FMI Analysis States Global Micro Inverter Market Share Projected to Surpass USD 4.36 Billion by 2032, Growing at 9.6% CAGR

According to the FMI report, the global micro inverter industry generated USD 1.59 billion in 2021, and is estimated to generate USD 4.36 billion by 2032, witnessing a CAGR of 9.6% from 2022 to 2032.

Technical advantages over conventional solar inverters, design flexibility, and capabilities such as producing optimum power from solar panels drive the growth of the global micro inverter market. However, high cost of installation and maintenance restrains the market growth. On the contrary, increase in the number of solar photovoltaic (PV) installations for different applications and rise in need for sustainable & clean energy to reduce greenhouse gas emissions present new opportunities in the coming years.

The Phase segment to maintain its leadership status during the forecast period:

Based on type, the phase segment held the highest market share in 2020, contributing to nearly three-fourths of the global micro inverter market, and is projected to maintain its leadership status during the forecast period. This is due to high penetration in the residential sector for its features such as simplicity in design and flexibility.

The Residential segment to maintain its lead position throughout the forecast period:

Based on end user, the residential segment contributed the highest market share in 2020, accounting for more than four-fifths of the global micro inverter market, and is expected to maintain its lead position throughout the forecast period. This is attributed to rise in adoption of micro inverters in solar PV systems with surge in energy efficiency concerns and the launch of government initiatives. However, the commercial segment is expected to manifest the fastest CAGR of 27.1% from 2021 to 2030, owing to rise in adoption to reduce the cost per output watt and increase the profitability.

COVID-19 Scenario:

  • Production facilities in the electronics and semiconductors sector were stopped completely or partially due to lockdown implementation, lack of availability of workforce, and shortage of raw materials. This factor impacted the production volumes of micro inverters negatively.
  • The demand from end users such as residential and commercial reduced significantly due to stoppage of new installation, deployment, and maintenance activities during the lockdown. However, the demand grew steadily post-lockdown.
  • Market players reassessed their strategies to ensure continuity and adopted quick response strategies for stabilizing the supply chain to avail raw material and distribute products seamlessly.

Asia-Pacific to maintain its dominance in terms of revenue by 2030:

Based on region, Asia-Pacific accounted for the highest market share in terms of revenue in 2020, accounting for nearly half of the global micro inverter market, and is expected to maintain its dominance in terms of revenue by 2030. Moreover, this region is estimated to register the fastest CAGR of 21.9% during the forecast period. This is due to rise in adoption of micro inverters in solar energy plants with increase in crude oil prices along with Renewable Portfolio Standards (RPS) and feed-in-tariffs provided by governments. However, North America is estimated to grow steadily during the forecast period.

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Key Segments:

By Phase:

  • Single Phase
  • Three Phase

By Connectivity:

  • Standalone
  • On-grid

By Application:

  • Residential
  • Commercial

By Region:

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

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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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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Malaria Treatment Market Set to Grow to USD 2.93 Billion by 2033 at a 5% of CAGR

Malaria Treatment Market
Malaria Treatment Market

The global malaria treatment market is experiencing steady growth, with an anticipated valuation of USD 1.8 billion in the fiscal year 2023, up from USD 1.72 billion in 2022. According to recent projections, the market is expected to expand at a compound annual growth rate (CAGR) of 5% from 2023 to 2033, reaching an estimated USD 2.93 billion by the end of the forecast period.

This growth is driven by increased investment in research and development, advancements in malaria treatment technologies, and the ongoing global effort to combat the disease. The rise in market value reflects both the growing need for effective malaria treatments and the substantial progress being made in the field of pharmaceuticals and healthcare.

The expansion of the malaria treatment market is critical in the fight against one of the world’s most persistent and widespread infectious diseases. Efforts to improve treatment options, enhance accessibility, and implement innovative solutions are key factors contributing to the market’s upward trajectory.

Due to increased funding from regional governments, the global market for anti-malaria drugs is likewise growing rapidly. This money ought to make it feasible for research companies like Medicines for Malaria Venture to keep looking at potential lead chemicals that might combat malaria. For instance, in November 2017, the US Agency for International Development (USAID) gave US$ 9 million to Medicines for Malaria Venture to be used for three projects: a pharmacovigilance study of Pyramax (pyronaridine-artesunate), a SERC Phase III research to establish a single-exposure revolutionary cure, and a study to evaluate the efficacy of DSM265, a prospective single-exposure radical cure. These improvements are anticipated to drive the global market for malaria therapy.

Region-wise, the MEA will grow with the fastest CAGR during the forecast period. The Middle East and Africa have held the lion’s share of the market share and are expected to continue doing so in the future due to the fast rising incidence of malaria in the region. According to the World Health Organization (WHO) report 2021, 241 million cases of malaria were anticipated worldwide in 2020, with 228 million of those cases happening in the WHO African Region. As a result, one of the largest segments of the market for anti-malarial medications is expected to come from the Middle East and Africa. Such developments will bolster the growth from 2023-2033.

Key Takeaways from the Market Study

  • The global malaria treatment market is currently worth more than US$ 1.72 Billion.
  • The oral segment by route of administration is going to occupy a 49% global market share in 2023.
  • The hospital pharmacies segment by distribution channel type will be the fastest growing segment during the forecast period with a 5.4% CAGR.
  • The North American region is predicted to grow with a steady CAGR of 4.6% during 2023-2033.
  • The MEA malaria treatment market is expected to grow with a steady CAGR of 5.5% during 2023-2033.

“Some of the factors driving the market for malaria therapy include the incidence of malarial infection, government initiatives and awareness-raising campaigns, the availability of anti-malarial drugs, and rising healthcare expenditures.” comments a Future Market Insights analyst.

Competitive Landscape

Zydus Healthcare Ltd., Sun Pharmaceutical Industries Ltd., Sanofi SA, GSK Plc, Novartis AG, Cipla Ltd, Viatris Inc., Lupin Ltd, Advacare Pharma USA Llc, and VLP Therapeutics LLC are a few of the well-known companies in the worldwide market for treating malaria.

  • The Gates Foundation-funded Gavi immunization programme introduced the GlaxoSmithKline (GSK) Mosquirix vaccine in three African countries—Kenya, Ghana, and Malawi—in July 2022. The first antimalarial vaccine ever created is allegedly this one. In countries with moderate to high P. falciparum malaria transmission rates, this is an essential initial step in the malaria vaccine deployment.
  • In March 2022, Tafenoquine, a brand-new drug that cures a particular strain of malaria, received a license in Australia from Medicines for Malaria Venture (MMV), which also co-developed the drug with GlaxoSmithKline (GSK) for use in children and teenagers. The drug is coupled with chloroquine, a popular anti-malarial drug.

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Key Segments Covered in the Malaria Treatment Market Report

Malaria Treatment Market by Treatment:

  • Prescription Medications
  • Vaccines
  • Diagnostic Tests
  • Others

Malaria Treatment Market by Drug Type:

  • Branded
  • Generic

Malaria Treatment Market by Route of Administration:

  • Oral and Parenteral
  • Intravenous

Malaria Treatment Market by Distribution Channel:

  • Direct Tender
  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Others

Malaria Treatment Market by End User:

  • Hospitals
  • Specialty Clinics
  • Homecare
  • Others

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 Report Predicts Global Industrial PC Market Valuation to Exceed USD 9.4 Billion Mark by 2032, Driven by 6% CAGR Growth

The global industrial PC market has exhibited remarkable growth, achieving a commendable valuation of USD 5 billion in 2021. Projections for the period spanning from 2022 to 2032 forecast a robust Compound Annual Growth Rate (CAGR) of 6%, culminating in an anticipated valuation exceeding USD 9.4 billion. This upward trajectory is primarily driven by escalating demand across diverse sectors such as automotive, oil & gas, electronics, and pharmaceuticals.

Industrial PCs have evolved into indispensable tools within the industrial landscape, playing a pivotal role in critical functions. Serving as the backbone of automation, these versatile machines empower the control of entire systems, monitor vital parameters such as pressure and temperature, oversee machinery, and provide real-time information crucial to the production of manufactured goods. Their adaptability and rugged design position them as cornerstones in optimizing and advancing industrial operations. The impressive growth of the industrial PC market underscores the significant potential embedded in this dynamic industry.

Industrial PCs have gained widespread acclaim and utilization over the years due to their ability to meet the exacting demands of industrial settings. They are renowned for their high-performance capabilities, long lifespan, and unwavering reliability. Furthermore, these PCs are engineered to thrive in the harshest industrial environments, demonstrating exceptional durability and resilience.

The global industrial PC market’s ascent reflects the ever-expanding scope of industrial automation and the relentless pursuit of efficiency, precision, and data-driven decision-making across industries. These industrial PCs are not just computing devices; they are integral components in the modernization and optimization of industrial processes, driving productivity and innovation in the global industrial landscape.

Industrial PCs’ operational efficiency is both an advantage and a hazard at the same time. It may offer security problems, but it makes it easier to scale up duties and integrate new features in one box, such as energy management, access control, condition monitoring, FSM, data transfer, and so on.

As a result, OEMs and end-users may be dubious about the overall capabilities, not just IPC models, which could impede the sales of industrial PCs. An industrial PC is a computing platform that is built to withstand harsh conditions such as temperature fluctuations, humidity, moisture, and aggressive dust.

Competitive Landscape:

For start-up enterprises, the industrial PC market offers reasonable prospects. These businesses can supply industrial PCs to the fast-growing energy, automotive, and oil and gas industries. The global study on the Industrial PC market states that the presence of established businesses with diverse product portfolios catering to many industries, on the other hand, enhances market competition.

For example, in September 2021, Rockwell Automation announced cooperation with Ansys, a Canonsburg and Pennsylvania-based American corporation. The company hoped to expand digital twin connectivity into industrial control systems with this relationship, allowing users to take advantage of industrial operations’ implementation, design, and performance.

Leading Companies Profiled in Industrial PC Market:

  • Beckhoff Automation,
  • IEI Integration Corporation,
  • Siemens,
  • B&R Automation,
  • Kontron S&T,
  • Avalue Technology,
  • DFI,
  • Nexcom International,
  • American Port well Technology, and others.

Key Segments Covered:

By Type:

  • Panel IPC
  • Rack Mount IPC
  • Box IPC
  • Embedded IPC
  • DIN Rail IPC

By Sales Channel:

  • Direct Sales
  • Indirect Sales

By End-use Industry:

  • Process Industries
  • Discrete Industries

By Region:

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

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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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
LinkedIn| Twitter| Blogs | YouTube

FMI Study States Global Industrial Automation Market Share to Reach USD 81.4 Billion Valuation by 2033, Driven by 7.2% CAGR Growth

The global industrial automation market is poised for substantial growth, with projections indicating a valuation exceeding USD 81.4 billion by 2033, driven by a steadfast Compound Annual Growth Rate (CAGR) of 7.2%. Starting with an initial forecasted value of USD 40.6 billion in 2023, the market lays a strong foundation for ambitious expansion in the coming decade.

A significant driver behind this impressive growth trajectory is the unwavering commitment to safety within industrial automation practices. Manufacturers, businesses, and operators are increasingly prioritizing the development and deployment of cutting-edge safety measures to mitigate workplace incidents. This heightened emphasis not only safeguards the well-being of workers but also presents substantial market opportunities, as organizations recognize the inherent value in prioritizing the health and safety of their workforce. As the industrial automation landscape continues to evolve, the convergence of safety initiatives and robust growth strategies underscores its pivotal role in shaping the future of industrial operations.

Automotive Industry significantly drives the Market Growth:

Growing demand for industrial automation in the automation sector boosts the market growth. Several automakers maintain efficiency and accuracy to enhance the performance of machinery. Automotive is an essential sector that captures a significant global market share. The rising number of vehicles and advanced electric vehicles is increasing the adoption of industrial automation.

The innovation of robotic systems in automotive is expanding the market growth. The increasing demand for advanced skills, machine learning, and mechatronics drives market opportunities. Apart from it, the electronic industry is further expected to drive market growth.

Key Takeaways:

  • The industrial automation market is expected to have a valuation of USD 81.4 billion by 2033.
  • With a CAGR of 7.2%, the global market increasing from 2022 to 2033.
  • The United States industrial automation market is anticipated to record a CAGR of 7% through 2033.
  • With a CAGR of 6.3%, the United Kingdom market significantly uplifts during the forecast period.
  • The China market is expected to capture a CAGR of 6.6% over the forecast period.
  • Japan’s market is expected to record a CAGR of 5.7% from 2023 to 2033.

Competitive Landscape:

The prominent players play a significant share in the global market by innovating advanced devices. These players are adopting better technology and new marketing skills to upsurge the market opportunities. These players are adopting several marketing strategies to uplift the market, including mergers, acquisitions, partnerships, agreements, and collaborations.

Leading Players in the Market are:

  • Schneider Electric
  • Emerson Electric Co.
  • ABB
  • General Electric
  • Honeywell International
  • Mitsubishi Electric
  • FANUC
  • Rockwell Automation
  • Siemens
  • Yokogawa Electric

Recent Developments in the Industrial Automation Market are:

  • In January 2022, Fuji Electric announced its new plant system in Tokyo. The new plant expands its production level with an area of 13,030 meters.
  • In March 2020, Epson Robots announced its partnership with Air Automation Engineering to provide better technical services in the United States.
  • In March 2021, an American-based company- Suez, partnered with Schneider Electric to provide digital solutions in water cycle management.
  • In January 2021, Omron developed its new series robot named SCARA. The robot fastens the work with more efficiency. It is one of the lightweight and better-performance robot series.
  • In November 2020, Rockwell Automation announced its new asset management software version. It helps to update, recover and handle the work with automation devices.

Industrial Automation Market by Category:

By Deployment:

  • Industrial Robots
  • Machine Vision System
  • Process Analyzer
  • Field Instruments
  • Human Machine Interface
  • Industrial PC
  • Industrial Sensors
  • Industrial 3D Printing
  • Vibration Monitoring

By Component:

  • Supervisory Control and Data Acquisition
  • Programmable Logic Controller
  • Distributed Control System
  • Manufacturing Execution System
  • Industrial Safety
  • Plant Asset Management

By End-use Industry:

  • Oil & Gas, Chemicals
  • Pharmaceuticals & Medical Devices
  • Food & Beverages
  • Energy & Power
  • Automotive
  • Machine Manufacturing
  • Water & Wastewater Treatment
  • Electronics & Semiconductors
  • Metals & Mining
  • Others

By Region:

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

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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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
LinkedIn| Twitter| Blogs | YouTube

FMI Analysis States Global Electrical Digital Twin Market Size Surging Towards USD 3,342.7 Million by 2033, Driving 11.9% CAGR Growth

As per a new market research report published by Future Market Insights, the global electrical digital twin market is anticipated to increase significantly, progressing from USD 1,085.9 million in 2023 to USD 3,342.7 million by 2033. Throughout this projected period, the market is expected to experience substantial growth with a strong CAGR of 11.9%.

The increased acceptance of innovative technologies such as IoT and cloud for digital twin applications and attractive digital twin prospects in industries such as aerospace and defense, healthcare, and automotive and transportation are driving demand for electrical digital twin.

The digital twin is being used in various industries, including automotive, construction, and manufacturing. In addition, firms in these industry verticals are continually leveraging digital twin systems and technologies to evaluate the performance of physical assets and highlight where changes and enhancements are needed to achieve beneficial outcomes.

Recent Developments by the Electrical Digital Twin Service Providers

  • Digital twin modeling and simulation technology was developed by ABB and Corys in 2020 using ABB Ability 800xA Simulator and Indices Plus process modeling.
  • A visual computing platform was designed in 2022 by a collaboration of Siemens and Threedy to provide access to visual digital twin information.
  • In 2021 the on-premises analytics software of General Electric was upgraded that can now utilize artificial intelligence and machine learning technologies. AI and ML can be used for the quick identification of problems and suggest remedies fast for better performance.

Key Players in the Industry:

Aveva Group; General Electrical; Siemens AG; Emerson Electric Manufacturing Co.; Etteplan Engineering Co.; Wipro Ltd.; Microsoft Corporation; International Business Machines Corporation (IBM); Schneider Electric. Co.

Electrical Digital Twin Industry Segmentation:

By Twin Type:

  • Digital Gas & Steam Power Plant
  • Digital Wind Farm
  • Digital Grid
  • Digital Hydropower Plant
  • Distribution Energy Resources
  • Other Applications

By Usage Type:

  • Production Digital Twin
  • Process Digital Twin
  • System Digital Twin

By Deployment Type:

  • Cloud
  • On-premises

By End User:

  • Utility Service Providers
  • Grid Infrastructure Operators

By Application:

  • Asset Performance Management
  • Business & Operations Optimization
  • Digital Twin Aggregate

By Region:

  • North America Market
  • Europe Market
  • East Asia Market
  • Asia Pacific Market
  • Latin America Market
  • Middle East and Africa Market

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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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
LinkedIn| Twitter| Blogs | YouTube

Global Refrigeration Coolers Market Size to Exceed USD 6,409.7 Million Mark by 2033, Surging at 5.6% CAGR Growth

The net valuation of the total sales of refrigeration coolers in 2022 reached USD 3,567.2 million. With a CAGR of 5.6%, the refrigeration coolers market may worth USD 6,409.7 million by 2033.

The growing requirement for food and beverage, meat and poultry processing, and refrigerated warehouses is propelling the demand for refrigeration coolers. Demand for walk-in cooler refrigeration has increased due to changing lifestyles and rising urbanization. Resulting in an increased need for commercial refrigeration coolers.

The demand for smart refrigeration coolers has also increased. As cold storage chain logistics and transportation have increased with surging demand for packaged food products. In addition, the sales of refrigeration cooler units to store and cool prepared food has increased as the cloud kitchen concept is growing fast.

Due to difficulty in component procurement and supply chains during the pandemic years, the overall market faced a brief period of downturn. However, the rise in online grocery and frozen food shopping during the pandemic prompted e-commerce companies to invest more in refrigerated warehouses and cold storage.

Key Takeaways from the Market Study Report

  • The United States refrigeration cooler market leads the global market and contributed a revenue share of 18.4% in 2022.
  • Global industry participants are seeing rising competition from industries based in China, which is projected to grow at 6.3% through 2033.
  • During the forecast years, India is anticipated to witness a CAGR of 6.8% in sales of refrigeration coolers. The increasing demand for refrigerated cooling units from both commercial and industrial end users is shaping this lucrative market growth rate.
  • During the projected period, the commercial applications of refrigeration coolers are expected to constitute the leading segment in the global market. Currently, this segment accounts for almost 61% of the global market share.

Key Players in the Industry:

  • Johnson Controls International plc. (Ireland)
  • Lu-Ve SPA (Italy)
  • Lennox International (United States)
  • Kelvion Holding GmbH (Germany)
  • Rivacold SRL (Italy)
  • H. Güntner Limited (Italy)
  • Refrion SRL (Italy)
  • Evapco, Inc. (United States)
  • Stefani SPA (Italy)
  • Onda SPA (Italy)
  • Emerson Electric Co (United States)
  • Roen Est. Group (Italy)
  • KFL SRL (Italy)
  • Walter Roller (Germany)
  • CABERO (Germany)
  • Thermofin (Canada)
  • Thermokey SPA (Italy)
  • Koxka (Spain)
  • Modine Manufacturing Co. (United States)
  • Centauro International (Portugal)
  • Daikin Industries, Ltd (Japan)
  • Friterm A S (Turkey)
  • Carrier and Danfoss A/S (Denmark)

Recent Developments by the Refrigeration Coolers Industries

Over the forecast years, evaporators and air coolers are expected to hold a significant market share for refrigeration cooler component manufacturing industries. Better and more inventive components are driving enormous growth in commercial and industrial applications.

Modern computerized refrigerated cooling systems are adaptable enough for big retail sites as well as industrial cold storage applications. However, the necessity for regular upkeep and technical issues emerging from a lack of proper maintenance is a fundamental market limitations.

Key Segments Covered by Refrigeration Coolers Industry Survey Report

By Product Type:

  • Deep Freezers
  • Bottle Coolers
  • Display Showcases
  • Storage Water Coolers
  • Commercial Kitchen Refrigeration
  • Transportation Refrigeration Equipment
  • Ice Merchandisers & Ice Vending Equipment
  • Medical Refrigeration
  • Chest Refrigeration
  • Other Product Types

By Application:

  • Commercial Refrigeration
    • Food & Beverage Distribution and Retail Stores
    • Convenience Stores and Mini Markets
    • Supermarket and Hypermarkets
    • Hospitals and Drug Stores
    • Other Retail Stores
  • Industrial Refrigeration
    • Refrigerated Warehouses
    • Fruit & Vegetable Processing
    • Beverage Processing
    • Dairy & Ice-cream Processing
    • Meat, Poultry, & Fish Processing
    • Other Special Applications

By Component Type:

  • Evaporators & Air Coolers
    • Air Units
    • Dry Coolers
    • Brine Coolers
    • Blast or Tunnel Unit coolers
  • Condensers
    • Evaporative Condensers
    • Air-Cooled & Water-cooled Condensers

By System Type:

  • Self-contained Refrigerator
  • Remotely Operated Refrigerator

By Capacity:

  • Less than 50 cu. Ft
  • 50 cu. Ft to 100 cu. Ft
  • More than 100 cu. Ft

By Refrigeration Coolant Type:

  • Hydro Fluorocarbon (HFC) or Hydro Fluoroolefin (HFO)
  • Ammonia (NH3) Refrigerant
  • Carbon Dioxide (CO2) Refrigerant
  • Glycol Refrigerant
  • Other Coolants or Refrigerants

By Regional Markets:

  • North America
  • Europe
  • Latin America
  • East Asia
  • South 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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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 Binoculars and Mounting Solutions Market Size to Surge Past USD 11.4 Billion by 2032, Surging Steadily at 3.8% CAGR

The global binoculars and mounting solutions market was expected to attain USD 8.6 billion milestone in 2022. Between 2022 and 2032, it is anticipated to grow at a CAGR of 3.8% and surpass USD 11.4 billion. The demand for binoculars and mounting solutions is anticipated to increase in the near future due to the rising standard of living in several developing nations and the rise in spending on luxury goods.

As roof prism binoculars become more widely used in China for leisure activities like birdwatching and wildlife observation, the market is anticipated to expand. The rapid urbanisation and high level of disposable income in this country are anticipated to benefit the growth of the Asia Pacific market. Another crucial element that is anticipated to have a positive impact. The entry of numerous manufacturers into China, which has been stimulated by the accessibility of labour and raw materials at reasonably low prices, has contributed to the growth.

Binoculars are the simplest and most affordable optics you can use for stargazing. Binoculars are chiefly dual telescopes which are mounted next to each other, and associated so that an individual can gaze at aloof entity with both the eyes.

The global binoculars and mounting solutions marketplace is predicted to expand at a encouraging CAGR during the forecast period. An additional feature is, when hovering or pulling down the binoculars, most of the time the binoculars stay jagged at the objective. These mounts look great if you are out observing with another individual and sharing views, even if another person is of different height (like a child).

Binoculars makes use of prisms mainly in both the barrels to provide an upright appearance to the consumer. Roof prisms binoculars, which are more compressed, look similar to two traditional through telescopes mounted sideways. Compressed binoculars are pleasant, particularly for daytime observing. However, just as the telescopes, binoculars equipped with bigger diameter lens displays more. Low control binoculars are great for extensive star fields, and can simply be hand held. But it becomes pretty challenging holding binoculars that are too enormous and heavyweight.

Binoculars and Mounting Solutions Market: Drivers & Restraints

Rising infrastructure investments necessitates the requirement of positioning for cargo management systems for rail traffic, airports and ports. Large construction sites require positioning systems to support the information management system. Aforementioned are some of the key factors driving the growth of the binoculars and mounting solutions market. Whereas the changes in the allocation of radio frequency bands, cost of sensors, safety, development time and customization associated with the binoculars and mounting solutions, dependency on external suppliers for components are probable factors restraining the growth of the binoculars and mounting solutions market globally.

Binoculars and Mounting Solutions Market Key Players:

Some of the key market participants in the Binoculars and Mounting Solutions Market are S4Gear, ZEISS, Lunt Engineering USA, LEICA, Nikon Corporation, Bushnell Outdoor Products and OLYMPUS CORPORATION among numerous others.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.

Key Segments Covered:

Application:

  • Defense
  • Maritime
  • Land and Survey
  • Space

Magnification Type:

  • 1X
  • 2X
  • 3X
  • 4X
  • More than 4X

Lens Coating Type:

  • Single Coating Lens
  • Multi-coating Lens

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • 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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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 Projection Affirms Global Food Tester Market Size Anticipated to Reach USD 42.81 Billion by 2032, Driven by 8% CAGR

The global food tester market is poised for significant growth, with a projected annual growth rate of 8% reaching a market value of USD 42.81 billion by 2032. The market is driven by various factors, including technological advancements, industry consolidations, and increasing demand for food safety and quality.

The food tester market is expected to witness robust growth over the next decade, supported by the introduction of affordable testing kits, rapid technological advancements, and strategic industry practices such as mergers, acquisitions, and regional expansions. The market’s expansion is further fueled by the rising trends in meat production, processed food consumption, and the impact of the COVID-19 pandemic, which has underscored the importance of stringent food safety measures.

Key Takeaways:

  • Technological Advancements: The introduction of advanced technologies that provide accurate results quickly is a key driver of market growth. Innovations like ALS Limited’s Check and Trace, which can identify Salmonella isolates with high sensitivity, highlight the industry’s focus on precision and efficiency.
  • Market Strategies: Industry participants are employing various strategies to enhance their market presence, including consolidations, regional expansions, and the development of new products. These strategies are aimed at increasing market share and meeting the growing demand for food safety testing.
  • Rising Demand in Asia Pacific: The Asia Pacific region is expected to experience the fastest growth in the food tester market between 2022 and 2032. This growth is driven by the rapid expansion of the food and beverage industry, increasing urbanization, economic growth, and rising food consumption.
  • Fragmented Market: The global food safety testing market is characterized by a mix of regional and international players, creating a competitive landscape. Companies are investing heavily in research and development to introduce novel technologies and improve their product offerings.
  • Equipment Types: The market for food tester equipment with rapid inspection technology is anticipated to grow at a rate of about 8.3% through 2032. Equipment using PCR and immunoassay methods are particularly in demand due to their high accuracy and efficiency.

Regional Analysis:

Asia Pacific:

The Asia Pacific region is witnessing strong demand for food tester equipment, driven by the burgeoning food and beverage industry. The region’s fast urbanization, economic expansion, and increasing focus on food safety are expected to fuel market growth. Over the coming years, the food and beverage sector in Asia Pacific is projected to grow at a CAGR of over 7.5%, significantly contributing to the food tester market.

Europe:

Europe holds a dominant position in the global food tester market, accounting for 36% of the market revenue share. The region’s growth is attributed to the high prevalence of food-related allergies and stringent regulatory norms that mandate comprehensive food safety testing. These factors are expected to sustain Europe’s leading market position.

North America:

North America is also a major contributor to the growth of the food tester market, driven by strict food safety regulations and high demand for packaged food. The Food and Drug Administration (FDA) mandates allergen testing, significantly boosting the market. The U.S. and Canada are expected to maintain prominent market shares during the forecast period.

Market Dynamics:

The food tester market is influenced by various dynamics, including consumer demand for high-quality and safe food, advancements in testing technology, and regulatory requirements. The market’s growth is also supported by trends in meat production and processed food consumption, which necessitate rigorous food testing.

Market Competition:

Some of the key participants present in the global food tester market include Labcompare, LabX, Presto Group, Progen Scientific, Thwing Albert, Boekel Scientific, Thermo Fisher Scientific, Amaze Instruments, and others. Attributed to the presence of such a high number of participants, the market is highly competitive.

Key Segments Profiled in the Food Tester Industry Survey:

By End Use:

  • Food Testers for the Agricultural Sector
  • Food Testers for the Food Manufacturing Sector
  • Food Testers for Other End Use

By Device:

  • Food Spectrometers
  • Food Refractometers
  • Food Titrators
  • Food Moisture Analyzers
  • Other Food Tester Devices

By Region:

  • North America Food Tester Market
  • Latin America Food Tester Market
  • Europe Food Tester Market
  • Asia Pacific Food Tester Market
  • Middle East and Africa Food Tester Market

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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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
LinkedIn| Twitter| Blogs | YouTube

FMI Report Projects Global Vertical Turbine Pumps Market Size Set to Exceed USD 44.9 Billion Mark by 2034, Growing Steadily at 5% CAGR

The global vertical turbine pumps market expected to attain valuation of USD 26.2 billion in 2024, is anticipated to experience remarkable growth in the coming decade. Projections suggest a significant surge, with an expected market value exceeding USD 44.9 billion by 2034, propelled by a robust Compound Annual Growth Rate (CAGR) of 5%.

This impressive trajectory is attributed to the influential impact of rapid urbanization, as cities and metropolitan areas undergo unprecedented expansion. With burgeoning population centers, the need for efficient water management and wastewater treatment becomes increasingly pronounced. Vertical turbine pumps emerge as indispensable tools in addressing this critical need, thereby solidifying their significance within the market landscape.

Vertical turbine pumps, often referred to as deep well turbine pumps, serve a crucial role in applications where submersible pumps may not be suitable. Their versatility finds expression in a wide spectrum of municipal, agricultural, and industrial settings. From supplying water to remote agricultural fields to managing water in municipal systems, vertical turbine pumps have earned their reputation as dependable and robust solutions.

Vertical Turbine Pumps: Characteristics, Applications, and Challenges

Vertical turbine pumps, categorized as centrifugal pumps, present distinct features that set them apart from other pump types. These pumps feature a design where the motor is positioned above ground level and is connected to impellers located at the pump’s base through a vertical shaft. This arrangement allows for specific operational advantages and applications, making them a preferred choice in various industries.

Applications and Features:

Vertical turbine pumps, also known as deep well turbine pumps, find their utility in scenarios where submersible pumps are not feasible. Their usage spans a wide spectrum of applications, encompassing municipal, agricultural, and industrial sectors. The distinctive design of these pumps allows them to efficiently address pumping needs in these diverse fields.

Challenges in Maintenance:

While vertical turbine pumps offer several advantages, they do present challenges in terms of maintenance. Maintaining the pump head can prove to be complex and labor-intensive. Adequate headroom is required for effective maintenance procedures, which can sometimes be a constraint, particularly in certain installations.

Key Factors Boosting the Vertical Turbine Pumps Market:

Vertical turbine pumps exhibit remarkable versatility and adaptability, allowing flexible installation and varied pump lengths. The numerous advantages outweighing drawbacks are propelling market growth. This trend is set to continue due to increasing government investments in agriculture.

Additionally, the market is poised for steady expansion, owing to the pumps’ extended lifespan, resulting in low replacement rates. Rising infrastructure investments and demand for wastewater treatment in Asia Pacific and Middle East & Africa are key drivers for the global vertical turbine pumps market.

Market Competition and Key Players:

The global vertical turbine pumps market features prominent participants including Grundfos Pumps Corporation, Xylem, Flowserve, ITT INC., and more. With a multitude of key players, the market is marked by intense competition.

Kirloskar Brothers Limited, a significant contender in the vertical pump sector, is actively incorporating technology into their pumps to enhance productivity across end-user industries. Their strategic focus remains on driving innovation and efficiency.

Market Segmentation:

By Head Type:

Based on head type, the industry is divided into up to 500 m, 500 to 2000 m, and 2000 m and above.

By Material Type:

By material type, the industry is segmented into ductile iron, stainless steel, bronze, and cast iron pumps.

By Stage:

Based on stage, the industry is divided into single-stage and multi-stage.

By Power Rating:

By power rating, the industry is segmented into low power (up to 1500 HP), medium power (1500 to 4000 HP), and high power (4000 HP and above).

By End-use Industry:

A few leading end-use industries are residential, commercial, agriculture, firefighting, municipal, and industrial. The industrial segment is further segregated into chemicals, pharmaceuticals, oil and gas, power generation, cement, mining, and others.

By Region:

The industry is spread across North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, and 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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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
LinkedIn| Twitter| Blogs | YouTube

FMI Analysis Predicts Global Leak Testing Market Valuation Anticipated to Surpass USD 13 Billion by 2032, Surging Steadily at 4.8% CAGR

The global leak testing market was valued at approximately USD 7.8 billion in 2021. Forecasts suggest that sales will experience a steady growth trajectory, expanding at a compound annual growth rate (CAGR) of 4.8%, with the market projected to reach USD 13 billion by 2032. Within the hardware category, the detectors segment is anticipated to represent over 30.3% of the overall market by the conclusion of this period.

The increasing demand for oil and gas plays a significant role in driving the growth of the leak testing industry. As key industries such as oil & gas, water treatment, and power generation evolve, new projects require sophisticated leak testing solutions to ensure operational integrity and reduce risk. These advanced methods not only minimize the frequency of accidents and other operational disruptions but also help mitigate their adverse effects on safety, environmental impact, and profitability.

Europe is expected to lead the global leak testing market in revenue during 2022, with the trend likely to continue throughout the forecast period. Germany, in particular, is predicted to secure a 21.4% share of the European market. Several factors such as the rising demand for clean water for both municipal and industrial applications, stringent regulations governing wastewater management, and accelerated investments in the industrial sector are key drivers of market expansion. Additionally, the increased use of water in industries like oil & gas, pharmaceuticals, and chemicals is poised to further drive demand for leak testing technologies.

As of 2021, the leak testing sector comprised 43.6% of the overall non-destructive testing (NDT) market globally. Between 2017 and 2021, the market experienced steady growth, and looking forward to 2022-2032, demand is projected to grow at a 4.3% CAGR by volume, according to FMI analysis.

The leak detection segment within oil & gas continues to advance, with a growing number of organizations viewing leak testing systems as crucial investments in safety. Regulatory frameworks mandating leak detection have further cemented the importance of these systems.

Pipeline operators and other stakeholders are increasingly recognizing the value of investing in leak testing and detection technologies—not only as a means to mitigate risks associated with leaks but also to prevent financial losses, operational downtime, regulatory penalties, and reputational harm.

Regional Insights:

U.S. Market Outlook:

“U.S. Manufacturers Favor Gas Leak Detection Solutions” In 2021, the U.S. accounted for around 77.3% of North America’s leak testing market. By the end of the forecast period, the market is expected to generate an absolute dollar opportunity worth USD 642.9 million. The rising demand for oil and gas is driving the expansion of the U.S. energy infrastructure, solidifying the nation’s position in the global energy market. Increased disposable income and heightened awareness around leak testing—especially in the oil & gas, power plant, and chemical sectors—are expected to boost demand for leak testing equipment and services across the country.

China Market Outlook:

“China’s Growing Demand for Coolant Leak Detection Solutions to Propel Market Growth” In China, sales are expected to grow at a CAGR of 5.5%, with the nation projected to account for over 40.5% of East Asia’s leak testing market in 2022. China’s energy market is dominated by state-owned oil and gas enterprises. As the second-largest consumer of oil and gas worldwide, China faces increasing demand for these resources each year, despite fluctuating consumption growth rates.

As China’s consumption of oil and natural gas continues to surge, domestic companies are under pressure to boost output and reduce reliance on imports. Given the country’s declining oil reserves, the push to enhance productivity and efficiency is growing. Consequently, demand for leak testing equipment and services is expected to accelerate within the Chinese market.

Competitive Landscape:

The global leak testing market is becoming increasingly competitive, with a wide array of players ranging from large multinational corporations to medium and smaller-scale manufacturers and service providers. Leading manufacturers are forming strategic partnerships and collaborations with service providers to strengthen their market presence across different regions.

Key Segments Covered in Leak Testing Industry Analysis:

By Type:

  • Hardware
  • Software
  • Services

By Hardware Type:

  • Detectors
  • Sensors
  • Accessories
  • Others

By Methodology:

  • Hydrostatic
  • Air Pressure
  • Gas Based
  • Others

By End-Use:

  • Oil & Gas refineries
  • Automation
  • HVAC/ Refrigeration
  • Water Treatment
  • Power plants
  • Chemical plants
  • Thermal plants
  • 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 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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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
LinkedIn| Twitter| Blogs | YouTube