Market Research Blog – Page 1662 – New Product Development

Global Undercounter Ice Maker Market Valuation to Cross USD 1,135.4 Million Milestone by 2033, Driven by 3.9% CAGR Growth

The undercounter ice makers market projects a remarkable journey ahead, with an anticipated Compound Annual Growth Rate (CAGR) of 3.9% from 2023 to 2033. By 2033, the market is poised to achieve a substantial valuation of approximately USD 1,135.4 million.

At the heart of this expansion is a heightened awareness of environmental considerations. Businesses across various industries, particularly in the food service sector, increasingly recognize the paramount importance of integrating environmentally responsible choices into their daily operations. Undercounter ice makers are emerging as essential components in this movement towards environmental conscientiousness.

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Driving Forces and Emerging Trends in the Undercounter Ice Makers Market:

One of the key drivers of the market growth is the increasing demand from commercial establishments. Undercounter ice makers are commonly used in restaurants, bars, and other commercial establishments that require a steady supply of ice. With the growth of the hospitality industry and the increasing number of food service establishments, the demand for undercounter ice makers is expected to grow significantly in the coming years.

The growing popularity of home bars and entertainment areas is accelerating the demand for Undercounter Ice Makers. Many homeowners are investing in home bars and entertainment areas, which often include an undercounter ice maker as a key component. With the increasing popularity of home entertainment, the demand for undercounter ice makers is expected to grow in the coming years.

Another factor such as technological advancements is also expected to boost the market prospects. Undercounter ice makers are becoming increasingly advanced, with features such as touchless dispensing, built-in water filtration systems, and Wi-Fi connectivity. As these machines become more advanced and convenient to use, the demand for them is likely to increase.

The increasing emphasis on hygiene and safety is a major factor that is likely to create lucrative opportunities for market growth. With the ongoing COVID-19 pandemic, there is an increased emphasis on hygiene and safety in commercial and residential settings. Undercounter ice makers that feature built-in antimicrobial protection or touchless dispensing are likely to become more popular as consumers seek out products that help them maintain a safe and clean environment.

The increasing availability of financing options is anticipated to propel the growth of the market. Undercounter ice makers can be a significant investment for commercial and residential users. The increasing availability of financing options, such as leasing or instalment plans, makes it easier for consumers to purchase these machines and is likely to drive demand in the coming years.

Key Takeaways from the Market Study:

Global Undercounter Ice Makers Market was valued at USD 745.4 million by 2022-end.
From 2018 to 2022, the market demand expanded at a CAGR of 2.2%.
North America is expected to hold the highest CAGR of 3.8% during the forecast period.
By equipment type, the self-contained unit segment is expected to constitute a CAGR of 3.8% in 2033.
On the basis of distribution channels, the offline store’s segment is expected to dominate the market with a CAGR of 3.7% in 2033.

Key Companies Profiled:

Prominent players in the undercounter ice makers market are Avallon, EdgeStar, Hestan, Ice-O-Matic, IMI Cornelius, KD Industries, Hoshizaki, Manitowoc, Scotsman, Snowsman, Summit, and Avanto Ice machines, among others.

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Key Segments Covered:

By Equipment Type:

Ice Making Head
Remote Condensing Unit
Self-Contained Unit

By Ice Maker Type:

Continuous
- Nuggets
- Flakes
Batch

By Cooling Media:

Air Cooled
Water Cooled

By Distribution Channel:

Offline Stores
- Hypermarkets/Supermarkets
- Independent Store
- Multi-brand Store
- Specialty Stores
Online Retail Stores

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & 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)

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 Study States Global Tray Dispensers Market Size Projected to Reach USD 3.1 Billion Mark by 2033, Driving 6.7% CAGR Growth

The global tray dispensers market is poised to achieve a projected value of USD 1.6 billion in the current year. The driving force behind this surge is the escalating demand for customized tray dispenser solutions, surpassing market expectations. This robust trajectory is expected to persist, fueled by a forecasted Compound Annual Growth Rate (CAGR) of 6.7% from 2023 to 2033, ultimately culminating in a significant valuation of approximately USD 3.1 billion by 2033.

Beyond numerical metrics, a noteworthy aspect of this growth is a fundamental shift in the approach to dining experiences. Future Market Insights’ analysis highlights a trend reshaping the dining landscape—the unstoppable rise of self-service. In an era where diners actively seek greater control and convenience, self-service options have become the preferred choice. These options empower customers to customize their orders according to precise preferences, while eliminating the inconvenience of enduring long wait times. The trajectory of this market seamlessly aligns with the evolving dining preferences of discerning consumers.

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Revolutionizing Dining Experiences: The Tray Dispensers Evolution

In the dynamic realm of modern corporate dining, precision and efficiency have become paramount. The past five years have witnessed a remarkable trajectory in the demand for tray dispensers, and as we peer into the future, a visionary market outlook unfurls.

Demand Surge: A Statistical Odyssey

The trajectory is undeniable – the global demand for tray dispensers has journeyed with a CAGR of 3.3% during 2018-2022. This ascent culminated in a resounding crescendo, reaching a pinnacle of USD 3.1 billion by 2033. A testament to the evolving culinary landscape and heightened expectations in service efficiency.

2022’s Triumph: Market Value Unveiled

A beacon illuminates the prowess of tray dispensers – the year 2022 marked a significant milestone, with a valuation soaring to USD 1.5 billion. This valuation underscores the incipient role tray dispensers have undertaken in the culinary ecosystem, a trajectory that promises to be enduring.

The Nexus: Technology and Transformation

Technological innovation has orchestrated a symphony of transformation, reshaping the tray dispensers landscape. The integration of touchless technology has engendered a new paradigm of efficiency, hygiene, and user convenience. Crucially, this evolution resonates particularly with the food service industry, where hygiene is revered.

Touchless Marvel: Pioneering Hygiene

In the culinary realm, hygiene reigns supreme. Enter touchless tray dispensers, adorned with sensors attuned to the presence of a tray, orchestrating an automatic ballet of dispensation sans physical contact. This choreography not only quells contamination concerns but also imparts an expedition in customer service. A touchless revolution, safeguarding health, and elevating the dining encounter.

Efficiency Embodied: Beyond Touchless

The crescendo of innovation reverberates further. Electronic controls, LED displays, and automated tray stacking – elements converging to reshape user experience. These features transcend convenience, augmenting speed and precision. Manual intervention recedes, and the tapestry of dining services is woven with a seamless thread.

Unveiling Tomorrow: A Glimpse into 2033

As our corporate voyage advances, the horizon of 2033 beckons. The resonance of tray dispensers’ transformation reverberates, promising efficiency beyond measure. The evolution, powered by technology, is propelling dining services into an epoch of unparalleled convenience, speed, and hygiene.

In this symphony of evolution, technology is the composer, tray dispensers the orchestra, and corporate dining the stage. The curtains rise on a new era, where the mundane is made magnificent and dining is an experience sculpted by innovation. Welcome to the future, where tray dispensers herald a new dawn in corporate culinary excellence.

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Key Players Covered in Report:

Carter-Hoffmann
Vollrath
Dispense-Rite
Hatco Corporation
APW Wyott
Lakeside Manufacturing
Eagle Group
Cambro Manufacturing
Advance Tabco
Rosseto

Market Segments:

By Type:

Manual Tray Dispensers
Automatic Tray Dispensers

By Material:

Stainless Steel
Plastic
Others

By End-Use Industry:

Food & Beverage
Healthcare
Education
Hospitality
Others

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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FMI Report Predicts Global Industrial Planetary Gearbox Market Share to Cross USD 6.5 Billion Mark by 2033, Driven by 5.2% CAGR Growth

The global industrial planetary gearbox market is poised for significant expansion, with an anticipated valuation of USD 6.5 billion by 2033, driven by a steady Compound Annual Growth Rate (CAGR) of 5.2% from 2023 to 2033.

A key driver behind this growth is the increasing demand for precision gearboxes, particularly within the cement industry. The cement sector’s adoption of advanced material handling tools such as bucket elevators, belt conveyor systems, and wagon tipplers has become integral to modern manufacturing processes, necessitating the reliance on planetary gearboxes for precise and reliable operation. This underscores the market’s crucial role in enhancing efficiency across key industries.

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During the assessment period, sales of industrial gearboxes are anticipated to soar throughout Asia Pacific. Sales are expected to increase as lightweight designs and miniaturization become more popular.

The global demand for lightweight and compact gear solutions is expected to increase due to a rising trend toward portable machinery, robotics, and automation. For instance, efficiency and agility are crucial components in the robotics industry.

By supplying the required torque, miniature planetary gears are anticipated to reduce the weight and footprint of robotic limbs and joints. Thanks to this feature, robots can probably carry out the assigned jobs with more dexterity and accuracy.

Lightweight design plays a key role in the automobile and aerospace industries. Electric vehicles (EVs) and aviation makers can turn toward lightweight industrial planetary gears to increase battery life and fuel efficiency.

They plan to invest in design optimization techniques and distinctive materials to accomplish the aforementioned objective. It is planned to use carbon fiber-reinforced composites and other lightweight materials in the gear production process. These are anticipated to increase the items’ strength and durability.

Adopting IoT and smart technologies is projected to change how industrial planetary gears are maintained and assessed across North America. New gearboxes with sensors are about to be released by important firms.

They are useful to measure vibration, temperature, and lubricant levels. The data is also anticipated to be sent to the cloud or centralized control systems. It will be examined there to learn more about the performance and condition of the gearbox.

Key Takeaways from the Industrial Planetary Gearbox Market Study:

The global industrial planetary gearbox industry grew at a considerable CAGR of 6.3% in the historical period between 2018 and 2022.
The United States industrial planetary gearbox industry is projected to showcase a CAGR of 5.5% from 2023 to 2033.
The United Kingdom is anticipated to reach a valuation of USD 227.8 million by 2033 in the industrial planetary gearbox industry.
In terms of end-use, the discrete industry segment is projected to showcase a CAGR of around 5.0% from 2023 to 2033.
Based on product, the standard segment is projected to register a CAGR of 5.1% in the forecast period.

“The demand for standard industrial planetary gearboxes is anticipated to increase due to the ongoing expansion of manufacturing companies and fast globalization. In terms of maintaining uniformity and efficiency across worldwide production sites, these are expected to be important.” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

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Competitive Landscape:

Leading manufacturers of industrial planetary gearboxes are spending a lot of money on research & development to improve the designs of their products. They are improving efficiency, torque capacity, durability, and compactness.

They are also implementing Industry 4.0 technology such as IoT sensors and predictive maintenance. They hope that these will aid them in enhancing the dependability and effectiveness of their own industrial planetary gearboxes. To draw in additional customers, they might also introduce an industrial planetary gearbox at the same time.

Key Players:

ABB Group
Bondioli & Pavesi India Pvt. Ltd
Bonfiglioli Italia S.P.A
Bonfiglioli Riduttori
China High Speed Transmission Equipment Group Company, Ltd

Market Segmentation:

By Product:

Standard
Precision

By End-Use:

Discrete Industry
Process Industry

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
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 Projection Affirms Global Plumbing Fitting & Fixtures Market Revenue to Exceed USD 164.8 Billion by 2033, Driven by 5.7% CAGR Growth

The global plumbing fitting & fixtures market is poised for steady growth, with a projected valuation of USD 164.8 billion by 2033. This expansion is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 5.7% from 2023. The market is already well-established, with a strong foundation of USD 89 billion in 2022 and an expected increase to USD 94.3 billion in 2023.

The growth of the plumbing fitting & fixtures market is driven by the increasing demand for these essential components in both residential and commercial sectors. Plumbing fittings and fixtures are crucial for the efficient flow and management of water and other fluids in various settings. From homes and commercial buildings to industrial facilities and hospitality establishments, these solutions are vital for maintaining modern living standards and operational efficiency.

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Driving Forces for Growth: Plumbing Fittings & Fixtures Market Trends

The dynamic forces of increasing urbanization and rapid commercialization are poised to usher in substantial expansion within the plumbing fittings & fixtures market. A noteworthy catalyst is the escalating emergence of eco-friendly and smart homes, adding impetus to market growth. The rising consumer penchant for enhancing the aesthetic allure of residences has notably propelled the market’s positive trajectory.

Furthermore, escalating demands for plumbing fittings & fixtures within the residential sector, alongside the execution of public infrastructural ventures encompassing malls, airports, and hospitals, are cultivating promising avenues for market growth.

The rapid pace of technological evolution in manufacturing, coupled with the introduction of novel and innovative products, is synergistically propelled by the robust growth of the construction industry and ongoing research and development endeavors, collectively fueling market expansion.

Of significant impact is the proliferating adoption of smart plumbing systems, water-efficient fixtures, and digital monitoring tools, rendering potential to significantly shape the market landscape. Innovations offering enhanced functionality, convenience, energy efficiency, and water conservation are garnering traction and driving the overarching market surge.

Key Insights:

During the period spanning from 2018 to 2022, the market exhibited robust demand growth, reflecting a notable Compound Annual Growth Rate (CAGR) of 7.0%.
Delineating by product type, the bathroom fixtures & fittings segment commands a substantial share, characterized by a steady CAGR of 5.6%.
In terms of application, the residential sector stands as a prominent growth driver, anticipated to expand at a CAGR of 5.4% throughout the projected timeframe.
Emerging onto the landscape, North America showcases promising potential, poised to attain a commendable CAGR of 5.7%.
Meanwhile, the Asia Pacific region emerges as an opportune market, projected to harness growth momentum, with an estimated CAGR of 5.5% foreseen during the forecast period.

Competitive Landscape and Noteworthy Developments:

Eminent contenders within the plumbing fitting & fixtures market encompass American Bath Group, American Standard Brands, Asahi Eito Co., Ltd., Cera Sanitaryware Ltd., Elkay Manufacturing Company, among other significant players.

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Noteworthy Market Developments Encompass:

July 2022: A pivotal collaboration took shape between Zurn Water Solutions and Elkay Manufacturing, culminating in the establishment of Zurn Elkay Water Solutions. This collaboration has birthed one of the preeminent providers of water management solutions, dedicated to enhancing both health and the environment. This combined entity boasts an extensive product array catering to diverse vertical segments. It offers solutions for vital sectors such as education and healthcare, addressing water quality and conservation challenges.
Masco Corporation: Positioned as a global frontrunner in the realm of plumbing fittings and fixtures, Masco Corporation holds a commanding presence. Their multifaceted product range, encompassing well-known brands like Delta Faucet, Hansgrohe, BrassCraft, and Liberty Pumps, reflects their industry leadership. This array incorporates an array of items, ranging from faucets and showers to toilets, sinks, and various plumbing accessories.

Key Segments Covered:

By Product Type:

Bathroom Fixtures & Fittings
Kitchen & Sink Fixtures & Fittings
Toilet & Sink Fixtures & Fittings
Others

By Application:

Residential
Commercial

By Region:

North America
Latin America
Europe
Asia 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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Real-Time Bioprocess Raman Analyzer Market Projected to Reach USD 33.7 Million by 2034 at a 4.8% of CAGR

The global real-time bioprocess Raman analyzer market is on track for significant growth, with projected sales expected to reach USD 21.1 million in 2024. The market is anticipated to expand at a compound annual growth rate (CAGR) of 4.8%, potentially achieving a valuation of USD 33.7 million by 2034.

This growth is driven by the increasing demand for process analytical technologies (PAT) in biopharmaceutical manufacturing. Real-time bioprocess Raman analyzers are becoming essential tools in the industry due to their ability to offer quick analysis, minimal sample preparation, and real-time monitoring. These capabilities are crucial for optimizing bioprocesses and ensuring high product quality.

The expansion of the market is further supported by advancements in Raman spectroscopy technology and its integration with automation systems. These technological developments enhance the functionality and efficiency of Raman analyzers, making them increasingly valuable in the biopharmaceutical sector.

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Key Highlights:

Market Growth: The global market for real-time bioprocess Raman analyzers is expected to achieve sales of US$ 21.1 million in 2024, with a projected CAGR of 4.8%.
Transformative Technology: Real-time Raman analyzers provide real-time monitoring and analysis of bioprocesses, enabling precise control and optimization of production processes.
Industry Evolution: The adoption of real-time Raman analyzers is poised to revolutionize bioprocessing across diverse industries, driving efficiency, quality, and innovation.
Future Potential: By 2034, the market is anticipated to reach a potential of US$ 33.7 million, reflecting the growing demand for advanced bioprocessing solutions.

The future of bioprocessing lies in real-time insights and precise control, and real-time Raman analyzers offer the key to unlocking this potential. As industries seek to enhance efficiency, reduce costs, and improve product quality, the demand for real-time bioprocess monitoring solutions is expected to soar.

Key Takeaways from Real-time bioprocess Raman Analyzers Market Study

The global Real-time bioprocess Raman Analyzers market is estimated to surpass US$ 8.7 Mn by 2021
The U,S, will emerge as dominant market in North America, accounting for over 95% of the overall sales
The U.K. will exhibit growth at a positive pace. According to FMI, it is expected to register nearly 20% Y-o-Y growth in 2021
Both Germany and France are expected to emerge as attractive markets for realtime bioprocess raman analyzer in Europe
Within East Asia, China will account for higher share of proceeds gained by the market
“Increasing research and development activities are expected to boost the growth for Real-time bioprocess Raman Analyzers Market. On the other hand, there is a rising demand for quality healthcare and pharmaceuticals. This has been creating significant growth opportunities for key players” says the FMI Analyst

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Real-time bioprocess Raman Analyzers Market by Category Component Type

Instruments
- Raman Analyzers
- Raman Probes
Software

Application

Lab to Process Analysis
Bioprocess Analysis

End User

Biopharmaceutical Companies
Contract Manufacturing Organizations
Research Organizations

Region

North America
Europe
Asia Pacific
Rest of World

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T: +1-845-579-5705

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Website: https://www.futuremarketinsights.com
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Global Gem Faceting Machine Market Size Expected to Drive Past USD 1,270 Million by 2034, Driven by 4.10% CAGR Growth

The gem faceting machine market demonstrated robust growth in 2024, surging to USD 849.8 Million. It is poised to witness further expansion, reaching an estimated USD 1,270 Million by 2034. Forecasts indicate a steady upward trajectory, with a CAGR of 4.10% from 2024 to 2034. The rising demand for customized gemstones, especially in jewelry and luxury goods, fuels the need for high-precision faceting machines.

Technological advancements in gemstone cutting and polishing equipment enhance efficiency and productivity, driving manufacturers to upgrade their machinery. Moreover, the growing popularity of gemstone-based healing therapies and spiritual practices is expanding the consumer base, leading to increased demand for faceted gemstones and, consequently, the machines used to produce them.

The gem faceting machine industry faces certain challenges. One significant restraint is the high initial investment required for purchasing and maintaining faceting machines, which may deter small-scale jewelers and artisans from adopting advanced equipment. Additionally, the skilled labor required to operate these machines is becoming increasingly scarce, leading to labor shortages and hindering production capacity. Furthermore, fluctuations in gemstone prices and market demand pose risks to manufacturers, making it challenging to accurately forecast future sales and investments.

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Several opportunities exist for players in the gem faceting machine industry. One notable opportunity lies in the growing trend of sustainable and ethical gemstone sourcing, driven by consumer demand for responsibly sourced products. Manufacturers can capitalize on this trend by investing in eco-friendly faceting machines and promoting transparency in their supply chains. Recent trends in the gem faceting machine industry point towards technological innovation and product diversification. One emerging trend is the integration of automation and artificial intelligence (AI) technologies into faceting machines, enabling higher precision and efficiency in gemstone cutting processes.

Another trend is the development of compact and portable faceting machines, catering to the needs of hobbyists and small-scale jewelers who require space-saving equipment. Furthermore, there is a growing demand for multifunctional faceting machines that can handle various gemstone shapes and sizes, providing versatility to manufacturers and artisans alike. Lastly, the adoption of digital gemstone design software is streamlining the faceting process and enabling customization, reflecting the industry’s shift towards digitalization and modernization.

Key Takeaways from the Gem Faceting Machine Market Report:

Semi-automatic machines lead with a substantial 50% share in the gem faceting machine market.
Gemstone manufacturers are poised to dominate, capturing a significant 70% share in 2024.
The United States gem faceting machine market is set to grow steadily at a CAGR of 40%.
The United Kingdom’s gem faceting machine market is expected to experience a CAGR of 90%.
China’s gem faceting machine market is projected to grow at a CAGR of 40% through 2034.
Japan’s gem faceting machine sector showcases a CAGR of 70% until 2034.
India emerges as a promising market, forecasted to achieve a notable CAGR of 30% until 2034.

“The expanding eCommerce market presents new avenues for reaching a broader customer base and facilitating online sales of faceting machines and related accessories. Additionally, partnerships with gemstone mining companies and jewelry retailers can open doors to new markets and distribution channels, driving growth in the industry. ” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Companies in the Market:

Ultra Tec
L. Hall & W.P. Hall
Jarvi Tool
Graves Gem Machinery
Polymetric Incorporated
Facette GemMaster
Maschinenbau Kern GmbH
EGIL
Dia-Holding GmbH
Brixia Diamond Tools

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Gem Faceting Machine Market Segmentation Analysis:

By Machine Type:

Manual
Semi-Automatic
Automatic

By Application:

Gemstone Cutting
Gemstone Polishing

By Operation Mode:

Rotary Faceting Machines
Linear Faceting Machines

By End-User:

Gemstone Manufacturers
Jewelry Designers and Manufacturers

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
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.

About Future Market Insights (FMI):

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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FMI Projection States East Asia Safety and Process Filter Industry to Reach USD 14,722.5 Million by 2034, Driven by 7.6% CAGR Growth

The East Asia safety and process filter industry value is forecast to increase from USD 7,075.7 million in 2024 to USD 14,722.5 million by 2034. Over the assessment period, demand for safety and process filters in East Asia is projected to grow at a CAGR of 7.6%.

Expansion of end-use industries like shipyards, refineries, petrochemical and chemical plants, fuel storage facilities, and environmental engineering is projected to be one of the key growth factors influencing the safety and process filter industry in East Asia. These include requiring safety and process filters for multiple operations.

The adoption of filtration technology to reduce pollution, conserve resources, and encourage eco-friendly practices is driven by the strict regulatory landscape of safety and process filters in East Asia. Increasing awareness of environmental challenges and sustainability is also set to contribute to high demand.

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Industrial filters are essential for pollution prevention, wastewater treatment, and emissions reduction. This is projected to push demand as government bodies are mandating use to help meet corporate sustainability goals.

Rapid investments in infrastructure projects, manufacturing facilities, and industrial zones are also set to propel the penetration of eco-friendly safety and process filters in East Asia. Installing filtration systems is essential for safe and effective operation, equipment protection, and regulatory compliance of newly constructed petrochemical plants, refineries, shipyards, and chemical complexes.

Key Takeaways from the East Asia Safety and Process Filter Industry Report:

Sales of safety and process filters grew at a CAGR of 3.3% between 2019 and 2023 in East Asia.
Tier 1 companies comprise leaders with a revenue of above USD 500 million, capturing a significant share of 45 to 50% in East Asia.
China’s safety and process filter sector is projected to reach USD 8,911.8 million by 2034.
Japan’s sector is projected to reach USD 4,128.9 million by 2034.
Based on end-use, the refineries and petrochemical plants segment is set to exhibit a CAGR of 7.9% during the forecast period.

“Rapid expansion of several sectors, including manufacturing, pharmaceuticals, and electronics, in East Asia is projected to create new growth opportunities. This growth is pushing the need for a clean and safe working environment, thereby increasing the demand for protective components like filters,” Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape:

The East Asia safety and process filter industry is moderately consolidated, with leading players accounting for about 45% to 50% share. Parker Hannifin Corporation, Eaton, Freudenberg Filtration Technologies, 3M Company, Donaldson Company, Inc., Pall Corporation, Pentair plc, Filtration Group Company, and Mann+Hummel Group are the leading manufacturers and suppliers of Safety and Process Filters listed in the report.

Recent Developments-

In March 2024, United States-based Filtration Group acquired Universal Air Filter (UAF). This acquisition strengthens the product portfolio and distribution channel of Filtration Group.
In April 2023, Amazon Filters, a United Kingdom-based filter manufacturer, launched a novel mechanical safety interlock. The product can be utilized on four leading process industry housings offered by the company.

Key Company of the East Asia Safety and Process Filter Industry:

Parker Hannifin Corporation
Eaton
Freudenberg Filtration Technologies
3M Company
Pall Corporation
Donaldson Company, Inc.
Pentair Plc
Mann+Hummel Group
Industrial Filter Manufacturers
Industrial Filtration
Merck KGaA
Filtration Group Company
Atmus Filtration Technologies Inc.
Fil-Trek Corporation
Entegris, Inc.
W. L. Gore and Associates, Inc.
ESMIL Group
Sartorius Group

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Key Segments of East Asia Safety and Process Filter Industry Report:

By Filter Type:

Activated carbon filters, coalescing filters, back-flushing filters, membrane filters, and metallic cartridge filters are the leading types of filters in East Asia.

By Product Type:

Two dominant types of products are safety filters and process filters.

By Application:

A few leading applications include dust removal, odor removal, toxic gas removal, corrosive gas removal, and other applications.

By End-use:

Leading end-uses are shipyards, refineries and petrochemical plants, chemical processing industries, environmental engineering companies, fuel storage facilities, and others.

By Region:

Information about key countries across East Asia, including China, Japan, and South Korea, is given.

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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3D Bioprinting Market Projected to Surge to USD 6.82 Billion by 2034 at a 11.8% of CAGR

The global 3D bioprinting market is on a significant growth trajectory, with projections indicating it will reach USD 2.24 billion by 2024. The market is expected to experience substantial expansion, with a forecasted valuation of USD 6.82 billion by 2034, reflecting a remarkable compound annual growth rate (CAGR) of 11.8% during the period from 2024 to 2034.

This impressive growth is driven by several key factors, including advancements in tissue engineering and regenerative medicine. The increasing collaboration between research institutions, biotech companies, and healthcare providers is further accelerating the development and adoption of 3D bioprinting technologies. Additionally, rising investments in bioprinting technology and a growing demand for personalized medicine are contributing to the market’s robust expansion.

3D bioprinting, which involves creating complex biological structures using advanced printing techniques, is revolutionizing the field of regenerative medicine. The technology holds promise for developing customized tissue and organ replacements, advancing research capabilities, and improving patient outcomes through personalized treatments.

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Key Takeaways

The 3D cell culture method is an effective alternative to overcome the existing organ donation shortage crisis faced by the world. According to the U.S. Government Information on Organ Donation and Transplantation, more than 113,000 people are on the waiting list as of July 2019. The unavailability of organs for transplant cause the death of 20 patients per day.
3D bioprinting can be a significant solution to the organ transplant waiting for crisis so that patients can receive an organ for transplant in time. 3D bioprinting technology has been used in regenerative medicine through printed devices such as 3D printing surgical instruments and prosthetics. Currently, researchers are testing out bio-ink as a way of printing cartilage, bones, and vital organs.
The ongoing research on regenerative medicine and advancements in tissue engineering are focusing on the regeneration of damaged tissues and organs with the help of 3D bioprinting. A group of scientists from Tel Aviv University developed a fully vascularized heart using 3D bioprinting by using fat tissue cells from a donor. This has led to the development of 3D bio-printed heart tissue. Scientists from Swansea University UK developed a 3D bioprinting process by using regenerative and durable biomaterial.

Key Highlights:

Market Growth: The global 3D bioprinting market is projected to grow from $2.24 billion in 2024 to a staggering $6.82 billion by 2034, at a CAGR of 11.8%.
Technological Advancements: Breakthroughs in tissue engineering and regenerative medicine are revolutionizing the capabilities and applications of 3D bioprinting.
Strategic Collaborations: Partnerships between research institutions, biotech firms, and healthcare providers are accelerating innovation and adoption of bioprinting technologies.
Investment Surge: Rising investments in bioprinting technology are fueling market growth and facilitating the development of cutting-edge solutions.
Personalized Medicine: The increasing demand for personalized medicine is driving the adoption of 3D bioprinting, enabling customized healthcare solutions.

The FMI report underscores the transformative potential of 3D bioprinting in healthcare, offering groundbreaking solutions for complex medical challenges. As the technology continues to evolve, its applications are expected to expand, bringing new opportunities for innovation and improving patient outcomes.

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Competitive Landscape

The key players operating in the 3D bioprinting market are currently strengthening their materials portfolio. This is mainly done by adding new metals to the product portfolio. Apart from that, technological upgradation is also being done by the key players to simplify the processes. 3D Systems, GE Healthcare, ExOne, Electro Optical Systems, Renishaw plc, and others are the top player of the 3D bioprinting market.

More Insights into the 3D bioprinting market

The Asia Pacific region is expected to dominate the global 3D bioprinting market over the assessment period. As per FMI analysis, developing economies like India, China, and Japan are expected to make massive contributions, owing to massive investment in the healthcare sector. Additionally, increasing disposable income is also expected to surge the market share in this region.

China is expected to generate reasonable revenue in the global market since the Chinese government is offering to fund the establishment of a manufacturing facility for the production of biomaterials and studying 3D-printed organs and tissues. In 2015, Materialise NV. opened its first pediatric 3D medical research facility at the Children’s Medical Center, in Shanghai, China. The focus was on pediatric 3D modeling and medical imaging and 3D fabrication.

3D Bioprinting Market Segmentation

By Technology:

Stereolithography
Selective Laser Sintering
Electron Beam Melting
Fused Deposition Modeling
Laminated Object Manufacturing
Inkjet Printing
Multi-phase Jet Solidification

By Application:

Surgical Simulation and Training Models
Prosthetic Devices
Tissue Engineering and Regenerative Medicine
Orthopedic Implants
Dental Implants
Medical Sensors
Others

By End User:

Medical Device Manufacturers
Pharmaceutical Companies
Research & Academic Institutions
Contract Research Organizations

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Global Lined Valve Market Revenue to Surpass USD 5.1 Billion Milestone by 2034, Growing Steadily at 4.1% CAGR | FMI Study

The lined valve market is expected to be valued at USD 3.4 Billion by 2024. The market valuation is registered to be USD 5.1 Billion by 2034, projected at a CAGR of 4.1%.

The growth in the need for corrosion-resistant valves in sectors like water treatment, chemical processing, and oil and gas extraction is a major motivator. Lined valves for industrial facilities have a protracted lifespan with lower maintenance costs due to their better tolerance for corrosive substances, achieved through coatings such as rubber or PTFE.

Strict environmental rules requiring the use of eco-friendly materials in industrial processes also inflame the need for lined valves. Such valves help businesses ensure legal requirements while preserving operational effectiveness.

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Threats and difficulties for the lined valve market are also lined up. The price volatility of raw materials, mainly for commodities like rubber and PTFE, is a serious danger. The cost of materials fluctuates, affecting the prices of lined valves and reducing the profit margins of the manufacturers.

The lined valve market offers a significant market opportunity presented by the rise in the usage of lined valves in emerging economies, where industrial infrastructure construction is intensifying. With developments in valve design and manufacturing techniques, manufacturers innovate and create high-performance lined valves with improvised characteristics that meet certain industrial requirements.

Key Takeaways from the Market Study:

Under type, the ball valve segment is registered to expand at 4% CAGR by 2034.
The United Kingdom is estimated to register at a CAGR of 8% by 2034.
Japan experiences significant growth, projected at a CAGR of 5% by 2034.
Based on material, the polytetrafluoroethylene (PTFE) segment is registered to rise at 8% CAGR by 2034.

“The accelerating demand for corrosion-resistant solutions across industries is one significant driver for the lined valve market,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

Important companies offer various lined valve products and tend to lead the lined valve industry. Because of the cutthroat competition, businesses prioritize product innovation and quality to hold onto market share.

Regional firms, hence, add to the competitive environment by serving specialized markets and particular client needs. Some of the key developments are:

In July 2022, Valworx introduced a new series of all stainless air-actuated sanitary butterfly valves. The valves were equipped with Tri-Clamp ends and meet USDA, FDA, and 3-A standards, making them suitable for pharmaceuticals, food, beverage, etc.
In July 2022, Valmet launched Neles Q-Disc, enhancing its butterfly valve range. The innovation assisted its flow balancing in control valve applications, preventing the need for oversized actuators.

Key Manufacturers of Lined Valves:

Emerson
Flowserve Corporation
Crane Co
Neles
KITZ Corporation
Entegris
Samson
Bray International
ChemValve-Schmid AG
EBRO ARMATUREN Gebr
Bröer GmbH

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Lined Valve Market Segmentation Analysis:

By Type:

Ball Valve
Butterfly Valve
Plug Valve
Globe Valve
Gate Valve
Others

By Material:

Polytetrafluoroethylene (PTFE)
Perfluoroalkoxy (PFA)
Modified Polytetrafluoroethylene (TFM)
Polychlorotrifluoroethylene (PCTFE)
Others

By Industry:

Chemical
Petrochemical
Pharmaceuticals
Food & Beverages
Pulp & Paper
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
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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FMI Report Projects USA Hydrogen Electrolyzer Market Size to Exceed USD 790.8 Million by 2033, Driven by an Outstanding 23.8% CAGR

The USA hydrogen electrolyzer market is poised for remarkable growth, with projections indicating a robust CAGR of 23.8% from 2023 to 2033. By 2033, it is expected to attain a valuation of approximately USD 790.8 million, marking substantial expansion from the anticipated valuation of around USD 93.2 million in 2023.

Notably, the demand for polymer electrolyte membrane (PEM) electrolyzers is anticipated to play a pivotal role, contributing to over 45% of the market value share by 2023. This significant market share is attributed to the sustained demand for supplementing the natural gas grid to enhance efficiency and facilitate vehicle fueling.

Hydrogen-producing electrolyzers serve as pivotal devices, employing electrolysis to produce hydrogen through the separation of oxygen and hydrogen molecules, driven by electrical energy. As the market continues to evolve, these electrolyzers are expected to play a crucial role in meeting the growing demand for hydrogen across various sectors.

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Growth Factors

The surge in demand for hydrogen electrolyzers in the USA can be attributed to several factors, including legislative initiatives aimed at reducing carbon emissions and increasing financial backing for renewable energy initiatives. The market stands to witness significant growth with the emergence of new and more efficient electrolyzer technologies.

Government-led endeavors to mitigate carbon emissions play a pivotal role in propelling sales of hydrogen electrolyzers. In the USA, legislative measures and policies are actively promoting the adoption of sustainable energy alternatives, particularly hydrogen fuel.

For instance, the USA General Services Administration (GSA) has committed to transitioning to exclusively renewable energy sources for its federal real estate portfolio by the year 2025.

Moreover, the hydrogen electrolyzer industry is expected to receive a boost from substantial adaptations in manufacturing processes triggered by the pandemic in 2020. As businesses pivot towards cleaner, more reliable, and environmentally friendly energy sources, strategic alignment becomes imperative.

Market Trends

The utilization of hydrogen in refinery hydro-processing has witnessed a notable uptick in recent years, along with a growing presence in various secondary end-user sectors, driving demand in the USA.

Specifically, the USA has experienced a significant surge in the demand for hydrogen, particularly in the production of ultra-low sulfur diesel fuel.

Furthermore, the escalating demand for environmentally sustainable energy sources has propelled the market expansion of hydrogen electrolyzers in the USA. This surge is fueled by the increasing preference for cleaner energy alternatives.

Additionally, there is a notable trend towards on-site hydrogen generation among diverse end users, owing to several compelling environmental and economic advantages. These benefits include reduced transportation costs and emissions, as well as mitigated risks associated with gas handling and storage inadequacies.

Key Companies

ABB Ltd.
Bloom Energy
Nel Hydrogen
Air Liquide
Plug Power Inc.
Giner Inc.
Ballard Power Systems
ITM Power Plc
Siemens AG
Tianjin Mainland Hydrogen Equipment Co. Ltd
Gaztransport & Technigaz
Pure Energy Centre
Idroenergy
Erredue SpA
Swiss Hydrogen SA
Shandong Saikesaisi Hydrogen Energy Co., Ltd.
Next Hydrogen

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USA Hydrogen Electrolyzer Market Outlook by Category

By Product Type:

Polymer Electrolyte Membrane (PEM) Electrolyzer
Alkaline Electrolyzer
Solid Oxide Electrolyzer

By Capacity:

Low (<= 150 kW)
Medium (150kW to 1mW)
- 150 to 400 kW
- 400 to 750kW
- 750 to 1mW
High (> 1mW)
- 150 to 400 kW
- 400 to 750kW
- 750 to 1mW

By Outlet Pressure:

Low (≤10 bar)
Medium (10 bar to 40 bar)
High (≥ 40 bar)

By End-use Industry:

Ammonia
Methanol
Refinery/Hydrocarbon Processing
Electronics
Energy
Power to Gas
Transport
Metal Production & Fabrication
Pharma & Biotech
Food & Beverages
Glass Industry
Others

By Region:

West USA
Midwest USA
Northeast USA
South USA

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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