Market Research Blog – Page 1590 – New Product Development

Autism Spectrum Disorder Management Market Expected to Reach USD 3.55 Billion by 2033 at a 5.2% of CAGR

The autism spectrum disorder management market is set for notable growth, with an anticipated valuation of USD 2.14 billion in 2023. According to recent industry forecasts, the market is projected to expand at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033, reaching an estimated value of USD 3.55 billion by 2033.

Autism spectrum disorder, a neurodevelopmental condition influenced by both rare and common inherited genetic variations, has seen increased focus in recent years. The rise in awareness and advancements in treatment options are driving the market’s expansion as more families and healthcare providers seek effective management strategies for ASD.

ASD is characterized by challenges in social interaction, communication, and repetitive behaviors. The growing recognition of the condition and the development of specialized therapies and interventions are contributing to the increasing adoption of ASD management solutions. This includes a range of services from behavioral therapies and educational programs to pharmacological treatments.

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The hallmarks of autism spectrum disorder (ASD) include repeated behaviors, communication issues, and issues with social interaction. Good management solutions are in more demand as awareness and diagnosis rates rise.

An ailment of the brain is autism spectrum. Autism spectrum illness permanently alters how the brain develops and grows.

The initial detection of autism spectrum condition occurs throughout the primary childhood age. A person with autism spectrum condition may experience a wide range of symptoms, such as social isolation, changed behavior, and trouble communicating during routine life events.

Even though researchers and the scientific community are unable to pinpoint the precise cause of autism spectrum disorder, recent findings and projections point to a possible inherited cause for the condition.

Competitive Landscape:

Key Take of the Biggies in the Autism Spectrum Disorder Management Market

The key players in the market are making efforts and continually indulging in joint ventures, collaboration & mergers amongst themselves to launch novel products for the treatment of autism by research institutes, and cost-effective treatment for the end-users.

Recent Developments

Some of the recent developments are:

In 2021, Zelira Therapeutics announced the launch of the HOPE (Health Opportunity for Peoples Everywhere) partnership with Alternative Solutions LLC. This is a range of autism spectrum disorder products. This product will help patients recover from their social and communication problems.
In 2021, Fitore Nutrition announced the launch of Spectrum+ to ease the lives of children with an autism spectrum disorder. This product is a natural supplement that pides supportive treatment for children with autism.
Quadrant Bioscience Inc. announced the launch of Carifi ASD. This is the first epigenetic test for autism spectrum disorder.
HAB pharma and JVAC (Jai Vakeel Autism Centre) have partnered to empower autistic kids in India. The 30+ year-old research-based pharma company HAB pharma is expected to help JVAC with diagnosis and treatment.

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Key Players:

Curemark, LLC (Rye, United States)
Alembic Pharmaceuticals Limited (Vadodara, India)
Yamo Pharmaceuticals (New York)
PaxMedica (Woodcliff Lake)
F. Hoffmann-La Roche Ltd (Basel, Switzerland)
Aurobindo Pharma Ltd. (Hyderabad, India)
Otsuka Holdings Co. Ltd. (Tokyo, Japan)
Janssen Pharmaceuticals, Inc. (Titusville, New Jersey)
Teva Pharmaceutical Industries Ltd. (Tel Aviv, Israel)
H. Lundbeck A/S (Copenhagen, Denmark)

Key Segments Covered:

By Product Type:

Autistic Disorder
Asperger Syndrome
PDD-NOS
Other Pervasive Developmental Disorders

By Treatment:

Behavioural Approaches
Early Intervention
Medication
Others

By End-User:

Hospitals
Education Counsellor Center
Others

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
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)

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About Future Market Insights (FMI)

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

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MRI-Safe Neurostimulation Systems Market Projected to Reach USD 1,158.9 Million by 2033 at a 15.3% of CAGR

The MRI-safe neurostimulation systems market is set for substantial growth, with an estimated valuation of USD 278.5 million in 2023, up from USD 248.3 million in 2022. According to Future Market Insights, the market is expected to expand at a robust compound annual growth rate (CAGR) of 15.3% between 2023 and 2033, reaching approximately USD 1,158.9 million by 2033.

The growing prevalence of neurological disorders and increasing awareness of neurodegenerative conditions are key drivers behind the market’s expansion. MRI-safe neurostimulator systems, which offer safe and effective treatment options for various neurological conditions, are becoming increasingly essential as the demand for advanced therapeutic solutions rises.

These systems are designed to be compatible with MRI scans, enabling ongoing monitoring and treatment without the need to interrupt neurostimulation therapy. This compatibility is crucial for patients undergoing regular MRI procedures for diagnostic purposes, thereby enhancing the overall treatment experience and improving patient outcomes.

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Implantable neurostimulation systems have higher success rates, are less intrusive, and have greater tolerability than conventional medical therapy like MRI-Safe. Applications for MRI-safe neurostimulation devices include epilepsy, chronic pain, gastroparesis, Parkinson’s disease, hearing loss, and obesity. Furthermore, it is anticipated that during the next few years, the U.S. market for implantable neurostimulation devices would grow dramatically due to the rising prevalence of neurological disorders. With the advent of MRI-safe neurostimulation technology, patients can now have an MRI without fear of any possible side effects. Additionally, it is anticipated that this will boost market revenue creation by raising demand for neurostimulation devices that are safe for MRIs.

Competition Landscape:

The top businesses in the global market for MRI-safe neurostimulation systems include Boston Scientific, Sorin, Medtronic Inc, Cyberonics, Inc., AADCO Medical Inc., and Biotronik, among others.

Furthermore, a number of significant industry participants in the global MRI-Safe Neurostimulation Systems Market are currently concentrating more on forming alliances, purchasing businesses, and/or engaging in joint ventures in order to increase the size of their individual customer bases.

An important general trend is that enterprises in the market for MRI-safe neurostimulation devices are now searching for nations with advantageous policies in order to establish themselves internationally. Nowadays, companies in the industry are trying to start strategies like CSR initiatives and targeted marketing. Businesses are increasingly choosing to do business in nations with advantageous legislation in an effort to become globally recognized. It enables these companies to cut expenses while hiring industry experts at every pivotal juncture in the operation of their own enterprises.

In December 2023, Boston Scientific, a manufacturer of medical devices used in interventional medical specialties, constructed a new manufacturing and supply chain facility in Johns Creek, Georgia. The $62.5 million investment is expected to bring roughly 340 new jobs to Fulton County over the next seven years.
In January 2023, Nevro Corp. a global medical device company delivering comprehensive, life-changing solutions for the treatment of chronic pain, announced a series of data presentations supporting the use of the company’s HFX™ 10 kHz Therapy for patients with chronic pain.
In July 2023, Boston Scientific has a mystical company behind an ambitious plan for building a $170 million facility in Maple Grove, a project that will significantly help in the expansion of the medical technology company’s presence in the city and will thus lead in the creation of more than 175 new jobs.

Key Companies Profiled:

Medtronic Inc.
Cyberonics, Inc.
AADCO Medical Inc.
Boston Scientific
Sorin
St. Jude Medical
Biotronik
Codman & Shurtleff’s
Nevro Corporation
Boston Scientific Corporation

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Key Segments Profiled in the MRI-Safe Neurostimulation Systems Market

By Product:

Implantable
Transcutaneous

By Application:

Spinal Cord Stimulation (SCS)
Peripheral Nerve Stimulation
Intracranial Stimulation
Deep Brain Stimulation
Motor Cortex Stimulation
Sensory Nerve Stimulation
Vagus Nerve Stimulation

By End User:

Hospitals & Clinics
Diagnostic Labs and Centers
Ambulatory Surgical Centers
Research Laboratories

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
Middle East and Africa

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

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Circuit Monitoring Market to Reach $1.4 Billion by 2034, Growing at a 6.4% CAGR

By 2024, it is projected that the circuit monitoring market would be worth US$ 0.76 billion. With a compound annual growth rate of 6.4%, the market valuation is predicted to reach US$ 1.4 billion by 2034.

The market is expanding significantly as a result of many sectors placing a greater focus on operational dependability, energy efficiency, and safety.

Circuit monitoring devices, which continually monitor electrical characteristics including voltage, current, and frequency, are essential to guaranteeing the efficient and secure operation of electrical infrastructure.

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One of the key drivers of the market is the growing demand for energy efficiency and sustainability. With rising energy costs and environmental concerns, industries seek ways to optimize their energy usage and reduce waste.

Circuit monitoring solutions enable organizations to identify energy-intensive processes or equipment and implement measures to improve efficiency, ultimately leading to cost savings and reduced carbon emissions.

Safety regulations and standards also drive the adoption of circuit monitoring systems, particularly in industries where electrical accidents pose significant risks to personnel and assets.

By continuously monitoring electrical parameters and detecting potential faults, these systems help prevent accidents and ensure compliance with regulatory requirements, minimizing the risk of downtime and financial losses.

Technological advancements, including the integration of predictive analytics and IoT (Internet of Things), are further fueling market growth. IoT-enabled circuit monitoring systems allow for remote monitoring and management of electrical infrastructure, enhancing operational efficiency and reducing the need for manual intervention.

Predictive analytics capabilities enable proactive maintenance, identifying and addressing potential issues before they escalate into costly failures or disruptions.

The increasing adoption of smart grid technologies and renewable energy sources drives demand for advanced circuit monitoring solutions. These systems enable utilities to monitor and manage distributed energy resources, optimize grid stability, and ensure the reliable integration of renewable energy into the grid.

Key Takeaways from the Market Study:

Under type, the modular circuit monitoring is registered to expand at 6.2% CAGR by 2034.
The United Kingdom is estimated to register at a CAGR of 7.5% by 2034.
China experiences significant growth, projected at a CAGR of 7.3% by 2034.
Based on the end-user, the residential segment is anticipated to expand at 6% CAGR by 2034.

“The increasing emphasis on safety and regulatory compliance across industries is one significant driver for the circuit monitoring market,” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.

Competitive Landscape:

In the competitive landscape of the circuit monitoring market, numerous players vie for market share, offering a range of solutions tailored to diverse industry needs. Major competitors compete on product features, reliability, pricing, and customer service.

Partnerships and collaborations between manufacturers, technology providers, and service providers are common, driving innovation and expanding market reach.

Some of the key developments are

In January 2022, Royal Power Solutions was acquired by Eaton. This strategic move enhances Eaton’s position to leverage the growing opportunities in the aerospace, electrical, and mobility sectors, strengthening its portfolio and market presence.
In March 2021, Eaton acquired Tripp Lite, another US-based manufacturer renowned for its power supply systems. This acquisition broadens Eaton’s edge computing and IT product offerings, enabling the company to cater to a wider range of customer needs and expand its market reach.

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Future Market Insights offers an unbiased global circuit monitoring market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034

To understand market opportunities, the circuit monitoring market is segmented based on Type (Modular Circuit Monitoring, Others), End User (Residential, Data Centers, Industrial, Commercial), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)

Circuit Monitoring Market – Key Segmentation:

By Type:

Modular Circuit Monitoring
Others

By End User:

Residential
Data Centers
Industrial
Commercial

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa

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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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Sensor Testing Market to Surge from $1.8 Billion in 2024 to $3.3 Billion by 2034, Exhibiting a 6.1% CAGR

The sensor testing market is anticipated to reach a valuation of US$ 1.8 billion in 2024. The market’s growth is projected to gain considerable momentum from 2024 to 2034, registering a CAGR of 6.1%. By 2034, the market value is forecasted to surpass US$ 3.3 billion.

As the adoption of sensors grows in industries such as automotive, healthcare, aerospace, and consumer electronics, the demand for reliable sensor testing services is also on the rise. Governments and regulatory bodies are mandating strict safety and quality standards for sensors, thereby fueling the need for testing services.

The increasing trend of IoT is driving the demand for accurate and reliable sensors, while the growing complexity of sensors is making it difficult for manufacturers to test them in-house. Consequently, the sensor testing services market is expected to experience significant growth in the coming years as manufacturers seek the necessary expertise and equipment to ensure the accuracy and reliability of their sensors.

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The sensor testing market is expected to grow due to the increasing demand for various sensors in different industries, such as automotive, healthcare, aerospace, and consumer electronics. With sensors becoming more sophisticated and complex, it is becoming difficult for manufacturers to test them in-house, leading to a high demand for reliable sensor testing services.

The growing demand for sensors in aircraft monitoring and control systems presents an opportunity for market players to offer sensor testing services to airlines and aircraft manufacturers. Additionally, the increasing need for sensors in smartphones, tablets, and wearables is driving the demand for sensor testing services, providing consumer electronics manufacturers with the opportunity to ensure that their products are reliable and of high quality.

“The demand for sensors is on the rise in various industries such as automotive, aerospace, and consumer electronics. In the automotive industry, the need for advanced driver assistance systems (ADAS) and autonomous vehicles is driving the demand for sensors, creating an opportunity for sensor manufacturers to provide high-quality sensor testing services to automotive companies,” says an analyst at FMI.

Key Takeaways from the Sensor Testing Market

The sensor testing market is estimated to register a CAGR of 6.1%, reaching a valuation of US$ 3.3 billion by 2034.
The hardware segment is anticipated to dominate the market, registering a 6.0% market CAGR from 2024 to 2034.
With a projected 5.9% market CAGR, the automotive segment is set to lead the market from 2024 to 2034.

Competitive Landscape

The sensor testing market is diverse and competitive, with several players vying for market share. Companies bring various strengths and capabilities to the table, ranging from deep technical expertise to extensive industry experience. In this scenario, the success of any player in this market depends on their ability to provide high-quality sensor testing services that cater to the specific needs of their customers.

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Recent Developments in the Sensor Testing Market

In 2022, In Roding, Bavaria, AVL opened a new Mobility and Sensor Test Center that operates as an advanced indoor laboratory for validating and verifying driver assistance system sensors. This new technology is a significant breakthrough as it guarantees the dependability and efficiency of these systems, ultimately improving the safety of drivers and passengers alike.

In 2023, The United Kingdom’s Science and Innovation Park allocated funds toward the procurement of mobile calibration services aimed at enhancing laboratory sensor testing and ensuring conformity with United Kingdom safety regulations

Key Market Players

National Instruments Corporation
Teradyne Inc.
Advantest Corporation
ATEQ Corp.
Xcerra Corporation
Rohde & Schwarz GmbH & Co. KG
Keysight Technologies Inc.
Intertek Group plc
TÜV Rheinland Group
MTS Systems Corporation

Key Coverage in the Sensor Testing Market Report

Opportunity Analysis of Different Sensor Testing Methods
Sensors Availability in Different Regions
Sensor Testing Tools Market Analysis
Recent Developments within Automation Sensors Market Coverage
Adjacent Study on Sensors Market, Sensor Data Analytics Market, and Sensor Bearings Market

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Key Market Segments

By Offering:

Hardware
Software

By Sensor Type:

Analog Sensors
Digital Sensors

By Application:

Automotive
Consumer Electronics
Aerospace
Healthcare
Industrial
Others

By Region:

North America
Latin America
East Asia
South Asia
Europe
Oceania
MEA

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Global Reference Designs Market Share Anticipated to Drive Past USD 71.8 Billion Mark by 2033, Driving 11.3% CAGR Growth | FMI Analysis

The reference designs market is expected to be valued at USD 24.6 billion in 2023. The market is expected to reach USD 71.8 billion by 2033, rising at an 11.3% CAGR. Demand for these designs is driven by the many elements that influence the growth trajectory of the reference design industry. The reference design business is primarily driven by the rapid rate of technical advancement.

With continuous innovations in areas like semiconductor design, embedded systems, and software development, manufacturers can create highly optimized and efficient reference designs that meet the evolving needs of various sectors. The quest for faster processing speeds, increased functionality, and improved power efficiency fuel the drive toward innovation.

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While the Reference Designs industry holds immense potential, it also faces certain challenges that require careful navigation. Recognizing and addressing these restraints is crucial for sustainable growth and success.

As Reference Designs become increasingly complex, manufacturers face the challenge of seamlessly integrating diverse technologies and components into a cohesive system. The need to balance performance, power consumption, and cost adds complexity to the design process. Overcoming these challenges requires expertise in system-level design, thorough testing, and efficient collaboration among different teams and stakeholders.

The Reference Designs industry offers a range of exciting opportunities for businesses aiming to expand their market presence and capitalize on emerging trends. With the increasing demand for tailored solutions, there is a significant opportunity for manufacturers to develop industry-specific Reference Designs. By focusing on sectors such as automotive, healthcare, or IoT, businesses can deliver customized solutions that address specific industry challenges and requirements, creating a niche and securing a competitive advantage.

Key Takeaways From the Reference Designs Market Study:

The United States leads the global Reference Designs industry, with an estimated market size of USD 13.1 billion by 2033 and a CAGR of 11.3%.

With a predicted market size of USD 2.6 billion by 2033 and a CAGR of 11.1%, the United Kingdom is a potential market for reference designs.
With a predicted market value of USD 15.7 billion by 2033 and a CAGR of 11.2%, China emerges as a leading force in the reference design industry.
With a predicted market size of USD 14.6 billion by 2033 and a CAGR of 11.2%, Japan is a potential reference design industry.
South Korea has a potential market for reference designs, with a market value of USD 3.5 billion estimated by 2033 and a CAGR of 11.0%.
The automotive sector solidifies its dominance in the reference design industry, with a phenomenal CAGR of 11.2% from 2023 to 2033.
Within product categories, hardware reference designs emerge as the dominant market, with a significant CAGR of 10.9% from 2023 to 2033.

How are Key Players Innovating the Industry with Their Strategies?

The Reference Designs industry thrives on fierce competition, where key players constantly strive to outperform one another in a race to deliver groundbreaking solutions. This dynamic landscape is shaped by factors such as technological advancements, strategic partnerships, and customer-centricity. The key players, including Intel Corporation, NVIDIA Corporation, Qualcomm Incorporated, Texas Instruments Incorporated, and Broadcom Inc., dominate the market, leveraging their expertise and market presence to drive innovation and shape the industry’s direction.

To maintain a competitive edge, companies invest significantly in research and development activities. By dedicating resources to exploring new frontiers in semiconductor design, software optimization, and system integration, they continuously push the boundaries of what’s possible. Moreover, strategic partnerships and collaborations enable joint development initiatives, fostering shared knowledge and accelerated innovation. These partnerships allow companies to leverage their strengths, expand their market reach, and access additional resources, amplifying their competitive advantage.

Key Players:

Intel Corporation
NVIDIA Corporation
Qualcomm Incorporated
Texas Instruments Incorporated
Broadcom Inc.

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Key Segmentation:

By Industry Verticals:

Automotive
Consumer Electronics
Industrial
Healthcare
Aerospace and Defense

By Product Types:

Hardware
Software
System-level

By Region:

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

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.

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FMI Study Affirms Global Fire Sprinkler System Market Share to Reach USD 22,695.8 Million by 2033, Driven by 5.9% CAGR Growth

The global market for fire sprinkler systems is expected to reach USD 12,973.4 million USD in 2023. The market is expected to be valued at USD 22,695.8 million by 2033, growing at a CAGR of 5.9%.

The market has grown in prominence as the residential and commercial construction sectors have expanded. This tendency is expected to drive up demand for fire sprinkler systems. Another element driving global fire sprinkler system adoption is the development of stringent requirements for building installation. Governments from various countries are working on this.

The primary issues preventing the industry from expanding are the expensive cost of upgrading fire sprinklers in already-existing structures, and the lack of integrity in system interfaces.

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Profitable Market Opportunity:

The products put in the building that are standardized and designed to detect the onset of a fire are the fire protection system. A smoke detector and other devices are used by the system to find and put out the fire. Real-time data is detected and tracked by the fire protection systems. The fire sprinkler system industry is going to see new opportunities through the incorporation of cutting-edge technology like AI and the IoT.

Key Takeaways:

By 2033, the fire sprinkler system market in the United Kingdom is likely to expand, with a CAGR of 3.8%.
In 2023, the United States is likely to dominate the fire sprinkler system sector, with a share of 21.8%.
The fire sprinkler system market was significantly expanding, with a size of USD 12,046.5 million in 2022.
By 2033, the fire sprinkler system industry in China is likely to expand, with a CAGR of 6.5%.
In 2023, Australia projected to expand in the fire sprinkler system business, with an expected share of 1.3%.
The market is expected to grow at a USD 15,194.04 million valuation by 2026, with rising technologies like smart sensors.
By 2033, India is projected to expand significantly in the fire sprinkler system sector, with a share of 7.1%.
Japan’s fire sprinkler system market share is likely to expand significantly, with a 6.2% share in 2023.
In 2023, the commercial segment is expected to dominate the market with a leading share of 42.1%. It is anticipated to control the market by 2033 in terms of application.
Based on product type, wet fire sprinkler systems are expected to dominate the market with a share of 29% in 2023.

Effective Approaches by Key Players:

Manufacturers of fire sprinkler systems strive to build strong distribution networks that can efficiently reach potential clients. To do this, they are collaborating with wholesalers and distributors, who help them market their products and services to customers.

Recent Developments:

For fire sprinkler systems, Johnson Controls produced TYCO corrosion control solutions. The product helps wet and dry fire sprinkler systems last longer. Additionally, it has an in-line detector that monitors the system and transmits corrosion early warning signals.
Plumis Inc., a firm established in the United States, provides the “Automist Smartscan Hydra” smart fire sprinkler system. This system consumes 90% less water than traditional fire sprinkler systems.

Key Players:

Johnson Controls International
Robert Bosch GmbH
McWane, Inc.
Siemens Industry Software Inc.
Honeywell International Inc
Kauffman Co.
Agni Devices Pvt. Ltd
Emerson Electric Co.
Tokyo Hochiki Co., Ltd.
Eaton Corporation plc
Globe Fire Sprinkler Corp.

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Key Segments Profiled:

By Product:

Wet pipe Sprinkler Systems
Dry pipe Sprinkler Systems
Clean Agent System
Deluge Sprinkler Systems
Water-mist Systems
Pre-action Sprinkler Systems
Standpipe System

By Response Time:

Standard
Quick

By Hazard:

Light
Ordinary
Extra

By Technology:

Control-mode specific application sprinkler (CMSA)
Early-suppression fast-response sprinklers (ESFR)
control-mode density area sprinklers (CMDA)
In-rack fire sprinklers

By Application:

Residential
Industrial
Commercial
Government and Institutional
Others

By Region:

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

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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Explosive Growth in Multi-Cloud Networking Market: Projected to Reach $32.4 Billion by 2034 with a 22.8% CAGR

The global multi-cloud networking market is estimated to be worth US$ 4.2 billion in 2024 and is likely to surpass a valuation of US$ 32.4 billion by 2034. The market is expected to rise at a CAGR of 22.8% during the forecast period.

The adoption of multi-cloud networking solutions is on the rise globally. This can be attributed to various factors, including the increasing popularity of cloud computing, the need for scalable and flexible infrastructure, and the demand for efficient networking solutions across diverse cloud environments.

Businesses are realizing the benefits of leveraging multiple cloud service providers to optimize their cloud strategies, improve agility, and ensure regulatory compliance. As companies increasingly prioritize cloud adoption and digital transformation, the demand for robust multi-cloud networking solutions continues to grow across industries. However, the multi-cloud networking market faces significant challenges, including interoperability issues, security concerns, and complexities of managing diverse cloud architectures.

Organizations require assistance integrating and managing resources seamlessly across multiple clouds while addressing regulatory compliance and data privacy requirements. Additionally, the risk of vendor lock-in and the lack of standardized processes and tools hinder the widespread adoption of multi-cloud networking solutions.

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Large enterprises emerge as dominant players in the multi-cloud networking market due to their substantial budgets, stringent performance requirements, and dedicated IT resources. These organizations prioritize reliability, scalability, and performance when selecting multi-cloud networking solutions and have the expertise to effectively deploy and manage complex architectures.

“The growth of hybrid and multi-cloud architectures presents a significant opportunity for the multi-cloud networking market. Businesses invest in advanced networking solutions to optimize their cloud infrastructure, ensure seamless connectivity, and improve security.”, opines an analyst at FMI.

Key Takeaways from the Market Study

The solution component type dominates the multi-cloud networking market with an annual 22.6% CAGR.
Large enterprise size leads the multi-cloud networking market, accounting for 22.4% of CAGR.
The multi-cloud networking market in South Korea has the potential to increase at 25.0% CAGR through 2034.
Multi-cloud networking in the United Kingdom is predicted to rise by a remarkable 23.7% CAGR through 2034.
Multi-cloud networking in Japan is projected to inflate at a CAGR of 24.2% through 2034.
Multi-cloud networking in China is anticipated to develop at a CAGR of 23.6% through 2034.
Multi-cloud networking in the United States is estimated to rise at a whopping 22.9% CAGR through 2034.

Competitive Landscape

Companies are driving the growth of the multi-cloud networking market through various strategic initiatives. These include investing in research and development to enhance their product offerings, forging strategic partnerships with cloud service providers and technology vendors, and providing comprehensive solutions tailored to diverse customer needs. Companies aim to expand their market reach, accelerate adoption, and address evolving challenges and opportunities in the multi-cloud networking landscape by focusing on innovation, collaboration, and customer-centric approaches.

Recent Developments:

In December 2023, Cisco Security Cloud integrated Isovalent’s cloud-native networking products for multi-cloud network security and observability.
Cisco acquired Isovalent in January 2024 to boost its multi-cloud networking capabilities.
In February 2024, Verizon Business launched a multi-cloud management solution to its network-as-a-service offering.

In May 2023, Kyndryl partnered with Cloudflare to offer its customers a multi-cloud networking service with zero-trust security solutions.

Key Coverage in the Multi-Cloud Networking Report

Global Multi-Cloud Networking Vendors
Prominent Multi-Cloud Networking Software
Competitive Analysis of Strategies Used By Gartner, F5, Amazon Web Services, Microsoft Azure, Terraform, Kubernetes, And Google Cloud Platform (GCP)
Multi-Cloud Network Connectivity Methods
Advantages Of Multi-Cloud Networking Over Hybrid Cloud Networking
Information About Multi-Cloud Network Architecture

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Market Segmentation

By Component:

Solution
Services

By Enterprise Size:

Large Enterprise
Small and Medium

By Deployment Mode:

Public Cloud
Private Cloud

By Industry Vertical:

BFSI
IT and Telecom
Retail and E-Commerce
Healthcare
Manufacturing
Energy and Utilities
Media and Entertainment
Others

By Region:

Asia Pacific
Europe
North America
Middle East & Africa
Latin America

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FMI Study States Global Cylindrical Grinders Market Revenue to Exceed USD 4.8 Billion Mark by 2033, Growing Steadily at 4.8% CAGR

The global Cylindrical Grinders Market is poised for substantial growth, with a projected value of USD 3.0 billion by the year 2023. Over the following decade, from 2023 to 2033, the demand for cylindrical grinders is forecasted to witness a steady ascent, with sales expected to surge at a compound annual growth rate (CAGR) of 4.8%. By the conclusion of 2033, the total market valuation is anticipated to soar to USD 4.8 billion.

Cylindrical grinders are indispensable tools used for shaping the exterior of various objects. These versatile machines can accommodate a diverse range of shapes, provided the objects possess a central axis of rotation.

The applications of cylindrical grinders span across multiple industries, including automotive, aerospace, and military sectors. The versatility and precision offered by these machines have led to a wave of advancements and innovations across various domains.

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Current Trends:

As automation continues to revolutionize the manufacturing sector, cylindrical grinders are rapidly embracing this trend.

Manufacturing companies are embracing robotic automation and advanced technologies, integrating them seamlessly into their cylindrical grinders. By doing so, they aim to enhance operational efficiency while simultaneously curbing labor costs, thereby driving a notable increase in the market share of cylindrical grinders.

The advent of the Internet of Things (IoT) and the principles of Industry 4.0 are catalysts for the widespread adoption of interconnected machinery and intelligent manufacturing facilities.

Cylindrical grinders are undergoing a transformation with the incorporation of sensors and sophisticated software, facilitating real-time monitoring and predictive maintenance. This shift not only optimizes efficiency but also minimizes downtime, presenting manufacturers with fresh avenues for growth.

Consumer preferences are evolving towards personalized solutions, prompting a surge in demand for customized cylindrical grinders tailored to specific requirements. Companies that can offer adaptable and customizable solutions will stand out in the market, appealing to a broader spectrum of clientele.

Key Players:

AZ spa
BEIER Machine Tool WORKS
Doimak
Ecotech Machinery
Ewag AG
Gleason
Gioria s.p.a
KAPP
Knuth Machine Tools

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Recent Developments:

In the realm of precision engineering, AZ Spa unveiled an array of cutting-edge cylindrical grinding machines in 2021, engineered to achieve exceptionally tight tolerances during the grinding process. These state-of-the-art machines find applications across diverse sectors such as aerospace, automotive, and medical, where precision is paramount.

Building upon their success, AZ Spa took a significant leap forward in 2022 by integrating advanced automation and flexibility functionalities into their cylindrical grinding machines. This strategic enhancement enables seamless customization to cater to individual customer requirements while simultaneously streamlining setup procedures and bolstering productivity levels.

Cylindrical Grinders Market Segmentation:

By Type:

CNC
Manually-Controlled
PLC-Controlled

By Application:

Metal
Glass
Granite
Wood
Others

By Region:

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

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 DC Drive Market Revenue Share to Cross USD 9.8 Billion Mark by 2034, Growing Steadily at 5.3% CAGR | FMI Projection

The DC drive market had an estimated market size of USD 5.5 Billion in 2023 and is expected to reach a global market size of USD 9.8 Billion by 2034, increasing at a CAGR of 5.3% between 2024 and 2034. By 2024, the market for DC drive is likely to reach a valuation of USD 5.8 Billion.

The market is mostly driven by the growing industrial automation trend. The need for DC drive is growing as more sectors incorporate automated systems into their daily operations. Precise control over torque and speed is made possible by these drives, which improves production procedures and overall operating efficiency in a variety of industries.

The market for retrofitting offers a chance to replace outdated DC drives in industrial gear that is currently in use with more contemporary ones. This presents an opportunity for equipment makers to improve equipment dependability, efficiency, and performance in addition to meeting the rising need of the global market for energy-efficient solutions.

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Key Takeaways from the Market Analysis:

The global demand for DC drive services reached USD 4.2 Billion in 2019.
It is expected that the DC drive meant for low voltages would attain a 5.1% CAGR through 2034.
It is projected that the low-power drive (up to 250 kW) will dominate the market by enterprise size and gain a 32.17% market share in 2024.
The market in the United States is anticipated to rise through 2034 at a 5.6% CAGR.
It is projected that the DC drive ecosystem in the United Kingdom will evolve at a 6.7% CAGR between 2024 and 2034.

“The market is mostly driven by the growing need for energy-efficient products, which forces manufacturers to create DC drive with improved efficiency and lower power consumption in order to satisfy sustainability targets,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

Key players in the global DC drive market are actively working to integrate new control systems, improve product efficiency, and increase their geographic reach. They make significant investments in research and development to bring in novel features, serve a variety of industrial applications, and adhere to strict regulatory requirements.

Frequent tactics used to consolidate market share and seize new possibilities include strategic alliances, mergers, and acquisitions. The competitive landscape of the global DC drive market is characterized by a persistent focus on technology developments and customer-centric methods.

Innovation in the DC drive market is being propelled by startups that offer high-performance, compact solutions customized to specific industrial requirements. Using revolutionary innovations like AI-powered predictive maintenance, IoT integration, and energy-efficient designs, these corporations want to upend the market with affordable, personalized products. They stand out from the competition due to their adaptability and dedication to solving certain industry problems, which promotes an innovative and adaptable culture.

Key Players Profiled in Report:

ABB
Siemens
Schneider Electric
Rockwell Automation
Toshiba International Corporation Ltd.
Parker Hannifin
Danfoss
Nidec Motor Corporation
Sprint Electric Limited
American Control Electronics
Crompton Greaves Limited
Renown Electric Motors
GE Power Conversion

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Key Developments:

In 2023, Rockwell Automation disclosed plans to buy Clearpath Robotics, a move that will be of great interest to automation experts. Otto Motors, a branch of Clearpath that specializes in autonomous mobile robots (AMRs) for industrial applications, is part of the transaction. Through automating material handling procedures, AMRs significantly contribute to the creation of safer and more productive work environments.
At IFPE 2023, Parker Hannifin demonstrated a range of innovations. In order to enable battery-powered equipment, the exhibit showcased both new and updated solutions from their smart electrification technology range. Parker has been making electric components and incorporating hydraulics into electric systems for about 40 years, even though the firm is best known for its hydraulics.

DC Drive Market Segmentation Analysis:

By Voltage Rating:

Up to 240 V
240 to 600 V
600 V & above

By Power Rating:

Up to 250 kW
251 to 500 kW
500 kW & above

By End User:

Oil & Gas
Power Generation
Food & Beverage
Chemicals & Petrochemicals
Metal & Mining
Water & Wastewater
Building Automation
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East & Africa

Author:

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

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FMI Report States Global Solenoid Valve Market Size Estimated to Cross USD 6.9 Billion Milestone by 2033, Driving 4.5% CAGR Growth

According to a recent FMI study, the solenoid valve market is anticipated to reach USD 4.5 billion in 2023. The market is projected to grow at a CAGR of 4.5% from 2023 to 2033, reaching USD 6.9 billion by 2033.

Strict regulations in the food and beverage and medical industries, especially in developed countries, are propelling the demand for solenoid valves in their production process. Additionally, today’s technology-driven environment is giving momentum to automation in several industries. Since the increase in industries requiring power is rising, governments are coming forward to boost the capacity of the prevailing power plants and have sanctioned projects to build new power plants.

Surging concerns over the plants’ safety magnify the solenoid valve’s prospects. Owing to their strong magnetic field and electric current, solenoid valve makes for a great safety measure to debilitate the effect of a potential disaster.

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Key players in the market are making significant investments in research activities to expand their product lines. Locally increasing the manufacturing capacity also helps reduce the company’s operational costs. Key manufacturers are employing this business tactic to help increase their overall revenue.

Top Highlights from the FMI’s Analysis of the Solenoid Valve Market:

The United States industry is projected to reach USD 2.2 billion by 2033. From 2023 to 2033, the market is expected to record a CAGR of 3.4%.
The United Kingdom solenoid valve industry is expected to reach USD 347.2 million by 2033 end. In the coming decade, the industry is anticipated to perceive a market CAGR of 3.7%, in contrast to the 4.3% CAGR observed in the historical period.
The China solenoid valve industry is expected to expand at a CAGR of 5.4% to reach USD 595.5 million by 2033. In the historical period, the market recorded a CAGR of 6.9%.
The Japan solenoid valve industry is projected to gain USD 503.1 million by 2033. Over the forthcoming period, the market is anticipated to expand at a CAGR of 3.9%, as opposed to a 4.7% CAGR in the historical period.
The South Korea solenoid valve industry is estimated to expand at a CAGR of 4.9% compared to the 6.2% CAGR observed in the historical period. By 2033, the market is projected to reach USD 280.6 million 2033.
Based on operation, the normally open segment is projected to expand at a CAGR of 4.4% over the forecast period. In the historical period, the segment registered a CAGR of 5.2%.
Based on function, the 2-way segment is projected to represent a CAGR of 4.3% in the next ten years. In the historical period, the market registered a CAGR of 5%.

Market Update: New Developments Taking Place in the Market

Kendrion exhibited its newly developed bistable solenoid valve 63.0 in October 2022 at COMPAMED 2022. The valve regulates the rate of flow. A joined permanent magnet ensures it is de-energized in the closed or open state without permanently energizing the coil. The valve is commercially available in a 3/2- or 2/2-way version and can be tailored to meet precise requirements.
Emerson, an engineering, technology, and software firm, began operations in Mahindra World City, Chennai, in February 2022. This unit develops pneumatics and fluid control products, such as cylinders, solenoid valves, pneumatic valves and manifolds, air preparation units, etc., for Emerson’s field-proven brands ASCO, AVENTICS, TESCOM, and TopWorx.

Challenges and Considerations:

Material Selection: Choosing the right materials for solenoid valves is crucial to ensure compatibility with various fluids, pressure ratings, and operating environments.
Leakage Control: Minimizing leaks is essential to prevent product waste, environmental contamination, and system inefficiency.
Cost Optimization: Balancing the cost of solenoid valves with their performance and reliability is a key consideration for manufacturers.

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Solenoid Valve Manufacturers in the Market:

Airtac
ASCO Valve Inc.
Danfoss Industries Limited
Curtiss-Wright Corporation
IMI Precision Engineering
Emerson Electric Co.
Juliang Valve
Parker Hannifin Corporation
Zhejiang Yongjiu
SMC Corporation

Solenoid Valve Market by Category:

By Type:

Direct-acting Valves
Pilot-operated Valves

By Function:

2-way
3-way
4-way
5-way

By Material:

Stainless Steel
Aluminum
Plastic
Others

By Operation:

Normally Open
Normally Closed
Universal

By Media:

Air
Gas
Water

By Industry:

Oil & Gas
Chemical & Petrochemical
F&B
Power Generation
Pharmaceuticals
Automotive
Medical
Others

By Region:

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

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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