The global stainless steel control valve market is expected to experience significant growth from 2023 to 2033. According to a report by Future Market Insights, the market is projected to exceed USD 599.0 million in 2023 and is anticipated to reach USD 1,066.0 million by 2033. This growth is expected to occur at a CAGR of 5.9% during the forecast period.
Key Factors Boosting the Demand for Stainless Steel Control Valves:
The demand for stainless steel control valves is being driven by the rapid industrialization and infrastructural growth of emerging nations.
Control valves are becoming increasingly necessary as new industries emerge and current ones flourish.
Increasing concerns for energy efficiency among mushrooming enterprises across the globe are escalating the demand for stainless steel control valves.
Surging automation adoption across industries, coupled with increasing Industry 4.0 proliferation.
Competitive Landscape Companies constantly modify their strategy in response to shifting client wants, technology developments, and market trends. Players in the stainless steel control valve market are adopting sustainable production techniques, investing in energy-efficient products, and decreasing their environmental effects. Furthermore, they also engage in partnerships, mergers, acquisitions, and other strategies to maximize their growth potential and revenues.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The global steam trap market is poised for significant growth, projected to rise from USD 4.2 billion in 2023 to USD 8 billion by 2033. This substantial increase is largely driven by a projected CAGR of 6.8% throughout the forecast period.
Driving Factors
Rise of Automation: The steam trap market is experiencing significant growth driven by the rapid adoption of automation, especially in the oil and gas industry. As companies globally move toward more streamlined and efficient operations, the importance of steam traps becomes increasingly clear. Automation enhances process efficiency, minimizes human error, and boosts overall productivity, making steam traps a vital component of industrial advancement.
Regulatory Requirements: Regulatory bodies are actively working to enhance industrial efficiency and reduce operational costs. Stringent regulations focused on energy-saving practices have created a favorable environment for the growth of steam traps. Compliance with these regulations is essential, driving demand for steam traps as a key element in achieving both environmental and financial sustainability.
Need for Durability and Efficiency: In a climate that prioritizes durability and efficiency, there is a growing demand for robust, lightweight steam traps with extended operational lifespans. This combination of factors has propelled steam traps to the forefront of industrial utilities, providing solutions that integrate reliability, longevity, and efficiency.
Competitive Terrain:
Within any given market, the presence of multiple companies vying to provide identical products or services is a common occurrence. In the realm of steam trap manufacturers and suppliers, a dynamic landscape of competition unfolds, with each player striving to offer solutions that precisely cater to the diverse demands of various industries.
Key drivers in the steam trap market competition include product quality, performance excellence, unwavering dependability, energy efficiency, cost-effectiveness, and a commitment to superior customer service. Companies carve their niche in this highly competitive arena by introducing unique features, advanced technologies, and tailored solutions meticulously crafted to align with the specific requirements of their clientele. As a strategic edge, some enterprises may extend supplementary services such as maintenance, comprehensive training programs, and technical support, all aimed at securing a distinctive competitive advantage.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The handheld marijuana vaporizer market is on a steep growth trajectory, with its value estimated at US$ 6,669.9 million in 2024. The market is expected to surge to US$ 46,593.6 million by 2034, driven by a CAGR of 21.5% over the next decade. This rapid expansion reflects several key trends that are reshaping the cannabis industry.
Why is the Handheld Marijuana Vaporizer Market Booming?
Increased Legalization and Acceptance
One of the major drivers behind the growing handheld marijuana vaporizer market is the increasing legalization of cannabis worldwide. As more countries and U.S. states move toward decriminalizing and legalizing both recreational and medical marijuana use, the demand for convenient and discreet consumption methods is growing. Vaporizers offer a portable and user-friendly option that appeals to both new and experienced users.
Health Consciousness
Compared to traditional smoking, vaping cannabis is often seen as a healthier alternative. Vaporizers heat the marijuana to a point where active compounds are released without combustion, reducing the intake of harmful toxins. This health-conscious shift is attracting more consumers to vaporizers, especially those seeking to avoid the risks associated with smoking.
Technological Advancements
The handheld vaporizer industry has witnessed significant advancements in technology. Modern devices now come with temperature control, longer battery life, and sleek designs that offer better functionality and ease of use. These innovations have made vaporizers more appealing, contributing to the market’s impressive growth.
Rise in Consumer Demand for Discretion and Portability
Handheld vaporizers are compact, making them ideal for consumers who value discretion and portability. With increasing acceptance of cannabis consumption, users are looking for devices that allow them to consume marijuana conveniently and privately.
The Growing Cannabis Market
The cannabis industry itself is growing rapidly, with recreational use becoming more widespread. This growth has a direct impact on the vaporizer market, as more consumers look for various ways to enjoy cannabis, whether for recreational or medicinal purposes. The increasing availability of different cannabis strains and concentrates has further fueled demand for vaporizers that can handle multiple forms of cannabis.
Regional Market Insights
The handheld marijuana vaporizer market is gaining significant traction in regions like North America, where the U.S. and Canada are leading in cannabis legalization efforts. Europe and Latin America are also emerging as key regions as more countries relax cannabis regulations.
Challenges Facing the Market
While the handheld vaporizer market is poised for explosive growth, there are still challenges. These include varying regulations in different countries and regions, high upfront costs for consumers, and concerns over battery safety and device quality.
The Future of the Handheld Marijuana Vaporizer Market
Looking ahead, the handheld marijuana vaporizer industry is expected to continue evolving with technological innovations and expanding legalization efforts. With a projected market size of US$ 46,593.6 million by 2034, this sector will likely attract more investment and innovation, making vaporizers more accessible and efficient for consumers.
Key Takeaways from the Handheld Marijuana Vaporizers Market
According to FMI, the growth of the United States is leading the way in North America, projected to thrive at a CAGR of 5.7% over the next decade.
Handheld marijuana vaporizers’ sales in India are anticipated to experience a surge at a 5.5% CAGR in 2022.
Germany is expected to witness growth at a CAGR of 5.9% by the year 2033.
FMI forecasts that convection vaporizers will dominate the product type, with a CAGR of 6.3% during the forecast period.
Online platforms segment, as per FMI, is set to expand at a CAGR of over 6.5% through 2033.
Market Segmentation
By Product:
Convection Vaporizers
Conduction Vaporizers
By Charger:
USB
Micro USB
By Temperature Control:
Fixed
Variable
By Sales Channel:
Online
Offline
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The global industrial chain drives market is projected to exceed USD 4.6 billion in 2023 and is expected to reach USD 6.5 billion by 2033, with a CAGR of 3.6% during this period.
The increasing prevalence of infrastructure projects, such as roads, bridges, railroads, and ports, is driving market growth. Heavy equipment like cranes, excavators, and loaders, essential for construction and infrastructure development, heavily relies on chain drives.
Another significant factor contributing to market expansion is the role of chain drives in energy and power generation. In power plants, wind turbines, and hydroelectric facilities, chain drives are commonly used to transfer electricity from turbines to generators. As the demand for energy rises due to population growth and industrial development, the necessity for chain drives is also increasing.
In the automotive industry, chain drives are crucial for components such as engines, power transmission systems, and steering mechanisms. The growth of the automotive sector, especially in developing countries, is boosting demand for chain drives, aligning with rising vehicle production and sales.
Certain sectors require specialty chains with specific characteristics, such as cleanliness, corrosion resistance, and precision, particularly in food processing, pharmaceuticals, and electronics. This demand for customized chains tailored to meet industry standards is driving growth in the industrial chain drives market.
Continuous research and development are leading to the introduction of innovative chain drive systems with enhanced features, such as improved customizability, reduced noise levels, and greater durability. These advanced chain drives, designed to meet specific industrial needs, are contributing to market expansion.
North America, particularly the United States, plays a significant role in the industrial chain drives market. The region’s sophisticated manufacturing sector—including automotive, aerospace, and machinery production—fuels demand for chain drives. Additionally, the focus on technological advancement, automation, and process optimization, along with a strong presence of reputable manufacturers and suppliers, further supports market growth in this region.Bottom of Form
Key Takeaways:
The global industrial chain drives industry size developed at a CAGR of 4.4% from 2018 to 2022.
In 2018, the global market size stood at US$ 3.7 billion.
The global market size stood at US$ 4.4 billion in 2022.
The double-pitch chain segment is projected to thrive at a CAGR of 3.4% from 2023 to 2033.
The manufacturing end-user segment is slated to exhibit a CAGR of 3.2% from 2023 to 2033.
China is predicted to showcase a CAGR of 3.5% from 2023 to 2033.
Japan is anticipated to thrive at a 3.5% CAGR from 2023 to 2033.
The market in the United States is predicted to expand at a CAGR of 3.5% from 2023 to 2033.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The global hyaluronic acid products market is on a strong growth trajectory, with an anticipated valuation of USD 3,343.5 million in 2023. The market is projected to nearly double, reaching USD 6,838.2 million by 2033, which translates to a compound annual growth rate (CAGR) of 7.4% during the forecast period.
The rising demand for hyaluronic acid in various applications, including cosmetics, dermatology, and orthopedics, is driving this growth. Known for its hydrating properties and ability to improve skin elasticity, hyaluronic acid has become a popular ingredient in skincare products and aesthetic procedures.
The anticipated market growth is driven by several key factors, including the increasing aging population and advancements in technology. As the demand for minimally invasive procedures rises, coupled with a preference for faster results, the hyaluronic acid products market is set to benefit from these evolving trends.
The aging population has created a significant demand for non-invasive procedures, leading to increased adoption of hyaluronic acid-based dermal fillers that offer an alternative to traditional surgeries. Moreover, the cost of such treatments is minimal, thereby contributing to the growth of the market.
The global market is experiencing significant growth due to the high usage of anti-aging cosmetic products. For instance, in 2018, there were 17.7 million cosmetic procedures performed, according to the Aesthetic Plastic Surgery statistics published in 2020. Similarly, in 2019, the International Society of Plastic Surgery (ISPAS) reported that 1.5 million individuals aged 51-64 years underwent botulinum toxin procedures worldwide. These high statistics are contributing to the increasing market value of the hyaluronic acid market.
Key Takeaways from the Hyaluronic Acid Products Market
North America is expected to dominate the market while growing with a CAGR of 1% during the forecast period.
The market in India is projected to witness a CAGR of 8% during the forecast period.
The market in China is expected to grow at an 8% CAGR during the forecast period.
By product type, the cycle injection segment is projected to lead the segment and is estimated to grow with a CAGR of 01% during the forecast period.
By distribution channel, the hospital pharmacies segment is expected to lead the market. It is expected to grow with a CAGR of 8% throughout the forecast period.
Rising demand for non-invasive procedures and anti-aging personal care products are expected to fuel growth in the market during the forecast period, comment by Sabyasachi Ghosh (Associate Vice President at Future Market Insghts, Inc.)
Competitive Landscape in the Hyaluronic Acid Products Market
The Global Hyaluronic Acid Products Industry is extremely competitive and consists of various key industry players. These players are heavily investing in the hyaluronic acid products market.
The key industry players are Anika Therapeutics, Inc., Fidia Farmaceutici S.p.A., Sanofi, Ferring B.V., Viatris Inc., Croma-Pharma, Seikagaku Corporation, Zimmer Biomet, Lifecore Biomedical, LLC, LG Chem, Bioventus LLC, Smith & Nephew plc, Shanghai Jingfeng Pharmaceutical Co., Ltd., Nestle (Galderma), Bausch Health Companies Inc. (Salix Pharmaceuticals, Inc.), Allergan Plc.
Some recent developments in the Hyaluronic Acid Products Market are:
In February 2022, AbbVie Inc.’s subsidiary Allergan received the Food and Drug Administration’s approval for JUVÉDERM VOLBELLA XC, which can improve infraorbital hollows in adults over 21 years old. This expanded the company’s aesthetic product portfolio in the United States market.
In February 2021, Contipro, a well-known manufacturer of hyaluronic acid-based in the Czech Republic, introduced a new product for anti-aging and anti-acne treatment called HyRetin, which helps in improving skin appearance.
Anika Therapeutics announced its acquisition of Parcus Medical, a leading sports medicine company, and Arthrosurface in January 2020. The acquisition is expected to enhance Anika’s commercial capabilities and infrastructure.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the Global Hyaluronic Acid Products Industry, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Global Hyaluronic Acid Products Industry, the market is segmented based on product type, by application, by distribution channel, and by region.
Key Companies Profiled in the Hyaluronic Acid Products Market
Anika Therapeutics, Inc.
Fidia Farmaceutici S.p.A.
Sanofi S.A
Ferring B.V.
Viatris Inc.
Croma-Pharma
Seikagaku Corporation
Zimmer Biomet Holdings
Lifecore Biomedical LLC
LG Chem
Bioventus LLC
Smith & Nephew plc
Shanghai Jingfeng Pharmaceutical Co., Ltd.
Nestle (Galderma)
Bausch Health Companies Inc. Companies Inc. (Salix Pharmaceuticals, Inc.)
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The photon counters market report from Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—provides critical insights and detailed analysis of the sector. The report examines driving factors, market size, and predictive data, offering comprehensive revenue and shipment segmentations with projections extending to 2033. It also assesses key industry players, their market distribution, competitive landscape, and regional trends.
The photon counters market is expected to experience significant growth, with a projected CAGR of 6.6% from 2023 to 2033. By the end of this period, the market is anticipated to reach a value of USD 204.4 million, up from USD 108 million in 2023.
Advancements in medical imaging technologies are key drivers of this growth. The ongoing expansion of research and development activities, supported by the establishment of innovative laboratories, is expected to positively impact market dynamics.
Additionally, the applications of photon counting extend beyond medical imaging, playing essential roles in fiber-optic communication across both infrared and visible light spectrums. This versatility underscores the importance of photon counters as a fundamental technology for the future.
Key Takeaways
Market Growth: The photon counters market is projected to grow at a CAGR of 6.6%, reaching USD 204.4 million by 2033, up from USD 108 million in 2023.
Driving Factors: Key drivers include advancements in medical imaging technologies and increased research and development activities.
Industry Analysis: The report provides a comprehensive overview of major industry players, market distribution, and competitive dynamics.
Versatile Applications: Photon counters are crucial not only in medical imaging but also in fiber-optic communication across infrared and visible light spectrums.
Future Potential: The flexibility and broad applicability of photon counting technology position it as a fundamental component for future advancements.
Competitive Landscape
Within the photon counters sector, competition is fierce and characterized by fragmentation, featuring a diverse array of industry players. Key participants in this dynamic marketplace include Laser Components GmbH, Micro Photon Devices S.r.l, PerkinElmer, Inc., Photek Limited, PicoQuant GmbH, Thorlabs, Inc., and Excelitas. These entities strategically focus on innovation through experimentation with materials, sizes, and shapes, propelling the sector’s evolution.
Moreover, these industry leaders prioritize strategic maneuvers such as mergers, collaborations, and extensive marketing campaigns. These initiatives are designed not only to fortify their supply chains but also to augment their deployment capabilities, ensuring they maintain a competitive edge in the rapidly advancing photon counters market.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The global baby powder market is estimated to be valued at around USD 1,107.0 million in 2024 and is projected to grow significantly, reaching approximately USD 1,820.2 million by 2034. This growth represents a CAGR of 5.1% over the forecast period. The steady rise in demand for baby powder products is driven by multiple factors, including rising awareness of baby hygiene, the introduction of organic and hypoallergenic formulations, and evolving consumer preferences toward safer, chemical-free products.
Key Factors Driving Market Growth
Increasing Focus on Baby Hygiene
Parents are becoming more conscious of maintaining proper hygiene for their infants, and baby powder plays a key role in preventing diaper rashes and skin irritation. The demand for products that protect sensitive skin, particularly during diaper changes, has contributed to the expanding market.
Shift Toward Natural and Organic Products
Growing awareness about the harmful effects of certain chemicals has led to a rising preference for organic baby powders made from natural ingredients like cornstarch, baking soda, and essential oils. Manufacturers are capitalizing on this trend by introducing eco-friendly, chemical-free alternatives, appealing to environmentally conscious consumers.
Expanding Population and Urbanization
With increasing birth rates in developing countries and the rising disposable income of parents, the baby powder market has witnessed considerable growth. Urbanization and a higher standard of living have further driven demand, as parents seek premium products for their babies’ skincare needs.
Challenges Facing the Market
Talc-Related Controversies
Several lawsuits and health concerns linked to talc-based baby powders have led to a decline in demand for such products. Manufacturers are under increasing pressure to provide safer alternatives and maintain consumer trust.
Regulatory Restrictions
As governments and health organizations impose stricter regulations on the use of certain chemicals in baby products, companies need to adapt by reformulating their products. This has resulted in increased R&D efforts and cost implications.
The Future Outlook
The baby powder market is poised for substantial growth, driven by ongoing innovations and the introduction of more organic and safe baby care products. The rising trend of sustainable, eco-friendly formulations is expected to further shape the market in the coming years. As more parents prioritize natural ingredients and chemical-free options, brands offering high-quality, safe alternatives will likely capture a significant share of the market.
With a projected valuation of USD 1,820.2 million by 2034, the baby powder market offers ample opportunities for new entrants and established players to expand their portfolios and cater to the evolving needs of today’s parents.
Key Takeaways of Baby Powder Market Study
Talc-based baby powder was a dominant segment in the market. However, corn-starch-based baby powder is expected to gain considerable traction during the forecast period, attributable to perception of corn-starch as a safer and organic ingredient with relatively larger particles as compared to talc.
The premium price products segment is estimated to witness a significant CAGR growth in the global baby powder market over the forecasted period, owing to premiumization of baby powders associated with high safety and quality standards.
The product availability of conventional baby powder is high in the market as compared to organic baby powder. Also, organic baby powder are relatively expensive. As a result, conventional baby powder has high sales.
Competitive Landscape
Companies in this industry are investing heavily in research and development, advanced technologies, collaborations, partnerships, and organic certification. These efforts are aimed at meeting the growing demand for naturally sourced raw materials in their products across key markets, including the United States, Japan, India, China, Germany, Italy, France, and the United Kingdom.
For instance:
In 2022, J&J introduced its new baby care brand called Vivvi & Bloom. The brand targets Gen-Z and millennial parents with EWG-certified products for safety and transparency among parents.
In 2022, the company entered into a joint venture with a local company in Bangladesh namely Kallol Limited to venture into the international market.
Baby Powder Market by Category
By Ingredient:
Talc-based
Corn-starch-based
By Price:
Mass
Premium
By Mature:
Conventional
Organic
By Sales Channel:
Direct Sales
Modern Trade
Convenience Stores
Departmental Stores
Specialty Stores
Mono Brand Stores
Online Retailers
Drug Stores
Other Sales Channels
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Global sales of welding fume extraction equipment are expected to grow at a CAGR of 5.5% from 2023 to 2033, with the market value projected to reach USD 7.4 billion by 2033, up from USD 4.3 billion in 2023.
The demand for welding fume extraction equipment is anticipated to rise globally, with no geographic limitations. Industries recognize the importance of investing in efficient extraction systems to comply with legal regulations and ensure safer workplaces for employees. Additionally, stringent environmental regulations concerning workplace exposure to harmful gases generated during welding processes have contributed to this global trend.
Market dynamics are influenced by various drivers and challenges, affecting businesses in the sector.
Furthermore, an increase in construction projects driven by a growing economy and population is boosting the use of welding fume extraction equipment on job sites, supporting overall market growth. Effective marketing strategies for promoting welding fume extraction equipment include targeted advertising, participation in trade fairs and exhibitions, and online marketing efforts.
Key Takeaways:
By the end of 2033, the market in the United States is expected to progress at an annual growth rate of 5.4%. This regional market could contribute to a revenue share of US$ 1.4 billion by following this higher CAGR than other countries by 2033.
In terms of worldwide revenue, China alone is poised to account for a sizeable market share of 20% by the end of 2033. This regional market is projected to capture a 5.3% CAGR until 2033, concluding at US$ 1.6 billion.
In terms of units, the mobile welding fume extraction equipment segment is poised to advance at a CAGR of 5.4% over the next ten years. Its sales remain higher as it is excellent for areas where there may be a need for more space due to its small size.
Arc welding is widely used in many applications, increasing its sizeable revenue share in the overall market among all application segments. During the forecast years, the revenue share obtained from sales of fume extraction equipment for arc welding is poised to grow at 5.2%.
Competitive Landscape:
Parker Hannifin, Fumex, AAF International, Air Quality Engineering, and Lasermet are some leading players in the global welding fume extraction equipment market. To tap into expanding markets and broaden their consumer base, leading welding fume extraction equipment manufacturers are expanding their operations into new geographic areas.
While meeting the unique needs of distinct regions requires setting up regional production facilities, distribution networks, and sales and service centers. So, the overall market is anticipated by FMI to get diversified further in the coming days with the emergence of new market players.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
The smart parking market is projected to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2033. Although the market is estimated to be worth US$ 10.7 billion in 2023, it is expected to reach a market share of US$ 54.8 billion by 2033. A growing number of advanced guided park assist systems are being introduced, and fewer parking spaces are becoming available.
The rising population around the world along with the technological advancements in the automotive industry and its components are fueling the sales of smart parking systems.
The small spaces for designated parking demand a platform that provides the parking information, distance, and other details. Smart cloud integration, IoT integration, and vehicle detection sensors provide services like smart spots and mobile parking.
Smart parking can be explained as the joint parking strategy of technology and human innovation that saves time, fuel, and space while enhancing the overall parking experience.
The addition of a central server that inputs through sensors, cameras, parking meters, and smart city APIs and delivers output to management, authorities, and third-party solutions. This provides an ease to the end user in finding, purchasing, and locating a parking space for their vehicles.
Traffic and parking authorities across the globe are also promoting smart parking systems as it cuts the hassle and decreases manual inspection and parking allocation.
Vehicles with advanced transmission along with increased awareness around machine-to-machine communication have also limited the market space and have gained value for the smart parking market.
Key Takeaways
The United States market leads the market in terms of market share. The market is anticipated to cross a value of 11.0 billion by 2033. The regional market is expected to record a CAGR of 12.9% between 2023 and 2033.
The smart parking market in China leads the space in terms of CAGR. It thrives at a CAGR of 28.7% during the forecast period. The market is likely to reach US$ 9.6 billion by 2033. The rapid growth is attributed to the increased population and the introduction of new parking guidelines.
The hardware component is likely to thrive in the component category due to their significant price and one-time application. It is expected to record a CAGR of 15.3% during the forecast period.
The guided park assist systems segment tops the system tally with a CAGR of 16.4% between 2023 and 2033. The growth is attributed to the autonomous parking operations that are auto-enabled in most of the high-tech vehicles.
Competitive Landscape
Providing full support for parking operations for saving time, fuel, and space is the motive of vendors while designing smart parking systems. The prominent players are focused on sensory technology that is also integrated with cloud storage. The companies are also involved in mergers & acquisitions and strategic partnership with other companies to increase the supply chain and distribution channel. The key players in the market include Siemens, Cisco Systems, Huawei Technologies, Delphi Technologies, Intercomp S.p.A.
Recent Development:
Siemens and TASS International (A Siemens business) has collectively introduced UrbanSmartPark. It is a European initiative that is currently going through its test phase on real-world scenarios. It is likely to provide information around accident databases, manually created scenarios.
Cisco Systems launched its IoT Solution with LoRaWAN to enable smart parking operations. While LoRa delivers parking sensors, Cisco delivers the IXM LoRa Gateway for Frankfurt E-parking Architecture.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
The copper pipes and tubes market is projected to grow at a CAGR of 3.2% over the forecast period, reaching an estimated market value of USD 34.8 billion in 2023, according to FMI’s analysis.
The growth is primarily driven by a surge in HVAC unit installations due to increased construction activity. Additionally, copper pipes and tubes are utilized in charging stations and electric vehicles (EVs), and the rising adoption of EVs, driven by environmental concerns, has bolstered product demand.
To support the EV market, governments worldwide have introduced subsidies and incentives for EV purchases, further boosting sales of copper pipes and tubes. These materials are also favored for gas transportation due to copper’s non-permeability to air and gas.
Moreover, copper helps reduce contamination and leakage risks from UV rays, oxygen, and adverse temperature conditions. Other factors contributing to the demand for copper pipes and tubes include the rising need for waste heat recovery systems, solar thermal energy, a shift toward sustainability, and rapid urbanization.
Key Takeaways:
The United States copper pipes and tubes industry is estimated to attain US$ 8.2 billion by 2033. Over the forecast period, the market is expected to expand at a CAGR of 3.1%. From 2018 to 2022, the market registered a CAGR of 4.4%.
The United Kingdom copper pipes and tubes industry is projected to be worth US$ 1.8 billion by 2033. Over the estimated time, the market is projected to record a CAGR of 2.9%. Before this, the market registered a CAGR of 4.2%.
The China market stands prominently among the top-tier copper pipes and tubes economies. The market is expected to reach a valuation of US$ 10.4 billion by 2033 end. From 2023 to 2033, the market is projected to expand at a CAGR of 3.1%.
The Japan market is projected to be valued at US$ 9.4 billion by 2033. In the next ten years, the market is presumed to pace at a CAGR of 3.1%.
The South Korean copper pipes and tubes industry is projected to be valued at US$ 2.5 billion by the end of 2033. Over the assessment period, the market is expected to expand at a CAGR of 2.8%.
Based on end use, the HVAC segment is expected to be at the top. The segment is expected to register a CAGR of 3%, as compared to the 4.1% CAGR recorded in the historical period.
The seamless copper pipes and tubes are expected to record a CAGR of 3.1% in the forecast period. The segment had grown at a CAGR of 4.2% in the historical period.
Competitive Landscape:
In February 2023, Mettube Copper India Private Limited, which is an Indian arm of the Malaysian firm, entered an arrangement with the Gujarat Government to establish its copper tube production factory in Sanand. The MNC has decided to invest around INR 1,000 crore in the first phase to set up the facility. The company’s copper tubes are used in the air conditioning and refrigeration industries. Since the plant is expected to produce 5th Gen copper tubes, the plant can be instrumental in reducing the carbon footprint in the future.
In January 2023, Lawton Tubes, a leading manufacturer of medical-grade copper tubes in the United Kingdom, announced that it may exhibit its expertise at Arab Health this year. The company has been a critical distributor of copper pipelines in and out of the United Kingdom, covering 35+ countries. At the event, the company is going to celebrate its assistance during the fight against COVID and discuss the feasibility of copper tubes in carrying medical gases.
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