Market Research Blog – Page 1650 – New Product Development

Level Transmitter Market Forecast: Projected Growth from $3.4 Billion in 2023 to $4.7 Billion by 2033 with a 3.1% CAGR

By 2033, the level transmitter market is anticipated to have grown from its estimated US$ 3.4 billion in 2023 to US$ 4.7 billion. Over the course of the projection period, level transmitter sales are anticipated to grow at a noteworthy rate of 3.1%.

In the industrial instrumentation and automation sector, the level transmitter market is a sizable section. The purpose of level transmitters is to measure and communicate the level of different contents in tanks, vessels, and other containers, including liquids, solids, and granular materials. In process sectors such as chemicals, food and beverage, pharmaceuticals, water and wastewater, oil and gas, and more, they are indispensable.

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Market Dynamics

Automation and Industry 4.0: With the increasing adoption of automation and Industry 4.0 practices, there is a growing demand for accurate and reliable level measurement solutions. Level transmitters enable real-time monitoring and control, optimizing production processes and reducing human intervention.

Growing Industrial Infrastructure: The expansion of various industries, particularly in emerging economies, has boosted the demand for level transmitters to efficiently manage larger and more complex operations.

Increased Focus on Efficiency and Resource Management: Industries are becoming more conscious of resource management, including efficient use of materials and energy. Level transmitters help optimize processes, leading to cost savings and reduced waste.

Remote Monitoring and Control: Remote monitoring capabilities provided by level transmitters allow operators to access real-time data from remote locations, enhancing operational flexibility and decision-making.

Water and Wastewater Management: The rising need for effective water and wastewater management has increased the adoption of level transmitters in water treatment plants and storage facilities.

Capacitive level transmitters have seen a significant growth rate of 3.0% due to their reliable performance and versatility. They offer high accuracy in measuring liquid and solid levels, making them suitable for critical applications.

The contact technology segment is projected to grow over 2.9% during the analysis period. Contact type level transmitters, which rely on physical contact with the measured substance, are preferred for their established technology, cost-effectiveness, and compatibility with existing systems.

The level transmitter market in the United States is expected to grow steadily at 3.0%. The forecasted market size of US$ 819.8 million reflects increasing demand in industries such as oil and gas, chemicals, water and wastewater treatment, and pharmaceuticals.

The United Kingdom-level transmitter market is anticipated to reach US$ 174 million by 2033, with a moderate growth scenario. Factors contributing to this growth include increasing industrial automation and demand for accurate level measurement in industries like oil and gas, chemicals, and water treatment.

China is set to be one of the lucrative markets for level transmitters, with a projected CAGR of 3.0% and reaching a market valuation of US$ 1.1 billion. The expanding industrial sectors, infrastructure development, and commitment to environmental sustainability and safety regulations are driving the demand for level measurement solutions in China.

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Recent Development

KROHNE, Inc. announced the addition of three 24 GHz and three 80 GHz OPTIWAVE radar level transmitters to its product portfolio in February 2022. OPTIWAVE radar level transmitters are 2-wire loop-powered FMCW radar level transmitters.

AMETEK Drexelbrook extended its guided wave radar level measuring offering in December 2020 by launching a larger coaxial sensor for The Impulse GWR. The improved 1.66″ diameter probe provides consistent accuracy in high viscosity liquids. When utilized with viscous fluids, the new coaxial sensor option for The Impulse GWR lets the substance readily flow off the probe.

Key Segments Covered in the Market Report

By Technology:

Capacitive
Ultrasonic
Radar
Differential Pressure / Hydrostatic
Magnetostrictive
Radiometric
Others

By Type:

Contact
Non-Contact

By End Use:

Chemicals
Metals & Mining
Food & Beverage
Oil & Gas
Water & Wastewater
Power
Pharmaceuticals
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)

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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Christiana Corporate, 200 Continental Drive,
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Website: https://www.futuremarketinsights.com
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FMI Analysis States Global Air Cooled Cube Ice Machines Market Share to Exceed 3.63 Billion Milestone by 2033, Growing at 8% CAGR

According to Future Market Insights (FMI), the global air-cooled cube ice machine market is forecast to grow by 8% between 2023 and 2033, reaching USD 3.63 billion by 2033, estimates FMI. There was significant growth in sales between 2018 and 2022, growing at a CAGR of 5%.

Ice machines with air cooling are most commonly found under counters or built-in ice makers. Due to their energy-efficient properties and cost-effectiveness, air-cooled cube ice machines are expected to remain in high demand.

Stringent government regulations are also contributing to the market’s growth. For instance, the ENERGY STAR program was launched by the US Environmental Protection Agency to certify energy-efficient appliances based on the amount of energy they consume. An ENERGY STAR certificate is awarded to a significant number of air-cooled ice machines, which effectively means that the machines consume less energy than their less energy-efficient counterparts.

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Clean and temperature-controlled environments are the best environments for air-cooled ice machines. Due to this, air-cooled cube ice machines are becoming increasingly popular on the market. In order to combat the heat, companies are spending more on cooling equipment, which has led to a shift in spending patterns in the market. This leads to purchasing more specialized ice cube machines, air coolers, and other cooling devices.

Increased innovation and research are also responsible for developing highly sophisticated and affordable air-cooled ice cube machines. Changing consumer preferences and rising disposable income drive demand for innovative air-cooled cube ice machine components in the market.

Globally, research activity and technological developments have led to the production of inexpensive and innovative air-cooled cube ice machines. Additionally, demand for air-cooled cube ice machines is growing for floor-standing and under-counter machines.

As the market for air-cooled cube ice machines has grown in recent years, service companies in the market offering ice machine subscription programs have also grown in demand. Additionally, several governments are adopting these solutions to meet the growing demand for easy-to-use products.

Key Takeaways from the Market Study

The global market size of air-cooled cube ice machines was valued at USD 1.6 million in 2022.
The air-cooled cube ice machine s industry in the United States is anticipated to exhibit a market share of 18 % through 2023.
According to forecasts, China will hold a CAGR of 4% share of the global air-cooled cube ice machine market by 2023.
India’s air-cooled cube ice machine market is expected to grow rapidly over the forecast period, at a CAGR of 5.3%.
According to estimates, the multi-brand store will be the dominant player in 2033 with 45% of market value.

“Energy savings and demand for innovative ice cube machines will boost demand for air-cooled cube ice machines in food & beverage sectors in years.” comments a Future Market Insights analyst.

Competitive Landscape

Air-cooled cube ice machine companies often acquire new companies through mergers and acquisitions. Markets with the fastest growth are attracting both new and existing investors and businesses. In addition to expanding into new regions, mergers & acquisitions are usually triggered by new opportunities.

In order to expand their business, purchasing new companies in new areas is a great way to extend their brand. Financial flexibility and a disciplined approach are essential components of a company’s long-term strategy for acquiring new businesses.

Pentair Plc. announced in July 2022 that it had completed its previously announced acquisition of Manitowoc Ice from Welbilt, Inc. for $1.6 billion, pending customary adjustments. Ice makers manufactured by Manitowoc Ice are among the best on the market.
The Manitowoc Ice company provides Pentair with a complementary global commercial footprint that expands the company’s global commercial footprint. With 800 employees and an installed base of about 1 million units, Pentair offers end-to-end water filtration and ice solutions to food service customers.

Key Companies Profiled

Snooker, Snowsman, Brema Ice Makers, Whirpool, Scotsman, IMI Cornelius, Manitowoc, Howe Corp., Ice-O-Matic, Danfoss AS, Follett.

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Key Segments Profiled in the Air Cooled Cube Ice Machine Market Industry Survey

By Installation Type

(Floor standing Machine, Under counter Machine, Countertop Machine)

By Equipment Type

(Ice Making Head, Remote Condensing Unit, Self Contained Unit)

By Component Type

(Compressor, Reciprocating Compressor, Scroll Compressor, Condenser, Expansion Device, Thermal Expansion Valves, Electronic Valves, Capillary Tubes, Evaporator, Heat Exchanger, Liquid line, Suction line)

By Distribution Channel

(Offline Stores, Multi Brand Stores, Independent Stores, Hypermarkets/ Supermarkets, Specialty Stores, Online Retail Stores)

By Region

(North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)

Author:

Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

About Future Market Insights (FMI)

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Reach-In Refrigerators Market Valuation Forecasted to Cross USD 58.94 Billion by 2033, Growing Steadily at 4.32% CAGR

Reach-in refrigerators, those ubiquitous workhorses of commercial kitchens and retail spaces, are experiencing a consistent rise in demand. They offer convenient access to chilled food and beverages, making them indispensable for various applications. Let’s delve into the factors propelling the reach-in refrigerator market forward, explore the trends shaping its evolution, and peer into its promising future.

Growth Factors:

Rising Demand for Chilled Food: The growing popularity of pre-packaged foods, convenience meals, and fresh produce is driving the need for efficient and reliable refrigeration solutions. Reach-in refrigerators cater to this demand by providing ample storage space for chilled food items.
Expansion of Retail and Hospitality Sectors: The global expansion of the retail and hospitality sectors, including supermarkets, restaurants, and hotels, is creating a demand for additional commercial refrigeration equipment. Reach-in refrigerators are a vital component in these establishments.
Focus on Energy Efficiency: As energy costs continue to rise, there’s an increasing emphasis on energy-efficient appliances. Manufacturers are developing reach-in refrigerators with improved insulation, advanced cooling technologies, and features that minimize energy consumption.
Stricter Food Safety Regulations: Stringent regulations regarding food storage and handling are prompting businesses to invest in high-quality reach-in refrigerators that maintain consistent and safe temperatures for food items.

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Market Trends:

The reach-in refrigerator market is witnessing exciting trends that will define its future:

Energy Efficiency Takes Center Stage: The focus on sustainability is driving the development of ultra-efficient reach-in refrigerators with features like variable-speed compressors, self-closing doors, and LED lighting.
Smart Refrigeration on the Rise: The integration of smart technologies like internet connectivity and remote monitoring is gaining traction. This allows for real-time temperature control, data analysis, and predictive maintenance for improved efficiency and reduced downtime.
Customization for Diverse Needs: Manufacturers are catering to the growing demand for customized reach-in refrigerators with features like adjustable shelving, glass doors for product visibility, and different temperature zones to accommodate various food storage requirements.
Focus on Material Advancements: Development of new materials with superior thermal insulation properties and improved durability will lead to more energy-efficient and long-lasting reach-in refrigerators.

Future Scope:

The future of the reach-in refrigerator market is looking refreshingly bright:

Integration with Automation: Reach-in refrigerators could become integrated with automated inventory management systems, optimizing stock levels and minimizing waste.
Focus on Sustainability: Eco-friendly refrigerants with a lower environmental impact will be prioritized. Additionally, manufacturers will focus on recyclable materials and energy-efficient designs.
Rise of Regional Markets: Emerging markets with growing economies and expanding retail and hospitality sectors will present significant growth opportunities for reach-in refrigerator manufacturers.
Internet of Things (IoT) Integration: Reach-in refrigerators could become seamlessly integrated with IoT platforms, enabling remote diagnostics, predictive maintenance, and data-driven insights for improved operational efficiency.

Key Players Operating in Industry:

Avantco Refrigeration
Beverage Air
Delfield
Valpro
Grista
Summit
Trufrost
Traulsen
HOSHIZAKI Corp.
Danfoss

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Market Segmentation Analysis:

By Compressor installation:

Bottom mounted
Top mounted

By Freezer:

Freezer on bottom
Freezer on top
Freezer-less

By Door Type:

Glassdoor
Pass through
Half door
Solid door

By Distribution channel:

Offline stores
Hypermarkets / Supermarkets
Multi-brand stores
Department store
Discount store
Specialty store
Online Retail Store

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Author:

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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Aluminum Extrusion Market to Reach US$ 195.48 Billion by 2033, Driven by Construction and Automotive Sectors

The global aluminum extrusion market is poised for significant growth, with market valuation expected to increase from US$ 126.67 billion in 2023 to US$ 195.48 billion by 2033, reflecting a compound annual growth rate (CAGR) of 4.6% from 2023 to 2033. This expansion is driven by rising demand across various industries, including construction, automotive, and packaging.

Advanced Alloys and Processes: Continuous advancements in the aluminum extrusion industry, including the use of advanced alloys, improved extrusion processes, and advanced finishing techniques, are enhancing efficiency, product quality, and reducing production costs.

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Key Market Drivers

Growing Demand in the Construction Industry: Aluminum extrusions are highly valued in the construction sector for their lightweight, durability, and corrosion-resistant properties. The rising trend towards eco-friendly and sustainable construction materials, especially for green buildings, is expected to significantly boost market growth. Aluminum extrusions are essential in fabricating windows, doors, and other components of green buildings, which are designed to be energy-efficient and environmentally friendly.
Increasing Demand in Automotive Applications: The automotive industry is increasingly utilizing aluminum extrusions for manufacturing lightweight and fuel-efficient parts. This trend is further accelerated by the growing demand for electric and hybrid vehicles, which require lightweight materials to enhance energy efficiency and performance.
Expansion in the Packaging Industry: Aluminum extrusions are widely used in the packaging industry due to their lightweight, corrosion-resistant, and barrier properties. The increasing consumer demand for sustainable and eco-friendly packaging materials is expected to drive significant growth in this sector.
Technological Advancements: Continuous innovations in the aluminum extrusion industry, such as advanced alloys, improved extrusion processes, and advanced finishing techniques, are enhancing product quality, efficiency, and reducing production costs. These technological advancements are critical for meeting the evolving demands of various industries.
Opportunities in Emerging Markets: Rapid industrialization and urbanization in emerging markets such as India, China, and Brazil present significant growth opportunities for the aluminum extrusion market. The increasing demand for aluminum extrusion products in these regions is driven by extensive construction activities and infrastructure development.

Market Trends and Opportunities

Sustainable and Eco-friendly Solutions: The rising construction of green buildings, which are designed to be energy-efficient and have a low carbon footprint, is a major trend driving the aluminum extrusion market. Extruded aluminum’s strength-to-weight ratio and corrosion resistance make it ideal for such applications.
Lightweight and Durable Products: The demand for lightweight, durable, and corrosion-resistant aluminum extrusions is growing across various industries. These products are essential for large construction projects, providing strength with minimal weight and reducing overall maintenance costs.
Increased Use in Automotive and Transportation: Aluminum extrusions are increasingly used in automotive and transportation industries due to their resistance to abrasion, heat, humidity, and vibrations. This trend is expected to continue as more internal combustion engines and electric vehicles (EVs) adopt aluminum components to enhance performance and efficiency.
Government Incentives and Renewable Energy: Government incentives for building integrated photovoltaic (BIPV) systems and the adoption of renewable energy solutions are expected to further drive the demand for aluminum extrusions. These incentives support the development of energy-efficient building materials and sustainable construction practices.

Regional Insights

Asia Pacific:

Asia Pacific is expected to capture 37.3% of the market share, driven by the rising disposable incomes and rapid urbanization in densely populated countries like China and India. These regions are experiencing significant growth in beer consumption and green building construction, fueling demand for aluminum extrusions.

Latin America:

The Latin America aluminum extrusion market is projected to register a 2.6% CAGR over the forecast period, reaching US$ 43,426.8 million by 2027. The region’s thriving food and beverage industry and increasing beer and sparkling wine production are key growth drivers.

North America:

North America held a significant revenue share, with the market expected to grow from US$ 23,103.6 million in 2019 to US$ 24,964.3 million by 2027. The region’s increasing consumption of alcoholic and non-alcoholic beverages, along with the introduction of new beverage types, is expected to boost demand for aluminum extrusions further.

Key Companies:

Hindalco Industries,
Jindal Aluminium Limited,
China Zhongwang Holdings Limited,
Constellium N.V.,
Hydro Extrusions,
Arconic Inc.,
Gulf Extrusions Co. (LLC),
TALCO Aluminum Company,
Zahit Aluminum,
Bahrain Aluminium Extrusion Co. (Balexco),
Qatar Aluminium Extrusion Company,
Bonnell Aluminum,
SKM Co., Ltd.,
Keymark Corporation,
Kaiser Aluminum Corp.,
Norinco International Cooperation Ltd.,
Hulamin Ltd.,

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Key Segments of Aluminum Extrusions Industry Survey

by Product:

Automotive Chassis
Profile for Poles
Profile for Bridges
Profile for Rail Tracks
Door & Window Profiles
Curtain Walls
Profile for Heat Exchangers
Machinery Components
Others

by End User:

Aerospace
Building & Construction
Railways & Seaways
Energy
Defense
Others

by Region:

North America Aluminum Extrusions Market
Latin America Aluminum Extrusions Market
Europe Aluminum Extrusions Market
East Asia Aluminum Extrusions Market
South Asia & Pacific Aluminum Extrusions Market
Middle East & Africa (MEA) Aluminum Extrusions Market

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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FMI Analysis States Global Merchandising Carts Market Size to Exceed USD 5.8 Billion Mark by 2033, Growing Steadily at 4.1% CAGR

The global merchandising carts market is steadily ascending, with a projected value of USD 3.9 billion in 2023. This upward trend is primarily fueled by the burgeoning popularity of food trucks and street vendors, fostering a conducive environment for the thriving merchandising carts market. Looking ahead, a robust Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2033 is anticipated, propelling the market to an impressive USD 5.8 billion by 2033.

Adding depth to this narrative is the compelling aspect of sustainability. In an era where both retailers and consumers prioritize the environmental impact of their choices, eco-friendly solutions are gaining significant prominence. Sustainability has emerged as a pivotal consideration in the design and production of merchandising carts, further enhancing their appeal in the global market.

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Driving Market Expansion: The Confluence of Mobile Retailing and Unique Shopping Experiences

Fueling the Market via Mobile Retailing:

In a landscape increasingly defined by mobile retailing, the demand for merchandising carts has witnessed a substantial upswing. These carts have emerged as pivotal tools, facilitating businesses in adeptly showcasing and vending their products across a spectrum of non-traditional locales, transcending the confines of conventional brick-and-mortar establishments. Mobile retailing, a concept that entails the direct delivery of retail encounters to the target audience, materializes through the strategic deployment of temporary or pop-up shops at vantage points.

Catalyzing Growth through Unique Shopping Experiences:

The surge in the pursuit of distinctive shopping experiences stands as a prominent growth catalyst poised to invigorate the merchandising carts market. In the contemporary digital milieu, where online shopping commands precedence, consumers actively seek encounters that transcend the mundane. Within this context, merchandising carts manifest as potent conduits for retailers to craft immersive shopping realms that transcend the ordinary precincts of brick-and-mortar stores.

Venturesome establishments are leveraging merchandising carts to orchestrate pop-up shops and transitory displays across diverse settings such as malls, events, festivals, and public domains. Facilitated by mobile retail configurations, retailers wield the capability to present their merchandise directly to their target demographic, effectively fostering a climate of exclusivity. The arresting visual appeal of meticulously designed merchandising carts operates as a magnet, effortlessly drawing the attention of passersby and inciting an exploration of the artfully curated product gamut.

Synchronizing Mobile Dynamics with Enhanced Experiences:

As the market surges forward, the harmonious convergence of mobile retailing dynamics and the yearning for memorable interactions forms a symbiotic relationship that drives innovation. Astute businesses recognize the strategic advantage of presenting their offerings in a mobile, visually captivating format that resonates with contemporary sensibilities. By integrating agile, on-the-move retailing mechanisms with the allure of experiential shopping, enterprises can effectively capture consumer attention, create resonance, and establish enduring connections.

Steering Ahead: Capitalizing on the Mobile-Experience Nexus

In essence, the momentum within the merchandising carts market lies at the crossroads of mobile retailing ingenuity and the pursuit of distinctive shopping narratives. Astute businesses poised to traverse this intersection are poised to not only navigate the evolving commerce landscape adeptly but also sculpt remarkable, tailored retail journeys that translate into customer loyalty and sustained growth.

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Key Players:

Distinguished participants within the merchandising carts market encompass National Cart Co., Americana Companies, Wanzl Metallwarenfabrik GmbH, Cari-All Group, Unarco Material Handling, Inc., Versacart Systems, Inc., RB Wire Products, Inc., Kaili Manufacturing Co., Ltd., Retail Handling Solutions, and Technibilt, among a constellation of other notable entities.

Market Segments:

By Product Type:

Metal Carts
Wood Carts
Plastic Carts
Wire Carts
Others

By Application:

Retail Stores
Supermarkets
Convenience Stores
Specialty Stores
Food Service
Hospitality Industry
Industrial Facilities
Healthcare Facilities

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Author:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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FMI Study Affirms Global Nugget Ice Machine Market Valuation to Surge Past USD 133.9 Million Mark by 2033, Growing at 5.16% CAGR

Future Market Insights projects a prosperous outlook for the global nugget ice machines market, was valued at USD 80.9 million in 2023. With a forecasted Compound Annual Growth Rate (CAGR) of 5.16% from 2023 to 2033, the market is poised to achieve a substantial valuation of USD 133.9 million by the end of the next decade.

The driving force behind this anticipated growth lies in the increasing demand for ice in developing nations, where it holds significant importance in culinary traditions and daily dietary practices. The unique texture and versatile nature of nugget ice position it as a highly sought-after choice for a diverse range of culinary applications, fueling robust expansion to cater to the evolving preferences of consumers in these regions.

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Crucial Insights from the Nugget Ice Machines Market:

Steady Growth Trajectory: Between 2018 and 2022, the global nugget ice machines market exhibited a consistent compound annual growth rate (CAGR) of 3.5%, showcasing its resilience and enduring relevance within the industry landscape.
North American Preference: The North American region takes center stage, with an impressive 85% of individuals demonstrating a preference for alcoholic beverages. This inclination has emerged as a pivotal driving force propelling the upward trajectory of the nugget ice machine market.
Dominance in 2023: The year 2023 witnesses the nugget ice machine market command a substantial market share, estimated to range in between 60% to 65%, reaffirming its prominent position within the industry landscape.
Material Dynamics: Within the realm of material-wise segmentation, stainless steel emerges as the dominant choice, poised to seize a significant market share, underscoring its appeal and practicality within the nugget ice machine market.
Sales Channel Catalyst: The online website segment takes the lead as a potent driver within the nugget ice machine market’s sales channel segmentation. This online avenue emerges as a pivotal conduit, channeling market growth and expanding the product’s reach.

Competitive Landscape:

Some of The Prominent Players In The Global Market Are –

Frigidaire
NewAir
hOmeLabs
MC Appliances (Magic Chef)
Whynter
EdgeStar
Scotsman Ice Systems
Maxx Ice
Summit Appliances
GE Appliances
Crownful

Some of the Important Developments of the Key Players in the Market are:

In April 2023, HiCOZY dual-mode countertop nugget ice maker is said to have a water line hookup available that includes both eco and cycle modes and it has a plastic hoop that is likely to be sturdy.

More Valuable Insights Available:

Future Market Insights offers an unbiased analysis of the global Nugget Ice Machines Market providing historical data for 2018-2022 and forecast statistics from 2023-2033.

To understand opportunities in Nugget Ice Machines, the market is segmented based on major Installation type (Countertop, freestanding, under counter, wall mounted), Material Type (metal, plastic, stainless steel), Production Capacity (up to 700pounds, 700 pounds to 1400 pounds, above 1400 pounds), Sales channel (Online websites, offline stores, hypermarket, specialty store), Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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Key Segments Profiled in the Nuggets Ice Machine Market Report:

By Installation Type:

Counter Top
Free Standing
Under counter
Wall Mounted

By Production Capacity (Per 24 hrs):

Up to 700 Pounds
700 to 1400 Pounds
Above 1400 Pounds

By Material:

Metal
Plastic
Stainless Steel

By Sales Channel:

Online Website
Offline Stores
Hyper Market
Speciality Store

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Author:

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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FMI Analysis Predicts Global Piston Seals Market Size to Reach USD 3.4 Billion Valuation by 2033, Growing Steadily at 3.8% CAGR

The global piston seals market is positioned for substantial growth, establishing a robust foundation in 2022 with an estimated value of USD 2.2 billion. Primed for notable evolution, the market is projected to witness a surge from its 2023 valuation of USD 2.3 billion, ultimately surpassing an impressive USD 3.4 billion by 2033. This growth trajectory is supported by a steady Compound Annual Growth Rate (CAGR) of 3.8% over the coming decade.

An intriguing aspect of these forward-looking projections is the enduring prominence of double-acting piston seals. According to insights from Future Market Insights, the double-acting piston seals segment is anticipated to maintain a consistent 3.5% CAGR through 2033. Renowned for their effectiveness in sealing fluid pressure in both directions, these seals have solidified their position as market leaders, characterized by reliability and versatility.

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Piston seals have emerged as crucial components within machinery due to their integral role in preventing leakage. These seals are typically crafted from materials like nitrile rubber, polyamide, PTFE, and thermos-plastic polyurethane.

A significant advantage of these hydraulic seals is their ability to diminish friction between the piston and the cylinder wall by providing a slick surface. The absence of piston seals elevates the risk of hydraulic cylinder or system failure.

The significance of piston seals lies in their capacity to ensure that pressurized fluid doesn’t bypass the piston, especially when the system pressure propels the piston along the cylinder. These seals are primarily designed to accommodate the back-and-forth movements typical of applications involving cylinders in both pneumatic and hydraulic systems.

Influential Factors Shaping the Market:

The global piston seals industry is set to thrive due to the substantial growth anticipated in key sectors like automotive, aerospace, and power generation, among others.
The heightened need for effective leakage protection solutions in machines with reciprocating motion, such as hydraulic pumps and cylinders, is expected to drive an upswing in piston seal sales.
A promising trend in the market is the growing preference for tailor-made piston seal solutions, presenting manufacturers with appealing opportunities.
The increasing utilization of piston seals in heavy machinery is poised to play a pivotal role in expanding the market’s reach.
With the ongoing rapid pace of industrialization, the prospects for piston seal companies are anticipated to be notably favorable, opening doors for growth and development.

Competitive Landscape:

Prominent players in the piston seal manufacturing sector, as highlighted in the report, encompass industry leaders such as All Seals Inc., Boca Bearings, Inc., ElringKlinger AG, ElringKlinger Kunststofftechnik GmbH, Evco Seals, Kastas Sealing Technologies A.S., MSP Seals, Inc., SKF Group, SPC Group, and Garlock Sealing Technologies.

These esteemed companies are strategically focusing on innovation to address evolving end-user requirements, ultimately bolstering their revenue streams. Their endeavors encompass a range of strategic initiatives, including forging partnerships, pursuing mergers, expanding facilities, entering distribution agreements, executing acquisitions, and fostering collaborations. These actions are geared towards securing a competitive advantage within the market.

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Recent Noteworthy Developments:

In March 2023, Hallite introduced the Hallite 777 double-acting piston seal at the IFPE event. This compact seal is meticulously designed for medium to heavy-duty applications across diverse industries, showcasing the company’s commitment to advanced solutions.
In November 2022, the SKF Group successfully finalized the acquisition of Tenute Srl., a prominent developer and manufacturer of sealing solutions for various industrial applications. Notably, this acquisition has led to the introduction of a new seal, featuring cost-effective material options tailored for less demanding applications, effectively diversifying their product portfolio.

Key Segments Covered:

By Type:

Double-acting
Single-acting
Custom Designed

By End Use:

Automotive
Heavy Machinery
General Engineering
Aerospace

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and 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 States Global Chip Warmer Market Revenue to Reach USD 5.1 Billion Milestone by 2033, Growing Steadily at 4% CAGR

The global chip warmers market, valued at USD 3.4 billion in 2023, is projected to experience a robust and steady upward trajectory, boasting a compound annual growth rate (CAGR) of 4.0% from 2023 to 2033. By 2033, this market is anticipated to reach a significant milestone of USD 5.1 billion, indicative of the escalating demand for these essential foodservice appliances.

A pivotal factor fueling this remarkable expansion is the surge in outdoor events and food festivals. In an era where experiences and culinary delights take precedence, these gatherings have become focal points of entertainment and gastronomic excellence. Whether it’s a lively music festival, a quaint local fair, or a bustling food market, chip warmers assume a pivotal role in ensuring that the crispy, savory treats they hold remain irresistibly warm and appealing. This trend underscores the essential role chip warmers play in enhancing the culinary experience at such events.

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Key Trends:

Food Safety Regulations: Strict regulations and guidelines on food safety and hygiene are driving the demand for chip warmers as they help maintain proper temperature control for chips, ensuring compliance with food safety standards.
Customization and Flavor Innovation: The trend of offering customized and innovative flavors in the food industry is boosting the use of chip warmers, allowing establishments to keep a variety of flavored chips warm and fresh to cater to consumer preferences.
Hospitality and Tourism Demand: The expansion of the hospitality and tourism sector, including hotels, resorts, and theme parks, is creating a significant need for chip warmers in snack bars, cafes, and restaurants to maintain snack quality and enhance guest experiences.
Sustainability and Energy Efficiency: Increasing emphasis on sustainability and energy efficiency is driving the development of eco-friendly and energy-efficient chip warmers, appealing to businesses seeking environmentally responsible equipment solutions.

Key Takeaways:

The global chip warmers market reached a value of USD 3.3 billion in 2022.
The market witnessed a CAGR of 2.4% during the period from 2018 to 2022.
North America is projected to lead with a dominant CAGR of 3.9% throughout the forecast period.
Anticipated to flourish at a CAGR of 4.0%, the chip warmers market is set for growth from 2023 to 2033.
By 2033, the market value of chip warmers is expected to achieve USD 5.1 billion.
The countertop segment is forecasted to hold a CAGR of 3.9% in 2033 by product type.
The commercial segment is expected to dominate the market, showcasing a CAGR of 3.8% in 2033 based on application.

Market Competition:

Key players in the chip warmers market include Hatco Corporation, Nemco Food Equipment, Star Manufacturing International Inc., Vulcan Industries Inc., APW Wyott, Avantco, FEM (Foodservice Equipment Marketing Ltd.), Vollrath Company, LLC, Duke Manufacturing Co. Inc., Hatco Europe Ltd., and Cres Cor, among others.

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Recent Innovations:

In 2022, Nemco Food Equipment introduced the ‘Countertop Chip Warmer and Display’, featuring a heated base and glass display case for maintaining warm and visually appealing chips. Suited for cafes, delis, and concessions.
Hatco Corporation launched the ‘Glo-Ray LED Lighted Chip Warmer’ in 2021, integrating energy-efficient LED lighting to enhance chip visibility and presentation. This innovative solution combines modern design and temperature control.
Avantco Equipment unveiled the ‘Freestanding Chip Warmer Merchandiser’ in the same year, boasting a spacious display area, adjustable temperature control, and glass panels for optimal visibility. The freestanding design suits convenience stores, stadiums, and snack bars.

Key Segmentation:

By Product Type:

Countertop
Built-in

By Application:

Commercial
Restaurants
Hotels
Catering Services
Residential

By Region:

North America
Latin America
Europe
Asia Pacific
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 Flow Meters Market Revenue Projected to Hit USD 13.2 Billion Valuation by 2033, Growing Steadily at 5% CAGR | FMI Analysis

The global flow meters market revenue is anticipated to reach USD 13.2 billion by 2033, up from USD 8.1 billion in 2023. Future Market Insights is estimated to secure a CAGR of 5.0% for the market between 2023 and 2033.

Flow meters are used in a wide range of industries, including oil and gas, water and wastewater, chemical, and pharmaceuticals, among others. The market expansion is anticipated to be fueled by the rising demand from these industries. Flow meters are the ideal instrument for precise flow calibration equipment needed in industrial activities. The rising industrial production is projected to support market growth.

The development of shale gas reserves is expected to increase demand for flow meters in the oil and gas industry. Flow meters can monitor the speed of operations upstream and downstream, coupled with liquid hydrocarbons in the sector. Maintaining industrial processes at a high standard requires accurate monitoring of liquid and gas flow rates.

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Industrial control loops often adjust incoming liquid or gas flow rates, making precise flow rate monitoring essential. Flow meters are crucial instruments for measuring the mass flow rates of liquids, gases, or mixtures of both. The type of flow meter selected depends on the level of precision required and the intended industry use. Due to the benefits they offer, flow meters have been made mandatory by governments all over the world.

In the upcoming years, many intelligent systems are anticipated to be in demand. The advantages of flow meters in process industries are anticipated to be further enhanced by these systems.

The demand for flow meters in the water and wastewater sector is anticipated to be driven by the need for effective water management and conservation. In this industry, the implementation of flow meters aids in the precise measurement and oversight of water usage, hence decreasing wastage.

Magnetic and ultrasonic flow meters are two typical non-invasive flow monitoring methods. They are preferred since they do not cause disruptions. They also require little to no maintenance. This trend is expected to drive the demand for non-invasive flow meters.

Given the different technological developments, the market is anticipated to expand throughout the forecast period. Technology breakthroughs are occurring in several fields, including wireless monitoring and control, advanced sensors, and digital readouts.

Manufacturers are increasingly adopting Internet of Things sensors for smart metering solutions. The cutting-edge IoT method enables remote, automated data collection through automatic meter reading. The incorporation of these technological advancements in products is expected to lead to significant market expansion.

Key Takeaways

The flow meters market in the United States is expected to upsurge at 3.9% CAGR during the forecast period.
The market in China is expected to thrive considerably, registering a CAGR of 5.9% from 2023 to 2033.
With a CAGR of 4.5% over the forecast period, the market in Japan is predicted to develop notably.
The market in South Korea is predicted to expand significantly between 2023 and 2033, reaching a CAGR of 5.4%.
The flow meters industry in the United Kingdom is anticipated to rise significantly, exhibiting a CAGR of 4.2% through 2033.

Competitive Landscape:

Several key players in the flow meters market are making significant investments in research and development to create new and inventive goods. Through partnerships and acquisitions, they are also broadening their product offerings. The purpose of these products is to meet the evolving demands of the end user. Companies are also adopting advanced technologies to improve the efficiency and accuracy of their flow metering solutions.

Recent Developments:

In June 2020, ABB launched the Sensyflow FMT700-P Compact, which is a thermal mass flow meter. It is specifically designed for testing hydrogen fuel cells, as well as various components such as turbochargers, throttle valves, air filters, and intake fans.
Siemens Digital Industries presented the SITRANS FS230 clamp-on ultrasonic flow meter in February 2020. This flow meter has advanced capabilities for measuring gas flow. It can handle various types of gas and fluid flow applications, including natural, specialized, and system gases.

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Key Players:

Emerson Electric Co.
Honeywell International Inc.
Siemens Group
ABB Ltd.
Yokogawa Electric Corporation
Krohne Messtechnik GmbH

Flow Meters Market Segmentation:

By Type:

Differential Pressure
Positive Displacement
Ultrasonic
Turbine
Magnetic
Coriolis
Vortex
Others

By End-use Industry:

Water & Wastewater
Refining & Petrochemical
Oil & Gas
Chemical
Power Generation
Pulp & Paper
Food & Beverage
Pharmaceutical
Metals & Mining
Others

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East and 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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FMI States Global Transformer Tap Changers and Voltage Control Relay Market Share to Surpass USD 2357.1 Million by 2033, Driven by 4.9% CAGR

The market for transformer tap changers and voltage control relays is anticipated to be worth more than USD 2357.1 Million by 2033. It is predicted to increase by 4.9% yearly.

Over the course of the projection period, sales of transformer tap changers and voltage control relays are expected to grow at a respectable CAGR of 4.9%. The market is predicted to reach its peak value of USD 2357.1 Million in 2033.

The market for high-power transformers is expanding rapidly as a result of the need for high-capacity power plants and the increasing demand for electricity. Transformer devices are hence used to enable the transmission of power across greater distances through interconnected networks.

Tap changers are a crucial part of transformer systems as they can maintain a constant voltage within the constraints of the transformer. These can also guarantee the unbroken operation of the machinery and maintain it for use in large power networks or industries.

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In emerging countries, the expansion of the housing market is increasing the need for dependable electricity sources. The need for transformer accessories and components such as tap changers, voltage relays, and other related products, is hence growing.

Leading companies should profit from consistent growth opportunities as medium- and small-sized enterprises become more and more recognized. They aim to be a viable alternative for individuals looking to invest in infrastructure development.

Several regional administrations have varied plans for electrification, including the construction of hydroelectric facilities and the electrification of rural areas. It is predicted that these will help to raise the need for transformers. The market is expected to be propelled by the increased reliability of transformers due to retrofit possibilities for reducing maintenance costs.

Key Takeaways from the Transformer Tap Changers and Voltage Control Relay Market Study:

By phase type, the three-phase segment is estimated to account for a significant share of 59% in 2023.
On the basis of application, the industry segment is likely to dominate the market and create an incremental opportunity of USD 219.4 Million from 2023 to 2033.
The global transformer tap changers and voltage control relay industry is anticipated to provide a total revenue potential of USD 892.90 Million in the period of assessment.
Germany transformer tap changers and voltage control relay industry is anticipated to expand at a CAGR of 4.4% in the next ten years.
China transformer tap changers and voltage control relay industry is expected to flourish at 6% CAGR from 2023 to 2033.

“Urgent requirement for effective power transmission and distribution systems is projected to drive the market. Through 2033, the market is also expected to be influenced by the world’s aging power infrastructure and rising electricity demand. Reliability is a major issue for modern consumers. Manufacturers in the market would find significant growth opportunities in innovating towards this end.” says a lead analyst at Future Market Insights (FMI).

Competitive Landscape:

The global transformer tap changers and voltage control relay market is moderately consolidated with few global players acquiring around 40% to 50% of shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their presence.

Key Companies Profiled:

Siemens AG
ABB Ltd
Hitachi Energy Ltd
Brush (FKI Group)
Maschinenfabrik Reinhausen GmbH
Schneider Electric
Rockwell Automation
Schweitzer
Toshiba Corporation
Mitsubishi Electric Corporation
Eaton

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Recent Developments:

In September 2022 , General Electric announced that it had developed a new grid management system. This new system provided advanced voltage control and transformer tap changer technology, ultimately improving the efficiency and reliability of power systems.
In December 2022 , Siemens revealed that it had supplied its advanced voltage control technology to the Grid Asset Management project in the UK. This project specifically aims at improving the durability of the country’s power grid.

Market Outlook by Category :

By Phase:

Single Phase
Three Phase

By Application:

Industrial
Utility and Grid
Commercial
Others

By Product Type:

Transformer Tap Changers
- Off-circuit Tap Changer
- On-circuit Tap Changer
Voltage Control Relays
- DIN Rail
- Panel Mounted

By Region:

North America
Latin America
Western Europe
Eastern Europe
East Asia
Central Asia
Russia and Belarus
Balkan and Baltic Countries
South Asia and Pacific
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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