Sulfuric Acid Market Worth US$ 25.62 Billion By 2032 | CAGR 3.4% – By FMI

According to research conducted by Future Market Insights on global sulfuric acid market, demand for sulfuric acid is set to grow at a moderate CAGR of 3.4% between 2022 and 2032, reaching a valuation of US$ 25,623.0 Mn by the end of the forecast period (2032). The market has been significantly influenced by certain macro-economic and industrial factors including chemical industries development, rapid economic boom, expansion of manufacturing sector, and growth of agricultural industry.

Sulfuric acid, also known as oil of vitriol, is a strong mineral acid that finds application in diverse industries including metal extraction, agriculture, pharmaceuticals, and textiles.

It has become a key constituent utilized for the manufacturing of phosphate-based fertilizers. Thus, need for increasing the crop production all over the globe will indirectly push the demand for sulfuric acid during the forecast period.

Similarly, development in the chemical industry and growing demand for catalyst in the processing industries are also expected to boost the growth of sulfuric acid market.

Moreover, growing demand for metals ignited by increasing infrastructural activities across emerging regions of Latin America, South Asia Pacific and Africa is expected to support the growth of sulfuric acid market during the forthcoming years.

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As sulfuric acid is being increasing used in metal production and processing, rising consumption of metals will eventually create prospects within the global sulfuric acid market.

Despite several positive growth prospects, the market is witnessing certain challenges which are expected to restraint the growth outlook. Certain growth hampering factors includes stringency in environment regulations, increase in raw material pricing and commodity chemical pricing, etc.

“Consistently growing demand from end-use industries, particularly fertilizers, metal production and processing, and petroleum refining is driving the demand for sulfuric acid,” said an analyst at FMI.

Key Takeaways from Sulfuric Acid Market Study

  • By purity type, standard sulfuric acid segment is estimated to create an incremental dollar opportunity of about US$ 6,701.7 Mn during the forecast period of 2022 and 2032.
  • Based on application, the fertilizer segment is expected to account for about 3/5th of the sulfuric acid consumption.
  • North America and Europe are expected to collectively hold around 37% of the overall market share.
  • The MEA sulfuric acid market is projected to grow at a relatively higher CAGR of 3.5% between 2022 and 2032.
  • Demand for sulfuric acid to grow at a moderate CAGR of 2.3% in the U.S. market during the forecast period.

Competitive Landscape

The market of sulfuric acids is estimated to be a consolidated market, where leading players are expected to account for a key share of the market. Some of the top sulgfuric acid manufacturers includes BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao Hisea Chem Co. Ltd., Linde Group, Nouryon, Cornerstone Chemical Company, Ma’aden – Saudi Arabian Mining Company, Canada Colors and Chemicals Limited, Hubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical Corporation (AUECC), Tata Chemicals, Trident Group,   Boliden Group, UBE INDUSTRIES, LTD., Sumitomo Chemical Co., Ltd., Tayca Corporation.

These key players are focusing on increasing their production capacity to enhance their market footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in ultra-pure sulfuric acid production owing to rising demand from electronic industry.

For instance, In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd. and its fully-owned subsidiary Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to further expand the production capacity of electronic-grade sulfuric acid in Jiaxing, China.

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More Insights into the Sulfuric Acid Market Report

In its latest report, Future Market Insights offers an unbiased analysis of the global sulfuric acid market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on purity type, application, raw materials, and region.

Sulfuric Acid Market Segmentation

By Purity Type:

  • Standard
  • Ultra-Pure

By Raw Materials:

  • Elemental Sulfur
  • Base Metal Smelters
  • Pyrite Ores
  • Others

By Application:

  • Fertilizers
  • Petroleum Refining
  • Metal Production & Processing
  • Wastewater Treatment
  • Chemicals Production
  • Textile Processing
  • Pulp & Paper Production

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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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Hydroxyapatite Market Worth US$ 996.4 Mn by 2032, Growing at a CAGR of 7.6% From 2022

The global hydroxyapatite market size is expected to grow from US$ 480.2 Mn in 2022 to US$ 996.4 Mn by 2032, exhibiting a CAGR of 7.6% throughout the forecast period (2022-2032). Rising demand from dental, orthopedic & surgical applications is a key driving growth in the global hydroxyapatite market.

Over the years, there has been a sharp rise in demand for dental and orthopedic implants as a result of an aging global population and surge in health problems, and this trend is likely to continue during the forecast period. Driven by this, sales of hydroxyapatite are slated to grow at a healthy pace over the next ten years.

Hydroxyapatite is primarily used in dental and orthopedic applications. Hydroxyapatite is a component of tooth enamel, cementum, and dentin. It aids in the remineralization of teeth and keeps teeth strong and healthy against enamel erosion and cavities.

Therefore, it is widely used in dental hygiene products and implants. Comparing hydroxyapatite to other calcium phosphates, it has been discovered that it is more structurally stable. As a result, it has been chosen by medical specialists as a preferred material for orthopedic implants.

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With new research ongoing, hydroxyapatite continues to play an important role in the field of dental and orthopedic implants as medical science advances. To strengthen their relationships with end users and increase their profitability, major market participants are entering into long-term contracts & supply arrangements with end-use industries.

“Growing demand for dental & orthopedic implants are expected to propel the sales of hydroxyapatite in the forecast period,” says an FMI analyst.

Key Takeaways from Hydroxyapatite Market Survey:

  • By grade, medical grade segment is anticipated to reach a market valuation of US$ 913.9 Mn by 2032.
  • Based on application, dental & orthopedics applications are anticipated to cumulatively account for more than 79% of the overall hydroxyapatite consumption by 2022.
  • North America will continue to dominate the global hydroxyapatite market during the forecast period.
  • Hydroxyapatite market in China is expected to reach about US$ 218.7 Mn by 2032.
  • The U.S. hydroxyapatite market is likely to surpass US$ 2 Mn by the end of 2032.

Who is Winning?

According to FMI analysis, FLUIDINOVA, SofSera Corporation, Berkeley Advanced Biomaterials, Taihei Chemical Industrial Co. Ltd., SigmaGraft, CAM Bioceramics, APS Materials, Inc., Zimmer Biomet, Bioceramics, Granulab (M) Sdn Bhd, Merz Biomaterials, Sangi Co., Ltd., and others are identified as the key manufacturers in the hydroxyapatite market.

These leading companies are continuously adopting strategies such as mergers, partnerships, agreements, collaborations, and establishment of new manufacturing and distribution facilities to gain an upper hand in the global hydroxyapatite market.

For instance:

  • In March 2022, CGbio and Kerunxi Medical of China signed 10 billion KRW contract for export of Bongros dental bone graft material, a bone substitute made of hydroxyapatite ceramic that is crystallographically and chemically identical to the inorganic components of human bones.
  • In June 2020, CAM Bioceramics announced that it will provide restorable ceramics made of hydroxyapatite to Admatec for 3-D printing in Admaflec Printing Systems, which will open the door for Admatec to join the dental care products sector.

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Hydroxyapatite Market Segmentation

By Grade:

  • Medical Grade
  • Cosmetics Grade
  • Research Grade

By Application:

  • Dental
  • Orthopedic
  • Biochemical Research
  • Surgical
  • Bioceramic Coatings
  • Food
  • Medicine
  • Others

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Fiberglass Market to Achieve A High CAGR Of 4.3% During Forecast Period -2028

According to the global fiberglass market report, the rovings segment by product type is expected to dominate the overall market accounting for over 57% revenue share by 2028-end. The fiberglass (glass fiber) market is expected to register a CAGR of 4.3 % during the forecast period (2022 – 2028). The global fiberglass (glass fiber) market is expected to expand at a CAGR of 4.3 %, accounting for US$ 13.1 Bn by the end of 2028.

High use of FRP fiberglass in wind turbines, increasing demand for fiberglass concrete in the construction industry, rising demand for corrugated fiberglass and fiberglass panels from the automotive and transportation sectors, increased use of composite materials across industries, etc., are some of the major factors driving fiberglass shipments.

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Global Fiberglass (Glass Fiber) Market Dynamics  

With the growing need for developing walls, doors, windows, and roofs, demand for fiberglass is likely to remain high in the construction industry. Glass fiber is also used as a composite in the construction industry. Manufacturers are utilizing GFRC (glass fiber reinforced concrete), which contains hydrated cement, glass fibers and sand for diverse construction purposes. Incorporation of the fiberglass enables manufacturers to integrate robust features such as anti-corrosiveness, high compressive strength, tensile strength and lightweight. In addition, manufacturers prefer utilizing fiberglass pertaining to the low maintenance cost and erosion. On the account of these factors, growth of the global market is expected to remain positive over the coming years.

Further, growing number of construction projects in various developing countries such as India, Brazil, and China have led manufacturers to invest in fiberglass as an effective insulation component. As fiberglass continues to remain a cheaper alternative for insulation in the construction industry, the global fiberglass (glass fiber) market is likely to witness a significant growth during the forecast period

However, increasing instances of health hazards such as rashes on the skin, irritation in eyes and stomach and soreness in throat and lungs among workers and constructors due to fiberglass have posed challenges to the market growth. As the small glass fibers have the ability to reach the lower parts of internal organs such as stomach, lungs, and skin, risks related to adverse health effects continue to persist. Due to the adverse health effects of fiberglass, manufacturers are looking out for cheaper and safe alternatives. Based on these factors, growth of the global fiberglass (glass fiber) market is likely to face headwinds during the forecast period

Major players identified in the fiberglass (glass fiber) market are focusing on increasing their production capacities and acquisition to enhance their operational efficiency, and product portfolio. Also, strategic collaboration and joint venture witnessed among leading market players are likely to improve sales and distribution network. Due to these factors, growth of the global market is expected to gain speedy momentum during the forecast period.

Global Fiberglass (Glass Fiber) Market Competitive Landscape

Some of the players identified in the global fiberglass (glass fiber) market are Owens Corning, PFG Fiber Glass Corporation, CPIC Abahsain Fiberglass M.E., W.L.L., Chongqing Polycomp International Corp, and Jushi Group Co., Ltd. among others. Over the recent past, the industry players have focused on acquisitions and increasing their production capacities to meet the growing demand from various end-user industries.

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Key Segments of Fiberglass Industry Survey

Fiberglass Market by Product Type:

  • Fiberglass Rovings
  • Fiberglass Mats
  • Fiberglass Strands
  • Fiberglass Fabrics

Fiberglass Market by Glass Type:

  • S-Glass
  • C-Glass
  • E-Glass
  • ECR-Glass
  • Others

Fiberglass Market by Application:

  • Automotive
  • Aerospace & Defense
  • Wind Energy
  • Construction
  • Marine
  • Sports & Leisure
  • Pipes & Tanks
  • Others

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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Polysilicon Market- This is How Leading Companies Are Dominating the Global Market

The global polysilicon market is anticipated to hold a valuation of US$ 8.5 Bn in 2022, and progress at a steady CAGR of 5.6% to attain an estimated net worth of US$ 11.8 Bn by 2028. The widespread installations of solar photovoltaics (PV) are expected to drive the demand for silicon products.

As the popularity of solar energy generation increases, demand for solar-grade polysilicon products is also expected to see a major rise over the forecast period of 2022 to 2028. Rising demand for electronics and semiconductors is also set to propel sales of electronics-grade polysilicon materials.

Future Market Insights present a half-yearly comparison of the growth projections for the market of polysilicon along with the dynamics and key developments impacting the market trends. Polysilicon sales are expected to witness a growth rate of magnitude 4.8% over the first half of 2022 as compared to the growth rate of 4.6% in the first half of 2021, an increase of 20 bps.

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Key Takeaways

  • The predominant influence on the polysilicon market is from several macro-economic, industrial, and innovation factors. These factors have a positive impact on the growth of the market. At present, the market is witnessing a trend of increase in the production capacities of the key manufacturers.
  • Owing to significant demand from certain end-use sectors such as growth in solar cell installations, surging investments, and incentives in solar PV installations along with growth in semiconductor sales are driving sales in sales in the global market.
  • Due to a significant development in the end-use industries, the market is anticipated to maintain its year-over-year growth throughout the forecast years (2022-2028).
  • Sustainability has emerged as a prominent trend over the past couple of years, and it has picked up pace in recent times as well. By completely changing the course of many industrial verticals, polysilicon has gained traction over the years since its scope of application in solar panels and semiconductors and electronics has increased substantially.
  • Rapid urbanization and the increasing adoption of renewable energy sources across various geographies have led to a significant surge in solar installations across the world.
  • A significant rise in the business potential of polysilicon can be witnessed in developing countries like India since the manufacturing of polycrystalline silicon has increased over the forecast period. Polysilicon production through the Siemens process is one of the most common methods used at production facilities globally.

Competitive Landscape

Wacker Chemie AG, OCI Company Ltd., GCL-Poly Energy Holdings Limited, TBEA Co. Ltd, REC Silicon ASA., CSG Holdings Co. Ltd., Tokuyama Corporation, Daqo New Energy Co. Ltd., Mitsubishi Materials Corporation, Hanwha Chemical Co. Ltd, Asia Silicon, Osaka Titanium Technologies Co. Ltd., Qatar Solar Technologies, Hemlock Semiconductor Corporation are some of the key companies profiled in the full version of the report.

The polysilicon market is partially fragmented and offers fair opportunities to major players as well as new entrants in the industry. Polysilicon manufacturers are majorly focusing on bolstering their production capacity across multiple geographies to meet increasing demand from emerging economies with high manufacturing activity.

More Insights into the Polysilicon Market

Under the polysilicon industry analysis, there is a thorough study of regional markets including North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA). We provide a detailed assessment of specific information of each region.

Together, East Asia, South Asia, and the Pacific regions are expected to account for more than 90% of the global polysilicon market share in 2022. Developing nations including India and China are expected to have a high demand for polysilicon products. This can be attributed to the rapid development of the Chinese solar industry and government backing for the industry.

The North American region is anticipated to account for a 2.8% global market share. The surge in solar installations across the United States is expected to show steady growth over the forecast period and drive demand for polysilicon materials.

The European market is also anticipated to rise on similar lines and have a very small market share of 2.1% in the year 2022.

India is predicted to be one of the most prominent markets in the Asian region. It provides a lucrative setting for polysilicon shipments and the government plays a vital role in promoting solar energy generation in India, and this is expected to drive demand for solar-grade polysilicon products.

Per the Indian government’s recent rules and regulations, it has given a green flag to foreign direct investment for renewable power generation, which is expected to attract investors from all over the world. Top polysilicon manufacturers from 2020 and 2021 have also been profiled in this polysilicon market survey.

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Key Segments of Polysilicon Industry Survey

Polysilicon Market by Grade:

  • Solar Grade Polysilicon
  • Electronics Grade Polysilicon

Polysilicon Market by Region:

  • North America Polysilicon Market
  • Latin America Polysilicon Market
  • Europe Polysilicon Market
  • East Asia Polysilicon Market
  • South Asia & Pacific Polysilicon Market
  • Middle East & Africa (MEA) Polysilicon Market

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Asia Pacific Is Expected To Lead The Global Poultry Keeping Machinery Market In Terms Of Market Value, Hold Nearly 39.5% Share In The Global Market

The global poultry keeping machinery market is set to be valued at around US$ 5.09 Bn in 2022, registering Y-o-Y growth of 3.2%. The market is projected to increase at a CAGR of 3.6% and attain a valuation of US$ 6.54 Bn by 2028.

The study primarily credits rising poultry meat consumption with the market for poultry-keeping equipment’s promising future. The study found that areas like Latin America, Asia Pacific outside of Japan, and North America have significant growth potential for the poultry-keeping machinery market.

The newest market research study by Future Market Insights on poultry-keeping machinery finds that the market was valued nearly at US$ 4.5 Bn in 2021, and is projected to grow by ~3% CAGR during the forecast period of 2022-2029.

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Significant product innovation over the next decade with advanced technologies meeting regulations and animal welfare norms are expected to emerge as a product differentiator for the market. Automation of agricultural and farm equipment and demand for advanced and cost-effective poultry-keeping machinery from new poultry farms have increased significantly.

Growing demand for progressive products is imposing pressure on the manufacturers to deliver technologically advanced and unique product offerings finds FMI. Thus, technological advancements have led to noteworthy investment in research & development by equipment manufacturers. Manufacturers in the poultry keeping machinery market focus on developing unique patented technologies, which act as product differentiators and help them earn a competitive edge.

From an investment viewpoint, birds such as turkeys, ducks and broilers have high economic value as they adapt easily to any environment. They can be used for meat within eight weeks, and thereby, with the expected increase in consumption, a significant upsurge in investment in the poultry sector is expected, particularly in developing countries, countries in Middle East Africa such as Iran and Tunisia.

APEJ Region to Provide Noteworthy Growth Opportunities for Manufacturers

With ongoing technological advancements and progression in agricultural and farm equipment over the years, automation is anticipated to emerge as the future of the poultry-keeping machinery market in growing economies in the APEJ Region. Poultry-keeping machinery manufacturers are focusing more on improving their market structures and offerings in the region.

For the global poultry-keeping machinery market, the APEJ region is projected to be a prominent region throughout the forecast period owing to the increasing consumption and production of poultry keeping machinery in China and India, along with North America, Latin America, Western Europe, and Eastern Europe. The growing focus on animal welfare worldwide has inclined consumer to focus on the methods adopted in the production of food produced from the farm.

Broiler Harvesting and Slaughtering Equipment to Remain Prominent Poultry Keeping Machinery

The division of the global poultry keeping machinery market has been done on the basis of product type, along with seven regions.

  • Based on product, poultry-keeping machinery is commonly used in broiler harvesting and slaughtering, which is expected to contribute to the growth of the market in the coming years. It is anticipated to play a prominent role in the global poultry-keeping machinery market throughout the forecast period. The other types of poultry keeping machinery such as vaccination, flooring, scales, nest, and cages, are also considered to project relatively high growth in the upcoming years.
  • Drinking and feeding poultry-keeping machinery also have noteworthy benefits due to their reduced microbial load and improvement in feeding pellets to the farm animals. This will improve the growth performance through feed intake, which will result in weight gain. This feed conversion ratio will lead to healthy protein gain.

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Poultry Keeping Machinery Market: Vendor Insights

The global poultry-keeping machinery report emphasizes some of the principal industry players in the global poultry-keeping machinery market. Some of the examples of the key players in the market are Valco Companies, Inc., Jansen Poultry Equipment, Vencomatic Group, Big Dutchman International GmbH, TEXHA PA LLC, Petersime NV, Hartmann Lebensmitteltechnik Anlagenbau GmbH, and HAMex-GmbH, among others.

Key Segments of Poultry Keeping Machinery Industry Survey

Poultry Keeping Machinery Market by Product

  • Feeding
  • Drinking
  • Climate Control
  • Incubator Equipment
  • Hatchery Equipment
  • Egg Collection, Handling, and Management Equipment
  • Broiler Harvesting and Slaughtering
  • Residue and Waste Management
  • Others (Vaccinations, Floorings, Scales, Nests, Cages)

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Produced Water Treatment Systems Market Size – With rising oil and gas activities across the world, the overall market is projected to grow at a CAGR of 5.8% between 2022 and 2029, surpassing a valuation of US$ 6.38 Bn by 2029.

Asia Pacific Industrial Pumps Market Growth – Asia Pacific Industrial Pumps market is estimated to be valued at US$ 24.8 Bn in 2022 and is projected to increase at a CAGR of 4.7% in the forecast period from 2022 to 2032.

Industrial Water Cooling System Market Demand – The global industrial water cooling system market is likely to garner a market value of US$ 1,673.1 Million in 2022, expected to reach US$ 2,648 Million by registering a CAGR of 4.7%

Industrial Wireless Broken Signal Solutions Market Trends – Global Industrial Wireless Broken Signal Solutions market is estimated to be valued at US$ 4,209.1 Mn in 2022 and is projected to increase at a CAGR of 6.5% in the forecast period from 2022 to 2032.

Industrial Safety Footwear Market Value – The Industrial Safety Footwear Market size exceeded US$ 9.50 Bn in 2020 and is expected to rise at a CAGR of over 6.3% from 2022 to 2032.

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Rising Adoption of Automation Across Oil & Gas Companies Fueling Oil & Gas Terminal Automation Market Growth in the U.S

Rising demand for energy across the globe along with increasing investments in terminal automation solutions is expected to provide a strong thrust to the growth of the oil & gas terminal automation market during the forecast period. The global oil & gas terminal automation market size was valued at US$ 1258.0 Mn in 2021 and is likely to surpass a valuation of US$ 1303.1 Mn in 2022. The overall demand for oil & gas terminal automation is also anticipated to increase at a 7.8% CAGR between 2022 and 2032, reaching a value of roughly US$ 2761.6 Mn by 2032 as a result of the oil and gas industry’s rapid expansion.

A growing emphasis is being placed on the construction of storage terminals all over the world due to an increase in the demand for liquefied natural gas and excess oil and gas production in some areas of the world, including North America. As a result, it is likely that during the forecast period, investment in the development of oil and gas terminals will increase.

This, along with the existing demand-supply scenario is expected to boost revenue growth of the global oil and gas terminal automation market in the next 10 years. Growing emphasis on the adoption of Wireless technology and Internet of Things (IoT) based terminal automation systems is anticipated to be witnessed during the forecast period.

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Growing concerns about cyber security and safety coupled with relatively higher initial capital investment associated with building a completely automated oil and gas terminal are likely to serve as impediments to the growth of the global oil and gas terminal automation market between 2016 and 2026.

Segmentation highlights

The global oil and gas terminal automation market has been categorically divided into key market segments based on category and region. Based on type, the market has been segmented into software, hardware, and services segments. These in turn are divided into critical sub-segments.

  • The Software category segment is projected to dominate the global oil and gas terminal automation market during the forecast period, accounting for a market share of nearly 38% in terms of value by the end of 2026. On the other hand, the hardware segment is estimated to witness a 7.0% CAGR during the forecast period to account for a market share of 33.7% in the overall oil and gas terminal automation market by 2026 end. Within the hardware segment, the HMI segment is likely to witness fast growth during 2016 –-2026.

Regional projections

The North American and Asia Pacific excluding Japan (APEJ) markets are anticipated to emerge as the dominant regional markets in the global oil and gas terminal automation market throughout the assessed period. Asia Pacific is estimated to project an 8.8% CAGR in the forecast period, 2016–2026. The oil and gas terminal automation market in countries in Eastern Europe is also likely to witness steady growth in the next 10 years.

Vendor insights

The global oil and gas terminal automation market is dominated by a few top market companies such as Honeywell International Inc., Emerson Electric Co., ABB Group, Rockwell Automation, Inc., Yokogawa Electric Corporation, Siemens AG, FMC Technologies, Inc., and Schneider Electric SE. Certain key market companies are increasingly focussing on acquiring smaller players with specialised offerings – for instance, wireless technology-based advanced systems – to better cater to the steadily growing global market demands to gain an edge over the competition.

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About Industrial Automation Division at Future Market Insights

The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offers comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across the manufacturing sector. The team also conducts distinctive analyses of the installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industries.

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Growth Outlook Of The Industrial Linear Accelerator Market Is Predicted To Advance At A CAGR Of 6.3% From 2022-To 2032

The global industrial linear accelerator market is expected to exhibit a robust growth of around 6.3% CAGR over the projection period from 2022 to 2032. The global market is expected to reach US$ 2,979.8 Million in 2022 and is likely to be valued at US$ 5,486.4 Million by 2032. According to the historical evaluation of the market, it accounted for around 4.5% CAGR from 2016 to 2021. In addition to that, it also utilizes scanning devices for vehicles and cargo since they do not disturb the material being inspected along with saving time and money during inspecting materials in the security sector.

Demand for industrial linear accelerators is on the rise majorly because it is utilized for non-destructive testing that assists in evaluating the properties of different material without damaging them. A wide range of applications has been adopted by the industrial linear accelerators in both private and government sectors during the forecast period.

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The market is anticipated to surge at a phenomenal pace with a high CAGR during the forecast period. Furthermore, the industrial linear accelerator is massively utilized for maintenance services and manufacturing industries. Such as cargo inspection, medical waste disposal, agriculture, food irradiation, gemology, aerospace, automotive, rocket motors, castings inspection, and missile/defense systems. All these end-use industries are driving the industrial linear accelerator market growth throughout the projection period.

Key Takeaways

  • The market is being fueled over the assessment period due to the rising scanning equipment in industries and increasing awareness among people. Whereas on the other hand, surging demand for high yields and decreasing costs without compromising quality is growing the market size during the forecast period. Industrial linear accelerators are utilized in radiation therapy in order to treat cancer, increasing the demand for industrial linear accelerators in the medical sector.
  • LINAC is known as a device that efficiently treats cancer patients due to its cost-effectiveness. Marketers are good at observing patient behaviors and patients are drastically shifting towards non-invasive treatment processes which are likely to surge the adoption of industrial linear accelerators in recent years. This therapy offers advanced treatment and is applicable for various cancers with surgery and other procedures.
  • In addition to that, industrial linear accelerators are gradually becoming an integral part of several industries such as food and preservative, mining, metal casting, waste management industries, etc., which is resulting in flourishing market growth. However, the present trend is used for better technology and equipment in order to get better results which will increase the demand for industrial linear accelerators during the forecast period.

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Competitive Landscape

The market is fragmented by several key vendors present during the market during the forecast period. These key vendors are innovating products and focusing on the customer’s requirements during the forecast period.

Some of the key players in the market are:

  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Wasik Associates Inc.
  • VIVIRAD S.A
  • Iotron Industries Canada, Inc.
  • IBA group
  • Jiangsu dasheng accelerator manufacturer co., LTD
  • DIONDO GMBH
  • High Voltage Engineering Europa B.V. (HVE)
  • NISSIN ELECTRIC Co.,Ltd.
  • Varian Medical Systems, Inc.

More Insights into the Industrial Linear Accelerator Market

The global market is segmented into several prominent regions including North America, Europe, Asia Pacific, Latin America, and MEA. Europe is expected to account for 28% of the total share of the industrial linear accelerator market over the projection period. In addition to that, the major consumers in the market are focusing on extensive applications of industrial linear accelerators in the manufacturing industry. However, increasing globalization, evident from the increase in international trade and outbound-inbound, led to positive growth in the European industrial linear accelerator.

The North American industrial linear accelerator market is expected to secure a surprising CAGR of 24% throughout the forecast period. A reasonable increase in industrial production is witnessed in several countries including the United States, with high growth in PMI (purchase manager index) numbers, which accelerates the market growth during the forecast period. Moreover, rising advanced technologies are surging the demand for industrial linear accelerators in North America in recent years.

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

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Explore FMI’s related ongoing Coverage on Industrial Automation Domain

High-Temperature Industrial Burner Market Size : The global high-temperature industrial burner market size was valued at US$ 1.44 Bn in 2021 and is projected to grow at a CAGR of 3.9% from 2022 to 2032.

Industrial Weighing Equipment Market Growth : The global industrial weighing equipment market is expected to be valued at US$ 2,456.2 Million in 2022, and is projected to reach US$ 3,992.5 Million by 2032.

Industrial Safety Footwear Market Trends : The Industrial Safety Footwear Market size exceeded US$ 9.50 Bn in 2020 and is expected to rise at a CAGR of over 6.3% from 2022 to 2032.

Asia Pacific Industrial Pumps Market Forecast : The Asia Pacific Industrial Pumps market share is projected to reach US$ 39.3 Bn in 2032. The growing worldwide industrialization has been increasing the demand for the industrial pump.

Industrial Wireless Broken Signal Solutions Market Analysis : The Global Industrial Wireless Broken Signal Solutions market share is projected to reach US$ 7,901.1 Mn in 2032.

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Throughout The Forecast Period, The U.S. Is Expected To Continue To Be One Of The Most Lucrative Downhole Tractor Markets.

The global downhole tractor market is anticipated to continue to be significantly shaped by the development of integrated well intervention technologies like production logging and pipe inspection and cleaning. According to a recent study by Future Market Insights, the global downhole tractor market is anticipated to reach US$ 312.9 million in 2021, growing at a CAGR of 4.9% from 2021 to 2031.

Downhole tractors are critical to the well intervention process due to their ability to integrate with a wide range of application tools. Downhole tractors have grown in popularity since their introduction in the late 1990s, and this trend is expected to continue throughout the forecast period.

Furthermore, as newer technologies are combined with downhole tractors, adoption is expected to increase steadily over the forecast period.

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The ongoing crisis caused by COVID-19 pandemic had a severe impact on the global economy. It has negatively affected supply chain networks and manufacturing activities as some of the leading economies went under complete or partial lockdown to contain the virus. This subsequently affected the downhole tractor market, causing a significant fall in the market growth. However, it is expected to recover as the economic activity resumes post the containment of pandemic.

KEY TAKEAWAYS OF DOWNHOLE TRACTOR MARKET STUDY
  1. 2021 is expected to be a tough year for downhole tractor market as it is projected to record 0.4% Y-o-Y. However, recovery at a positive rate is on card 2022 onwards
  2. The U.S. is expected to remain one of the key markets, accounting for 65.6% of the market in North America in 2021
  3. With Europe, the U.K. will exhibit sluggish Y-o-Y growth in 2021, which is expected to pick up at the U.K. market registers above 4% Y-o-Y growth in 2022
  4.  Germany and France are expected to remain other lucrative markets for downhole tractors in Europe
  5. The demand from Japan and South Korea is expected to increase at a positive pace

 “The downhole tractor market is gradually expanding due to increasing integration of latest technologies to facilitate operation in challenging well bore conditions. Rise in oil and gas investments and increase in oil and gas projects will create attractive opportunities for the market. Key participants are investing in strategic alliances, partnerships and product innovations to gain a competitive advantage. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise.” says FMI analyst.

Downhole Tractor Market is expected to be an opportunistic market in the forecast period owing to increasing demand from old oil wells for extending its production life. Moreover, manufacturers are emphasizing on developing customized products as per customer demands along with improved life cycle and higher efficiency. These factors are expected to positively influence growth in the market during the forecast period.

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Compititive Landscape:

The global downhole tractor market is largely dominated by established players, occupying a market revenue share of more than three-fourth of the market share. Some of the players are focusing to carve a niche for specific demography. The global market for comprises some large scale and middle scale manufacturers focusing on product innovation and high end technology development.

Some of the leading companies operating in the market are:

  • Halliburton
  • Schlumberger
  • Aker Solutions
  • WWT International
  • Expro Group
  • Baker Hughes GE
  • ALTUS Intervention
  • Hunting Plc

For instance, in 2018, Saudi Aramco, one of the leading public petroleum and natural gas company in Saudi Arabia awarded Baker Hughes a stimulation and well testing contract in 2018. The contract included optimizing production across existing as well as new wells across the nation.

In November 2019, 3 major players in the well intervention market namely Aker BP, Schlumberger and StimWell Services formed a strategic alliance for well intervention and stimulation activities in Norway.

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Growing Emphasis on Workplace Safety Boost the Condition Monitoring Service Market

The global condition monitoring service market is anticipated to surpass US$ 3.52 Bn by the end of 2022. Condition monitoring is known as the practice of examining and monitoring the state of equipment and machines to detect changes and variations that may signal the development of a malfunction.

The demand for condition monitoring services is estimated to reach US$ 6.79 Bn by 2031 projecting a CAGR of 9.8% during the forecast period 2022-2031. Escalating emphasis on the integration of condition monitoring software with computerized process control services and maintenance management software is expected to favor the growth in the market.

As per Future Market Insights’ latest comparison and review analysis report, it has been projected that North America is anticipated to register robust growth in the global condition monitoring service market, accounting for more than 25% of the total sales by 2022.

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Key Takeaways

  • Since these services track vital characteristics like temperature, vibration and noise identification, these properties drive the market growth.
  • Increased emphasis on extending machinery life, decreasing downtime, and enhancing product quality have propelled reasonable growth in the market.
  • According to FMI analysis, demand for condition monitoring services especially in the industrial sector is expected to rise in the future years.
  • The dramatic increase in the unfortunate incidents due to workplace machine failures and labor injuries caused by equipment failure has led to the drastic inclination toward condition monitoring services.
  • Increased machine usage time and accelerated industrial activities throughout the world resulted in heightened workplace death which drove the world’s attention to condition monitoring services.
  • The North American region is projected to register robust growth in the global condition monitoring service market, accounting for more than 25% of the total sales by 2022.

Competitive Landscape

Schaeffler Technologies AG & Co., Kirloskar Brothers Ltd, Siemens AG, Honeywell International Inc., ABB Ltd., Emerson Electric Co., Rockwell Automation, Inc., Fluke Corporation, Parker Hannifin Corp., General Electric, Festo Group, AB SKF, Fuji Electric, Eaton Plc, Meggit PLC, PCE Instruments, AIMIL ltd., Bachmann Electronic GmbH, Ingeteam, Bruel & Kjaer Vibro GmbH are some of the key companies profiled in the full version of the report.

Key companies in the global condition monitoring service market are focusing on launching novel products and services to expand their service portfolio. Some of the players are also aiming at mergers and acquisitions to gain a competitive edge.

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More Insights into the Condition Monitoring Service Market

According to the analytic report of Future Market Insights, Sweden is projected to dominate the European condition monitoring service market accounting for a significant share between 2022 and 2031.

The surge in renewable energy development and an increasing number of wind turbine installation projects are stalling the growth in the European region, accounting for more than 21.3% of sales by 2022.

The significant use of vibration monitoring services is witnessed in identifying and assessing any changes in the operation of wind turbines. Hence, rising wind energy generation activities in Sweden are expected to bolster the sales in the market.

The U.S. is anticipated to emerge as the most lucrative condition monitoring service market in North America, accounting for more than 25% of the global sales by the end of 2022.

With a significant surge in automobile production, condition monitoring services adoption is advancing to calculate the life of assets, predict failure and help schedule maintenance.

India is estimated to account for 15.2% of sales in the South Asia and Pacific market over the assessment period.

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Condition Monitoring Service Market by Category

By Technique:

  • Vibration Analysis
  • Corrosion Monitoring
  • Infrared Thermography
  • Ultrasound Testing
  • Motor Condition Monitoring
  • Oil Analysis

By Operation:

  • Route Based Monitoring
  • Portable Machine Diagnostics
  • Online Machine Monitoring
  • Online Machine Protection
  • Factory Assurance Test

By End Use Industry:

  • Oil & Gas
  • Power Generation
  • Aerospace & Defense
  • Automotive & Transportation
  • Marine
  • Mining & Metal
  • Food & Beverage
  • Chemical & Petrochemical

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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Sales Of Gas Detection Equipment Are Projected To Total A Market Valuation Of US$ 7,288.1 Mn By The End Of 2032

According to Future Market Insights, the global gas detection equipment market is expected to grow from US$ 4,321.3 Mn in 2022 to US$ 7,288.1 Mn by 2032, with overall sales exhibiting a CAGR of 5.4% CAGR from 2022 to 2032.

Rapid growth of industries like oil & gas and mining across the world along with a growing focus towards enhancing worker safety is a key factor driving demand for gas detection equipment.

Similarly, global demand for gas detection equipment is anticipated to increase as a result of new, cutting-edge technologies that can provide useful information at the workplace, enhance employee safety, and reduce risk. Due to expanding facilities in the oil and gas industry and increased global mining activity, the market will expand more quickly over the forecast period.

Furthermore, the introduction of workplace safety standards supported by the need for preventing gas leaking to protect both people and the environment will generate high demand for gas detection equipment during the forthcoming decade.

As a value-added proposition, relevant manufacturers in the market provide their clients with a variety of after-sales service packages and field support services. They are also focusing on the production & development of advanced & end-user-specific custom products to achieve maximum sales. The market’s income will be supported and fueled by a variety of activities, such as repair help, maintenance services, replacement services, technical services, and equipment downtime monitoring.

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Key Takeaways from Gas Detection Equipment Market Study

  • Based on product type, the fixed gas detector segment currently holds around 52.1% of the volume share of the global market.
  • By end-use industry, the oil & gas industry is set to hold around 30.6% of the market share on a value basis by the end of the forecast period.
  • In terms of sensor technology, the electrochemical sensor technology segment is expected to grow at a CAGR of 5% during the forecast period.
  • South Asia & Pacific gas detection equipment market is expected to grow at a CAGR of 7.5% over the assessment period.
  • North America holds around 25.4% share of the global gas detection equipment market.
  • Germany held approximately 18.6% share of the Europe gas detection equipment market in 2021

“Demand for gas detection equipment is deemed to surge at a steady pace in the upcoming period amid increasing investments in the oil & gas sector as well as industrial development, especially in developing countries,” says a Future Market Insights analyst.

Who is Winning?

The gas detection equipment market is moderately consolidated, with around 25–30% market share held by top players across the globe. To achieve more sales, top companies are creating contracts with end users and developing custom products according to the needs of the customer. Along with that, manufacturers have focused on enhancing their sales network to achieve a strong global presence.

Some of the key players in this industry include but are not limited to MSA Safety Incorporated; RKI Instruments, Inc.; Drägerwerk AG & Co. KGaA; Honeywell International Inc.; Halma plc; Danfoss A/S; Emerson Electric Co.; Teledyne Technologies Inc.; Testo SE & Co KGaA; Inficon Holding AG; Sensidyne, LP; ESP Safety Inc.; Opgal; Fortive Corporation and Sensor Electronics.

Find More Valuable Insights

The research report examines the demand for Gas Detection Equipment. The impact of COVID-19, various macroeconomic factors, market trends, and market background have all been considered in the global Gas Detection Equipment market. As per Future Market Insights, the market has been analyzed based on product type, type of gas detection technology, type of gas, end-use industry, sensor technology and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.

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About Future Market Insights — Industrial Automation

Future Market Insights Industrial Automation division provides a unique approach and perspective on the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about installed base, consumables, replacement, and the USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

About Future Market Insights (FMI)

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

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