Traction Motors Market: Growth Prospects with CAGR of 13.0% and USD 30.0 Billion Projected by 2032

The Traction Motors Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Traction Motors market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Traction Motors. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2032. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Traction Motors Market is currently undergoing a significant surge, primarily attributable to the escalating need for eco-friendly transportation modes. With a growing global emphasis on sustainable practices, electric vehicles (EVs) have emerged as a pivotal driving force within the automotive sector. This market’s upward trajectory is primarily steered by the robust sales of battery-electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs).

Projections indicate that the global traction motor market is poised to expand at a Compound Annual Growth Rate (CAGR) of 13.0% between 2022 and 2032, with an expected value surpassing USD 30 billion by the end of that period. Moreover, global sales are forecasted to achieve an impressive growth rate ranging between 12 to 15%. The burgeoning demand for these high-performance motors has propelled substantial advancements within this sector, which previously encountered limited competition until the advent of groundbreaking technological innovations, rendering some older models obsolete.

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Rising Sales of BEVs and PHEVs Foster Market Growth

The rapid evolution of the global Traction Motors Market can be attributed primarily to the increasing preference for environmentally sustainable transportation solutions. In this context, the significant role played by electric vehicles (EVs) in reshaping the automotive industry toward a more sustainable trajectory cannot be understated. The market’s expansion is underpinned by the escalating uptake of battery-electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs).

Moreover, the introduction of eco-friendly hybrid technology as an alternative fuel source is fostering an upsurge in market demand. Stringent government regulations aimed at curbing vehicular emissions and mitigating environmental pollution, coupled with initiatives to encourage the adoption of electric vehicles, are further amplifying the market’s scope. According to the projections outlined by Future Market Insights (FMI) for the period spanning 2022 to 2032, the global Traction Motors Market is anticipated to register a significant compound annual growth rate (CAGR) over the forecast period.

Proliferation of Sustainable Electric Mobility Create Significant Market Opportunities

The automotive industry worldwide is moving towards manufacturing ultra-lightweight, more sustainable vehicles that are innovative and affordable, increasing the global electric traction motor industry share. Governments in countries worldwide have realized the potential of electric vehicles. Resultantly, many of them have initiated new policies and proposals for e-mobility infrastructures.

Such initiatives have helped them meet their goals to address climate change and net-zero carbon targets. Additionally, large-scale uses of hypercars and increasing government initiatives to revolutionize e-mobility influence the market growth. Simultaneously, the government incentive programs to encourage EV manufacturers for increased hybrid electric vehicle production impact market growth positively.

High Manufacturing Cost is a Major Headwind Impeding Market Growth

The high costs of these traction motors are a major factor impeding the market growth. Also, volatility in price and the demand-supply gap in raw materials required for production affect market health. Nevertheless, technological upgrades expected in the recent future would support market growth throughout the assessment period, offering cost-competitive manufacturing techniques.

COVID 19 Impact on the Market

The onset of COVID 19 affected the electric traction motor industry severely. Lockdown mandates implemented to control the virus spread disrupted the supply chain severely, making industry players face various problems, including obtaining raw materials & and components, attracting workers from quarantines required for the production, and delivering end products to the market.

At the same time, the rising demand for healthcare products to treat patients affected with Coronavirus offered substantial opportunities, driving the uptake of electric mobility in the logistic industry. Resultantly, the Traction Motors Market is rapidly returned to normal, witnessing the steadily increasing demand. The market demand is anticipated to pick up further following the uplift of the lockdown in many countries.

Segments

The market is segmented into types, power ratings, applications, and regions. The type segment is sub-segmented into AC motors and DC motors. The AC motor segment accounts for the largest market share, witnessing the high demand from electric vehicles and railway sectors.

The power rating segment is sub-segmented into <200 kW, 200 kW to 400 kW, and >400 kW. The application segment is sub-segmented into railways, electric vehicles, elevators, conveyors, industrial machinery, and others. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.

Regional Analysis 

Asia Pacific dominates the global Traction Motors Market, mainly due to the rising popularity of alternative fuel vehicles. Besides, growing investment in rolling stock and focus on electric vehicles to reduce carbon emission drive the Traction Motors Market growth. Supportive government plans to improve manufacturing sectors boost the Traction Motors Market size.

Massively increased production and sales of e-vehicles in the region create lucrative growth opportunities. Also, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the Traction Motors Market revenue.

To tackle the increased fuel costs, the customers in this region prefer hybrid vehicles. Additionally, advancements in EV technologies and devices used for electric vehicles, alongside increasing government initiatives and stringent policies, and affordable prices of electric vehicles are major driving forces behind the growth of the Traction Motors Market value.

Increased government support for the hybrid electric vehicle industry in the region fosters market growth. Moreover, the underperforming and overburdened public transports system in India and China fosters market growth. China, India, and Japan account for major Traction Motors Market shares in the APAC, resulting in a continual increase in private automobiles.

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Key Market Segments Covered in the Traction Motors Industry Research

Application:

  • Transportation
  • Industrial machinery and equipment
  • Others

End Users:

  • Hybrid vehicles
  • Compact construction equipment
  • Escalators
  • Elevators
  • Other (Washing machines, Electric Aircraft, etc.)

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

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Air Sampling Pump Industry: Anticipated 3.79% CAGR Leading to a Projected Market Value of US$ 68.27 Million by 2032

The Air Sampling Pump Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Air Sampling Pump market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Air Sampling Pump. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2032. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The heightened consciousness surrounding the well-being of workers in the industrial sphere has catalyzed an emphasis on fostering a salubrious work setting, particularly within the chemical and bakery sectors. This emphasis has subsequently led to a notable surge in the adoption of air sampling equipment, thereby propelling the expansion of the Air Sampling Pump Market. By leveraging dependable air sampling pumps, these industries can proficiently monitor and uphold adherence to regulatory benchmarks, ensuring the absence of detrimental airborne pollutants within the workplace environment.

Projections indicate that the air sampling pump market is poised to escalate from its 2022 valuation of US$47.06 million to an estimated US$68.27 million by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 3.79 percent. The perils associated with airborne particulates such as fibers, gases, vapors, and dusts can potentially instigate severe ailments affecting vital organs including the lungs, kidneys, and liver. Consequently, the practice of air sampling has gained widespread prominence as an indispensable technique for scrutinizing employee exposure to potential airborne hazards in the workplace.

Recent years have witnessed a noticeable upsurge in the significance of air sampling across diverse industrial domains, ranging from the assessment of flour dust exposure in bakery facilities to the monitoring of chemical vapors in manufacturing units. The implementation of air sampling serves as an effective mechanism for ensuring compliance with regulatory requisites pertaining to workplace health and safety, thereby contributing significantly to the overarching objective of safeguarding employee well-being.

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Air Sampling Equipment Market – Competitive Landscape

  • In January 2019, Restek launched radiello passive, diffusive air sampling badge for VOCs (Volatile Organic Compounds). Versatile radiello passive diffusive air samplers encompass a unique 3D radial design that provides various performance advancements over the traditionally used 2D flat axial air sampling equipment.
  • In July 2018, the air sampling, noise & vibration monitoring specialist, Casella introduced the Flow Detective air sampling pump calibrator. Flow Detective is a novel air sampling equipment that can measure pulsation, with a 70-hour battery life, which is double the duration of other products available in the market.

Air Sampling Equipment Market DynamicsGrowing Concerns about Health & Safety in Workplace :
Increasing concerns regarding worker health and safety in various industries have prompted a significant focus on ensuring a healthy work environment for employees. Notably, sectors such as chemical and bakery industries are progressively adopting air sampling equipment to uphold workplace air quality in line with regulatory standards. By consistently measuring the concentration of airborne contaminants, these industries are effectively reducing workers’ exposure to polluted air, thereby mitigating the risks of chronic respiratory ailments, including asthma, and occupational cancers.

The escalating stringency of air pollution regulations is notably fueling the surge in demand for air sampling equipment. Regulatory bodies such as the Occupational Safety and Health Administration (OSHA) in the USA and the Health and Safety Executive (HSE) in the UK have imposed strict limitations on the exposure to various hazardous substances, thus necessitating compliance from industrial stakeholders. These regulations include the imposition of Workplace Exposure Limits (WELs) by HSE, defining the maximum concentration of hazardous airborne substances that a worker can be exposed to during a designated time frame, typically an 8-hour shift. These WELs are applicable to any individual operating within an environment where hazardous substances are present.

Consequently, industries are proactively investing in advanced air sampling equipment and air monitoring systems to create and maintain a safe and healthy workplace environment. The increasing prevalence of such stringent regulations is notably propelling the growth trajectory of the air sampling equipment market, signaling a growing emphasis on prioritizing worker well-being and fostering a culture of occupational safety.

Air sampling equipment market report covers exhaustive analysis on:

  • Air Sampling Equipment Market Segments
  • Air Sampling Equipment Market Dynamics
  • Air Sampling Equipment Market Size
  • Air Sampling Equipment Market Supply & Demand
  • Current Trends/Issues/Challenges in Air Sampling Equipment Market
  • Competition & Companies involved in Air Sampling Equipment Market
  • Technology in Air Sampling Equipment Market
  • Value Chain

Air sampling equipment market regional analysis includes:

  • North America (U.S., Canada) air sampling equipment market
  • Latin America (Mexico, Brazil, Argentina, Chile, Peru) air sampling equipment market
  • Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe) air sampling equipment market
  • CIS and Russia air sampling equipment market
  • Asia-Pacific (China, India, ASEAN, South Korea) air sampling equipment market
  • Japan air sampling equipment market
  • Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel) air sampling equipment market

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The air sampling equipment report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with air sampling equipment market attractiveness as per segments. The report also maps the qualitative impact of various market factors on air sampling equipment market segments and geographies.

Air Sampling Equipment Market Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and Products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

Key Segments Profiled in Air Sampling Pump Market

By Flow Type:

  • High flow
  • Low flow

By Product Type:

  • Personal air sampling pumps
  • Area air sampling pumps

By Application:

  • VOCs (Volatile Organic Compounds) & SVOC (Semi volatile Organic Compound) sampling
  • Building-materials sampling
  • Formaldehyde sampling
  • Other

By Region:

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

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us :

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Global Straw Market Projected to Exceed USD 32.2 Billion by 2033: Driven by Shift Towards Sustainable Packaging

Global Straw Market
                                                                                 Straw Market

The global straw market is poised for substantial growth, with projections indicating a robust CAGR of 5.3% during the forecast period. Starting from a valuation of USD 19.2 billion in 2023, the market is anticipated to surpass USD 32.2 billion by 2033. This growth is driven by increasing adoption of sustainable packaging solutions and rising consumer awareness regarding environmental impact.

Core Concepts in the Straw Industry

  • Expected Market Size in 2023: The straw market is expected to reach US$ 19.2 billion in 2023.
  • Growth Rate Projection: The market is anticipated to grow at a CAGR of 5.3% from 2023 to 2033.
  • Demand Forecast: By 2033, the straw market is forecasted to surpass US$ 32.2 billion.
  • Significant Region: Europe is expected to be the dominant market for straws.
  • Main Market Drivers: Key drivers include the availability of eco-friendly solutions and increasing demand for smart packaging solutions.
  • Projected CAGR for North America: North America’s market is expected to grow at a CAGR of 9.5% until 2033.

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One of the key drivers of market growth is the increasing demand for smart packaging solutions that utilize disposable straws due to their non-biodegradable nature. Additionally, the availability of straws in various shapes, sizes, and colors caters to diverse consumer preferences, further boosting market demand. Moreover, the food industry’s preference for straws to maintain hygiene levels in service is contributing significantly to market growth.

The paper straw segment is expected to witness considerable sales growth throughout the forecast period. Paper straws offer durability, sturdiness, and absorbency, reducing the need for excessive single-use consumption and consequently minimizing waste. However, challenges such as production costs and mechanical properties may hinder market expansion.

Nevertheless, advancements in smart packaging solutions, including the use of disposable and biodegradable straws, present new opportunities for market growth. Recent initiatives such as UFlex Limited’s establishment of a manufacturing line for U-shaped paper straws in India signify industry innovation and commitment to sustainability.

The food and beverage industry remains a key consumer of paper straws, with the proliferation of food chain outlets expected to drive demand further. Europe leads the global straw market, emphasizing the reduction of single-use plastic straws in favor of reusable and biodegradable alternatives. Changing lifestyles, coupled with the adoption of eco-friendly packaging, are poised to bolster market growth in the region.

Challenges and Opportunities for Paper Straws:

  • Production Considerations: High production and processing costs may initially hinder the paper straw market’s expansion.
  • Mechanical and Absorption Issues: Some paper straws face challenges related to mechanical properties and liquid absorption.
  • Production Capacity Concerns: A potential lack of production capacity for paper straws could pose a risk during the forecast period.

Plastic Phase-Out Creates Space for Sustainable Alternatives:

The growing global concern over plastic pollution and subsequent bans on single-use plastic straws are creating significant opportunities for paper straws. As consumer awareness of the detrimental effects of plastic rises, paper straws are expected to gain traction across various industries.

Innovation in Focus:

The report highlights recent advancements in the straw market, including the development of biodegradable disposable straws used in smart packaging solutions. An example cited is UFlex Limited’s launch of a new manufacturing line for U-shaped paper straws in India (April 2022).

Food & Beverage Industry: A Key Driver:

The food and beverage industry is a major consumer of paper straws. The anticipated surge in the number of food chain outlets due to rapid development and population growth is expected to further increase the demand for paper straws.

Europe Leads the Charge:

Europe is expected to remain the global leader in the straw market, accounting for nearly 23.5% of the market share in 2022. This region is at the forefront of efforts to reduce single-use plastic straws, presenting substantial growth opportunities for paper straw manufacturers. The rise in soft drink consumption, coupled with growing adoption of eco-friendly packaging, further strengthens Europe’s position in the straw market.

Looking Ahead:

Changing lifestyles, increasing consumer preference for sustainable solutions, and the adoption of paper-based packaging are all expected to propel the straw market forward in the coming years. With a focus on innovation and eco-friendly materials, the paper straw segment is well-positioned to take the lead in this growing market.

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Straw Market Segmentation

By Product Type:

  • Plastic Straws
  • Bamboo Straws
  • Metal Straws
  • Paper Straws
  • Glass Straws
  • Silicone Straws
  • Others

By Straw Length:

  • <9 cm Straws
  • 9-15 cm Straws
  • 16-20 cm Straws
  • >20 cm Straws

By Sales Channel:

  • Straw Manufacturers
  • Straw Distributors
  • Straw Retailers
  • E-retail of Straws

By End Use:

  • Food Service
  • Institutional
  • Households

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East and Africa

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 Affirms Global Metal-air Battery Market Set to Surpass USD 2.8 Billion by 2034, Driven by an Outstanding 15.2% CAGR Growth

According to Future Market Insights (FMI), the growing popularity of electronic devices, the adoption of electric vehicles, and developments in laser and 3D printing are expected to drive the global metal-air battery market towards a USD 2.8 Billion valuation by 2034. From 2024 to 2034, the market is anticipated to expand at a CAGR of 15.2%. Metal-air batteries are expected to outperform lithium-ion batteries in several applications due to their lower cost, higher energy density, and lack of need for frequent recharging.

The potential for breakthrough innovations in electrode materials, electrolyte formulations, and system design holds immense promise for further enhancing the performance and viability of metal-air batteries across diverse applications.

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Innovations in electrode materials are crucial for improving metal-air batteries’ efficiency, stability, and longevity. Researchers are exploring novel materials with enhanced conductivity, surface area, and catalytic properties to optimize electrode oxygen reduction and evolution reactions. These advancements could lead to higher energy densities, faster charging rates, and extended cycle life for metal-air batteries.

Advancements in electrolyte formulations are key to addressing challenges such as electrolyte degradation, dendrite formation, and corrosion of electrode materials. Researchers are investigating new electrolyte chemistries, additives, and solvents to enhance ion conductivity, stability, and safety in metal-air batteries. These innovations are likely to improve battery performance and reliability by mitigating issues related to electrolyte decomposition and side reactions and increasing the demand for metal-air batteries.

“Innovations in system design, including cell architecture, packaging, and thermal management, are crucial for optimizing metal-air batteries’ performance and safety. These improvements are anticipated to enhance energy efficiency, reduce internal resistance, and improve thermal stability, making them more effective in various environments,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Takeaways from the Metal-air Battery Market:

  • The United States metal-air battery industry is projected to experience a CAGR of 15.5% through 2034.
  • Japan’s metal-air battery market is expected to rise at a CAGR of 15.7% through 2034.
  • The United Kingdom’s metal-air battery industry is anticipated to register a CAGR of 16.3% through 2034.
  • South Korean metal-air battery industry is expected to grow at a significant CAGR of 17.7% through 2034.
  • Chinese metal-air battery market is expected to witness a CAGR of 16.0% through 2034.

Competitive Landscape of the Metal-air Battery Market:

Through strategic initiatives, cooperative efforts, and unwavering innovation, establishments are playing a crucial role in creating the metal-air battery market’s future perspective. Innovative research on electrode materials, electrolyte formulations, and system designs is being carried out by research institutes with the aim of improving battery performance, energy density, and cycle life. Manufacturers of batteries make investments in infrastructure and increase production to keep up with the increasing demand for metal-air batteries from a variety of sectors.

In order to ensure battery development and deployment that is safe, dependable, and environmentally sustainable, regulatory authorities are setting standards and rules. To promote cooperation and information exchange among stakeholders and hasten the market’s expansion, industry groups are working to increase the use of metal-air batteries. All of these businesses are laying the groundwork for a future in which grid-scale energy storage solutions, electric cars, renewable energy systems, and the next generation of electronics are all powered by metal-air batteries. This is expected to make the transition to a more sustainable and energy-efficient future achievable.

Recent Developments in the Metal-air Battery Industry:

  • LG Energy Solution invested in Arizona-based Sion Power in January 2024, demonstrating its commitment to developing next-generation lithium-metal battery technologies, with the investment expected to be carried out by Bricks Capital Management and LG Technology Ventures.
  • Japanese scientists developed an all-solid-state rechargeable air battery (SSAB) in June 2023 using a proton-conductive polymer electrolyte and redox-active organic negative electrodes, utilizing organic compounds like quinone- and amine-based chemicals for redox processes involving protons and hydroxide ions.

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Key Companies in the Global Metal-air Battery Market:

  • ZAF Energy Systems
  • ACTXE Limited
  • PolyPlus Battery Company
  • GP Batteries International Limited
  • Arotech Corporation
  • Phinergy
  • NantEnergy
  • Log9 Materials
  • Electric Fuel Limited
  • Metalectrique
  • Eos Energy Storage
  • Fluidic Energy
  • Fuji Pigment Co., Ltd.
  • Changhong Batteries
  • STORNETIC GmbH
  • Phinergy
  • Alcoa Corporation
  • Duracell Inc.
  • Power Japan Plus
  • ReVolt Technology

Global Metal-air Battery Market Segmentation Analysis:

By Metal:

  • Zinc
  • Aluminium
  • Iron
  • Lithium
  • Others

By Voltage:

  • Low
  • Medium
  • High

By Application:

  • Electric Vehicles
  • Military Electronics
  • Electronic Devices
  • Stationary Power
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • 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.

About Future Market Insights (FMI)

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

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Degaussing System Market Projected to Drive Past USD 925 Million Mark by 2034, Growing Steadily at 3.6% CAGR | FMI Study

The degaussing system market is expected to be valued at USD 647.5 Million by 2024. The market valuation is estimated to be USD 925 Million by 2034, projected at a CAGR of 3.6%. Advanced materials might be incorporated into future degaussing systems to reduce magnetic signatures. Various naval vessels could be made from these materials, which would make them more efficient and lightweight.

Automating and integrating degaussing systems could make them more sophisticated. System integration would enable real-time adjustments based on changing operational conditions, making these systems more seamless. Adaptive degaussing might be included in future systems, in which the settings are dynamically adjusted in response to the vessel’s magnetic signature. In situations where the magnetic environment is variable, this could improve degaussing’s overall effectiveness.

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Degaussing systems may be miniaturized and reduced in weight through research and development. This technology provides effective degaussing for smaller ships or vessels with limited space, which is essential. Degaussing systems that are compact and lightweight have made significant advances in recent years. The installation of these systems on naval vessels is more flexible and requires less space, making it easier to incorporate into the design of modern ships.

Energy efficiency could be prioritized in future systems, utilizing advances in power management for reduced degaussing energy consumption. In addition to reducing a vessel’s magnetic signature, degaussing systems can be used in conjunction with other stealth technologies. Simulations and computational modeling could improve the accuracy of magnetic signature predictions. As a result, degaussing strategies could become more precise and effective.

Key Takeaways from the Market Study:

  • Japan is projected to reach a market value of USD 101.8 Million by 2034.
  • The medium vessel segment is registered to expand at 3.4% CAGR by 2034.
  • The United Kingdom is estimated to register at a CAGR of 5% by 2034.
  • China experiences significant growth, projected at a CAGR of 4.4% by 2034.
  • Based on the solution, the degaussing segment is anticipated to expand at 3.2% CAGR by 2034.

“With more investment being made in modernizing naval fleets, degaussing systems may become more popular as a way to protect ships,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

A mix of global and regional players characterizes a degaussing systems market competition. These companies use strategic partnerships and mergers to gain market share and meet consumer preferences by leveraging product quality, product design innovation, and pricing strategies.

Some of the key developments are:

  • In January 2022, AMSC, successfully delivered a superconductor-based ship protection system for the USS Fort Lauderdale (LPD-28). The delivery of this ship protection system marks the first of four contracts to be awarded to AMSC for the San Antonio Class Amphibious Ship platform. LPD 28 will be equipped with SPS, which AMSC is expected to support. USS Fort Lauderdale. (LPD-28) is the 12th, and last, of the USS San Antonio-class amphibious transport dock ships.
  • In August 2023, Indonesian Navy (TNI AL) was the recipient of two mine countermeasures vessels (MCMV), KRI Pulau Fani (731) and KRI Pulau Fanildo (732). For mine-hunting missions, their magnetic signature is reduced by their own degaussing system, which is made from non-magnetic steel. Additionally, both vessels have electric propulsion systems in order to minimize their acoustic signature.

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Key Companies Operating in the Industry:

  • LARSEN & TOUBRO LIMITED
  • Polyamp AB
  • Wärtsilä Ultra
  • ECA GROUP
  • IFEN S.p.a
  • Dayatech Merin Sdn Bhd
  • American Superconductor
  • STL Systems AG
  • Surma Ltd
  • L3Harris Technologies Inc.

More Valuable Insights Available:

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

To understand market opportunities, the degaussing system market is segmented based on vessel type (medium vessel, large vessel, small vessel), solution (degaussing, deperming, ranging), end-user (original equipment manufacturer (OEM), services, aftermarket) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).

Degaussing System Market Segmentation Analysis:

By Vessel Type:

  • Medium Vessel
  • Large Vessel
  • Small Vessel

By Solution:

  • Degaussing
  • Deperming
  • Ranging

By End-User:

  • Original Equipment Manufacturer (OEM)
  • Services
  • Aftermarket

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.

About Future Market Insights (FMI)

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

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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FMI Analysis States Global Power Grid Market Revenue to Exceed USD 471 Billion Mark by 2034, Driven by 4.6% CAGR Growth

The global power grid market size is poised for significant growth, reaching USD 300 Billion in 2024. Sales of power grids are expected to witness a robust CAGR of 4.6% from 2024 to 2034. By 2034, the demand for power grids is anticipated to reach a valuation of USD 471 Billion.

Driven by advancements in renewable energy technology, the goal of reducing transmission and distribution losses, and increasing energy efficiency, the power grid market is witnessing a trend toward decentralized power generation.

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Due to urbanization and industrialization, many industries, including manufacturing, healthcare, and data centers, are experiencing increased demand for a consistent and effective power supply. The power grid market is expanding due to the increased need for reliable infrastructure.

High transmission losses and reliance on specific energy sources like coal, natural gas, and others are expected to inhibit the growth of the power grid system market. Due to this dependence, the power grid is susceptible to changes in energy policy, fuel supply disruptions, and pricing variations.

Regional Outlook:

Government initiatives and growing environmental concerns are promoting the Asia Pacific region’s shift toward renewable energy sources. The demand for power grids in Asia Pacific is stimulated by the region’s rapid industrialization and urbanization, especially in developing economies like China and India.

To assist in the energy transition, Europe’s top priority is investing in power grid modernization projects, such as installing advanced grid management systems and extending interconnectors. The electric grid market landscape in North America is evolving due to the shift to renewable energy sources and the expansion of distributed energy sources, which mandate grid modernization and agility.

Key Takeaways:

  • The South Korea power grid market is anticipated to boom with a CAGR of 6.4% between 2024 and 2034.
  • China’s power grid system market is expected to surge with a CAGR of 6.1% through 2034.
  • The United Kingdom power grid market is predicted to thrive with a CAGR of 5.5% from 2024 to 2034.
  • Sales of power grids in the United States are projected to evolve with a CAGR of 5.0% through 2034.
  • Japan’s power grid market is likely to exhibit a CAGR of 3.7% through 2034.
  • The cables segment in the component category in the power grid industry is anticipated to develop with a CAGR of 4.4% through 2034.
  • In the power source category, the conventional power segment in the power grid market is envisioned to exhibit a CAGR of 4.1% from 2024 to 2034.

“Growing energy consumption and investments in grid modernization are expected to propel the power grid industry upward. The increasing adoption of smart grid technologies and renewable energy sources is a catalyst, generating opportunities for innovation and infrastructure advancement,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

The power grid market is characterized by fierce competition between major players, fueled by the shift to renewable energy sources and the rise in global energy consumption. Well-established power grid manufacturers compete for market share through joint ventures, technology breakthroughs, and international expansion. Traditional players face challenges from emerging power grid vendors frequently using novel solutions.

Government programs and regulatory frameworks are crucial in determining how the power grid system market is shaped. The emphasis on sustainability, dependability, and grid modernization fuels competitiveness as power grid providers compete to provide all-inclusive solutions. The electric grid market dynamism reflects the changing energy landscape and the necessity of effectively meeting the growing electricity demand.

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Key Players Operating in the Industry:

  • ABB
  • General Electric
  • Schneider Electric
  • Mitsubishi Electric
  • Siemens
  • Hitachi Energy
  • Eaton
  • Havells
  • Hubbell
  • Fuji Electric
  • Sumitomo Electric

Latest Developments:

  • GE Renewable Energy introduced HYpact switchgear in November 2022. It has various uses, including onshore wind substations and mobile (truck-mounted) substations. Lowering operational expenses and the customer’s environmental impact improves the electrical grid’s predictability.
  • Hitachi Energy and Schneider Electric announced a non-exclusive partnership in June 2022 to accelerate the energy transition and provide better value to customers. Hitachi benefits from Schneider Electric’s medium-voltage portfolio, and Schneider Electric is likely to utilize Hitachi’s high-voltage portfolio.

Global Power Grid Market Segmentation Analysis:

By Component:

  • Cables
  • Variables Speed drives
  • Transformers
  • Switchgear
  • Others

By Power Source:

  • Conventional Power
  • Renewable Power
  • Nuclear Power
  • Hybrid Power

By Application:

  • Generation
  • Transmission
  • Distribution

By Region:

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

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

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

About Future Market Insights (FMI)

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

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 Barrier System Market Anticipated to Drive Past USD 34 Billion Mark by 2034, Growing Steadily at 4.3% CAGR | FMI Analysis

The barrier system market is anticipated to be valued at USD 22.2 billion by 2024. The market valuation is estimated to be USD 34 billion by 2034, projected at a CAGR of 4.3%. The barrier system market encompasses various products and solutions that provide safety, security, and control in various environments. Barrier systems are utilized across diverse sectors, including transportation, industrial, commercial, and public spaces, to regulate access, manage traffic, enhance security, and ensure safety.

In transportation, barrier systems are critical in controlling traffic flow, guiding vehicles, and preventing accidents on roads, highways, bridges, and tunnels. They are employed in toll booths, parking lots, and vehicle checkpoints to facilitate orderly movement and manage congestion. Additionally, barrier systems are essential in railway stations, airports, and seaports to regulate passenger flow, protect infrastructure, and enhance security.

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Within industrial settings, barrier systems are deployed to safeguard workers, machinery, and materials in manufacturing plants, warehouses, and construction sites. They are physical barriers to prevent unauthorized access to hazardous areas, control pedestrian and vehicular traffic, and mitigate the risk of accidents and injuries. Industrial barrier systems include guardrails, safety barriers, bollards, and fencing solutions tailored to specific operational requirements.

In commercial properties such as retail stores, malls, and office buildings, barrier systems are utilized for crowd control, queue management, and theft prevention. Entrance gates, turnstiles, retractable barriers, and electronic access control systems help maintain order, ensure customer safety, and protect assets.

Public spaces such as parks, stadiums, and event venues rely on barrier systems to manage crowds, delineate boundaries, and enhance security during large gatherings and events. Temporary barriers, crowd control barriers, and barricades are deployed to channel foot traffic, create secure perimeters, and prevent unauthorized access to restricted areas.

Key Takeaways from the Market Study:

  • Under material type, the metals are registered to expand at 4.1% CAGR by 2034.
  • The United Kingdom is estimated to register at a CAGR of 5.5% by 2034.
  • China experiences significant growth, projected at a CAGR of 4.9% by 2034.
  • Based on application, the roadways segment is anticipated to expand at 3.8% CAGR by 2034.

“The increasing concerns regarding safety and security across various industries and environments is one significant driver for the barrier system market,”- says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Competitive Landscape:

In the competitive landscape of the barrier system market, several key players vie for market share, including established manufacturers, emerging startups, and regional suppliers. Competition revolves around product innovation, pricing strategies, distribution networks, and customer service.

Market leaders focus on expanding their product portfolios, strengthening brand presence, and forging strategic partnerships to gain a competitive edge in the industry. Some of the key developments are:

  • In January 2021, Betafence revealed its collaboration with Master Halco, a prominent wholesale distributor specializing in fence security solutions. This partnership designates Master Halco as the exclusive supplier of Betafence’s elite Prism 3-D welded wire products in North America.
  • In October 2022, Tata Steel Ltd. partnered with WMG, University of Warwick, to focus on developing new environmentally friendly steel grades that can be used for several applications.

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Key Players:

  • Gramm Barriers Systems Limited
  • Valmont Structures Pvt Ltd
  • Lindsay Corporation
  • Avon Barriers Corporation Limited
  • Barrier 1 Systems
  • Hill & Smith Ltd
  • Deltabloc International GmbH
  • Global Grab Technologies Inc
  • Tata Steel Group
  • Bekaert

More Valuable Insights Available:

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

To understand market opportunities, the barrier system market is segmented based on Material (Metal, Non-metal), Application (Roadways, Airports, Railways, Others), Device type (Fences, Bollards, Gate, Crash barrier systems, Drop arms), Technology (Rigid, Semi-rigid, Flexible), and Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa).

Barrier System Market – Key Segments:

By Material:

  • Metal
  • Non-metal

By Application:

  • Roadways
  • Airports
  • Railways
  • Others

By Device Type:

  • Fences
  • Bollards
  • Gate
  • Crash Barrier Systems
  • Drop arms

By Technology:

  • Rigid
  • Semi-rigid
  • Flexible

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

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

About Future Market Insights (FMI)

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

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

FMI Predicts Global Power Plant Boiler Market Anticipated to Reach USD 40 Billion Mark by 2034, Growing at 5.80% CAGR

The global power plant boiler market value is expected to rise from USD 22.7 Billion in 2024 to USD 40 Billion by 2034. This estimated growth is expected to be driven by a promising CAGR of 5.80% in the power plant boiler industry over the next decade.

Governments around the world are investing in upgrading their present power plants. This, along with the increasing construction of new power plants, is raising the demand for power plant boilers. Furthermore, advancements in technology, such as the advent of supercritical boilers, are positively impacting the power plant boiler market.

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Increasing projects to raise power capacity is augmenting the investments in power plant boilers. Additionally, upgrades in terms of efficiency and reductions in carbon emissions are driving innovations in the market. Rising investment projects in the industrial world also offer adequate business growth opportunities.

Key Takeaways from the Power Plant Boiler Market Report:

  • In 2023, the power plant boiler market attained a valuation of USD 21.3 Billion by exhibiting a CAGR of 7.5% from 2019 to 2023.
  • By technology, the subcritical segment is anticipated to record a CAGR of 5.5% over the forecast period.
  • Based on fuel type, coal segment is projected to record a 5.3% CAGR through 2034.
  • The United States holds a massive share in the power plant boiler market. By 2034, the country’s market is estimated to acquire USD 7.2 Billion, expanding at a 6.1% CAGR.
  • China ranks second in terms of market value. By 2034, this market is projected to attain USD 6.7 Billion. China is also anticipated to experience a slightly higher 6.8% CAGR.

“Players are focusing on bringing advancements in their boiler production and boiler design to meet the evolving user demands,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Market Strategies Employed by Players to Get Ahead in the Power Plant Boiler Market:

The power plant boiler market is fairly competitive. Key players are exploring opportunities in niche markets, such as small-scale modular reactors, combined heat and power (CHP) systems, and industrial applications for steam generation. Further, players are providing comprehensive lifecycle management solutions to attract end users. By developing strong after-sales support, the market players can increase their sales.

Industry players further enhance their reach by joining partnerships and participating in exhibitions and industry events. Companies are also prioritizing technologies that comply with stricter environmental regulations and reduce emissions. Additionally, players can build goodwill and brand reputation by engaging in corporate social responsibility initiatives.

Key Companies in the Power Plant Boiler Market:

  • General Electric
  • Babcock & Wilcox Enterprise
  • Mitsubishi Hitachi Power Systems
  • Siemens AG
  • Doosan Heavy Industries & Construction
  • Dongfang Electric Corporation
  • IHI Corporation
  • Andritz Group
  • John Wood Group
  • Bharat Heavy Electrical Limited
  • Thermax
  • Sumitomo Heavy Industries
  • Others

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New Developments in the Power Plant Boiler Market:

  • In October 2023, Babcock & Wilcox Enterprises, Inc. announced that its Canadian subsidiary, Babcock & Wilcox Canada Corp., has signed a multi-year maintenance contract with Newfoundland and Labrador Hydro to develop the Holyrood Thermal Generating Station in Newfoundland. The deal is worth USD 11 Million and enables consumers to take on more work.
  • In October 2023, Renova Inc., a Japanese renewable power producer, postponed the commercial operation of two biomass-fired power stations with a combined capacity of 150 MW. The 74.8-MW Tokushima Tsuda and 75-MW Ishinomaki Hibarino plants went online later in October and December 2023. The business attributed the delay in launch on final changes to turbine and boiler facilities.

Power Plant Boiler Market Segmentation Analysis:

By Technology:

  • Subcritical
  • Supercritical
  • Ultra-supercritical

By Fuel Type:

  • Coal
  • Nuclear
  • Gas
  • Oil

By Capacity:

  • Below 400 MW
  • 400-800 MW
  • Above 800 MW

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.

About Future Market Insights (FMI)

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

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Turboexpander Market Revenue to Exceed USD 2 Billion Milestone by 2034, Driving Steady Growth of 5.4% CAGR | FMI Study

According to Future Market Insights’ latest industry analysis, the global turboexpanders market size is estimated to be around USD 1.2 billion in 2024. It is projected to exhibit a CAGR growth of 5.40% over the forecast period, with an estimated market size of USD 2 billion by 2034.

The market for turboexpanders has been witnessing significant growth in recent years due to the increased demand for efficient natural gas processing plants, where they play a crucial role in gas processing and liquefaction. Industries are also placing a rising emphasis on optimizing energy usage and minimizing waste, with turboexpanders being used to harness the energy from high-pressure gas streams and convert it into mechanical power or electricity.

The surging demand for cryogenic applications in industries such as healthcare, food processing, and electronics is another factor driving the growth of the turboexpander market. Ongoing advancements in turboexpander design and manufacturing are leading to significant improvements in efficiency, reliability, and performance. This is also contributing to the widespread adoption of turboexpanders across various industries.

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The oil and gas sector is increasingly adopting turboexpanders, especially companies involved in natural gas processing plants, LNG facilities, and oil refineries for gas processing, gas liquefaction, and hydrocarbon recovery processes. The sales of turboexpanders are also growing among chemical plants, where companies use them for cryogenic applications such as the separation and purification of gases, as well as for energy recovery from high-pressure gas streams.

“Companies in the turboexpander market must explore opportunities to expand their presence in both established and emerging markets. They can also establish partnerships, open new service centers, or acquire local businesses to better serve customers worldwide,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Market Study:

  • The axial flow segment is poised to dominate the turboexpander industry with a market CAGR of 5.10%.
  • Based on the loading device, the compressors segment is set to lead the turboexpander industry with a CAGR of 4.80%.
  • The turboexpander industry in the United Kingdom is anticipated to develop at a modest CAGR of 6.90% through 2034.
  • The turboexpander market in China is estimated to rise at a CAGR of 6.40% through 2034.
  • The turboexpander industry in Japan has the potential to increase at a CAGR of 4.00% through 2034.
  • The United States turboexpander industry is predicted to rise by a CAGR of 5.80% through 2034.
  • The turboexpander industry in South Korea is very likely to develop at a CAGR of 7.40% through 2034.

Competitive Landscape of the Turboexpander Market:

Turboexpander technology has been gaining popularity in recent years due to its numerous benefits, including energy savings, reduced carbon footprint, and improved production efficiency. The market has a wide range of companies that cater to both international and domestic consumers. Prominent players such as Atlas Copco, Cryostar, Air Products and Chemicals, Inc., Baker Hughes, and General Electric invest heavily in research and development to enhance their products’ efficiency, functionality, and sustainability. These companies often receive grants and subsidies from the government to promote the adoption of turboexpander technology in various industries.

Key Companies in the Market:

  • Atlas Copco
  • Cryostar
  • Air Products and Chemicals, Inc.
  • Baker Hughes
  • General Electric
  • Siemens
  • Elliott Group
  • Turbogaz
  • L.A. Turbine
  • Kobelco
  • Hangyang
  • ACD
  • Cryoquip
  • Cryodynamics
  • GE Oil & Gas
  • Sulzer
  • R&D Dynamics Corporation
  • Howden
  • Toshiba
  • Voith Turbo

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Recent Developments in the Turboexpander Market:

  • Breaking the West’s monopoly, Iranian experts and technicians at Shazand Petrochemical Company in Markazi Province domestically designed and produced a turboexpander in May 2023. This achievement, announced by Iran’s Ministry of Petroleum’s Shana news agency, involved collaboration with a local knowledge-based firm, offering significant cost savings.
  • Partnering with Tallgrass and Evolve Energy, Sapphire Technologies shipped its largest batch of turboexpanders yet in June 2023. The delivery of four turboexpanders marked the beginning of a significant milestone, with plans for a 400% production increase by year-end.
  • In August 2023, Nikkiso Clean Energy & Industrial Gases Group’s Cryogenic Service unit, Nikkiso Cryogenic Services (NCS), expanded local support for Nikkiso products like ACD cryogenic pumps and turboexpanders in Brazil by partnering with Neuman & Esser (NEA) Brasil. The aim was to streamline repairs and enhance customer service.

Turboexpander Market by Segmentation:

By Product Type:

  • Axial Flow
  • Radial Flow

By Loading Device:

  • Compressor
  • Generator
  • Hydraulic/Oil-brake

By Power Capacity:

  • Less than 1 MW
  • 1MW – 4 MW
  • 5MW – 9MW
  • 10MW – 19MW
  • 20MW – 24 MW
  • 25 MW – 40 MW
  • Above 40 MW

By Application:

  • Air Separation
  • Oil & Gas Processing
  • Cryogenic Application
  • Others

By End Use:

  • Oil & Gas
  • Energy & Power
  • Chemical & Petrochemicals
  • Others

By Region:

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

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

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

About Future Market Insights (FMI)

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

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

FMI Analysis States Global Industrial Power Supply Market Aims to Surpass USD 21.5 Billion by 2034, Growing at 10.1% CAGR

The industrial power supply market is estimated to be worth USD 8.2 billion in 2024 and is projected to be valued at USD 21.5 billion in 2034. Between 2024 and 2034, the industry is poised to rise at a CAGR of 10.1%. The growing integration of industrial automation and the implementation of Industry 4.0 initiatives are contributing to a heightened demand for dependable and efficient power supplies. This demand stems from the necessity of providing stable and accurate power delivery to automation systems, encompassing PLCs, robotics, and control systems.

The increasing recognition of the importance of energy conservation and sustainability in industrial settings is fostering a preference for energy-efficient power supplies. Businesses are actively seeking power solutions that not only optimize energy consumption but also contribute to reducing overall operational costs. Global economic growth and the expansion of manufacturing and industrial infrastructure contribute to increased demand for power supplies. As industries expand, there is a need for reliable and scalable power solutions to support new facilities and equipment.

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Continuous technological progress, marked by enhancements in power electronics, digital control, and the integration of intelligent features, propels the evolution of highly efficient and advanced industrial power supplies. To remain competitive in this dynamic market, companies are dedicating resources to research and development initiatives.

Key Takeaways from the Market Study:

  • From 2019 to 2023, the industrial power supply market expanded at a CAGR of 13.2%.
  • Based on the product types, the AC-DC converters segment is expected to rise at a CAGR of 9.8% from 2024 to 2034.
  • The industrial power supply demand in China is predicted to grow at a CAGR of 9.2% through 2034.
  • In the United States, the industrial power supply industry is estimated to register a CAGR of 10.4% from 2024 to 2034.
  • The United Kingdom is projected to expand by a value CAGR of 10.8% between 2024 and 2034.
  • The industrial power supply market in Japan is anticipated to record a CAGR of 11.5% during 2034.

“The industrial power supply market is experiencing momentum driven by the growth of manufacturing and industrial infrastructure, coupled with a rising demand for energy-efficient solutions in industrial settings.” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape:

The industrial power supply market players are forming strategic partnerships with other industry players, technology providers, or manufacturers to enhance product portfolios or expand market reach and collaborating with key stakeholders in the supply chain to ensure a seamless and reliable power supply ecosystem.

Leading Manufactures in Industrial Power Supply Market:

  • TDK Lambda
  • Delta Electronics
  • XP Power
  • Siemens
  • Murata Power Solutions
  • Advanced Energy
  • Bel Fuse
  • Cosel
  • MEAN WELL

Recent Developments in Industrial Power Supply Industry:

  • TDK Lambda – a leading global manufacturer of power supplies, TDK Lambda specializes in providing innovative and reliable solutions for various industrial applications.
  • Delta Electronics – is a multinational company known for its power and thermal management solutions, offering a wide range of industrial power supply products.
  • XP Power – is a well-established provider of power solutions, delivering high-quality and efficient power supplies for industrial applications, including medical, technology, and industrial sectors.

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Industrial Power Supply Market Segmentation Analysis:

By Product Types:

  • AC-DC Converters
  • DC-DC Converters

By Output Power:

  • Very Low Output (Up to 500W)
  • Low Output (500W-1,000W)
  • Medium Output (1,000W-10 kW)
  • High Output (10-75kW)
  • Very High Output (75-150kW)

By Vertical:

  • Transportation
  • Semiconductor
  • Military & Aerospace
  • Robotics
  • Test & Measurement
  • Battery Charging & Test
  • Industrial 3D Printing
  • Laser
  • Lighting

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.

About Future Market Insights (FMI)

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

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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