Market Research Blog – Page 3140 – New Product Development

Global Card Printer Ribbons Market Revenue Projected to Surpass US$ 997 Million Valuation by 2028, Growing with a Steady 4% CAGR

The global card printer ribbons market is poised for substantial expansion, with a projected Compound Annual Growth Rate (CAGR) of 4% from 2022 to 2028. Having achieved noteworthy sales of US$ 759 million in 2021, the market is anticipated to witness a significant surge, surpassing the significant milestone of US$ 997 million by the conclusion of the assessment period in 2028.

Future Market Insights (FMI) is prepared to offer a thorough analysis and comparison of the driving factors shaping the card printer ribbon market. This comprehensive evaluation is supported by a nuanced comprehension of industry-specific dynamics and broader macroeconomic trends, including the vibrant banking sector, advancements in healthcare, and the rapid integration of technology. Recent notable trends in the industry include the expansion of printer facilities tailored to specific applications, strategic mergers, acquisitions, and other pivotal developments.

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Catalysts for Growth: Elevating the Global Card Printer Ribbons Market

Retailers’ Drive for Excellence: Amplifying ID Cards and Printing Experience

Retailers worldwide are striving for elevated ID card quality and improved printing processes to invigorate manufacturing workflows and associated operations. This impetus has led card printer manufacturers to adopt thermal printing technology. Notably, significant industries are renewing their employee ID cards with cost-effective, cutting-edge technology, setting the stage for increased utilization of card printer ribbons in the foreseeable future. Furthermore, the robust demand for high-quality ID cards from the information technology sector is poised to further fortify the global card printer ribbons market.

Cashless Revolution Fuels Demand: Transforming Consumer Preferences

The shift towards cashless transactions, spurred by the widespread use of cards for withdrawals and payments, is reshaping consumer preferences. The “go cashless” trend is surging as more individuals opt for banking cards to conduct transactions across retail establishments, supermarkets, restaurants, and cafes on a global scale. Evolving customer desires for convenience, secure transactions, and the cashless experience are propelling the demand for cards across various industries. This heightened demand is expected to drive the card printer ribbons market’s growth in the forthcoming years.

Key Insights from the Global Card Printer Ribbons Market:

Lustrous Color Dominance: The color segment emerges as a focal point, exhibiting substantial promise in the global card printer ribbons market. It is poised to experience escalating demand across diverse end-use industries. Having previously led the market, this segment is set to maintain its dominance in the foreseeable future.

Dual-Sided Printing Pinnacle: Among printing types, the dual-sided printing segment takes the spotlight as the most lucrative arena. Projections indicate significant expansion during the assessment period, showcasing its pivotal role in the evolving landscape of card printer ribbons.

Banking and Government in Focus: Card printer ribbon adoption is anticipated to gain traction primarily in the banking sector, followed by government applications. The banking sphere is projected to contribute significantly, with card printer ribbon sales in this sector anticipated to surpass US$ 300 million by the close of 2028.

China’s Remarkable Inclination: China emerges as a notable player, displaying a strong affinity for card printers over the years, particularly within the manufacturing sector. This affinity has consequently stimulated the use of card printer ribbons within the country. With this momentum, China’s card printer ribbon market is poised for high-paced growth in the coming years, driven by its robust manufacturing industry and increasing adoption of advanced printing solutions.

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Key Players:

Zebra Technologies Corporation
Evolis S.A.
ASSA ABLOY AB
Dai Nippon Printing Co., Ltd.
HiTi Digital, Inc.
Matica Technologies AG
Entrust Datacard Corporation
IDP Corp., Ltd.
Magicard Ltd.
AlphaCard
NBS Technologies Inc.

Key Segments Covered:

By Product:

Colour Card Printer Ribbons
Monochrome Card Printer Ribbons

By Printing:

Single-sided Card Printer Ribbons
Dual-sided Card Printer Ribbons

By End-User:

Banking
Government
Information Technology
Retail
Healthcare
Others

By Region:

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

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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.

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Increasing Renewable Energy Trend Drives Global Solar Inverter Market Towards US$ 20,883.04 Million by 2033, Growing with a Decent 6% CAGR

The solar inverter market is set on a path of substantial growth, with forecasts predicting a robust Compound Annual Growth Rate (CAGR) of 6% leading up to 2033. By that year, the market anticipates reaching a notable valuation of US$ 20,883.04 million. Noteworthy progress is expected by 2023, with a significant milestone targeting a valuation of US$ 11,660.98 million, underscoring the market’s upward trajectory.

String inverters, valued for their cost-effectiveness and durability, continue to be the preferred choice for numerous solar installations, owing to their accessibility and low-maintenance characteristics. As the global commitment to renewable energy sources strengthens, the solar inverter market assumes a pivotal role in converting solar power into usable electricity, making substantial contributions to a greener and more sustainable future for consumers and businesses alike.

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Driving Forces and Government Initiatives Shaping the Solar Inverter Market:

Solar inverters are influenced by critical factors such as roof orientation, shading, and roof inclination. Among renewable energy sources, solar photovoltaics have demonstrated significant cost reductions of around 72% for Levelized Cost of Electricity (LCOE), surpassing reductions seen in other sources like wind energy. This reduction stands as a major catalyst for the future growth of the solar inverter market.

Governments worldwide are taking proactive measures to promote solar inverters in industrial applications. For instance, China’s National Energy Administration (NEA) has set a target as part of its 14th Five-year Plan to account for over 50% of all installed capacities by 2025.

Notable Insights from the Solar Inverter Market:

North America commands the largest share of the market, largely due to the higher adoption rate of solar energy, particularly in the US.

The Asia-Pacific region is poised for rapid growth in the solar inverter market, with Japan and India taking the lead.

Favorable policies and incentives in Europe, including residential feed-in-tariffs (FITs), are expected to drive growth. Germany is leading the way, followed by the UK.

Recent Developments in Solar Inverter Industry:

In March 2022, Huawei Technologies forged a collaboration with Meienergy Technology Co., Ltd. to integrate smart energy storage into a 1 GW utility solar plant in Africa, incorporating a 500 MWh energy storage system developed by Meienergy.

SMA Solar Technology AG teamed up with LG Chem to blend SUNNY BOY Battery storage inverters with RESU 10M batteries, introducing innovative home storage solutions. This strategic alliance aims to develop integrated DC/DC converters to enhance the operational voltage of the batteries.

Canadian Solar Inc. unveiled its utility-scale battery storage solution, ‘SolBank,’ in September 2022, catering to the growing demand for energy storage in large-scale applications.

In January 2022, Sungrow introduced its innovative 1+X Modular central inverter during the World Future Energy Summit in Abu Dhabi. This inverter stands out for its modularity, which can be assessed at the inverter, system, and component levels.

In June 2022, V-Guard Industries Ltd. unveiled a new range of on-grid solar power inverters called ‘Solsmart.’ These inverters come with built-in switches that offer additional safety benefits, incorporating advanced safety features. Available in both three-phase and single-phase configurations, Solsmart On-Grid PV inverter also offers a 10-year warranty.

In April 2022, SMA Solar Technology AG launched a new 3-phase inverter series designed for residential and commercial solar PV systems with outputs nearing 135 kW. The series includes four new models with rated powers of 25 kW, 20 kW, 15 kW, and 12 kW, catering to various system sizes and requirements.

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Key Companies Profiled:

Siemens AG
Fimer Group
SMA Solar Technology AG
Delta Electronics Inc
SunPower Corporation
Omron Corporation
Eaton

Global Solar Inverter Market by Category:

By Type:

Central Inverter
Micro-Inverter
String Inverter

By System Type:

Off Grid
On Grid

By Phase:

Single Phase
Three Phase

By End-Use:

Residential
Commercial and Industrial
Utilities

By Region:

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

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Author:

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

About Future Market Insights (FMI)

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Nandini Singh Sawlani

Open-Source Intelligence (OSINT) Market is anticipated to surpass US$ 58.21 Billion by 2033, at a CAGR of 25% | Future Market Insights, Inc.

The open source intelligence market is securing a valuation of US$ 6.25 billion in 2023 and is projected to reach US$ 58.21 billion by 2033. The market is capturing a CAGR of 25% during the forecast period.

How are Organizations Surging the Open Source Intelligence Market?

Organizations are growing the market in several ways, including:

Developing OSINT Tools and Technologies: Both public and private organizations invest in developing open source intelligence techniques to improve data and analysis. For instance, organizations are developing web scraping tools that collect huge amounts of social and online media data. Similarly, key organizations are developing Natural Language Processing (NLP) tools to analyze data accurately.
Offering Open Source Intelligence Services: The growing demand for open source intelligence has led to the emergence of a new market to provide consultancy. The companies offer various services, including data collection, analysis, and training to public and private organizations. These service providers specialize in conducting online investigations for law enforcement agencies, while others offer market research services to businesses.
Training and Educating Open Source Intelligence Professionals: With the growing demand for open source intelligence expertise, organizations are investing in training and educating professionals in this field. These organizations offer training courses for their employees. While others sponsor academic research programs to develop new open source intelligence techniques.
Creating Partnerships and Collaborations: Organizations are also building partnerships and collaborations to share data and expertise in the open source intelligence field. For example, law enforcement agencies may collaborate with academic institutions to develop new OSINT techniques.

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Key Takeaways:

The open source intelligence market is estimated to register a CAGR of 25% with a valuation of US$ 58.21 billion by 2033.
The United States is anticipated to dominate the global market by capturing a significant share by 2033.
Historically, the market was captured with a valuation of US$ 2.05 billion in 2018.

How are Key Players Adding Value in the Global Market?

The key players are playing a vital role in the market growth by adding value. These players include individuals, organizations, and companies specializing in collecting, analyzing, and disseminating information from publicly available sources.

Crucial players add value to the market by developing innovative tools and technologies that improve efficiency. These tools include data mining software, web crawlers, and social media analytics platforms that quickly research vast data.

Key players provide expert analysis and interpretation of the data that they collect. It may involve identifying patterns and trends in the data and uncovering hidden connections between different sources of information. They provide customized services to clients by monitoring analysis on a specific topic.

These players are advancing the market to another height through their several strategic and unique ideas. The marketing methodologies these players adopt are mergers, collaborations, partnerships, acquisitions, and product launches.

Recent Developments in the Market are:

In January 2021, SAIL LABS Technology announced that it has partnered with the French government. This partnership aims to provide speech and text analytics for French police agencies.
Recently, Palantir Technologies announced its new product launch. This enables customers to create custom data integration solutions for their unique use cases. The company announced its intention to go public through a direct New York Stock Exchange listing.
In 2017, DigitalGlobe was acquired by Maxar Technologies. This acquisition has enabled DigitalGlobe to expand its geospatial capabilities and offers new products. It includes high-resolution satellite imagery for mapping and analysis.

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Open Source Intelligence Market by Category

By Security:

Data Analytics
Human Intelligence
Artificial Intelligence Security
Content Intelligence
Network Analytics

By Technology:

Social Media Analysis
Big Data Software
Text Analytics
Social Media Analytics
Video Analytics

By Application:

National Security
Private Sector
Military & Defence
Public Sector

By Region:

North America
Europe
Latin America
Asia Pacific
Middle East Africa

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

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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 Forecasts Global Machine Tool Touch Probe Market Set to Cross US$ 659.61 Million Valuation by 2033, Driven by Steady 3.5% CAGR

The global machine tool touch probe market is on a trajectory of significant expansion, with expert analysis projecting revenues of US$ 637.30 million in 2023. This growth is propelled by ongoing technological innovations within the industry, enhancing the capabilities of precision tools.

Notably, sectors like healthcare and manufacturing are experiencing a notable surge in demand, fueled by the increasing integration of automation and advanced technologies. The imperative for speed, efficiency, and safety in machining environments further propels the adoption of machine tool touch probes across diverse industries. Looking forward, sustained growth is anticipated, with a projected valuation of US$ 659.61 million by 2033, underpinned by a commendable Compound Annual Growth Rate (CAGR) of 3.5%.

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Dynamic Forces Shaping the Global Machine Tool Touch Probe Market:

Machine tool touch probes have demonstrated their operational prowess in environments challenging for human presence or when precision takes precedence. This unique trait has positioned them as sought-after assets across the global manufacturing sector.

In the expansive market, the transition from manual workpiece measurement to machine tool touch probes is witnessing significant traction. The pivotal advantage lies in their potential to eradicate inaccuracies, thereby elevating the prospect of precision-driven workflows. This pivotal factor is poised to thrust the machine tool touch probe industry into accelerated growth throughout the projected timeline. Furthermore, the distinction between human limitations and the seamless functionality of machines and their components accentuates their appeal, given machines’ capacity for continuous operation.

As the manufacturing landscape evolves, the global machine tool touch probe market rides these dynamics, forging a path of innovation and efficiency.

Key Insights from the Global Machine Tool Touch Probe Market:

Automation and Advanced Equipment Driving Demand: The surge in automation and utilization of advanced equipment in manufacturing and healthcare sectors are catalysts for the expanding need for machine tool touch probes. This trend is anticipated to fuel the growth of the global machine tool touch probe market in the near future.
Research and Development as Growth Accelerator: Increasing research and development activities play a pivotal role in propelling the machine tool touch probe market’s growth trajectory. This focus on innovation is likely to contribute significantly to market expansion in the coming years.
Automotive Industry’s Impact: The automotive sector’s quest to decrease production cycle times while enhancing precision is boosting the demand for machine tool touch probes. These tools are becoming essential in maintaining high-quality manufacturing processes, reflecting in their increased adoption.
Regional Variation and Pandemic Effect: Stable demand in mature markets like North America and Western Europe contrasts with slower growth in emerging markets, notably in the Middle East & Africa. The demand outlook for machine tool touch probes has been influenced by the pandemic, impacting the growth rate. The market’s growth has also been hindered by factors like high initial costs and a shortage of skilled labor, particularly in certain end-use sectors.

Key Players Profiled in Report:

Renishaw plc.
Hexagon AB
DR. Johannes Heidenhain GmbH
Blum-Novotest GmbH
Tormach, Inc.
METROL Co., Ltd.
Marposs S.p.A.
P-Tech Industries Pvt. Ltd.
Centroid Corporation
J & M Precision Products Inc.
Micro-Vu.
Quality Vision International, Inc.
Mahr GmbH
Magnescale Co. Ltd.
Carl Zeiss AG

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Global Machine Tool Touch Probe Market by Category:

By Probe Type:

3D Touch Probe
2D Spindle Probes
Tool-length Measuring Probes
Tool Touch-off Probes

By Transmission:

Infrared
Radio
Hard Wired

By Machine Type:

CNC Machining Center
- Vertical Machining Center
- Horizontal Machining Center
CNC Turning Center
Others

By End Use:

Automotive
Defense & Aerospace
Electronics
General Machining
Medical
Petrochemical
Others

By Region:

North America
Western Europe
Eastern Europe
Latin America
SEA & Pacific
China
Middle East & Africa

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Author:

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

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Nandini Singh Sawlani

Global Electric Fireplace Market Gear Up for US$ 3.2 Billion Revenue by 2032, Witnessing a Steady 3.7% CAGR Growth

The global electric fireplace market has witnessed significant growth, reaching a valuation of US$ 2.18 billion in 2021 and projecting a noteworthy year-on-year growth rate of 1.4%. This upward trajectory is set to continue as the market steadily ascends, with a projected Compound Annual Growth Rate (CAGR) of 3.7% from 2022 to 2032. Expected to reach US$ 2.21 billion by 2022, the market is anticipated to illuminate to a value of US$ 3.2 billion by the conclusion of 2032.

Electric fireplace devices offer a cozy and convenient solution to combat the winter chill, gaining popularity for various reasons. Praised for their energy efficiency and reduced consumption, electric fireplaces appeal to environmentally-conscious consumers. Their user-friendly operation and safety features further distinguish them in the market. Powered by a simple electrical switch, these fireplaces generate heat and flames directly through electricity, eliminating the need for a chimney and the production of smoke. The elimination of the chimney requirement stands as a pivotal factor driving the heightened global demand for electric fireplaces.

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An electric fireplace, a heating appliance utilized in homes and businesses to provide warmth during colder periods, is gaining popularity owing to its energy efficiency and enhanced performance. Moreover, the Asia Pacific market is predicted to experience gradual expansion in the forthcoming years.

This trend can be linked to limited awareness regarding the product among the region’s inhabitants, along with concerns about pollution stemming from conventional fireplace usage. Furthermore, the Middle East & Africa nations are projected to exhibit modest growth potential, with expectations of mild to moderate market expansion in the years ahead.

Factors Responsible for the Growth of Electric Fireplace Market:

Increasing Adoption of Electric Fireplaces: The shift from traditional fireplaces to electric ones is driving market growth. Customers are recognizing the advantages of electric fireplaces, leading to a rising demand for these modern heating solutions.
Benefits Over Traditional Fireplaces: Electric fireplaces offer several benefits, including being pollution-free, portable, cost-effective, and safer to operate. Their lower maintenance costs compared to wood and gas fireplaces contribute to their attractiveness in the market.
Variety of Innovative Products: Electric fireplace manufacturers are introducing a diverse range of innovative products such as freestanding, wall-mounted, table-top, inserts for walls or tables, and stove-style fireplaces. This variety appeals to a wider customer base and is a significant driver of market growth.
Changing Customer Preferences: Customers’ preferences are shifting towards electric fireplaces due to their inherent advantages. This change in consumer sentiment is boosting demand for electric fireplaces and fueling market expansion.
Economic and Environmental Factors: The economic benefits of using electric fireplaces, such as reduced maintenance costs and lower energy consumption, coupled with their environmentally friendly nature, contribute to the overall growth of the market.
Safety Considerations: The safety aspects of electric fireplaces, which eliminate the risks associated with traditional open flames and gas emissions, are influencing consumers to opt for these safer alternatives.
Innovation and Product Diversity: The introduction of various styles and types of electric fireplaces provides consumers with multiple options that suit their preferences and spaces, thus promoting market growth.

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Key Players:

Twin-Star Home (ClassicFlame®)
Real Flame
Dimplex North America
Amantii Electric Fireplaces
Napoleon Fireplaces
Duraflame, Inc.
GHP Group Inc.
Modern Flames
Sierra Flames
Woodbridge Fireplace Inc.
Montigo
Heatilator
Alaskan Fireplace Company
OER Fireplaces

Key Segments:

By Type:

Electric Stove
Insert Electric Fireplace
Table-Top Electric Fireplace
Wall-Mounted Electric Fireplace
Freestanding Electric Fireplace

By Size:

Small (Up to 35″) Sized Electric Fireplace
Medium (36″ – 42″) Sized Electric Fireplace
Large (43″ – 48″) Sized Electric Fireplace
Extra Large (49″ & Above) Sized Electric Fireplace

By Application:

Electric Fireplace for Residential Applications
Electric Fireplace for Commercial Applications

By Region:

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

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Author:

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

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Industrial PC Market to Witness US$ 9.4 Billion Revenue Globally by 2032, Growing with Consistent 6% CAGR | FMI Prediction

The global industrial PC market has exhibited remarkable growth, achieving a commendable valuation of US$ 5 billion in 2021. Projections for the period spanning from 2022 to 2032 forecast a robust Compound Annual Growth Rate (CAGR) of 6%, culminating in an anticipated valuation exceeding US$ 9.4 billion. This upward trajectory is primarily driven by escalating demand across diverse sectors such as automotive, oil & gas, electronics, and pharmaceuticals.

Industrial PCs have evolved into indispensable tools within the industrial landscape, playing a pivotal role in critical functions. Serving as the backbone of automation, these versatile machines empower the control of entire systems, monitor vital parameters such as pressure and temperature, oversee machinery, and provide real-time information crucial to the production of manufactured goods. Their adaptability and rugged design position them as cornerstones in optimizing and advancing industrial operations. The impressive growth of the industrial PC market underscores the significant potential embedded in this dynamic industry.

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Industrial PCs have gained widespread acclaim and utilization over the years due to their ability to meet the exacting demands of industrial settings. They are renowned for their high-performance capabilities, long lifespan, and unwavering reliability. Furthermore, these PCs are engineered to thrive in the harshest industrial environments, demonstrating exceptional durability and resilience.

The global industrial PC market’s ascent reflects the ever-expanding scope of industrial automation and the relentless pursuit of efficiency, precision, and data-driven decision-making across industries. These industrial PCs are not just computing devices; they are integral components in the modernization and optimization of industrial processes, driving productivity and innovation in the global industrial landscape.

Industrial PCs’ operational efficiency is both an advantage and a hazard at the same time. It may offer security problems, but it makes it easier to scale up duties and integrate new features in one box, such as energy management, access control, condition monitoring, FSM, data transfer, and so on.

As a result, OEMs and end-users may be dubious about the overall capabilities, not just IPC models, which could impede the sales of industrial PCs. An industrial PC is a computing platform that is built to withstand harsh conditions such as temperature fluctuations, humidity, moisture, and aggressive dust.

Competitive Landscape:

For start-up enterprises, the industrial PC market offers reasonable prospects. These businesses can supply industrial PCs to the fast-growing energy, automotive, and oil and gas industries. The global study on the Industrial PC market states that the presence of established businesses with diverse product portfolios catering to many industries, on the other hand, enhances market competition.

For example, in September 2021, Rockwell Automation announced cooperation with Ansys, a Canonsburg and Pennsylvania-based American corporation. The company hoped to expand digital twin connectivity into industrial control systems with this relationship, allowing users to take advantage of industrial operations’ implementation, design, and performance.

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Leading Companies Profiled in Industrial PC Market:

Beckhoff Automation,
IEI Integration Corporation,
Siemens,
B&R Automation,
Kontron S&T,
Avalue Technology,
DFI,
Nexcom International,
American Port well Technology, and others.

Key Segments Covered:

By Type:

Panel IPC
Rack Mount IPC
Box IPC
Embedded IPC
DIN Rail IPC

By Sales Channel:

Direct Sales
Indirect Sales

By End-use Industry:

Process Industries
Discrete Industries

By Region:

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

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Author:

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

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Nandini Singh Sawlani

FMI Analysis Predicts Booming Growth in Global Digital Instrument Clusters Market, Reaching US$ 10.5 Billion by 2032, with an Outstanding 20% CAGR

The global digital instrument clusters market is experiencing an extraordinary surge, propelled by a remarkable Compound Annual Growth Rate (CAGR) of 20% forecasted from 2022 to 2032. Expected to exceed a valuation of US$ 10.5 billion by 2032, this substantial growth is driven by the burgeoning utilization of digital instrument clusters across both passenger vehicles and commercial fleets.

Far transcending their conventional functions as mere speedometers, these digital displays have undergone a revolutionary transformation, emerging as versatile interfaces offering a comprehensive spectrum of essential information in a lucid and succinct numeric format. This pioneering advancement heralds a new epoch in automotive interface technology, fundamentally redefining the dynamics of our engagement with vehicles.

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Driving Forces and Limitations of Digital Instrument Clusters Market:

Driving Factors:

Personalized Automobile Experience: The surge in automobile production coupled with the demand for personalized driving experiences fuels the digital instrument clusters market. The allure of a reconfigurable cluster is particularly strong. Offering data like distance until the next charge, battery status, and other vital driver information, digital instrument clusters seamlessly enhance the driving experience, propelling market growth.

Consumer Trends: The market is additionally invigorated by evolving consumer trends. The widespread ownership of tablets, PCs, and smartphones provides a unique opportunity to integrate these devices into the realm of digital configurable instrument clusters, opening up new avenues for growth.

Technological Advancements: The thirst for advanced technology drives the adoption of digital instrument clusters. Characteristics like reusability, dynamic display, scalability, simplicity, and aesthetic appeal are instrumental in steering the global market forward.

Challenges:

Engine Design Constraints: The need for engine designs to adhere to economic and environmental constraints shifts the spotlight towards interior innovations, making digital instrument clusters an attractive avenue for Original Equipment Manufacturers (OEMs) to differentiate their offerings.

In essence, the digital instrument clusters market is propelled by the allure of personalization, evolving consumer habits, and the quest for advanced technology. Simultaneously, the landscape faces the challenge of aligning with engine design constraints while striving to meet the demands of a tech-savvy and environment-conscious consumer base.

Key Takeaways:

Numeric Precision Preferred: Digital instrument clusters, presenting accurate measurements in numeric formats, are surging in popularity, overshadowing traditional electromechanical pointer instruments.
Rapid Growth Anticipated: This shift is poised to fuel rapid growth in digital instrument cluster sales, foretelling a dynamic market landscape in the years ahead.
Tech-Savvy Demand: The growing tech-savvy population and fierce competition in the automotive sector are pushing manufacturers to introduce advanced vehicles featuring innovative elements, including fully digital instrument clusters.
Innovation Driving Demand: The launch of vehicles like Honda’s NS100Q scooter, equipped with state-of-the-art features like digital clusters, is expected to contribute significantly to the expanding demand for digital instrument clusters, stimulating market growth.

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Key Players Shaping the Digital Instrument Clusters Market:

Driving the innovation and growth within the global digital instrument clusters market are a host of prominent players. These include Nippon Seiki Co., Ltd., Ford Motor Company, Audi AG, Renault, Volkswagen, Kia Motors Corp., BMW AG, Jaguar Land Rover Limited, NVIDIA Corporation, and Tesla Motors.

This research report offers a comprehensive evaluation of the market landscape. It furnishes insightful perspectives, historical data, supported statistics, and industry-validated market insights. The report also delivers projections based on sound assumptions and methodologies. Additionally, the analysis encompasses various categories, such as market segments, geographical aspects, types, technologies, and applications, providing a holistic view of the market’s dynamics and potential.

Key Segments Profiled in the Digital Instrument Cluster Market Survey:

By Display Type:

LCD
TFT-LCD
OLED

By Display Size:

5-8 inch
9-11 inch
>12 inch

By Application:

Smartphones
Tablet PC/Desktop/Notebook
Automobile
Others

By Region:

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

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Author:

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

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Nandini Singh Sawlani

ASEAN Safety Sensors and Switches Market Expects US$ 1.59 Billion Revenue by 2028, Growing with a 10.2% CAGR | FMI Analysis

The ASEAN safety sensors and switches market are poised to exceed the significant milestone of US$ 1.59 billion by 2028, propelled by a steadfast Compound Annual Growth Rate (CAGR) of 10.2% commencing from 2022 onwards. This ascent is attributed to the escalating integration of safety sensors and switches across both personal and institutional sectors within the region.

These indispensable components play a pivotal role in fortifying safety measures across a spectrum of environments, encompassing industrial and institutional domains. Against the backdrop of rapid industrialization in ASEAN nations like Indonesia and Singapore, there emerges an increasingly imperative demand for sophisticated safety solutions. Safety sensors and switches emerge as cornerstone elements in augmenting the safeguarding of personnel, machinery, and assets, thereby cultivating a work environment characterized by enhanced safety and security.

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The pervasive deployment of safety sensors and switches is becoming increasingly commonplace, notably within the manufacturing and processing sectors such as automotive, oil & gas, pharmaceuticals, and food and beverages. These industries, characterized by heightened risks to both operational continuity and human welfare, have witnessed a surge in the installation of these safety devices. This surge can be attributed to stringent personnel safety regulations that underscore the imperative of safeguarding individuals and institutions from potential harm.

The confluence of factors driving this demand primarily emanates from sectors like oil & gas, where there is a resurgence in activity, the widespread utilization of robust heavy machinery spanning diverse industries, and the rapid integration of industrial automation and Industry 4.0 principles. This amalgamation of influences accentuates the need for a comprehensive and efficient framework for bolstering safety and security measures. As a direct consequence, the revenue trajectory of the safety sensors and switches market within the ASEAN region is poised for upward growth.

Key Takeaways:

Ubiquitous Adoption of Safety Sensors and Switches: The pervasive installation of safety sensors and switches is noticeable across various sectors, particularly within manufacturing and processing industries like automotive, oil & gas, pharmaceuticals, and food and beverages.
Industry-Specific Demand Driving Market Growth: The demand for safety sensors and switches is notably propelled by industries with higher inherent risks, such as automotive, oil & gas, pharmaceuticals, and food and beverages.
Regulatory Compliance Fueling Market Expansion: Regulatory requirements centered around personnel safety have been a pivotal factor behind the heightened demand for safety sensors and switches.
Oil & Gas Industry’s Impact: The resurgence of activity in the oil & gas industry, combined with the widespread utilization of heavy machinery in various verticals, is significantly contributing to the demand for advanced safety measures.
Industrial Automation and Industry 4.0 Integration: The adoption of Industry 4.0 principles and the swift integration of industrial automation are acting as catalysts for market expansion.

Key Players:

Schneider Electric
Honeywell International
Emerson Electric Co.
Eaton
Carlo Gavazzi Automation S.p.A.
OMRON Corporation
OMEGA Engineering
WIKA Alexander Wiegand SE & Co. KG
TE Connectivity
VEGA Instruments Co., Ltd.
Mitsubishi Electric Corporation
Texas Instruments
Infineon Technologies AG
Murata Manufacturing Co., Ltd.
Panasonic Corporation
Phoenix Contact
KEYENCE Corporation
ZEBRA

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Key Segments:

Category:

Basic Switches
Limit Switches
Pressure Sensors and Transducers
Hall-Effect and Magneto resistive sensors
Electro-magnetic relays
Barcode Scan Engines

Installation:

New
Retrofit

End Use:

Industrial
- Automotive
- Power Generation
- Mining & Metal
- Food & Beverage
- Packaging
- Pharmaceutical
Commercial
- Office
- Defence & Government Establishments
- Hotels & Hospitals
- Airports & Stations
- Others (Private/ Academic Institutes, Commercial Shopping Complexes)
- Residential

Country:

Malaysia
Singapore
Indonesia
Thailand
Vietnam
Philippines

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Author:

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

About Future Market Insights (FMI)

Contact Us:

Nandini Singh Sawlani

QR Code Payment Market Surges: FMI Predicts Exponential Growth, Projecting Over US$ 55.60 Billion by 2033

According to a recent FMI research, the QR code payment Market is expected to reach US$ 11.67 billion by 2023. The usage of QR code payments is expected to exceed $55.6 billion by 2033, with a CAGR of 16.9% between 2023 and 2033.

The Rise of QR Code Payments:

QR code payments have gained tremendous popularity, and for good reason. They offer a simple, secure, and convenient way to transfer money, make purchases, and conduct financial transactions. QR codes can be scanned using a smartphone, making them accessible to a wide range of users, regardless of their tech-savviness.

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QR codes can also be readily encrypted to prevent fraud and unauthorized access. Moreover, QR code payments can be quickly connected with other electronic payment methods, including mobile wallets, to produce a smooth and secure payment experience. In response to the increased need for quick and secure digital payment methods brought on by e-commerce and online shopping, QR codes have developed as a vital technology.

Major Players Listed in this Report are:

PayPal Holdings Inc.
Google LLC
UnionPay International Co. Ltd
LINE Pay Corporation
Barclays
Revolut Ltd
Tencent
Square, Inc.
Alibaba.com
Ecentric Payment Systems
One97 Communications Limited (Paytm) & Others

Key Takeaway from QR Code Payments Market Study

Within the QR code payments ecosystem, push payments emerge as a dominant force. This section is distinguished by real-time, one-way payments initiated by the payer. The ease and immediacy of push payments contribute greatly to the overall rise of QR code payments, particularly in situations when rapid settlement is required.
Another important growth factor is the widespread use of QR code payments in the retail and e-commerce industries. Businesses in these areas are rapidly incorporating QR code payment alternatives, using the frictionless transaction experience they provide. The convenience of making transactions quickly and securely is transforming customer behaviors, propelling QR code payments to the forefront of the retail environment.

Recent Developments

In order to improve digital payment choices in the UAE, CCAvenue has launched cutting-edge QR code payment solutions that provide a seamless and secure transaction experience for both companies and consumers. CCAvenue’s launch of QR code payments provides clients in the UAE with a handy way to pay using their smartphones.
Fonepay and NIPL have launched an innovative QR code payment system as part of a concerted effort to enhance digital payments in Nepal and India. This strategic alliance intends to meet the rising need for quick and secure digital transactions by offering a user-friendly platform to consumers and companies in both nations.

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Key Players

PaymentCloud
Paytm
LINE Pay Corporation
PayPal, Inc.
Clover Network, LLC
Revolut Technologies Inc.
Nearex Pte Ltd.
ACI Worldwide

Key Segments in the QR Code Payment Market

QR Code Payment Industry By Offering:

QR Code Payment as Solution
QR Code Payment as Services

QR Code Payment Industry By Payment Type:

QR Code Payment as Push Payment
QR Code Payment as Pull Payment

QR Code Payment Industry By Transaction Chanel:

QR Code Payment for Face-to-face
QR Code Payment for Remote

QR Code Payment Industry By End User:

QR Code Payment for Restaurant
QR Code Payment for Retail & E-commerce
QR Code Payment for E-ticket Booking
QR Code Payment for Others

QR Code Payment Industry By Region:

QR Code Payment in North America Market
QR Code Payment in Europe Market
QR Code Payment in Asia Pacific Market
QR Code Payment in Latin America Market
QR Code Payment in the Middle East & Africa Market

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Author:

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FMI Study Predicts Global Air Separation Plant Market Expected to Cross US$ 10,512.26 Million by 2034, Driven by a Steady 4.90% CAGR

The air separation plant market is gearing up for substantial expansion, currently boasting an impressive valuation of US$ 6,515.40 million in 2024. With a projected Compound Annual Growth Rate (CAGR) of 4.90%, the market envisions reaching a significant US$ 10,512.26 million by 2034. This upward trajectory is strategically influenced by the escalating demand for air separation plants in the healthcare sector, emerging as a pivotal trend set to catalyze global market expansion.

Conducting meticulous half-yearly comparative analyses, Future Market Insights (FMI) provides invaluable insights into the growth prospects of the air separation plant market. This comprehensive report offers crucial information about recent developments exerting a substantial impact on the market’s outlook.

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Key Takeaways from Air Separation Plant Market Study:

The U.S. is anticipated to account for the lion’s share in North America market, owing to the increasing shell gas exploration activities across the country.
China is expected to register robust growth in the air separation plant market, on the back of growing adoption in production of chemicals and iron & steel.
India is forecast to emerge as a highly attractive market in South Asia & Pacific, driven by the upsurge in trend of industrialization in the country.
The U.K. and Germany are estimated to collectively account for the largest share in Europe market, favored by increasing applications across the food & beverage industry.
In terms of end use industry, the chemical industry segment is projected to exhibit steady growth, accounting for around 20% of the overall sales through 2034.

Key Drivers:

Surging demand for medical oxygen and equipment such as continuous positive airway pressure (CPAP) devices and infusion pumps in hospitals for patient treatments is expected to increase the sales of air separation plants across the healthcare segment.
Increasing use of argon gas in casting and welding industries, especially, in manufacturing of specialty alloys and titanium is a primary factor propelling the demand across the argon segment.

Key Restraints:

Extravagant cost of installation, component assemble, operation, and maintenance of air separation plants is hindering the sales in the market.
High energy consumption for cryogenic separation plants as compared to non-cryogenic plants is a factor restraining the growth in the cryogenic separation plant segment.

Competitive Landscape:

Key manufacturers of air separation plants are focusing on mergers and acquisitions to strengthen their global footprint and establish their business different countries. Apart from this, some of the players are aiming at expanding their production capacity to cater to demand for industrial gasses.

For instance,

In November 2021, Nippon Gases, a leading Japanese industrial and medical gases provider, announced signing an agreement with a renowned Italian stainless steel manufacturer, Cogne Acciai Speciali. As per the agreement, Nippon Gases will assist the latter company to modernize its air separation unit to increase its efficiency and reduce energy consumption in production.
In April 2020, CryopAL, a subsidiary of Air Liquide, announced increasing its production of liquid oxygen for medical use to three times of its current production to meet the increasing demand and supply oxygen to patients suffering from respiratory insufficiency.

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Key Players Operating in the Market:

Linde AG
Air Products and Chemicals Inc.
Air Liquide SA
Praxair Inc.
Messer Group GmbH
Universal Industrial Gases Inc.
Taiyo Nippon Sanso Corporation
Technex Limited
Sichuan Air Separation Plant Group
Ranch Cryogenics Inc.
AMCS Corporation
Yingde Gases Group Company Limited.
Others

More Valuable Insights on Air Separation Plant Market:

FMI, in its new report, offers an unbiased analysis of the global air separation plant market, analyzing forecast statistics between 2024 and 2034. The survey reveals growth projections on in air separation plant market with detailed segmentation:

By Type:

Cryogenic Air Separation Plants
Non-cryogenic Air Separation Plants
- Pressure Swing Adsorption (PSA)
- Vacuum Pressure Swing Adsorption (VPSA)
- Membrane Separation

By Gas:

Oxygen
Nitrogen
Argon
Diesel

By End-use Industry:

Air Separation Plants for Chemical Industry
Air Separation Plants for Iron & Steel Industry
Air Separation Plants for Healthcare Industry
Air Separation Plants for Food & Beverage Industry
Air Separation Plants for Paper & Pulp Industry
Air Separation Plants for Oil & Gas Industry
Others

By Region:

North America Air Separation Plant Market
Latin America Air Separation Plant Market
Europe Air Separation Plant Market
East Asia Air Separation Plant Market
South Asia & Pacific Air Separation Plant Market
Middle East & Africa (MEA) Air Separation Plant Market

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Author:

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

About Future Market Insights (FMI)

Contact Us:

Nandini Singh Sawlani