Market Research Blog – Page 3382 – New Product Development

Combi Coolers Market Rising to US$ 348 million by 2033

The global Combi Coolers Market is poised to reach an estimated value of US$ 232 million by 2022, with sustained demand anticipated throughout the assessment period. This enduring interest can be attributed to the expanding applications across various end-use industries. By 2033, the market is expected to escalate to US$ 348 million, demonstrating a commendable compound annual growth rate (CAGR) of 3.8% from 2023 to 2033. Notably, the market is projected to secure US$ 240 million in 2023.

Europe is forecasted to maintain a dominant position in the market, driven by increasing demand from sectors like heavy equipment and machinery. FMI analysis indicates that Europe is poised to hold 27.8% of the market share in 2022.

Aluminum emerges as the predominant material choice, currently commanding over 70% of the total market share. Its popularity stems from its robust formability and corrosion resistance, both of which are crucial for manufacturing high-quality heat exchanger components.

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Growth Factors

The expanding utilization of combi coolers across diverse sectors such as automotive, oil and gas, power generation, and manufacturing industries is set to propel market expansion.

Furthermore, the continuous advancements in technology are driving up demand, contributing to the market’s growth trajectory.

Heightened awareness surrounding heat recovery and the efficient utilization of waste heat is anticipated to further stimulate market growth.

Moreover, the ongoing evolution of technology is poised to unlock fresh growth opportunities for manufacturers of combi coolers, fostering innovation and expansion in the market.

Opportunities

The expanding utilization across various end-use sectors presents promising opportunities for market expansion in the upcoming forecast period.

Key Companies

HAINZL INDUSTRIESYSTEME GmbH
Standard Radiators Pvt. Ltd.,
HYDAC INTERNATIONAL GmbH
EMMEGI Heat Exchangers Inc.
ROTORCOMP VERDICHTER GmbH
G&M Radiator
ACP (Changzhou) Heat Exchanger Co., Ltd.
KTR Systems GmbH
EMMEGI GmbH
Oesse Srl
Thermex Ltd
GDM Cooler Manufacturing Ltd
Dolphin Manufacturing LLC
Engendren Corporation
Horizon Enterprise
COMP AIR TREATMENT SYSTEM P. LTD.
Wuxi Guanyun Heat Exchanger Co.,Ltd.
WUXI XINSHENG HEAT EXCHANGER TECHNOLOGY CO., LTD.
Delcot Engineering Pvt. Ltd.
Wuxi Better Technology Co., Ltd

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Key Segments Profiled in the Combi Coolers Market Survey

By Power:

Upto 10 Kw
10 to 50 Kw
50 to 250 Kw
250 to 400 Kw
Above 400 Kw

By Material:

Aluminium
Copper
Brass
Others

By End Use:

Oil and Gas Industry
Chemical Industry
Energy and Transmission
Automotive and Aerospace
Mining and Material
Others Manufacturing Machineries

By Region:

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

India Faith-Based Tourism Market: Heading Towards a Notable 16.2% CAGR by 2033 | FMI

According to Future Market Insights (FMI), the India faith based tourism market size is estimated at US$ 1,025.57 million in 2023 at a CAGR of 16.2% from 2023 to 2033. Indian faith based tourism market share in its parent market is about 6% to 11%.

Religion-based tourism has been recognized as of significant importance by the Indian government and efforts are being made to promote and develop these destinations. Government support for tourism includes improving infrastructure, preserving heritage sites, and facilitating travel and accommodations.

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The religious heritage and cultural richness of India make religious tourism an important component of its overall tourism market. Few of such schemes are Government of India has set a target of 20 million foreign tourist arrivals by 2020 and aims to double foreign exchange earnings from the sector:

PRASAD, the Ministry of Tourism aimed to transform pilgrimages into spiritual centers.
Swadesh Darshan Scheme, This scheme promotes tourism in specific regions by developing thematic circuits.
The E-Visa Facility, India’s electronic visa system, helps foreign tourists qualify for and obtain visas online, including those traveling on faith-based missions.
Infrastructure Development, Tourism and pilgrimage sites have been developed and improved with government investments to enhance their experiences.
Marketing Campaigns: The Ministry of Tourism in India runs campaigns aimed at showcasing the rich spiritual and cultural heritage of the country to faith-based tourists.
Heritage City Development and Augmentation Yojana (HRIDAY), aims to promote and preserve cultural and religious heritage in heritage cities.

India’s rich diversity of religious traditions may encourage travelers to explore and understand religious diversity through interfaith tourism. As a result, mutual respect and cultural understanding may be fostered in future.

Key Trends :

Rise of Spiritual Tourism: The report highlights a significant surge in the popularity of spiritual tourism in India, with both domestic and international travelers seeking immersive experiences at religious and cultural sites.
Technological Integration: The integration of technology in enhancing the overall tourism experience is a notable trend. Mobile applications, virtual tours, and online platforms have become pivotal tools in facilitating easier access to information and improving visitor engagement.
Emergence of Niche Pilgrimages: The study identifies the growing trend of niche pilgrimages, with travelers exploring specific religious routes, festivals, and events, contributing to a diversified and enriched faith-based tourism landscape.
Sustainable Tourism Practices: A noteworthy trend is the increasing focus on sustainable and responsible tourism. The report sheds light on how conscious travelers are seeking eco-friendly accommodations, ethical tourism practices, and community engagement initiatives.

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Key Players

Thomas Cook (India) Ltd
Cox & Kings Ltd
Mahindra Holidays & Resorts India Ltd
MakeMyTrip
Yatra Online Pvt Ltd
International Travel House Ltd
TravelGuru
Expedia
Ibibo Group
SOTC Travel Limited
Kesari Tours
Indian Railways Catering and Tourism Corporation
Cleartrip
EasyMyTrip
Balmer Lawrie Travel & Vacations
redBus
ixigo.com
Others

India Faith Based Tourism Market by Category

By Tourism Type:

Day Trips & Local Gateways
Museums
Pilgrimages
Religious and Heritage Tours
Others

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tourist Type:

Domestic
International

By Age Group:

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

By Consumer Orientation:

Men
Women
Children

By Tour Type:

Independent Travellers
Tour Groups
Package Travellers

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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Stream Hosting Market Projected to Hit US$ 16 Billion, 14.8% CAGR by 2032

The global stream hosting market is expected to expand at a 14.8% CAGR, with the market valuation reaching US$ 4 Billion in 2022. As per the report, the global stream hosting market size will reach US$ 16 Billion by 2032.

The incorporation of advanced technologies in the digital media industry is anticipated to drive sales in the market. Additionally, the growing need to increase the consumer base and optimize network bandwidth for live & on-demand streaming content will augment growth.

Online video continues to grow in popularity at the expense of traditional broadcast viewing. Viewers spend an average of six hours per week watching multiple types of internet videos, up 59 percent from 2016. Television viewing fell by 10% to roughly seven hours during the same period the previous year.

Individuals also appreciate internet streaming services for their ease, variety, flexibility, and cost-effectiveness. Unlike traditional TV viewers, video-on-demand users are not limited in their content choices by geography.

Viewers have switched from traditional televisions to on-demand video streaming services due to the ability to watch videos on the go via mobile apps and high-speed network connectivity. These factors are projected to boost the growth in the stream hosting market in the forthcoming years.

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Besides this, a surging preference for cloud video hosting will create opportunities for growth in the market. Cloud video hosting reduces the need for infrastructure as compared to traditional video hosting.

Organizations are looking for a more secure, reliable & scalable cloud video hosting platform as a result of the rapid growth of video hosting & streaming platforms. Cloud services are cost-effective, hence sales of cloud video services are expected to gain traction.

Key Takeaways from the Stream Hosting Market Report:

By content type, sales in the video stream segment are expected to grow at a 16.2% CAGR over the forecast period.
Based on the platform, the smartphones/ tablets segment is projected to hold a dominant share of the market by 2032.
In terms of industry, the media & entertainment segment will remain the most lucrative.
The U.S. is expected to account for nearly 82% of the North American market share in 2022.
Sales in the U.K. stream hosting market will grow by 4.7x over the assessment period.
Mexico will emerge as an attractive market, with sales growing at an 18.7% CAGR through 2032.

Leading Key Players:

Dacast Inc.
Brightcove, Inc.
Wistia
JW Player
Kaltura, Inc.
Vimeo, Inc.
DigitalOcean, LLC
IBM Watson Media
Vidyard
Facebook (Meta Inc.)
Youtube (Google)
SproutVideo
Cincopa
Muvi LLC
Twitch (Amazon)
Hippo Video
StreamShark
Wowza Media Systems, LLC
Primcast

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Stream Hosting Market Segmentation:

By Content Type:

Video Stream
Audio Stream
Gaming Stream

By Streaming Type:

Live Streaming
On-demand Streaming

By Platform:

Smartphones/Tablet
Smart TV
Gaming Consoles
Laptops/PCs

By Industry:

Media & Entertainment
Gaming & Sports
Education
Government
Retail/eCommerce
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
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Thailand Sustainable Tourism Market Surges with a Predicted 17.8% CAGR by 2032 | FMI

The Thailand sustainable tourism market size is evaluated to reach US$ 24.6 Million in 2022. Sales in the Thailand sustainable tourism market are anticipated to expand at a strong 17.8% CAGR during the forecast years from 2022 to 2032.

The Tourism Authority of Thailand (TAT) estimated that the number of foreign tourist arrivals plunged by almost two-thirds to 14 million (decline by 65% year-on-year) in 2020. It was assumed that foreign visitors will return to Thailand in October 2020, while domestic tourism will start to improve in June or July 2020.

Participation of stakeholders in providing education to local people and strong relationships between the government and education & training centers are anticipated to create new growth opportunities for residents of Thailand. Besides, presence of a concrete legislation framework, excellent geographical locations, and ongoing development of the transportation sector are likely to drive the Thailand sustainable tourism market.

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Key Takeaways: Thailand Sustainable Tourism Market

Based on booking channel, the online booking segment is estimated to hold a major share of the Thailand sustainable tourism market in 2032.
By age group, the 26-35 years’ segment is set to remain at the forefront in the Thailand sustainable tourism market during the forecast period.
In terms of tour type, the package travelers segment is estimated to account for the highest share in the Thailand sustainable tourism market by 2032.
Smooth coordination between public and private sectors that involve every player in the industry is projected to boost the Thailand sustainable tourism market by 2032.
Rising need to ensure the viability of the Thailand sustainable tourism market by implementing a wide range of measures is set to aid growth.

“Increasing number of projects that are undertaken through public-private sector partnerships is expected to fuel the Thailand sustainable tourism market. In addition, habitat preservation activities and greater community-level involvement are anticipated to bode well for the market,” says a FMI analyst.

Competitive Landscape: Thailand Sustainable Tourism Market

Leading players in the Thailand sustainable tourism market are focusing on various promotional strategies such as posting creative ads on social media about attractive tourist spots in the country and providing huge discounts during off-seasons.

Major Key players

Hivesters
Nutty’s Adventures
Courageous Kitchen
Hands Across the Water
Socialgiver
Local Alike
SiamRise Travel
Project Expedition
Rockjumper Birding
Discover Corps
Trunk Travel
Andaman Discoveries
Thailand Responsible Tourism Association (TRTA)
Experience Travel Group (ETG)
Others

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Get More Valuable Insights on Thailand Sustainable Tourism Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Thailand sustainable tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-to 2032.

The study divulges compelling insights on Thailand’s sustainable tourism market based by tourism type (eco-tourism, green tourism, soft tourism, and community tourism), booking channel (phone booking, online booking, and in-person booking), tourist type (domestic and international), tourist type (independent travelers, tour groups, and package travelers), consumer orientation (men and women), and age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, and 66-75 years) across seven major regions.

Thailand Sustainable Tourism Market Outlook by Category

By Tourism Type:

Eco-Tourism
Green Tourism
Soft Tourism
Community Tourism

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tourist Type:

Domestic
International

By Tour Type:

Independent Travelers
Tour Groups
Package Travelers

By Consumer Orientation:

Men
Women

By Age Group:

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

About Future Market Insights (FMI)

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Artificial Intelligence in Telecommunication Market Set to Reach US$ 14,496 Million by 2033, Fueled by Exponential Expansion

The global artificial intelligence in telecommunications market is anticipated to be valued at US$ 918.6 million in 2022 and US$ 10,399.9 million by 2032, with a CAGR of 27.5% from 2022 to 2032.

The acceptance of artificial intelligence in telecommunications is growing as telecom organizations use AI in various aspects of their operations, such as improving consumer loyalty and organizational strength. The use of artificial intelligence in telecommunications is expected to grow, as AI is primarily used in client care applications by telecom companies.

Furthermore, one of the significant advances in artificial intelligence in the telecommunications market is the use of chatbots and menial helpers to deal with a massive volume of installation, maintenance, and troubleshooting support demands.

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Besides, remote helpers scale and mechanize reactions to help demands, increasing client happiness and saving business costs. Subsequently, artificial intelligence in telecommunication market share is supposed to grow altogether through 2032.

The advancement of setting mindful AI frameworks that are intelligent and can rapidly determine their condition is quite possibly the latest pattern in artificial intelligence in the telecommunication market. These frameworks utilize the notice arrange to choose act way to deal with making choices. Accordingly, during the projection time frame, interest in artificial intelligence in telecommunication is supposed to rise.

Free time might be minimized using AI, which is another component driving the development of artificial intelligence in the telecommunication market size. Moreover, maintenance work can be achieved rapidly by employing setting mindful innovation and IoT strategies.

Numerous businesses utilize robots to perform network fixes. Comarch is one such startup that utilizes AI-empowered robots to give telecom network maintenance arrangements.

Key Takeaways from the Market Study:

Due to the rising need for real-time behavioral insights, the consumer analytics category is expected to have the greatest market share by 2032, with a valuation of US$ 2,294.4 Million.
As customer service automation saves costs for telecom companies, the virtual assistance market is expected to grow the fastest during the projection period, at a CAGR of 24.5%.
Europe is expected to dominate the artificial intelligence market in telecommunication by 2032, with a CAGR of 25.7% between 2022 and 2032. European telecommunication companies have been observed prioritizing investments in order to make better data-informed decisions.
By 2032, North America is expected to account for the second-highest portion, with a value of US$ 1,802.7 Million.
The Middle East and Africa artificial intelligence in the telecommunication market is expected to be valued at US$ 419.6 Million by 2022-2032, growing at the fastest CAGR of 31.1%.

Competitive Landscape:

The presence of multiple players in artificial intelligence in the telecommunication market makes it competitive. Market participants are attempting to increase their client base through a variety of strategic activities such as partnerships, mergers and acquisitions, and collaborations.

Furthermore, with the right forecasts from AI systems, users can obtain insight into their decisions before implementing them in real life. Telecom companies can get a competitive advantage by exploiting AI’s predictive capabilities.

Leading Key Players:

IBM Corporation
Microsoft
Intel Corporation
Google
AT&T Intellectual Property
Cisco Systems
Nuance Communications, Inc.
Evolv Technology Solutions, Inc.
H2O.ai
Infosys Limited
Salesforce.com, Inc.
NVIDIA Corporation

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Recent Developments:

In March 2020, Google partnered with AT&T Intellectual Property to let enterprises use Google Cloud’s technology by leveraging 5G network connectivity. AT&T Intellectual Property’s 5G network capabilities and Google Cloud’s strengths in analytics, AI/machine learning, and networking are being combined to create 5G solutions.
In May 2021, Nokia launched AVA Telco AI as a Service, which provides cloud-based artificial intelligence solutions to communication service providers (CSPs) to automate capacity planning, network management, and service assurance.
Vodafone Group launched ‘TOBi,’ a machine learning chatbot that helps human customer support professionals to focus on more complex scenarios, in June 2019.

How is the Start-up Ecosystem in the Artificial Intelligence in Telecommunication Market?

Startups in the artificial intelligence in the telecommunication market are conducting their own AI research in order to strengthen their business models. It is easier for telecom firms to make accurate decisions when using AI. Furthermore, with the appropriate forecasts from AI systems, users can gain insight into their decisions before putting them into action in real life. Telecom firms can get an advantage over their competitors by utilizing AI’s predictive skills.

For example, Cujo.ai has a one-of-a-kind product called Sentry, which can handle massive datasets in seconds. This AI system has advanced to the point where it can determine whether or not there is a security issue. Furthermore, these systems are highly trained with real-world data, allowing them to detect and respond to unauthorized network behaviors.

Key Segmentation:

By Application:

Network Security
Network Optimization
Customer Analytics
Virtual Assistance
Self-Diagnostics
Others

By Region:

North America
Latin America
Europe
Asia Pacific
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

Healthcare Contact Center Solution Market: A Projected Surge Towards US$ 49,256.8 Million by 2033

The global healthcare contact center solution market is expected to reach US$ 7,999.6 million by the year 2023. Looking ahead, the market is projected to exceed a value of US$ 49,256.8 million by 2033, with a consistent growth rate of 19.9% annually until 2033. In the recent past, from 2018 to 2022, the healthcare contact center solutions market demonstrated a steady annual growth rate of 19.9%.

Hospitals can benefit from a variety of benefits from healthcare contact centre solutions, such as balanced patient care, proactive web interaction, and improved payment and collection processes to improve the patient experience. Healthcare contact centre solutions are becoming more and more necessary as hospitals look for innovative ways to connect with their current and potential patients. Additionally, hospitals can increase the effectiveness of their operational procedures by implementing cutting-edge contact centre technology.

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Healthcare Contact Center Solutions Market: Drivers and Restraints

The rising adoption of cloud based solutions and services in contact centers is turning to the major factor driving the healthcare contact center solution market. Moreover, the market has experienced significant growth owing to increasing areas of application in hospitals, which is becoming necessity to shift their IT infrastructure to the cloud in future. Moreover, cost reduction is also one of the major factor driving the market in positive manner.

Compliance and regulatory issues are the major challenges faced by most of the vendors in healthcare contact center solutions market.

Global Healthcare Contact Center Solutions Market: Regional Outlook

On the basis of geography, Healthcare Contact Center Solutions market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. Among various regions, the Healthcare Contact Center Solutions market in North America is expected to dominate during the forecast period owing to the deployment of cloud based contact center solutions by small and large enterprises in healthcare industry. North America region is expected to be followed by Western Europe, Japan and APAC.

Leading Key Players:

Genesys
Aspect Software
Invensys
DATAMARK Incorporated
Aspect
Ozonetel
Virtusa Corporation

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Healthcare Contact Center Solution Market Segmentation:

By Deployment:

On-premises
Cloud-based

By Application:

For Workforce Optimization
For Customer Relationship Management
For Interactive Voice Response
For Other Applications

By Service:

Professional
Managed

By Enterprise Type:

For SMBs
For Large Enterprises

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

About Future Market Insights (FMI):

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

Hall-Effect Current Sensor Market Forecast: Envisaging Steady Surge with 9.4% CAGR by 2032

The market for hall-effect current sensors market is anticipated to reach US$ 1128.0 million in 2022 and increase to US$ 2765.0 million between 2022 and 2032 at a CAGR of 9.4%. Consumer electronics, the automotive industry, and industrial automation are examples of end-use industries where demand is growing.

From 2016 to 2021, the market for hall-effect current sensors grew by 7.4%. The Hall-effect current sensor is used in a variety of items, including solar inverters, tracking solar panels, conveyor belts, escalators, moving cranes, consumer electronics, and cars. The increased demand for current measurement has increased the demand for Hall-effect current sensors.

The hall-effect current sensor uses the hall-effect principle and is a magnetic sensor that can detect current in any device.

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Global Hall-Effect Current Sensor Market: Market Dynamics

Rising use of fully programmable current sensors due to the continuous technological advancements and the developmental strategies implemented such as contracts and agreements, product developments, partnerships, and expansions implemented by competitive players are the primary factors driving the growth of the market.

Also, Hall Effect sensors offer various benefits such as high-speed operations, broad operating temperature range, ease of use, cost-effectiveness, and robust & reliable performance with logic-compatible input and output. These are some necessary features are required for the advanced electronics that we use today.

Also, the Hall-Effect Current Sensor is a critical component in almost every industry. Like in automotive industry, the Hall-Effect Current Sensor is used for applications such as current control, protection of devices from overcurrent, and power management including control of motor drives, converter control, overcurrent protection, and battery management. Also, the rising demand for electric vehicles is expected to drive the market in near future.

However, low-cost Hall-Effect Current Sensors with poor performance can thwart the growth of the Hall-Effect Current Sensor market.

Market Competition

Some of the key participants present in the global hall-effect current sensor market include ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., Allegro MicroSystems LLC., Asahi Kasei Microdevice Corporation, Infineon Technologies AG, Melexis NV, LEM Holding SA, TDK Corporation and Kohshin Electric Corporation among others.

Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as ABB Ltd, Honeywell International, Inc., STMicroelectronics N.V., and Allegro MicroSystems LLC. account for considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.

Global Hall-Effect Current Sensor Market: Regional Outlook

Regionally, the global Hall-Effect Current Sensor market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.

The APAC region is expected to be the fastest-growing region for the Hall Effect current sensors market. The major reason is the increasing adoption of Hall Effect current sensors in automotive industries. While North America, an early adopter of the technology exhibited significant growth, the trend is expected to continue over the forecast period.

In the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) to increase accuracy and thus is expected to boost market growth.

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Key Segments Profiled in the Hall-Effect Current Sensor Industry Survey

Hall-Effect Current Sensor Market by Technology:

BiCMOS
CMOS
High Power Dissipation
Low Input Density
High Current Drive

Hall-Effect Current Sensor Market by Industry:

Industrial Automation
Automotive
Consumer Electronics
Telecommunication
Utilities
Medical
Railways
Aerospace & Defense

Hall-Effect Current Sensor Market by Region:

North America Hall-Effect Current Sensor Market
Latin America Hall-Effect Current Sensor Market
Western Europe Hall-Effect Current Sensor Market
Eastern Europe Hall-Effect Current Sensor Market
Asia Pacific Hall-Effect Current Sensor Market
Japan Hall-Effect Current Sensor Market
Middle East and Africa Hall-Effect Current Sensor Market

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

Harmonic Filter Market Surge: Anticipates Strong Growth, Projections Indicate 6.9% CAGR, Targets US$ 1,911.5 Million by 2033

The global harmonic filter market is expected to maintain a consistent annual growth rate of 6.9% throughout the forecast period. This steady progress is anticipated to result in a significant rise in revenue, with the market’s total value projected to reach US$ 977.8 million in 2023. Furthermore, it is forecasted to exceed US$ 1,911.5 million by the year 2033.

The filters serve in the reduction of constant harmonic distortions in electrical devices. The advancement of semiconductor technologies is increasing the demand for harmonic filter by making them more cost effective and powerful, which has had a beneficial impact on the global growth of harmonic filters.

Harmonics are caused by the presence of non-linear loads in an electrical power system. One of the key causes of problems associated with poor power quality is the transmission of harmonic frequencies in the power system. As a result, harmonic suppression is necessary for optimal power quality.

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The market is largely driven by the escalating demand for power quality and the increasing need to mitigate power system distortions. As industries and businesses continue to rely heavily on sensitive electronic equipment, any disruption in power quality can lead to operational inefficiencies and equipment damage. This has propelled the adoption of harmonic filters to counteract the adverse effects of harmonics and maintain a stable power supply.

Growing awareness related to potential damage from power frequency variations in electrical and heating devices is expected to be a key factor driving the harmonic filters market. Harmonic filters are widely used in capacitor banks used in heating and electrical appliances.

Active harmonic filters are designed for power compensation and for avoiding non-linear loads that lead to low-quality transmission. Active harmonic filters are designed for dynamic reactive power compensation and harmonic filtering.

Increasing usage of harmonic filters in industrial and commercial sectors such as variable speed motor drives (VSDs), power converters, light dimmers, fluorescent lamps and have significantly contributed to the growth of harmonic filters market.

Market Dynamics:

The growth of harmonic filters can be attributed to the increasing demand for active and passive harmonic filters in industrial and commercial sectors.

Rising demand from IT and data centers creates potential growth opportunities for harmonic filters market.

The application of harmonic filters along with adjustable speed drives (ASDs) on two distinct platforms is expected to hamper the growth of harmonic filter market.

Regional Outlook:

APAC is estimated to lead in the Harmonic Filter market as there is a high presence of various manufacturing and processing industries in different countries such as China, India, etc. followed by North America and Europe region.

APAC holds the largest market share of Harmonic filter market and is expected to grow at highest CAGR in the forecast period. Latin America and MEA are expected to contribute significantly in the near future

Leading Key Players:

Baron Power Limited
Crompton Greaves Ltd
TDK Corporation
Schaffner Holding AG
Comsys AB
Merus Power Dynamics Oy
Larsen & Toubro Ltd.
Siemens AG

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Harmonic Filter Market Segmentation:

By Type:

Active
Passive
Tuned
De-tuned
Hybrid

By Voltage:

Low
Medium
High Medium

By Modality:

Single Phase
Three Phase

By Application:

Commercial
Industrial
Residential

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa
Europe

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

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Illuminating Current Measurement: The Optical Current Transformer Market Shines Bright

The world of power grids is undergoing a silent revolution, with traditional current transformers (CTs) making way for a more advanced solution: optical current transformers (OCTs). OCTs utilize the principles of light and magnetism to offer a safe, reliable, and future-proof method for measuring electrical currents. Let’s delve into the current scenario, growth factors, and promising future scope of the optical current transformer market.

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Current Landscape:

The global optical current transformers market is experiencing significant growth, projected to reach a value of approximately USD 1.8 Billion by 2027, with a Compound Annual Growth Rate (CAGR) exceeding 8.5%. This surge is driven by several key factors:

Limitations of Traditional CTs: Traditional CTs have limitations like inherent safety risks due to high voltage connections, limited accuracy at high and low currents, and bulky size. OCTs address these limitations, offering a safer and more precise measurement solution.
Growing Demand for Smart Grids: The development of smart grids necessitates advanced sensor technology for real-time monitoring and control. OCTs excel in this area, providing accurate and reliable current data for grid management.
Enhanced Safety: Since OCTs employ light instead of electricity, they eliminate the risk of short circuits and ground faults associated with traditional CTs, improving overall safety in substations.
Superior Accuracy: OCTs offer exceptional accuracy over a wider range of currents compared to traditional CTs, allowing for more precise power monitoring and control.
Compact Design: The smaller size and lighter weight of OCTs make them ideal for space-constrained substations and easier to install compared to bulky traditional CTs.

Growth Factors and Opportunities

The burgeoning optical current transformer market presents exciting prospects for various stakeholders:

Manufacturers: Developing innovative OCT designs with improved performance metrics like wider dynamic range, faster response times, and cost-effectiveness will be crucial for market leadership.
Utilities and Grid Operators: Early adoption of OCT technology can enhance grid reliability, improve operational efficiency, and enable better data-driven decision making for grid management.
System Integrators: Expertise in integrating OCTs with existing grid infrastructure and communication protocols will be a valuable service for utilities looking to modernize their grids.
Government Agencies: Promoting the adoption of smart grid technologies like OCTs through policy initiatives and financial incentives can accelerate market growth.

The optical current transformer market is projected to reach an estimated value of US$ 145.4 million by 2022, with sustained demand expected throughout the assessment period. This continued interest can be attributed to the ongoing technological advancements and the ongoing trend of urbanization. By 2033, the market is forecasted to soar to US$ 353.0 million, marking a notable compound annual growth rate (CAGR) of 8.4% from 2023 to 2033.

Future Scope:

The future of the optical current transformer market is brimming with potential:

Integration with Advanced Grid Technologies: OCTs will seamlessly integrate with other smart grid technologies like sensors, communication networks, and data analytics tools, fostering a more intelligent and responsive grid.
Fiber Optic Infrastructure Expansion: The growing deployment of fiber optic cables for communication networks will provide the necessary infrastructure for wider adoption of OCTs.
Focus on Cybersecurity: As OCTs become more integrated with smart grids, robust cybersecurity measures will be crucial to ensure the integrity and reliability of data transmission.
Standardization and Cost Reduction: Standardization of OCT designs and manufacturing processes can potentially lead to cost reductions, making this technology more accessible to a wider range of utilities.

Physical-Digital Integration Market Set to Soar to US$ 15,429 Million by 2032 with a 13.5% CAGR

The global physical-digital integration market is expected to grow at a rapid 13.5% CAGR during the forecast period. The market is anticipated to be valued at US$ 4,342 Million in 2022. The physical-digital integration market is expected to reach a peak of US$ 15,429 million by 2032.

Physical-digital integration occurs when physical and digital technology are merged. This procedure is intended to boost or improve a variety of daily activities. This includes leveraging smartphones to handle smart home appliances, augmented reality to improve shopping experiences and Internet of Things sensors to monitor and collect data on real-world situations.

Physical-digital integration aims to make technology more user-friendly and seamless while also opening up new channels for connections and interactions between people and organisations.

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The historical CAGR for the relevant market has been determined by experts at Future Market Insights to be 12.3%. The need for physical-digital integration is growing as a result of the population’s interactional patterns changing at an increasingly rapid rate over the past few years. The preference of consumers for digital interaction over traditional communication has been noted.

Biggies Revolutionizing the Market

The market for physical-digital integration is booming as a result of the rising demand for products that offer sophisticated interactive customer experiences. Over the projected period, it is anticipated that the demand for these solutions will grow rapidly. Several end-use industries, including retail, residential, industrial, healthcare, and defence and security, among others, have seen a rise in demand for physical-digital integration.

In the healthcare system, the emphasis is being laid upon the interconnection of virtual and physical space to offer new health solutions around remote care, well-being, smart homes and communities., thereby accelerating the demand for physical-digital integration in the respective sector.

Key Trends:

Integration of physical world with the digital, with the introduction of internet of things (IoT) is the key trend governing the growth of physical-digital integration’s market.

Drivers and Challenges:

The primary driver for Physical-Digital Integration market is the increased affinity towards digitalization with an increasing adoption of smart phones and tablets. Physical-digital integration’s market is further driven by the introduction of technologies such as IoT, AR & VR, automation etc.

Factors such as easy implementation, enhanced customer experience, fast processing and increased accuracy have led to the transition towards digitalization resulting into physical-digital integration. Applications of physical-digital integration in various industries, furthermore, drives the growth of its market.

Factors such as data breaches, complexity and difficulties in the management of back-end activities are restraining the growth of physical-digital integration market.

Competitive Landscape:

These all along with the manufacturing industries play a key role in the physical-digital integration market growth during the forecast period. They execute several plans and methodologies to bring the prime factor to influence demand for physical-digital integration. Some of the tactics are mergers, acquisitions, product launches, and partnerships among others. They are the focal point of these players as they bring new innovative ideas to lead the market.

Leading key companies in the market are:

Cognizant Technology Solutions Corp.
IBM Corporation
Infor Global Solutions, Inc.
Infosys Ltd.,
Oracle Corporation, Salesforce.com, Inc.
SAP SE
Toshiba Corporation

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Physical-Digital Integration Market Segmentation:

By Industry:

Retail
Residential
Industrial
Healthcare
Defense and Security
Media and Entertainment

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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About Future Market Insights (FMI):

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