Market Research Blog – Page 11535 – New Product Development

Educational Tourism Market to Grow at 17.2% CAGR in 2031 | School Trips Are Driving the Demand for Educational Tourism

The global educational tourism market size will surpass US$ 399.8 Bn in 2021. Between 2021 and 2031, the market is expected to exhibit compound annual growth rate (CAGR) of 17.2%.

Governments all across the globe have contributed to the modernization of the education system by creating smart learning initiatives and aligning education curricula with global teaching standards.

The as artificial intelligence (AI), machine learning, virtual reality (VR), augmented reality (AR), etc. has led to the adoption of more efficient methods of teaching and in turn delivering an enhanced quality of education.

Governments have adopted several initiatives to support the integration of technology into the education system. For example, the UAE has initiated an Innovation Hub by Oracle in Dubai, allowing students to pitch ideas for developing technological changes.

Meanwhile, the UAE government has allocated funds towards ICT development and establishment of 122 innovation libraries in schools with Arabic representation in technology in order to encourage and promote education among Arabic-speaking students.

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The main objective for integrating new technologies into the educational system is to enable students to adapt to the ever-evolving dynamics of various industries. Moreover, regional governments are focusing on creating an ecosystem led by innovation and a knowledge based economy.

Therefore, the adoption of these technologies into the education system remains a top priority for government authorities.

Key Takeaways from the Educational Tourism Market Study

India, the U.S., the U.K., France, and Japan among others are the most popular destinations for educational tourism.
The U.S., the U.K., China, and Australia among others are top-visited countries in the world for educational tourism and are becoming an education hub for international students.
In terms of course type, master degree will be the most preferred type among consumers, contributing over 71% of global market share
Students are the primary end-users, enabling the global educational tourism market growth and are expected to generate over 39% of revenue during the forecast period
Global travel companies are anticipating high growth in the educational tourism sector. Though nascent in certain areas of the world, many travel companies are conducting educational tours, thereby promoting the importance of education and contributing to the growth of the educational tourism sector.
The concept of informal learning is more appreciated than formal learning, i.e., “education with travel”. Further, the thirst for knowledge has also increased thereby encouraging people to travel across the globe to gain knowledge of different concepts and technologies that they had studied earlier.

“Given the ever-growing demand for higher education and to bring to the attention of the local authorities to the implementation of the national strategy for international cooperation, international student recruitment has become a priority.

Implementation of various policies and measures to help recruitment of a higher number of international students will therefore present highly lucrative growth opportunities for the market,” says an FMI analyst.

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Impact of Covid-19 & 2020 Market Analysis

Educational tourism has been one of the most affected industries from the very beginning of the outbreak of the coronavirus, with airlines on the ground, the suspension of outgoing and incoming flights, nationwide lockdowns, hotels closing and travel controls enforced.

In the FQ-20, the pandemic limited the arrival of international visitors to a fraction of what they were one year before. Countries all over the world imposed travel restrictions to limit the spread of the coronavirus, which broadly affected the overall tourism industry.

Additionally, The Director-General and CEO of IATA reported that financially, 2020 was the worst year in aviation history. On average, US$ 230.0 Mn has been added to business losses on each day of this year, contributing to a net loss of US$ 84.3 Bn dollars.

In 2020, with the extreme effects of the Covid-19 pandemic, in contrast to 2019 estimates, foreign tourism decreased by 22% in Q1 and by 65% in the first half of 2020, which directly impacted the educational tourism industry.

Who is Winning?

Players in educational tourism market adopts a virtual and online approach to connect with potential people. For instance, key players such as GVI Company, EF Educational Tours, and M.K.H Consultancy Services, among others provides virtual internship program and online classes. This approach helps the players to attract more customers.

Few key players in the educational tourism market are Meridean Overseas, GVI Company, Global Volunteers, Capital Tours, Inc., EF Educational Tours, Road Scholar, AAI Edutourz, ACIS Educational Tours, GoIreland, Qadri International Education Consultancy, Intelligent Partners, Futures Abroad, ProEd DMCC, Education Resources Network (ERN), Education Zone, Fact, IQ Education Consultants, M.K.H Consultancy Services, and Stratix Consultants among others.

Market by Category

By Age Group (% of Demand):

Less Than 12 Years
13-18 Years
19-25 Years
26-40 Years
41-55 Years

By Education Type (% of Demand):

Primary
Secondary
College
Post Graduate

By Type of Occupation (% of Demand):

Students
Scholar
Teachers
Government Officials
Corporation Managers
Enterprise Owners
Workers
Others

By Course Type (% of Demand):

Master Degree
Secondary Education
Primary Education

By Region (% of Demand):

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

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About Future Market Insights (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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Medical Tourism Market to Reach 122 million by the End of 2030 and Expand at an impressive 12.3% CAGR in 2030

The medical tourism market to Reach 122 million by the End of 2030 and Expand at an impressive 12.3% CAGR in 2030

While healthcare efforts were still concentrated on handling the COVID-19 crisis, they partially reversed growth estimates for 2020 as the situation stabilised. From 2021 forward, treatment of life-threatening illnesses and chronic conditions will start to gather pace.

While an increasing number of Americans are travelling abroad for availing medical treatment, there has been significant surge in inbound medical tourism of the country as well.

The Joint Commission International (JCI), which is a nonprofit organization, evaluates the quality and standard of healthcare facilities across the globe. As a matter of fact, JCI accreditation is recognized internationally as a benchmark for quality care in hospitals and clinics. In the U.S., JCI has accredited nearly 15,000 hospitals in the U.S.

Between 2020 and 2030, the market is forecast to exhibit 12.3% CAGR, as the number of medical tourists is expected to rise at 11% over the same period. Factors such as increasing healthcare costs in the West, increasing incidence of chronic ailments, and surging demand for various cosmetic procedures have been resulting in the soaring medical tourism.

Availability of cheaper treatment options abroad without compromising on the overall standard and quality of healthcare services is the chief driver of medical tourism in the East. The field contributes significantly to the generation of revenue across developing economies, which has been motivating government aids.

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key takeaways :

The U.S. is expected to lead in terms of healthcare travel spending, however, in the coming years China’s spending is forecast to surge considerably
Among services offered under medical tourism, therapeutic services are highly sought-after. Wellness services too are gaining traction as an increasing number of medical tourists are seeking meditation and wellness retreats
Phone and online booking will remain more preferred modes of booking for medical tourism
Medical tourism is often sought for cancer and cardiovascular treatment. Besides this, cosmetics and bariatric procedures are very popular among medical tourists

Medical Tourism Shows Resilience amid COVID-19

While the unprecedented COVID-19 outbreak might have caused significant disruptions, recovery is on card, thanks to prompt response by governments around the world. Thailand’s response to the ongoing pandemic, for instance, has won praise from the United Nations, the World Health Organization, and other experts around the world. Thailand has been ranked among the top five countries among 184 in terms of the effectiveness of their battle against the virus.

According to the Thailand Board of Investment, more than 50 applications for investments, worth over US$ 400 million were submitted during the first half of 2020 to introduce a range of novel measures, accelerating investment in the medical sector. Proactive steps taken by government and non-government organizations will enable the medical tourism market sail despite losses incurred during COVID-19.

Who is winning?

Medical tourism market is expanding at a fast rate. Tier 1 companies such as AsklepiosKlinikenGmbH, Bangkok DusitMedical Services, Fortis Healthcare Limited, Apollo Healthcare, BumrugrandInternational Hospitals, ChristusMughuerza, and others contribute nearly 6% to 17% of revenue generated by the market.

Tier 2 companies operating in the market include Asian Heart Institute, Prince Court Medical Center, ShouldiceHospital, Gleneagles Hospital, ClemenceuMedical Centre, AnadoluMedical Centre, and others. These companies account for the lion’s share of the global market.

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Key Segments

Americas

Global Healthcare Connections, Inc.
Christus Muguerza S.A.P.I De CV
Shouldice Hospital

Europe

Asklepios Kliniken GmbH

Asia-Pacific

Fortis Healthcare Ltd
Apollo Hospitals
Gleneagles Hospital
Bumrungrad international Hospital
Bangkok Dusit Medical Services
Asian Heart Institute
Prince Court Medical Center

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North America Ceiling Cassette Market Is Projected To Reach A Valuation Of US$ 3,427.1 Mn By The End Of 2032, Future Market Insights Inc.

The North America ceiling cassette market is expected to grow at a CAGR of 4.8% in the forecast period (2022-2032) and reach a valuation of US$ 3,427.1 Mn by the end of 2032. Rapid development of urban areas in North America and ongoing technological advancements in the field of air conditioning are projected to drive the market.

Besides, urgent need for energy-efficient ceiling cassettes and high demand from the retail sector are expected to bode well for the North America market. Increasing evolution of healthcare, commercial, and hospitality sectors across the U.S. and Canada is another crucial factor that would influence growth in the assessment period.

Investors across North America are nowadays renting out commercial properties to individuals or organizations who are further using the space to run their businesses. Industrial, retail, offices, lodging, and amusement are some of the key segments that come under commercial properties.

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Further, rising consumer spending is significantly influencing the demand for businesses across North America. As consumers are spending more money, downstream demand for goods and services is rising. It is thus encouraging companies to expand their production capacities. This factor is estimated to push the demand for more retail shops, offices, and warehouses, thereby driving the market.

The majority of the ceiling cassettes come with a built-in energy efficiency feature. Demand for ceiling cassettes is likely to expand at a fast pace stoked by easy availability of advanced heating, ventilation, and air conditioning systems. Compact design, easy installation, straightforward operation, and high process dependability are some of the new features of ceiling cassettes that would propel the global market in the next decade.

Leading market players are engaging in merger and acquisition activities to enhance their inorganic growth, strengthen product development, and expand their supply chain. In addition, these players are acquiring regional manufacturers and dealers to enhance their sales network within North America. A few other companies are investing huge sums to develop new manufacturing facilities for expanding their production capacities.

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Key Takeaways: North America Ceiling Cassette Market

By cooling capacity, the upto 5.8 kW segment is expected to remain dominant during the forecast period and will account for around 45% of market share by 2032.
By application, the ductless ceiling cassette segment is anticipated to grow at a CAGR of 4.9% throughout the forecast period.
By end use, the commercial segment is projected to lead the North America ceiling cassette market and create an absolute dollar opportunity worth US$ 998.6 Mn by 2032.
In terms of country, the U.S. ceiling cassette market is projected to exhibit a CAGR of 4.4% from 2022-2032.
Canada ceiling cassette market is anticipated to generate nearly 12% of the North America ceiling cassette market share by the end of 2032.

“Ongoing technological advancements and emergence of cutting-edge ceiling cassettes that consume less power, as compared to conventional ones are projected to drive the market,” says a Future Market Insights analyst.

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Competitive Landscape: North America Ceiling Cassette Market

The North America ceiling cassette market is moderately consolidated with leading players focusing on increasing their profit margins by relocating their manufacturing bases in Mexico from the U.S. and Canada to reduce taxes and labor costs. They are also aiming to broaden their geographic presence and improve customer service to strengthen their positions.

Some of the renowned tier 1 players in the market include Commercial Systems North America (Carrier), Mitsubishi Electric Trane HVAC US LLC, Lennox International, Inc, Daikin North America LLC, and Nortek North America HVAC among others.

More Valuable Insights on North America Ceiling Cassette Market:

The research report analyzes the market demand trend for the North America ceiling cassette. The North America market is based on macroeconomic factors, market trends, & market background. As per Future Market Insights’ research scope, the North America ceiling cassette market report is studied and analyzed in the following segments- cooling capacity (up to 5.8 kW, between 5.8 – 14 kW, and above 14 kW), end use (residential, industrial, commercial, healthcare, hospitality, retail, and others), product type (ducted ceiling cassettes and ductless ceiling cassettes), and countries. The ceiling cassette market report gives us qualitative and quantitative information about the companies.

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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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Worldwide DC Switchgear Market Holds Average Growth Prospect With An Anticipated CAGR Of 6% CAGR During 2022-2032

As per a recent report published by FMI, the DC switchgear market is expected to record an average CAGR of 6% during the forecast period. The region’s dominance in the global market is due to the implementation of innovative grid programs by several governments in this region and enormous investments for modernizing electricity transmission and distribution networks.

Over the forecast period, DC switchgear statistics lead towards the Asia Pacific as its market size is expected to rise significantly. The DC switchgear market in the Asia Pacific is now growing at the fastest rate, owing to many causes, including increased peak load demand, the expansion of micro-grid networks, and worries about grid stability and security of supply.

The DC switchgear industry growth is likely to be boosted by the shifting preference towards energy-efficient distribution networks, as well as increased concerns about transmission network stability, security, and reliability. Growing investments in renewable energy sector also holds high potential for creating lucrative DC switchgear market opportunities over the forecasted period.

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Key Takeaways:

Contribution of railway segment is projected to be the most during the forecast period.
Sales of DC switchgear with a capacity of 750 V is anticipated to remain the highest, as end users seek high efficiency.
The DC switchgear market sizein the United States is expected to grow by more than 5% by 2025. The same can be attributed to government initiatives to replace and upgrade existing distribution networks.
By installation, the outdoor installation segment is expected to have a large DC switchgear market sharedue to its ability to withstand harsh climatic conditions while also providing reliable and cost-effective operations.

“Asia Pacific is anticipated to have a major share of the global switchgear market, owing to increased investments in the railway sector and the incorporation of renewable energy sources, particularly in countries like Australia, India, China, and Japan. The presence of a large potential for large industrial plant construction, combined with rapidly developing residential and commercial sectors, is also expected to increase the demand for DC switchgears and contribute to regional growth.” opines an FMI analyst.

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Key Segments

By Voltage:

Up to 750 V
750 V to 1,800 V
1,800 V to 3,000 V
3,000 V to 10 kV
Above 10 kV

By Deployment:

Fixed Mounting
Plug-In
Withdrawable Units

By Application:

Railways
Solar Farms
Battery Storage
EV Charging Infrastructure
Marine
Power Generation
Others

By Region:

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

About Us:

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 7-years.

Domestic Booster Pumps In Europe Currently Contributes 22.9% To The Global Industry Landscape | Future Market Insights

In a new market study, Future Market Insights (FMI) opines global Domestic Booster Pumps Market to surpass US$ 4.63 Bn by 2030, growing at a 7.1% CAGR through 2030.

The document attributes the boom of the marketplace to rising recognition among consumers concerning the provision of strength-green technologies. Furthermore, the growth of the e-commerce enterprise is widening the sales channel for domestic booster pumps.

Having studied the effect of the COVID-19 pandemic, the report opines that the call for residential pumps is predicted to enjoy a downtrend for the duration of the pandemic, as the focus of both producers and purchasers shifts in the direction of vital and emergency utilities. Speedy urbanization in rising economies and the consequential increase in the variety of residences are also propelling demand for booster pumps designed for domestic and residential purposes.

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Key Takeaways

The 50-150 W segment will capture nearly 1/3rd of global value as pumps with a power rating in this range are ideal for medium-sized buildings.
By water pressure, 1 bar segment is expected to account for over 2/5th of market value by the end of the forecast period.
Domestic booster pumps find the majority of applications in gardening sprinklers and pipes, capturing around 2/5th of total market value.
The offline sales segment will continue to channel the majority of revenue, while the online sales segment is poised to grow at an impressive rate.
East Asia, led by China, is poised to hold the lion’s share in global market value, backed by the presence of a flourishing residential construction sector.
North America and Europe will cumulatively account for a prominent market share, owing to the presence of major market players.

Similarly, the pandemic has adversely affected the residential construction activities, causing a complete shutdown across several nations, and this is likely to impede the demand for systems designed for the residential sector, including home and domestic booster pumps market.

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Key Segments of Domestic Booster Pumps Industry Survey

Domestic Booster Pumps Market by Rated Power:

10 – 50 W Domestic Booster Pumps
50 – 150 W Domestic Booster Pumps
150 – 300 W Domestic Booster Pumps
Above 300 W Domestic Booster Pumps

Domestic Booster Pumps Market by Water Pressure:

0.5 Bar Domestic Booster Pumps
1 Bar Domestic Booster Pumps
Above 1 Bar Domestic Booster Pumps

Domestic Booster Pumps Market by Application:

Domestic Booster Pumps for Kitchens
Domestic Booster Pumps for Bathrooms
Domestic Booster Pumps for Water Heater Units
Domestic Booster Pumps for Gardening Sprinklers & Pipes

Domestic Booster Pumps Market by Sales Channel:

Online Sales of Domestic Booster Pumps
Offline Sales of Domestic Booster Pumps

Domestic Booster Pumps Market by Region:

North America Domestic Booster Pumps Market
Latin America Domestic Booster Pumps Market
Europe Domestic Booster Pumps Market
East Asia Domestic Booster Pumps Market
South Asia & Pacific Domestic Booster Pumps Market
Middle East & Africa (MEA) Domestic Booster Pumps Market

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Global Woodworking Circular Saw Blades Market Stands At A Valuation Of US$ 50.4 Mn In 2022

The woodworking circular saw blades market is projected to reach a valuation of US$ 68.3 Mn by the end of 2029, as per the latest report by FMI.The rise in the cost of raw materials such as roundwood and timber has increased manufacturing costs and reduced profit margins.

The global woodworking circular saw blades market is expected to grow at a CAGR of 4.4 percent from 2022 to 2029, with a value of US$ 50.4 Mn in 2022. Shipments of woodworking circular saw blades are expected to be worth US$ 68.3 million by 2029.

This is expected to boost sales of powerful and efficient saw blades, reducing material waste and increasing productivity. Furthermore, carbide material for circular saw blade tips provides abrasion resistance, kerf reduction, longer service life, and the ability to saw thick and strong woods.

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Key Findings from the Woodworking Circular Saw Blades Market Research

Sales via various online platforms are gaining popularity, as these sites allow customers to select products based on their needs. To gain a significant market share, many retailers and distributors are focusing on offering their products through online platforms.
Increased use of furniture in the commercial and residential sectors, as well as the use of wood as a thermal and electrical insulator in the industrial and manufacturing sectors, are expected to boost sales of woodworking circular saw blades, with the timber and wood processing industries performing admirably.
Demand for woodworking circular saw blades is expected to rise due to increased demand for woodworking operations in the manufacture of household furniture and the use of wood in the design of basic utilities in commercial constructions. With the increased use of circular saw blades for small-scale operations, the market for 100 – 200 mm diameter blades is expected to grow significantly.

“Rising demand for woodworking circular saw blades for plumbing and carpentry, as a result of their inherent dependability, such as accuracy, ease of use, and precision, creates a favourable environment for the growth of the woodworking circular saw blades market.”

Market Analysis of Woodworking Circular Saw Blades

The global woodworking circular saw blades market is fiercely competitive, with a large number of organised and unorganised players active in the global market. The global woodworking circular saw blades market is dominated by Freud Tools, Robert Bosch GmbH, Stanley Black and Decker, and Homag Group. Key players are concentrating on producing diverse blades for efficient performance in various operations.

Asia Pacific Offering Lucrative Opportunities for Market Growth

The demand for woodworking circular saw blades is expected to gain significant traction in the coming years, owing to flourishing residential and commercial construction activities in developing countries of the Asia Pacific region. Rising demand from the furniture industry is expected to drive the sales of saw blades during the forecast period. High use of wooden furniture and timber for construction in countries such as India, China, and South Korea is expected to propel the growth of the woodworking circular saw blades market.

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More Valuable Insights on Woodworking Circular Saw Blades Market

The research report provides thorough assessment and future forecasts of the woodworking circular saw blades market on the basis of five primary segments listed as follows: mode of operation, blade type, diameter type, distribution channel, and end-use industry. The report provides comprehensive information about global market sizing, key market manufacturers, and regional perspective for market. The report also provides important dynamics of the woodworking circular saw blades market. The scope of the research includes woodworking circular saw blades with carbide tips or complete carbide blades utilized in the woodworking industry.

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 7-years.

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Camping and Caravanning Market is Projected to Rise at a CAGR of ~7.6% in 2030 | Europe Region is Expected to Retain its Dominant Position

The global camping and caravanning market is projected to rise at a CAGR of ~7.6% between 2020 and 2030.

According to Future Market Insights, the market will expand steadily. Currently, the majority of nations, including the Philippines, India, Thailand, Brazil, and the United Arab Emirates, are investing considerably in their airports to improve arrival/departure facilities for a considerable number of visitors in the near future.

Players in these nations also emphasise infrastructure development as well as historical and camping site restoration. Other reasons influencing the expansion of the camping and caravanning sector include the enhancement of lifestyle, highlighting culture and variety, and constructive collaborations between governments to develop infrastructure for better living and commuting.

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Key Takeaways from the Camping and Caravanning Market Study

According to the report, companies are increasingly focuses on customer loyalty programs, as the camping and caravanning is a customer-driven market, and players target a particular set of customers and retain them by meeting their requirements. Accordingly, the development of technology-driven, customer-centric services and innovative discount offers through gift cards is expected to boost the revenue of the companies in the global camping and caravanning market.
Nowadays, e-Gifting is gaining popularity among consumers, owing to advantages such as convenience, easy availability, and customization benefits. Thus, prominent players in the camping and caravanning market offer e-Gift cards to customers with an objective to retain them in the future.
The Europe region is expected to retain its dominant position in the global camping and caravanning market, due to increase in frequency and length of holidays by young population in the caravan camping parks coupled with growing trend of mobile homes without relying on hotels or motels in the region.
Among destination type, the privately owned campgrounds segment is anticipated to show a relatively higher CAGR in the global camping and caravanning market in the near future, as increasing number of millennial campers and rise in demand for luxury camping facilities across the globe.

“Prominent players in the global camping and caravanning market are focusing towards loyalty programs to attract customers towards camping activities. Moreover, prominent players are significantly advertising and promoting gift cards for campers through social media and other offline stores to increase customer awareness and retention rate” says an FMI analyst.

Staying connected on social media while camping remains a priority of millennials. The availability of Wi-Fi and improved cell phone service at campgrounds is increasing the active participation of millennials in camping parks, is anticipated to propel the camping and caravanning market in the foreseeable future. Additionally, the fast-paced advertising and technological landscape has become an essential part of the camping and caravanning industry, as tourists seek the best travel experience in a shorter duration is another factor drives the global camping and caravanning market over the forecast period.

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Who is winning?

Some of the key players operating in the camping and caravanning market ACCOR SA, Internacional Palamos, Radisson Hotel Group, Haven Leisure Limited, Hilton Worldwide Holdings Inc., TENTRR, HIPcamp, Vacansoliel, Selectcamp, ACSI Holding BV, and others.

Several prominent market players are significantly exploring new camping sites as more and more people are showing interest in adventure camping and glamping. Besides this, companies are also significantly improving their digital presence to meet customer expectations and introducing new customer loyalty programs by providing personalized experiences and reserving exclusive offers for members.

In January 2020, Hilton Worldwide Holdings Inc. introduced a new lifestyle hotel brand ‘Tempo’, to serve the growing segment of modern achievers. This new chain of hotels, with wellness and sustainability at the foundation, will provide a unique experience to younger and eco-friendly travellers. This expansion is anticipated to help the company expand its product portfolio and market footprint worldwide.
In 2020, ACSI Holding BV introduced new ACSI guides and apps for campers who likes to visit campsites with their own motorhome. This will enable travelers to camp at bargain prices off-season at more than 3,600 campsites in Europe. It will also provide extensive information about 8,000 ACSI-inspected campsites.

CAMPING AND CARAVANNING MARKET TAXONOMY

The global camping and caravanning market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Destination Type

State or National Park Campgrounds
Privately Owned Campgrounds
Public or Privately Owned Land Other Than a Campground
Backcountry, National Forest or Wilderness Areas
Parking Lots
Others

Type of Camper

Car Camping
RV Camping
Backpacking
All

Consumer Orientation

Male
Female
Kids

Age

6-12 yrs
13-17 yrs
18-24 yrs
25-44 yrs
45 + yrs

Region

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

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U.S. Power Transformer Market Is Expected To Grow At A 3% CAGR By 2031, Future Market Insights Inc.

Future Market Insights (FMI) states that, power transformer market revenue grew by 10% between 2019 and 2021, reaching US$ 21.9 billion in 2021 with a healthy CAGR of 4.6%.The power transformer market grew by 4% year on year in 2021, owing to increased efforts to incorporate modern energy solutions into existing power systems and high demand for efficient and reliable power supply.

Power transformers are essential components of power grids because they help with power transmission between networks with minimal frequency change and loss. Increasing investments in the expansion of power grid networks and distribution channels to enable electricity access in remote areas will drive demand for power transformers in the coming years.

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The emphasis on upgrading the existing power grid network with modern energy technology for flexible, secure, efficient, and reliable power supply will emerge as a key growth driver.

Power transmission systems capable of handling the flow of stored and renewable energy throughout the grid system are being developed by market participants. The development of systems for the efficient management of electricity transmission and distribution as part of disaster recovery efforts, as well as the redefining of electrical grids to reduce operational costs and lead times, will have a positive impact on market growth in the future.

Key Takeaways from FMI’s Power Transformer Market Study

The North American power transformer market is expected to grow at a 3 percent CAGR due to the increasing need to replace old power grid networks with modern and efficient equipment and the growing supply and demand gap for electricity in the United States and Canada.
During the forecast period, the Europe power transformer market is expected to grow at a CAGR of 3.2 percent. The increase in growth can be attributed to rapid electrification and increased investment in the region’s transmission and distribution networks.
Rising public awareness of CO2 emissions, increased electricity consumption, and increased efforts to electrify rural areas will drive demand for power transformers in India.
China is expected to provide lucrative opportunities as a result of increased investment in power grid infrastructure development and the country’s thriving mining and oil and gas industries.
In 2021, Japan and South Korea will account for 7% of the global power transformer market. These countries’ key growth drivers are industrialization, increased efforts to close the energy supply and demand gap, and the imposition of energy-efficient laws and standards.

According to the FMI analyst, “increased demand for upgrading traditional transmission systems to sustain high voltage power transfer and incorporation of smart grids will boost demand for power transformers in the coming years.”

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Who is the victor?
Future Market Insights discusses the strategies used by market players to strengthen their market position and highlights the key trends emerging in the power transformer market.

Leading market players control 35% of the global market. They are concentrating on new product development, such as green transformers, to reduce their carbon footprint, as well as establishing production and supply operations in key high-demand demographics such as South East Asia. Furthermore, key players have increased production outputs and relocated manufacturing plants to developing countries in order to reduce lead times and operating costs.

Prominent players operating in the power transformer market are:-

ABB
General Electric
Siemens AG
Toshiba Corporation
Schneider Electric

For instance, in July 2021, General Electric won orders for manufacturing 45 units of 765 kV transformers from Power Grid Corporation of India Limited (PGCIL) for the new sub stations to be constructed in Rajasthan, India. The new transformers will dissipate around 8.1gigawatt (GW) of green power from the state’s solar energy zones.

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Walk-In Coolers And Freezers Market Is Projected To Register A CAGR Of 5.6% From 2022-2029

The global walk-in coolers and freezers market is estimated to be worth around US$ 9.52 Bn in 2022. With rising trend of installing customized walk-in coolers and freezers, the overall market is projected to expand at a robust CAGR of 5.7% between 2022 and 2029, reaching a valuation of US$ 14.05 Bn by 2029.

Consumer acceptance of frozen and processed foods, as well as an increase in demand for efficient refrigeration facilities to store and maintain the shelf life of these products, point to a brighter future for the walk-in coolers and freezers market. Future Market Insights (FMI) estimates global sales of walk-in coolers and freezers at $8.6 billion in 2022 in its new report.

The growing penetration of walk-in coolers and freezers in developing regions is opening up new growth opportunities in the global walk-in coolers and freezers market. These refrigeration products are becoming more popular as a result of their increased capacity to store and preserve sensitive products while also extending their shelf life.

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

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

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

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

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

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

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Gains Remain High from Commercial Kitchens & Restaurants

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

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

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Machine Tool Touch Probe Are Likely To Grow At A Growth Rate Of 3.1% By Volume Over The Assessment Period Of 2022-2028

The global machine tool touch probe market is expected to grow by 3.6 percent year on year in 2022, reaching a value of approximately US$ 615.1 Mn by the end of 2022. Machine tool touch probes are widely used in grinding, turning, and milling for fast, precise, and automatic tool setting and workpiece measurement. It has the potential to improve dimensional accuracy while reducing setup time. The global market is expected to grow at a significant CAGR of 3.5 percent between 2022 and 2028.

According to the report, 3D Touch Probes and 2D Spindle Probe types will dominate the machine tool touch probe market, accounting for more than 80% of market share over the forecast period. The global machine tool touch probe market is expected to be worth $616 million by the end of 2022.

Furthermore, by the end of the forecast period, the machine tool touch probe market is expected to generate a total incremental $ opportunity worth US$ 218.0 Mn.

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Global Machine Tool Touch Probe Market Dynamics

Machine tool touch probes can operate in conditions in which humans cannot sustain themselves or in conditions in which humans cannot operate optimally, such as when accuracy is the primary factor. Due to this reason, machine tool touch probes have been in high demand in the manufacturing industry in the global market.

Manual measurement of work pieces is being replaced by machine tool touch probes as they reduce any chances of inaccuracy and also increase the potential for accurate workflows. This particular factor will accelerate the growth of the machine tool touch probe market over the forecast period. Moreover, human personnel can work for only a number of limited hours whereas machines and their components are capable of working continuously.

Growth in research and development activities by prominent market participants is estimated to create several growth opportunities for the machine tool touch probe market in the coming future. Increasing demand and competition will encourage manufacturers to invest on research and development. This is expected to further create opportunities for the augmentation of the machine tool touch probes market in the coming years.

However, lack of skilled professionals for operation and maintenance of machine tool touch probes may hamper the growth of the machine tool touch probe market over the forecast period. Moreover, the initial cost associated with the machine tool touch probes is on the higher side. This may be one of the prime reasons which may derail the growth of the machine tool touch probes market over the forecast period.

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Global Machine Tool Touch Probe Market Forecast

The global machine tool touch probe market is consolidated by nature. There are only a few key market participants which occupy a significant share in the market. These players are expected to play a pivotal role in the growth of the machine tool touch probe market over the forecast period. By transmission type, infrared segment is expected to hold a significant share in the machine tool touch probe market over the coming years.

Moreover, infrared segment along with the radio segment is expected to occupy more than 85% share in the global market. By machine type, CNC machining center segment is expected to create overall incremental $ opportunity of US$ 756.2 Mn between 2022 and 2028. By end use, automotive, defense & aerospace and medical segment is expected to dominate the market. The medical and automotive segment are expected to collectively account for 33.9% of the market share by the end of 2022, which is expected to grow to 35.1% of the overall market by the end of forecast period. By region, Western Europe is expected to grow at a significant rate, at a CAGR of 3.5% over the forecast period.

Global Machine Tool Touch Probe Market Competitive Landscape

Some of the key market participants reported in this study on the global machine tool touch probe market are Renishaw plc., Hexagon AB, DR. Johannes Heidenhain GmbH, Blum-Novotest GmbH, Tormach, Inc., METROL Co., Ltd., Marposs S.p.A., P-Tech Industries Pvt. Ltd., Centroid Corporation, J & M Precision Products Inc., Micro-Vu., Quality Vision International, Inc., Mahr GmbH, Magnescale Co. Ltd., Carl Zeiss AG.