Market Research Blog – Page 3381 – New Product Development

Greece Tourism Market Takes Off Towards US$ 548.0 Million Projection by 2032 | FMI

The global Greece tourism market is expected to generate a revenue of US$ 548.0 million by 2032, scaling up from US$ 265.9 million in 2022. The target market is set to record a healthy CAGR of 7.5% from 2022 to 2032. Factors such as an elevated number of travelers to Greece in 2022- around 8 million in the first half of the year- account for the thriving tourism industry in Greece.

The country’s popularity as a global heritage site, rich culture, and magnificent views further aid the growth of the Greece tourism market during the forecast period.

Greece, popular for its green valleys and lush forests, is a famous tourist destination. Apart from the magnificent view, the country is also famous as a heritage site and for its rich culture. Greece also has excellent nightlife and all of these considerations, along with its beautiful mountains and exotic beaches, attract travelers from all over the world.

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Greek tourism, thus, caters to both: those who want to experience a quiet time on the beaches and those who want to enjoy an active party lifestyle. Many tourists also want to experience the feel of an exotic European location. These attributes strive to create a thriving environment for tourism in Greece.

The country’s cultural and traditional aspect also contributes to a prosperous tourism market. Its cultural richness is displayed through its rural environment and its uniqueness also entices travelers. Moreover, its rich history is quite appealing to historians, associated enthusiasts, and amateurs. The recent development of different sectors of Greece’s economy also bolsters its tourism revenue and is anticipated to continue this trend. Further, the diverse delicacies and cuisines in the country attract a significant number of culinary aficionados.

Beginning with the popular Moussaka to traditional meatballs, the culinary specialties of Greece also present its culture and local cuisines in a very appealing manner to tourists from all over the world. Additionally, other tourism activities like medical tourism, destination tourism, religious tourism, ecotourism, and others continue to attract huge amounts of tourists to the country. All of these factors will stimulate the Greece tourism market during the forecast period.

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Key Takeaways:

Rich history supported by young enthusiasts is expected to spur the demand for the Greece tourism market during the assessment period.
A dearth of tourism infrastructure may hamper the growth prospects for Greece’s tourism market.
In terms of age group, the 36 to 45 category will likely account for a considerable share of 29.5% of Greece tourism.
Based on tour type, independent travelers will hold about 30.8% share in Greece tourism as a result of greater penetration of the internet and advancements in technology.
Online booking channels will also make a substantial contribution to the overall market growth as it is convenient and expedite the booking process.

Competitive Landscape

Leading market players are focusing on employing strategies that will assist with attracting particular demographic consumers. A few of these market participants offer discounts on tour packages and in-advance reservations. These businesses also employ various growth strategies to retain a competitive edge.

More Insights into Greece Tourism Market

In its latest report, FMI offers an unbiased analysis of the global Greece tourism market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of age (under 18, 18 to 25, 26 to 35, 36 to 45, 46 to 55, over 55), visit purpose (business and professional, leisure, recreation, and holidays, healthcare, religious travel, others), demographic (male, female, kid), nationality (domestic, international), tour type (corporate, family, couples, youth groups, single tourists), tourism type (religious tourism, cultural/ heritage tourism, medical tourism, others) and region.

According to the latest FMI reports, based on segmentation, the 36 to 45 age group is anticipated to dominate the global marketplace. With a market share of 29.5%, this segment comprises primarily of the working-class population and has the ability to take foreign tours. The 36 to 45 age group will be closely followed by the 46 to 55 segment. In terms of tour type, single tourists or young couples with access to the internet and advancing technology will lead the market growth.

In short, the popularity of Greece as a historically rich, heritage site with diverse cuisine and beautiful vistas will propel the Greece tourism market forward during the forecast period.

Greece Tourism Market by Category

By Age:

Under 18
18-25
26-35
36-45
46-55
Over 55

By Visit Purpose:

Business & Professional
Leisure, Recreation & Holidays
Healthcare
Religious Travel
Other

By Demographic:

Male
Female
Kid

By Nationality:

Domestic
International

By Tour Type:

Corporate
Family
Couples
Youth Groups
Single Tourists

By Tourism Type:

Religious Tourism
Cultural/Heritage Tourism
Medical Tourism
Others

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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Future Market Insights Inc.
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Lubricant Additives Market to Boom at 4.8% CAGR: Eco-Benefits and Evolving Engine Tech Drive Growth

The global lubricant additives market is anticipated to attain a valuation of US$ 13.46 billion in 2023 and is expected to reach US$ 21.7 billion by 2033, trailing a CAGR of 4.8% during the forecast period.

Lubricant additive offers environmental benefits and is gaining attention from major players due to increasing environmental concerns. The evolving engine oil specifications, such as GF-6, are driving the demand for innovative lubricant formulations and additives. Automotive manufacturers and lubricant formulators are compelled to develop engine oils that meet these specifications, leading to a healthy growth in the demand for engine oil lubricant additives in the future.

The performance and efficiency of modern engines rely heavily on an effective lubrication system. Lubrication plays a crucial role in cooling the internal engine parts that experience friction and generate heat, preventing overheating. As engine technology evolves, such as with Gasoline Direct Injection and Turbocharge Gasoline Direct Injection in passenger cars, lubricant standards have also advanced.

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The implementation of the ILSAC GF-6 standard in North America in 2020 has improved fuel economy, protection for emission systems, and engine oil robustness. This implementation is expected to drive the demand for lower viscosity index improver lubricants, which effectively reduce engine friction and are used in all types of vehicles.

To enhance vehicle efficiency and facilitate the transition to low-carbon vehicles, nations worldwide have introduced initiatives that encompass various automobile sectors including light-duty vehicles, heavy-duty vehicles, buses, motorcycles, and trucks. One notable example is the Global Fuel Economy Initiative launched by the United Nations in 2019 across 70 countries, with the goal of improving vehicle fuel economy and expediting the decarbonization of road transport by 2030. Consequently, there will be an increased demand for efficient lubricants such as bio-based and nanotube-based lubricants that can be utilized in new vehicles to achieve reduced engine friction and improved fuel economy.

Key Takeaways

The market in China is expected to grow with a CAGR of 5.4% during the forecast period.
The demand for lubricant additives in United States is expected to grow with a significant CAGR of 4.9% during the forecast period.
By function type, viscosity index improvers segment is expected to grow with a CAGR of 5.8% during the forecast period.
By end-use industry, automotive and transportation segment is expected to grow at a significant CAGR of 6.2% during the projected period.

“The evolving engine oil specifications and initiatives to facilitate low carbon vehicles is expected to drive market growth,” comments an FMI Analyst

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Competitive Landscape

The market for lubricant additives is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players are Afton Chemical Corporation, BASF SE, BRB International, Chevron Chemicals, Evonik, Lubrizol, Infineum International, Croda International PLC, Dover Chemical Corporation.

Some recent developments in lubricant additives market are:

In May 2022, BASF SE expanded its lubricant additives market by launching a new product and doubling its production capacity for Irganox.
In October 2022, BASF Petronas Chemicals Sdn. Bhd., a joint venture between BASF SE and Petronas Chemicals Group Bhd., announced plans to double the annual production capacity of its 2-Ethylhexanoic Acid plant in Malaysia. This expansion will increase the joint venture’s capacity to 60,000 metric tons by the fourth quarter of 2024.
In June 2021, Infineum expanded its single oil category II solutions for MAN B&W two-stroke engines.
In February 2021, Dover Chemical Corporation launched DOVERLUBE 31700, a patented polymeric ester additive designed to enhance lubricity in the metalworking sector.

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Key Segments Profiled in the Lubricant Additives Market Survey

By Function Type:

Dispersants
Viscosity Index Improvers
Detergents
Antioxidants
Anti-wear Additives
Friction Modifiers
Other Functions

By Lubricant Type:

Automotive
Metal Working Fluids
Industrial Engine Oil
General Industrial Oil
Grease

By End Use Industry:

Automotive & Transportation
Food Processing
Metal Working
Power Generation
Others

By Region:

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

About Future Market Insights (FMI)

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

The global amino acids market is expected to attain a valuation of US$ 27.5 billion in 2023 and is projected to reach US$ 63.4 billion by 2033, expected to expand at a CAGR of 8.7% during the forecast period. The market growth is driven by higher consumer spending power and rising awareness of healthy lifestyles and preventive healthcare. Amino acids are utilized in health supplements to alleviate muscle pain, reduce fatigue, and mitigate cardiovascular disease risks. Additionally, they are gaining popularity as nutritional sports supplements, with athletes opting for amino acid-based products like tablets, powders, and drinks to support muscle growth.

The health benefits of amino acids are expected to drive increased demand for amino acids in various nutraceuticals and dietary supplements throughout the forecast period. Increasing consumer awareness of health and the demand for nutritious food have prompted food & beverage manufacturers to incorporate essential nutrients like amino acids into their products. This has led to a rise in customer demand for amino acids. Protein-rich diets, particularly favored by bodybuilders and athletes aiming to enhance performance and build muscle, contribute to market growth. Sports supplements such as energy drinks, nutrition bars, low-carb diets, and nutritional supplements further contribute to the market’s expansion.

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The demand for amino acids is further expected to rise due to manufacturers’ initiatives like product launches, expansions, and investments. The increasing demand for amino acids in industries such as food & beverages, cosmetics, dietary supplements, and pharmaceuticals, driven by their various health benefits, presents a great opportunity for market growth. With growing consumer awareness of these benefits, manufacturers are launching new products, expanding their facilities, and making investments to cater to the diverse needs of different end-users.

The pet food industry has experienced rapid expansion, fueled by the rising popularity of household pets such as dogs, cats, fish, and birds. With an expected increase in pet ownership over the next four years, there is significant potential for businesses catering to pet-related products. The growing adoption of pets across various countries is projected to drive the demand for pet food and amino acids used in pet food, medicine, and veterinary supplements. The increasing consumption of sodium amino acids in this sector is anticipated to further propel market growth.

Key Takeaways

The market in Asia Pacific is projected to grow with a promising CAGR of 9.6% during the forecast period.
European market is expected to grow with a CAGR of 8.6% during the forecast period.
By application, food and dietary supplements are expected to generate amino acid demand with a CAGR of 9.4% during the forecast period.
By product, L-glutamate segment is expected to generate demand with a CAGR of 8.8% during the forecast period.

“Increasing consumer spending on healthcare products and increasing demand for nutrient rich pet food products from pet food industry is expected to drive market growth,” says an Analyst at Future Market Insights, Inc.

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Competitive Landscape

The market for amino acids is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities. Some recent developments in the amino acids market are:

In May 2022, Abbott announced the release of limited quantities of EleCare® specialty formulas.
In July 2021, Ajinomoto launched an amino acid supplement with clinical study and randomized controlled trial (RCT) support, aiming to reduce the risk of cognitive decline in healthy middle-aged and older individuals with memory loss.
In January 2022, Bayer AG announced the launch of Ambition, a novel amino acid-based medication tailored for the Chinese market.
On February 2, 2021, Evonik showcased an expanded portfolio of products and services at the digital EuroTier event.

Top Key Players in the Global Market

Ajinomoto Co., Inc.
KYOWA HAKKO BIO CO., LTD.
Evonik Industries AG
AMINO GmbH
Taiwan Amino Acids Co. Ltd.
ADM Company
Cargill, Incorporated
DAESANG CORPORATION
Fufeng Group Company Limited
iris Biotech GmbH
RSP Amino Acid, LLC
Sumitomo Chemical Co. Ltd.

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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Nandini Singh Sawlani

Textile Flooring: The Future of Luxury Interiors with a Projected Market Value of US$ 10 Billion by 2033

The global textile flooring industry is poised for remarkable growth, with a projected valuation of US$ 9,744.7 million by 2023, driven by increasing interest and insights in this market. This trend is expected to create new opportunities, with a projected Compound Annual Growth Rate (CAGR) of 5.20% from 2023 to 2033, potentially reaching a total valuation of around US$ 10,251.42 million by 2033.

Textile floorings represent a class of high-end carpeting that embraces premium textiles and materials, crafting opulent and exquisite flooring solutions. These textile-based floor coverings radiate luxury and are prominently showcased in upscale residential properties, high-end retail spaces, luxurious hotels, and prestigious settings where an amalgamation of comfort, aesthetics, and exclusivity holds paramount significance.

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The niche segment of the flooring market caters to a discerning clientele who demand underfoot comfort and an elevated sense of luxury in their surroundings. As a result, the surge in demand for luxury products is steering the textile flooring market growth.

Certain environmental challenges emerge amid the opulence and grandeur associated with textile floorings. The disposal and recycling of textile materials pose significant concerns for the environment. The inherent intricacies in managing the lifecycle of these products give rise to environmental dilemmas.

The safe and sustainable disposal of textile floorings remains a pressing challenge. As a result, the growing environmental consciousness in society is expected to exert a restraining influence on the market’s growth.

Despite the glamour and appeal of textile floorings, the underlying environmental issues cannot be ignored. The proclivity of such luxurious products to persist as a source of waste in landfills raises questions about their eco-friendliness. Concerns about these materials environmental impact necessitate a comprehensive rethink of how luxury and opulence in interior design can be harmonized with sustainability.

Key Takeaways from the Textile Flooring Industry Report:

The market valuation in 2022 was US$ 5 million.
Based on material type, synthetic material is expected to dominate at a market share of 85.7% in 2023.
Japan is estimated to register at a CAGR of 2.30% by 2033.
Germany experiences significant growth, projected at a CAGR of 7.30% by 2033.

“The surging adoption of floor covering across luxury homes and rising demand for application-specific flooring options, such as anti-allergenic, heat resistance, etc, is considered a major driving factor of the textile flooring market,” – says an Analyst at Future Market Insights, Inc.

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Competitive Landscape:

The textile flooring industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.

Some of the key developments are

Cosmo Speciality Chemicals has introduced a new cost-effective textile product, Silky SF. Silky SF offers outstanding softening effects across various textiles as a cationic softener, providing a silky touch to the fabric. This innovative addition to the textile industry enables improved fabric quality and enhances the tactile experience for consumers.
Country Homes and Interiors significantly enhanced its product offerings and extended its reach by partnering with the renowned British flooring brand Fibre

Textile Flooring Industry: Key Players

Mohawk Industries, Inc.
Interface Inc.
Beaulieu International Group N.V
Tarkett SA
Balts Group
Shaw Industries Group Inc.
Forbo Holding AG
Mannington Mills, Inc.
J+J Flooring Group
Vorwerk and Co. KG

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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Industrial Cleaning Solvent Market to Boom at a CAGR of 4.8%, Reaching US$ 2.0 Billion by 2034

The global industrial cleaning solvent market size is poised for significant growth, achieving US$ 1.3 billion in 2024. The industrial cleaning solvent sales is expected to witness a CAGR of 4.8% from 2024 to 2034. By 2034, the demand for industrial cleaning solvent is anticipated to reach a valuation of US$ 2.0 billion.

The demand for industrial cleaning solvents continues to rise due to end-use industry demand, rapid industrial development, and workplace hygiene programs. The industrial cleaning solvent market has expanded globally owing to all these factors.

The primary factor propelling the demand for industrial cleaning chemicals in the healthcare sector is the rising costs incurred by individuals for healthcare.

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Using specially designed, safe cleaning agents is necessary to ensure that hospitals always maintain the most stringent standards of sanitization and sanitation. Innovative and secure premium cleaning chemical products are developed due to the sharp increase in demand for industrial cleaning solvents in the healthcare industry.

Regional Outlook

The demand for eco-friendly industrial cleaning solvents is steadily rising in Asia Pacific due to strict policies supporting sustainable practices. Asia Pacific industrial cleaning solvent market growth is attributed to increasing investments in the electronics and automotive industries.
Safer and more environmentally friendly solvents are in high demand in Europe as people become increasingly aware of the harmful consequences of traditional solvents. The Europe market is witnessing increased demand for industrial cleaning solvents designed for particular uses in industries such as pharmaceuticals and aerospace.
Growing corporate social responsibility and sustainability agendas in North America are stirring demand for industrial cleaning solvents and boosting demand for eco-friendly solvent substitutes. Increasingly, North America providers are compelled by strict safety and environmental restrictions to invest in research and development of industrial cleaning solvents that are both non-toxic and biodegradable.

“Due to expanding industrialization, stricter regulations, and an increased focus on sustainable practices, the industrial cleaning solvent market is expected to rise steadily. The increasing need for effective cleaning solutions across various industries prompts growth and innovation in the industrial cleaning chemical market.”, says an analyst at Future Market Insights (FMI).

Key Takeaways

The manufacturing and commercial offices segment in the end use industry category is envisioned to evolve at a CAGR of 4.4% between 2024 and 2034.
In the application category, the general and medical device cleaning segment is likely to exhibit a CAGR of 4.6% from 2024 to 2034.
South Korea industrial cleaning chemical market is anticipated to boost at a CAGR of 6.5% between 2024 and 2034.
Japan industrial cleaning solvent market is likely to exhibit a CAGR of 6.3% through 2034.
The United Kingdom industrial cleaning chemical market is envisioned to develop at a CAGR of 6.0% from 2024 to 2034.
China sales of industrial cleaning solvent are expected to strengthen at a CAGR of 5.5% through 2034.
The United States industrial cleaning solvent market is anticipated to thrive at a CAGR of 5.1% through 2034.

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Competitive Landscape

Technological improvements, regulatory demands, and environmental concerns are some factors that propel the fierce competition in the industrial cleaning solvent industry. Prominent industrial cleaning solvent providers seek market supremacy by forming lucrative partnerships, expanding distribution networks, and developing innovative formulas.

Market forces such as pricing tactics, supply chain efficiency, and customer service significantly shape the competitive edge. The market is becoming more viable as industrial cleaning solvent manufacturers prioritize sustainability and safety while investing more in environmentally friendly solutions to suit changing customer needs and regulatory requirements.

Noteworthy Developments

At its Ludwigshafen Verbund facility, BASF launched a new methane sulfonic acid production facility in May 2022.
The tertiary amine capacity expansion at Eastman Chemical Company was completed in February 2022. Its manufacturing facility in Ghent grew as a result, becoming the leading tertiary amine facility on the planet.

Industrial Cleaning Solvent Market Key Players

Royal Dutch Shell Plc
Eastman Chemical Company
LyondellBasell Industries Holdings B.V
Ashland Global Holdings Inc

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Key Segmentation of the Market

By Application:

General and Medical Device Cleaning
Metal Cleaners
Disinfectants
Commercial Laundry
Food Cleaners
Others

By End-use industry:

Manufacturing and Commercial Offices
Healthcare
Retail and Food Service
Hospitality
Automotive and Aerospace
Food Processing
Others

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

About Future Market Insights (FMI)

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

Form Automation Software Market Forecasts 16.3% CAGR to US$ 1.2 Billion by 2032

The form automation software market is valued at US$ 270.6 million in 2022 and is expected to reach US$ 1.2 billion by 2032, growing at a 16.3% CAGR. The growing demand for fast data processing units that fill the form cuts off the hassles for businesses so that the companies can focus on their core competencies.

New ways to store data and complete the data processing along with recurring manual tasks fuel the market along with the growth of  the form automation software market is rapid digitization and increasing integration of new-age technologies with automation software.

Reluctance among customers so that businesses adopt such software so that it could flourish with faster operations in two different ways–firstly, it covers the creation and management of electronic forms for digitizing the multiple components of businesses.

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The new integrated solutions like AI and Machine learning are collaborating with form automation software, making the platform more technically enabled. This allows the vendors to experiment and introduce new integrated spaces that deliver better control and faster processing.

The major restrictions that limit the growth of  the form automation software market are high capital investments, an incompetent workforce, and security compliances. The growing number of cyber-attacks and data thefts are raising concerns over any new digital software that deals with data and storage spaces.

What is the Segmentation Outlook for the Form Automation Software Market?

The software platforms segment is the largest and will hold the biggest portion of the market in the forecast period, thriving at a CAGR of 15.8% through 2032, owing to factors like its common use and interactive user interface along with exciting price ranges and its effective implementation on SMEs and large enterprises.
On-premises segment is the biggest segment and will hold the largest portion of the market, flourishing at a CAGR of 15.9%, attributing to more control over data and storage along with faster transmission and easy implementation, increasing the security compliance levels.
The biggest and highest growing market is the United States, flourishing at a CAGR of 15.9% between 2022-2032, growing because of features like new corporate setups in the grown markets, startups, and digitization of old working spaces.
China being the second highest growing market globally will hold US$ 89.2 Mn by the end of 2032 as it thrives on a promising CAGR of 15.7% between 2022-2032 with Japan and South Korea growing alongside.

Leading Key Players:

PaperForm
JotForm
Zoho Corporation
FormStack
ProntoForms

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Form Automation Software Market Segmentation:

By Component:

Software Platform
Services

By Pricing Analysis:

Licensing Based
Subscription-Based

By Deployment Type:

On-premises
Web-based

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

About Future Market Insights (FMI):

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Switched reluctance Motors Market Surges to US$ 1039.1 million by 2033

The global switched reluctance motor market size is likely to be valued at US$ 564.1 million in 2023. The increasing demand for energy-efficient and cost-effective motors driving market growth. The market is estimated to garner US$ 1039.1 million in 2033, recording a CAGR of 6.3% from 2023 to 2033.

The increasing demand for high-speed motors from different industry verticals such as automobiles and construction is expected to drive market growth.

Increasing focus on energy efficiency, stringent environmental regulations, and the need for improved motor performance across various industries, to boost the market demand.

Governments and regulatory bodies worldwide are implementing standards and policies that encourage the use of energy-efficient motors, which benefit the switched reluctance motors market.

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Increasingly stringent energy efficiency regulations and environmental concerns drive the adoption of switched reluctance motors in industries to meet sustainability goals and reduce their carbon footprint.

Increasing technological advancements in motor control systems and the use of advanced control algorithms, power electronics, and digital control systems have significantly improved the performance of switched reluctance motors

North America is a significant market for switched reluctance motors. The region has a strong presence in the automotive and industrial sectors, which are key industries driving the demand for switched reluctance motors.

European countries are implementing stringent regulations regarding vehicle emissions and fuel efficiency, which propel the demand for energy-efficient motor solutions like switched reluctance motors. The presence of major automotive manufacturers and industrial automation companies in Europe further drives the market growth.

Key Takeaways from the Market Study

From 2018 to 2022, the switched reluctance motors market demand expanded at a CAGR of 8%
Based on product type, the double-phase segment accounts for a CAGR of 6.2%
By application, the hybrid/electric vehicles segment is expected to expand at a CAGR of 6.1% during the forecast period
North America to emerge as a promising switched reluctance motors market, capturing a CAGR of 6.2%
The switched reluctance motors industry in the United Kingdom is predicted to reach US$ 236.3 million by 2033
South Asia and the Pacific to be an opportunistic switched reluctance motors market, expected to capture a CAGR of 6.0% during the forecast period.

Competitive Landscape

The global switched reluctance motors market is fragmented with the presence of several large and medium-scale players. The leading players in the switched reluctance motors market are investing in strategic agreements in order to capture market share.

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Prominent players

Infineon Technologies AG
Nidec SR Drives Ltd.
KRETZSCHMAR
Domel, d.o.o.
MACCON
Renesas Electronics Corporation
Ramco Electric Motors
Regal Beloit Corporation
Turnide
Advanced Electric Machines (AEM)

Recent Developments

Regal Beloit, a leading manufacturer of electric motors and controls, has been involved in the development of switched reluctance motors for various industries. The company has focused on improving motor performance, efficiency, and reliability through advanced design techniques and optimized control algorithms. Regal Beloit offers a range of switched reluctance motors for industrial applications such as pumps, fans, and compressors.

AMETEK, a leading manufacturer of precision motion control solutions, has made advancements in the development of switched reluctance motors. The company has focused on enhancing the performance, reliability, and efficiency of SRMs for industrial automation applications. They have introduced innovative designs, improved control algorithms, and integrated motor control solutions to meet the demanding requirements of industrial automation systems.

Heating Up the Industry: Trends, Growth, and Future Scope of Packaging Machine Heaters

Packaging machine heaters play a vital role in ensuring the integrity and functionality of packaged goods. These essential components generate heat for various packaging processes, such as sealing, shrinking, and forming. The packaging machine heater market is experiencing a period of exciting transformation, driven by a confluence of factors.

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Current Trends:

The packaging machine heater market is undergoing a significant shift, characterized by:

Rise of Automation and Efficiency: The growing trend towards automation in packaging lines necessitates reliable and efficient heating solutions. Packaging machine heaters are becoming more sophisticated to integrate seamlessly with automated systems.
Focus on Energy Efficiency: Rising energy costs and environmental concerns are pushing manufacturers towards energy-efficient packaging machine heaters. Technologies like infrared heating and induction heating are gaining traction due to their targeted and efficient heat transfer.
Material Innovations: Advancements in material science are leading to the development of more durable and efficient heating elements for packaging machines. This allows for better performance and longer lifespans.
Versatility and Customization: Packaging machine heaters are being designed to cater to a wider range of packaging materials and applications. Manufacturers are offering customizable solutions to meet specific needs.
Growing Demand for Sustainable Packaging: The increasing focus on sustainability is influencing the design of packaging machine heaters. Manufacturers are exploring options for using recycled materials and developing eco-friendly heating processes.

Market Growth and Key Players:

The global packaging machine heater market is expected to reach a value of approximately USD 1.2 Billion by 2030, growing at a CAGR of over 5.8%. Several leading companies are at the forefront of this market:

Omega Engineering (US): Offers a wide range of industrial heating elements, including those for packaging machines.
Tempco Electric Heater Corporation (US): Specializes in designing and manufacturing custom industrial heating elements.
Kanthal Corporation (Sweden): A leading manufacturer of resistance heating materials used in various industries, including packaging.
Watlow Electric Manufacturing Company (US): Provides industrial heating, temperature control, and process automation solutions.
Chromalox (US): Designs and manufactures industrial heating elements and systems for various applications, including packaging.

Future Scope:

The future of the packaging machine heater market is poised for significant advancements:

Smart Heating Technologies: The integration of sensors and controls with packaging machine heaters could enable real-time monitoring, precise temperature control, and predictive maintenance.
Advanced Materials and Designs: Research and development in high-performance materials and innovative heating element designs will continue to enhance efficiency and durability.
Focus on Reduced Energy Consumption: The development of even more energy-efficient heating technologies will be a major priority, driven by sustainability concerns and cost optimization.
Integration with Industry 4.0: Packaging machine heaters will likely be integrated with Industry 4.0 principles, allowing for better data collection, analysis, and process optimization within smart factories.

South Africa Sports Tourism Market Poised for 9% CAGR Surge in the Upcoming Decade | FMI

The South Africa sports tourism market is estimated to reach US$ 3,666 million in 2022. As per the report, demand for sports tourism in South Africa is forecast to increase at a robust 9.0% CAGR through 2032. The total South Africa sports tourism market share represents 2% to 5% of the global sports tourism market.

The sports tourism industry in South Africa serves a wide range of tourists who come to different parts of the world to take part in and watch athletic events. Travelers spend money on housing, food, and drink, as well as other things. South African sports tourism encourages the growth of the sports tourism supply chain, which benefits the economy.

The travel and tourism sector’s market for sports tourism in South Africa is one that is expanding quickly. In fact, it is currently South Africa’s fastest growing industry for sports tourism, bringing in billions of dollars annually. The sports tourism market in South Africa is expected to benefit from major trends and opportunities as the sector expands over the next years.

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One of the tourism industry’s fastest-growing subsectors is sports tourism. A large part of South Africa’s spectacular rise in tourism in 1994 can be credited to the country’s hosting of various prestigious sporting events. In order to achieve the goals of the Reconstruction and Development Program (RDP), which aims to improve South African society on both an economic and social level, the government established South Africa Sports Tourism (SAST).

The 1995 Rugby World Cup in South Africa was a huge success, and since then, the country has gradually given up on hosting any significant international sporting events. The expansion of the sports tourism industry in South Africa now largely depends on the advertising of sporting events.

Even if it might not seem like it, recent technological advancements have unquestionably had an impact on the South African sports tourism business. Thanks to the opportunity to buy sports tickets online through numerous applications and websites, people today have access to resources that were not accessible ten years ago.

People are also more aware of when and where the games and competitions may take place in advance, allowing them to better plan for the cost and time required to attend the events boosting the South Africa sports tourism adoption trends.

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South Africa’s Sports Tourism Market Has an Opportunity in the midst of the Chaos

The sports tourism industry in South Africa was significantly impacted by COVID-19. The majority of regional, statewide, and worldwide events have been postponed or are taking place in a new way, like with only a few South African sports tourism market participants.

Due to travel limitations, several outdoor events and programmes have been postponed. However, some forms of sports tourism—such as outdoor recreation—are alternatives to mass tourism, and their popularity is anticipated to rise in the coming years, driving the market for sports tourism in South Africa.

What is the Key Strategies Driving the South Africa Sports Tourism Market?

For example, using sports as a subject for a non-sport tourist theme should receive greater attention. Providing various activity holiday centers, e.g. water sports centers, outdoor pursuit’s centers, etc., in the form of lodging and a supervised list of activity-based near the facility.

Manufacturers are using strategies like sports tours for sports teams and clubs, which is surging the demand for sports tourism in South Africa. For instance, off-season vacations are provided for international sports teams.

Focusing on mega-events such as the Whitbread Round-the-World Yacht Race, the All Africa Games, the Cricket World Cup, and the Soccer World Cup, these ongoing sports events are likely to drive the South Africa sports tourism market future trends.

Visiting teams are given access to training facilities and the chance to play in friendly matches against regional teams. It is further said that youth sports tours give team members and their families/friends the chance to go to the nations, towns, and regions where the tournaments are held, in addition to giving them the chance to compete.

Key Players

Edusport
Sports Tours
SATSA
Edwin Doran
Tourvest Destination
Others

South Africa Sports Tourism Market by Category

By Sports Type:

Football/Soccer
Cricket
Motor sports
Basketball
Others

By Sports Tourism Type:

Sports Event Tourism
Nostalgia Sports Tourism
Active Sports Tourism
Passive Sports Tourism

By Consumer Orientation:

Men
Women
Children

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tourist Type:

Domestic
International

By Tour Type:

Independent Traveler
Tour Group
Package Traveler

By Age Group:

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

By Region:

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

Spain Sports Tourism Market: Aiming High with a Remarkable 13.8% CAGR Adventure until 2032 | FMI

As per a recent Spain sports tourism market analysis by Future Market Insights (FMI), the Spain sports tourism market size is poised to reach a valuation of US$ 13809 Million in 2022. Sales of Spain sports tourism market are projected to increase at a 13.8% CAGR, with a historic CAGR of 13.4% from 2017 to 2021.

Sports tourism in Spain depends not only on major international events; in fact, the Spain sports tourism market key trends and opportunities that have been expressed in sports tourism in Spain is amateur tournaments. Marathons and street races are the main indexes of Spain sports tourism market future trends.

Mega sports events make up a substantial part of the sports tourism market. Some of the major sports events, like the Olympic Games and the FIFA World Cup, offer great Spain sports tourism market opportunities. In terms of tourism development, these events can be catalysts of economic opportunities, when there is a proper use of destination branding and infrastructure progress.

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As the majority of potential customers are millennial who spend the majority of their time on the internet using search and social media, having an online presence will certainly increase the Spain Sports tourism market value. There are many bloggers and YouTubers like Deadspin, With Leather, Dude Perfect, F2Freestylers, etc. who post about recent & exciting sports events happening around the world and give tutorials about the sport boosting the Spain sports tourism adoption trends.

Offering contactless payment methods may be perceived as a need rather than a luxury by many customers and staff who loathe dealing with cash. As a result of the COVID outbreak, many people in the Spain sports tourism market have started to employ contact payment systems.

Key Takeaways from the Spain Sports Tourism Market Study

In terms of tour type in the Spain sports tourism market, the package travellers are estimated to account for the relatively highest Spain sports tourism market
By booking channel, the online booking section is expected to hold a major Spain sports tourism market

The travellers prefer online booking rather than opting for personal booking as online booking is feasible and even the tour operators give discounts on booking online.

Spain is one of the biggest international hubs for football players as it has the highest number of registered players in the world. It has approximately 28000+ football clubs as well.
Apart from football, basketball, and handball are also popularly played by the Spanish population.
Cycling and gymnastics have also contributed numerous medals to Spain’s tally in various international competitions.
The opportunities in sports tourism tours from Europe vary by niche. Individual participation in sports offers the most chances for sustainable returns, but other sectors also provide Spain sports tourism market

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Key Players:

CN Sports Tourism
Kaptiva Sports Travel
Jolly DMC
Oentours
Spain Essential Travel
Agency Sports and Travel Europe
Spain Sports Tour
Just Explore
Costa Excursions
Madride Travel
Not Just a Tourist
Top Day Tours
Destination Services
Dolphin Adventure
VPT Tours
Born Bike Tours Barcelona
Others

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the Spain Sports tourism market, presenting historical demand data (2017-2021) and forecast Spain Sports tourism market statistics for the period from 2022-to 2032. The study divulges compelling insights on the Spain Sports tourism market based on Sports Tourism Type (Sports Event Tourism, Nostalgia Sports Tourism, Active Sports Tourism, Passive Sports Tourism), By Sports Type (Football/ Soccer, Cricket, Motorsport, Basketball, and others) Booking Channel (Phone Booking, Online Booking & In-Person Booking), By Consumer Orientation ( Men, Women, and Children) Tourist Type (Domestic & International) Tour Type (Independent Traveller, Tour Group & Package Traveller) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 66-75 Years)across seven major regions.

Spain Sports Tourism Market by Category

By Sports Type, Spain’s Sports Tourism Market is segmented as:

Football/Soccer
Cricket
Motorsports
Basketball
Others

By Sports Tourism Type, Spain’s Sports Tourism Market is segmented as:

Sports Event Tourism
Nostalgia Sports Tourism
Active Sports Tourism
Passive Sports Tourism

By Consumer Orientation, Spain Sports Tourism Market is segmented as:

Men
Women
Children

By Booking Channel, Spain Sports Tourism Market is segmented as:

Phone Booking
Online Booking
In-Person Booking

By Tourist Type, Spain Sports Tourism Market is segmented as:

Domestic
International

By Tour Type, Spain Sports Tourism Market is segmented as:

Independent Traveler
Tour Group
Package Traveler

By Age Group, Spain Sports Tourism Market is segmented as:

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

By Region, Spain Sports Tourism Market is segmented as:

EA (East Asia)

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