Global Drug Discovery Outsourcing Industry Achieves Remarkable US$7.52 Billion Valuation, Propelling Forward with a Steady 7.2% CAGR from 2023 to 2033

In a groundbreaking projection, the Global Drug Discovery Outsourcing Industry is poised to undergo substantial growth, with a steadfast Compound Annual Growth Rate (CAGR) of 7.2% from 2023 to 2033. This robust trajectory is set to elevate the market’s value from US$ 3.75 billion in 2023 to an impressive US$ 7.52 billion by 2033.

This substantial surge is a testament to the burgeoning demand for drug discovery outsourcing services, showcasing the industry’s resilience and adaptability. As pharmaceutical and biotech companies increasingly recognize the strategic advantages of outsourcing drug discovery processes, this market is positioned to play a pivotal role in reshaping the future of healthcare.

  • The pharmaceutical industry’s expansion, as well as the increased penetration of digital technology and AI integration, are reshaping the market. Furthermore, the R&D process and the rise of drug discovery vendors in rising economies such as China and India drive market growth.
  • 80% of research on small and large medicinal compounds is outsourced to pharmaceutical behemoths. This is due to lower prices, a more straightforward process, a larger workforce, and improved quality.
  • The market dynamics are also being shaped by the altered pharma business, which includes synergistic medications and sophisticated anti-infection drugs. Virus outbreaks like Ebola and Coronavirus are also expanding the market’s user base.
  • Government policies integrate their medical policies, allowing pharma giants to collaborate and build the advanced drug discovery space. Thus, the demand for outsourced drug delivery services is in high demand.
  • The surge in respiratory patients with issues like tuberculosis, bronchitis, etc., also consumes a big chunk of the market. These conditions have increased lately due to the post-corona impacts.

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Global Drug Discovery Outsourcing Industry Key Points

  • The United States market leads the Drug Discovery Outsourcing market in terms of market share in North America. The growth in the region is attributed to the expanding healthcare research budget, growing pharmaceutical companies, and strong bilateral business ties. The North American region held a substantial share of 35.5% in 2022.
  • The United Kingdom Drug Discovery Outsourcing market is another significant market from the European region. The market in the United Kingdom is owed by the technological integration and AI-enabled drug discovery programs that promote cruelty-less procedures.
  • The Japan Drug Discovery Outsourcing market is anticipated to thrive at a healthy CAGR during the forecast period. Asia Pacific region leads the market in terms of CAGR. The Japanese market expands based on increasing chronic diseases in the region and the higher geriatric population.
  • By workflow type, the lead identification & candidate optimization segment held 32.3% in 2022. This is due to the enhanced selectivity and fewer side effects.

Global Drug Discovery Outsourcing Industry Competitive Landscape

The key vendors work on delivering solutions that are easily flexible, affordable, and of high quality. Key competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

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Global Drug Discovery Outsourcing Industry Key Players

  • Albany Molecular Research Inc.
  • EVOTEC
  • Laboratory Corporation of America Holdings
  • GenScript
  • Pharmaceutical Product Development, LLC
  • Charles River
  • WuXi AppTec
  • Merck & Co., Inc.
  • Thermo Fisher Scientific Inc.
  • Dalton Pharma Services
  • Oncodesign
  • Jubilant Biosys
  • DiscoverX Corp.
  • QIAGEN
  • Eurofins SE
  • Syngene International Limited
  • Dr. Reddy Laboratories Ltd.
  • Pharmaron Beijing Co., Ltd.
  • TCG Lifesciences Pvt Ltd.
  • Domainex Ltd.

Recent Global Drug Discovery Outsourcing Industry Developments

  • Syngene International Limited has added the SynVent integrated drug discovery option, a fully integrated therapeutic discovery and development process. It is likely to deliver a more effective and efficient target validation method.
  • Dr. Reddy Laboratories Ltd has signed a pact with EQRx, a biotechnology company, for the discovery, development, and commercialization.

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Global Drug Discovery Outsourcing Industry Segmentation

Workflow Outlook:

  • Target Identification & Screening
  • Target Validation & Functional Informatics
  • Lead Identification & Candidate Optimization
  • Preclinical Development
  • Other Associated Workflow

Therapeutics Area Outlook:

  • Respiratory system
  • Pain and Anesthesia
  • Oncology
  • Ophthalmology
  • Hematology
  • Cardiovascular
  • Endocrine
  • Gastrointestinal
  • Immunomodulation
  • Anti-infective
  • Central Nervous System
  • Dermatology
  • Genitourinary System

Drug Type Outlook:

  • Small Molecules
  • Large Molecules (Biopharmaceuticals)

Service Type Outlook:

  • Chemistry Services
  • Biology Services

End-user Outlook:

  • Pharmaceutical & Biotechnology companies
  • Academic Institutes
  • Others

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.

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Global High Density Racks (>100Kw) Market Set to Surge, Projected CAGR of 3.8% from 2023 to 2033, Predicting a Market Share of US$ 48.35 Billion by 2033

The high-density racks (>100Kw) Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the high-density racks (>100Kw) market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for high-density racks (>100Kw). It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

In a robust forecast of market expansion, the global high-density racks (>100Kw) market is poised for significant growth, showcasing an impressive Compound Annual Growth Rate (CAGR) of 3.8% from 2023 to 2033. This sector is set on a path to secure a substantial market share estimated at US$ 48.35 billion by 2033, with expectations of reaching a noteworthy value of US$ 34.56 billion in 2023.

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The substantial expansion of the high-density racks market can be attributed to an array of driving factors, propelling it towards this remarkable growth trajectory. Several pivotal factors are propelling this market’s ascent:

  1. Surging Data Center Demand: The ever-increasing reliance on data centers across diverse sectors, including cloud computing, telecommunications, and financial services, is driving the demand for high-density racks. These racks are essential to accommodate the exponential data growth experienced globally.
  2. Energy Efficiency Imperative: As sustainability gains paramount importance, businesses are seeking energy-efficient solutions. High-density racks, equipped with cutting-edge cooling and power management technologies, are becoming a crucial choice for enterprises aiming to reduce their carbon footprint.
  3. Technological Advancements: Ongoing innovations in rack designs, materials, and integrated systems are revolutionizing the high-density rack market. The introduction of smart and modular racks, optimized for space and performance, is attracting substantial investments.
  4. Rising Edge Computing: The proliferation of edge computing applications, driven by the Internet of Things (IoT) and 5G technology, is bolstering the need for high-density racks closer to end-users. This trend is igniting substantial growth prospects for the market.

However, as with any dynamic market, challenges also lie ahead, acting as potential restraints:

  1. Cost Barriers: The adoption of high-density racks, though essential, can be capital-intensive. Smaller enterprises may encounter financial constraints when implementing these advanced solutions.
  2. Technical Expertise: Deploying and managing high-density racks require specialized technical expertise. A shortage of skilled personnel in this field may impede market growth to some extent.
  3. Regulatory Compliance: Evolving regulations and standards for data center operations and environmental sustainability may add complexity to market dynamics, impacting the ease of market entry for some players.

Key Takeaways:

  • Increasing Demand for Efficiency: The primary driver for the adoption of high-density racks is the growing need for efficiency in various industries.
  • Compact Equipment Demand: Compact equipment is in high demand, contributing significantly to the surge in high-density rack adoption.
  • Data Center Operations: The global high-density racks market is benefiting from the rising demand for data center operations, driven by the ever-expanding digital landscape.
  • Investment in Data Center Equipment: Increased investment in data center equipment is a key factor propelling the growth of this market.
  • High-Performance Computing (HPC): High-density power racks are finding adoption in high-performance computing (HPC) environments, particularly in industries like Oil and Gas, where extreme computing levels are required for tasks like seismic processing.

Competitive Landscape

The High Density Racks (>100Kw) market boasts a roster of prominent industry players, including:

  • Ridg-U-Rak
  • Emerson Electric Co.
  • Eaton
  • AK Material Handling Systems
  • VALERACK
  • Hewlett Packard Enterprise Development LP
  • HUAWEI Technologies CO LTD.
  • Belden Inc.
  • Redirack Storage Systems
  • Storax Limited

In February 2020, during the esteemed Huawei Industrial Digital Transformation Conference, Huawei made a momentous global announcement that underscored its commitment to pioneering advancements in the field. At the heart of this revelation was the unveiling of Huawei’s groundbreaking UPS power module—a product meticulously engineered to redefine prevailing industry standards.

Distinguished by its exceptional power density of 100 kW/3 U, this cutting-edge module represents a paradigm shift, effectively doubling the established benchmarks. Huawei’s ingenuity extends further with the introduction of the FusionPower 2.0 data center power supply and distribution solution. This innovative solution, built upon the foundation of the 100 kW module, establishes a new industry benchmark with the ‘1MW, 1 Rack’ standard.

This revolutionary rack configuration not only efficiently addresses 1MW power requirements but also significantly reduces footprint, thereby augmenting data center efficiency and unlocking new dimensions of revenue potential. Huawei’s commitment to pushing the boundaries of technological excellence is evident in these advancements, signaling a transformative era in the landscape of data center infrastructure.

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Key Segments Covered

By Type:

  • Drive-in Rack
  • Drive-through Rack

By Cooling:

  • Refrigerant
  • Water
  • Direct Expansion
  • Air Flow

By End Use:

  • Distribution Centers
  • Warehouses
  • Food Processing Plants
  • Big-box Retail Outlets
  • Data Center

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Food Irradiation Market: Poised to Reach US$ 540.9 Million by 2033 – Analysis, Trends, and Future Outlook

The global market for food authenticity testing services is predicted to reach US$ 10112.8 million by 2033, surpassing US$ 5893 million in 2023.

According to the report, access to pure and adulterant-free meals has been jeopardised in recent years. Both health-conscious customers and healthcare practitioners have been incensed by the prevalence of food adulteration, mislabeling, and hidden ingredient data.

Morbidities caused by the usage of substandard and contaminated products affect 57% of the world’s population on average. Furthermore, each year, roughly a fifth of the world’s food supply is polluted. Recognising this, governments have taken aggressive steps to mitigate the detrimental effects of food adulteration.

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Increasing consciousness among consumers has elevated the need for introducing clean-label, organic-based and naturally derived foods. Based on these developments, the global Food Authenticity Testing Services market is all set to experience an impressive upsurge in the coming years.

Key Takeaways from FMI’s Food Authenticity Testing Services Market Report

  • Global Food Authenticity Testing Services market is likely to expand at a noteworthy CAGR in the forthcoming decade
  • Asia-Pacific to emerge as the fastest expanding region for Food Authenticity Testing Services  attributed to a large population base
  • High incidence of meat consumption to provide traction to meat speciation authenticity tests
  • Economically Motivated Adulterations (EMA) compelling governments to impose tough legislations to keep food adulteration in check
  • PCR-based tests are expected to retain their popularity due to quick delivery of test results
  • Processed foods testing is expected to acquire surging popularity due to high demand

COVID-19 Impact Insights

The COVID-19 pandemic presents an exceptional and unprecedented challenge for competent authorities with responsibilities for national food safety control systems. As consumers resort to consuming health and immunity boosting foods, demand for clean-label products is rising exponentially.

While nationwide lockdowns and social distancing measures have limited laboratory testing capacities, it has not fully ceased as chances of food adulteration are maximum during this time period. Unscrupulous traders are prowling the market with the objective of flooding it with adulterated food products.

Thus, leading players have revised growth forecasts to demonstrate that the market is expected to remain afloat albeit at lower projections and reduced revenue margins. Growth is expected to be restored to normal levels in the post-pandemic scenario, once lockdowns are eased following a decline in infection rates.

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Leading Food Authenticity Testing Services Market Players

Some leading players in the global Food Authenticity Testing Services market include ALS Ltd., EMSL Analytical Inc, Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA and Romer Labs to name a few.

The aforementioned players employ a combination of tactics such as product launches, technological advancements, strategic acquisitions and expansion of research facilities in untapped markets.

ALS Ltd., for instance, offers a wide range of testing and analysis with respect to ascertaining food quality. Its Food Authenticity Testing Services tests incorporate meat speciation through the ELISA/PCR testing techniques, halal verification and genetically modified foods. It also offers testing for detecting contaminants and allergens.

In May 2016, Intertek established its AgriTech laboratory in Hyderabad, India to perform DNA-based testing of various agricultural products. Simultaneously, the company unveiled its advanced ScanBi DNA technology.

Key Segments

Food Tested

  • Meat & Meat Products
  • Dairy & Dairy Products
  • Processed Foods
  • Other Food Tested

Target Testing

  • Meat Speciation
  • Country of Origin & Ageing
  • Adulteration
  • False Labelling

Technology

  • PCR-Based
  • Liquid Chromatography-Mass Spectrometry (LC-MS)
  • Isotope
  • Immunoassay Based/ELISA
  • Other Technologies

Region

  • North America (U.S & Canada)
  • Latin America (Brazil, Mexico & Rest of Latin America)
  • Europe (Germany, Italy, France, U.K, Spain, BENELUX & Rest of Europe)
  • South Asia (India, ASEAN & Rest of South Asia)
  • East Asia (China, Japan & South Korea)
  • Middle East & Africa (GCC, South Africa, Israel & Rest of MEA)
  • Oceania (Australia & New Zealand)

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Key Questions Answered in the Report

  • What are the growth prospects of Food Authenticity Testing Services market?

The global Food Authenticity Testing Services market is slated to record largely positive growth, experiencing a healthy CAGR throughout 2020-2030. Growth is primarily being underpinned by surging demand for clean-label and adulterant free foods across lucrative markets.

  • Which is the largest market for Food Authenticity Testing Services players?

Asia-Pacific is slated to emerge as the most lucrative revenue generator, attributed to a large population base. Majority of food testing demand is likely to be stimulated from China and India, the world’s most densely populated countries. This is because the prevalence of food adulteration is maximum across these countries.

  • Who are the leading Food Authenticity Testing Services market players?

Presently, the global Food Authenticity Testing Services market is interspersed with the presence of the following market players: EMSL Analytical Inc, Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA and Romer Labs. The aforementioned players employ a combination of tactics such as product launches, technological advancements, strategic acquisitions and expansion of research facilities in untapped markets.

Author

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Global Duct Fans Market Set for Remarkable Growth: Projected to Reach US$ 162,788.1 Million by 2033, with 6.0% CAGR

The Duct Fans Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Duct Fans market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Duct Fans. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Duct Fans market is poised for an extraordinary ascent in the coming decade. Projections indicate that the market will soar from its current valuation of US$ 96,354.0 million in 2023 to an impressive US$ 162,788.1 million by the year 2033. This robust growth is expected to be underpinned by a substantial Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period.

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Several key driving factors are propelling the global duct fans market to unprecedented heights. The market’s expansion is being fueled by a confluence of factors that underscore its immense potential:

  1. Rising Industrialization and Infrastructure Development: The global surge in industrialization and infrastructure development projects, especially in emerging economies, demands efficient ventilation and HVAC systems. Duct fans play a pivotal role in ensuring optimal air circulation, making them indispensable in these endeavors.
  2. Energy-Efficiency Mandates: The ever-increasing emphasis on energy efficiency and sustainability has propelled the demand for energy-efficient HVAC solutions. Duct fans, with their advanced technologies and eco-friendly designs, are positioned to cater to this demand effectively.
  3. Technological Advancements: Continuous innovations in duct fan technologies, such as the integration of smart and IoT features, have enhanced their performance and ease of use. These innovations are driving adoption across various sectors.
  4. Stringent Regulations: Stringent regulations and standards related to indoor air quality and ventilation are compelling industries to invest in state-of-the-art duct fan systems to maintain compliance.

Despite these compelling growth drivers, it is essential to acknowledge the presence of certain constraints that may hinder market growth:

  1. Supply Chain Disruptions: The global supply chain has faced disruptions due to unforeseen events, such as the COVID-19 pandemic. These disruptions can impact the availability of raw materials and components for duct fan manufacturing.
  2. Environmental Concerns: Increasing environmental concerns have led to stricter regulations related to emissions and energy efficiency. Complying with these regulations may pose challenges for some market players.
  3. Competition: The global duct fans market is highly competitive, with numerous players vying for market share. Intense competition can exert pressure on pricing and profitability.

Key Takeaways:

  • BRICS economies show substantial growth in construction and building industries, driving increased demand for duct fans.
  • The rise in smart home projects is a significant contributing factor to the growth of the duct fans market trends.
  • Developed regions are witnessing improvements and renovations in their construction sectors, necessitating the removal of harmful gases, bad odors, and impurities.
  • Saudi Arabia, with approximately 5,000 ongoing construction projects valued at around US$ 800 billion, is expected to contribute significantly to the increased demand for duct fans in the market.

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Competitive Landscape:

  • Systemair AB,
  • Acme Engineering & Manufacturing Corp.
  • Air System Components Inc.
  • Airmaster Fan Company Inc.
  • Continental Blower LLC
  • CECO Environmental
  • Crompton Greaves Limited
  • DongKun Industrial Co. Ltd.

Recent Noteworthy Events:

Midea Group’s Innovative Showcase at CRH-2021 (April 2021): In April 2021, the Midea Group unveiled a series of cutting-edge high-efficiency precision cabinet-type industrial precision fan coil units during the China Refrigeration & Heating 21 (CRH-2021) event. This move exemplified their commitment to advancing HVAC technology.

Komfovent Introduces the VERSO CF 5000 V Air Handling Unit (February 2021): In February 2021, Komfovent introduced the VERSO CF 5000 V air handling unit as part of their VERSO standard series. This compact unit, featuring a vertical duct connection, not only optimizes space but also demonstrates Komfovent’s dedication to space-efficient and innovative HVAC solutions.

ResMed’s Groundbreaking Launch of AirSense 11 (August 2021): In August 2021, ResMed introduced AirSense 11, a state-of-the-art positive airway pressure (PAP) device. Designed to enhance the treatment and management of obstructive sleep apnea, this next-generation device reflects ResMed’s commitment to improving the quality of life for individuals dealing with sleep apnea.

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Key Segments Covered in the Market Report

By Product Type:

  • Centrifugal Fans
  • Axial Fans
  • Cross-flow Fans

By Shape:

  • Circular
  • Rectangular
  • Square

By End User:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
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T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
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Dumbwaiter Lifts Market Projected to Soar with a 4.5% CAGR, Aiming for US$ 25.4 Billion Valuation by 2033

The dumbwaiter lifts Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the dumbwaiter lifts market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for dumbwaiter lifts. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The global dumbwaiter lifts market is poised for impressive growth, projected to achieve a robust Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. Anticipated to reach a valuation of US$ 17,101.10 million by the year 2023, the market’s trajectory is set to ascend even further, potentially reaching an astounding US$ 25,413.90 million by 2033.

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Driving Factors Accelerating the Global Dumbwaiter Lifts Market:

  1. Rapid Urbanization and Commercial Development: The relentless pace of urbanization, coupled with burgeoning commercial enterprises, is a primary driver fueling the demand for dumbwaiter lifts. As businesses expand, the need for efficient and space-saving vertical transportation solutions becomes paramount.
  2. Stringent Regulations and Accessibility Standards: Governments across the globe are increasingly enforcing stringent regulations and accessibility standards. These mandates are compelling businesses and building owners to install dumbwaiter lifts, especially in structures where accessibility for all is paramount.
  3. Growing Hospitality Industry: The hospitality industry, including hotels and restaurants, is recognizing the value of dumbwaiter lifts in streamlining food and beverage service. Enhancing operational efficiency and customer satisfaction, these lifts are fast becoming a standard in the industry.
  4. E-commerce and Warehousing Boom: The exponential growth of e-commerce has led to an increased need for efficient warehousing solutions. Dumbwaiter lifts play a pivotal role in optimizing vertical space utilization within warehouses, contributing significantly to logistics efficiency.
  5. Technological Advancements: Innovations in dumbwaiter lift technology, such as IoT integration, remote monitoring, and energy-efficient designs, are attracting businesses seeking state-of-the-art solutions for seamless vertical transportation.

Challenges Restraining Market Growth:

  1. High Initial Investment: Despite the long-term benefits, the initial capital outlay for dumbwaiter lifts can be substantial. This can deter small and medium-sized businesses from adopting these systems.
  2. Maintenance Costs: While modern dumbwaiter lifts are designed for durability, ongoing maintenance and servicing can impose additional costs on businesses. Cost-effective maintenance solutions are imperative for market sustainability.
  3. Regulatory Compliance: Adhering to evolving safety and accessibility standards can pose challenges for manufacturers and businesses, necessitating constant adaptation and investment in compliance measures.

Key Takeaways:

 

  • Rising adoption of dumbwaiter lifts in hotels to enhance food service quality and efficiency.
  • Modern residential complexes and hospitals are utilizing dumbwaiter lifts for laundry purposes, driving demand.
  • Increased demand in the hotel and healthcare sectors is poised to fuel market growth.
  • Key market trends include a focus on maintaining service quality and comfort in hotels.
  • Dumbwaiter lift manufacturers are innovating to provide tailored solutions for various properties.

Competitive Landscape:

Dumbwaiter lift manufacturers employ a diverse array of marketing strategies, encompassing initiatives such as new product introductions, geographic expansion endeavors, mergers and acquisitions, partnerships, and collaborative ventures. These strategies are meticulously crafted to discern and cater to the evolving interests of potential buyers, ultimately facilitating the expansion of their customer base.

Established on September 12, 2013, Kdp Elevators Private Limited has recently exhibited a focused commitment towards the installation and maintenance of dumbwaiter lifts within the environs of Delhi and its adjacent suburbs.

Key Players:

  • Otis Elevator Company
  • Mitsubishi Electric Corporation
  • Schindler
  • Kone Corporation
  • ThyssenKrupp AG
  • Stannah
  • LUTZ Elevators
  • Elevation Innovation Inc.

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Key Segments

By Type of Operation:

  • Manually operated
  • Mechanical
  • Power Operated
  • Hydraulic
  • Electric

By Car Door Design:

  • Roll Top
  • Bi-parting
  • Collapsible Gate

By Number of Halts:

  • Limited Halts (Up to 7)
  • Unlimited Halts

By Load Carrying Capacities:

  • Small (Up to 100 lb)
  • Medium (Up to 200 lb)
  • High (Over 200 lb)

By Installation Type:

  • Floor Type
  • Window Type

By End User:

  • Hotels
  • Hospitals
  • High Rising Residences
  • Malls
  • Cruises and Ships
  • Offices
  • Schools

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
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T: +1-845-579-5705
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Website: https://www.futuremarketinsights.com
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Food Authenticity Testing Services Market: Projected to Surpass US$ 10,112.8 Million by 2033

The global market for food authenticity testing services is predicted to reach US$ 10112.8 million by 2033, surpassing US$ 5893 million in 2023.

According to the report, access to pure and adulterant-free meals has been jeopardised in recent years. Both health-conscious customers and healthcare practitioners have been incensed by the prevalence of food adulteration, mislabeling, and hidden ingredient data.

Morbidities caused by the usage of substandard and contaminated products affect 57% of the world’s population on average. Furthermore, each year, roughly a fifth of the world’s food supply is polluted. Recognising this, governments have taken aggressive steps to mitigate the detrimental effects of food adulteration.

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Increasing consciousness among consumers has elevated the need for introducing clean-label, organic-based and naturally derived foods. Based on these developments, the global Food Authenticity Testing Services market is all set to experience an impressive upsurge in the coming years.

Key Takeaways from FMI’s Food Authenticity Testing Services Market Report

  • Global Food Authenticity Testing Services market is likely to expand at a noteworthy CAGR in the forthcoming decade
  • Asia-Pacific to emerge as the fastest expanding region for Food Authenticity Testing Services  attributed to a large population base
  • High incidence of meat consumption to provide traction to meat speciation authenticity tests
  • Economically Motivated Adulterations (EMA) compelling governments to impose tough legislations to keep food adulteration in check
  • PCR-based tests are expected to retain their popularity due to quick delivery of test results
  • Processed foods testing is expected to acquire surging popularity due to high demand

COVID-19 Impact Insights

The COVID-19 pandemic presents an exceptional and unprecedented challenge for competent authorities with responsibilities for national food safety control systems. As consumers resort to consuming health and immunity boosting foods, demand for clean-label products is rising exponentially.

While nationwide lockdowns and social distancing measures have limited laboratory testing capacities, it has not fully ceased as chances of food adulteration are maximum during this time period. Unscrupulous traders are prowling the market with the objective of flooding it with adulterated food products.

Thus, leading players have revised growth forecasts to demonstrate that the market is expected to remain afloat albeit at lower projections and reduced revenue margins. Growth is expected to be restored to normal levels in the post-pandemic scenario, once lockdowns are eased following a decline in infection rates.

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Leading Food Authenticity Testing Services Market Players

Some leading players in the global Food Authenticity Testing Services market include ALS Ltd., EMSL Analytical Inc, Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA and Romer Labs to name a few.

The aforementioned players employ a combination of tactics such as product launches, technological advancements, strategic acquisitions and expansion of research facilities in untapped markets.

ALS Ltd., for instance, offers a wide range of testing and analysis with respect to ascertaining food quality. Its Food Authenticity Testing Services tests incorporate meat speciation through the ELISA/PCR testing techniques, halal verification and genetically modified foods. It also offers testing for detecting contaminants and allergens.

In May 2016, Intertek established its AgriTech laboratory in Hyderabad, India to perform DNA-based testing of various agricultural products. Simultaneously, the company unveiled its advanced ScanBi DNA technology.

Key Segments

Food Tested

  • Meat & Meat Products
  • Dairy & Dairy Products
  • Processed Foods
  • Other Food Tested

Target Testing

  • Meat Speciation
  • Country of Origin & Ageing
  • Adulteration
  • False Labelling

Technology

  • PCR-Based
  • Liquid Chromatography-Mass Spectrometry (LC-MS)
  • Isotope
  • Immunoassay Based/ELISA
  • Other Technologies

Region

  • North America (U.S & Canada)
  • Latin America (Brazil, Mexico & Rest of Latin America)
  • Europe (Germany, Italy, France, U.K, Spain, BENELUX & Rest of Europe)
  • South Asia (India, ASEAN & Rest of South Asia)
  • East Asia (China, Japan & South Korea)
  • Middle East & Africa (GCC, South Africa, Israel & Rest of MEA)
  • Oceania (Australia & New Zealand)

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Key Questions Answered in the Report

  • What are the growth prospects of Food Authenticity Testing Services market?

The global Food Authenticity Testing Services market is slated to record largely positive growth, experiencing a healthy CAGR throughout 2020-2030. Growth is primarily being underpinned by surging demand for clean-label and adulterant free foods across lucrative markets.

  • Which is the largest market for Food Authenticity Testing Services players?

Asia-Pacific is slated to emerge as the most lucrative revenue generator, attributed to a large population base. Majority of food testing demand is likely to be stimulated from China and India, the world’s most densely populated countries. This is because the prevalence of food adulteration is maximum across these countries.

  • Who are the leading Food Authenticity Testing Services market players?

Presently, the global Food Authenticity Testing Services market is interspersed with the presence of the following market players: EMSL Analytical Inc, Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA and Romer Labs. The aforementioned players employ a combination of tactics such as product launches, technological advancements, strategic acquisitions and expansion of research facilities in untapped markets.

Author

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Global Commercial Kitchen Ventilation System Market Projected to Reach US$ 17.43 Billion by 2033, Registering a 4.5% CAGR

The commercial kitchen ventilation system Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the commercial kitchen ventilation system market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for commercial kitchen ventilation system. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The global commercial kitchen ventilation system market is anticipated to experience significant expansion, with forecasts indicating a valuation of US$ 17.43 billion by 2033, in contrast to the US$ 11.73 billion recorded in 2023. This notable upward trajectory can be attributed to a Compound Annual Growth Rate (CAGR) of 4.5% throughout the projected period.

The exponential expansion of the global commercial kitchen ventilation system market is underpinned by a host of compelling driving factors:

  1. Stringent Regulatory Norms: Governments across the world have implemented stringent regulations to ensure food safety and maintain air quality in commercial kitchens. Compliance with these regulations necessitates the installation and maintenance of advanced ventilation systems, driving market growth.
  2. Rising Demand for Energy-Efficient Solutions: In an era of heightened environmental consciousness, commercial kitchens are increasingly adopting energy-efficient ventilation systems to reduce carbon footprint and operational costs.
  3. Booming Foodservice Industry: The thriving foodservice industry, characterized by the proliferation of restaurants, cafes, and food delivery services, is bolstering the demand for efficient kitchen ventilation solutions.
  4. Technological Advancements: Innovations in ventilation system technology, including smart and automated systems, are enhancing the efficiency and effectiveness of kitchen ventilation, further fueling market growth.
  5. Health and Safety Concerns: Heightened awareness regarding indoor air quality and its impact on the health and well-being of kitchen staff is driving the adoption of advanced ventilation systems in commercial kitchens.

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Despite the promising growth prospects, the market is not without its challenges. The following factors serve as key restraints:

  1. High Initial Investment: The installation of advanced commercial kitchen ventilation systems often requires a substantial upfront investment, which may deter smaller establishments.
  2. Maintenance Costs: Ongoing maintenance and servicing costs can be significant, especially for complex ventilation systems, posing a financial burden to businesses.
  3. Space Constraints: Commercial kitchens in urban areas frequently face space limitations, making the installation of ventilation systems a logistical challenge.
  4. Competitive Landscape: The market is highly competitive, with numerous players vying for market share. This intensifies price competition and may impact profit margins.

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Key Takeaways:

  • Stringent Regulations Drive Growth: Implementation of strict regulations concerning Volatile Organic Compound (VOC) emissions is a significant catalyst for expanding the commercial kitchen ventilation system market during the forecast period.
  • Global Awareness on Environmental Impact: Increasing global awareness about the greenhouse effect and escalating pollution levels worldwide is expected to contribute to the market’s growth as businesses seek environmentally responsible solutions.
  • Ongoing Trend: Demand Controlled Ventilation (DCV): The adoption of Demand Controlled Ventilation (DCV) systems is a noteworthy trend positively impacting the commercial kitchen ventilation system market’s growth.
  • Continuous Innovation: Manufacturers are actively innovating to create ventilation systems tailored to specific kitchen requirements, emphasizing efficiency, control, and aesthetics. This drive for innovation is creating diverse opportunities within the commercial kitchen ventilation system market.

Competitive Landscape:

The gradual emergence of start-ups in this industry is poised to significantly influence the trajectory of commercial kitchen ventilation system market trends in the coming years.

As an illustrative example, Halton stands as a prime exemplar in addressing the evolving landscape of Ghost Kitchens and their ventilation requirements. Beyond its commitment to energy efficiency, environmental stewardship, and fire safety, Halton’s innovative Adaptive Hood System adeptly resolves the critical challenges associated with Ghost Kitchen ventilation.

Halton is well-prepared to engage with dedicated design teams, contractors, and tenants, offering comprehensive assessments of the system’s capabilities right from the initial design concept phase.

Key Players:

  • Munters AB
  • Nortek Incorporated
  • Flakt Woods Group
  • Solar & Palau Group
  • Centrotee Sustainable AG
  • Britannia Kitchen Ventilation ltd

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Key Segments Profiled in the Commercial Kitchen Ventilation System Market Survey

By Contact with Application Type:

  • Restaurants
  • Hospitals
  • Corporate Offices
  • Hotels
  • Five Star Hotels
  • Others

By Fan Type:

  • High Volume Low Speed Fans
  • Axial Fans
  • Centrifugal Fan Sets
  • Bifurcated Fan Sets
  • Belt Driven Axial Fans
  • In-Line Centrifugal
  • Mixed Flow Impellers
  • Roof Extract Fans

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • The Middle East and Africa
  • Europe

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Global Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Industry Aims for US$ 1598 Million by 2033, Propelled by a Resilient 9.6% CAGR | FMI

The Global Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Industry, valued at US$ 638.96 Million in 2023, is set to experience unprecedented growth, reaching a staggering US$ 1598 Million by the year 2033. This impressive trajectory is driven by a robust Compound Annual Growth Rate (CAGR) of 9.6% between 2023 and 2033, according to the latest insights from Future Market Insights.

Warm autoimmune hemolytic anemia poses a significant medical challenge, with the immune system attacking and destroying red blood cells, leading to anemia. The evolving landscape of WAIHA treatment is marked by groundbreaking medical interventions aimed at managing both the symptoms and underlying causes of this condition.

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In certain cases, there could be blood transfusions used for replacing blood cells that have been destroyed. In case of severity, a splenectomy (removing the spleen surgically) could be essential for reducing red blood cells’ destruction.

The pharmaceuticals vertical is into adoption of novel treatments for the autoimmune diseases inclusive of WAIHA. On these grounds, the US FDA, in 2019, did approve Zilucoplan (brand name: Viltepso) to treat autoimmune hemolytic anemia.

At the same time, the fact that WAIHA treatments are costly can’t be ignored; especially for the ones who need prolonged therapy. This could make it tad difficult for certain patients to continue. Furthermore, the downtime needed on the whole is also more as diagnosis for WAIHA is made by combining laboratory tests, clinical evaluation, and imaging studies; which could be resulting in delays in treatment. These factors are likely to restrain the Warm Autoimmune Hemolytic Anemia (WAIHA) treatment market shortly.

Future Market Insights has walked through these facts with future prospects in its latest market study entitled ‘Warm Autoimmune Hemolytic Anemia (WAIHA) treatment market. It has its team of analysts and consultants to see through a 360-degree approach in its primary, secondary, and tertiary modes of research.

“Call for reduction in destruction of red blood cells is expected to take the Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Market by storm in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from Global Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Industry:

  • North America holds the largest market share due to the US being subject to advanced healthcare infrastructure along with an influx of skilled workforce.
  • Europe holds the second-largest market share with growing advancements in healthcare vertical with novel diagnostic tools as well as treatment options.
  • The Asia-Pacific is expected to grow at the quickest rate in the warm autoimmune hemolytic anemia (WAIHA) treatment market with growing awareness regarding diagnosis of WAIHA.

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Global Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Industry Competitive Treatment:

  • Johnson & Johnson is involved in developing a drug known as Uplizna (inebilizumab). It’s one of the humanized monoclonal antibodies targeting CD19 protein on the B cells. It is involved in activating the B cells, and dissecting CD19. The basic purpose is that of reducing production of the autoantibodies in ailments like WAIHA.
  • Rigel Pharmaceuticals is into developing a drug known as Fostamatinib (better known as Tavalisse) to treat Warm Autoimmune Hemolytic Anemia (WAIHA). It’s an oral drug inhibiting SYK (spleen tyrosine kinase), an enzyme involved into a thing called ‘immune cell signaling’. Fostamatinib thus reduces destruction of the red blood cells; thereby exercising control over anemia.

What does the Report state?

  • The research study is based on drug class (Fostamatinib, Sutimlimab, Parsaclisib, Rilzabrutinib, and Isatuximab), and by distribution channel (hospital pharmacies, online pharmacies, and retail pharmacies).
  • Pharmaceuticals vertical is expected to be the cornerstone of warm autoimmune haemolytic anemia (WAIHA) treatment market shortly.

Global Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Industry Key Companies Profiled:

  • Rigel Pharmaceuticals
  • Apellis Pharmaceuticals, Inc.
  • Johnson & Johnson
  • Sanofi
  • Incyte Corporation
  • Teva Pharmaceutical Industries Ltd
  • Momenta Pharmaceuticals
  • Alexion Pharmaceuticals, Inc.
  • Immunovant
  • F. Hoffmann-La Roche Ltd

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Key Segments Profiled in the Global Warm Autoimmune Hemolytic Anemia (WAIHA) Treatment Industry Survey

Drug Class:

  • Fostamatinib
  • Sutimlimab
  • Parsaclisib
  • Rilzabrutinib
  • Isatuximab

Distribution Channel:

  • Hospital Pharmacies
  • Online Pharmacies
  • Retail Pharmacies

Region:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.

Contact Us:          

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Fire Rated Cables Market Poised for Robust Growth: 3.7% CAGR and US$ 2,592.2 million Projection by 2033

Future Market Insights (FMI), a premier provider of market intelligence and consulting services certified by ESCOMAR, unveils a comprehensive analysis of the global fire rated cables market. This thriving market, valued at US$ 1,802.6 million in 2023, is poised to reshape fire safety strategies across industries. Fueled by a range of applications and expanding industrial importance, fire rated cables are projected to witness substantial growth with a robust Compound Annual Growth Rate (CAGR) of 3.7% between 2023 and 2033. By 2033, the market is anticipated to reach a substantial valuation of US$ 2,592.2 million.

Overcoming Fire Hazards: Attributes of Fire Rated Cables

In the context of fire-related incidents, prioritizing the mitigation of heat, toxic fumes, and smoke is of utmost importance for ensuring the safety of evacuations. Fire rated cables, notable for their capacity to withstand fire, low emission of toxic gases, and minimal smoke production, are pivotal in preserving the integrity of electrical circuits during fire emergencies. Their inherent flame-retardant characteristics, simplified installation processes, cost-efficiency, and absence of halogen gases further contribute to their attractiveness and practical utility in various settings.

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Market Growth Drivers and Restraints

The market’s trajectory is influenced by a multitude of interconnected factors. Notably, the rapid expansion of the global construction sector, with a focus on commercial and office building segments, has fueled the demand for sustainable building materials, including fire-rated electric systems. This demand is further amplified by the mandatory adherence to green building codes in modern commercial spaces.

Furthermore, a heightened emphasis on workplace safety in prominent regions such as Europe, North America, and the Asia Pacific has catalyzed the need for secure electric supply channels within factory facilities, thereby propelling the adoption of fire-rated cables. Despite these positive trends, the industry faces certain challenges, such as high initial costs and intricate installation procedures, which might temporarily impede the market’s progress.

Regional Insights: Leading the Fire Safety Revolution

The North American region is anticipated to lead the global fire rated cables market, primarily attributed to the implementation of rigorous government safety regulations and mandates. Notably, the region secured a significant 22% share of the global market, primarily fueled by the growing demand for improved fire-resistant architectural constructions. With ample access to raw materials, well-established commercial networks, and prominent industry players, North America is poised to offer a conducive environment for the substantial growth of the market.

Innovative Strategies Shaping the Market Landscape

Market players are capitalizing on diverse strategies to engage potential buyers and expand their customer base. Bhuwal Insulation Cable Private Limited (BICPL), founded in 2005, offers an array of Ceramic Yarn Insulated High-Temperature Cables. Axmon, established in 2016 by Michael T. Suffredini and Kam Ghaffarian, achieved its first spaceflight in 2022 and recently introduced a fire-rated Axmon extension cord with two outlets and two USB ports.

Top 10 Key Players:

  • Prysmian Group
  • Nexans S.A
  • Elsewedy Electric
  • TPC Wire & Cable Corp.
  • Relemac Technologies Pvt. Ltd.
  • RR Kabel
  • RSCC Wire and Cable
  • FirstFlex
  • Cleveland Cable Company
  • Universal Cable (M) Berhad

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Key Segments of Fire Rated Cables Industry Survey

Fire Rated Cables Market by Construction:

  • Single Core Fire Rated Cables
  • Multicore Fire Rated Cables

Fire Rated Cables Market by Type:

  • Unarmored Fire Rated Cables
  • Armored Fire Rated Cables
  • Braided Fire Rated Cables
  • Other Fire Rated Cable Types

Fire Rated Cables Market by Application:

  • Fire Rated Cables for Residential Applications
  • Fire Rated Cables for Commercial Applications
  • Fire Rated Cables for Industrial Applications

Fire Rated Cables Market by Region:

  • North America Fire Rated Cables Market
  • Latin America Fire Rated Cables Market
  • Europe Fire Rated Cables Market
  • East Asia Fire Rated Cables Market
  • South Asia & Oceania Fire Rated Cables Market
  • Middle East & Africa Fire Rated Cables Market

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Author By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Factory Automation and Industrial Controls Market Forecast: Rising at a 5.2% CAGR between 2022 and 2032, Reaching US$ 216.65 Billion

The Factory Automation and Industrial Controls Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Factory Automation and Industrial Controls market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Factory Automation and Industrial Controls. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2032. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Factory Automation and Industrial Controls market has demonstrated remarkable resilience and global growth, experiencing a significant surge in valuation to reach an impressive US$ 130.84 billion in 2022, according to recent data. Projections indicate that this dynamic sector is poised for substantial expansion, with an anticipated market value of US$ 216.65 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 5.2%.

In light of these compelling statistics, it is imperative to delve into the driving forces that continue to propel the Factory Automation and Industrial Controls market. Additionally, a thorough assessment of potential factors that may impose constraints on this remarkable growth trajectory is warranted.

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Driving Factors

  1. Technological Advancements: The Factory Automation and Industrial Controls sector thrive on innovation, constantly integrating cutting-edge technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning. These advancements have not only enhanced efficiency but have also paved the way for predictive maintenance, reducing downtime and increasing overall productivity.
  2. Rising Demand for Efficiency: Industries worldwide are under relentless pressure to optimize their operations and maximize resource utilization. Factory automation and industrial controls provide the means to achieve these objectives, leading to increased demand across diverse sectors, including manufacturing, automotive, and aerospace.
  3. Cost Reduction Initiatives: In an era where cost-efficiency reigns supreme, factory automation and industrial controls offer substantial savings by minimizing human error, reducing labor costs, and optimizing energy usage.
  4. Global Supply Chain Challenges: The recent disruptions in global supply chains have underscored the need for robust and adaptable manufacturing systems. Factory automation solutions have stepped in to mitigate supply chain disruptions by providing agility and resilience.

Restraints

  1. Initial Capital Investment: While the long-term benefits of factory automation and industrial controls are undeniable, the initial capital required for implementation can be a significant deterrent for some businesses.
  2. Skilled Workforce Shortages: The transition to automated processes necessitates a skilled workforce capable of managing and maintaining these systems. A shortage of such talent can pose a challenge for companies looking to adopt these technologies.
  3. Cybersecurity Concerns: As automation systems become more interconnected, the risk of cyberattacks becomes increasingly relevant. Ensuring robust cybersecurity measures is crucial to safeguard against potential threats.

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Key Takeaways:

  • The North American factory automation and industrial controls industry is expected to experience growth at a Compound Annual Growth Rate (CAGR) during the projected period.
  • The ongoing COVID-19 pandemic has accelerated the adoption of technology and digitalization by enterprises, aiming to mitigate the financial impact of pandemics and potential economic challenges.
  • Factories are implementing measures to minimize social contact and protect employees from illnesses, leading to a rising demand for automated devices and systems.
  • North American companies across various sectors are investing in automation to enhance their operational efficiency and prepare for increased automation in their processes.

Competitive Landscape:

In the ever-evolving landscape of the Factory Automation and Industrial Controls market, multiple influential industry leaders are collaborating to deliver cutting-edge solutions, propelling the global analytics sphere to unprecedented heights. Concurrently, a burgeoning wave of innovative startups is surfacing within the Factory Automation and Industrial Controls domain, positioned to meet the evolving demands of this sector.

One such noteworthy newcomer is AInnovation, established in 2018. AInnovation sets itself apart through its AI-driven software tailored for diverse sectors, including retail, manufacturing, and insurance. In the realm of insurance, the company excels in intelligently analyzing various forms of customer negligence data, providing sophisticated and adaptive pricing solutions. Additionally, AInnovation offers a robust image recognition and text analysis platform specifically crafted to aid insurance companies in streamlining their insurance claims and underwriting processes.

Key Players:

  • Honeywell International Inc.
  • ABB Ltd
  • Siemens AG
  • Aspen Technology Inc.
  • Emerson Electric Company
  • Rockwell Automation Inc.
  • Schneider Electric
  • General Electric Co.
  • Mitsubishi Electric Corporation

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Key Segments Covered in the Factory Automation and Industrial Controls Industry Analysis

Factory Automation and Industrial Controls Market by Product:

  • Field Devices
  • Industrial Control Systems
  • Manufacturing Execution Systems
  • Enterprise Resource Planning
  • Product Lifecycle Management

Factory Automation and Industrial Controls Market by End Use:

  • Automotive
  • Oil & Gas
  • Plastic
  • Power
  • Chemical & Petrochemical
  • Mining & Metals
  • Others

Factory Automation and Industrial Controls Market by Region:

  • North America Factory Automation and Industrial Controls Market
  • Latin America Factory Automation and Industrial Controls Market
  • Europe Factory Automation and Industrial Controls Market
  • Asia Pacific Factory Automation and Industrial Controls Market
  • Middle East & Africa Factory Automation and Industrial Controls Market

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:        

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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