semiconductor Laser
End-User

Hospitals
Specialized Clinics
Ambulatory Surgical Centers
Other End-Users
Application

Ophthalmology
Dermatology
Gynecology
Urology
Cardiovascular
Others

About FMI:

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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Herbal Medicinal Products Market is expected to reach US$ 360.35 Billion by the end of 2031 | FMI

The herbal medicinal products market revenue totaled US$ 171.62 Bn in 2021, according to Future Market Insights (FMI) study. The overall sales of herbal medicinal products is expected to reach US$ 360.35 Bn by 2031, growing at a CAGR of 7.7 % for 2021 – 2031.

Government initiatives undertaken around the world, especially in the West to encourage the use of herbal medicine has resulted in the development of mass distribution networks, increasing prescription of homeopathic medications, and demand for Ayurveda treatments.

According to a recent study by Future Market Insights (FMI), these factors have proven crucial at enabling growth in the herbal medicinal market. Sales of herbal medicines are expected to top US$ 171.62 Bn in 2021, at a CAGR of 7.7% during the forecast period (2021-2031).

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Soaring concerns pertaining to adverse effects of allopathic medicines has been causing gradual shift of preference in favor of traditional herbal medicines. These medicines are often used for treatment of ailments including neurological diseases, cough, cold & flu, sexual problems, feminine problems, and metabolic diseases. Herbal remedies are used to maintain health and systemic balance, of body functions without sedation and side effects.

In 2015, La Political de Attention Integral a la Saluda Indigene de FUNASA of Brazil promoted traditional systems of health of indigenous communities. Similarly, the government has recognized homeopathic medicines as a medical specialty and included it in the National Health System. Brazil is currently home to around 12,000 homeopathic physicians and 300 homeopathic pharmacists.

As per the World Health Organization (WHO), around 60% of the world’s population is reliant on herbal medicines for primary health care needs. In developing countries, this number accounts for up to 80%. Around 75% of such sales are made through direct user-pharmacy contacts. The growing trend of online pharmacies and mail-on-order purchases drives the demand for self-medication.

The global geriatric population is rapidly expanding with higher life expectancy rates. According to the World Bank, in 1990, the average mortality among geriatric world population was around 6 %, which increased to 9.5% in 2020. The prevalence of chronic diseases associated with an aging population portrays the need for effective medications.

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Key Takeaways from Protein A Resin Study:

Demand for Chinese medicines is expected to grow at 8.2% CAGR through 2031, owing to investments into promotion of traditional Chinese medicine.
Retail pharmacies are projected to capture over 23% of the global market by 2031. This is attributed to availability of consumer health products.
Europe is the largest revenue-generating region for herbal medicinal products, with Germany accounting for nearly 18% of the regional market in 2031.
China holds the leading position in East Asia, and is expected to account for over 49% of the market in 2031.
South Asia is the third most lucrative market with India accounting for over 74% of the share in 2031.
Competitive Landscape

Manufacturers of herbal medicine are primarily aiming to carry out strategic expansions and filing patents to consolidate growth in a competitive market.
For Instance, In Oct 2020, the Arkopharma SA filled a patent for the Arkodigest® No Reflux 100% natural composition to improve digestion.
In November 2020, Mountain Rose Herbs purchased the Phoenix Industrial Park in Eugene, with 205,000 square feet of operational space and a 12-acre campus, as a part of business expansion strategy to develop it into green space.

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The key market players covered by FMI include :

Blackmores Limited,
Sanofi-Aventis Healthcare PTY Ltd.,
Arkopharma SA,
Nutraceutical Corporation,
STADA Arzneimittel AG,
Himalaya Global Holdings Ltd,
Integria Healthcare,
Boiron Group,
Young Living Essential Oils,
Mountain Rose Herbs

About FMI: