Market Research Blog – Page 1392 – New Product Development

Dementia Management Market Set to Grow Significantly, Projected to Reach USD 75.56 Million by 2033 8% of CAGR

The global dementia management market, valued at USD 35 million in 2023, is poised for substantial growth, with projections indicating a rise to USD 75.56 million by 2033. This represents a compound annual growth rate (CAGR) of 8% over the forecast period from 2023 to 2033. In comparison, the market experienced a CAGR of 5% during the historical period from 2018 to 2022.

The anticipated growth in the dementia management market reflects increasing global awareness and the rising prevalence of dementia-related conditions. As the global population ages, there is a growing demand for effective management solutions to address the complex needs of individuals affected by dementia and their caregivers.

With advancements in treatment modalities, increasing awareness, and evolving care paradigms, the Dementia Management Market is poised to witness transformative growth in the years ahead. Embracing innovation and a patient-centric approach, this market is primed to shape the future of dementia care, ushering in new standards of support and enhancing the quality of life for individuals affected by this challenging condition.

Navigating the Dementia Management Landscape: Demand Analysis and Forecast 2018 to 2033

In the dynamic arena of Dementia Management, a profound shift is underway, driven by a confluence of factors shaping demand trends and market projections. Reflecting on the historical period from 2018 to 2022, the market for Dementia Management demonstrated steady growth, with a notable 5% value observed. However, as we look towards the horizon spanning from 2023 to 2033, the trajectory is poised for even greater ascent.

The global landscape is witnessing an unprecedented aging population, accompanied by a corresponding surge in dementia incidence. As such, the imperative for effective and innovative dementia management solutions has never been more pressing. Collaborations among healthcare stakeholders on an international scale are fostering a robust ecosystem of clinical trials and research endeavors aimed at uncovering breakthroughs in dementia care.

According to the World Health Organization, the prevalence of dementia is escalating, with approximately 55 million individuals affected worldwide, with a majority residing in low- and middle-income nations. Projections indicate a staggering increase to 78 million by 2030 and a daunting 139 million by 2050. This demographic reality underscores the critical need for comprehensive dementia management solutions on a global scale.

Insights from ESOMAR-certified market research firm Future Market Insights (FMI) shed light on the pivotal drivers fueling demand for Dementia Management. Government agencies, private entities, and healthcare organizations, including the WHO and pharmaceutical companies, are intensifying efforts to raise awareness and promote dementia management initiatives. This concerted focus is anticipated to propel the market forward, culminating in a projected CAGR of 8% from 2023 to 2033.

As the world braces for the challenges posed by an aging population and the escalating burden of dementia, the Dementia Management market stands poised to navigate these complexities, driven by innovation, collaboration, and a steadfast commitment to improving the quality of life for individuals affected by this condition.

Navigating Challenges: Addressing Constraints in the Dementia Management Market:

Amidst the promising trajectory of the Dementia Management market, significant hurdles loom large, threatening to impede its growth potential. Foremost among these challenges is the formidable barrier posed by the expensive cost of treatment, casting a shadow over market expansion efforts.

The market is poised to encounter several formidable challenges, including the limited availability and exorbitant cost of advanced Dementia Management products. Additionally, the scarcity of trained healthcare professionals specializing in Dementia Management presents a critical bottleneck, hindering effective care delivery. This scarcity is particularly acute in developing nations, where access to quality dementia care facilities remains limited.

Moreover, stringent government regulations governing the approval of Dementia Management products further compound these challenges, adding layers of complexity to market dynamics. The absence of comprehensive health remuneration policies exacerbates the situation, exacerbating rising treatment costs and deterring patient access to essential care.

Market Competition

Key players in the market include pharmaceutical companies such as Pfizer, Inc., Novartis AG, and Eli Lilly and Company, as well as healthcare providers and technology companies such as Teva Pharmaceutical Industries Ltd., GE Healthcare, and BrainScope among other global players.

In April 2022, NovaMedica developed and registered an innovative combination of Donepezil and Memantine molecules, the primary therapies for dementia associated with Alzheimer’s disease. The drug is registered under the name MIOREOL. This is one of the combinations in the Russian market and the markets of the Eurasian Economic Union members and Europe.
In March 2022, Corium, Inc. received United States FDA approval for ADLARITY (donepezil transdermal system) as a treatment for patients with mild, moderate, or severe dementia of Alzheimer’s type.

Key Companies:
Pfizer, Inc., Novartis AG, and Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., GE Healthcare, and BrainScope

Key Segments Profiled in the Dementia Management Industry Survey

Type:

Alzheimer’s Disease Dementia
Vascular Dementia
Dementia With Lewy Bodies (Dlb)
Parkinson’s Disease Dementia
Frontotemporal Dementia

Drug Class:

MAO Inhibitors
Glutamate Inhibitors
Cholinesterase Inhibitors

Therapy:

Cognitive Stimulation Therapy
Cognitive Behavioural Therapy

Route of Administration:

Oral
Parental

Distribution Channel:

Online Pharmacies
Retail Pharmacies
Hospital Pharmacies

Region:

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

Author By:

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 areas such as 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.

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 Composite Insulators Market Revenue to Drive Past USD 6,413.1 Million Mark by 2033, Growing at 6.4% CAGR

The global composite insulator market is forecasted to demonstrate a robust 6.4% Compound Annual Growth Rate (CAGR) throughout the evaluation period spanning from 2023 to 2033. By the culmination of 2033, this trend is expected to culminate in a substantial market size of USD 6,413.1 million, increasing from USD 3,433.3 million in 2023.

The demand for composite insulators is growing due to their enhanced performance and durability over traditional materials. Composed of fiberglass reinforced plastic (FRP) and silicone rubber, these insulators provide superior electrical insulation and mechanical strength. They resist cracking, corrosion, and environmental damage, making them ideal for power transmission, railways, and telecommunications. Their lightweight design also makes them easier to handle, install, and transport compared to ceramic or porcelain insulators.

Why do End Users Prefer Composite Insulators Over Traditional Insulators?

Several reasons end users prefer composite insulators as compared to traditional insulators, including:

High Durability and Strength: The composite insulators are lightweight, better strengthened, and highly durable than traditional ones. The traditional insulators are made up of glass, making them easily damaged.
Excellence Performance: The demand for composite insulators is increasing due to their better environmental conditions, withstanding hot temperature, and protection from UV radiation.
Easy to Handle: Composite insulators are light in weight and may handle easily compared to other insulators. They are easy to transport, reduce maintenance and labor costs, and install quickly.
Electrical Performance: composite insulators have excellent electrical properties that lower the risk of short circuits and improve efficiency.

These are a few reasons or benefits that end users prefer composite insulators to traditional insulators. Composite insulators are a prior choice in several end-use industries such as residential, railways, telecommunication, and utilities.

Key Takeaways:

The composite insulators market is anticipated to capture a valuation of USD 3.7 billion with a CAGR of 5.8% by 2033.
The United States is anticipated to secure a share of 15.1% in the global market by 2033.
Germany is significantly growing the global market by registering a share of 4.8% during the forecast period.
Historically, the market registered a valuation of USD 2 billion in 2022.
In the historic period, the market captured a share of 3.9% between 2018 and 2022.

Other Prominent Players in the Market are:

Siemens AG
Seves Group
Hubbell Incorporated
General Electric Company
Aditya Birla Nuvo Ltd
Bharat Heavy Electricals Limited
TE Connectivity Ltd
Alstom SA
ABB Ltd
Lapp Insulators GmbH

Recent Developments in the Global Composite Insulators Market are:

In 2021, Lapp Insulators announced its new project in Brazil. The company supplies composite insulators for 100km transmission construction in the country.
In 2020, General Electric announced its newly launched highly voltage disconnection switch. It is made to use as a composite insulator.
In 2021, TE Connectivity announced to launch its new composite insulators for railways. The insulators are long-lasting, high-performance, reliable, and reduce carbon footprints.
In 2021, Siemens Energy launched its new composite insulator with a high voltage. These insulators are designed for high weather conditions such as heavy ice loads.
In 2021, General Electric launched its new composite insulators that reduce electric risk, track electricity and improve reliability.

Market by Category:

By Voltage:

High Voltage
Medium Voltage
Low Voltage

By Application:

Cables & Transmission Lines
Switchgears
Transformers
Bus Bars

By Product:

Pin Insulators
Suspension Insulators
Shackle Insulators

By End Use:

Residential
Utilities

Region:

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

Access Report Details for More In-Depth Information:

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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Global Battery Energy Storage System Market Revenue Share to Exceed USD 52.9 Billion Milestone by 2033, Surging Steadily at 11.1% CAGR

The global battery energy storage system market was estimated to cross USD 18.5 Billion by 2023, and is expected to reach USD 52.9 Billion by the year 2033 at a double-digit CAGR of 11.1% between 2023 and 2033.

Energy is amongst the quintessential requirements for daily chores across commercial, private, and manufacturing verticals. At the same time, utmost care is taken to check on lower carbon emission frameworks during generation of energy. Battery energy storage systems (BESS) is one of the most vital facets on this count. They make use of approved and environmentally-friendly battery chemistries for storing energy.

At the same time, the fact that higher stakes are involved in installations of battery energy storage system can’t be ignored. This factor is expected to restrain the battery energy storage system market going forward.

Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Battery Energy Storage System Market’. It has its team of analysts and consultants to look through the bottom-up approach in its primary, secondary, and tertiary modes of research.

“Growing demand for continuous and reliable power supply from the end-use sectors like marine, data centers, telecom, and medical is expected to take the battery energy storage system market by storm in the forecast period” says an analyst from Future Market Insights.

Key Takeaways from Battery Energy Storage System Market:

North America holds a sizable market share. This could be credited to massive energy planning being witnessed in the US. Explosion at Arizona Public Service facility has driven the imperativeness of standardized safety regulations for integrating and monitoring energy storage system. The NYFD (New York Fire Department) has come up with regulations to deploy stationary energy storage systems in NYC.
The Asia-Pacific is expected to grow at the quickest rate in the battery energy storage system market with Australia, South Korea, India, Japan, and China leading from the front in the wake of increase in demand for electricity.
Europe is expected to grow in battery energy storage system market on the back of governments and private organizations encouraging deployment of green energy solutions in diverse areas.

Competitive Landscape:

Samsung SDI Co., Ltd.’, in December 2021, did announce PRiMX – a novel battery brand that does offer superior quality as well as performance, which, in turn, translates into users’ convenience. The brand has also been registered as trademark all across the Europe (apart from South Korea) and would be visible in the US as well.
LG Energy Solutions Co., Ltd., in December 2021, did sign a MoU (Memorandum of Understanding) with Siemens AG with regards to manufacturing batteries; specially to address process digitization.
Span.IO, Inc., in June 2020, did renew its agreement with Panasonic for developing a domestic energy system. It is to be embedded into the latter’s EverVolt system; thereby making way for homeowners for a higher level of control over battery backup power via intuitive energy management.
TotalEnergies, in December 2021, finished with constructing battery-based energy storage facility at Dunkirk (France). It claims to have total storage capacity of 61 MWh. This project could be identified as the one chosen as part of a long-term plan doled out by French Electricity Transmission Network in February 2020.
ABB Power Grids, in April 2021, did announce entering into partnership with Atlas Renewable Energy for deploying and developing unity-scale BESS (Battery Energy Storage Systems) for the latter’s renewable energy projects. Hitachi ABB would be providing input regarding apt technical solutions along with interconnections.
TransnetBW GmbH and Fluence Energy GmbH, in October 2022, did announce that they would be deploying the world’s biggest battery-based energy storage-as-transmission project at Kupferzell (Germany). The completion of this 250 MW battery-based energy storage system is expected to happen in 2025.

Key Players in the Industry:

BYD Company Limited (China)
SAMSUNG SDI Co., Ltd. (South Korea)
LG Energy Solutions Co., Ltd. (South Korea)
Panasonic Corporation (Japan)

Key Segmentation Analysis:

By Storage System:

Front-of-the-meter
Behind-the-meter

By Element:

Battery
Others

By Battery Type:

Lithium-ion Batteries
Advanced Lead-acid Batteries
Flow Batteries
Others

By Connection Type:

On-grid
Off-grid

By Ownership:

Customer-owned
Third-party Owned
Utility-owned

By Energy Capacity:

Below 100 MWh
Between 100 to 500 MWh
Above 500 MWh

By Application:

Residential
Commercial
Utility

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East and 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.

Contact Us:

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Carrier Screening Market Set for Robust Growth, Projected to Reach USD 4,323.84 Million by 2033 at a 12.4% of CAGR

The global carrier screening market, valued at USD 1,343.40 million in 2023, is on track for substantial expansion, with projections indicating a remarkable rise to USD 4,323.84 million by 2033. This growth represents a robust compound annual growth rate (CAGR) of 12.4% over the next decade.

Carrier screening, a crucial component in prenatal care and genetic counseling, is gaining prominence as more individuals seek to understand their genetic risks and make informed decisions about family planning. The market’s impressive growth is driven by increasing awareness of genetic disorders, advancements in screening technologies, and the rising demand for personalized healthcare solutions.

The introduction of innovative tests for better diagnosis and treatment is having an increasing impact on the global carrier screening industry. The sector is growing as a result of the increase in genetic defects and chronic diseases.

Dynamics of the Global Carrier Screening Market

Throughout the projected period, market participants are anticipated to increase their mergers, agreements, and acquisitions. For instance, to sell the extended carrier screening (ECS) test in Hong Kong, Counsyl, Inc. expanded its cooperation with Angsana Molecular & Diagnostics Laboratory in July 2017. Furthermore, Myriad Genetics, Inc. purchased Counsyl, Inc. in July 2018. The acquisition is anticipated to improve Myriad Genetics, Inc.’s portfolio of genetic tests.

Several launches and approvals of new carrier screening tests are probably going to fuel market expansion during the anticipated time.

Regional Insights for the Global Carrier Screening Market

Due to product approvals and the introduction of novel carrier screening tests, North America held the leading market share through 2033. For instance, in October 2019, Sema4 announced the availability of the Expanded Carrier Screen, a test that estimates the likelihood that a kid may inherit a genetic condition.

Due to the introduction and acceptance of new screening tests in the region, Europe is also experiencing profitable growth in the carrier screening industry.

For instance, the QIAseq Expanded Carrier Screening Panel was introduced by the German company QIAGEN in June 2019. For molecular diagnostics, QIAGEN delivers sample and assay technology. About the targets and genes responsible for 200 illness indications are disclosed by the QIAseq.

Key Takeaways

With a 12.9% CAGR between 2023 and 2033, the expanded carrier screening (ECS) segment is anticipated to be the key revenue-generating market.
Through 2033, the DNA sequencing market sector held a 39.9% revenue share, dominating the carrier screening market.
With a 47.1% carrier screening market share throughout the projection period, the laboratory segment dominated the global market.
With a share of 40.19% through 2033, the North American market is anticipated to hold a leading position in the carrier screening market.

Competitive Landscape

There are several significant participants in the fragmented and competitive carrier screening natera market. A small number of significant businesses control a large portion of the market.

The market’s overall competitive rivalry is growing as a result of the existence of significant players including Abbott, F. Hoffmann-La Roche AG, Danaher Corporation (Cepheid), Illumina Inc., and Thermo Fisher Scientific Inc.

Recent Development

· Collaboration – To Co-develop

Illumina and Kartos Therapeutics, Inc. announced a collaboration to co-develop a TP53 companion diagnostic (CDx) in April 2021. This CDx is based on the information provided by Illumina’s comprehensive genomic profile assay, TruSight Oncology.

· Partnership – Utilizing the Skills of Both Parties

Fulgent and Precision Genomics Laboratory (PGL) partnered in January 2019 to offer Columbia patients on-site performed, expanded carrier screening.

· Acquisition – For Expansion

Fulgent purchased CSI Laboratories (CSI) in August 2021 to increase its exposure to somatic molecular diagnostics and cancer testing. CSI provides molecular genetics, immunohistochemistry, fluorescence in-situ hybridization (FISH), and cytogenetic studies.

Key Segments

By Type:

Expanded Carrier Screening
Targeted Disease Carrier Screening

By Medical Condition:

Cystic Fibrosis
Tay-Sachs
Gaucher Disease
Sickle Cell Disease
Spinal Muscular Atrophy
Other

By Technology:

DNA Sequencing
Polymerase Chain Reaction
Microarrays
Other

By End User:

Hospitals
Laboratories
Physician Offices & Clinics
Other

About Future Market Insights (FMI)

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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705

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Website: https://www.futuremarketinsights.com
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FMI Analysis Affirms Medium Voltage Drives Market Share Projected to Grow at a Steady CAGR of 3.8% During Forecast Period 2023 to 2033

The medium voltage drives market was valued at USD 1,680.2 million in 2023, and it is expected to grow at a CAGR of around 3.8% between 2023 and 2033, surpassing USD 2,439.7 million by 2033.

Growing customer interest in incorporating renewables, combined with stringent standards and norms focusing on the deployment of energy-efficient systems, will drive medium voltage drives demand.

Furthermore, rapid urbanization and industrialization in emerging economies and increased investments in reliable and smart infrastructure will push medium voltage drives the market growth.

The 3 MW – 7 MW medium voltage drives market, is expected to gain significant traction as they are used to control the speed and torque of motors in a variety of applications. The use of medium voltage drives is rapidly increasing due to their low cost, small size, and ease of integration as standalone systems in various industries.

Key factors positively influencing medium voltage drives market growth include capital and operation cost savings, significant energy savings, control accuracy, and improved operational flexibility.

The medium voltage drives market is seeing an increased emphasis on lowering energy bills and energy-saving potential. Furthermore, installing these units allows pumps, fans, compressors, conveyors, and extruders to operate optimally and at a reduced capacity.

Key Takeaways:

The medium voltage drives market’s DC variable frequency drive segment is expected to grow due to its widespread application in the chemical and cement industries.
The power range segment in the medium voltage drives market is expected to grow steadily over the assessment period, owing to advancements in high-power motor designs that necessitate efficient drives to operate smoothly at higher outputs.
The DC sub-segment in the medium voltage drives market had a revenue share of about 3% in 2021 and is expected to grow steadily throughout the analysis period.
The oil and gas sub-segment in the medium voltage drives market is expected to reach a significant valuation by the end of 2032 due to increased investments to boost the development of upstream, midstream, and downstream hydrocarbon activities.
The three major market territories, Asia Pacific, North America, and Europe, are expected to reach USD 1.5 billion by 2028. Growing investment in energy-efficient infrastructure fueled by rapid development in key regions will supplement the demand for MV drive units.
The demand for high-tech MVDs in various industrial applications such as lifting, oil and gas exploration, mining, and construction will drive medium voltage drives market adoption.
Germany’s medium voltage drives market is expected to undergo a dramatic turnaround due to rising energy consumption, which is a major factor driving the medium voltage drives market landscape across the country.

Competitive Landscape:

GE, Siemens, Danfoss, Nidec Corporation, ABB, Schneider Electric, Eaton, Yaskawa Electric Corporation, Fuji Electric Co., Ltd., Johnson Controls, Rockwell Automation, Inc., WEG, Hitachi Ltd., and CG Power and Industrial Solutions Limited are among the medium voltage drives market key players.

Major players in the medium voltage drives market around the world are focusing on M&As and strategic collaborations to gain a competitive advantage over their competitors. In addition, manufacturers are also focusing on lowering product costs and achieving forward, and backward integration across the industry ecosystem, helping to shape the medium voltage drives market landscape.

Recent Developments:

Rockwell Automation, Inc., a U.S.-based industrial automation company, will launch its novel servo drive, the Allen-Bradley Kinetix 5300 servo drive, in November 2020. The Allen-Bradley Kinetix 5300 servo drive is intended for small and medium-sized machines in industries such as packaging, electronics assembly, converting, printing, and web (CPW).
Danfoss introduced the new VACON 1000 medium-voltage drive on September 23, 2021, as a compact solution to its portfolio of modular, versatile medium voltage drives.
ABB expanded its all-compatible drive offerings on April 16, 2019, to include the ACS6080 medium voltage (MV) drive for critical applications. The new drive introduced a new control technology that enables high-performance motor control in demanding processes used in mining, metals, and marine industries.

Market Segmentation Analysis:

By Power Range:

< 1MW
1MW to 3 MW
3MW to 7 MW
> 7MW

By End User:

Oil & Gas
Power Generation
Mining & Metals
Pulp & Paper
Marine
Others

By Drive:

AC
DC
Servo

By Application:

Pump
Fan
Conveyor
Compressor
Extruder
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and 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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Global Digital Substations Market Valuation Projected to Reach USD 15.1 Billion Milestone by 2033, Driving 7.7% CAGR Growth

The digital substations market is anticipated to expand its roots at a steady CAGR of 7.7% between 2023 and 2033. The market is expected to have a market share of USD 15.1 billion by 2033 while it is likely to be valued at USD 7.23 billion in 2023.

The increased number of power stations along with the digital elements, and IoT deployment is flourishing the market growth. Furthermore, the developing countries electrifying their remote areas are choosing digital substations for the deployment. Better monitoring, analysis, and power delivery fuels the demand for digital substations. It is also due to the technical advancements and government-funded research and development programs.

These programs help the authorities assess the current condition of electrical maps and capacity. This also pushes the energy giants to collaborate with authorities for better deployment and returns. These substations end the last electrical connection between the high-voltage equipment and the control panels, making it a smart choice for enhanced safety. Apart from the enhanced safety, the reduced cost of building, land, and engineers.

Lastly, the growth is attributed to lower costs, higher safety, efficiency, and control. The new renewable energy projects are implemented with the same digital substations.

Key Points:

The United States market leads the digital substations market in terms of market share in North America. The United States region is expected to hold a market share of 29.7% by 2023. The growth in this region is attributed to increased urban settings, technological advancements, digitization of the power industry, and a higher number of renewable energy spots. The North American market is likely to reach a value of USD 2.5 billion by 2028.
The United Kingdom’s digital substations market is another significant market in the European region. The market thrives at a CAGR of 6.5% between 2023 and 2033. The growth is attributed to the collaboration between energy giants and the government.
The Chinese digital substations market thrives at a CAGR of 8.6% during the forecast period. The growth is attributed to higher energy consumption, increased green energy projects, and rising industrial growth.
The Substation Automation System leads the component type segment as it holds a market share of 23.0% in 2023. The growth is attributed to the enhanced affordable setting and higher safety.
Based on the voltage type, the medium voltage segment leads as it holds a major global share of 42.8 in 2023.

Competitive Landscape:

The key vendors work on making the deployment process smooth and easy while increasing the safety proposition of the digital substation. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

Recent Market Developments:

General Electric Company has introduced its intelligent digital substation that reduces the CAPEX by eliminating duplicated hardware, improves safety, and decreases the substation footprint and engineer work. The system also improves the system’s reliability and asset utilization.
Schneider Electric SE has introduced the EcoStruxure which works on interoperability, and cybersecurity while advancing the substation functions.

Key Players in the Industry:

ABB
General Electric Company
Aton Corporation
Schneider Electric SE
Honeywell International
Emerson Electric Co.
Larson and Tourbo Limited (L&T)

Market Segmentation Analysis:

By Component:

Substation Automation System
Communication Network
Electrical System
Transformer
Busbar
Protection System
Monitoring and Controlling Device
Human Machine Interface
Programmable Logic Controller
Other

By Architecture:

Process
Bay
Station

By Application:

Transmission
Distribution

By End Use:

Utility
Industrial

By Connectivity:

<33kV
33kV to 110kV
110kV to 550kV
>550kV

By Voltage Level:

High
Medium
Low

By Installation:

New
Refurbished

Key Regions Covered:

North America
- UNITED STATES
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
Japan
Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
Middle East and Africa(MEA)
- GCC Countries
- Israel
- South Africa
- Rest of Middle East Asia (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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Hyaluronic Acid Personal Care Products Market Poised for Significant Growth, Projected to Reach USD 7.36 Billion by 2033 at a 8.5% of CAGR

The global hyaluronic acid personal care products market is set to experience substantial growth, with projections estimating a rise from USD 3.26 billion in 2023 to USD 7.36 billion by 2033. This impressive expansion reflects a compound annual growth rate (CAGR) of 8.5% over the forecast period.

Hyaluronic acid, renowned for its hydrating and anti-aging properties, continues to gain traction in the personal care industry. Its popularity is driven by increasing consumer awareness about skin health, along with a growing demand for effective and high-quality skincare solutions. The market’s growth is supported by advancements in formulation technologies and a surge in innovative product offerings.

The market’s upward trajectory is attributed to innovative research and development activities by manufacturers, contributing to the continuous evolution of hyaluronic acid products. Bioventus, a pioneering player in the field, made a significant impact with the introduction of Durolane, a cutting-edge joint lubricant designed to alleviate knee osteoarthritis pain through a single injection. Notably, Bioventus stands out as the exclusive provider in the United States market, offering a range of hyaluronic acid options, including one injection (Durolane), three injections (Gelsyn-3), and five injections (Supartz FX), catering to diverse patient needs.

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.)
Allergan Plc.

Key Segments Profiled in the Hyaluronic Acid Products Market Survey

By Product:

Single Cycle Injection Products
Three-Cycle Injection Products
Five Cycle Injection Products

By Application:

Osteoarthritis
Ophthalmic
Dermal Fillers
Vesicoureteral Reflux

By Distribution Channel:

Hospital Pharmacies
Retail Pharmacies
Drug Stores
Specialty Clinics

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

Author

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)

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FMI Report Affirms Global District Heating Market Size to Surpass USD 340 Billion Mark by 2033, Surging at 5.6% CAGR Growth

The global district heating market was valued at USD 198 billion in the year 2023 and is expected to reach USD 340 billion by the year 2033 at a CAGR of 5.6% between 2023 and 2033. The district energy system implies providing heat to monitor temperature in residential, industrial, and business areas.

The central heat plant produces heat energy and the same is then distributed via well-established networks comprising insulated pipes. Generation of heat is controlled through combined heat and power systems, heat pumps, or boilers. The basic objective of district heating system is that of facilitating scaling back of the greenhouse emissions, thereby catering to rising demand for heat by a huge range of the consumers.

It is a known fact that district heating systems do promote deploying renewable biomass, industrial waste, municipal waste, and waste from CHP for generation of energy. As of now, the universe is battling threats owing to uncontrollable global warming in the wake of carbon emissions. As such, renewable energy resources are the need of the hour.

Besides, it has been reported that district heating results in 11% reduction in usage of electricity with 40% curtailment in usage of fossil fuels, thereby causing overall saving in energy of 6% amongst the industries. Also, routing industrial processes through district heating has resulted in potentially reducing emissions of carbon dioxide by 112,000 tons/year.

District heating serves close to 60 Mn citizens of the EU, and extra 140 Mn people reside in cities with atleast 1 district heating system. The IEA and EU has released reports stating that DH meets close to 11-12% of heat demand from the EU through 6K cooling and district heating networks.

Machine Learning is being employed with the idea of predicting heat loads from operational data and customer data, along with national holidays, weather forecasts, and likewise, so as to plan and optimize heat production, which helps in handling peak loads and lessening heat loss.

At the same time, the fact that initial installation cost of district heating systems is higher can’t be ignored. Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘District Heating Market’.

Key Takeaways from District Heating Market:

North America holds the largest market share due to the excessive demand for electricity by the commercial, residential, and commercial spaces in the US.
Europe comes in second. Novi Sad Heating Plant based out of Serbia does consume close to 1 Mn MWh of heat every single year, that too, with natural gas being the primary fuel that costs about EUR 40 Mn. Production system’s efficiency is around 96%, whereas efficiency of the distribution system is a bit above 90%.
The Asia-Pacific is expected to grow at the fastest pace in the district heating market with China, followed by South Korea, witnessing the highest number of installations of renewable heating plants.

“With advancements in heating networks at an unparalleled level, the advanced district heating systems to be at the forefront of district heating market”, says an analyst from district heating market.

Competition in the District Heating Market:

NRG Energy (US), Statkraft (Norway), Shinryo Corporation (Japan), LOGSTOR (Denmark), Vital Energi (UK), Kelag (Denmark), Fortum (US), Vattenfall (Sweden), ENGIE (France), Danfoss (Denmark), NRG Energy (US), Statkraft (Norway), Shinryo Corporation (Japan), LOGSTOR (Denmark), Vital Energi (UK), Kelag (Austria).

District Heating Market Segmentation Analysis:

By Source:

CHP
Geothermal
Solar
Heat only Boilers
Others

By Application:

Residential
Commercial (College, Office, Government/Military)
Industrial (Chemical, Refinery, Paper)
Others

By Region:

North America
Latin America
Europe
Asia Pacific
The 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.

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Global Smart Pumps Market Size Estimated to Reach USD 2,165.7 Million by 2033, Growing at a Decent 7.8% CAGR | FMI Analysis

According to Future Market Insights, the global smart pump market is expected to be valued at USD 1,021.9 million in 2023 and USD 2,165.7 million by 2033. The industry is forecasted to grow at 7.8% CAGR during forecast period.

The market is likely to have many opportunities to flourish due to the cheap cost of smart pumps. Due to its excellent quality and design, it is the most often used pump in the upcoming years.

The primary use of smart pumps is in smart cities. The functionality of the intelligent pumps is suitable for the infrastructure of smart cities, which enhances the sales of these pumps. Smart pumps are required for numerous applications, including energy production and wastewater treatment.

Overall, it offers the smart pump business a substantial number of potential chances. Also, the smart pump is employed more frequently in various industries as more organizations move towards automation.

Future Opportunities:

Smart pumps control energy flow depending on oil and gas industry demand by combining sensors, Variable Frequency Drives (VFDs), and Internet of Things capabilities.

The sensors gather and exchange data from utility management systems to monitor demand performance over time or automatically alter operations via the VFD. It lowers energy consumption and the total cost of ownership for the pump system, improving system efficiency and global demand.

Key Takeaways:

By 2033, the smart pump market in the United Kingdom is likely to expand, with a CAGR of 6.1%.
In 2022, the United States developed the smart pump business with a share of 24%.
The smart pump market grew considerably to USD 947.6 million in 2022.
The smart pump sector expanded at a CAGR of 5.7% from 2018 to 2022.
By 2033, China’s smart pump market is projected to develop with a CAGR of 8.7%.
By 2033, India’s smart pump industry is projected to develop with a CAGR of 9.3%.
Japan’s smart pump industry is expected to expand significantly, with a 3.9% share in 2023.
Australia’s smart pump sector is expected to expand, with a share of 0.6% in 2023.
In 2023, the centrifugal segment is likely to dominate the market, with a share of 64.2%, based on pump type.
In 2023, the water and wastewater treatment segment is likely to dominate the market, with a share of 23.4%, based on end users.

Competitors Winning Strategies:

Key manufacturers in their active regions, like Wilo SE, Grundfos Holdings, Sulzer, Wanner International, Flowserve Enterprise, and others, are in the market. Due to its longstanding presence in the sector and the optimum functional potential of its portfolio, the ABB Group is also anticipated to have a large market share.

Recent Developments:

A smart pump maintenance agreement for saltwater lift pumps based on the Norwegian Continental Shelf was announced by Framo and Aker BP in March 2020. The six-year deal, extended by six years, continues a pilot agreement started in 2018 by industrial AI Software-as-a-Service (SaaS), the producer Aker BP, and pump provider Framo.
Grundfos announced the opening of their Distributed Pumping System in Thailand in October 2021. The technology lowers the energy needed to cool big commercial buildings by up to 50%, significantly decreasing operational costs and assisting Thai businesses in achieving their sustainability objectives. The pumping system uses intelligent circulator pumps, MAGNA3, and TPE3 pumps, as well as decentralized pumping, to improve energy efficiency in cooling systems.

Key Players:

Grundfos Holding A/S
ITT Corporation
XYLEM Ltd.
Flowserve Corporation
Sulzer Ltd.
KSB Ltd
Colfax Corporation
YASKAWA Electric Corp
Wanner Engineering Inc
Others

Key Segments Covered:

By Pump Type:

Centrifugal
Positive Displacement

By Capacity:

UPTO 30
30-90
90-180
180-360
Above 360

By End-User:

Building Automation
Water & Wastewater
Oil & Gas
Chemicals
Power
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & 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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FMI Analysis States GCC Natural Gas Market Revenue Projected to Exceed USD 85,799.6 Million by 2033, Surging Steadily at 4.5% CAGR

The GCC natural gas market is poised for substantial growth over the next decade, with projections indicating a rise from USD 55,248.7 million in 2023 to USD 85,799.6 million by 2033, achieving a steady compound annual growth rate (CAGR) of 4.5%, according to a recent report by Future Market Insights.

This growth is largely fueled by shifting regulatory policies aimed at supporting the energy transition towards more sustainable sources. Nations within the GCC are actively redefining their energy strategies to include a higher share of clean energy, significantly influencing market dynamics. A prime example is the UAE’s Energy Strategy 2050, which targets a 70% reduction in carbon emissions from power generation and aims to increase the share of clean energy in the national energy mix from 25% to 50% by 2050.

The unconventional natural gas sector in the GCC is expected to witness a significant uptick, with forecasts predicting an increase of more than 9.8% by 2033. This surge is driven by regional efforts to monetize non-conventional reserves, thereby reducing dependency on imported energy resources. Oman, in particular, has been a frontrunner in joining the unconventional oil and gas production boom.

Furthermore, the GCC holds some of the world’s largest and most profitable natural gas reserves, such as the North Field in the Persian Gulf, which is shared by Iran and Qatar. Recognized by the International Energy Agency (IEA) as the world’s largest gas reserve with an estimated 1,800 trillion cubic feet (TCF) of in-situ gas, the field offers low-cost development opportunities that are likely to attract continued investment.

The market’s expansion is also supported by significant industrial development within the GCC, particularly in sectors like power generation, water desalination, petrochemicals, refining, and fertilizers. Government initiatives aimed at diversifying economies and promoting industrialization are expected to further enhance the market outlook.

By 2033, the Saudi Arabian natural gas market alone is expected to grow by more than 3.9%, bolstered by a strategic focus on increasing unconventional gas production and rising consumption levels. Saudi Aramco’s recent announcement of an additional USD 7 billion investment to explore shale gas resources underscores the nation’s commitment to tapping into its extensive shale gas potential.

The development of unconventional natural gas reserves, such as Saudi Arabia’s Jafurah field, is set to open new avenues for firms specializing in unconventional resource technologies, further boosting the need for enhanced storage and pipeline capacities.

Who are the Top Players in the Market?

Royal Dutch Shell
Exxon Mobil
GAZPROM
Chevron
Total
ConocoPhillips
Statoil
Occidental Petroleum Corporation
Lukoil
British Petroleum
Petroleum Development Oman
General Electric
Qatar Petroleum
Eni
ONGC Videsh
Rosneft
Bahrain Petroleum Company

Recent Key Developments Observed by FMI:

In November 2021, Italy’s Saipem declared that it had won a USD 750 million engineering, procurement, and construction contract from Saudi Aramco for work on several kilometers of pipeline required for the Jafurah gas project.
Streamline Innovations Inc. (Streamline) and Zamil Group Trade & Services (Zamil), a trading company and supplier to the energy sector, announced a partnership in January 2022 to market and deploy Streamline environmentally forward hydrogen sulfide (H2S) treatment solutions in Saudi Arabia. Zamil may act as Streamline’s agent in the country under the terms of the agreement.

GCC Natural Gas Market Segmentation:

By Product:

Unconventional
- Gas
  - Shale Gas
  - Tight Gas
  - Others
- Transfer Mode
  - LNG
  - LPG
  - CNG
  - Others
Conventional
- Transfer Mode
  - LNG
  - LPG
  - CNG
  - Others

By Application:

Residential Natural Gas
Commercial Natural Gas
- Hotels
- Hospitals
- Educational Institutes
- Government Buildings
- Others
Industrial Natural Gas
- Cement
- Food & Beverages
- Metal
- Power Plants
- Others

By End Use:

Transportation
Steam Generation
Cooking
Space Heating
Others

By Country:

Saudi Arabia
UAE
Kuwait
Qatar
Oman
Bahrain

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.

Contact Us: