Sustainable Growth in the Undercounter Ice Maker Market with a 3.9% CAGR Targeting US$ 1,135.4 Million by 2033

The undercounter ice maker market is witnessing significant expansion as our global community becomes increasingly environmentally conscious. This growth is not a fleeting trend but rather a sustainable journey toward a more eco-friendly future. Projections indicate that the market is following an impressive trajectory, with an expected Compound Annual Growth Rate (CAGR) of 3.9% from 2023 to 2033. By 2033, it is forecasted to achieve a substantial valuation of approximately US$ 1,135.4 million.

At the heart of this growth is the growing awareness of environmental issues. Businesses across various industries, with a particular emphasis on the food service sector, are acknowledging the paramount importance of making environmentally responsible choices in their everyday operations. Undercounter ice makers are emerging as pivotal components in this environmentally conscious movement.

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Driving Forces and Emerging Trends in the Undercounter Ice Makers Market:

One of the key drivers of the market growth is the increasing demand from commercial establishments. Undercounter ice makers are commonly used in restaurants, bars, and other commercial establishments that require a steady supply of ice. With the growth of the hospitality industry and the increasing number of food service establishments, the demand for undercounter ice makers is expected to grow significantly in the coming years.

The growing popularity of home bars and entertainment areas is accelerating the demand for Undercounter Ice Makers. Many homeowners are investing in home bars and entertainment areas, which often include an undercounter ice maker as a key component. With the increasing popularity of home entertainment, the demand for undercounter ice makers is expected to grow in the coming years.

Another factor such as technological advancements is also expected to boost the market prospects. Undercounter ice makers are becoming increasingly advanced, with features such as touchless dispensing, built-in water filtration systems, and Wi-Fi connectivity. As these machines become more advanced and convenient to use, the demand for them is likely to increase.

The increasing emphasis on hygiene and safety is a major factor that is likely to create lucrative opportunities for market growth. With the ongoing COVID-19 pandemic, there is an increased emphasis on hygiene and safety in commercial and residential settings. Undercounter ice makers that feature built-in antimicrobial protection or touchless dispensing are likely to become more popular as consumers seek out products that help them maintain a safe and clean environment.

The increasing availability of financing options is anticipated to propel the growth of the market. Undercounter ice makers can be a significant investment for commercial and residential users. The increasing availability of financing options, such as leasing or instalment plans, makes it easier for consumers to purchase these machines and is likely to drive demand in the coming years.

Key Takeaways from the Market Study:

  • Global Undercounter Ice Makers Market was valued at US$ 745.4 million by 2022-end.
  • From 2018 to 2022, the market demand expanded at a CAGR of 2.2%.
  • North America is expected to hold the highest CAGR of 3.8% during the forecast period.
  • By equipment type, the self-contained unit segment is expected to constitute a CAGR of 3.8% in 2033.
  • On the basis of distribution channels, the offline store’s segment is expected to dominate the market with a CAGR of 3.7% in 2033.

Key Companies Profiled:

Prominent players in the undercounter ice makers market are Avallon, EdgeStar, Hestan, Ice-O-Matic, IMI Cornelius, KD Industries, Hoshizaki, Manitowoc, Scotsman, Snowsman, Summit, and Avanto Ice machines, among others.

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Key Segments Covered:

By Equipment Type:

  • Ice Making Head
  • Remote Condensing Unit
  • Self-Contained Unit

By Ice Maker Type:

  • Continuous
    • Nuggets
    • Flakes
  • Batch

By Cooling Media:

  • Air Cooled
  • Water Cooled

By Distribution Channel:

  • Offline Stores
    • Hypermarkets/Supermarkets
    • Independent Store
    • Multi-brand Store
    • Specialty Stores
  • Online Retail Stores

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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Author:

Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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 Weft Feeder Market Projected to Attain US$ 1,173.4 Million by 2033, Recording a Robust 5.8% CAGR

The Weft Feeder Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Weft Feeder market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Weft Feeder. 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 2023, the Weft Feeder market is expected to be worth US$670.3 million. The market is expected to reach $1,173.4 million by 2033, expanding at a 5.8% CAGR throughout the forecast period. Weft feeders are advanced weaving accessories that play a vital role in the efficient operation of looms by providing a continuous supply of weft yarn. These devices have gained immense importance due to their ability to improve weaving efficiency, reduce downtime, and enhance fabric quality.

The application of weft feeders spans various industries, including textile, apparel, automotive, home furnishings, and industrial fabrics. In the textile sector, weft feeders are widely used in weaving machines to ensure smooth and consistent yarn insertion during the weaving process. The use of weft feeders helps in minimizing yarn breakages, improving fabric strength, reducing waste, and achieving higher production rates. Weft feeders enable the production of intricate patterns, complex designs, and specialized fabrics, thereby expanding the creative possibilities for textile manufacturers.

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The market growth of weft feeders is primarily driven by the increasing demand for high-quality textiles, rising automation in the textile industry, and the need for enhanced productivity. Manufacturers are investing in advanced weaving technologies, including weft feeders, to meet the growing consumer demand for diverse and innovative fabrics. The adoption of weft feeders reduces labor costs, improves operational efficiency, and enables better control over production processes.

The weft feeder market also faces certain challenges. The high initial cost of weft feeder systems can pose a barrier to small-scale textile manufacturers, and the complex installation and maintenance requirements of weft feeders may require skilled technicians, which can further add to the overall operational expenses. Also, the market is affected by the volatility in raw material prices, which can impact the profitability of weft feeder manufacturers.

Electronic weft feeders are witnessing significant demand. Electronic weft feeders offer precise control over yarn tension and feed rate, resulting in improved fabric quality and reduced material waste. These advanced weft feeders are equipped with sensors, actuators, and control systems that ensure accurate yarn insertion, leading to high production efficiency. Also, electronic weft feeders enable remote monitoring and control, thereby enhancing the overall operational convenience for textile manufacturers.

China, India, and the United States have large textile manufacturing bases, and continued investments in infrastructure projects and textile parks are expected to bolster the demand for weft feeders.

Key Takeaways from the Weft Feeder Market:

  • The Weft Feeder industry in the United States is predicted to reach US$ 199.5 million by 2033, increasing at a 6.1% CAGR.
  • The Weft feeder industry in Germany is estimated to reach a market share of US$ 93.9 million, expanding at a CAGR of 5.9% by 2033.
  • During the forecast period, the Weft feeder industry in China is projected to reach a market share of US$ 146.4 million, securing a 6.2% CAGR.
  • With a Market Share of 38.3% from 2022 to 2033, the weaving mills segment is expected to dominate the weft feeder industry.
  • With a CAGR of 6.4% from 2022 to 2033, the Electronic weft feeder is expected to dominate the weft feeder industry.

How Does the Competition Look in the Weft Feeder Market?

The Weft Feeder industry has a highly competitive landscape, with a significant number of players vying for market share. Several significant participants in this industry comprise-

  • SHARNAM TEX INDIA PRIVATE LIMITED,
  • GOODFORE, Semitronik, LGL,
  • IRO, Mahalaxmi Textile Parts,
  • Sino Textile, Piotex,
  • Sedna,

among other companies.

The main players are notably investing in research and development endeavors to create novel and inventive goods that provide improved effectiveness, dependability, and affordability. They are additionally concentrating on broadening their range of products and reinforcing their distribution channels to meet the changing demands of clients.

Tactical alliances and associations with other corporations are progressively prevalent in the sector, enabling participants to utilize one another’s capabilities and broaden their influence in the marketplace.

Leading players to fortify their market standing and acquire entry into fresh markets are utilizing consolidation and mergers. The sector is experiencing notable expansion in developing economies, especially in nations such as India and China.

Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks. They are also focusing on offering cost-effective solutions to customers in these markets to gain a competitive edge.

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Segmentation Analysis of the Weft Feeder Market

By Type:

  • Mechanical Weft Feeder
  • Electronic Weft Feeder

By Operation:

  • Manual Weft Feeder
  • Automatic Weft Feeder

By Application:

  • Weaving Mills
  • Textile Manufacturing Plants
  • Garment Manufacturing
  • Packaging Industry
  • Others

By Region:

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • East Asia
  • South Asia & Pacific
  • The 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 on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:

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Global Nugget Ice Machines Market Set to Grow at 5.16% CAGR, Targeting US$ 133.9 Million by 2033

Future Market Insights predicts that the global nugget ice machines market, valued at US$ 80.9 million in 2023, is on the brink of remarkable expansion in the coming decade. With an anticipated Compound Annual Growth Rate (CAGR) of 5.16% from 2023 to 2033, this market is expected to achieve a substantial valuation of US$ 133.9 million by the end of 2033.

A noteworthy driver of this growth is the increased demand for ice in developing nations, where it plays a pivotal role in culinary traditions and daily food consumption. The unique texture and versatility of nugget ice make it a sought-after choice for a wide range of culinary applications. Consequently, the market is experiencing robust growth as it caters to the evolving preferences of consumers in these regions.

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Crucial Insights from the Nugget Ice Machines Market:

  1. Steady Growth Trajectory: Between 2018 and 2022, the global nugget ice machines market exhibited a consistent compound annual growth rate (CAGR) of 3.5%, showcasing its resilience and enduring relevance within the industry landscape.
  2. North American Preference: The North American region takes center stage, with an impressive 85% of individuals demonstrating a preference for alcoholic beverages. This inclination has emerged as a pivotal driving force propelling the upward trajectory of the nugget ice machine market.
  3. Dominance in 2023: The year 2023 witnesses the nugget ice machine market command a substantial market share, estimated to range between 60% to 65%, reaffirming its prominent position within the industry landscape.
  4. Material Dynamics: Within the realm of material-wise segmentation, stainless steel emerges as the dominant choice, poised to seize a significant market share, underscoring its appeal and practicality within the nugget ice machine market.
  5. Sales Channel Catalyst: The online website segment takes the lead as a potent driver within the nugget ice machine market’s sales channel segmentation. This online avenue emerges as a pivotal conduit, channeling market growth and expanding the product’s reach.

Competitive Landscape:

Some of the prominent players in the global market are-

  • Frigidaire
  • NewAir
  • hOmeLabs
  • MC Appliances (Magic Chef)
  • Whynter
  • EdgeStar
  • Scotsman Ice Systems
  • Maxx Ice
  • Summit Appliances
  • GE Appliances
  • Crownful

Some of the important developments of the key players in the market are:

  • In April 2023, HiCOZY dual-mode countertop nugget ice maker is said to have a water line hookup available that includes both eco and cycle modes and it has a plastic hoop that is likely to be sturdy.

More Valuable Insights Available:

Future Market Insights offers an unbiased analysis of the global Nephroblastoma Therapeutics Market providing historical data for 2018-2022 and forecast statistics from 2023-2033.

To understand opportunities in Nerve Entrapment Syndrome treatment, the market is segmented based on major Installation type (Countertop, freestanding, under counter, wall mounted) Material Type (metal, plastic, stainless steel), Production Capacity (up to 700pounds, 700 pounds to 1400 pounds, above 1400 pounds), Sales channel (Online websites, offline stores, hypermarket, specialty store), Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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Key Segments Profiled in the Nuggets Ice Machine Market Report:

By Installation Type:

  • Counter Top
  • Free Standing
  • Under counter
  • Wall Mounted

By Production Capacity (Per 24 hrs):

  • Up to 700 Pounds
  • 700 to 1400 Pounds
  • Above 1400 Pounds

By Material:

  • Metal
  • Plastic
  • Stainless Steel

By Sales Channel:

  • Online Website
  • Offline Stores
  • Hyper Market
  • Speciality Store

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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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.

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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Inductor Market Charges Ahead: Surging at 5.6% in 2022, Aiming for US$ 21,417.5 Million by 2032 with a 6.1% CAGR

The global inductor market is currently undergoing a significant surge, exhibiting a remarkable year-on-year growth rate of 5.6% in 2022, propelling it to an estimated value exceeding US$ 11,862.1 million by the year’s end. With expectations of continued growth, the market is foreseen to maintain a robust Compound Annual Growth Rate (CAGR) of 6.1% from 2022 to 2032, eventually reaching an astounding market worth of US$ 21,417.5 million by 2032.

Inductors, as passive two-terminal electrical components, play a crucial role in storing energy within electrical circuits. They achieve this by harnessing energy in a magnetic field when an electric current passes through them. The significance of inductors is underscored by their wide-ranging applications, with a particular emphasis on their role in switched-mode power supplies. In these applications, inductors are pivotal in the conversion and regulation of electrical energy, ultimately yielding direct current (DC).

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Key Takeaways:

  • Heightened demand for inductors in the mobility sector will foster market growth.
  • Accounting for 79.7% of the market share in North America, the U.S inductor market will grow at 5.4% CAGR.
  • The sales of the inductor market in Germany will grow 2x by 2032, generating US$ 932.1 Mn in revenue.
  • China’s inductor market will exceed revenue worth US$ 795.5 Mn by 2032.
  • By core type, the air segment will create an opportunity of US$ 5143.5 Mn during the forecast period.
  • Based on technique, the surface mount technology will hold 60% of the global market share.

“Rapid digitalization taking place all over the globe coupled with the miniaturization of electronics will likely supplement the global growth of the inductor market over the forecast period,” says an FMI analyst.

More Insights into Inductor Market Report:

In its latest report, FMI offers an unbiased analysis of the global inductor market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of inductance type (fixed inductors, variable inductors), type (film type, multi-layered, wire wound, molded), core type (air core, ferrite core, iron core), mounting technique (surface mount, through hole), application (automotive, industrial, RF, telecommunications & high-frequency applications, military and defense, consumer electronics, power generation, transmission and distributions, healthcare), and region.

According to the latest FMI reports, based on segmentation, the air core type inductors are anticipated to be the fastest growing segment, creating a growth opportunity of US$ 5143.5 Mn during the forecast period. In terms of mounting technique, the surface mount technology will continue to maintain its popularity, holding over 60% of the global inductor market share during 2022-2032.

Based on region, the inductor market in the United States is expected to exhibit substantial growth during 2022-2032. The U.S inductor market accounts for 79.7% of the market share in North America and is set to expand at a CAGR of 5.4%. The advancing automotive and consumer electronics sectors, the rising adoption of advanced technologies, as well as the strong presence of major market players are accountable for the target market growth in this country. In addition to the U.S., China and Germany, too, will demonstrate notable market growth during the forecast period.

Competitive Landscape:

Murata Manufacturing, TDK Corporation, Vishay Intertechnology, Taiyo Yuden Co., Ltd., Chilisin, Delta Electronics, Panasonic, ABC Taiwan Electronics, Pulse Electronics, Coilcraft, Shenzhen Sunlord Electronics, Bourns Inc., ICE Components, Inc., Kyocera Corp AVX, Bel Fuse Inc., Wurth Elektronik, TE Connectivity, Samsung Electro Mechanics Co. Ltd., among others are some of the major players in the inductor market profiled in the full version of the report.

Leading market players are focusing on tactics like mergers, acquisitions, and expansion of their operations to strengthen their supply chain. These enterprises are also studying, developing, and releasing new products into the market.

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Global Inductor Market By Category:

By Inductance Type:

  • Fixed Inductors
  • Variable Inductors

By Type:

  • Film Type
  • Multi-Layered
  • Wire Wound
  • Molded

By Core Type:

  • Air Core
  • Ferrite Core
  • Iron Core

By Mounting Technique:

  • Surface Mount
  • Through Hole

By Application:

  • Automotive
  • Industrial
  • RF, Telecommunications & High Frequency Applications
  • Military and Defense
  • Consumer Electronics
  • Power Generation, Transmission and Distributions
  • Healthcare

By Region:

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

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Author:

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, 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.

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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India Power Tool Market Projections: Envisaged 8.9% CAGR Surge from 2022 to 2032, Poised to Attain US$ 13,306.41 Million

The India Power Tool Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the India Power Tool market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for India Power Tool. 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 India Power Tool Market has experienced a notable surge in demand owing to its versatile utility, practical efficacy, and profound effectiveness spanning diverse industries. Its capacity to significantly streamline labor-intensive tasks has positioned it as a preferred choice. Furthermore, the innate mobility of power tools has amplified their appeal, rendering them an indispensable asset in the repertoire of professionals across the nation.

Projections indicate a substantial growth trajectory for the global India power tool market from 2022 to 2032, with a projected Compound Annual Growth Rate (CAGR) of 8.9%, culminating in an estimated market value of US$ 5672.60 Million. Forecasts suggest that the valuation of the India power tool market will reach an impressive sum of US$ 13306.41 Million by 2032.

The widespread adoption of power tools can be attributed to their versatility, practicality, and effectiveness in various domains, as well as their notable potential for time and effort savings and inherent portability.

Several macroeconomic influencers, including the flourishing Indian industrial sector, escalating automobile sales, a buoyant consumer confidence index, the introduction of reliable and competitively priced multi-functional industrial tools, shifts in consumer preferences, and more, are anticipated to bolster the upward trajectory of power tool sales in India.

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Robust development in the industrial sector and growing automotive sales are key factors driving growth of the India power tools market. Moreover, increasing consumer confidence index (CCI) in India is projected to play a key role in escalating demand for power tools in the India market. Emergence of a variety of cost-effective, durable and multi-functional power tools is anticipated to fuel demand in future. In addition, shifting consumer behaviour toward DIY hacks is also expected to boost demand for power tools in India.

Professional power tools will continue to gain traction, and major shift from nickel-cadmium to lithium-ion powered tools will create new opportunities for power tools manufacturers in the country.

However, increasing import of power tools from China may negatively impact market share of domestic and international players in the India power tools market.

The India power tools market is expected to witness increasing demand for industrial power tools as compared to household power tools. Industrial power tools segment is anticipated to contribute over 55.8% in terms of revenue to the market; whereas household power tools segment is expected to account for 44.2% in terms of value share by end of 2016.

Low operational costs and ease-of-use will continue to drive electric power tools segment, which is anticipated to dominate the India power tools market till 2016 end. Pneumatics and others segments are projected to collectively contribute over 46% in terms of value share to India power tools market in 2016.

The markets in South India and West India represent highest penetration of power tools, owing to concentration of a large number of industries. South and North India markets are expected to expand significantly in terms of revenue as compared to moderately thriving East India and North India markets.

India Power Tool Market Dynamics

– Power tool sales growth in India is influenced by macroeconomics, robust industrial growth in India, increasing automotive sales, increasing consumer confidence index, emergence of durable, cost-effective multi-functional power tools, transition of consumer preference towards DIY ethics, and increasing online retail sales.
– Key trends identified in the India power tools market include increased sales of professional power tools, a shift from nickel-cadmium to lithium-ion powered tools, and a shift from corded to cordless power tools. Furthermore, in order to gain a competitive advantage in the market and differentiate their products, businesses are investing heavily in the research and development of energy-efficient and environmentally friendly power tools.
– Factors such as unavailability of skilled labour and high costs involved in hiring professionals for basic services in major cities across the country are anticipated to create significant opportunities and drive demand for power tools in the domestic market.

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Key Segments

By End-use:

– Industrial Power Tools
– Household Power Tools

By Mode of Operation:

– Electric
– Pneumatic
– Others

By Country:

– North India
– South India
– East India
– West India

Power tools are categorised on the basis of power source into electric power operated tools (circular saws and drill machines), pneumatic power tools (jack hammers, chippers and compressed air guns), liquid fuel (gas), powered tools (saws), hydraulic power tools (jacks) and powder-actuated tools (nail guns).

Long-term Outlook: India power tools market is anticipated to register a healthy CAGR of 9.5% in terms of volume and 8.9% in terms of value over the forecast period, 2016-2026. Electric power tools market is estimated to account for 56.6% in terms of revenue share by end of 2026.

Competitive Landscape

The report includes market share analysis of the existing international, China-based and domestic players in the market. The report also profiles both global and domestic players in the India power tools market.

Global Players in the market include Atlas Copco AB, Snap-on International, Techtronic Industries Co. Ltd., Danaher Corporation, Actuant Corporation and SKF AB. Regional players in the market include Stanley Black & Decker, Hitachi Koki Co. Ltd., Makita Corporation, Robert Bosch GmbH and Kulkarni Power Tools.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified 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

Powering Progress: Global Transmission Components Market Gears Up for a 5.3% CAGR, Targeting US$ 80,279.2 Million by 2032

The global transmission components market is experiencing a remarkable growth trajectory, supported by compelling data. With an estimated worth of US$ 47,966.7 million in 2022 and an anticipated Compound Annual Growth Rate (CAGR) of 5.3% from 2022 to 2032, it is evident that this industry is on the brink of substantial expansion. By the close of 2032, experts predict that the market will reach an astounding value of US$ 80,279.2 million.

This remarkable growth can be attributed to several key factors. Foremost among them is the rapid process of global industrialization. As industries across the world expand and undergo transformation, there is a soaring demand for efficient transmission components. These unsung heroes of modern machinery play a pivotal role in ensuring the seamless and dependable transfer of power and energy, making them indispensable in the era of advanced technology.

Another critical driver behind this growth is the ever-increasing global energy demand. With expanding populations and technology’s integral role in our daily lives, the necessity for effective energy transmission and distribution systems becomes paramount. Transmission components play a vital role in ensuring the efficient delivery of energy, reducing losses, and enhancing overall energy sustainability.

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Amplifying Demand for Transmission Components: The Converging Factors

The surge in requisites for safeguarding apparatus from excessive voltage strain, coupled with the burgeoning establishment of novel power grids to curtail energy wastage, stands as a resilient pillar underpinning the call for transmission components. This resolute ascent in demand is further propelled by the mounting hunger for electricity across industrial, commercial, and residential spheres, matched in tandem with the upswing in electricity generation from renewable resources. The consequent augmentation of the global electric infrastructure heralds an era of amplified need for transmission components on a global scale.

Additionally, this tide of growth is poised to swell over the ensuing decade. Escalating governmental investments to electrify rural expanses, alongside the mounting focus on enhancing commercial facilities weathering harsh climatic conditions characterized by heightened lightning occurrences, converge in galvanizing the demand for both residential and commercial transmission components. This synchronized push towards bolstering electric supply resilience and expanding access lays the groundwork for robust expansion in the transmission components domain.

Key Takeaways from Transmission Components Market Study:

  • Switches Segment Growth: The switches segment is poised to experience a robust CAGR of 6.1% in the global transmission components market between 2022 and 2032.
  • North American Market Share: North America is anticipated to contribute over 20% to the global transmission components market share from 2022 to 2032.
  • German Market Presence: Germany is projected to hold an approximate 19.7% share of the European transmission components market by the close of 2022.
  • Steady Anchoring and Foundation Growth: The anchoring and foundation segment is projected to maintain steady growth with a 6.1% CAGR from 2022 to 2032.
  • Previous Growth Trend: From 2017 to 2021, the global transmission components market displayed growth at a 2.4% CAGR.

Navigating the Competitive Terrain: Transmission Components Market

In the vibrant realm of the global transmission components market, several prominent contenders command the stage. Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric, and Mitsubishi Electric, among others, stand as formidable leaders, contributing their prowess to the market’s landscape.

The landscape is marked by substantial investments from manufacturers of transmission components, dedicated to amplifying their industry footprint. These pivotal players channel significant resources into innovative product development, a strategic endeavor to fortify their presence within the competitive fray. Moreover, the focus extends to pioneering new software technologies that harmonize with transmission components, enriching their performance capabilities. This two-fold approach underscores the industry’s commitment to innovation, aiming to meet evolving demands with cutting-edge solutions.

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Key Players:

Hitachi ABB Power Grids, Siemens Energy, General Electric (GE), Eaton, Hubbell, TE Connectivity, Toshiba

Transmission Components Market Outlook by Category:

By Product Type:

  • Anchoring and Foundation
  • Arresters
  • Bushing
  • Connectors
  • Insulators
  • Enclosures
  • Utility Measurement Systems
  • Grounding and Bonding
  • Switches
  • Fuses

By Region:

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

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Author:

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, 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.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Global Pressure Infusion Bags Industry with a 6.5% CAGR Towards US$ 494.5 Million by 2029 | FMI Insights

The Global Pressure Infusion Bags Industry is on an impressive trajectory, with a robust Compound Annual Growth Rate (CAGR) of 6.5%. This Industry, valued at approximately US$ 318.6 million in 2022, is predicted to surge to US$ 494.5 million by 2029, as reported by FMI (Future Industry Insights).

The driving force behind this remarkable growth is the escalating demand for Pressure Infusion Bags, primarily for their rapid infusion capabilities of blood and medications, which play a pivotal role in safeguarding vital organs during high-stress medical situations.

The expanding healthcare sector and infrastructure developments in the Middle East & Africa (MEA) and Asia-Pacific regions present lucrative opportunities for Industry participants in the Pressure Infusion Bags industry. As the healthcare landscape evolves, manufacturers are expected to prioritize the development of cost-effective and user-friendly pressure infusion bags to meet the growing demand.

With the increasing adoption of these life-saving medical devices, the Pressure Infusion Bags Market is well-positioned for continued success, providing essential support to healthcare professionals and ensuring patient safety during critical interventions.

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South Asia Continues to Hold Lucrative Opportunities

In terms of value, North America and East Asia are projected to have considerable Industry shares. However, the South Asian Industry is expected to grow rapidly in the global Pressure Infusion Bags Market from 2022 to 2029.

This expansion is being pushed by the rapid growth and upgrading of healthcare facilities in South Asian countries such as India and ASEAN, particularly trauma care units, intensive care units, and ambulatory surgical centres. The economic conditions in these countries have improved, resulting in newer growth opportunities for Industry participants.

Macroeconomic factors such as a growing population, an increase in the number of immunocompromised patients, and an increase in the number of players, combined with a strong distribution network and rapid development in healthcare infrastructure, have piqued the interest of manufacturers in establishing a firm collaboration with local distributors in South Asia.

Hospitals and Outpatient Facilities Remain Key End Users for Pressure Infusion Bags

The global Industry of Pressure Infusion Bags has been segmented on the basis of different types of Pressure Infusion Bags products, their multiple applications, their volume capacity, their material, their targeted indications and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East and Africa.

  • The disposable type of Pressure Infusion Bags segment is predicted to dominate the worldwide Pressure Infusion Bags Industry in terms of value. This has significantly reduced the likelihood of cross-contamination during fluid infusion, ensuring patient safety.
  • The blood and medicine infusion segment is predicted to account for the majority of the worldwide Pressure Infusion Bags Market value. The second application that accounts for the remaining Industry share is invasive pressure monitoring methods.

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Global Pressure Infusion Bags Industry: Vendor Insights

The report highlights some of the prominent Industry players, who have established themselves as leaders in the global Pressure Infusion Bags Industry. Some of the examples of key players in the global Pressure Infusion Bags Market are VBM Medizintechnik GmbH, ERKA, Smiths Medical (Smiths Group plc.), Friedrich Bosch GmbH & Co. KG, Biegler GmbH, SARSTEDT AG & Co. KG. Vyaire Medical Inc., Spengler SAS, Armstrong Medical, SunMed and Statcorp Medical

Global Pressure Infusion Bags Industry by Category

By Product:

  • Reusable Pressure Infusion Bags
  • Disposable Pressure Infusion Bags

By Material:

  • Nylon
  • Polyurethane
  • Latex
  • Others

By Capacity:

  • 500cc
  • 1000cc
  • 3000cc
  • Above 3000cc

 By Application:

  • Blood & Drug Infusion
  • Invasive Pressure Monitoring Procedure

By Indications:

  • Trauma-Induced Haemorrhage
  • Obstetric Haemorrhage
  • Coagulopathy during cardiopulmonary bypass

By End User:

  • Hospitals
  • Out-patient facilities
  • Clinics
  • Long-term care centers

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Key Questions Answered in the Report

  • How much is the Pressure Infusion Bags Market currently worth?
  • What is the sales forecast for Pressure Infusion Bags through 2029?
  • What are the factors driving the demand outlook of the Global Pressure Infusion Bags?
  • Which is the most lucrative Industry for Pressure Infusion Bags?
  • How likely is the Pressure Infusion Bags Market to grow in India?
  • What are key trends driving sales of Pressure Infusion Bags Industry?
  • What are the key Industry statistics in Japan?
  • What are the top 5 countries driving demand for Pressure Infusion Bags Markety?
  • Which are the top 7 leading companies in Pressure Infusion Bags Industry?

Author

Sabyasachi Ghosh (Associate Vice President at Future Industry Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Industry Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Industry Insights (FMI)

Future Industry 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 Industry. FMI stands as the leading global provider of Industry intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals Industrys. With a vast team of over 5,000 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 Industry Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futureIndustryinsights.com
Website: https://www.futureIndustryinsights.com
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Global Water Desalination Equipment Market Set to Surge with 8.6% CAGR, Targeting US$ 22,645.8 Million by 2033

The global water desalination equipment market is on an upward trajectory, with the expectation of reaching a remarkable revenue of US$ 22,645.8 million by 2033. This growth is driven by a noteworthy Compound Annual Growth Rate (CAGR) of 8.6% through the year 2033, with the market currently valued at US$ 9,924.1 million in 2023.

Several factors are contributing to this expansion, and one of the most prominent is the declining groundwater levels and the escalating demand for freshwater. As residential and industrial needs continue to grow, the pressure on existing water resources intensifies. In this context, water desalination equipment emerges as a lucrative solution to bridge the gap between supply and demand. It enables the conversion of abundant seawater into freshwater, providing a sustainable source to fulfill these growing requirements.

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Moreover, the significant investments by governments in seawater desalination projects are poised to further fuel the adoption of innovative desalination systems. A prime example of this commitment is Saudi Arabia, which is considering an investment of US$ 80 billion in desalination projects. This substantial financial commitment demonstrates the determination of governments to address water scarcity issues, especially in regions where freshwater resources are limited.

The increasing requirement of desalination of sea water due to increasing water demand is driving the global water desalination equipment market at a faster rate.

The growth of the water desalination equipment market is subsidized by the increasing concerns over the scarcity water due to rapidly growing population, industrial development and pollution. Also fast improving living standards in the developing regions are demanding cleaner water, subsequently driving the advancements in the desalination technologies.

Desalination equipment facilitates desalination process that parts the dissolved salts and other minerals from seawater or other salinized water. The major advantage of desalinised water is that it can deliver high quality water for consumption purpose even at the time of droughts ultimately increasing the overall supply.

The emerging water desalination equipment market has been experiencing a phase of new product development and technological advancements due to greater demand. The manufacturing companies are raising their respective market share with increased R&D activities.

Water Desalination Equipment Market: Region-wise Outlook

The global water desalination equipmentmarket is expected to register a favourable growth for the forecast period, 2023-2033. Middle-East is projected to endure its control on the global water desalination equipmentmarket followed by North America and Europe. The key countries in the Middle-East are projected to be GCC (Gulf Cooperation Council) and Algeria as an outcome of practicing desalination for long specially in GCC countries.

Water Desalination Equipment Market: Key Players

  • Doosan Enerbility Co Ltd
  • SUEZ SA
  • Abengoa
  • Acciona SA
  • Webuild SpA
  • Veolia Environnement SA
  • Guangzhou KangYang Seawater Desalination Equipment Co., Ltd
  • Ferrovial
  • Koch Separation Solutions
  • Biwater
  • IDE Technologies
  • Xylem Inc.
  • Aquatech International LLC
  • Advanced Watertek
  • Genesis Water Technologies

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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.

Key Segments Profiled in the Water Desalination Equipment Industry Survey:

Application:

  • Municipal
  • Industrial
  • Others (hospitality etc.)

Technologies:

  • Reverse Osmosis
  • Nanofiltration
  • Multi Stage Flash
  • Electrodialysis
  • Vapour Compression
  • Multi Effect Distillation
  • Others

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

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Author:

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, 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.

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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Analysis of the Variable Frequency Drive (VFD) Market: Projected 5% CAGR from 2021 to 2031

The Variable Frequency Drive (VFD) Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Variable Frequency Drive (VFD)market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Variable Frequency Drive (VFD). It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2031. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Variable Frequency Drive (VFD) Market has displayed noteworthy resilience, underscored by a wide-ranging supplier base and a robust business-to-business network spanning the entire value chain. In a bid to fortify their market standing, industry suppliers have actively pursued acquisition and regional expansion strategies, fostering robust partnerships across diverse geographical regions. Augmented by brand awareness and assertive marketing initiatives, these suppliers have further consolidated their market dominance, presenting formidable obstacles for new market entrants seeking to establish themselves in the fiercely competitive VFD sector.

In recent years, the variable frequency drives market has maintained substantial stability, primarily propelled by the growing prospects for infrastructural development in emerging economies, consequently driving the demand for heating and ventilation systems. Driven by the objectives of cost reduction and minimizing operational disruptions, the evolution of the variable frequency drives market is presently pivoting towards tailoring industry-specific solutions, thereby catalyzing a wave of innovations among manufacturers.

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Participants in the industry have always placed a premium on cost optimisation, lowering total cost of ownership, and energy efficiency. These conditions need to be taken into account when operating with heavy loads. This is why, in 2020, the global VFD market saw volume sales of more than 32 million units.

According to the latest study conducted by ESOMAR-certified market research and consulting firm Future Market Insights (FMI), the report tracks the global sales of variable frequency drives in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the electronics industry in general, and variable frequency drives in particular.

Key Takeaways 

  • When operating with heavy loads, it is crucial to keep some parameters in account such as cost optimization, reducing total cost of ownership, and energy conservation. These attributes have registered volume sales exceeding 32 million units in 2020 in the global VFD market.
  • With consistent improvements and enhanced performance, variable frequency drivers have been positively impacting industrial growth throughout the assessment period.
  • Manufacturers are likely to experience widening profit margins across the South Asia & Pacific region, with China emerging at the forefront in the wake of exploding construction and automotive sectors.
  • Germany and the United States are also expected to yield immense opportunities. Based on these trends, the VFD market is poised to grow at a value CAGR exceeding 5% through 2031.

Competitive Landscape 

ABB Ltd, Siemens AG, Danfoss A/S, Rockwell Automation, GE Energy Power Conversion, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Emerson Industrial Automation, Fuji Electric Co. Ltd, Johnson Controls Inc., Eaton PLC, Hitachi Ltd are some of the key companies profiled in the full version of the report.

A large supplier base and strong B2B networks define the robustness of the market with strong partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a firm foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.

More Insights into the Variable Frequency Drive (VFD) Market

The United States is poised to remain highly lucrative, capturing over three-quarters of the global market share throughout 2021. The presence of key OEMs is an important growth catalyst for the region’s market.

According to estimations projected by Future Market Insights nearly a quarter of the revenue generated across the United States market is likely to be from the oil & gas segment. As of 2019, it extracted a record high 4.46 billion barrels of crude oil while natural gas production amounted to 34 trillion cubic feet. A volume CAGR of over 6% is projected for the U.S market.

The German variable frequency drives market is likely to expand at an annual rate exceeding 7% through 2021, attributed to heightened HVAC systems applications across the automotive segment. Globally, Germany is a leading automotive market, generating an output of nearly 6 million vehicles in 2017.

According to the China Association of Automobile Manufacturers, car sales spiked by over 6% annual growth rate to nearly 3 million units by 2020-end. Sales of new energy vehicles such as battery-powered electric, plug-in hybrid Electric Vehicles and hydrogen fuel-cell vehicles also surged by a whopping 11% compared to 2019. Hence, VFD manufacturers have been experiencing credible investment opportunities.

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Variable frequency drives Market: Segmentation

Drive Type

  • AC Drive
  • DC Drive

Voltage Range

  • Low Voltage
  • High Voltage

Application Type

  • Standard
  • Regenerative

End-use Application

  • Pumps
  • Fan
  • Compressor
  • Conveyor
  • HVAC
  • Others

End-use Industry

  • Oil & Gas
  • Food processing
  • Automotive
  • Mining & Metals
  • Pulp & Paper
  • Others

Region

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

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified 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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Global Transformer Monitoring System Market Surges with an 8.9% CAGR, Aiming for US$ 6,539.2 Million by 2032

The global transformer monitoring system market, currently valued at a robust US$ 2,785.2 million in 2022, is poised for an extraordinary journey marked by remarkable growth. Forecasts indicate a compelling compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2032, with the market expected to achieve a substantial valuation of US$ 6,539.2 million by the end of 2032.

Transformers, as critical components of the electrical grid and industrial processes, play an irreplaceable role in ensuring the reliability and stability of power distribution. These silent workhorses are the unsung heroes behind the seamless delivery of electricity to homes, businesses, and industries around the world. However, ensuring the optimal performance and longevity of transformers is a task that demands precision and vigilance.

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Global governments are directing their efforts toward electrifying rural regions, which has given rise to an intricate and expansive power and grid network. Within this context, the deployment of transformer monitoring systems has emerged as a crucial solution. This technology aids in the vigilant monitoring, thorough inspection, and effective maintenance of such networks, playing a pivotal role in curbing power outages stemming from transformer malfunctions. These factors, coupled with escalated investments aimed at modernizing aging power infrastructure to meet the surging electricity demand, are poised to substantially propel market growth throughout the projected timeframe.

The ascendancy of environmentally conscious practices is elevating the prominence of green transformers, renowned for their diminished carbon footprint and superior efficiency and reliability. To effectively oversee these modern transformers, retrofit installations become necessary. As the adoption of renewable energy sources gains momentum and the sales of green transformers surge, the demand for retrofit transformer monitoring systems is anticipated to experience a considerable upswing in the years ahead.

Key takeaways from FMI’s Transformer Monitoring System Market Study:

  • North America transformer monitoring system market to grow at 10.6% CAGR till 2031, driven by industrialization and monitoring upgrades in U.S. and Canada.
  • Europe’s market, led by Germany, projected to expand at 7.6% CAGR due to green transformer adoption and strong manufacturer presence.
  • India’s demand for monitoring systems to combat urban power issues expected to fuel market growth.
  • Japan and South Korea’s combined 3% market share in 2021 propelled by extensive power network monitoring and retrofit installations.
  • Software segment set to exceed US$ 277 valuation at 10.3% CAGR, boosted by IoT integration and big data analytics advancements.

Leading the Charge: Dominant Players in the Transformer Monitoring System Market

Future Market Insights (FMI) sheds light on the transformer monitoring system market’s emerging trends and delves into the strategic maneuvers undertaken by industry players to fortify their market standing.

FMI’s analysis reveals that the power transformer sector is primarily dominated by industry stalwarts including ABB, General Electric, Siemens AG, Maschinenfabrik Reinhausen GmbH, and Groupe Cahors S.A. In this echelon, ABB commands a notable 14% global market share, followed by General Electric with 10%, Siemens AG with 12%, Maschinenfabrik Reinhausen GmbH with 8%, and Groupe Cahors with 5%, as detailed by FMI.

These market leaders are directing their efforts toward novel product development aimed at reducing carbon footprints. Additionally, they are strategically expanding their presence in international markets to foster robust business growth and development.

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Market Segmentation:

By Product Type:

  • Hardware
    • Direct Winding Transformer Monitors
    • Intelligent Transformer Monitors
  • Software

By Installation Type:

  • Newly Installed Units
  • Retrofit Units

By End Use:

  • Power Transformers
  • Distribution Transformers
  • Other Transformers

By Application:

  • Dissolved Gas Analysis (DGA)
  • Partial Discharge (PD)
  • Bushing Monitoring
  • Cooling Control
  • Voltage Regulation

By Region:

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

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Author:

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, 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.

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
LinkedIn| Twitter| Blogs | YouTube