Market Research Blog – Page 3339 – New Product Development

Smart Elevator Automation System Market to Exceed US$ 37.68 Billion, 9.2% CAGR by 2026

The worldwide smart elevator automation system market is estimated to rise at a CAGR of 9.2% in terms of value. Due to the increased development of new high-rise buildings and rapid urbanization, the worldwide smart elevator automation system market was valued at US$ 15.5 Billion in 2016 and is expected to grow considerably to US$ 37.68 Billion by 2026.

FMI has classified the worldwide smart elevator automation system market by service, component, end users, and geography in this analysis. The smart elevator automation system market is divided into three segments based on service: installation, repair & maintenance, and modernization. The smart elevator automation system market is divided into card readers, biometrics, touch screens and keypads, security and control systems, sensors, motors and automation systems, and building management systems based on components.

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Future Market Insights recently published a report titled “Smart Elevator Automation System Market – Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027”. Smart elevator automation system is a new generation of elevators equipped with innovative technologies, which offer various facilities along with security. The smart elevator automation system is designed to minimize the overall energy consumption and manage passenger traffic efficiently within a building.

Smart Elevator Automation System Market: Segmental & Regional Forecast:
Governmental regulations & standards for global green infrastructure, reduction in operational cost, and automation are the major factors expected to drive the growth of the smart elevator automation system market. In terms of value, the residential sector sub-segment is projected to register high growth during the forecast period in the global smart elevator automation system market.

Based on components, the card reader sub-segment in the smart elevator automation system market is expected to grow at a high CAGR of 19.2% over the forecast period. However, the sensor motor & automation system sub-segment is expected to capture a large share of the global smart elevator automation system market as their demand is increasing to maximize energy efficiency and elevator travel speed. In terms of value, the sensor motor & automation system sub-segment is expected to create an incremental opportunity of US$ 7,333.7 Million during the forecast period in the global smart elevator automation system market.

Furthermore, the global smart elevator automation system market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East & Africa (MEA). In terms of value, the Asia Pacific Exc. Japan’s Smart elevator automation system market is estimated to expand with a CAGR of 18.6% over the forecast period.

This can be attributed to the transformation of the existing infrastructure and an increasing number of smart city projects. In Western Europe, Germany is expected to be the dominant market for smart elevator automation systems and to create an incremental opportunity of US$ 2,042.8 Million between 2017 and 2027. The growing demand for enhanced safety and security systems is one of the major factors fuelling the growth of the smart elevator automation system market in Western Europe.

Leading Key Players:

Fujitec Co., Ltd.
Mitsubishi Electric Corporation
Hitachi Ltd
Kone Corporation
Otis Elevator Company (I). ltd.
ThyssenKrupp AG
Schindler Group
Honeywell International Inc.
Robert Bosch GmbH
Hyundai Elevator
Sigma Elevator Company
Toshiba Elevator and Building Systems Corporation
Huawei Technologies Co., Ltd.
TK Elevators

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Smart Elevator Automation System Market Segmentation:

By Component:

Card Reader
Biometric
Touchscreen and Keypad
Security and Control System
Sensors, Motors, and Automation Systems
Building Management System

By Service:

Installation Service
Maintenance and Repair
Modernization Service

By End User:

Residential Sector
Commercial Sector
Industrial Sector
Others

By Region:

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

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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Website: https://www.futuremarketinsights.com
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Mobile Payment Transaction Market Set to Reach US$ 2,500.5 Million with 4.2% CAGR by 2033

The mobile payment transaction market is poised for substantial growth, projected to achieve a commendable 4.2% CAGR and reach a significant valuation of US$ 2,500.5 million by the year 2033. This forecast underscores the increasing prominence and adoption of mobile payment solutions in the global financial landscape. As the world becomes increasingly digitalized, consumers are gravitating towards the convenience and efficiency offered by mobile payment transactions.

Factors such as the proliferation of smartphones, the expansion of e-commerce, and a growing emphasis on contactless transactions contribute to the optimistic trajectory of the mobile payment transaction market. The forecasted CAGR reflects a sustained demand for seamless and secure payment methods, positioning the market as a pivotal player in shaping the future of financial transactions.

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Based on key applications, FMI has segmented the mobile payment transaction services market into money transfer, merchandise purchase, airtime top-ups, bill payment, ticketing, and ‘others’.

In terms of market value, the money transfer segment accounted for 51.1% share of the mobile payment transaction market in 2014. However, the segment is expected to lose 780 BPS by the end of 2020. In contrast, the merchandise purchase segment is anticipated to gain traction during the forecast period, accounting for a 49.9% share of the overall market revenue by 2020.

Airtime top-ups, bill payment, ticketing, and ‘others’ segments collectively accounted for an 8.3% share of the mobile payment transaction services market revenue; FMI estimates it to drop to 6.9% by the end of the forecast period.

The global mobile payment transaction volume is anticipated to reach US$ 106 Billion by 2020. In terms of volume, the merchandise purchase segment is anticipated to account for a 39.8% share of the market, witnessing an increase of 670 BPS.

The use of mobile payment services for money transfers is expected to witness a decline of 430 BPS in its market share by the end of the forecast period. Furthermore, the airtime top-ups segment is also anticipated to lose 480 BPS and account for a 19.2% share of the market volume by 2020.

Africa and Asia Pacific are the two most lucrative regions for the mobile payment transaction services market. In terms of value, these two regions collectively accounted for nearly 58% share of the global market in 2014. FMI forecasts that these two regions will continue to dominate the global market during the forecast period.

A key development in the global mobile payment transaction services market is that Asia Pacific will outpace Africa to become the largest market. FMI estimates Asia Pacific mobile payment transaction services market to account for 27% of the global mobile payment transaction service market revenue by 2020.

Among all the regions, North America is poised to witness significant growth. North America held a 22.8% value share of the global market in 2014, and it is anticipated that by 2020, it will increase to 24.9%.

In terms of transaction volume, Asia Pacific and Africa will continue to remain lucrative, however, strong growth in North America and Western Europe is anticipated to eat into their market share. On the other hand, the collective market share of Latin America, the Middle East, and Eastern Europe is projected to reach 10.4% by 2020.

The key companies profiled in FMI’s research report include PayPal, Visa, MasterCard, and Google Wallet. These companies are tying up with leading vendors to consolidate their position in this rapidly expanding market.

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Mobile Payment Transaction Market Segmentation:

By Technology:

SMS Mobile Payment Transactions
WAP/ WEB
USSD
NFC

By Purpose:

Merchandise Purchase
Money Transfer
Bill Payment
Ticketing
Other Purpose

By Region:

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

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Nandini Singh Sawlani

Explosive Growth Predicted for Spatial Mass Spectrometry Market are projected to increase at a CAGR of around 15.3% by 2032

The global spatial mass spectrometry market is on a trajectory of unprecedented growth, set to surge from its 2022 valuation of US$ 254.8 million to a staggering US$ 1 billion by 2032. This meteoric rise, characterized by a robust Compound Annual Growth Rate (CAGR) of 15.3%, underscores the immense potential and opportunities within the sector.

The remarkable expansion of the spatial mass spectrometry market mirrors a landscape of continual technological advancements and burgeoning demand across diverse industries. Esteemed for its precision and depth of analysis, this cutting-edge analytical technique has established a pivotal niche across pharmaceuticals, environmental studies, life sciences, and beyond.

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Fueled by relentless innovation and an unwavering pursuit of accuracy, the industry’s growth is propelled by the convergence of technological breakthroughs, research and development endeavors, and an escalating need for high-resolution spatial analysis. As a result, the sector stands at the precipice of revolutionizing scientific exploration and application across multiple domains.

Key industry players are seizing this momentum, driving research and development initiatives to unlock the full potential of spatial mass spectrometry. Through strategic partnerships, pioneering research endeavors, and investments in state-of-the-art technologies, stakeholders are not only spurring market growth but also catalyzing a paradigm shift in the role of spatial analysis in scientific discoveries.

A primary driver of the spatial mass spectrometry industry is the escalating prevalence of cancer globally. With cancer emerging as a leading cause of mortality worldwide, the demand for advanced tools in cancer research and diagnostics is on the rise. Spatial mass spectrometry emerges as a valuable asset in this endeavor, enabling the identification and characterization of tumor cells, as well as facilitating the study of cancer treatments’ effects.

Additionally, the burgeoning demand for omics-based clinical trials is propelling the spatial mass spectrometry market forward. Omics, encompassing the molecular-level study of biological systems, holds immense promise in identifying biomarkers for disease diagnosis and prognosis, as well as in formulating personalized treatment strategies. Spatial mass spectrometry emerges as a robust tool in omics-based research, facilitating the quantification and identification of diverse molecules in biological samples.

Moreover, the escalating investment in the pharmaceutical industry is serving as a catalyst for spatial mass spectrometry market growth. With pharmaceutical companies increasingly investing in cutting-edge technologies to expedite drug discovery and development processes, spatial mass spectrometry emerges as a valuable asset. It facilitates drug candidate screening for activity and toxicity, alongside offering insights into drug metabolism and distribution within the body.

While the spatial mass spectrometry market is still in its nascent stages of development, it is witnessing rapid expansion driven by burgeoning demand across diverse industries, including pharmaceuticals, academia, and clinical diagnostics.

Some Of The Key Takeaways From The Report Include:

The spatial transcriptomics segment is expected to grow at the highest CAGR over the forecast period, owing to its increasing use in cancer research and drug development.
The formalin-fixed paraffin-embedded (FFPE) sample type segment is expected to account for the largest share of the market during the forecast period, due to its wide availability and ease of use.
North America is expected to remain the largest market for spatial mass spectrometry over the forecast period, followed by Europe and Asia Pacific.

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The growth of the spatial mass spectrometry market is being driven by a number of factors, including:

Increasing demand for personalized medicine: spatial mass spectrometry is a valuable tool for understanding the spatial distribution of drugs and other molecules within cells and tissues. This information can be used to develop more personalized treatment plans for patients.
Growing prevalence of chronic diseases: The prevalence of chronic diseases such as cancer and Alzheimer’s disease is increasing worldwide. spatial mass spectrometry is a valuable tool for diagnosing and monitoring these diseases.
Advances in technology: Technological advances are making spatial mass spectrometry systems more affordable and accessible. This is leading to increased adoption of spatial mass spectrometry in a wider range of applications.

The key players in the spatial mass spectrometry market include:

10x Genomics
Dovetail Genomics
S2 Genomics Inc
NanoString Technologies Inc
Seven Bridges Genomics
PerkinElmer, Inc.
Bio-Techne
Danaher Corporation
IonPath, Inc.

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Market Segments Covered In Spatial mass spectrometry Market Analysis:

By Technology:

Spatial Transcriptomics
Spatial Genomics
Spatial Proteomics

By Product Type:

Instruments
Consumables
Software

By Workflow:

Sample Preparation
Instrumental Analysis
Data Analysis

By Sample Type:

FFPE
Fresh Frozen

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Nandini Singh Sawlani

Absorption Chillers Market Value Rising to US$ 2,376.8 million by 2033

The global absorption chillers market is poised for substantial growth, projected to reach a market value of US$ 1,532.7 million in 2022, with expectations to surge to US$ 2,376.8 million by 2032. Over the forecast period spanning from 2022 to 2032, the market is estimated to expand at a noteworthy compound annual growth rate (CAGR) of 4.5%.

Absorption chillers, renowned for their thermally driven refrigeration mechanism, utilize a sorbent solution or a liquid refrigerant in conjunction with a heat source to provide cooling to various buildings. Distinguished by their energy-efficient operations, absorption chillers offer a sustainable alternative to traditional cooling methods such as electronic absorption chillers and industrial equipment. Notably, these chillers operate without relying on ozone-depleting chlorofluorocarbons (CFCs), further enhancing their environmental sustainability credentials.

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Regional Analysis

The North American market is anticipated to witness steady growth in terms of market share and revenue from 2022 to 2032. According to researchers at Future Market Insights, the absorption chillers market in North America is poised to capture 23.4% of the global market by 2022.

North America emerges as a highly lucrative region for absorption chillers, primarily fueled by the significant uptake of these chillers in sectors such as food processing and petroleum. Moreover, the region’s demand for absorption chillers is on the rise, driven by the increasing adoption of environmentally friendly cooling solutions across various end-use sectors including plastics, rubber, chemicals & petrochemicals, and medical & pharmaceutical.

In Europe, it is projected that by 2022, the region will command approximately 17.9% of the global market share for absorption chillers. Throughout the forecast period spanning from 2022 to 2032, Europe is expected to contribute steadily to the growth of the global absorption chillers market.

Meanwhile, the Asia Pacific region is poised to dominate the absorption chillers market, accounting for 44% of global revenue in 2022. This dominance can be attributed to significant investments in residential and commercial building sectors across the region. Furthermore, the increasing number of data centers in Asia Pacific is anticipated to further propel the growth of the chillers market during the forecast period.

Key Companies

Thermax Ltd
Helioclim
MultiChill Technologies Inc.
Kirloskar Pneumatic Company Ltd
World Energy Absorption Chillers Europe Ltd
LG Air Conditioning (Shandong) Co. Ltd.
Johnson Controls, Inc.
Hitachi Appliances Inc.
EAW Energieanlagenbau GmbH
Carrier Corporation
Century Corporation
Yazaki Energy Systems Inc.

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Key Segments Covered in the Absorption Chillers Industry Analysis

Absorption Chillers Market by Source of Energy:

Direct Fired Absorption Chillers
Steam-heated Absorption Chillers
Hot Water Heated Absorption Chillers
Gaseous Fuels powered Absorption Chillers

Absorption Chillers Market by Refrigerant:

Ammonia Absorption Chillers
Lithium Bromide (Brine) Absorption Chillers

Absorption Chillers Market by Packaging:

Modular Absorption Chillers
Packaged Absorption Chillers

Absorption Chillers Market by Application:

Absorption Chillers for Food Storage
Absorption Chillers for Air Conditioning

Absorption Chillers Market By End Use:

Absorption Chillers for Industrial Use
Absorption Chillers for Commercial Use
Absorption Chillers for Residential Use

Absorption Chillers Market by Region:

North America Absorption Chillers Market
Latin America Absorption Chillers Market
Europe Absorption Chillers Market
Asia Pacific Absorption Chillers Market
Middle East & Africa Absorption Chillers Market

Global Clinical Information System Market Poised for Exceptional Expansion, Forecasted Growth at 8% CAGR by 2032

The global clinical information system market is set for remarkable growth, with projections indicating a Compound Annual Growth Rate (CAGR) of 8% between 2022 and 2032. This surge in expansion is fueled by a convergence of factors propelling innovation and transformation within the healthcare sector.

A significant catalyst driving this growth is the widespread adoption of Electronic Health Records (EHRs), which serves as a cornerstone in advancing the clinical information system industry. With healthcare providers increasingly embracing digitization, the integration of EHRs has become integral in optimizing patient care, streamlining operational processes, and facilitating data-informed decision-making.

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Moreover, the escalating prevalence of chronic diseases globally further accelerates the momentum of this industry. The imperative need for sophisticated tools and systems to manage and treat chronic conditions effectively has surged the demand for advanced clinical information systems. These systems not only ensure seamless management of patient data but also enable personalized and value-based treatment methodologies.

“EHRs play a pivotal role in enhancing the quality and efficiency of healthcare delivery,” says FMI. “They provide clinicians with real-time access to patient data, foster communication among healthcare providers, and mitigate medical errors.”

The rising demand for value-based care also serves as a significant growth driver for the clinical information system industry. As healthcare shifts towards a model emphasizing high-quality care at reduced costs, clinical information systems emerge as critical enablers by facilitating real-time data access, seamless communication, and automation of administrative tasks.

With the increasing adoption of EHRs, the prevalence of chronic diseases, and the surge in demand for value-based care, the clinical information system industry is poised for sustained growth in the foreseeable future.

Key Takeaways from the “Clinical Information System Market by 2022 to 2032” report by Future Market Insights:

The global clinical information system industry is expected to grow at a CAGR of 8% from 2022 to 2032.
The integrated clinical decision support (CDSS) segment is expected to record the highest growth rate during the forecast period, due to the increasing demand for CDSS solutions to improve clinical decision-making and patient care.
The on-premises delivery mode segment is expected to account for the largest share of the market in 2022, but the cloud-based delivery mode segment is expected to grow at a faster rate during the forecast period.
The North America region is expected to remain the dominant market for clinical information systems throughout the forecast period, due to the presence of a large number of healthcare organizations and the high adoption of clinical information systems in the region.
The Asia Pacific region is expected to witness the fastest growth in the clinical information system market during the forecast period, due to the rising demand for clinical information systems from emerging economies such as China and India.

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Some of the key factors driving the growth of the clinical information system market include:

Increasing prevalence of chronic diseases
Rising investments in healthcare IT
Government initiatives to promote the use of electronic health records (EHRs)
Technological advancements such as cloud computing, artificial intelligence (AI), and machine learning (ML)

The clinical information system industry is highly competitive, with a number of established players such as Cerner, Epic, and MEDITECH. However, there is also a growing number of new entrants in the market, such as Allscripts and eClinicalWorks.

Overall, the clinical information system market is expected to witness significant growth in the coming years, driven by a number of factors such as the increasing prevalence of chronic diseases, rising investments in healthcare IT, and government initiatives to promote the use of EHRs.

Some of the key players in the clinical information system market include:

Cerner Corporation
Epic Systems Corporation
McKesson Corporation
Allscripts Healthcare, LLC
MEDITECH Corporation
NextGen Healthcare, Inc.

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The Segmentation of the Clinical Information System (CIS) Market Some Common Segmentation Criteria Include:

By End Use:

Hospital
Outpatient Hospital
Business Office

By Type:

Hardware
Software
Services

By Delivery Mode:

On-Premises
Cloud-Based

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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3D Laser Scanner Market Soars to US$ 3,378.4 million by 2033

The 3D laser scanner market is experiencing a surge in growth, driven by its ability to create precise and detailed digital representations of the physical world. These scanners, which utilize laser light pulses to capture data, are transforming various industries by offering a powerful tool for measurement, documentation, and design. Let’s delve into the current state of the 3D laser scanner market, explore the factors propelling its growth, and examine the trends shaping its future.

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Current Scenario:

3D laser scanners are finding application in a wide range of industries, including:

Construction: Creating as-built models, documenting existing structures, and planning renovations.
Manufacturing: Reverse engineering, quality control inspections, and 3D printing applications.
Surveying and Mapping: Generating precise topographical maps and capturing detailed site measurements.
Architecture and Engineering: Facilitating design visualization, planning construction projects, and historic preservation.
Cultural Heritage Preservation: Preserving historical artifacts and monuments with high-fidelity 3D scans.

The current market offers a variety of 3D laser scanner options:

Time-of-Flight (ToF) Scanners: Measure distance by calculating the time it takes for a laser pulse to travel to an object and return.
Phase-Shift Scanners: Employ modulated laser light to determine the distance to an object based on phase shifts.
Long-Range Scanners: Suitable for capturing data over large distances, often used in surveying and mapping applications.
Handheld Scanners: Portable and lightweight, ideal for capturing data in confined spaces or for quick scans.

Growth Factors:

Several trends are expected to contribute to the continued growth of the 3D laser scanner market:

Decreasing Costs and Increased Accessibility: Advancements in technology are making 3D laser scanners more affordable and user-friendly, opening doors for adoption by a wider range of businesses.
Integration with Building Information Modeling (BIM): 3D scan data can be seamlessly integrated with BIM software, enabling more efficient construction workflows.
Advancements in Software: Improved 3D scanning software allows for easier data processing, faster scan registration, and better mesh generation.
Rise of 3D Printing: The growing adoption of 3D printing necessitates precise 3D models, which laser scanners can provide.
Focus on Automation and Robotics: 3D laser scanners are being integrated with robots for automated data capture in industrial settings.

Future Trends:

The future of the 3D laser scanner market is expected to witness advancements in several areas:

- High-Resolution and Long-Range Scanning: Developments will enable even more detailed scans and the ability to capture data over greater distances.
- Mobile Mapping Systems: Integration with mobile platforms like drones or vehicles will enable rapid 3D data capture over large areas.
- Real-Time Scanning and Processing: The ability to scan and process data simultaneously will create real-time 3D representations of environments.
- Artificial Intelligence (AI) Integration: AI can be used for object recognition, automated scan registration, and improved data analysis from 3D scans.
- Focus on Compact and User-Friendly Scanners: The development of even smaller and easier-to-use scanners will broaden the application base.

Ecotel Tourism Market Gears Up for US$ 8,703.7 Million Growth, Anticipating 38.7% CAGR by 2033 | FMI

Ecotel tourism market is anticipated to increase at a rate of 38.7% per year to reach US$ 8,703.7 million by 2033, from its estimated US$ 330.9 million in 2023.

Key Features of the Ecotel Tourism Market

Sustainable Practices: Ecotels implement a wide range of sustainable practices, such as energy-efficient lighting and appliances, water-saving fixtures, recycling programs, and the use of renewable energy sources. They often employ green building materials and design strategies that promote energy efficiency and environmental conservation.
Eco-friendly Amenities: Ecotels offer amenities and services that align with sustainable principles. These may include organic and locally sourced food options, natural toiletries and cleaning products, bike rentals or public transportation assistance, and nature-based activities or excursions.
Environmental Certifications: Many ecotels seek certifications and accreditations to validate their commitment to sustainability. Certifications such as LEED (Leadership in Energy and Environmental Design), Green Globe, or local eco-labels provide assurance to guests that the property meets certain environmental standards.
Community Engagement: Ecotels actively engage with local communities, supporting local businesses, promoting cultural exchange, and contributing to the social and economic development of the destination. They may collaborate with local organizations or participate in community initiatives to create positive impacts.
Educational Opportunities: Ecotels often provide educational opportunities for guests to learn about sustainable practices, local ecosystems, and the importance of environmental conservation. This may include guided nature walks, workshops on eco-friendly living, or visits to nearby conservation projects.

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Key Takeaways:

The United States holds a significant market share in the ecotel tourism market in the North America region, with a value share of 11.0% in 2022. The rise in the travel and tourism industry, along with changing patterns in the standard of living, contributes to the growth of the luxury hotel market in the region.
The ecotel tourism market in the United Kingdom is predicted to experience a positive 7.0% compound annual growth rate (CAGR). Further, the increasing awareness and concern for sustainable practices among tourists have driven the demand for eco-friendly accommodations in the country.
Australia shows promising potential in the ecotel tourism market, with a value share of 5.0% in 2022. The country’s natural landscapes, diverse ecosystems, and unique wildlife attract travelers seeking immersive experiences in eco-friendly accommodations.
Online booking is the most preferred channel, acquiring 28.0% of the market share. Tourists favor online platforms for hassle-free booking, digital payment transfer, live tracking, and enhanced security.
Package travel is the preferred choice for tourists, contributing to a 35.0% value share in 2022. Package travel offers cost advantages compared to individual travel, as it includes expenses for accommodations, transportation, and sightseeing entrance fees, often with discounts and special offers.

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Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players operating in the market. These market players focus on following a few important strategies to reinforce their place in the market.

Segmentation Analysis of the Ecotel Tourism Market

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tour Type:

Domestic
International

By Tourist Type:

Independent Traveler
Tour Group
Package Traveler

By Consumer Orientation:

Men
Women
Children

By Age Group:

15 to 25 Years
26 to 35 Years
36 to 45 Years
46 to 55 Years
66 to 75 Years

Regions:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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

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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Stair Lift Motors Market Rising to US$ 307.6 million by 2033

The global stair lift motors market is expected to reach a value of US$ 196.2 million in 2023 and is projected to grow to US$ 307.6 million by 2033, with a significant CAGR of 4.6% during the forecast period.

Stair lift motors are in demand, particularly in urban areas, as a comfortable solution for the elderly who have difficulty using stairs. They are also used in medical emergencies and are increasingly installed in supermarkets and shopping malls.

The drivers for the market include convenience, safety features, technological progress, and energy efficiency. The flexibility, low maintenance cost, and reduced weight of stair lift motors make them convenient for users.

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Advanced safety features reduce the risk of falls and increase their adoption by handicapped individuals, the elderly, and children. Technological advancements in the industry and energy-efficient AC power stair lift motors contribute to market growth. However, there are some restraints to consider.

The installation of stair lift motors requires trained personnel and a lack of familiarity with local elevator codes can hinder the market growth. The high cost and negative customer feedback regarding post-sales service are also challenges. Moreover, concerns about potential injuries due to improper installation present ongoing challenges for the market.

Regional Analysis

Europe is expected to dominate the global stair lift motors market, with a projected market share of 44% during the forecast period. The demand for mobility wheelchair drives is anticipated to rise in countries like the United Kingdom, Germany, and France, driven by the growing geriatric population.

The North American region is expected to hold the second position with a market share of 27%. The adoption of stair lift motors is increasing in North America, particularly in hospitals, contributing to market growth.

India is emerging as a promising market with a growth trajectory of 5.9%. The country’s increasing elderly population and government initiatives promoting inclusivity and accessibility have fueled the demand for stair lift motors.

Straight-rail stair lifts hold a significant market share of 31.9% and are widely used in residential and commercial settings.

The commercial sector is expected to account for 52.2% of the stair lift motor market, as commercial buildings install these lifts to improve accessibility and comply with regulations.

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How the Start-ups Have Altered the Traditional Stair lift Market Trends?

Recently, new start-up companies are coming forward with their innovative skills to expand the stair lift motors market growth. The start-ups are using advanced and technical methods such as permanent magnet DC brush motors to solve many issues related to stair lift motors. They are settings goals to make the motors more convenient, reliable, and budget-friendly for consumers in the coming years.

Recent Developments

Stannah established an e-commerce portal in November 2020 to allow clients to purchase a stair lift online. Through an omnichannel approach, the firm can improve its sales revenue.

Spa Services Market Poised for Growth: Envisioned to Attain US$ 140.28 Billion with 10% CAGR by 2032 | FMI

The global spa services market is predicted to thrive over the forecast period of 2022 to 2032 by reaching a valuation of US$ 140.28 Billion while exhibiting a robust CAGR of 10% over this duration. Valued at US$ 105.18 Billion in 2022, the spa services market is pushed by swift changes in consumer preferences. The availability of a wide range of therapies such as cryotherapy, hydrotherapy, LED therapy, and sound therapy among others further supplements the spa services market.

With rapid urbanization, peoples’ choice of lifestyle and habits are also changing. Owing to a fast-paced lifestyle and hectic schedules, overall health of the population at large is deteriorating. Rushed lifestyle, extensive travel, and frenzied schedules often lead to muscle cramps and body aches. Hence, a major chunk of the population is inclined towards receiving spa services as it rejuvenates the body.

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In addition to this, due to prevailing trends and social media influences, there’s an incredible emphasis on staying fit and groomed. The rising beauty standards among young adults and working professionals is also contributing to the market prospects of spa services during 2022 to 2032.

Again, the growing geriatric population often complains of body-related distresses such as back pain, neck pain, headaches, digestive disorders and other body aches. Thus the elderly often access spa service packages that offer comforting treatments, pain management, internal body healing and anti-healing. This factor is likely to push the sales of spa services over the projected period of 2022 to 2032.

Key Takeaways:

Surging demand for relaxation, wellness and meditation activities to boost market potentials.
High operational cost and low market penetration in developing countries may hinder the market growth.
North America is predicted to offer plenty of lucrative opportunities over the forecast period.
Asia Pacific is projected as a highly profitable emerging market for spa services.
Spa services market in Europe is likely to register 19% CAGR through 2032.
By product type, hotel/ resort spa services is likely to generate substantial revenue.
On the basis of end-user, women are expected to lead the market.

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Key Players

Hyatt Hotels Corporation
Mazkara.com
Four Seasons Hotel Limited
Marriott International, Inc.
Hilton Hotels & Resorts
OneSpaWorld Holdings Limited
Siam Wellness Group
InterContinental Hotels Group plc
Massage Envy
Kempinski Hotels S.A.
Brenners Park-Hotel & Spa
Others

Global Spa Services Market by Category

By Product Type:

Day Spa
Resort/Hotel
Medical Spa
Thermal/Mineral Springs Spas
Others

By Service Type:

Massage
Beauty/Grooming
Physical Fitness
Others

By End User:

Men
Women

By Region:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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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Nandini Singh Sawlani

Sports and Leisure Equipment Retailing Market Propels Towards US$ 624.1 Billion with 6.5% CAGR by 2033 | FMI

The retailing market for sports and leisure equipment is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2033, from an estimated US$ 332.5 billion in 2023 to US$ 624.1 billion by 2033.

As more individuals participate in sports and other recreational activities as a means of improving their health and reducing stress, the sports sector is becoming the largest in the world.

Sports have become more popular as an active and passive form of entertainment. Consumers are gradually spending more on sportswear, with athleisure apparel and accessories accounting for a sizable portion of the cost. The sports market in the twenty-first century is rife with extremes. Market research is becoming a top priority for marketing sports equipment and accessories as global markets become more and more competitive.

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The market is rising vastly, as people are increasingly attracted by the product’s capability to offer sweat-wicking & breathability and enhancement of physical movement. The product assists in safeguarding from extreme weather conditions improve blood circulation, and injury prevention is helping to surge its utilization. The rising growth of the urban population escalates the consumption of the product due to the increasing involvement of people in fitness activities.

Key takeaways

Based on the sports type fitness sports will be the growing segment in the sports type are people are now more conscious about their health and fitness.
Online retail distribution channel for sports equipment is expected to be the fastest-growing segment over the forecast period
The Sports and Leisure Equipment Retailing market will grow with a CAGR of 6.8% in the forecast period.
The sports and leisure equipment retailing market is growing strongly, characterized by the rapid adoption of new technologies and directness to changing trends.

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Who is winning?

Leading players in the Sports and Leisure Equipment Retailing market are focusing on promotional strategies and advertising popular tourist destinations in various regions to improve sales in the market.

Major players present in the Sports and Leisure Equipment Retailing market

Key Players

Adidas AG
Amer Sports
PUMA SE, and Under Armour
Billabong International Colombia Sport
Daiwa Seiko
New Balance
Quicksilver

Sports and Leisure Equipment Retailing Market by Category

By product type:

Equipment
Apparel and Shoes

By end User:

Men
Women
Children

By Sports Type:

Bike
Outdoor
Tennis
Other Racket Sports
Running
Fitness
Football/Soccer
Other Team Sports
Winter Sports
Water sports
Others

By Distribution Channel:

Supermarkets/Hypermarkets
Speciality Stores
Online Retail Stores
Other Distribution Channels

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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