Market Research Blog – Page 3176 – New Product Development

Mica Industry Forecasts 4.8% CAGR in Global Demand, Reaching US$ 874.8 Million by 2033

It is projected that the value of the world mica industry would rise from US$ 546.3 million in 2023 to US$ 874.8 million by 2033. It is anticipated that the demand for mica would rise globally at a compound annual growth rate (CAGR) of 4.8% between 2023 and 2033.

Natural mica demand is increasing as a result of its easy available in the market. It is renowned for its purity and diverse applications in several industries globally.

Natural mica is the most demanding form of mica in the market. Natural mica’s increasing demand stems from its versatility and eco-friendly nature. Widely sought after for its unique properties, it caters to several industries, including cosmetics, electronics, and construction, fostering sustained growth.

Ground mica, encompassing scraps, powder, and flakes, is abundant and finds versatile applications across industries. Its demand is attributed to its unique properties, including its ability to enhance texture, provide insulation in electronics, add shimmer in cosmetics, and fortify durability in paints.

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Ground mica is expected to be in high demand across diverse sectors, such as paints & coatings, electronics, cosmetics, and construction. Its increasing use is set to make it indispensable for multiple industrial processes and end-use applications.

In the electronics sector, mica stands as a prominent product, ensuring crucial attributes such as insulation, thermal stability, and reliability. It is used in capacitors, insulators, and semiconductor devices.

Mica supports the seamless functioning of diverse electronic components and devices. Its inherent properties play a pivotal role in maintaining the integrity and efficiency of electronic systems, contributing significantly to the advancement of modern technology.

The cosmetics industry is anticipated to register a greater growth rate compared to other end-use industries. The properties of mica, such as light-reflecting qualities, are expected to drive its demand.

Mica also enhances the visual appeal of makeup. Its versatility enables formulations that balance aesthetics with skin-friendly attributes.

As a key ingredient, mica contributes to the creation of makeup products that not only elevate beauty standards but also prioritize the well-being of the skin. It is projected to help in reflecting the evolving demands of the cosmetics market.

Manufacturers are investing in supply chain transparency, aligning with responsible sourcing practices to meet evolving consumer expectations. Technology adoption in processing and extraction methods remains a priority, emphasizing efficiency, quality, and environmental considerations.

The industry players are aware of the need for ethical business practices. They are proactively working toward fostering a socially responsible and environmentally sustainable mica market.

Key Takeaways from the Report-

The global market for mica is projected to thrive at a 4.8% CAGR through 2033.
By form type, the natural mica segment is expected to total a valuation of US$ 744.1 million by 2033.
By grade, the ground mica segment is expected to total a valuation of US$ 422.7 million by 2033.
By end-use, the electronics segment is set to hold a market share of 27.0% in 2023.
East Asia is expected to account for a significant share of about 26.3% in 2033.
China’s industry value is anticipated to reach US$ 158.9 million by 2033.
The United States is projected to attain a valuation of US$ 96.4 million by 2033.
Demand in India is predicted to rise at a 5.9% CAGR through 2033.

“The mica market is poised to witness healthy growth due to the escalating demand for natural mica, expanding industrial sectors, and growing end-use industries. Robust growth in demand from a wide spectrum of applications is the key factor propelling the sales and revenue of the global market. Strategic acquisitions and investments in research & development are also expected to push the market,” says FMI Analyst.

Competitive Landscape

Key players are focusing on the expansion of domestic production and technology areas of mica to provide cost-efficient solutions to consumers. They are also investing in developing new products. At the same time, they are innovating the existing products to meet end-user demand.

Recent Developments-

In January 2023, Global New Material International acquired CQV to augment penetration in the global market. The company produces synthetic mica powder.
In January 2023,in India, Jharkhand’s Chief Minister Hemant Soren took a step to revive the mica mining industry by flagging off vehicles to resume the mica scrap dumping yard at Koderma district.

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Mica Market Outlook by Category:

By Form Type:

Natural
Synthetic

By Grade:

Ground Mica
Sheet Mica
Built-up Micaa

By End-use:

Paints & Coatings
Electronics
Construction
Cosmetics
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
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 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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Anticipated Expansion: India Decorative Veneer Market Eyes Growth at 4.2% CAGR Over Forecast Period by 2033

India decorative veneer market business value is expected to increase from US$ 249.7 million in 2023 to US$ 376.3 million in 2033. Over the assessment period, demand for decorative veneers in India is projected to surge at a CAGR of 4.2%.

India’s decorative veneer business is experiencing significant growth, and its trajectory suggests reaching unprecedented heights in the foreseeable future. This surge is attributed to the industry’s diverse wood species offering and the continuous exploration of innovative applications, creating a dynamic and evolving landscape.

The thriving residential sector in India is expected to play a key role in driving sales of decorative veneers. This is because decorative veneers are widely used to add a touch of elegance, style, and sophistication to residential spaces.

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Veneers can be applied to various types of furniture, including tables, chairs, cabinets, and dressers. They can transform plain furniture into stylish and visually appealing pieces. They enhance the appearance of dining tables, creating a stylish setting for meals and gatherings.

The shift in design preferences and consumer behavior within the residential domain will further drive decorative veneer demand in India. Decorative veneers find usage in several applications, including wall paneling, furniture, and flooring.

The business exhibits remarkable resilience and a commitment to innovation. Adapting to environmental challenges and consistently evolving consumer preferences, the decorative veneer sector positions itself for sustained growth.

Ongoing efforts in research and sustainable practices underscore the industry’s commitment to remaining at the forefront of design trends and meeting dynamic consumer needs. Key players are expected to introduce new products to gain maximum profits.

Key Takeaways from the Report

India decorative veneer business is projected to thrive at 4.2% CAGR through 2033.
By wood species, the teak segment is expected to reach a total valuation of US$ 197.4 million in 2033.
Based on end-use industry, the residential segment is set to hold a share of 57.2% in 2023.
Based on end-use industry, the commercial segment is set to thrive at a CAGR of 4.1% through 2033.
West India is expected to account for a significant share of around 31.9% in 2033.

“India decorative veneer business is poised to grow steadily due to expanding real estate and industrial sectors and increasing emphasis on improving the aesthetic appeal of home interiors,” says FMI analyst.

Who is Winning?

Greenlam Industries Ltd., Century Ply, Natural Veneers (TURAKHIA OVERSEAS PRIVATE LIMITED – TOPL), and Central India Veneer Private Limited are the leading manufacturers of India decorative veneers listed in the report.

Key players are focusing on expanding domestic production and offering cost-efficient solutions to consumers. They are also adopting strategies like acquisitions, agreements, mergers, partnerships, and collaborations to expand their footprint.

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Recent developments:

In 22 2022, Greenlam Industries acquired the laminate manufacturing facility of Gujarat-based Bloom Dekor in a US$ 4.3 million deal.

More Insights into the India Decorative Veneer Business Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the India decorative veneer business, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.

To understand the business potential, growth, and scope, the industry is segmented based on wood-species (oak, maple, walnut, teak, mahogany, others), end-use industry (residential, commercial, hospitality and tourism, marine, and automotive), and region (North India, South India, West India, East India, Central India).

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Transformer Tap Changers and Voltage Control Relay Market Surges to US$ 2357.1 million by 2033

In 2023, the Transformer Tap Changers and Voltage Control Relay Market is expected to be worth over US$ 1464.2 million. It is estimated to rise by 4.4% year over year.

Sales of voltage control relays and transformer tap changers are anticipated to expand at a decent CAGR of 4.9% over the course of the forecast period. In 2033, the market is anticipated to reach a peak valuation of US$ 2357.1 million.

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

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

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

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

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

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

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

Competitive Landscape: Transformer Tap Changers and Voltage Control Relay Market

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

Few of the leading key players in the industry include Schneider Electric, ABB Ltd., Eation Corporation, OMRON Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Hitachi Energy Ltd., and Toshiba Energy Systems among others.

Recent developments

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

Transformer Tap Changers and Voltage Control Relay Market Outlook by Category

By Phase:

Single Phase
Three Phase

By Application:

Industrial
Utility and Grid
Commercial
Others

By Product Type:

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

By Region:

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

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Explore Trending Reports of Industrial Automation

Wear Plates Market Demand: The wear plate market is capturing a valuation of US$ 7.62 billion in 2023 and is predicted to reach US$ 12.53 billion by 2033. The market is registering a CAGR of 5.1% during the forecast period.

Air Filters Market Size: The air filters market size is projected to be valued at US$ 16.53 billion in 2023 and is expected to rise to US$ 30.33 billion by 2033. The sales of air filters are expected to record a significant CAGR of 6.26% during the forecast period.

Industrial Vacuum Cleaners Market Share: Future Market Insights’ analysts predict that the industrial vacuum cleaners market is likely to grow from US$ 993.91 million in 2022 to US$ 1,648.89 million by 2033. During the forecast period, the market is projected to expand at a CAGR of 5.2%.

Warehouse Robotics Market Volume: The global warehouse robotics market size is projected to expand at a CAGR of 13.7% from 2023 to 2033. It is estimated to reach a valuation of about US$ 4,924.3 million by 2033. The market is projected to cross a valuation of around US$ 1,365.8 million by 2023.

Power and Control Cable Market Sales: The global power and control cable market size is set to reach US$ 131.61 billion in 2023. Overall sales of power and control cable are likely to surge at 7% CAGR, taking the forecasted market valuation to US$ 258.90 billion by the end of 2033.

Marine Selective Catalytic Reduction Systems Market Growth: From 2023 to 2033, the global marine selective catalytic reduction systems market is estimated to be worth US$ 4.77 billion, with a CAGR of 6.0%. The global market is expected to reach US$ 8.54 billion by 2033.

Modular Construction Market Innovation: The global modular construction market is estimated to be valued at US$ 97.51 billion in 2023. The demand for modular construction is anticipated to progress at a CAGR of 7.4% to surpass US$ 199.11 billion by 2033.

Single-use Filtration Assemblies Market Trends: The global single-use filtration market is set to reach US$ 3.53 billion in 2023. By 2033, the market valuation is forecast to cross US$ 19.28 billion, with a CAGR of 18.5%.

Sensor Cable Market Analysis: As per Future Market Insights, the sensor cable market is anticipated to attain a value pool of US$ 700 million by 2023-end. Global demand for sensor cables is expected to rise at a CAGR of 7.2% to US$ 1,400 million in 2033.

Security and Surveillance Equipment Market outlook: The Global Security and Surveillance Equipment market share is projected to reach US$ 31.6 Bn in 2032. The growing global security concern, theft prevention and safety assurance has been increasing the demand for Security and Surveillance Equipment.

Market Expansion: Iron Ore Pellet Industry Foresees Significant Rise in Demand with 7.9% CAGR by 2033

The global iron ore pellet industry value is forecast to increase from US$ 66,503.9 million in 2023 to US$ 141,988.8 million in 2033. Over the assessment period, global demand for iron ore pellets is projected to surge at a CAGR of 7.9%.

The demand for iron ore pellets is closely tied to the global steel industry. Iron ore pellets are a critical raw material in steelmaking, used to enhance the efficiency of the steel production process.

Iron ore pellets are witnessing higher demand from the iron and steel sectors, and the trend is expected to continue through 2033. This is due to expanding construction sector and rapid urbanization globally.

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According to the World Steel Association, global crude steel production reached 1,950.5 million tons in 2021, up 3.7% from 2020. Rise in production and consumption of steel and steel-based products worldwide will likely bolster iron ore pellet sales through 2033.

The superior properties and environmental benefits of iron ore pellets make them a popular raw material choice in the iron and steel industry. Hence, expansion of these industries is predicted to elevate demand for iron ore pellets.

The global iron ore pellet market is set to expand over 2.1X through 2033. This is due to the growing demand for steel from several end-use industries such as construction and automobile industry.

Key Takeaways from the Report

The global market for iron ore pellets is projected to thrive at 7.9% CAGR through 2033.
Based on the segment, BF grade is expected to surge at a CAGR of 7.1% by 2033.
East Asia is expected to account for a significant share of around 37.4% in 2033.
The United States industry value is set to reach US$ 9,204.8 million in 2033.
China is projected to attain a valuation of US$ 35,299.4 million in 2033.
Iron ore pellet demand in India is predicted to rise at 11.7% CAGR through 2033.

“The iron ore pellet market is expected to witness healthy growth due to escalating environmental regulations, expanding industrial sectors, and increasing emphasis on high-grade steel for several applications. As industries worldwide strive to reduce their environmental impact and ensure compliance, demand for effective iron ore pellets is expected to rise rapidly, creating growth prospects for the target market,” – says FMI Analyst

Competitive Landscape:

Key players are focusing on expanding domestic production to meet growing demand from industries like steel manufacturing. They are also establishing new production facilities and improving existing ones to solidify their market positions.

Recent developments:

In August 2023,Foulath arm Bahrain Steel collaborated with Essar Group’s KSA Green Steel Project for supplying iron ore pellets to the Green Steel Arabia (GSA) project.

More Insights into the Iron Ore Pellet Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global iron ore pellet market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.

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Key Companies Profiled

ArcelorMittal S.A.
Vale S.A.
Luossavaara-Kiirunavaara AB (LKAB)
Bahrain Steel
Arya Iron & Steel Co. Pvt. Ltd. (Arya Group)
KIOCL Ltd.
AM/NS India
Jindal SAW Ltd.
Cleveland-Cliffs Inc.
FERREXPO Plc.
Simec Group

Iron Ore Pellet Market Segmentation by Category

By Grade:

BF (Blast Furnace) Grade
DRI (Direct Reduced Iron) Grade

By Region:

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

About Future Market Insights (FMI)

Contact Us:

Nandini Singh Sawlani

Sailing into Success: Water Adventure Tourism Market on Course for US$ 1.06 Trillion by 2034 | FMI

By 2024, the market for water adventure tourism is expected to be valued at US$ 2,160.8 billion. By 2034, the market is probably going to exceed US$ 1.06 trillion. From 2024 to 2034, the industry is predicted to grow at a CAGR of 17.30%.

Special interest tourism is a type of tourism that facilitates the customisation of tourism activities to cater to the specific interests of individuals and/or groups. A particular need or interest is addressed in the special interest tourism sector. Adventure tourism is a type of special interest tourism, which engages an individual in natural, physical and cultural excursions that results in the individual coming out of his/her comfort zone.

This is carried out by an established tour company or agency. Water adventure tourism is a sub-type of special interest tourism under the category of adventure tourism. Water adventure or water-based tourism refers to tourist activities undertaken at water resources such as dams, lakes, canals, seas, coastal zones, oceans and creeks.

Water sports enthusiasts look forward to exploring hard as well as soft water-based adventures and activities such as water sports – canoeing, sailing, kayaking, river rafting, water skiing and scuba diving. It is a niche type of tourism that involves exploration and travel in an unfamiliar, remote, exotic and wilderness location.

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Water Adventure Tourism: Popularity

Water adventure tourism, or water-based tourism is gaining popularity in the current global scenario. The factors contributing to the increased popularity of water adventure tourism are listed below:

Individuals are more interested in pursuing risky adventures, instead of boring tours with less activities
The rise in disposable income has facilitated the growth in tourism all over the world. Money, income and spending power are special influencing factors of the water adventure tourism sector
Advent of technology and developments in water sport equipment have a reinforced effect on the safety of individuals, because of which there is an increased participation in water sports, expanding the horizon of water adventure sports and thereby impacting the water adventure tourism sector
Skilled personnel and trainers are available to help and guide the tourists, impart knowledge and technical know-how in order to use the underwater equipment (scuba diving and deep sea diving) conveniently

Water Adventure Tourism: Challenges

Like every other tourism segment, the water adventure tourism sector also faces certain challenges.

Though the popularity of water sports is rising, there are issues faced by tourists in terms of risk management (despite regulating risk mitigation programmes, people tend to adhere to their own terms), equipment (water sports equipment might be faulty during manufacturing and is not checked sometimes owing to brand new packaging that gives a sense of assurance to the tourists; owing to which accidents tend to happen).

Water sports agencies can also face problems with respect to misbehaviour of the tourists, trip cancellations and overall resources and tour management issues.

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Water Adventure Tourism: Different Sports and Equipment

There are various water sport activities in water adventure tourism. Even if related to water as a common aspect, each of these water sports activities are unique with respect to the experience gained and the level of risk involved.

Water enthusiasts engage themselves in activities such as white water rafting that is famous in Malaysia, kayaking in Vietnam, kite boarding in Thailand, surfing in Playa de Famara, scuba diving in Brisbane, kayaking in California, jet skiing in Miami, wind surfing in Spain and wake boarding in Australia.

These are some of the water sports activities famous in the mentioned locations. Water sports equipment and apparel are two important factors to be considered while undertaking water adventure tourism.

There are several water equipment and gears such as knee boards, swim goggles, wake boards, kayaks and canoes, water skis, life vests, diving suits, rebreathers, diving computers and gauges and so on. Some of the manufacturers producing these equipment include Adidas, Arena, Mikasa, Speedo International, Baden, Nike, Billabong, Turbo, KAP7 and Under Armour.

Key Manufacturing Companies:

Ace Adventure
Berber Rafting Adventures
Cardiff International White Water
8Adventures
Orca Dive Club
Natural Travel Collection Ltd
PADI Travel
Dive The World
Fly & Sea Dive Adventures
World Dive and Sail International
Ultimate Dive Travel
Hidden Depths Dive Tours
Project Expedition
Scuba Travel
Bluewater Travel
Entrada Travel Group
Island Expeditions Company Limited
Raftingoo
Pro Dive Cairns

Key Segments in the Water Adventure Tourism Market

By Tourist Type:

Independent Traveller
Tour Group
Package Traveller

By Activity Type:

Kayaking
Surfing
Boat Rides
Jet Skis
Paddle Boards
Wind Surfing
Rafting
Scuba Diving
Parasailing
Others

By Age Group:

Kids
Adults

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

USA Scroll Compressor Market Size Rising to US$ 1,703.6 Million by 2033

The USA scroll compressor market is quietly humming along, playing a vital role in our everyday lives. These ingenious devices keep our refrigerators and air conditioners running efficiently, and their popularity is on the rise. Let’s explore the key drivers propelling this market, emerging trends shaping its landscape, and the promising future of scroll compressor technology in the US.

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Market Drivers:

The US scroll compressor market is expected to witness steady growth, with a CAGR (Compound Annual Growth Rate) projected to be between 4.8% and 5.3% from 2023 to 2030. This growth is fueled by several key factors:

Energy Efficiency Focus: As regulations and consumer preferences prioritize energy-saving appliances, scroll compressors’ superior efficiency compared to traditional reciprocating compressors is driving demand.
Demand for Comfort Cooling: The ever-increasing desire for comfortable indoor temperatures, particularly in warmer regions of the US, is boosting the sales of air conditioners equipped with scroll compressors.
Growth of the Construction Industry: A booming construction sector, particularly in residential and commercial buildings, translates to a higher demand for new HVAC systems utilizing scroll compressors.
Technological Advancements: Continuous advancements in scroll compressor technology, such as improved materials and variable-speed drives, are enhancing efficiency and performance, making them even more attractive.
Focus on Noise Reduction: Scroll compressors are inherently quieter than reciprocating compressors, appealing to homeowners and businesses seeking a peaceful environment.

Market Trends: Shaping the Future

Several key trends are shaping the future of the USA scroll compressor market:

Shift Towards Variable Speed Technology: Variable speed drives allow scroll compressors to adjust their operating speed based on cooling needs, resulting in significant energy savings.
Focus on Environmentally Friendly Refrigerants: Regulations phasing out traditional refrigerants are prompting a shift towards more environmentally friendly options compatible with scroll compressor technology.
Demand for Smart and Connected Compressors: The growing trend of smart home appliances is leading to the development of scroll compressors with integrated Wi-Fi capabilities, enabling remote monitoring and control.
Focus on Miniaturization: Advancements in design and materials are allowing manufacturers to create smaller and lighter scroll compressors, catering to the growing demand for compact and space-saving HVAC systems.

Future Scope: A Cool and Sustainable Horizon

The future of the USA scroll compressor market appears promising, driven by several factors:

- Increasing Urbanization: Rising urbanization in the US will lead to a higher demand for efficient and compact air conditioning systems, which often utilize scroll compressors.
- Focus on Building Sustainability: As sustainable building practices gain traction, the energy-efficient nature of scroll compressors will make them the preferred choice for eco-conscious construction projects.
- Technological Innovation: Continued advancements in materials, design, and integration with smart technologies will further enhance the performance and functionality of scroll compressors.

India Residential Solar Inverter Market set to Surpass US$ 330.2 million by 2033

According to a Future Market Insights (FMI) report, it is expected that size of the India residential solar inverter market would increase with annual growth of 7.9% by 2023, anticipated to be valued at over US$ 148.2 Million.

By 2033, the market is projected to reach a valuation of US$ 330.2 Million. It is set to develop significantly between 2023 and 2033, with a CAGR of 8.3%. In 2022, the market had a value of US$ 137.3 Million.

National and state governments have been offering subsidies for those who choose solar power as part of the push toward renewable energies. These include cash awards and allowances that can be applied to consumers’ electricity bills.

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Along with subsidies, the India market has seen a rise in demand for power bill cost savings. This is another key factor anticipated to expand the market for solar products, ultimately leading to an exponential rise in the need for solar inverters across the nation.

Several people have shifted to renewable energy options as technology has advanced at an accelerating rate. India market for solar energy systems has expanded significantly in recent years.

Due to a number of factors, the market has also seen a notable price drop in solar inverters. On-grid solar power systems help consumers lower their monthly electricity bills, as well as their long-term operating costs and maintenance expenses.

Most of the Indian clients choose medium-capacity solar inverters with a 6 kW maximum output. They are doing this in an effort to equip their homes with high-performance and energy-efficient items.

On average, homes in the country use less than 100 energy units each month. Solar energy systems with inverters around 6 kW are adequate for single-family homes as they often only require a small quantity of electricity.

Future Market Insights (FMI) projects that West India would account for a sizable portion of the market. On the other hand, South and North India are predicted to produce futuristic opportunities with strong growth rates. According to projections, West India will produce around 7/10ths of the market value for household solar inverters in India.

Key Takeaways from India Residential Solar Inverter Market Study:

Demand for residential solar inverters in India witnessed moderate growth at a CAGR of about 0% between 2018 and 2022.
West India is projected to contribute to about 3/5th of the total market value share by 2033.
By product type, the on-grid inverter segment is expected to create an absolute dollar opportunity of US$ 135.7 Million between 2023 and 2033.
In terms of capacity, the 2 to 5 kW and 5 to 7 kW segments are set to generate more than 85% of the India market share in 2033.
Based on phase, single phase solar inverters are predicted to contribute to about 87% of the India residential solar inverter industry share by 2033.

Competitive Landscape: India Residential Solar Inverter Market

Leading players are competing on price to attract customers who are looking for affordable solar solutions. This includes offering discounts, promotions, and financing options. Price competitiveness can also be an effective strategy for reaching new customers and increasing sales volume.

A few local firms are investing in customer service and support to provide a high-quality experience for customers. This includes providing technical support, training, and installation assistance. Good customer service can help them to build loyalty and lead to positive word-of-mouth referrals, which can drive future sales.

For instance,

In March 2021, Fuji Electric India declared that it is planning to unveil two new segments, namely, solar inverters to operate large projects and uninterrupted power supply systems for data centers. Both these products are expected to be manufactured at the company’s factory located in Pune, Maharashtra.

Key Companies Profiled in the India Residential Solar Inverter Industry Report:

Lento Industries Pvt. Ltd
Delta Electronics Inc.
Sungrow Power Supply Co. Ltd.
Luminous Power Technologies Private Limited
Kehua Data Co., Ltd.
Sineng Electric Co. Ltd.
Polycab India Ltd
Ginlong Technologies Co., Ltd.
Hitachi Hi-Rel Power Electronics Private Limited
GOODWE
SMA Solar Technology AG
Huawei Technologies Co., Ltd.
Others

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India Residential Solar Inverter Industry Segmentation Analysis:

By Product Type:

On Grid
Off-grid
Hybrid

By Capacity:

Up to 2 kW
2 to 5 kW
5 to 7 kW
7 to 10 kW

By Phase:

Single-Phase
Multi-phase

By Region:

North India
West India
South India
East India

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The USA hydrogen electrolyzer market size is projected to expand at a CAGR of 23.8% from 2023 to 2033. It is anticipated to reach a valuation of about US$ 790.8 Million by 2033.

The United Kingdom photovoltaic mounting system market will witness an increase from US$ 730.9 Million in 2023 to US$ 1,643.8 Million by 2033, growing at a CAGR of 8.4%.

The air filters market size is projected to be valued at US$ 30.33 Billion by 2033, growing at a significant CAGR of 6.26% during the forecast period.

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USA Hydrogen Electrolyzer Market Analysis: Industry worth US$ 790.8 million by 2033

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

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

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

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Growth Factors

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

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

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

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

Market Trends

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

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

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

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

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Key Companies

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

Power and Control Cable Market Value Soars to US$ 258.90 billion by 2033

The power and control cable market serves as the lifeblood of modern infrastructure, transmitting electricity and critical control signals across various industries. As the world strives for greater efficiency and connectivity, this market is experiencing significant growth. Let’s delve into the current landscape, exciting opportunities for manufacturers, and the promising future of power and control cables.

Current Scenario:

The global power and control cable market is estimated to be valued at over USD 130 billion and is projected to grow at a CAGR (Compound Annual Growth Rate) ranging from 7% to 7.5% by 2032. This growth is fueled by several key factors:

Infrastructure Development: Rapid urbanization and investments in infrastructure projects, including smart grids and renewable energy integration, are driving the demand for power and control cables.
Focus on Efficiency: The growing emphasis on energy efficiency necessitates the use of advanced power and control cables that minimize power losses during transmission.
Industrial Automation: The rise of automation in various industries, including manufacturing and process control, increases the demand for reliable control cables for data transmission.
Digitalization and Smart Technologies: The integration of smart technologies like the Internet of Things (IoT) creates a need for robust power and control cables to support data-driven operations.

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Challenges and Considerations:

Despite the positive outlook, some challenges require attention:

Fluctuating Raw Material Prices: The cost of raw materials like copper and plastics can be volatile, impacting production costs for manufacturers.
Stringent Regulations: Strict safety and environmental regulations regarding cable design and materials necessitate continuous adaptation for manufacturers.
Competition: The market is becoming increasingly competitive, with manufacturers facing pressure to offer cost-effective and high-quality products.

Opportunities for Manufacturers:

Manufacturers can capitalize on these trends by focusing on:

Innovation and Specialization: Develop advanced power and control cables with improved fire resistance, higher operating temperatures, and enhanced durability.
Focus on Sustainability: Develop eco-friendly cables using recycled materials and explore biodegradable options where applicable.
Data Transmission Solutions: Design cables specifically optimized for high-speed data transmission to cater to the growing demand for industrial automation and smart technologies.
Cost Optimization and Efficiency: Streamline manufacturing processes and explore alternative materials to reduce production costs and offer competitive pricing.
Global Expansion: Target emerging markets with growing infrastructure projects and increasing demand for power and control cables.
Value-Added Services: Offer additional services like installation support, cable testing, and lifecycle management to enhance customer experience.

Future Scope: A Connected and Sustainable Horizon

The future of the power and control cable market appears bright, driven by several promising trends:

- Growth of Renewable Energy: The increasing adoption of renewable energy sources like wind and solar power will require specialized power and control cables for efficient transmission.
- Focus on Smart Cities: The development of smart cities with interconnected infrastructure will create a significant demand for robust power and control cables.
- Advancements in Cable Technology: Developments in material science and innovative cable designs promise improved performance, durability, and data transmission capabilities.

Service Lifecycle Management Application Market: Projected Growth to Exceed US$ 2.93 Billion by 2030, Fueled by a Strong 7.9% CAGR

The global service lifecycle management application market is projected to expand significantly in the coming years. In 2022, it was valued at approximately US$ 1.6 billion, and it is expected to reach about US$ 2.93 billion by the end of 2030. This growth can be attributed to the increasing global demand for service lifecycle management solutions, which is anticipated to rise at a CAGR of 7.9% from 2022 to 2030. Service lifecycle management application consumption accounted for around 3% share of the global product lifecycle management market in 2021.

All of these factors have brought in a precision-driven aspect to services, increasing the value proposition and raising overall profit margins.

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Big Data Analytics Driving Real Time Communication and Analysis in SLM Applications

Data analytics is a game changer for service management operations because it gathers asset information and allows for improved service quality, which leads to a higher first-time repair rate (FTF rate). SLM apps assist firms in determining how effectively their services are working in comparison to their plans. As a result, the SLM programme helps enterprises to discover and solve service issues more rapidly.

Descriptive and predictive analytics will lead to real-time communication between dealerships, manufacturers, and customers via connected devices, resulting in notifications to manufacturers about product status and early warnings for better and proactive decision making, resulting in better service and customer retention. Furthermore, analytics will concentrate on combining customer satisfaction data with service lifecycle management software.

The use of service lifecycle management applications is growing, especially in sectors that manufacture with metal, such as aerospace and defence and automotive and transportation.
The use of service lifecycle management applications will increase by 1.7x of current market value by the end of 2030 in the medical equipment sector as COVID-19 leads to a significant volume of new n
The Asia Pacific service lifecycle management application market is anticipated to grow at a CAGR of around 8% from 2020 to 2030.

Big Data Analytics Driving Real-Time Communication and Analysis in SLM Applications

Because it collects asset information and enables better service quality, data analytics transforms service management operations and increases the percentage of first-time repairs (FTF rate). Apps for SLM let businesses assess how well their services are doing in relation to their plans. As a result, the SLM programme aids businesses in finding and resolving service problems more quickly.

Through connected devices, descriptive and predictive analytics will enable real-time communication between dealerships, manufacturers, and customers. This will enable manufacturers to receive notifications about the status of their products and early warnings to make more proactive decisions that will improve service and customer retention. Analytics will also focus on fusing service lifecycle management software with data on customer satisfaction.

Leading Key Players:

PTC Inc.
Tech Mahindra Limited
Wipro Limited
Siemens AG
Atos SE
TCS Ltd.
Oracle Corporation
Astea International Inc.
IBM Corporation
Dassault Systems
Tavant Technologies

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Service Lifecycle Management Application Industry Segmentation:

By Software Type:

Cloud-based
Web-based

By Service-based Model:

Field-based
Depot-based
Dealer-based
Performance-based

By Solution:

Customer Contact & Support
Field Service Management
Warranty & Service Management
Service Parts Information Management

By End-use Industry:

Automotive & Transportation
Aerospace & Defense
Medical Equipment
High Technology
Telecommunications
Industrial Machineries & Equipment

By Region:

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

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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 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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