The Non-GMO Food Products Industry Soars with a 13.2% CAGR, Projected to Hit US$ 144,322 Million by 2031

Newly released data from the non-GMO food products market analyzed by FMI estimates that the non-GMO food products industry enjoys a growth rate of 10.4% at present. The market is expected to witness a prominent growth rate of a CAGR of 13.2% to reach the value of US$ 144,322 Million in 2031.

The non-GMO food products market is thriving with a current growth rate of 10.4%, set to accelerate to a projected 13.2% CAGR, hitting a value of US$ 144,322 Million by 2031. This surge is fueled by consumer preferences for natural, healthier options and concerns about the impacts of genetically modified food.

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Transparent, non-GMO food producers are expanding internationally, helped in part by the advent of smart labels that offer instant access to product-specific information. It is anticipated that the market will be valued US$ 3.4 billion by the end of 2031.

A rise in dietary trends, such as choosing natural foods and eating healthily, will lead to a rise in consumer demand for non-GMO food products. The causes behind this shift are the rise in health-related issues and the expanding awareness of the harmful impacts of eating genetically modified food.

Key Takeaways of non-GMO Food Product Market Study

  • Grains and Cereals will dominate market demand with a multiplying growth rate of 22% through the end of 2029.
  • Bakery & Confectionary products present gainful opportunities with a stupendous growth rate of 19% during the forecast period.
  • Dairy products is another segment that will register a CAGR of 16% from 2019 to 2029.
  • Indirect distribution channels will maintain share-wide and growth-wise dominance throughout the forecast period.
  • North America and Latin America collectively account for more than half of total market value. This can be attributed to the early adopting nature of North American countries and rising millennial population in Latin America.

Consumer Preferences Shape Growth Trajectory

Increase in purchase potential and decrease in production costs is creating remunerative synergy in the market. This is fueled by advancements in packaging and labelling along with proactive consumer participation. Major players are investing in developing consumer communities that support long-term revenue generation.

The non-GMO food products industry is dependent on consumer awareness and prevalence of plant-based and vegan diets that require daily consumption of food products manufactured from non-genetically modified organisms.

Who’s Wining?

Competitive landscape in non-GMO food products industry is fragmented with the presence of multinationals, niche-manufacturers, and SMEs. Major players that shape the global non-GMO food products industry are Cargill, Inc., Associated British Foods Plc, General Mills Inc., Kraft Heinz, Archer Daniels Midland Company, Danone, Nestle S.A., The Hain Celestial Group Inc. Key players in the market are forging strategic partnerships that ensure sustained revenue prospects.

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Market Segments Covered in Non-GMO food products Industry Analysis

By Nature :

  • Organic
  • Conventional

By Product :

  • Grain and Cereals
    • Wheat
    • Soya
    • Corn
    • Others
  • Bakery and Confectionery
    • Bread
    • Pastry
    • Candy
    • Others
  • Beverages
    • Alcoholic Beverages
    • Non-Alcoholic Beverages
  • Dairy Products
    • Yogurt
    • Cheese
    • Ice cream
    • Others
  • Infant Food
  • Condiment, Dressing, & Oil
    • Vegetable Oils
    • Jam, Jellies
    • Syrups
  • Others (Spices, soups, etc.)

By Distribution Channel :

  • Direct Sales/B2B
  • Indirect Sales/B2C
    • Supermarket/Hypermarket
    • Wholesaler
    • Online Retail
    • Specialty Stores
    • Other Retail Format

Region :

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

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Key Questions Answered in the Report

How much is the Non-GMO food products market currently worth?

Non-GMO food products industry size is worth more than US$ 41,510 Mn.

At what CAGR is the market expected to grow?

Non-GMO food products consumption is expected to grow at a CAGR of around 13.2% during the period 2021-2031.

How was the performance in the last five years?

In terms of revenue non-GMO food products grew at a CAGR of around 10.4% during 2016-2020

What are the key trends boosting Non-GMO food product sales?

Non-GMO food products are gaining traction due to concerns over the effect of genetically modified foods on health, advanced technologies, shifting consumers’ preference towards healthy food products are the latest trends of non-GMO food products being observed in the market.

How are market players reacting to the new developments in the market?

Market companies are choosing to aim at research and development, consolidation of distribution channel in emerging countries, new product introductions to stay a noticeable player in the global market.

Which are the major countries driving demand for the Non-GMO food products Market?

The US, Russia, UK, China, Brazil, Germany, India are the major countries driving demand for non-GMO food products.

At what level does the report reflect pricing analysis?

The report presents a detailed cost analysis of non-GMO food products based on products i.e. grain and cereals, bakery & confectionery, beverages, dairy products, infant food, condiment, dressing, & oil, and others.

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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Global Companion Diagnostics Market, identified as pivotal in Personalized Medicine, is projected by FMI to realize US$ 10,560.0 Million in sales by 2033

Companion Diagnostics Market
Companion Diagnostics Market

The global companion diagnostics market is expected to generate US$ 10560.0 million in sales by 2033, up from US$ 5371.9 million in 2023. During the forecast period, the companion diagnostics industry may blossom at a CAGR of 7.0%.

A rapidly expanding area of personalised medicine is the companion diagnostics market. Companion diagnostics are medical tests that reveal details about a patient’s genetic or molecular profile to help choose and administer particular treatments. They assist medical professionals in customising treatment programmes for specific patients, enhancing the efficacy and security of various therapeutic approaches.

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By identifying patients who are most likely to benefit from a particular medication and those who might have negative side effects, companion diagnostics play a critical role in precision medicine. Companion diagnostics assist in matching patients with tailored therapies by analysing biomarkers, such as genetic mutations or protein expression levels. This improves treatment outcomes and reduces the use of inefficient or potentially hazardous pharmaceuticals.

The need for companion diagnostics market growth because they can help identify patients who cannot be cured but may nonetheless be harmed by the use of a particular medicine to treat their ailment. The use of companion diagnostics is employed to identify potential therapeutic candidates. Additionally, the companion diagnostics industry is expanding as a result of technology advancements that have fundamentally changed how diseases are treated as a whole.

Key factors driving the growth of the companion diagnostics market include:

  • Increasing prevalence of cancer and other complex diseases: Companion diagnostics are extensively used in oncology to identify patients with specific genetic mutations or biomarkers that make them eligible for targeted therapies. As the incidence of cancer and other complex diseases continues to rise, the demand for companion diagnostics is also increasing.
  • Growing adoption of personalized medicine: Personalized medicine aims to provide tailored treatment strategies based on an individual’s unique genetic profile. Companion diagnostics are a crucial component of personalized medicine, enabling healthcare providers to select the most appropriate therapy for each patient. The increasing adoption of personalized medicine is driving the demand for companion diagnostics.
  • Advancements in genomic technologies: Rapid advancements in genomic technologies, such as next-generation sequencing (NGS) and polymerase chain reaction (PCR), have significantly enhanced the ability to analyze genetic and molecular biomarkers. These technological advancements have facilitated the development of more accurate and efficient companion diagnostic tests, further fueling market growth.
  • Regulatory support and reimbursement policies: Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), have recognized the importance of companion diagnostics and have implemented guidelines for their development and approval. Additionally, favorable reimbursement policies for companion diagnostic tests have encouraged their adoption in clinical practice.
  • Collaborations between pharmaceutical companies and diagnostic manufacturers: Many pharmaceutical companies are partnering with diagnostic manufacturers to develop companion diagnostics alongside their therapeutic products. These collaborations ensure the simultaneous development and approval of companion diagnostics and targeted therapies, leading to faster market entry and increased adoption.

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Companion Diagnostics Market: Competition Analysis:

The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the companion diagnostics market. Competitive information detailed in the companion diagnostics market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the companion diagnostics market report.

Key Players Covered in The Report Include:

  • ARUP Laboratories
  • Roche Molecular Systems Inc.
  • Dako Inc.
  • Qiagen Ltd.
  • bioMérieux Inc.
  • Ventana Medical Systems Inc.
  • Abbott Molecular Inc.

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Companion Diagnostics Market: Segmentation

Valuable information covered in the FMI’s companion diagnostics market report has been segregated into key segments and sub-segments.

By Application:

  • Colorectal Cancer
  • Breast Cancer
  • Lung Cancer
  • Melanoma
  • Urology
  • Gastric Cancer

By Technology:

  • Immunohistochemistry
  • Molecular Diagnostics
  • In-situ Hybridization
  • FISH
  • CISH
  • Real Time PCR
  • Gene Sequencing

By Product:

  • Assay, Kits & Reagents
  • Software and services

By End User:

  • Pharma and Biotech Companies
  • Clinical Research Organizations
  • Reference Laboratories
  • others

By Region:

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

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Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

Explore FMI’s related ongoing Coverage on Healthcare Market Insights Domain:

Companion Animal Drugs Market Size: The global companion animal drugs market is forecasted to expand at 4.4% CAGR to reach a market valuation of US$ 59.2 Billion by the end of 2033, up from US$ 36.7 Billion that was recorded for 2022.

Companion Animal Vaccines Market Share: Future Market Insights, researchers have pointed out that the global companion animal vaccines market is expected to register a CAGR of 6.8% from 2023 to 2033. The market is expected to cross an estimated US$ 6.7 billion by 2033. As of 2023, the market is estimated at US$ 3.4 billion.

Tissue Diagnostics Market Growth: The global tissue diagnostics market was valued at US$ 32.0 Billion in 2021 and is set to expand at a healthy CAGR of 12.8% during 2022-2032, with a market valuation of US$ 120.2 Billion by 2032.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Horizontal Form Fill Seal (HFFS) Machines Market worth US$ 993.2 Million by 2033: Exclusive Report by FMI

Horizontal Form Fill Seal (HFFS) machines are automated packaging systems used in various industries to efficiently form, fill, and seal flexible pouches or bags horizontally. These machines are essential for packaging a wide range of products, including food, beverages, pharmaceuticals, cosmetics, and more. HFFS machines are known for their versatility, speed, and ability to maintain product freshness and integrity.

According to the latest analysis by Future Market Insights (FMI), the global horizontal form fill seal (HFFS) machines market value is estimated to reach US$ 673.3 million in 2023. Over the assessment period from 2023 to 2033, global sales of horizontal form fill seal machines are projected to rise at 4.0% CAGR.

The worldwide horizontal form fill seal machines industry is projected to witness steady growth, reaching a valuation of around US$ 993.2 million by 2033.

Robust growth of end-use sectors such as food & beverage, pharmaceutical, and personal care and rising demand for advanced packaging machinery are key factors driving the target market.

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The relentless pursuit of innovation in adhesive technologies has paved the way for the creation of high-performance double-sided tapes that offer enhanced bonding strength and durability. These remarkable advancements have broadened the scope of applications for double-sided tapes, thus amplifying their role in propelling the market to new heights.

Key Factors

HFFS machines are particularly well-suited for packaging solid items that don’t exhibit flowable properties. The adoption of HFFS machines offers companies a multitude of advantages, such as the ability to produce high-quality packaging rapidly and cost-effectively, enhance operational efficiency, and ensure product freshness throughout the supply chain.

Horizontal form-fill-seal (HFFS) machines, where the entire packaging process, including forming, filling, and sealing, occurs within a single machine, represent a pinnacle of packaging automation. These machines incorporate cutting-edge technology, featuring advanced computer interfaces and seamless control networks. They find widespread application across various industries for crafting, filling, and sealing packages, primarily in the form of pouches and bags.

One of the key benefits of HFFS machines is their versatility, enabling companies to accommodate a wide range of shapes and sizes for their products. This adaptability further drives the adoption of HFFS machines across diverse sectors, contributing to the overall growth of the market.

Drivers:

  1. Diverse Industry Applications: Double-sided tapes are used across various sectors, including automotive, electronics, packaging, construction, medical, and more, which drives demand from a wide range of industries.
  2. Enhanced Product Performance: Continuous advancements in adhesive technologies result in high-performance double-sided tapes with improved bonding strength, durability, and specialized properties, making them indispensable in many applications.
  3. Ease of Use: Double-sided tapes offer a simple and efficient bonding solution, reducing the need for mechanical fasteners or adhesives, leading to increased adoption.
  4. Cost-Efficiency: The use of double-sided tapes can streamline manufacturing and assembly processes, reducing labor costs and production time.
  5. Environmental Considerations: Eco-friendly and solvent-free double-sided tape options are gaining popularity due to environmental consciousness and regulatory compliance.

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Major Players:

  • ACMA S.p.A
  • Bradman Lake Group (Langley Holdings plc)
  • Cavanna Packaging Group
  • CT Pack
  • IMA-IIapak
  • FUJI MACHINERY CO.,LTD.
  • Loesch Verpackungstechnik GmbH
  • Masipack
  • Omori North America Inc.
  • F.M. S.P.A.
  • Sacmi (Sacmi Packaging & Chocolate S.p.a.)
  • SONGPINE
  • Soontrue
  • Tecno Pack Spa
  • Theegarten-Pactec

Global Horizontal Form Fill Seal (HFFS) Machines Market by Category:

By Product Type:

  • Stand Alone Wrapper
    • Semi-automatic Feeding
    • Automatic Feeding
  • Wrapper (Including Feeding and Grouping)
  • Fully Automated System

By Capacity:

  • Less than 150 Packs Per Minute
  • 151 to 350 Packets Per Minute
  • 351 to 600 Packets Per Minute
  • 601 to 1000 Packs Per Minute
  • More than 1000 Packets Per Minute

By Packstyle:

  • Single Product
  • Rowed Product
  • Side by Side Product
  • Tray
  • Multipack

By End Use:

  • Chocolate & Bars
    • Chocolate
    • Tablets
    • Chocolate Bars
    • Bite Size bars
    • Health Bars
  • Cookies & Crackers (Biscuit)
    • Savoury Biscuits & Crackers
    • Coated Biscuits
    • Cookies
    • Filled Biscuits
    • Plain Biscuits
  • Bakery
    • Bread
    • Rolls
    • Cakes
    • Donuts
    • Waffles
    • Wafer
    • Pancakes/ Tortillas
    • Pastries
    • Pies
  • Frozen
    • Frozen Meals
    • Frozen Pizza
    • Dough
    • Frozen Bakery Products
  • Fresh Produce
    • Fruits & Vegetables
    • Sandwiches
  • Dairy
    • Yoghurt
    • Cheese
    • Other Dairy Products
  • Meat
    • Fresh Meat
    • Ground Meat
    • Sausage and Deli Meat
  • Other Foods
    • Confectionery
    • Sauces
    • Condiments
    • Pet Foods
  • Non-Food
    • Healthcare
    • Personal Care
    • Homecare

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia & Belarus
  • Balkan & Baltic Countries
  • Middle East & Africa

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About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani  

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
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Sachet Packaging Machines Market in Middle East and Africa worth US$ 169.7 Million by 2033: A Comprehensive Report by FMI

The economic advancement observed in multiple countries within the region is anticipated to elevate disposable income levels for the populace. With increased purchasing power, consumers are actively seeking cost-effective and readily available packaging alternatives, making sachets an appealing choice in the foreseeable future.

The Sachet Packaging Machines Market in Middle East and Africa is anticipated to surge at a CAGR of 4.1% from 2023 to 2033. By 2033, the market value is anticipated to have increased from US$ 113.8 million to US$ 169.7 million. It’s value was US$ 109.6 million by the end of 2022, and 3.8% y-o-y increase is predicted for 2023.

A few international machine manufacturers intend to form collaborations or agreements with well-established automation firms. They are aiming to build their market presence, obtain a competitive advantage, and swiftly grow in the market.

It is anticipated that rising levels of disposable income will be the outcome of economic expansion in several of the region’s countries. As consumers’ spending power increases, they look for packaging choices that are accessible and convenient. Sachets might become a desirable option during the assessment phase as a result of this.

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Manufacturers might focus on improving existing packaging methods to capitalize on the increasing demand for process automation. Several companies are already creating packaging automation systems to acquire a competitive advantage in the sector.

Market Trends

The surging popularity of single-serve food and beverage items has played a pivotal role in the remarkable growth of the Middle East & Africa sachet packaging machines industry.

Sachets, characterized by their small, convenient, and portable nature, address the growing inclination towards on-the-go consumption and portion control.

A fundamental driver behind this trend is the evolving lifestyles of consumers, characterized by busyness and a preference for quick and effortless food and beverage options.

Key Takeaways from the Middle East & Africa Sachet Packaging Machines Market Study:

The Middle East & Africa sachet packaging machines industry is likely to create an incremental growth opportunity of US$ 60.0 million in the review period.

The Middle East & Africa sachet packaging machines industry registered a CAGR of 4% during the historical period between 2018 and 2022.

GCC countries sachet packaging machines industry is anticipated to offer an incremental opportunity of US$ 14.7 million over the assessment period.

By end use, food segment is set to generate a share of around 5% in 2023.

Projected CAGR for the Middle East & Africa sachet packaging machines industry from 2023 to 2033 is 1%.

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Competitive Landscape

Leading sachet packaging producers in the Middle East and Africa are concentrating on creating cutting-edge solutions with more flexibility, efficiency, and affordability. To improve production capacities, this includes incorporating cutting-edge technologies such as automation, robotics, and smart sensors.

Machines that can handle a variety of goods and materials are available from producers of sachet packing. They will offer flexibility to satisfy various packaging requirements in various sectors.

Manufacturers of sachet packaging must adhere to international norms and rules pertaining to packaging and safety. They are anticipated to help increase market credibility and trust.

For instance,
Syntegon Technology GmbH unveiled a vertical packaging device in November 2022. It can create bags with up to 95% paper content. For more substantial multipacks, these are particularly desirable as packaging options.

Key Market Players
Mentpack Packaging Machines
Koerber AG
Reformpack
Viking Masek
GDH Makina
Turpack Makine Sanayi ve Ticaret Ltd. Sti.
Nichrome Packaging Solutions
Matrix Packaging LLC
Syntegon Technology GmbH

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Key Segmentations
By Machine Type:

  • Vertical Form Fill Seal (VFFS) Machine
  • Horizontal Form Fill (HFFS) Machine

By Operating Speed:

  • Single-lane Machine (Up to 100 sachets per minute)
  • Multi-lane Machine (100 to 350 sachets per minutes)
  • High-speed Machine (350 & above sachets per minute)

By Product Form:

  • Granules
  • Powder
  • Liquid
  • Semi Solid (Viscous)

By End Use:

  • Food
    • Sauces & Dips
    • Salt & Sugar
    • Spices & Condiments
    • Tea & Coffee
    • Bakery & Confectionery
    • Dairy Products
    • Other Food Products (Snacks, Edible Oil)
  • Personal Care & Cosmetics
    • Shampoo & Conditioner
    • Hair Oil
    • Skin Care Products
  • Pharmaceuticals
    • Creams & Ointments
    • Probiotics
    • Vitamin Supplements
  • Other Industrial
    • Sealants & Adhesives
    • Lubricants & Solvents

By Country:

  • GCC Countries
  • Türkiye
  • Northern Africa
  • South Africa
  • Israel
  • Nigeria
  • Egypt
  • Rest of Middle East & Africa Countries

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani  

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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Optical Encoder Market Expected to Reach US$ 7,023.5 Million with a 9.7% CAGR by 2033

The optical encoder market is poised for substantial growth, projected to surge to an impressive US$ 7,023.5 million, propelled by a robust (CAGR) of 9.7% through the year 2033. This surge in market value underscores the increasing significance of optical encoders across various industries. Optical encoders play a pivotal role in translating mechanical motion into electrical signals, facilitating precise and accurate positioning in a myriad of applications.

The market’s upward trajectory is attributed to the escalating demand for advanced automation and motion control systems, as industries seek to enhance operational efficiency. As technology continues to evolve, optical encoders are expected to witness widespread adoption, driving innovation and shaping the future landscape of the Optical Encoder Market.

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Key Takeaways from the Optical Encoder Market Report:

  • Players in the automation sector are switching from incremental optical encoders to absolute optical encoders that are well suited for high-precision instruments, as they produce parallel digit outputs.
  • Shafted optical encoder is estimated to continue to hold a leading market share, based on configuration, during the forecast period.
  • Healthcare equipment currently accounts for over a fourth of total demand. It will remain a significantly lucrative application area for optical encoder manufacturers and is most likely to overtake the consumer electronics industry in terms of market value share, in the latter half of the projection period.
  • Asia Pacific Excluding Japan (APEJ) is witnessing a high growth rate in the optical encoder market as manufacturers of automotive, consumer electronic, and industry automation are adopting optical encoders to improve product quality

Commercialization of Quantum Dots to Create Lucrative Opportunity:
The requirement for high-performance optical encoders is expected to increase, owing to the commercialization of quantum dots (QDs). These QoDs are used in a variety of thin film devices such as photodetectors, solar cells, and LEDs. In flat panel display (FPD) applications, QDs offer improved efficiency, display life, power consumption, brightness, and color saturation, along with reduced cost.

Experts at FMI expect manufacturers to shift from liquid crystal display (LCD) towards the development of QD-enabled devices such as cost-effective thin film transistor (TFT) products in the foreseeable future.

Improvement in performance will be crucial to meet the demand for motion control in these QD devices. Advanced optical encoders are expected to emerge as the best solutions for servo feedback in applications that require the highest precision, in turn creating potential business opportunities for manufacturers in the optical encoders market.

Competitive Landscape:
Many key players are inclined to invest heavily in innovation, research, and development practices to uncover increased applications of optical encoders. With the use of technology, vendors are also focusing on strategic partnerships and collaborations, new product developments, and business expansion to capture a huge customer base.

  • Honeywell International
  • Rockwell International
  • Renishaw PLC
  • Allied Motion Technologies
  • Sensata Technologies
  • US Digital

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Optical Encoder Market Segmentation:

By Configuration :

  • Shafted Optical Encoder
  • Hollow-Shaft Optical Encoder
  • Absolute Optical Encoder
  • Multi-turn Optical Encoder
  • Incremental Optical Encoder

By Output Signal Format :

  • Analog Optical Encoder
  • Digital Optical Encoder

By Application :

  • Healthcare Equipment
  • Consumer Electronics and Semiconductor Manufacturing Equipment
  • Robotics Equipment
  • Test & Measurement Equipment
  • Others

By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan
  • Japan
  • Middle East & 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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E-Discovery Market Poised for 8.3% CAGR, Anticipated to Hit US$ 18,067.3 Million by 2030

The e-discovery market is expected to grow from US$ 9,528.6 million in 2022 to US$ 18,067.3 million in 2030, at an astounding 8.3% CAGR.

E-Discovery vendor solutions are projected to disrupt the judicial system by transforming how legal firms operate. The market is expected to expand as more electronically stored information (ESI) of multiple documents is required for the identification and filing of evidence in legal investigations. The report forecasts an increase in the adoption of e-discovery tools and software between the projected years 2022 and 2030 to save evidence stacks and prevent manipulation.

With the emergence of the e-Discovery procedure, end users can now handle metadata that was previously time-consuming and inaccurate, like stamps, authors, recipient information, file attributes, and time data. As a result, fewer papers required for protracted legal actions have been destroyed.

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Electronic discovery services and software now take care of advising, forensics, contract evaluation, archiving of business data, and federal regulations. Their ability to make documents indestructible is their greatest strength and has helped them earn a lot of clients over the years. Digitalization obviously drives markets in emerging economies, but it has also simplified legal system documentation because of its long-term potential to increase operational efficiency.

Key takeaways from the e-Discovery market report:

  • The corporate sector is expected to witness a CAGR of 14% over the forecast period, approaching the largest share of the government and regulators sector at 60% in 2019.
  • The software segment leads the way with a market share of 55% in 2019. However, the services segment will increase by 2.4 times its current market value during the forecast period.
  • Asia Pacific is projected to surge at a CAGR of 12%, creating an incremental opportunity of approximately US$ 7.2 billion during the forecast period.

Analysis of the impact of COVID-19 on the eDiscovery market:
The COVID-19 outbreak has highlighted the need for businesses to ensure business continuity to adapt to the changing technology landscape and remain relevant during the pandemic. This sentiment is expected to drive more investment in technology-based infrastructure across law firms, the major end users of e-discovery solutions. The influx of raw ESI during social distancing will allow for seamless collection, review, identification, and sharing. The adoption of cloud computing will enable the continuity of operations and avoid the potential delays commonly seen in judicial systems.

Analysts predict that the e-Discovery market will grow at a rate of 9% during the forecast period as end users realize benefits they have not yet discovered. Between 2020 and 2033, the cloud-based market is expected to witness a 15% growth rate and a 1.4x increase in its current market value.

Promoting growth through innovation:
Collaboration and partnerships are essential to the growth of the global e-discovery market. Players are expected to focus on building their skills to expand geographically. For example, in May 2020, Microsoft Corporation entered into a partnership with Epiq, a US-based legal services provider. With this, Epiq has launched an information governance feature called ‘Epiq Compliance Connector for Microsoft Teams’. It is the first application to identify, thread, collect, and link message counts in Teams to speed up the eDiscovery process.

Companies operating in the global e-discovery market are expected to focus on developing tools that will truly help reduce costs and risk of non-compliance. Ensuring absolute confidentiality and keeping your documents intact and safe from tampering will go a long way in making a significant difference in the handling of lawsuits from these vendors.

Leading Key Players:

  • IBM Corporation
  • Opentext
  • Microsoft Corporation
  • Micro Focus
  • Deloitte
  • Nuix
  • Exterro
  • KLDiscovery
  • Thomson Reuters
  • Knovos
  • Guidance Software Inc.
  • Symantec Corporation
  • FTI Consulting
  • Veritas
  • One Discovery

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A more valuable insight into the eDiscovery market:
FMI’s report on the e-Discovery market is divided into components (software and services), deployment types (on-premises and cloud), end users (government and regulatory agencies, corporations [small and large enterprises], law firms) and geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) to enable readers to understand the opportunities in the e-Discovery market and make a profitable assessment.

E-Discovery Market Segmentation:

By Solution:

  • E-Discovery Software
  • Services

By Enterprise Size:

  • Large Enterprises
  • Small and Medium Enterprises (SMEs)

By End Users:

  • Government & Regulatory Agencies
  • Law Firms
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Future Market Insights Inc.
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T: +1-845-579-5705
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Global Endoscopic Closure Systems Industry Segment is poised for a stable 6.3% CAGR from 2023 to 2033

Endoscopic Closure Systems Industry
Endoscopic Closure Systems Industry

The global endoscopic closure systems industry sales are expected to be valued at US$ 309.2 million in 2023, exhibiting a CAGR of 6.3% at US$ 570.2 million from 2023 to 2033. The endoscopic closure systems industry expanded at a CAGR of 4.1% from 2018 to 2022.

Growing demand for endoscopy to identify and treat target diseases is estimated to propel market growth for endoscopic closure systems. Health insurance companies cover these operations in a few Middle Eastern countries, including the UAE, and wealthier nations, such as the United States, Canada, the United Kingdom, Germany, and Australia. These characteristics influence patients’ and doctors’ preferences for endoscopic procedures.

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Endoscopic Treatments on the Upswing: A Paradigm Shift in Patient Care:

The development of specialized equipment and techniques that allow for the endoscopic closure of minor GI holes and the rising adoption of minimally invasive endoscopic procedures are the primary drivers of the global endoscopic closure systems industry.

The rising prevalence of stomach and gastrointestinal tumors around the world is expected to have a significant impact on the market. The industry is predicted to develop dramatically as the population of senior adults grows.

Endoscopic surgery is popular because it allows access to internal organs through microscopic incisions and cutting-edge equipment, resulting in less discomfort and a fast recovery than traditional surgical approaches. These considerations necessitate the use of endoscopic closure technologies.

Demand Outpaces Supply: Skilled Endoscopic Closure Experts in Short Supply:

Certain hurdles are likely to make market expansion difficult even though endoscopic closure systems have several uses. Since there are not enough trained people with endoscopic treatment administration experience, the endoscopic closure systems industry can’t expand. The high cost, infection risk, and tight rules and regulations imposed by several governmental organizations may restrict the endoscopic closure systems industry.

Regional Outlook:

North America’s market is set to account for 34.5% of the total market share even though endoscopic closure systems have several uses. North America controls the market. Investments in technologically advanced research and treatment platforms, rising cancer and GI tract problem incidence, and many endoscopic clip manufacturers in the region are expected to be significant growth factors in the endoscopic closure systems industry.

The growing usage of improved diagnostic tools in gastrointestinal (GI) disorders such as inflammation, surgical anastomoses, neoplastic fistulae, and important endoscopic closure systems manufacturers are thrusting growth in the United States.

Europe ranked second in market share for endoscopic closure systems, with 26.4% by 2023.  Sales are projected to expand in the future years as government healthcare spending increases. The primary factors spurring market expansion in the region include increased arterial bleeding among cardiac patients and surgeries associated with the GI system, which account for a significant market share and have a big patient base.

The expansion of ambulatory clinics in the region and the increase in the number of endoscopic ultrasonography operations performed suggest a possible need for an endoscopic closure system.

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Key Takeaways:

  • The endoscopic vacuum-assisted closure systems segment in the product type category to grab a share of 25.4% from 2023 to 2033.
  • In the end-user category, the hospitals segment is to capture a market share of 67.3% between 2023 and 2033.
  • Europe’s endoscopic closure systems industry is estimated to acquire a share of 26.4% by 2023.
  • The United States endoscopic closure systems business is likely to obtain a share of 30.1% by 2023.
  • Germany’s endoscopic closure systems industry is expected to grab a share of 4.8% by 2023.
  • Japan’s endoscopic closure systems industry is projected to hold a share of 4.4% by 2023.
  • Australia’s endoscopic closure systems demand is anticipated to expand at a CAGR of 5.6% by 2023.
  • China’s endoscopic closure systems business is predicted to expand at a CAGR of 7.7% through 2033.
  • India’s endoscopic closure systems sales are estimated to develop at a CAGR of 6.3% from 2023 to 2033.
  • The United Kingdom’s endoscopic closure systems sales are estimated to evolve at a CAGR of 4.4% through 2033.
  • North America’s endoscopic closure systems business is likely to acquire a share of 34.5% by 2023.

Competitive Landscape:

The competition in the endoscopic closure systems industry is intense, with various companies contending for market dominance. Further, endoscopic closure systems manufacturers strive to develop innovative and efficient closure systems as the demand for minimally invasive procedures boosts. Skilled professionals are in high demand to meet the growing needs of the medical community.

Recent Breakthroughs:

  • In February 2022, Cooper Companies announced signing a legally binding letter of intent to purchase Cook Medical’s Reproductive Health Business, which manufactures minimally invasive medical devices.
  • Cantel Medical is a global supplier of infection prevention products and services to customers in endoscopy, dentistry, dialysis, and life sciences. STERIS plc revealed the acquisition of Cantel Medical in June 2021.

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Key Players Profiled in the Market:

  • Cooper Surgical Inc.
  • US Endoscopy
  • Life Partners Europe,
  • Ovesco Endoscopy AG
  • Apollo Endosurgery, Inc.
  • St. Jude Medical, Inc. (Abbott), etc.
  • Others

Key Segmentation:

By Product Type:

  • Endoscopic clips/Endoclips (Over-the-scope Clips)
  • Overstitch endoscopic suturing system
  • Cardiac septal defect occluders
  • Endoscopic vacuum-assisted closure systems
  • Others

By End-user:

  • Hospitals
  • Ambulatory Surgical Centers

By Region:

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

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

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 Electric Acupuncture Devices Industry, With Healthcare Professionals at the Helm, Anticipates a 7.1% CAGR from 2023 to 2033, Signaling Prosperity | FMI

Electric Acupuncture Devices Industry
Electric Acupuncture Devices Industry

The global electric acupuncture devices industry is projected to be worth US$ 13.9 million in 2023 and US$ 27.5 million from 2023 to 2033, capturing a CAGR of 7.1%.

The electric acupuncture devices industry is anticipated to expand significantly in the upcoming years due to rising demand for non-invasive treatments and rising public awareness of acupuncture’s advantages. The development of the electric acupuncture devices industry is projected to be aided by technological developments, an increase in the prevalence of chronic diseases, and a focus on individualized healthcare.

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Onwards and Upwards: Factors Spurring Growth in the Electric Acupuncture Devices Industry:

Several key factors primarily surge the electric acupuncture devices industry. Rising interest in non-invasive therapeutic options and growing awareness of acupuncture’s benefits fuel the market growth. Advancements in technology have led to the development of more user-friendly and portable devices.

An increasing prevalence of chronic diseases and a shift towards personalized healthcare create a conducive environment for market expansion. These driving forces contribute to the market’s positive trajectory in the foreseeable future.

The Rise of Electric Acupuncture Devices: A Booming Market with Promising Opportunities:

The electric acupuncture devices industry presents several opportunities for growth and innovation. With the increasing demand for portable and user-friendly devices, manufacturers can develop compact and easy-to-use products.

Integrating smart technology and connectivity features could enhance patient monitoring and data collection. Expanding into untapped regions with rising healthcare expenditure and a growing aging population can also offer significant opportunities for market players to develop their market share and establish a strong global presence.

Restraining Forces Impacting the Electric acupuncture devices industry:

Despite the positive outlook, the electric acupuncture devices industry may face some restraining forces. These could include regulatory challenges in different regions, potential safety concerns related to improper usage, and limited reimbursement policies for acupuncture treatments in certain healthcare systems.

Competition from other non-invasive therapies and traditional acupuncture methods could also impact the adoption of electric acupuncture devices. Market players must address these factors to sustain growth and overcome potential obstacles.

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Regional Outlook:

The electric acupuncture devices business has a bright future for the region. Due to their developed healthcare systems and widespread use of cutting-edge medical technologies, North America and Europe are anticipated to dominate the market.

Due to rising healthcare costs, increased knowledge of alternative therapies, and a sizable patient base seeking non-invasive treatments, Asia Pacific is predicted to experience significant growth. The markets in Latin America, the Middle East & Africa are projected to develop gradually.

Key Takeaways :

  • The skeletomuscular conditions segment in the indication category to grab a share of 48.3% from 2023 to 2033.
  • In the application category, the hospital segment is likely to acquire a market share of 43.8% between 2023 and 2033.
  • The United States electric acupuncture devices business to acquire a share of 25% by 2023.
  • The German electric acupuncture devices industry to grab a share of 1.4% by 2023.
  • Japanese electric acupuncture devices business to hold a share of 11.1% by 2023.
  • Australia’s electric acupuncture devices industry to acquire a share of 8.1% by 2023.
  • Chinese electric acupuncture devices business to expand at a CAGR of 6.5% through 2033.
  • India’s electric acupuncture device sales are to develop at a CAGR of 7.7% from 2023 to 2033.
  • United Kingdom electric acupuncture devices business to evolve at a CAGR of 4.3% through 2033.
  • North America’s market share is expected to be 28.5% by 2023.
  • By 2023, Europe’s electric acupuncture devices industry may have a 12.9% market share.

Competitive Landscape:

The electric acupuncture device manufacturers might anticipate fierce competition. Market share is being contested by many businesses, from well-known producers of medical devices to start-ups with novel solutions. Prominent electric acupuncture device manufacturers may make research and development investments to increase the effectiveness and safety of devices.

They can concentrate on enlarging their geographic reach and forging alliances with like-minded businesses to achieve a competitive advantage. Consumer loyalty, brand awareness, and price tactics may determine market domination.

Recent Advancements:

  • Finesun holds a prominent position in the beauty care and healthcare equipment industry, specializing in TENS and EMS devices. Their range includes TENS, EMS, Electro Therapy, Acupuncture Pen, and Acu. Pen, Facial Tonic Massager, Bustline Increaser, health care massager, and foot massager. They are dedicated to customer satisfaction through continuous product development and improvement.

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Essential Electric Acupuncture Devices Manufacturers:

  • Cymatics
  • Pantheon Research
  • Haifu Medical Technology Co. Ltd.
  • Shinylink (Shanghai) Industrial Inc.
  • Hangzhou Ruicheng Medical Device Tech. Limited
  • Wuxi Jiajian Medical Instrument Co. Ltd.
  • Hubei YJT Technology Co. Ltd.
  • Wujiang Win Game I/E Co. Ltd.
  • Zhengzhou Sunshine Medical Equipment Co.
  • Guangzhou GHC International Trade Company

Key Segments:

By Indication:

  • Neurological Conditions
  • Gastrointestinal Conditions
  • Skeletomuscular Conditions
  • Others

By Application:

  • Hospitals
  • Clinics
  • Homecare

By Region:

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

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

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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Multi Cloud Storage Market Witnesses Exceptional Expansion, Predicted to Reach US$ 111,326.6 Million by 2032 at a Solid 16.7% CAGR

The global multi-cloud storage market is projected to reach a value of approximately US$ 111,326.6 million by the year 2032. This is a significant increase from its value of US$ 23,711.4 million in 2022. The market is expected to grow at a CAGR of 16.7% throughout the forecast period.

Several enterprises are expected to increase the adoption of multi-cloud storage owing to using numerous cloud environments to satisfy business requirements and concerns over increasing data loss. However, there are challenges associated with redesigning the network for the cloud, as well as a prevailing lack of adequate expertise, which are factors expected to hamper the market growth.

Multi-cloud storage can be used by web providers, enterprises, and other businesses in order to minimize the risk of data loss and also it helps to improve the quality of service. Multi-cloud storage offers several functions for storing and retrieving data and they are widely used as a shared storage solution for distributed applications.

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The multi-cloud storage helps organizations to adopt changing IT environments to minimize cost and to reduce the need for hardware and appliances.

Multi-Cloud Storage Market: Drivers and Challenges

The heavy adoption of emerging cloud-based platform-as-a- service (Paas) by several enterprises is one of the major factors driving the multi-cloud storage market. Multi-cloud storage provides easy access to end users working on different platforms.

The implementation of multiple cloud services is increasing as it helps to reduce dependency on a single vendor. The multi-cloud application management storage platform helps the organization to improve its overall performance by means of different infrastructure services to fulfill the computing needs of its users.

Integration issues of multi-cloud storage is one of the major restraints faced by the multi-cloud storage market.

Multi-Cloud Storage Market: Regional Overview

Presently, the North America region is holding the largest market share of multi cloud storage market followed by European and APAC region. In this region, Multi cloud storage market is growing gradually owing to the adoption of various cloud storage platforms and services by small and large-scale enterprises.

Leading Key Players:

  • SAP SE
  • AWS
  • Gosun Technology
  • Nasuni
  • Qumulo
  • Hewlett Packard Enterprise (HPE)
  • EMC
  • Flexera Software LLC
  • International Business Machines Corporation
  • Jamcracker Inc.
  • Concierto. cloud
  • UnityOneCloud
  • VMware Inc.

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Multi-Cloud Storage Market Segmentation:

By Deployment Type:

  • Public
  • Private
  • Hybrid

By Enterprise Size:

  • SMEs
  • Large Enterprises

By Verticals:

  • BFSI
  • Retail
  • Energy & Utility
  • Healthcare & Life Sciences

By Region:

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

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. 

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Future Market Insights Inc.
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Coiled Tubing Market Grows Steadily at 4% CAGR, Envisages a Valuation of US$ 2.77 Billion by 2033

The global coiled tubing market is projected to reach a substantial value of US$ 2.77 billion by the year 2033, with a consistent annual growth rate of 4% anticipated from 2023 to 2033. In 2023, the market is expected to be valued at US$ 1.87 billion.

The coiled tubing market is experiencing substantial growth due to several key factors. Firstly, there is a rising demand for petroleum products in developing economies. Additionally, there is an increased need for oil and gas products in these regions. Lastly, the remarkable expansion of polymer products made from petroleum hydrocarbons is also playing a significant role in driving the growth of this market.

It is made of steel or a composite material. They are utilised in oil fields, drilling, onshore and offshore projects, well intervention services, enormous lengths, tapered profiles, and other kinds of well-workover activities.

Longer depths can be reached with coiled tubing, which is also mechanised and equipped to operate without interrupting other operations. Compared to traditional rigs, this provides a significant advantage. Some of the crucial components of a coiled tubing apparatus, also known as CT Strings, include a coiled tubing reel, a tubing guide, an injector head, a pressure control system, and a power supply.

Coiled tubing has several uses in the energy industry, and based on current trends, the market is anticipated to increase steadily over the coming years.

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Coiled Tubing Market: Market Dynamics 

The development of coiled tubing technology has boosted capacities, particularly for the offshore industry, the petroleum sector, and expanding oilfields. It is a crowded market with many competitors of different sizes scattered around the value chain. The majority of these manufacturers contribute to the value chain indirectly rather than as direct suppliers.

Fracturing operations, horizontal drilling, the increasing production of many shale resources, and an increase in intervention services are all on the rise in most regions.

Numerous investments have been made in well intervention technology as a result of the spike in demand for deployment tools and the rise in the number of ageing wells. Global industrial demand for oil is anticipated to increase over the coming years, and geopolitical developments will have a significant impact on the market’s expansion.

Technology developments, improved tubular designs, and automation are a few of the outside variables that have an impact on the tubing business. Because of the tightening of international restrictions governing the use of natural resources, using coiled tubing offers an extra benefit of preventing waste caused by traditional methods. The market will expand over time with enhanced safety, risk reduction, and workforce mobilisation.

Impact of COVID-19: In terms of output production, the pandemic has had an impact on the oil and gas industry, where a disrupted supply chain and manpower shortages have impacted end-user production cycles. The sales and growth of coiled tubing in the current year have been impacted by some geographic boundaries remaining closed, lower commerce from expected nations, and careful capital investment rates.

The easing of restrictions by regional governments in the oil and gas industry, however, is anticipated to sustain market expansion for coiled tubing in the coming quarters.

Because North America has the largest resource base for coiled tubing, followed by Latin America and Canada, there are an increasing number of shale fields there. In 2019, the US had the most coiled tubing units produced annually, followed by Russia, while Western Europe had the least.

The global market’s largest and fastest-expanding region is this one. Many emerging equipment producers in Eastern Europe and Russia have favoured worldwide demand. APAC is a prospective market due to the dual impact and reservoir potential of its member countries. High energy needs are a result of China’s and India’s growing populations. While many onshore fields in the Middle East are diminishing, the market there is moderately expanding.

Some of the key players in Coiled Tubing Market:

  • John Lawrie Group
  • Sandvik AB
  • Forum Energy Technologies, Inc.
  • Gautam Tube Corporation
  • HandyTube
  • National Oilwell Varco
  • Stewart & Stevenson
  • T&H Lemont
  • Tenaris
  • Trident Steel Corporation

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Coiled Tubing Market Segmentation:

By Service:

  • Well Intervention & Production
    • Well Completion
    • Well Cleaning
    • Others
  • Drilling
  • Others

By Operation:

  • Circulation
  • Pumping
  • Logging
  • Perforation
  • Others

By Application:

  • Onshore
  • Offshore

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

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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