Market Research Blog – Page 3421 – New Product Development

Global Glucose Sensor Market Poised for Explosive Growth, Reaching US$16.382 Million by 2032

The Global Glucose Sensor Market is on track for remarkable growth, according to a recent market analysis. By the end of 2022, the market is expected to have generated a staggering US$7.588 million in revenue. This momentum is projected to continue, with forecasts predicting an impressive Compound Annual Growth Rate (CAGR) of 8.6% from 2022 to 2032. By 2032, the market is estimated to reach a phenomenal US$16,382 million.

This surge is driven by rapid advancements in glucose sensor technology, offering patients greater accuracy and precision in a non-invasive and painless manner. This shift towards user-friendly monitoring is fueling patient adoption, propelling the market forward.

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Accuracy, Painless Monitoring Drive Patient Adoption

This significant growth is attributed to rapid advancements in sensor technology, offering exceptional accuracy and precision. This, coupled with the convenience of non-invasive and painless monitoring, is leading to wider patient adoption of glucose sensor devices.

Rising Diabetes Rates and Growing Awareness Fuel Market Expansion

The market for glucose sensor devices is anticipated to expand at a healthy rate throughout the projection period. This growth is fueled by the projected increase in the diabetic population worldwide, alongside a growing awareness of the importance of blood sugar monitoring. New product releases and heightened public awareness of diabetes prevention are further propelling market growth.

Lifestyle Factors and Aging Population Contribute to Market Growth

The rapidly evolving lifestyle with its increased risk factors for diabetes, such as obesity, is contributing to a global rise in diabetic patients. This, combined with the growing senior population, is driving the global market for glucose sensors.

Global Glucose Sensor Market: Drivers and restraints

As per the World Health Organization (WHO) diabetes is the seventh leading cause for death. Incidence rate is quite high when compared to other chronic disorder. In 2014, around 382 million were diagnosed with diabetes. Changing lifestyle is expected to further extrapolate the diabetic cases globally. Increasing cases of diabetes is expected to drive the overall demand of glucose sensors devices. Accurate and precise data offered by glucose monitoring sensors than that of conventional devices is another leading driver for this market.

Diabetic patients are inclined towards noninvasive techniques such as sensors. More number of people becoming health conscious and use of sensors are increasing gradually. Macroeconomic factors such as increasing healthcare expenditure is expected to further driver the market over the forecast period. Though the market is expected to generate significant revenue throughout the forecast period, high cost of these sensors compared to that of glucose monitoring meters is a major challenge for overall growth of the market.

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Global Glucose Sensor Market: Key players

Abbott Diagnostics
Pinnacle Technologies Inc.
77 Elektronika KFT
Sanofi
Life Scan
Novo Nordisk A/S
Ypsomed
GlySens Inc.
Medtronic
Dexcom Inc.

The Research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Global Glucose Sensor Market: Segmentation

Global Glucose Sensor Market can be segmented on the bases of region, product type, technologies, and end-users.

By Product:

Non Invasive
Optical Sensors
Trans Dermal Sensors
Minimally Invasive
Micro pore/ Micro needles
Invasive
Intravenous Implantable
Micro dialysis
Subcutaneous Sensor

By Technologies:

Photo Acoustic Spectroscopy
Optical Coherence Tomography
Polarimetry
Fluorescence
MIR Spectroscopy
NIR Spectroscopy
Impedance Spectroscopy
Skin Suction Blister Technique
Sonophoresis
Reverse Iontophoresis

By End User:

Hospitals
Clinics

By Region:

North America Glucose Sensor Market
Latin America Glucose Sensor Market
Europe Glucose Sensor Market
East Asia Glucose Sensor Market
South Asia Glucose Sensor Market
Oceania Glucose Sensor Market
Middle Eats & Africa Glucose Sensor Market

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Contact Lenses Market Poised to Reach US$ 16,256.8 Million by 2034: Insights and Projections

In 2024, the global contact lenses market is estimated to be valued at US$ 10,035.9 million, with projections indicating a growth to US$ 16,256.8 million by 2034. Over the forecast period, the demand for contact lenses is anticipated to increase at a compound annual growth rate (CAGR) of 4.9%, reflecting a continuous upward trajectory in the market.

Key Market Highlights

Increasing prevalence of diseases such as diabetes and glaucoma is impacting vision, driving up the demand for contact lenses.
Surging demand for smart contact lenses equipped with health monitoring features like intraocular pressure monitoring is facilitating advanced prevention and treatment options for complex ocular diseases like glaucoma.
Rising sales of daily contact lenses are contributing to the market’s growth trajectory, elevating its overall value.

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Consumer Demand for Advanced Variants with High-Efficiency Drive Market Growth

Visual impairments such as myopia are on the rise impacting both children and adult populations alike. According to WHO’s latest analysis, almost 2 billion people are globally affected by vision impairment, of which around one billion are undiagnosed. Such refractive errors, if untreated could lead to the need for an advanced product with high prescription strength.

With contact lenses, that are as effective as traditional spectacles, the market growth could steadily improve. Due to aesthetic and functionality factors, contact lenses are preferred by many over traditional lenses. In developing markets such as China and South Korea, advanced lens technology is aiding to expand the consumer base. The rising adoption of these advanced devices has created key growth opportunities for existing market players.

Key Takeaways from the Report:

Between 2017 and 2022, the contact lenses market progressed at a CAGR of 4.3%.
The contact lenses market was valued at US$ 9.2 billion in 2022.
The United States market is projected to grow at a CAGR of 3.4% to attain a valuation of US$ 3.9 billion by 2033.
In terms of wear type, the disposable segment is expected to register a CAGR of 4.8% from 2023 to 2033
The design type segment is dominated by spherical contact lenses, projected to grow at a CAGR of 4.0% during the forecast period

Key Market Developments:

In April 2022, Alcon launched a highly efficient, disposable contact lens for Astigmatism. It is known as Precision and is a silicone hydrogel contact lens.
In August 2020, Bausch + Lomb launched a new silicone hydrogel contact lens. It is a variant of daily disposable contact lenses. It is crafted with advanced material, embedded with the Rebalance Technology. This aids in reducing side effects such as lens dryness.
MojoVision is a United States-based startup integrating ultra-modern technologies with traditional contact lenses. With their product, one might soon be able to check notifications, without even looking down at a screen.

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Key Players:

CooperVision, Inc.
Johnson & Johnson Vision Care, Inc.
Hoya Vision Care Company
Alcon (Division of Novartis AG)
Bausch & Lomb Incorporated
BenQ Materials Corporation
ZEISS International
SEED Co. Ltd.
Essilor International S.A.
Menicon Co. Ltd.

Key Players Invest in Research & Development as the Ultimate Growth Strategy

Currently, heavy investments are pouring into optometry-centric research and development activities. Consumers are seeking contact lenses, that provide comfort and efficiency. Hence, issues such as contact lens-induced eye dryness, aren’t factors impacting advanced product variants. For instance, the latest technology has led to the launch of soft contact lenses, that are long-wear safe and prioritize consumer comfort.

Opportunity:

This positive outlook presents exciting possibilities for brands:

Material Innovation: Continued research into biocompatible and sustainable materials can open new avenues for market growth.
Smart Lenses: Integrating technology like sensors and augmented reality features can provide a futuristic vision experience.
Personalized Solutions: Custom-made lenses catering to individual eye conditions and preferences can create a loyal customer base.
Focus on Eye Health: Promoting regular eye checkups and responsible lens use can build trust and brand loyalty.

Side Effects Could Lead Consumers to Prefer Alternatives

Undesirable side effects of contact lenses continue to plague the market. These include eye irritation, disability, and even loss of vision in extreme cases. Many prefer not to have a foreign object inserted in the eyes, that could trigger superficial keratitis, corneal vascularization, and corneal edema

Hence, several consumers are opting for alternative refractive correction treatments. These include LASIK surgery and other surgical procedures. With rising disposable income and affordability of such treatments, it is gaining popularity among lens and spectacle users. Alternatively, deterred by the side effects of contact lenses, many are also opting to go back to using traditional spectacles.

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Global Contact Lenses Market by Category

By Product Type:

Soft Lenses
Daily wear
Extended Wear
Gas Permeable

By Design Type:

Spherical Contact Lenses
Toric Contact Lenses
Multifocal Contact Lenses
Others

By Wear Type:

Disposable Contact Lenses
Reusable Contact Lenses

By Sales Channel:

Online
- E-commerce Portal
- Company Owned Portal
Offline
- Exclusive Stores
- Multi-brand Stores

By Region:

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

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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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Micro Display Market Growth Soars with a Remarkable 19.2% CAGR, Expected to Hit US$ 8.2 Billion by 2033

The global micro display market is anticipated to reach a valuation of US$ 1.4 billion in 2023, driven by the miniaturization of electronics. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 19.2% between 2023 and 2033 and reaching a total valuation of approximately US$ 8.2 billion by 2033.

One of the major factors contributing to the growth of the micro display market is the growing demand for augmented reality (AR) and virtual reality (VR) applications across various industries, including gaming, healthcare, and automotive, which is driving the need for high-quality micro displays that offer immersive experiences.

Micro displays are finding applications in consumer electronics like smart glasses, head-up displays (HUDs), and digital cameras, enhancing user experiences and providing valuable information in real-time.

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The defense sector employs micro displays in helmet-mounted displays (HMDs), night vision goggles, and other devices, bolstering situational awareness and tactical advantage. Head-up displays (HUDs) in vehicles are becoming more prevalent for providing drivers with essential information while minimizing distractions, boosting the micro display market.

Organic light-emitting diode (OLED) micro displays are gaining traction due to their high contrast ratio, wide color gamut, and low power consumption, making them ideal for AR and VR applications. Micro LED technology is rising, offering better brightness, energy efficiency, and longer lifespans than traditional LED and OLED displays.

Micro displays integrated with eye-tracking capabilities are becoming more prevalent, allowing for improved user interactions and enhanced VR experiences. In healthcare, micro displays are used in medical devices, such as surgical headsets and patient monitoring systems, for accurate data visualization.

The wearables market, including smartwatches, fitness trackers, and AR glasses, presents significant growth opportunities for micro displays as consumers seek compact, high-resolution displays. The healthcare industry can benefit from micro displays in AR-assisted surgeries, medical training, and telemedicine, offering opportunities for innovation and improved patient care.

The integration of AR HUDs in vehicles is poised for substantial growth, providing drivers with crucial information and enhancing road safety. Micro displays are increasingly used in industrial settings for remote monitoring, maintenance, and training, opening doors for applications in Industry 4.0.

The use of micro displays in medical imaging equipment, endoscopes, and diagnostic devices is rising, facilitating precise visualization during medical procedures and diagnostics. The gaming industry continues to be a significant consumer of micro displays, with applications in gaming headsets, 3D gaming glasses, and portable gaming consoles.

Key Takeaways from the Micro Display Market Report:

Global micro display market was valued at US$ 1.2 billion by 2022-end.
From 2018 to 2022, the market demand expanded at a CAGR of 10.5%.
India is expected to hold a dominant CAGR of 18.1% through 2033.
By technology, OLED segment is to constitute a CAGR of 19.1% through 2033.
From 2023 to 2033, micro display market is expected to flourish at a CAGR of 19.2%.
By 2033, the market value of micro display is expected to reach US$ 8.2 billion.

Recent Developments:

In 2023, Samsung Display announced plans to develop a new microdisplay technology called QNED. QNED is a hybrid display technology that combines quantum dots with nanorods.
In 2022, Kopin Corporation expanded its Lightning OLED product line to include new ultralow-power 0.26-inch VGA (640 x 480), 0.39-inch XGA (1024 x 768), and 0.61-inch XGA microdisplays aimed at compact handheld and wearable devices.
In 2021, eMagin Corporation signed an agreement with Bild Innovative Technology, an Electrical or Electronic Engineering business based in Chicago, to develop and commercialize high-resolution OLED microdisplays for use in augmented reality (AR) and virtual reality (VR) applications.
In the same year, Texas Instruments introduced a new microdisplay driver chip that supports resolutions up to 8K. The chip is designed for use in AR/VR headsets, automotive head-up displays (HUDs), and other applications.

Leading Key Players:

eMagin Corporation
Universal Display Corporation
Micron Technology Inc.
LG Display Co. Ltd
Sony Corporation
Kopin Corporation
Yunnan OLiGHTEK
Seiko Epson Corporation
Syndiant Inc.
Himax Technologies

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More Valuable Insights Available:

Future Market Insights offers an unbiased analysis of the global micro display market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the micro display market, the market is segmented on the basis of technology (LCD, DLP, OLED, and others), and application (industrial, consumer, defense, medical, education, automotive, and military & aerospace), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).

Micro Display Market Segmentation:

By Technology

LCD
DLP
OLED
Others

By Application

Industrial
Consumer
Defense
Medical
Education
Automotive
Military & Aerospace

By Region

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

Author By:

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

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

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3D Printed Wearable Industry: Anticipated Growth with a CAGR of 9.20% by 2033

The 3D printed wearable market is projected to generate US$ 4251.70 million in 2023, with revenue expected to soar to US$ 10,246.60 million by 2033. Throughout the forecast period, a compound annual growth rate (CAGR) of 9.20% is anticipated for the 3D printed wearable market.

The popularity of wearables crafted through 3D printing is steadily rising, driven by the appeal of customized and personalized products. With technology progressing rapidly, 3D printers are becoming more affordable and accessible to a broader audience, fueling the adoption of 3D printed wearables. Moreover, the continuous advancements in research and development are opening doors for the creation of wearables tailored for new applications. This surge in innovation is expanding the possibilities of 3D printed wearables, promising a future where technology seamlessly integrates with personal style and functionality.

The manufacturers have understood the potential and demand of the consumers for 3D printed wearables items that include footwear, clothes, jewelry as well as sports accessories. The report states that the 3D printed footwear will continue to be the leading category, worth a quarter of the market share.

Mass customization based on 3D printing is very likely to be the future of the bespoke fashion, and it saves a lot of resources using optimal utilities.

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3D printing holds significant potential in enhancing product developments in the wearables industry, enabling manufacturers to create prototypes and establish a proof of concept. Although high initial cost of 3D printers does remain a key concern, the low cost of operations and the convenience element are expected to offer long-term benefits for manufacturers.

According to the study, the footwear industry has taken the lead in the adoption of 3D printing technology, with product offerings that range from shoes to insoles with personalized design. This trend of custom-made solutions in the footwear industry is likely to encourage companies to improve their processes and realize measurable returns on their investment.

The role of 3D printing in revolutionizing the manufacturing process as a whole while enabling mass production of customized products, is expected to complement future growth of the 3D printed wearables market.

Stakeholders Vying for Untapped Opportunities in the Medical Sector

This study opines that the scope of 3D printing technology is extensive in the field of medical wearables, and has created opportunities hitherto unforeseen in surgical and medical fields. Research in this sector has been inclined towards making living tattoos that act as sensors, to making viable organs that could revolutionize the transplantation process and printing bacteria for potential applications in the medical field.

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The convenience of providing the accessibility of information to consumers, and tracking and monitoring their healthcare needs, is one of the leading aspects governing the attraction toward and adoption of medical wearables. This has led to a better understanding of conditions, for greater control over the end result. Even as the functionality of wearables increases, growing security risk is expected to be a major concern holding back the rate of progress in the field.

The study finds that 3D printed wearable manufacturers will benefit from of new solutions that feature mixed material printing. Key players in the market are partnering with engineers, mathematicians and architects for creating high-end 3D printed wearables for the future, which would feature added functionalities and improved accessibility to a wider array of data.

As more wearable manufacturers turn to 3D printing for accelerated production and waste reduction, gains in the market are expected to surge at a significant pace in the foreseeable future.

According to the study, Europe and North America remain lucrative markets for 3D printed wearables, collectively accounting for ~70% shares. This can be attributed to a notable rise in the number of wearable startups, along with focus of key players on shifting their portfolio from fundamental wearables to smarter products with higher degrees of functionality.

The study offers a long-term forecast for the 3D printed wearables market for the period between 2021 and 2029. The 3D printed wearable market is projected to record a ~9% CAGR through 2029.

Frequently Asked Questions

What is the current 3D Printed Wearable market value?
At what rate did the global 3D Printed Wearable market grow between 2013 and 2021?
What are the key trends driving 3D Printed Wearable sales?
Who are the leading players in the global 3D Printed Wearable market?
What will be the demand outlook for the South Asia 3D Printed Wearable market?
What is the market share of the leading players operating in the 3D Printed Wearable market?
What is the 3D Printed Wearable demand outlook for Latin America?

Key Companies in the 3D Printed Wearable Market

DANI PELEG
New Balance
Under Armour
Adidas America Inc.
3D Systems Inc.
Shapeways Inc.
Formlabs
Materialise
Zortrax
Stratasys Ltd.
EnvisionTEC
Carbon, Inc.
Prodways Technologies
Origin
Molecule Corp. (Henkel AG & Company)

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3D Printed Wearable Market Segmentation

By Product Type:

Footwear
Prosthetics
Orthopedic Implants
Surgical Instruments
Smart Watches
Fitness Trackers

By End-use Sector:

Hospital
Pharma and Biotech companies
Academic Institutes
Others

By Sales Channel:

Online Retail
Offline Retail
Direct Sales
Healthcare Providers
Customization Platforms

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Author

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

Carbon Black Market Projected to Reach US$ 22,133.52 Million by 2033 at a CAGR of 4.8%

The carbon black market is predicted to be worth US$ 13, 849.6 million in 2023. The market is likely to rise to US$ 22,133.52 million by 2033.

The rubber sector is the key market contributor to the worldwide carbon black market. This substance functions as a filler in tires, enhancing their physical properties and giving them more strength.

Pharmaceuticals are purified using activated carbon black, which is also utilized in the production of medical equipment. The expanding activated carbon black market is projected as a result of the increased demand for medicines and medical supplies.

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The growing rubber industry is projected to increase demand for carbon black on a worldwide scale. It finds use in a variety of sectors, including the construction and automotive industries.

Manufacturers of carbon black experience further expansion due to the expanding paints and coatings sector, which is being driven by industrialization. By taking into account these factors, it is predicted that the worldwide market for carbon black is likely to grow by about 23 million tonnes by 2033.

Key Takeaways

By 2033, the carbon black market in the United Kingdom is likely to expand, with a CAGR of 7.9%.
The United States, being a leading market for automobiles, contributes significantly to the demand for carbon black.
The carbon black market was significantly expanding, with a size of US$ 13,215.8 million in 2022.
In 2021, the carbon black capacity was 7 million metric tonnes in China.
In China, primary carbon black feedstock yearly capacity reaches roughly 7.5 million metric tonnes.
The market is expected to grow at a US$ 15,941.2 million valuation by 2026, with the rising adoption of carbon black in multiple industries.
Based on type, the furnace black segment dominates the market and is expected to control the market by 2033 in terms of application.
Based on the grade, the standard grade segment is likely to dominate the market by 2033.
Based on application, the tire category is anticipated to dominate the market by 2033.

Effective Approaches by Key Players

The carbon black industry is very competitive, with small-scale businesses controlling the entire market. The market is seeing massive capital expansions as businesses compete for future market share. The actions taken by companies like Continental Carbon and Birla Carbon demonstrate that the sector is expected to grow faster.

Recent Developments

Orion Engineered Carbons established a new production line in Italy for carbon black manufacturing in February 2022. With a 25-kiloton capacity for specialty and technical rubber carbon black, primarily for the European market.
At its production site in Franklin, United States, Cabot Company has finished a significant air pollution control project. By significantly reducing NOX and SO2 emissions, over 20 tonnes of total pollutants are reduced daily. This technology leads to enhanced air quality. Also, Cabot’s plant’s waste heat is collected and used to produce up to 50 megawatts of electricity without adding to greenhouse gas emissions.

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Key Players

Cabot Corporation
Birla Carbon
Orion Engineered Carbons
Phillips Carbon Black
Tokai Carbon
Sid Richardson Carbon & Energy Co.
China Synthetic Rubber Corporation
Longxing Chemical Stock Co. Ltd.
OMSK Carbon Group
OCI Company Ltd.

Key segmentations

By Type:

Furnace Black
Channel Black
Thermal Black
Acetylene Black
Others

By Grade:

Standard Grade
Specialty Grade

By Application:

Tire
Non-Tire Rubber
Inks Coatings
Plastics
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & 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 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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Smart Home Devices Market Poised for Remarkable Growth: Anticipated CAGR of 17.8% by 2033

The demand for smart home devices worldwide is expected to experience a compound annual growth rate (CAGR) of 17.8%. It is projected that the market revenue will reach US$ 58.4 billion in 2023 and is anticipated to soar to US$ 300 billion by 2033.

The increasing adoption of Internet of Things (IoT) technology in homes has paved the way for a surge in smart home solutions, offering users the convenience of modifying lighting and other settings with a simple tap of a finger. This trend is driven by growing consumer demand for convenience, comfort, and energy efficiency in households, fueled further by the increasing availability and affordability of high-speed internet connectivity.

According to FMI’s most recent report, the market would expand at a CAGR of 18.7% between 2021 and 2031. This product category is expected to have a sizable sales share because millennial interest in entertainment and other controls has increased significantly in recent years. Other smart home equipment like fitness trackers, smart sensors, etc. have gained appeal as a result of the fact that these are also regarded as smart gadgets.

Manufacturers of smart home devices are also making sure that their products and services are compatible with platforms from Google, Apple, Samsung, and Amazon in order to reach the widest audience possible.

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Key Takeaways from the Smart Home Devices Market Study

Driven by increasing demand for connected devices, the global smart home devices market is poised to reach US$ 42 Billion by 2021
As an early adopter, the U.S. will emerge as a key market, accounting for over 17% of global sales of smart home devices
Backed by high spending power of consumers, the U.K. market will exhibit an impressive y-o-y growth at a little above 17%
Germany and France will continue exhibiting high demand for smart home devices in Europe
Japan will remain a lucrative market in East Asia besides China

Green Building Initiatives Paving the Way for Growth

Numerous nations have started green building projects, which has led to profitable expansion potential. For instance, the government of India offers incentives to IGBC, a body that carries out activities to construct environmentally friendly and sustainable structures.

The Kohinoor Hospital in Mumbai, a spectacular example of a green building endeavour, has benefited greatly from these activities. The hospital is the first LEED Platinum-certified green hospital in Asia. Patients might receive better care while paying less because the structure is built to use less water and power. This effort will contribute to the development of considerable potential for smart home technology in the upcoming years.

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Who is winning?

Some of the key players present in the smart home device market are

Samsung Electronics Co. Ltd.
LG Electronics
Siemens AG
Honeywell International Inc.
Schneider Electric
Koninklijke Philips N. V
Amazon.com Inc.
Robert Bosch GmbH
Apple Inc.
Nest Labs
UNITED TECHNOLOGIES
Panasonic Corporation
Sony Corporation
Midea Group
ORVIBO Inc.

Extensive discount are often offered to driven a desire among end consumers to adopt products embedded with smart technologies.

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Smart Home Devices Market by Category

Product Type

Security Lighting Control Smart Home Device
Access Control Smart Home Device
HVAC Control Smart Home Device
Entertainment and Other Control Smart Home Device
Kitchen & Home Appliances
Healthcare Smart Devices

Price Range

Below US$ 25 Smart Home Device
US$ 25-35 Smart Home Device
Above US$ 35 Smart Home Device

Sales Channel

Direct Sales
Mono Brands
Supermarkets/Hypermarkets
Department Stores
Specialty Stores
Online Retailers
Other Sales Channel

Region

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

Author

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

Ultrapure Water Industry Projected to Reach US$ 25.2 Billion by 2033

In 2023, it is predicted that the market for ultrapure water industry would be worth US$ 8.8 billion. The market is expected to show an 11.1% CAGR from 2023 to 2033. By the end of 2033, it’s predicted to produce a market size of US$ 25.2 billion.

Use of ultrapure water in the electronics sector would help in preventing the accumulation of impurities that could damage sensitive components. Semiconductor sector is one of the prominent end-use industries holding a significant share of around 55% of the global market in 2023.

Growing need for ultrapure water in the production of electronic components has increased with robust expansion of the electronics sector.

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Significant increase in the consumption of ultrapure water from several end-use industries such as power generation and pharmaceuticals among others is another key factor driving growth.

Ultrapure water is used in power generation facilities for the production of steam, which is used to generate electricity. With rising demand for electricity worldwide, demand for ultrapure water in power generation is also increasing.

The ultrapure water industry is experiencing rapid technological advancements in water treatment, filtration, and purification techniques. Innovations such as reverse osmosis, nanofiltration, and ultraviolet (UV) disinfection systems have made it easier to achieve high levels of purity in water. These technologies are becoming more efficient and cost-effective, which is driving growth in the ultrapure water industry.

Key Takeaways from Ultrapure Water Market Study:

The global market for ultrapure water is projected to witness a CAGR of 11.1% during evaluation period between 2023 and 2033.
By delivery method, the on-site generation segment is expected to account for about 53.4% of the total share in 2023.
Merck Group, General Electric, Veolia Water Technologies, Thermo Fisher Scientific, and Pall Corporation currently hold a share of 35% to 40%.
By end-use industry, the semiconductor segment is estimated to consume around 136.7 billion gallon of ultrapure water in 2023.
The global ultrapure water industry exhibited a CAGR of 4.6% in the historical period.

“The global market is expected to surge due to a shift toward sustainability and significant technological advancements in the water treatment process. It would also be propelled by continued development of several sectors, particularly in emerging nations.” – says a lead analyst at Future Market Insights (FMI)

Competitive Landscape

The market for ultrapure water is estimated to be a consolidated industry, where key players are expected to account for a significant share. They are focusing on expansion of domestic production and technology areas of ultrapure water to provide cost-efficient solutions to consumers.

Manufacturers are also focusing on rapidly growing sectors such as pharmaceutical, electronics, semiconductors. They are aiming for rapid development and long-term presence in the market.

Several market participants are investing in the development of new products and innovation on the existing ones to develop high-end products to satisfy customers’ needs. These companies are also focusing on delivering innovative solutions while maintaining sustainable development to maintain their dominance across the globe.

Merck Millipore, Pall Corporation, Suez Water Technologies & Solutions, Veolia Water Technologies, ELGA LabWater, Aqua Solutions, Evoqua Water Technologies, Media Analytics Ltd., Agilent Technologies, Biobase Biodustry, Bio-Rad Laboratories, Bruker Daltonics, Calgon Carbon Corporation, Hach Company, Nanostone Water, and Purolite Corporation are few of the manufacturers of ultrapure water profiled in the full version of the report.

For instance,

Envirogen Group unveiled LabPure, a centralized, energy-efficient water purifying system, in January 2023. It is primarily produced for use in laboratories, where type 1 ultrapure water is required. It can combine continuous ultrapure water operation with an ownership cost based on tried-and-true RO-EDI technology.

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Get More Valuable Insights into the Ultrapure Water Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global ultrapure water market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on delivery method (bulk delivery, packaged containers, and on-site generation), technology (reverse osmosis (RO), ion exchange (deionization), distillation, filtration, electrodialysis, and UV or ozone treatment), end-use industry (semiconductor, pharmaceuticals, biotechnology, laboratories, power generation, and food & beverage industry), and regions.

Ultrapure Water Market Outlook by Category

By Delivery Method:

Bulk Delivery
Packaged Containers
On-site Generation

By Technology:

Reverse Osmosis (RO)
Ion Exchange (De-ionization)
Distillation
Filtration
Electrodialysis
UV or Ozone Treatment

By End-use Industry:

Semiconductor
Pharmaceuticals
Biotechnology
Laboratories
Power Generation
Food & Beverage Industry

By Region:

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

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

NFC Tag ICs Market Eyes Notable Surge with Expected CAGR of 15.7% and US$ 50,175.2 Million Valuation by 2033

The global NFC tag ICs market is estimated to reach US$ 11,638.8 million in 2023, expanding at a CAGR of 15.7% from the forecast period 2023 to 2033. Moreover, the growing requirement for customers to exchange connections, transactions, and digital content via various electronic devices is expected to drive the industry.

According to the FMI report, the sales in the NFC tag integrated circuits (ICs) market are projected to reach a value of approximately US$ 50,175.2 million by the year 2033. This growth is primarily driven by the rapid expansion of the digital economy, which is expected to motivate manufacturers to make substantial investments in digital advancements and transition towards automated business models.

One of the critical variables expected to boost the global NFC tag ICs market growth in the approaching decade is key manufacturers’ increased focus on improving customer experience. Furthermore, increased wearable technology usage and smartphone proliferation in both advanced and developing nations are likely to bode well for the worldwide market.

The introduction of smartphones with NFC-based SOS functionality is also expected to boost growth. These capabilities allow users to scan their cell phones to send an SOS alert to someone engaged in an accident or in a critical situation, as well as offer the user’s medical records.

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Companies are expected to incorporate NFC tag ICs on sealed medicinal packaging, allowing caretakers and doctors to check prescriptions and dose details via smartphones.

In terms of region, North America is expected to have a significant market share for NFC tag ICs in the approaching years. The swiftly growing popularity of the retail sector in the United States and Canada is expected to contribute to market development in the region.

“The NFC Tag ICs market continues to exhibit robust growth, driven by the increasing adoption of contactless payment systems, smart access control, and IoT applications. The demand for NFC Tag ICs is anticipated to surge in the coming years, with key players focusing on product innovations and strategic partnerships to gain a competitive edge in this burgeoning market segment. This research underscores the market’s potential for sustained expansion and innovation in the near future.”– says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.

Key Takeaways from the NFC Tag ICs Market Report:

The market has grown at a CAGR of 13.6% during the last five years.
Over the next few years, India is predicted to develop at a CAGR of 16.1%.
North America dominated the global market, accounting for more than 27.4% of total sales.
In 2022, the medium memory (1000 to 10000 bytes) segment accounted for 45.5% of the total market.
China is predicted to develop at a 12.1% CAGR in the following years.

Competitive Landscape:

The growing popularity of novel NFC applications, such as NFC-enabled smart sensors, smart automobiles, and smart posters among technically savvy and young clients, is likely to open up new growth prospects for market competitors. For example,

Identiv, Inc. (NASDAQ: INVE), a global leader in digital safety and detection in the Internet of Things (IoT), disclosed in May 2023 the addition of novel STMicroelectronics (ST) near-field communication (NFC) tags in specific form aspects to its bitse.io IoT system for tag determining and launching brand experiences.
In February 2023, STMicroelectronics hosted a webinar on the usage of NFC dynamic tags to simplify the process of incorporating novel IoT equipment into a current system in smart houses and other smart buildings.

Leading Key Players:

Mstar Semiconductor Inc.
Panasonic Corporation
Qualcomm Inc.
STMicroelectronics
Nokia Corporation
NXP Semiconductors
MediaTek Inc.
Broadcom Inc.
Sony Corp.
Identive

A more valuable insight into the NFC Tag ICs Market:

Future Market Insights, in its new offering, presents an unbiased analysis of the global NFC Tag ICs market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033. The study reveals essential insights By Memory ((High (More than 10000 Bytes), Medium (1000 to 10000 Bytes), Low (Less than 1000 Bytes)), By Connection (People-To-People (Peer-to-Peer), People-To-Devices (Device Pairing)), By Application (Smart Posters, Payment, Marketing, Information, Content, Social Networking, Gaming, Validation), By Industry (BFSI, Media & Entertainment, Retail, Hospitality, Healthcare, Others) & region.

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NFC Tag ICs Market Segmentation:

By Memory:

High (More than 10000 Bytes)
Medium (1000 to 10000 Bytes)
Low (Less than 1000 Bytes)

By Connection:

People-To-People (Peer-to-Peer)
People-To-Devices (Device Pairing)

By Application:

Smart Posters
Payment
Marketing
Information
Content
Social Networking
Gaming
Validation

By Industry:

BFSI
Media & Entertainment
Retail
Hospitality
Healthcare
Others

By Region:

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

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Nandini Singh Sawlani

Halal Cosmetics Market: A Projected Growth at a CAGR of 11.6% by 2033

The global halal cosmetics market is expected to yield revenues of US$ 42.65 billion in 2023, with demand forecasted to grow at a Compound Annual Growth Rate (CAGR) of 11.6%, reaching US$ 127.8 billion by 2033.

The halal cosmetics industry is witnessing notable expansion, offering a distinct perspective within the beauty and personal care sector. Emphasizing products that comply with Islamic principles and values, this market is on the rise as consumers increasingly seek out halal-certified cosmetics that resonate with their religious and ethical convictions.

The halal cosmetic market is growing due to the shifting trend among consumers towards chemical-free and natural ingredients-based makeup along with personal care products. Halal products are gaining popularity in the Muslim- majority countries throughout the forecast years.

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Key Takeaways

There is a rising prevalence of personal grooming and trending beauty products that must comply with one’s religious values. Sales of halal cosmetics have seen a significant surge among the Muslim population. While the demand for halal cosmetics is significantly high in Muslim countries but even in non-Muslim countries, halal cosmetics are being increasingly preferred due to criteria such as ingredients utilized and safety.
A tremendous rise in the demand for halal cosmetics products has been witnessed all over the world, particularly in Muslim-majority nations such as the UAE, Saudi Arabia, Indonesia, Malaysia, Turkey, and others.
Big halal cosmetic brands have expanded their manufacturing to such an extent that they are able to tap into the mainstream cosmetics market. Owing to their rising prevalence, there is a positive halal cosmetics market outlook by 2032.
Dominant players in the cosmetic industry are focusing on prioritizing R&D and innovation initiatives, which boost the demand for halal cosmetics significantly. Attributing to the increased demand for safe and clean labeled products, the halal-certified cosmetics industry is predicted to offer significant growth potential for prospective participants in the future years.
With a significant rise in the Muslim population all over the world, global businesses such as Unilever, LOreal, and P&G, among others are likely to enter the halal cosmetics market to efficiently meet the rising demand for halal cosmetic products.
The global halal cosmetics market share is expanding with the rise of the Muslim population around the world, this has resulted in the development of the halal market and an increase in halal certification compliance.

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Competitive Landscape

Prominent players in the halal cosmetic market are focusing on employing a variety of techniques to thrive in a competitive market. Companies are concentrating on innovations and advances to stay ahead of consumer demands build brand names and thrive in a competitive climate.

Key market players in halal cosmetics are focusing on merger and acquisition strategies to maximize their business operations and increase their in-house expertise. Strategic alliances and partnerships are yet another means to achieve a competitive edge through expanded corporate reach and services. Besides this, new product launches continue to excel in the growth of the halal cosmetics market.

More Insights into the Halal Cosmetics Market

Throughout the forecast period, the United States is likely to lead the North American halal cosmetics market. Over recent years, there has been the emergence of new entrants seeking to capitalize on the country’s business potential. The United States is considered a dominant market comprising a big chunk of halal-certified cosmetics. Canada is yet another crucial market for such products in North America.

Asia Pacific region is projected to lead the global halal cosmetics market by 2032. The expanding Muslim population in Southeast Asian countries along with the increased presence of halal-certified enterprises in the region, affect the halal cosmetics market trends.

The top halal beauty products are manufactured in countries like India, Indonesia, and Malaysia. The rising awareness about animal welfare and growth in the Muslim population is driving the expansion of the halal cosmetics market.

Germany is also expected to showcase lucrative growth opportunities by gradually adopting the cruelty-free culture, which is fueling the demand for halal cosmetics in the beauty and personal care sectors.

Key players

Iba Cosmetics
Martha Tilaar Group
Clara International
Kao Corporation
Andalou Naturals
Ivy Beauty Corporation Sdn Bhd
Nature’s Dream
Prolab Cosmetics
Inglot Cosmetics
One Pure
Talent Cosmetics

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Halal Cosmetics Market by Category

By Product Type:

Skin Care
Hair Care
Makeup
Body Care
Fragrance

By End User:

Men
Women
Unisex

By Sales Channel:

Hypermarkets/Supermarkets
Convenience Stores
Specialty Stores
Multi-brand Stores
Online Retailing
Other Sales Channel

By Region:

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

Author

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

Global Peer-to-Peer Dining Market Anticipates Remarkable Growth by 2033 | FMI

According to the latest research conducted by Future Market Insights, the global peer-to-peer dining market is poised to reach an estimated revenue of US$ 6,146.1 Million by the end of 2023, with a long-term forecast projecting a surge to approximately US$ 8,101.9 Million by 2033.

The peer-to-peer dining sector has witnessed substantial growth, attributed to the rise of new entrants and the expansion of existing players. Factors such as the burgeoning popularity of the sharing economy, a heightened interest in unique dining experiences, and the increased use of social media for promotion have contributed to this growth.

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The COVID-19 pandemic, however, presented challenges to the P2P dining market, forcing companies to adapt to online platforms and delivery services due to restrictions on gatherings and social distancing measures.

Driving Factors Fueling Peer-to-Peer Dining Market Growth

1. Home Cooking and Interest in Homemade Meals: The pandemic has sparked a surge in home cooking, prompting a growing interest in homemade meals. Peer-to-peer dining platforms offer a safer alternative to traditional dining experiences, being hosted in private homes with limited guest numbers.

2. Social Media Platforms: The popularity of food services, coupled with the rise of social media, has become a crucial tool for discovering new dining experiences. Peer-to-peer dining benefits from this trend as more people seek unique dining experiences at home and connect with other food enthusiasts.

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Key Trends Boosting the Peer-to-Peer Dining Market

Increased Competition Leading to Better Deals: The growing competition in the P2P dining sector has resulted in more options and better deals for customers. The development opportunities for hosts and the convenience of mobile apps for browsing and booking experiences have further driven growth.

Country-wise Insights

The Peer-to-Peer dining market in Germany faces challenges from regulators and traditional restaurants concerning food safety, zoning, and competition. Despite these hurdles, platforms such as EatWith, VizEat, and BonAppetour continue to gain popularity.

In India, the P2P dining market is in its early stages, facing challenges like lack of awareness and regulatory frameworks. Popular platforms like EatTreat, Dineout Gourmet Passport, and Dineout With Me show promise, and the market is expected to grow as interest in unique dining experiences increases.

China’s P2P dining market is still in its early stages, grappling with challenges like awareness, safety concerns, and regulatory frameworks. Notable platforms such as Xiaochi, Meituan Waimai, and Sherpas are gaining traction as the market grows.

Competitive Landscape

The peer-to-peer dining market is highly competitive, with well-established companies like EatWith, VizEat, and BonAppetour facing competition from traditional restaurants and other food-related businesses. Key differentiators include offering unique dining experiences, showcasing hosts’ culinary skills, and facilitating interaction with locals.

Peer-to-Peer Dining Market by Category

By Direct Suppliers:

Hotel Companies
Tour Operators
Government Bodies

By Indirect Suppliers:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMC’s (Travel Management Companies)

By Demographic:

Male
Female
Kid

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Country:

USA
Canada
Brazil
Mexico
Germany
United Kingdom
France
Spain
Russia
India
China
Japan
Malaysia
Singapore
Australia
UAE
KSA
Italy
Qatar
Oman
RoW

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