Market Research Blog – Page 1370 – New Product Development

Global Home Elevator Market Projected to Surpass US$ 21.8 Billion by 2033, With a 7.8% CAGR

The global home elevator market is on the verge of remarkable expansion, with revenues expected to reach an impressive US$ 10,266.9 million in 2023, and further accelerating at a robust CAGR of 7.8%. By the year 2033, the market is poised to reach an astonishing US$ 21,825.2 million. This extraordinary growth is being driven by various factors and innovations in the industry.

The increasing demand for home elevators can be attributed to the cutting-edge technologies implemented by leading companies, enhancing product efficiency and lifting capacity, which in turn has intensified competition within the home elevator market. Rapid urbanization, especially in emerging nations, has resulted in a surge in the construction of low- and high-rise buildings, key retail establishments, and various structures. This urban shift has led to an upsurge in the need for residential lifts, creating a favorable market environment.

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Key Takeaways

The global home elevator market is set to reach US$ 10,266.9 million in 2023, with a projected CAGR of 7.8%, reaching US$ 21,825.2 million by 2033.
Rapid urbanization, property value enhancement, and technological innovations are primary drivers of market growth.
The United States market is experiencing significant expansion and investments, contributing to the global market surge.
Regulatory compliance and safety concerns remain key challenges in the industry.

Drivers and Opportunities

One of the primary drivers of this market surge is the heightened property value that comes with the inclusion of home elevators in smaller buildings and individual residences. As developers recognize the added value and benefits, they are increasingly eager to incorporate home elevators in their structures, thereby contributing to the overall global market share. Furthermore, the adoption of touchless operation has enhanced equipment efficiency and improved the overall user experience.

The integration of Internet of Things (IoT) and artificial intelligence (AI) is revolutionizing the interaction between users and elevators. This technological synergy is expected to generate lucrative prospects for the home elevator sector on a global scale throughout the projected period.

Competitive Landscape and Regional Trends

The competitive landscape in the home elevator market is undergoing significant transformation. With the United States being a prominent player, regional trends are worth noting. The United States region is experiencing remarkable growth in the home elevator market, in sync with the global trend. The market is witnessing substantial investments in research and development, leading to innovative solutions and a wide array of options for consumers.

Restraints

Despite the promising growth, the home elevator market is not without its challenges. Regulatory hurdles and safety concerns continue to be restraints, demanding stringent compliance with building codes and safety standards to ensure the well-being of users.

Region-wise Insights – Category-wise Insights

Region-wise, the United States is a burgeoning market within the home elevator sector, boasting a substantial market share. The adoption of home elevators in residential properties and commercial establishments is expanding rapidly, offering significant opportunities for market growth.

Category-wise, the residential segment holds a substantial portion of the market, with consumers increasingly recognizing the convenience and luxury associated with having home elevators.

Key Segments

By Type:

Hydraulic Elevator
Machine Room Less Elevator
Machine Room Elevator
Others

By Application:

Passengers
Freight

By Region:

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

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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.

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Website: https://www.futuremarketinsights.com
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Dual Axis Solar Trackers Market Targets a Valuation of US$ 24.8 Billion by 2033, Fueled by a Remarkable CAGR of 14.8%

The Dual Axis Solar Trackers Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Dual Axis Solar Trackers market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Dual Axis Solar Trackers. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Dual Axis Solar Trackers Market is currently experiencing substantial growth, driven by increased government emphasis on renewable energy sources and the growing adoption of solar photovoltaic (PV) installations. Governments worldwide are redirecting their focus toward sustainable energy solutions, leading to a significant rise in demand for dual-axis solar trackers. These advanced tracking systems effectively enhance energy generation by dynamically aligning solar panels with the precise path of the sun, thereby optimizing solar exposure throughout the day.

Projections indicate that the global dual-axis solar tracker market is poised to reach a valuation of approximately US$ 6.3 billion by 2023. This growth can be attributed to the growing awareness of renewable energy sources, serving as a key driver for market expansion. Furthermore, estimations suggest that the market will achieve a total value of US$ 24.8 billion by 2033, reflecting a noteworthy compound annual growth rate (CAGR) of 14.8% from 2023 to 2033.

The increasing government focus on renewable energy sources, coupled with the rising deployment of solar PV systems, serves as significant catalysts for the upward trajectory of the dual-axis solar trackers market. Demonstrating their effectiveness, these dual-axis solar trackers are increasingly being embraced in large-scale solar power projects on a global scale. Their ability to yield higher energy output per unit of installed capacity makes them exceptionally well-suited for utility-scale installations and commercial solar farms.

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The surge in energy demand has led to an increased need for augmented electricity production. Within this context, the adoption of dual-axis solar trackers is experiencing a significant upswing, especially in extensive solar projects. The increased deployment of these trackers, along with their advanced tracking algorithms, sensor integration, and control mechanisms, has greatly improved their precision and operational efficiency. These technological advancements have also resulted in enhanced reliability, cost efficiency, and seamless integration capabilities for dual-axis solar trackers. This positive trend is expected to drive substantial market growth in the foreseeable future.

The North American region has emerged as a prominent hub for ongoing technological innovation, playing a key role in the development of dual-axis solar tracker systems. These innovations have been instrumental in boosting energy output levels and strengthening system reliability. Consequently, dual-axis trackers have become an increasingly attractive option for solar projects in the region.

Key Takeaways:

The period from 2018 to 2022 experienced a substantial surge in demand for dual-axis solar trackers, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 8.8%.
When categorized by type, the single-axis segment exhibited remarkable growth, contributing significantly to a CAGR of 14.4%.
An in-depth analysis based on application reveals that the utility segment is poised for substantial expansion, with a projected CAGR of 14.1% throughout the forecast duration.
The North American region is strategically positioned to emerge as a promising market for dual-axis solar trackers, boasting an anticipated CAGR of 14.7%.
Projections indicate that the dual-axis solar tracker industry in the United Kingdom is progressing steadily towards a significant milestone, expected to reach a valuation of US$ 1 billion by the year 2033.
Meanwhile, the dual-axis solar trackers market in South Korea is predicted to achieve substantial market revenue of US$ 1.3 billion by 2033.
The Asia Pacific region presents itself as an opportunistic market with an estimated CAGR of 14.6% during the projected forecast period.

“Increased power demand globally and increasing technological innovation are expected to drive the market in the forecast period. The supportive government policies and increased use of renewable energy sources play a vital role in strengthening the market” – comments a lead analyst at FMI.

Competitive landscape:

Soitec,
First Solar, Inc.,
Reutech Radar Systems,
Targray Technology International Inc.
Trina Solar Co. Ltd.

among others are some of the market players operating in the dual-axis solar tracker market.

SunPower: Renowned solar energy enterprise with a notable presence in the dual-axis solar tracker sector.
- Offers sophisticated dual-axis trackers seamlessly integrated with its premium high-efficiency solar panels.
- Tracker systems meticulously engineered to optimize energy yield and elevate overall system efficiency.
- SunPower’s foray into the dual-axis solar tracker domain bolsters the industry with proven expertise and credibility.
Arctech Solar: Prominent global manufacturer specializing in solar tracking and racking systems.
- Recognized for its provision of dual-axis trackers celebrated for exceptional precision and dependable performance.
- Extensively engaged in large-scale solar ventures across the globe, delivering tailored dual-axis tracking solutions for maximal energy production.

Know More about this Market Report:

Future Market Insights offers an unbiased analysis of the global dual-axis solar trackers market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the dual-axis solar trackers market, the market is segmented based on type and application across five major regions.

Key Segments:

By Type:

Single Axis
Dual Axis

By Application:

Utility
Non-Utility

By Region:

North American
Latin America
Europe
Asia Pacific
Middle East and Africa

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Dual axis solar tracker Market@ https://www.globenewswire.com/en/news-release/2023/06/08/2684474/0/en/The-Dual-Axis-Solar-Tracker-Market-is-projected-to-reach-a-valuation-of-US-24-8-Billion-by-2033-exhibiting-a-significant-CAGR-of-14-8-from-2023-to-2033-Future-Market-Insights.html

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 favour 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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Global Printed Circuit Boards (PCBs) Market Set to Surge, Reaching US$ 104.8 Billion by 2033 with a 5.1% CAGR from 2023 to 2033

The global printed circuit boards market is on a trajectory to attain a valuation of US$ 60.2 billion in 2022, with sustained demand anticipated throughout the assessment period. This robust demand is rooted in the rapid evolution of technology and the exponential growth of consumer electronics. By 2033, the market is projected to achieve a substantial value of US$ 104.8 billion, driven by a notable Compound Annual Growth Rate (CAGR) of 5.1% from 2023 to 2033. Anticipated revenues for the year 2023 stand at US$ 63.5 billion.

The relentless progress in consumer electronics, encompassing smartphones, tablets, gaming consoles, and smart home devices, serves as a pivotal driver behind the printed circuit boards (PCBs) market. The escalating need for compact yet high-performance PCBs further amplifies the market’s expansion.

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The Surge in Miniaturization of IoT Devices and Compact Electronic Gadgets Drives Printed Circuit Boards (PCBs) Market

The growing demand for miniaturization in IoT devices and compact electronic products, encompassing wearables, IoT devices, and medical equipment, significantly bolsters the expansion of the printed circuit boards (PCBs) market.

North America Poised to Lead the Printed Circuit Boards Market with Pioneering Consumer Electronics Innovations

The dominance of the printed circuit boards market by North America is attributed to remarkable technological advancements in consumer electronics within the region. Countries like India, China, and South Korea also play a pivotal role in propelling the growth of the printed circuit boards market.

Key Insights from the Printed Circuit Boards (PCBs) Market:

The period from 2018 to 2022 witnessed a robust demand growth in the printed circuit boards market, with a CAGR of 6.5%.
The multi-layer segment holds a significant CAGR of 4.9% based on type.
The standard multilayer segment within substrate types is projected to expand at a CAGR of 4.7% throughout the forecast duration.
North America is poised to emerge as a promising printed circuit board market, with a projected CAGR of 5.1%.
The printed circuit boards (PCBs) industry in the United Kingdom is anticipated to reach a market value of US$ 3.9 billion by 2033.
Asia Pacific stands as an opportunistic market for printed circuit boards, expected to capture a CAGR of 5.1% during the forecast period.
South Korea’s printed circuit industry is predicted to achieve a market revenue of US$ 5.1 billion by 2033.

Insight from an FMI Analyst:

“Growing technological innovation in manufacturing technology and increased awareness in the industrial sector are expected to drive the market in the forecast period. The increasing demand from the aerospace & defence sector globally is projected to play a vital role in strengthening the market,” according to an analyst at Future Market Insights (FMI).

Competitive Landscape:

Leading market players in the printed circuit boards (PCBs) market include Amperex Technology Ltd., Apex Microelectronics Company Limited, Amphenol Corporation, Autosplice, Inc., and Auter Electronics Ltd. Notable recent developments in the market include:

In November 2021, Aurubis AG announced a recycling plant in Georgia, United States.
Japan-based Nippon Mektron has been actively investing in research and development to enhance its PCB technologies, particularly for high-speed, high-frequency PCBs needed in 5G infrastructure and automotive electronics.
Zhen Ding Technology, a prominent PCB manufacturer, specializes in advanced PCB technologies for applications like smartphones, tablets, and automotive electronics. The company has been expanding its production capacity and exploring partnerships to meet the growing demand for advanced PCBs.

Key Segmentation:

By Type:

Multi-Layer
Double-Sided
Single-Sided

By Substrate Type:

Standard Multilayer
HighDensity Interconnect (HDI)
IC Substrate
Regid 1-2 Sided
Regid Flex
Others

By End-Use:

Computer & Peripherals
Communications
Consumer Electronic
Industrial Electronics
Automotive
Aerospace & Defence
Others

By Region:

North American
Latin America
Europe
Asia Pacific
Middle East and Africa

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.

Contact Us :

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
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Testing, Inspection, and Certification Market Size Projected to Exceed USD 4,18,640.80 Million by 2033, Driven by 5.30% CAGR

The global testing, inspection, and certification market is poised for remarkable expansion, aiming for an impressive valuation of USD 4,18,640.80 million by 2033, supported by a consistent Compound Annual Growth Rate (CAGR) of 5.30%. As of 2023, the market stands at USD 2,49,780.10 million, as reported by our industrial automation analysts.

These vital services employ advanced analytical techniques to meticulously scrutinize the structural, chemical, and physical properties of nanomaterials, nanoparticles, and nano-devices. This rigorous scrutiny ensures strict compliance with regulatory and industry standards, highlighting the pivotal role of the testing, inspection, and certification sector in upholding quality assurance and regulatory compliance across various industries.

The high cost of testing, inspection, and certification services owing to disparities in standards and regulations is projected to pose significant risks to the testing, inspection, and certification market key trends & opportunities.

The digital revolution of consumer services and the quick adoption of breakthrough technologies help them carve out testing, inspection, and certification market growth.

The factors impeding testing, inspection, and certification market growth are increased competition and limited awareness among small scale manufacturers. The variables that are opportune for testing, inspection, and certification market opportunities include an increase in awareness of the demand for testing, inspection, and certification, as well as an increase in the requirement for safety.

The advent of the 3D printing revolution has led to a heightened demand for rigorous Testing, Inspection, and Certification (TIC) services, aiming to uphold the quality control standards within the domain of additive manufacturing. TIC providers employ advanced testing methodologies to scrutinize the structural integrity, material characteristics, and dimensional precision of 3D-printed products. These services assume a paramount role in enuring that 3D-printed components conform to the exacting specifications and benchmarks mandated by sectors as exacting as aerospace, automotive, and healthcare. TIC firms facilitate organizations in producing reliable and compliant 3D-printed products by offering comprehensive 3D printing quality assurance services, thereby enhancing consumer confidence and trust in this cutting-edge manufacturing process.

The rapid progression of technology has ushered in a wave of increasingly sophisticated and unique products, encompassing innovations such as electric vehicles and Internet of Things (IoT) devices. TIC services play a pivotal role in methodically testing and certifying these technological marvels, thus guaranteeing their performance and safety. Enterprises have started recognizing the paramount significance of sustainability and environmental stewardship in line with evolving consumer preferences and legislative developments. These shifts are mirrored in the scope of TIC services, which now encompass eco-friendly product assessments, carbon footprint evaluations, and the bestowal of green certifications.

Competitive Landscape:

ABS, ALS Global, ASTM, BSI Group, Bureau Veritas, DEKRA, DNV, Intertek, ISO, Lloyds Register, SAI Global, SGS Group, and TUV are legacy players in the testing, inspection, and certification market.

The testing, inspection, and certification market is projected to see fierce competition. With substantial consolidation projected in the next years, fierce competition is expected to grow even more.

To extend their influence in the testing, inspection, and certification market trends, these vendors have used a variety of organic and inorganic growth tactics.

Key Segments:

By Service Type:

Testing Service
Inspection Service
Certification Service

By Sourcing Type:

In-House Sourcing
Outsourced

By Application:

Medical & Life Science
Consumer Goods & Retail
Agriculture & Food
Chemical
Construction & Infrastructure
Energy & Power
Industrial & Manufacturing
Mining
Oil & Gas and Petroleum
Public Sector
Automotive
Aerospace
Marine
Rail
Supply Chain & Logistics
IT & Telecommunication
Sports & Entertainment

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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FMI Study States Global Test and Measurement Equipment Market Share to Reach USD 61,534.3 million by 2034, With a 5.6% CAGR

The global test and measurement equipment market is experiencing a 5.6% CAGR through 2034, with an estimated value of USD 35,684.4 million in 2024 and a projected value exceeding USD 61,534.3 million by 2034.

The demand for precise and reliable test and measurement equipment is increasing across various industries such as telecommunications, aerospace, automotive, and healthcare. This trend is driven by the need to ensure quality and performance in these sectors. The growth is also driven by the booming telecom industry, especially in emerging economies.

The increasing complexity of electronic products and systems has led to a growing need for sophisticated testing equipment. This equipment ensures functionality, reliability, and compliance with industry standards and regulations.

The demand for test and measurement devices is driven by Industry 4.0 and increasing automation. Their utilization in aerospace, automotive, and healthcare industries has shown significant growth post-pandemic.

Countries like China, Japan, India, and the United States have deployed 5G networks. This has also led to a heightened need for equipment capable of handling the technology’s higher frequencies, wider bandwidths, and increased data rates.

Key Takeaways from the Market Study:

The calibration services segment dominates the global test and measurement equipment market with a share of 4% in 2024.
Based on product type, the general-purpose test equipment segment leads the test and measurement equipment market with a share of 4% in 2024.
The test and measurement equipment market in Spain is anticipated to grow at a CAGR of 2% through 2034.
The test and measurement equipment market in China is estimated to rise at a 3% CAGR through 2034.
The test and measurement equipment market in India has the potential to increase at an 3% CAGR through 2034.
The United States test and measurement equipment market is predicted to rise by a 1% CAGR through 2034.
The test and measurement equipment market in the United Kingdom is very likely to grow at a CAGR of 2% through 2034.

“Companies in the test and measurement equipment market must forge strategic partnerships with technology firms, research institutions, and industry bodies. This approach helps them stay ahead in innovation and expand their market reach,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

The global test and measurement equipment market is highly competitive due to the presence of numerous key players and constant innovation.

Leading companies such as Agilent Technologies, Keysight Technologies, Tektronix, Rohde & Schwarz, and National Instruments have established loyal consumer bases and extensive distribution networks through their long-standing presence and industry expertise.
Companies are actively pursuing mergers and acquisitions to broaden their product offerings, enter new markets, and gain access to cutting-edge technologies in addition to competition.

Top 10 Key Players in the Test and Measurement Equipment Industry:

Keysight Technologies
Agilent Technologies
Tektronix
Rohde & Schwarz
National Instruments (NI)
Fluke Corporation
Anritsu
Yokogawa Electric Corporation
Teledyne LeCroy
Advantest Corporation

Recent Developments:

Electro Rent expanded its services in May 2024 to offer Calibration-as-a-Service (CaaS) for test and measurement equipment in the United States. and Canada, adding to its portfolio.
In April 2024, FLUKE won a USD 3.8 million contract from the United States Navy for 5730A multimeter calibrators to enhance the accuracy of the Naval Air Systems Command Metrology and Calibration Program in testing power electronics devices.

Key Segments of Market Report:

By Service:

On the basis of services, the sector is bifurcated into:

calibration services
after-sales services.

By Product Type:

Based on the product type, the industry is bifurcated into:

general-purpose test equipment
mechanical test equipment.

By Vertical:

On account of verticals, the sector is segmented into,

healthcare,
electronics and semiconductor,
IT and telecommunication,
aerospace
defense,
automobile
transportation,

By Region:

Depending on the region, the industry is divided into:

North America,
Latin America,
Europe,
Asia Pacific,
Middle East

Access Report Details for More In-Depth Information:

Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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.

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Global Tire Pressure Monitoring System Market Share is Anticipated to Exceed USD 6.34 Billion by 2034, Driven by 6.2% CAGR Growth

The tire pressure monitoring system market is anticipated to exhibit a CAGR of 6.2% through 2034. The market valuation is projected to increase from USD 3.47 billion in 2024 to USD 6.34 billion by 2034.

The tire pressure monitoring system (TPMS) market is experiencing robust growth, driven by increasing safety regulations and consumer awareness about the importance of maintaining optimal tire pressure. TPMS is designed to monitor the air pressure inside pneumatic tires and provide real-time information to the driver, ensuring safer driving conditions and preventing potential accidents caused by under-inflated or over-inflated tires. The adoption of TPMS is being fueled by government mandates in many regions, such as the United States and Europe, which require all new vehicles to be equipped with these systems to enhance road safety.

Technological advancements are playing a significant role in the evolution of the TPMS market. Modern TPMS can be broadly categorized into two types: direct TPMS and indirect TPMS. Direct TPMS uses sensors within each tire to provide precise pressure readings, while indirect TPMS estimates pressure based on wheel speed and other vehicle parameters. Innovations in sensor technology are making TPMS more accurate, reliable, and cost-effective. Additionally, the integration of TPMS with other vehicle systems, such as advanced driver-assistance systems (ADAS) and vehicle telematics, is enhancing the overall driving experience by providing comprehensive vehicle health monitoring.

The market is also being driven by the increasing focus on fuel efficiency and tire longevity. Properly inflated tires reduce rolling resistance, which can significantly improve fuel efficiency and reduce CO2 emissions. For fleet operators and commercial vehicles, TPMS offers substantial cost savings by minimizing tire wear and preventing costly downtimes due to tire failures. Moreover, the rise of electric vehicles (EVs) and smart vehicles is creating new opportunities for TPMS manufacturers to develop advanced systems that are compatible with the latest automotive technologies. As the automotive industry continues to prioritize safety and efficiency, the TPMS market is poised for sustained growth and innovation.

Key Takeaways from the Tire Pressure Monitoring System Market:

The United States tire pressure monitoring system industry is projected to experience a CAGR of 6.1% through 2034.
Japan’s tire pressure monitoring system (TPMS) market is expected to demonstrate a CAGR of 12.9% through 2034.
The United Kingdom’s TPMS industry is anticipated to witness a CAGR of 5.1% through 2034.
The Indian tire pressure monitoring system industry is expected to showcase a significant CAGR of 12.8% through 2034.
The Chinese TPMS market is expected to display a CAGR of 13.1% through 2034.

Competitive Landscape of the Tire Pressure Monitoring System Market:

The automotive industry’s need for high precision and durability is driving substantial expansion of the tire pressure monitoring system (TPMS) market. Advanced driver assistance systems are becoming a result of major manufacturers spending on research and development to integrate TPMS with other safety technologies.

With several tire pressure monitoring system producers, automakers, and service providers, the tire pressure monitoring system market is expanding significantly. By establishing enduring connections with OEMs and ADAS TPMS makers in key markets like Europe and India, TPMS manufacturers are creating new sources of income. To stay dominant in the market and satisfy changing needs from the automobile sector, leading companies in the TPMS market make investments in state-of-the-art sensor technologies.

Key Companies in the Tire Pressure Monitoring System Market:

Continental AG
ZF Friedrichshafen AG
DENSO Corporation
Mobileye
Aptiv Plc
Veoneer Inc.
Autoliv Inc.
Valeo SA
Magna International
Aisin Seiki Co., Ltd.

Recent Developments in the Tire Pressure Monitoring System Market:

Parker Meggitt’s iPRESS wireless tire pressure gauge for aviation, which offers an improved user experience and tire pressure status feature incorporated into an app for smartphones and tablets, was granted a Supplemental Type Certificate in October 2023.
With the introduction of the XENSIV SP49 tire pressure-monitoring sensor in September 2023, Infineon Technologies AG combined its knowledge of automobiles with a proprietary glass-silicon-glass MEMS sensor. The sensor offers smart tire functions, including load recognition, tire blowout warning, tire inflation assistance, and on-tire auto-position sensing by integrating MEMS sensors with ASIC.

Key Segments:

By Technology:

Ultrasonic Sensor
Lidar Sensor
Radar Sensor
Camera Sensor
Infrared Sensor
Pressure Sensor

By Sales Channel:

Original Equipment Manufacturer (OEM)
Aftermarket

By Vehicle Type:

Passenger Vehicle
Heavy Commercial Vehicle
Light Commercial Vehicle

By Region:

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

Access Report Details for More In-Depth Information:

Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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.

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Global Park Assist System Market Anticipated to Surge Beyond USD 2.2 Billion Milestone by 2032, Driven by 14.3% CAGR Growth

The global park assist system market is projected to reach a valuation of USD 595.6 Million in 2022. Demand is forecast to increase at a 14.3% CAGR during the forecast period, reaching USD 2.2 Billion by 2032. Park assist system, which is also known as advanced parking guidance system, helps the driver park with higher precision using advanced guidance technology that uses radar and ultrasonic based solutions.

The park assist system is customer centric that elevates every phase of the parking experience with advanced parking features that guide drivers to park with confidence. These systems provide great performance, better efficiency, along with increased safety & security for vehicles which is propelling the demand for park assist systems. Along with the above mentioned factors, park assist system also minimizes the chance for potential scratches and dings when parking into very tight places.

As per FMI, the global park assist system market is expected to be dominated by Europe, followed by East Asia and the trend is predicted to continue during the forecast period. Park assist system market in Europe is projected to top USD 773.4 Million by 2032.

Key Takeaways:

Based on technology, the ultrasonic sensor segment is projected to hold approximately 6% of the total market share in 2022.
In terms of sales channel, demand in the OEM segment is anticipated to grow at a 4% CAGR through 2032.
By vehicle type, total sales in the passenger vehicle segment are slated to reach a valuation of USD 1.7 Bn by 2032.
Sales in the U.S. park assist system market are forecast to grow at a 14.6% CAGR over the assessment period.
China is expected to hold about 67.4% of the East Asia park assist market share in 2022.
Europe will emerge as an attractive park assist system market, creating an incremental dollar opportunity of USD 588.3 Mn over the forecast period.

“Increasing technological advancements in ADAS systems in autonomous vehicles, along with growing adoption of park assist systems in passenger vehicles will continue pushing sales in the market over the assessment period,” says an FMI analyst.

Competitive Landscape:

Key market participants of the park assist system market include Continental AG, Robert Bosch, Denso Corporation, Magna International, Valeo SA, Hitachi Ltd., Delphi Automotive, ZF Friedrichshafen, Siemens AG, and Aisin Seiki Co. Ltd.

Leading park assist system manufacturers are focusing on providing active guidance in parking while enhancing safety and comfort of the passengers. Many players are focusing on technological developments for park assists systems as well as expanding their manufacturing capabilities for ADAS solutions. For instance:

In Aug 2020, Robert Bosch along with Ford and Bedrock began research for automated valet parking that can increase the parking capacity and offer other services for vehicles while parked.

Park Assist System Market by Category:

By Technology:

Ultrasonic Sensor
Lidar Sensor
Radar Sensor
Camera Sensor
Infrared Sensor
Pressure Sensor

By Sales Channel:

OEM
Aftermarket

By Vehicle Type:

Passenger Vehicles
LCV
HCV

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Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Global Night Vision System Market Set to Exceed USD 1,276.8 Million by 2032, Growing with a 13.9% CAGR | FMI Study

The global night vision system (NVS) market share is expected to surpass a valuation of USD 1.276.8 Billion by 2032, with sales growing at a 13.9% CAGR over the forecast period. Increasing sales of luxury cars, along with rising awareness regarding road safety is boosting the requirement for improved night visibility range and quality. This is expected to fuel sales in the market over the forecast period.

NIR (near infrared range) technology development has intensified recently. Photons produced by NIR technology help to identify distant objects when there is little or no light.

In night vision systems, it is necessary for eye tracking and gesture control. The device uses less energy, produces a good image in the dark, and has a detecting range of no more than 600 feet. It is therefore projected that global sales of vehicle night vision will rise.

In order to make cars more intelligent and autonomous, additional sensors are being added to them. The automobile night vision industry is beginning to see the emergence of several sensor-based technologies, including automated response, driver face detection, obstacle detection, and traffic sign recognition. Due to the incorporation of contemporary technology and improved sensors, it is projected that demand would increase significantly over the course of the anticipated period.

Key Takeaways:

By technology type, infrared sensor sales are expected to grow at a CAGR of 13.6%during the forecast period.
Based on vehicle type, the passenger vehicle segment is anticipated to dominate the market, accounting for about 69%of the total market share.
In terms of sales channel, the OEM segment is projected to create an absolute dollar opportunity worth USD 679.9 Mn.
The U.S. is expected to account for 9%of the North America night vision market share, creating an absolute $ opportunity of USD 143.3 Mn by 2032.
Total sales in China will grow at a 4% CAGR, accounting for more than 68% of the East Asia night vision market share in 2022.

“Increasing autonomous vehicle fleet coupled with growing road safety awareness, particularly at night will continue driving the market over the forecast period,” says an FMI analyst.

Competitive Landscape

Some of the leading players operating in the market include Continental AG, Robert Bosch GmbH, Mobileye, Veoneer Inc., Valeo SA, Magna International, and others.

Manufacturers are strategically collaborating with technology partners for long supply relations and to instigate a central control unit for different ADAS technologies.

Key Segments Covered in Night Vision System Industry Analysis:

Technology:

Ultrasonic Sensor
Lidar Sensor
Radar Sensor
Camera Sensor
Infrared Sensor
Pressure Sensor

Sales Channel:

OEM
Aftermarket

Vehicle Type:

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle

Region:

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

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Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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FMI Study States Global Automotive ADAS (Advanced Driver Assistance System) Market is expected to Surpass USD 2,11,710.80 Million by 2034

The global automotive ADAS (Advanced Driver Assistance System) market value is expected to rise from USD 64,047.75 million in 2024 to USD 2,11,710.80 million by 2034. This estimated growth is expected to be driven by a steady CAGR of 12.7% in the automotive ADAS (Advanced Driver Assistance System) market over the next decade.

Increasing demand for automotive ADAS in compact passenger cars is catalyzing the market growth. In developed countries, ownership of luxury vehicles is rising on the back of surging disposable income and a rising proclivity toward a materialistic lifestyle. The influence of this trend is growing larger and sweeping developing economies like India and China as well. As the luxury car segment sees a considerable rise in the global automotive market, the sales of automotive ADAS observe heightened adoption in these automobiles.

Auto manufacturers are increasingly investing in advanced systems like night vision systems, road sign recognition systems, and drowsiness monitoring systems, which are propelling the sales of automotive ADAS. As government regulations to enhance road safety and decrease road accidents increase, so do the sales of automotive ADAS systems like adaptive cruise control and autonomous emergency braking systems. For instance, in the historical period, the European Union (EU) necessitated the execution of adaptive cruise control systems in commercial vehicles. Regulations like these are expected to offer lucrative opportunities for the automotive ADAS market in the next decade.

Key Takeaways from the Automotive ADAS (Advanced Driver Assistance System) Market Report:

The United States automotive ADAS market is projected to expand at a CAGR of 8.9% through 2034, whereas the Canada market is anticipated to register a CAGR of 9.7% through 2034.
In Europe, Germany, Spain, and France are expected to record CAGRs of 8.8%, 8.5%, 8.4%, respectively, through 2034.
In Asia Pacific, Japan, China, and India are predicted to register CAGRs of 13.6%, 13.5%, and 13%, correspondingly, through 2034.
The AEB segment is projected to obtain a market share of 56.3% in 2024.
The ultrasonic sensors segment is anticipated to accumulate a share of 25.1% in 2024.

“Vehicle electrification is projected to open up doors for the future growth of autonomous ADAS. Increasing investments in autonomous vehicle technology are promoting the integration of ADAS in vehicles. Key players in developed economies are turning their focus on developing economies as avenues for growth emerge in these countries,” says an FMI analyst.

Key Tactics Employed by Players Operating in Automotive ADAS (Advanced Driver Assistance System) Market:

The automotive ADAS industry is significantly fragmented, with a considerable proportion of players competing for a greater market share. Players can be seen competing on the basis of performance, price, features, technology, and scalability. Players are focusing on their dynamics and relationships with automakers and leveraging their expertise in automotive systems integration. Additionally, market participants are developing sophisticated ADAS technologies and are focusing on certain niches like specific vehicle types and specific ADAS features. Surging importance of ADAS systems in autonomous vehicles is expected to increase its sales.

Key Providers of Automotive ADAS:

Robert Bosch GmbH
Continental AG
ZF Friedrichshafen AG
DENSO Corporation
Mobileye
Aptiv Plc
Veoneer Inc.
Autoliv Inc.
Valeo SA
Magna International
Aisin Seiki Co. Ltd.
Panasonic Corporation
Texas Instruments
NVIDIA Corporation
NXP Semiconductors NV
Renesas Electronics Corporation
Intel Corporation
Hitachi
Harman International Industries

Key Developments Taking Place in Automotive ADAS (Advanced Driver Assistance System) Market:

Green Car revealed that it is going to equip its entire fleet with ADAS by 2022 end. Thus, optimizing user convenience.
Beijing Horizon Robotics Technology R&D Co., Ltd. and Continental AG (Continental) came into a Joint Venture (JV) contract in September 2021. The JV concentrates on offering hardware and software integrated solutions for autonomous driving and advanced driver assistance systems.
Aptiv PLC, in January 2022, announced a next-Gen ADAS for electric and autonomous vehicles, which is expected to cut cost of software-powered vehicles owing to Aptiv scalable architecture.
ZF introduced a 360 ° protection system for commercial automotive in January 2022. The system is projected to detect risks from rear and front side and safeguard the vehicle via dynamic control system. Currently, the firm mainly targets the United States market due to significant demand from commercial fleet operators.

Key Segments in the Automotive ADAS (Advanced Driver Assistance System) Market:

By System:

Standard
Folding
Self-Balancing
Maxi
Three-Wheeled

By Battery Type:

Li-ion
NiMH
Lead-Based

By Technology:

Plug-In
Battery

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa
Europe

Access Report Details for More In-Depth Information:

Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Global Cable Accessories Market Revenue Share to Surpass USD 84,186.2 Million by 2033, Surging at an Average 6.2% CAGR | FMI Study

The global cable accessories market was forecasted to exceed a substantial value of USD 46,131.2 million by 2023. Projections indicate a noteworthy Compound Annual Growth Rate (CAGR) of 6.2% over the next decade, positioning the market to achieve a significant milestone, reaching an estimated value of USD 84,186.2 million by 2033. This impressive growth trajectory is primarily attributed to the increasing demand for polymeric insulation cables on the international stage.

The progressive ascent of the cable accessories market is driven by a confluence of influential factors that have significantly reshaped the industry landscape. Particularly noteworthy is the widespread adoption of polymeric insulation cables, which has played a central role in this transformative journey. Renowned for their exceptional electrical, mechanical, and thermal properties, these innovative cable solutions have gained substantial traction across diverse sectors. The inherent advantages of superior insulation performance and enhanced durability have firmly established polymeric insulation cables as the preferred choice for industries ranging from power transmission to telecommunications.

In addition to the ascendancy of polymeric insulation cables, several other factors are contributing to the market’s remarkable ascent:

Technological Advancements: The cable accessories industry has witnessed a surge in cutting-edge technological innovations. These advancements have yielded cable accessories with superior performance characteristics, improved efficiency, and enhanced reliability.
Renewable Energy Revolution: The global shift towards renewable energy sources, such as wind and solar power, has necessitated the development of efficient cable accessories to transmit electricity over long distances. This burgeoning segment of the energy market is set to be a major driver for cable accessories.
Infrastructure Development: Rapid urbanization and infrastructure development projects are augmenting the demand for reliable and high-capacity cable accessories. The burgeoning construction sector is a significant contributor to market growth.
Telecommunications Boom: With the proliferation of data-driven services and the advent of 5G technology, the telecommunications sector is experiencing unprecedented expansion. This has led to a surge in the demand for advanced cable accessories to support the evolving network infrastructure.

Despite the promising outlook, the global cable accessories market does face certain constraints, including:

Environmental Concerns: The manufacturing and disposal of cable accessories, particularly those containing non-recyclable materials, have raised environmental concerns. Regulatory scrutiny and sustainability requirements are expected to intensify, posing challenges for market players.
Fluctuating Raw Material Costs: The cable accessories industry relies heavily on raw materials such as metals and polymers. Fluctuations in the prices of these materials can impact production costs and profit margins.
Competitive Landscape: The market is characterized by intense competition among leading players. Maintaining market share and profitability in this competitive environment requires continuous innovation and strategic differentiation.

Competitive Landscape:

The cable accessories market boasts several prominent players, including Earth Cable Accessories Private Limited, Polyseal Cable Accessories Private Limited, Dowells Cable Accessories Private Limited, Fasten Cables and Accessories Private Limited, USA Cable Management, and Elettrotek, among others. These established industry leaders work diligently to deliver top-tier cable accessories, contributing significantly to the global market.

Nevertheless, the cable accessories market has witnessed the emergence of numerous innovative startups, each determined to meet the evolving demands of this specialized industry. Notably, in November 2021, Elettrotek Kabel S.p.A. made a strategic move by acquiring MB Group. This acquisition, facilitated by Studio Baldi&Partners in Reggio Emilia and spearheaded by legal experts Francesca Baldi and Saimon Conconi, signifies a crucial step in Elettrotek Kabel’s growth trajectory. It positions the company as an entity with a burgeoning international presence, poised to make a profound impact on the market as a globally recognized group.

Key Players:

ABB Group
not Cables Group GmbH
Nexans S.A.
Prysmian Group
Südkabel GmbH
PFISTERER Holding AG
Brugg Kabel AG

Key Segments Profiled in the Cable Accessories Industry Survey:

By Product Type:

Joint & Terminations
Din Lugs And Connectors
Heat Shrink Shapes
Other Product Types

By Voltage:

LV (low voltage)
MV (medium voltage)
EHV (Extra-High Voltage)
EHV (Extra-High Voltage)

By End-use Industry:

Railways
Electric Power Industry
Construction Industry
Power Transmission Industry
Manufacturing Industry
Other End-use Industries

By Region:

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

Access Report Details for More In-Depth Information!

Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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.

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