Market Research Blog – Page 11562 – New Product Development

Sales In Dredging Market Is Slated To Increase At A CAGR Of 3.7% by 2032, FMI

The global dredging market is predicted to grow at a CAGR of 3.7%, reaching a valuation of more than US$ 22.3 billion by 2032. The dredging market is anticipated to benefit from rising demand for gulf coast restoration activities. Dredging service providers are adopting dredger monitoring systems and upgradation of their equipment to increase efficiency and productivity.

Rising government investments for dredging activities in emerging economies will create opportunities for growth in the market in the forthcoming years. Various developing and developed countries’ governments are investing in harbors, channels, and waterways that are dredged in a timely and cost-effective manner to meet environmental protection, restoration, and enhancement goals.

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Further, increase in trade activity, urban development projects and coastal protection activities are driving the demand for dredging services globally. Manufacturers are introducing new and innovative service methods with maintaining the regulation for emission control.

Due to upgradation of equipment, dredging activities are now being used for accessing high-quality mineral reserves that are economically inaccessible through conventional mining.

Companies providing dredging services for the development of ports and dockyards are extending their portfolio by including suction dredging for rivers and smaller waterways. Such developments are anticipated to bode well for the growth in the market over the forecast period.

“Technology upgradation in dredging service driven by the adoption of dredger monitoring systems and upgradation of equipment to increase efficiency and productivity will continue driving sales in the market growth over the forecast period,” says an FMI analyst.

Key Takeaways:

By customer type, the government segment is projected to hold 43.6% of the total market share in 2022.

Based on application, the energy Infrastructure segment is expected to grow Y-o-Y by 4.6% in 2022.
Demand in the U.S. dredging market is forecast to increase at a 2.1% CAGR, reaching a valuation of US$ 1.5 Bn by 2032.
India will emerge as a lucrative pocket, with sales growing at a 3.4% CAGR through 2032.
Total sales in the China market will hold 25% of the East Asia dredging market share in 2022.
By 2032, East Asia is expected to account for a dominant share of 32.9% of the global dredging market.

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Competitive Landscape

The global dredging market is significantly consolidated among Tier I, Tier II, and Tier III players. The leading players in the market account for 50 to 55% share in the market on a value basis.

Some of the key players in this industry include China Communications Construction Company Limited, Royal Boskalis Westminster N.V, Dredging, Environmental and Marine Engineering NV (DEME), Van Oord, Great Lakes Dredge & Dock Corporation, Royal IHC, National Marine Dredging Company and others.

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

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Refrigerated Display Cases Market Has Seen A Steady And Continuous Rise In The Demand In The Retail Food And Beverage Sector By 2022

The report offers analysis in 20+ high-growth markets, providing detailed insights on Refrigerated Display Cases Market growth will evolve in the next decade. Increasing refrigerated display cases sales are set to enable the market’s valuation to reach US$ 9.5 Bn in 2021. Future Market Insights (FMI) in a study has predicted stable long-term growth for the market.

The refrigerated display cases (RDC) market has been registering high growth since the last few years. This growth is projected to continue over the coming years due to increasing demand from the food retail sector. The increasing population and rapid urbanization in emerging economies from will create significant opportunities for growth in the next few years.

Refrigerated display cases mostly used in retail stores and food & refreshment industry, for example, general stores/hypermarkets, supermarkets, eateries and hotels and non-routine outlets. RDCs help to attract customers through an attractive visual display of food and drink products.

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With the sector undergoing a recovery mode, the immediate as well as long-term growth outlook of refrigerated display cases the market remains positive. According to the report, the retail food and beverages sector will continue accounting for over 70% of sales of refrigerated display cases through the forecast period.

Introduction of high performance and connected refrigerated display cases with real time cloud access and maintenance will create lucrative growth opportunities. In the coming years, the market also will gain from the launch of low GWP refrigerants aimed at lowering environmental challenges.

Key Takeaways

Expansion of the supermarkets and hypermarkets will remain a chief growth driver, enabling the market rise at 5.5% CAGR between 2021 and 2031
Rising demand for ready-to-eat food is fuelling refrigerated display cases sales across supermarkets and hypermarkets in the U.S. The country is expected to account for over 70% of the North America market
Expansion of the food service sector will enable growth in Germany and France
The U.K. will emerge as a strong market, exhibiting 3.8% y-o-y growth in 2021 after a period of decelerating sales in 2020
While China currently holds dominance, Japan will emerge as the leading market in East Asia backed by rising demand for packaged food

“Recent developments in food service and food retail sectors are creating lucrative prospects for the market. Consumers’ inclination towards add-on features like real time maintenance, remote access, and others is increasing, which is expected to give tailwinds to growth. In order to woo end users, manufacturers are therefore providing competitive price offering and advanced technologies,” says FMI analyst.

The implementation of stringent government norms and regulation on use of refrigerant for cooling is estimated to create high growth avenues for the refrigerated display case market. The increasing focus on eco-friendly and sustainable refrigerated display cases in developed and developing economies across the globe is creating growth opportunities.

Competitive Landscape

The refrigerated display cases market is fairly competitive, with key players accounting over two third of the overall market value share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market share. Some of the key players in the market are Carrier Corporation, Frigoglass SAIC, Epta S.p.a. Refrigeration, Dover Corporation, Haier Group, Arneg S.p.A, Illinois Tool Works, Daikin Industries, Ltd., Fagor Industrial, and others.

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Refrigerated display case market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities. Collaboration, mergers and acquisition with regional companies will remain key strategies adopted by market players as they aim at expanding their footprint in regional market.

Get Valuable Insights into Refrigerated Display Cases Market Report

Future Market Insights, in its new offering, provides an unbiased analysis of the global refrigerated display cases market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The refrigerated display cases market study uncovers convincing bits of knowledge based on type (plug-in, semi plug-in, and remote), design (vertical, horizontal, and hybrid), and end user (food service sector and retail food and beverages sector) across six key regions.

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Vibration Control System Market Will Propel The Growth While This Segment Will Hold Nearly 30% Of The Market Share by End 2031

The demand for vibration control systems has increased over the last decade due to increased demand from industries with rapid growth such as oil and gas, utilities, transportation, and others. While manufacturers have catered to market growth by developing broad categories of products such as isolating pads, absorbers, and dampers, macroeconomic factors such as an increase in per capita utility expenditure, an increase in governmental expenditure on key end-use industries, and others have further fueled sales.

Demand for vibration control systems is likely to witness a revival in 2021, according to the latest edition of the study by ESOMAR-certified market research firm, Future Market Insights (FMI). The study also finds that a significant percentage of industry players are confident of growing investments in automation, a strategy stalled by COVID-19 outbreak. However, the pace of recovery is likely to be muted in 2021, with a robust recovery anticipated in 2022 onward.

As the automotive industry has grown in recent years, so has the demand for various types of vibration control systems such as automation control, motion control, vibration control, and others. With vibration control system manufacturers releasing a slew of new products, Future Market Insights (FMI) anticipates a bullish outlook from 2021 to 2031.

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Key Takeaways

High demand for anti-vibration cylinders likely to be witnessed
Original Equipment Manufacturers (OEM) continue to be preferred by end-users
Rise in requirement from transportation industry to fuel sales of vibration control systems
Sales in US will be nearly 50% of global demand
China remains a strong market in APAC
Sales in Japan and South Korea expected to recover steadily

“With rise in requirement from end-users with fast-paced growth, vibration control system manufacturers are projected to witness significant opportunities. Surge in demand for vibration control system will propel the growth while this segment will hold nearly 30% of the market share,” says an FMI analyst.

Automotive Industry Outlook Key to Future Sales

As vibration control is of utmost importance in automotive industry, the steady growth in this industry is raising the demand for it further around the globe. According to the European Commission (EC), the automotive industry is crucial for Europe’s prosperity, representing 8.5% of European Union (EU) employment in manufacturing, while the turnover generated by the automotive industry in Europe represents over 7% of EU GDP.

According to the Select USA, the U.S. automotive industry is expanding steadily, while in 2018, the additional exports of automotive parts were valued at US$ 88.5 billion. As stated by the United States Auto Alliance, of the US$ 105 billion spent on R&D globally, almost a fifth (US$ 18 billion) was spent in the U.S. in 2018. As these rates are forecast to increase further, the players in the vibration control system industry are set to experience significant growth in the coming years.

Who is Winning in this Space?

The global vibration control system market remains fiercely competitive. To consolidate their position, the key players are emphasizing on diversifying their products. For instance,

Lord Corporation announced a new brand for its portfolio of electromechanical products: Lord Electromechanical Solutions in 2018
Cooper Standard launched its new range of vibration control system solutions applicable for diverse end-use industries, while it named to Newsweek’s America’s most responsible companies 2021 list

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More Valuable Insights on Vibration Control System Market

In its latest report, FMI offers unbiased analysis of the global vibration control system 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 system (vibration controls (isolating pads, isolators (metal, rubber), couplings (spool, shear, bolt, bush), anti-vib cylinders (male, female)), motion controls (springs (air, coil), hangers, washers & bushes, mounts (hydraulic, pneumatic)), automation control (absorber (miniature, industrial, heavy industrial), dampers (hydraulic, pneumatic, damping pads))), end-users (mining & quarrying, oil & gas, utilities, transportation, food manufacturing, beverages & tobacco, textile mills, bi-products, chemical manufacturing, electrical equipment, machinery manufacturing), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

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Micro Irrigation In India Has Risen Strongly With A CAGR Of 9.6% By 2031, End

The global micro irrigation systems market will grow at an exponential rate of more than 13 percent CAGR through the end of 2031, according to Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report includes an in-depth analysis of more than 20 high-growth regional markets, as well as detailed information on micro irrigation system future prospects.

Growing interest in greenhouse farming is also driving micro-irrigation systems in specialized farms. Micro irrigation systems are gaining importance in the agriculture sector, owing to their efficacy in minimizing the effects of drought conditions, at comparatively low costs. Increasing demand for water and concerns over scarcity of this natural resource, with its effects in terms of quality and crop yield will play key roles in driving the growth of the market.

The FMI research looked at global demand for micro irrigation systems in terms of macroeconomic factors, the impact of the covid-19 pandemic, and the market landscape. The market has been studied based on consumer interests, product segments, and regional influences, as well as qualitative data on market players covering both supply and demand, according to the scope of FMI’s research.

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The study by FMI has analyzed the global demand for micro irrigation systems, in terms of macro-economic factors, the impact of the covid-19 pandemic, and market landscape. As per the scope of research conducted by FMI, the market has been studied on the basis of consumer interests, product segments, and regional influences, in addition to qualitative data on the players operating in the market covering both supply and demand.

Key Takeaways from Micro Irrigation Systems Market Study

Drip irrigation systems are estimated to hold the lead, supported by lower purchase and installation costs, in addition to low water use.
Micro farming applications will reflect a relatively higher rate of growth, driving demand for lateral move and central pivot products.
United States will hold significant market share owing to the concentrated presence of market leaders in the country.
India and China will account for a high rate of growth, supported by an agrarian economy and favorable government initiatives in the industry.
Access to technologies associated to mechanized irrigation systems are generating opportunities in the Middle East and Africa region.

“The growing need for water conservation efforts driven by rising population levels and decreasing global water reserves are key factors that drive the micro irrigation systems market. Stringent regulations associated with water becoming a rare commodity, has pushed players in the agricultural sector to invest in novel solutions to enhance the productivity of a limited volume of water. Micro irrigation systems are capable of optimizing water usage, which in turn will support market expansion for the duration of the forecast period,” says the FMI analyst

The micro irrigation systems market is expected to grow at a healthy rate during 2021 to 2031. With the essential nature of irrigation in agriculture, coupled with growing concerns over water scarcity issues, market players are expected to be focused on research and development to improve on resource optimization objectives. Field testing and collaborations with regional players is likely to gain the interest of market players through the assessment period.

Region

North America (U.S. & Canada)
Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
Japan
Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)

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Competitive Landscape

The global micro irrigation system market is moderately fragmented, with a number of regional players holding notable market share, which is likely to continue for the duration of the forecast period. Leading manufacturers are increasingly investing in new technology innovations in addition to strategic geographic expansion efforts.

Some of the leading players in the micro irrigation systems market include but are not limited to Netafim Ltd., Jain Irrigation Systems Ltd., The Toro Company, Rain Bird Corporation, Hunter Industries, Valmont Industries, Rivulis Irrigation Ltd., Lindsay Corporation, Reinke Manufacturing Company Inc., EPC Industries Ltd., T-L Irrigation, Elgo irrigation, Sistema Azud SA, Nelson Irrigation Corporation, Chinadrip Irrigation Equipment Co. Ltd., Kisan Irrigation Ltd., Finolex Plasson Industries Pvt. Ltd., Ripple Aquaplast , Irritrol, Eurodrip SA.

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Global Barcode Scanner Market Is Estimated To Grow At A Healthy Pace By End 2031, FMI

The global barcode scanner market is expected to expand at a healthy rate between 2021 and 2031, compared to a 5% CAGR between 2016 and 2020. The market is expected to expand at a rapid pace due to strong demand from retail, e-commerce and logistics, and manufacturing facilities.

According to Future Market Insights’ (FMI) latest report, “The Barcode Scanner Market: Global Industry Analysis and Opportunity Assessment, 2021-2031,” the use of barcode technology in the retail sector is rapidly increasing. Bar code scanners and manufacturing have evolved into one of the most effective methods for recording product information with minimal manual effort.

Unlike the 5% CAGR from 2016 to 2020, the global barcode scanner market is expected to expand at a healthy rate between 2021 and 2031. In the lower back, the market is expected to be checked and strengthened. Retail, e-commerce, logistics, and manufacturing demand are expected to be checked and increased significantly.

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The technological advantages and cutting-edge features of barcode scanners are also making them popular in the healthcare industry. Barcode technology can help rectify medication errors, and medical practitioners and physicians can easily get information about medicines as well as their manufacturing dates.

The global barcode scanner market is estimated to be valued worth US$ 7 Bn in 2021, according to FMI. The market is expected to register robust growth on the backdrop of healthy demand from retail, e-commerce and logistics, healthcare, and manufacturing sectors.

The advent of barcode technology has greatly reduced the hassles of tracking supply and commodity sale records for retailers across the globe. Over the years, technology has been consistently improved and made more efficient.

Today, barcode solutions are used in various fields due to their exponential ability to systematically record records such as product item, date of manufacture, date of delivery of the product to the seller and price. Sale. In addition, the emergence of e-commerce and interregional markets offering special offers across a wide range of industries has further expanded its software base.

Additional Highlights of the Report include:

The laser-based scanner is expected to remain the prime technology. Laser scanners are widely used in regions with established manufacturing and retail sectors such as Western Europe and North America. By the 2021-end, laser scanners are estimated to account for 32.3% revenue share of the market and will continue to be the most preferred barcode reader technology throughout the assessment period.

However, the camera-based reader is anticipated to see fast adoption as these scanners are innovative and configured with advanced 2D imaging technology. Based on product type, portable/handheld scanners are expected to remain the top choice of barcode scanners amongst consumers over the forecast period.

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Market players are targeting APEJ as their key sales region. Zebra Technologies Corporation, Honeywell International Inc., DataLogics S.P.A, Cognex Corporation, OCOM Technologies, Wasp Barcode Technologies, JC Square Inc., SATO Holdings Corporation, Scandit AG, and Toshiba TEC Corporation are some of the leading companies profiled in the FMI report.

Amongst regions, markets in the Asia Pacific excluding Japan (APEJ) and North America are expected to exhibit high growth potential. In APEJ, China and India are projected to achieve impressive growth in their barcode scanner market. By 2017-end, the region is projected to account for a revenue share of 29.5%, which is expected to increase to 33.8% towards the end of the forecast period.

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U.S. Variable Frequency Drive Market Was Valued At More Than US$ 3,300 Mn By 2027 End

The North America variable frequency drive market is projected to reach US$ 7.79 Bn in revenues by 2027, according to a new research by Future Market Insights. In terms of volume, 6.25 million units of variable frequency drivers are expected to be sold in North America in 2017. The U.S. will continue to dominate sales, accounting for nearly 78% revenue share of the market.

The North America variable frequency drive market is expected to generate an incremental dollar opportunity of close to US$ 3,000 Mn in the United States between 2016 and 2027. The variable frequency drive market in Canada was valued at US$ 911.8 million in 2016 and is expected to grow to more than US$ 950 million by the end of 2017, representing a 5.2 percent year-on-year growth rate.

During the forecast period, the variable frequency drive market in Canada is expected to grow at a CAGR of 4.8 percent. Between 2016 and 2027, the Canada market is expected to generate a more than US$ 600 million incremental dollar opportunity in the North America variable frequency drive market.

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According to Future Market Insights, the key factors fuelling the growth of the market include,

Increasing emphasis on energy efficiency: Process engineers are adopting energy-saving devices to reduce operational expenses. For example, in 2015, Len Busch Roses, one of the largest nurseries for cut-stem flowers, deployed variable frequency drive to regulate airflow in snapdragon greenhouse with better precision.
Introduction of general purpose variable frequency drives that are compatible with existing motors is reducing impediments to widespread adoption.
Variable frequency drives are being employed in a wide range of end-use applications. Installation of variable frequency drives, along with a flow metre, results in energy savings.

Although Future Market Insights maintains a positive outlook on the North America variable frequency drives market, few challenges can restrain growth. These include technical anomalies associated with variable frequency drives and high initial costs of medium voltage variable frequency drives.

Ac Drive Most Sought-After

By drive type, Future Market Insights has segmented the market into AC drive, DC drive, and Servo drive. Among these, AC drives remain the sought-after device, accounting for nearly 72% revenue share of the market in 2016. While 4.20 million units of AC drives were sold in North America in 2016, collective sales of DC drives and servo drives accounted for 1.64 million units.

Low Voltage Range Drives In Demand

By voltage range, Future Market Insights offers market forecast and analysis on low voltage range and medium voltage range. End-users in North America prefer low voltage range variable frequency drives, with this segment accounting for over 80% revenue share in 2016.

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Low Demand For Regenerative Variable Frequency Drives

By application type, Future Market Insights has segmented the variable frequency drive market into standard and regenerative. Demand for standard variable frequency drives is higher than regenerative variable frequency drives. The former accounted for over 88% revenue share of the market in 2016.

Compititive Landscape:

Key companies profiled by Future Market Insights in its report include Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, ABB Ltd., American Electric Technologies Inc., General Electric Company, Hitachi Limited, Honeywell International Inc., Rockwell Automation Inc., Johnson Controls, Inc., Emerson Industrial Automation, Toshiba International Corporation, and Schneider Electric SE.

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Global Positive Displacement Pumps Market Valuation Expected To Reach US$ 153.0 Mn By 2031

Global positive displacement pump market is set to be valued at over US$ 2.6 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The food and beverage industry requires food grade pumps and therefore, companies introduced new pumps which adhere to the standards provided by bodies such as the Bureau of Food Standards.

Positive displacement pumps are used to transfer fluids in inter and intra facilities. Over the years, the market has developed in terms of innovations in material and design. Companies introduced products which can withstand significantly higher levels of pressure, with advances in material sciences.

According to the report, the market will grow at a CAGR of around 4% between 2021 and 2031. Positive displacement pumps are in high demand as the oil and gas and water distribution industries grow.

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Positive displacement pumps are important equipment used for ensuring accurate and repeatable transportation and pumping operations. Market leaders are investing in refineries for oil-based products to increase their regional presence and market share.

Positive displacement pumps have seen a significant rise in demand over the last few years. To meet the increased demand, manufacturers are planning to build new manufacturing units or expand existing infrastructure.

Demand for positive displacement pump waned in 2020 due to the COVID-19 pandemic. However, the water and wastewater segment of the industry sowed less due to the latest guidelines issued by World Health Organization (WHO) which bodes well for the sales of these equipment in future. Despite the risk of a stimulus in many countries, the market’s long-term outlook is optimistic.

Key Takeaways from Positive Displacement Pumps Market Study

Reciprocating positive displacement pumps are expected to hold close to 69% of the overall market, driven by cost benefits.
Oil and gas applications are projected to account for over two-fifths of the overall market share owing to extensive applications in associated refinery facilities.
The market in the Germany is projected to expand at a CAGR of around 5%, supported by increasing investments in infrastructure for oil & gas imports.
Sales of positive displacement pumps in the U.S. will account for over 65% of the North America market by the end of 2031.
The emerging markets such as Spain will exhibit steady growth at 5.3% CAGR over the next ten years.

“The surge in demand from the global oil & gas industry for positive displacement pumps in recent years is expected to support market growth, especially in emerging economies such as India and China. Against this backdrop, the market players are likely to increase their investment towards expansion in the developing countries,” says a Future Market Insights analyst.

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Competitive Landscape

The market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.

Some of the key players in this industry include but are not limited to Grundfos, Ebara Corp., Flowserve Corporation, WILO SE, Xylem Inc., The Weir Group Plc, Ruhrpumpen Group, Sulzer AG, Dover Corp., and KSB Group.

Applications in the power generation and chemical sectors played significant roles between 2016 and 2020. According to FMI, the oil and gas industry is expected to grow at a healthy rate in economies such as China, India, the Middle East, and Africa.

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Tipper Body Equipment Market Is Likely To Expand At A Healthy CAGR Of 5.3% Through 2031

APEJ accounted for more than 20% of the global tipper body equipment market in 2016 and is expected to account for close to 30% by the end of 2026. In comparison to 2016, the region is expected to gain more than 150 BPS by the end of 2026. The APEJ region is expected to lead the global tipper body equipment market in terms of CAGR during the assessment period, expanding at a healthy CAGR of 4.8 percent.

By the end of 2026, the region’s market value is expected to exceed US$ 1,000 million. Between 2016 and 2026, China is expected to account for more than one-fourth of the value share in the APEJ tipper body equipment market.

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Global Tipper Body Equipment Market: Regional Insights

A regional analysis of the global tipper body equipment market by Future Market Insights indicates that Asia Pacific (excluding Japan), North America, Latin America, and Europe will be the key markets throughout the next decade.
APEJ, driven by China and India, is projected to dominate with more than 28% value share at the end of the assessed period with a gain of 180 BPS.
North America will remain the second-largest regional market that is expected to bag over 23% share in 2026.

Global Tipper Body Equipment Market: Key Vendor Insights

Among some of the key companies operating in the global tipper body equipment market landscape, Schmitz Cargobull AG and Hyva Global B.V. are likely to continue representing leading revenue shares over the forecast period.
Other notable players include Crysteel Manufacturing Inc., Thompsons (UK) Ltd., BION INDUSTRIAL LLC, and F.X. MILLER.
While the majority of key players are strategising new product launches, collaborations, and joint ventures, others are focusing more on production capacity expansion and acquisitions.

Global Tipper Body Equipment Market: Overall Dynamics

With increasing urbanisation and thriving construction and mining sectors, demand for tipper body equipment is expected to remain stable in the coming years. Consistent demand from the waste management industry will also drive the market for tipper body equipment. Furthermore, technological innovation in tipper body products, such as redesigning the driver’s cabin in tipping equipment and vehicles to provide the most convenient operating experience possible, is expected to boost sales in the near future.

Manufacturers’ increasing use of advanced telematics systems is expected to remain a key market driver over the next decade. During the assessment, another key factor identified as potentially driving market growth is the rapid adoption of automation.

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In addition, cost-intensive capital and high maintenance will also remain the long-term restraints for market growth. However, high initial costs of purchasing tipper body equipment are subsequently boosting the establishment of tipper rental businesses and compelling those that are already established to become more organised to cater to a growing trend of the rental tipper body equipment.

Another remarkable trend driving the market includes the development of cost-competitive products to maximise penetration in emerging economies, such as China, India, and South Africa. Development of effective tipper body equipment with enhanced load-carrying capacity and provision of the efficient buyer and drivers’ training by manufacturing entities are likely to present lucrative growth opportunities. While product development with advanced diagnosis systems can be a key to sustaining relatively mature markets, such as North America and Western Europe; massive potential lies in developing countries, including BRIC nations.

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Australia Conveyor Maintenance Market Growth Rate at A CAGR Of 3.1% By 2026 End

Future Market Insights in its recent report – “Conveyor Maintenance Market: Australia Industry Analysis and Opportunity Assessment, 2016–2026”, offers key insights into the future of the conveyor maintenance market in Australia for the next decade. The research indicates the conveyor maintenance market in Australia to reach a valuation of US$ 757.0 Mn by 2026, witnessing a 3.1% CAGR through 2026.

Bulk conveyors are the lifelines of mining industry. With mining giants facing tight production deadlines and shoestring maintenance budgets, downtime due to malfunctioning of conveyor systems has become a key area of concern. While Australia is a longstanding mining leader, Future Market Insights indicates the maximum concentration of the region’s conveyor maintenance market in the mining sector.

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Mineral Production Hike: The overall increase in the production and processing capacity of Australia’s mining industry will amplify operating and maintenance budgets. Rising mineral production capacity is foreseen to remain the strongest factor pushing the demand for conveyor maintenance services.

New Mining Projects: With the mining industry welcoming a host of new coal, iron ore, and gold projects, the market for conveyor maintenance is estimated to elevate gradually over the next decade. However, volatility in mining will continue to create pricing pressure, restraining the Australia conveyor maintenance market growth to a certain extent.

Conveyor Modernisation Trend: Miners are increasingly preferring modernisation of conveyors that eventually extend their life span, providing impetus to the component fixing/replacement segment.

Mining Evolution: Major mining players are increasingly engaging in plant expansion and investments. This, coupled with the steady evolution in mining operations, will create profitable opportunities for conveyor maintenance service providers. Advancements in mining are likely to boost service providers’ abilities to deliver services and components confined to evolving mining operations.

Segmentation Insights

By service type, the component fixing/replacement segment will continue its dominance, accounting for over 78% value share in 2026. The maintenance services segment will reportedly lose 230 BPS over 2016-2026, as one-time maintenance trend will continue to limit long-term maintenance contracts
By conveyor type, rubber segment will retain the leading position with over 95% market value share by 2026 end. While the plastic and others segment will be sustained by the adoption of enhanced materials such as polyurethane, the metal segment will continue to hold a negligible market value share due to application in the automotive and food manufacturing sector
Among conveyor components, rollers and conveyor belts will dominate over cleaners and other components over the forecast period. Roller and idler segment is forecast to lead, followed by conveyor belt segment
Mining will remain the largest end-use segment with over three-fourth revenue share by 2026 end

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Key Player Insights

Future Market Insights has profiled the leading players operating in the Australia conveyor maintenance market. These include Rema Tip Top Australia, Flexible Steel Lancing Company (FLEXCO), Habasit Australia Pty Ltd., Fenner Dunlop Australia Pty Ltd., Forbo Siegling Pty Ltd., ContiTech Australia Pty. Ltd., Reliable Conveyor Belt Pty. Limited, Kinder Australia Pty Ltd, Nepean Engineering & Innovation Pty Ltd., Minprovise Pty Ltd., Endless Belt Service Pty Ltd, and Mato GmbH & Co. KG. The market is currently witnessing a consolidation trend.

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Global Mobile Cranes Market Is Growth At Nearly 6% CAGR Through 2031 End, FMI

The updated edition of ‘Mobile Cranes Market’ study by ESOMAR-certified firm Future Market Insights recalibrates the previous findings, adjusting the forecast for COVID-19 impact.

Global mobile crane sales are recovering, mirroring broader trends in the heavy equipment industry. Although long-term prospects remain positive, the construction sector’s uncertainty continues to impact new sales.

According to the study, construction, shipping, and oil and gas recovery will be critical to mobile crane sales in 2021. Vaccination campaigns and optimism that China and India will avoid a second pandemic wave have raised hopes for a recovery in 2021. However, the pandemic-induced slowdown will require a long road to recovery, and this sentiment was palpable in FMI’s survey of manufacturers and stakeholders.

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China Remains a Key Market for Mobile Crane Manufacturers

Early recovery and lowering fears of a second wave have given China an edge over US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.

According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in US and Europe. China, along with India are likely to see heightened activity from market players during the next decade.

Asia Pacific is the fastest-growing infrastructure market, driven by increasing government expenditures on different projects in China and India, as both the countries have depended on infrastructure to boost the economy and create jobs.

Key Takeaways from Study

Crawler cranes continue to be a top-selling category
All terrain mobile cranes to emerge lucrative in terms
Recovery in construction sector key to growth in
APEJ (Asia Pacific Excluding Japan) to exhibit fastest growth rate through 2031 with its epicenters in China & India
The United States to hold the major share in the North America mobile cranes industry
Germany to maintain its lead in the mobile cranes industry of Europe
The United Kingdom, Canada, Japan, France, and a few others to maintain positive outlooks for mobile cranes industry

“While increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in mobile cranes market,” says an FMI analyst.

Oil & Gas Industry will Provide Long-term Momentum

Oil & gas industry being a dominant end-use industry of mobile cranes, will be key to mobile crane sales in the long-term. According to the report titled “Oil 2020- Analysis” published by the International Energy Agency (IEA) on March, 2020, the global oil demand is expected to rise by a total of 5.7 mb/d, with China and India accounting for about half of growth.

As stated in the report, the world’s oil production capacity is expected to rise by 5.9 mb/d, while Non-OPEC supply will rise by 4.5 mb/d, and OPEC will build another 1.4 mb/d of crude and natural gas liquids capacity. These figures reveal the high potential of the mobile cranes industry.

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Who is Winning in this Space?

The global mobile cranes market is extremely competitive in nature. As key market players are focusing on increasing their sales footprint further, they are coming up with wide variety of products.

For instance,

Liebherr Group launched its new LTM 1150-5.3 Wheeled Mobile Telescopic Crane in 2020
Terex Corporation announced selling of its Demag® Mobile Cranes Business in order to increase their profitability in 2019, while they launched new range of products such as TEREX® Rough Terrain Cranes, TEREX® Tower Cranes, and others

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