Market Research Blog – Page 9663 – New Product Development

INR Test Meter Market is projected to enjoy a valuation of US$ 1.3 Bn by the end of 2022 | FMI

[300+ Pages Report] The market for INR test metres is anticipated to reach US$ 1.3 billion by the end of 2022, growing at a CAGR of 6.3 percent, and surpassing US$ 2.4 billion by 2032. With a market share of approximately 79.7% in 2021, the devices segment dominated the global INR test metre market in terms of product type.

As per Future Market Insights, the global INR test meter market was around US$ 1.2 Bn in 2021, and is projected to exhibit a CAGR growth of close to 6.3% over the forecast period, exceeding valuation of US$ 2.4 Bn in 2032.

Patients with coagulopathic aberrations related to pathological conditions have a strong reliance on PT diagnostic platforms. Patients who take warfarin frequently have medical conditions that put them at high risk for severe illness, including hospitalization, intensive care admissions, and death, as per the Centers for Disease Control and Prevention.

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With the emerging importance of utilizing point-of-care tests, the market for INT test meters is set to witness high demand during the forecast period (2022-2032). One of the primary factors driving the growth of the INR test mater market is rising prevalence of cardiovascular diseases and blood disorders across the globe.

Demand for INR test meters is expected to grow due to increased awareness of these disorders, which will improve diagnostic rates and preventive care management. Further, with favorable government funds and investments for acquiring and installing such medical devices in public healthcare facilities, the demand in the market is projected to surge through 2022 & beyond.

Key Takeaways from Market Study

In terms of product, devices held approximately 7% of market value share in 2021, owing to their efficacy in delivering positive therapeutic outcomes.
Based on end users, hospitals segment is expected to register a CAGR of 8% during the forecast period.
North America is considered as the leading region with a value share of 6% in 2021, owing to high lifestyle associated disease cases, and rapid device approvals.
The U.K. is expected to lead the growth in Europe INR test meter market backed by its development in healthcare infrastructure

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“Growing advancements of digital solutions for medical use is set to propel the sales of the INR test meter market across the globe,” says an analyst of Future Market Insights.

Market Competition

Key manufacturers in the INR test meter market are adopting strategic approaches such as mergers and research activities for revenue growth and product portfolio expansion. Producers are also engaged in several patent expiry mitigation approaches to further provide upgraded product lines, thus establishing a strong geographical outlook.

In November 2021, CoaguSense Inc. incorporated a novel “Prothrombin Time Home Testing System” connected with MedM remote care platform.
In May 2021, Biosynex acquired Avalun to become a European leader in rapid diagnostic testing.

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What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the INR test meter market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.

The research study is based on the product – (device, lancet, and test strips), by end user (hospitals, speciality clinics, ambulatory surgical centres, and home care settings), across seven key regions of the world.

About Healthcare Division at Future Market Insights

Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.

About 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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Systemic Lupus Erythematous SLE Drugs Market to reach a valuation of US$ 329.18 Bn by 2032 | FMI

[250 Pages Report] Global systemic lupus erythematous drugs market growth is fast in North American region and is estimated to project remarkable CAGR growth throughout forecast period. In North America, the SLE is more prevalent among Hispanics, Asians, and Native Americans according to Centers for Disease Control and Prevention (CDC). The second largest and fastest growing global systemic lupus erythematous drugs market is Europe and is projected to reach nearly US$ 550 Mn and register a double digit CAGR due to higher prevalence of SLE in Europe.

Systemic Lupus Erythematous (SLE) is a chronic autoimmune disease which causes the immune system to mistakenly attack health body tissue. In SLE, body immune system can affect any part of the body, such as joints, organs, eyes, skin, etc. Often SLE can result in symptoms such as malar rash, discoid lesions, sub-acute cutaneous lesions, photosensitivity, oral ulcers, arthritis, serositis, nephropathy, neurologic involvement, thrombocytopenia, haemolytic anemia, fever, Raynaud’s phenomenon, livedo reticularis, thrombosis, and myositis.

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It is also known as a disease of flare-ups and remissions and can range from mild to life threatening severity. It is also called as drug-induced lupus erythematosus due to common observation against drugs such as isoniazid, hydralazine and procainamide. Currently, there is no complete treatment for SLE. While only two biologic agents have been approved by FDA to treat SLE, synthetic drugs are still the mainstay of therapy in SLE. Based on available evidence, azathioprine and mycophenolate mofetil are the drugs of first choice. Hydroxychloroquine should be considered an anchor drug in SLE because of the multiple beneficial effects of this agent.

Systemic Lupus Erythematous (SLE) Drugs Market: Drivers & Restraints

Global Systemic Lupus Erythematous (SLE) Drugs market is projected to grow due to high prevalence of autoimmune diseases particularly systemic lupus erythematous (SLE). Major drivers for global systemic erythematous drugs market are development of novel SLE therapies, increasing availability of bio similar drugs and increasing support for emerging research areas for new drug molecules. At the same time, increasing awareness of disease diagnosis and treatment as well as consistent research and development processes for novel drug molecules are important drivers for global lupus erythematous market.

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Additionally, safety and quality of systemic lupus erythematous controlling therapy may possibly be a challenge for the growth of the global systemic lupus erythematous drugs market. Moreover, numerous public awareness programs targeted to increase awareness levels are also being accompanied. For instance, Lupus Foundation of America (LFA) has been implementing various projects to increase central support for SLE research and services to support people and families affected by SLE. However, serious side effectswith steroids, sensitivity with antibiotics, limited usage of Benlysta for severe SLE patients, and stringent regulatory approvals for new treatment options with better levels of efficacy and safety are obstructing the global systemic lupus erythematous drugs market.

Systemic Lupus Erythematous (SLE) Drugs Market: Segmentation

The global systemic lupus erythematous drugs market is classified on the basis of molecule and region.

Based on type of molecule, the global systemic lupus erythematous drugs market is segmented into the following:

Corticosteroids

Prednisone

Cortisone

Hydrocortisone

Non-Steroidal Anti-inflammatory Drugs (NSAIDs)

Over-the-counter NSAIDs include

Ibuprofen (Motrin)

Naproxen (Naprosyn)

Prescription versions include

Indomethacin (Indocin)

Nabumetone (RELAFEN)

Celecoxib (Celebrex)

Anti-Inflammatories

Aspirin

Acetaminophen (Tylenol)

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Disease-Modifying Anti-Rheumatic Drugs (DMARDs)

Hydroxychloroquine (Plaquenil).

Cyclosporine (Gengraf, Neoral, Sandimmune)

Azathioprine (Azasan, Imuran)

Antimalarials

Chloroquine (Aralen)

Hydroxychloroquine (Plaquenil)

BLyS-specific Inhibitors or Monoclonal Antibodies (MAbS)

Belimumab (Benlysta)

Immunosuppressive Agents/Immune Modulators

Azathioprine (Imuran)

Methotrexate (Rheumatrex)

Cyclophosphamide (Cytoxan)

Anticoagulants

Low-dose aspirin

Heparin (Calciparine, Liquaemin)

Warfarin (Coumadin)

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Smart Wheelchair Market is expected to be at a CAGR of 7.8% from (2022-2032) | FMI

[322 Pages Report] The smart wheelchair market is subject to changes owing to the factors influencing the market such as the increasing prevalence of neurological disorders, rising awareness and demand for automated medical devices, increasing burden of the geriatric population globally, and the growing levels of disposable income of the target population.

According to the latest study conducted by Future Market Insights, the smart wheelchair market will be projected to be valued at US$ 162.6 Mn by the end of 2022 and is expected to exhibit a CAGR growth of 7.8% over the forecast period (2022-2032)

Although the independent movement is crucial, some wheelchair users find it difficult or impossible to operate conventional manual or motorised wheelchairs. Multiple overlapping physical, cognitive, or perceptual symptoms of diseases such as cerebral palsy, amyotrophic lateral sclerosis, cerebrovascular accident, multiple sclerosis, and spinal cord injury can make it difficult to use a wheelchair safely and independently. Varied forms of assistance from a smart wheelchair and different wheelchair form elements can benefit people with various symptom combinations.

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The COVID-19 pandemic had unprecedented effects on the world’s economy, along with sending the healthcare sector into a hyper drive. COVID-19 pandemic negatively influenced the smart wheelchair market during the peak of the pandemic in 2020, due to the shortage of supply of raw materials and other supply chain crises. However, the partial normalization of the world in 2021 opened up a foray of growth opportunities for the key players in this industry.

There are services in hospital settings where external consultations, tests, analyses, and procedures are conducted involving patient displacement. This is particularly important for those with balance and mobility issues caused by disability, pain, fractures, or abnormalities in the lower limbs. Patients are currently transported to hospitals by patient transporters. It could often be done in a wheelchair, which would be more beneficial, owing to its autonomy. As a result, delays and failures owing to a shortage of staff to carry out the transfer would be avoided.

Technological advancements are also shaping the growth of the smart wheelchairs industry for over a decade.

For instance, In November 2021, Sunrise Medical LLC. announced the launch of its new ZIPPIE® Sphynx™ an on the go, compact, easily transportable wheelchair that can fit within a compact car’s trunk according to the clients’ needs. The market is consolidated with a few key players dominating the industry.

Rising sedentary lifestyle, increasing popularity of ultra-lightweight smart wheelchairs, and increased focus on R&D for smart wheelchairs are some of the key trends of this market. The overall improved technology adoption globally will fuel the demand for smart wheelchairs and the market is likely to expand exponentially over the forecast period. (2022-2032)

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Key Players :

Medical Depot, Inc.
Permobil AB
Pride Mobility Products Ltd.
MEYRA GmbH
DEKA Research & Development Corp.
tmsuk company limited
Ottobock
WHILL Inc.
Invacare Corporation
Karman Healthcare, Inc.

Key Takeaways from this study:

The joystick based smart wheelchairs hold the highest market share of about 0% during the year 2021, expanding at a CAGR of 7.6% during the forecast period.
Mobility impairment by usage accounts for the largest market value share of more than 40% and is set to expand at a CAGR of 2%.
The healthcare settings as the end users hold a market share of 0% in 2021 with an expected CAGR growth of 6.8% during the forecasted years.
North America is a leading region for the global smart wheelchairs market during the year 2021, accounting for a market share of 0%.

“Growing patient awareness regarding smart wheelchairs would fuel the growth of this market globally” says an analyst of Future Market Insights.

Market Competition:

Acquisitions and expansion of existing facilities are some of the strategies adopted by leading manufacturers of the smart wheelchair industry such as Sunrise Medical and Permobil, to further their business and establish a stronger market presence.

In August 2020, Sunrise Medical announced the completion of a strategic acquisition of paediatric industry leaders, Leckey and Firefly, in order to extend its paediatric product and service portfolio.
In March 2022, Permobil, a leading player in the wheelchairs industry, announced an investment to expand their R&D and operations facility in Tennessee in order to expand their business.

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What does the report cover?

Future Market Insights offers a unique perspective and actionable insights on the smart wheelchairs market in its latest study, presenting a demand assessment of 2017 – 2021 and projections for 2022 – 2032.

The research is based on product-(joystick based smart wheelchairs and Bluetooth connected smart wheelchairs), usage-(mobility impairment, ocular disability, geriatric group, multiple disability and others), and end-user (healthcare settings, home care settings and public access), and across seven key regions of the world.

About Healthcare Division at Future Market Insights

Key Market Segments Covered in the Smart Wheelchair Industry Research

By Product:

Joystick based Smart Wheelchairs
Bluetooth Connected Smart Wheelchairs

By Patient:

Mobility Impairment
Ocular Disability
Geriatric Group
Multiple-Disability
Others

By End-User:

Healthcare Settings
Home Care Settings
Public Access

About FMI:

Global Safety Instrumentation Systems Market Is Forecasted To Be Valued At US$ 6947.3 Million By 2032: FMI

The global safety instrumentation systems market is forecasted to be valued at US$ 6947.3 million by 2032, up from US$ 4123.3 million in 2022, advancing at a CAGR of 5.4% during the forecast period.

The demand for safety instrumentation systems is on the rise because of the increasingly multidisciplinary engineering atmosphere. In the face of the growing need for engineers and technicians involved in the process of engineering to remain aware of the implications of operating and designing safety instrumentation systems.

Safety instrumentation systems are critical in providing a protective layer of functionality in a variety of industrial processes and automation systems. It facilitates hazard identification, safety requirement specification, and system and operation maintenance throughout the plant’s lifetime.

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The safety instrumentation systems are being highly adopted for protecting the environment and the nearby communities as when safe operating conditions are violated or safety limits are exceeded, the safety instrumentation systems are used for returning the process to a safe state.

Therefore, it is anticipated that the safety instrumentation systems market is likely to witness significant growth during the forecast period.

It is expected that the safety instrumentation systems market will be heavily reliant on the growth of the petrochemical and energy sectors, which will drive the global growth of the safety instrumentation systems market.

Furthermore, machine safety demands are continuing to rise, and the major drivers in the safety instrumentation systems are stringent mandates for safety regulations, high demand for safety instrumentation systems in the oil & gas, energy & power, and food & beverages industries, and the rising need for reliable safety instrumentation systems for machine protects.

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Furthermore, the rise of the global automotive manufacturing industry is expected to be one of the major drivers of the safety instrumentation systems market. The federal government.

The North American market is expected to have significant growth in the coming years. Currently, the North American regions are cumulatively holding 24.0% of the total share of the safety instrumentation systems market. Owing to growing awareness regarding safety and the emergence of new technologies are leading to high demand for safety instrumentation systems in this region. Rapid industrialization and adopted safety in power generation firms are bolstering the market size of safety instrumentation systems in North America.

Competitive Landscape

Some of the leading players operating in the safety instrumentation systems market include Emerson Process Management (the U.S.), Rockwell Automation (the U.S.), Johnson Controls, Inc. (the U.S.), General Electric Company (the U.S.), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), ABB Ltd. (Switzerland), and Tyco International Plc (Switzerland).

The key players are continuously getting indulged in collaborations and other research and development activities to positively innovate the safety instrumentation systems to reduce the risk not to the unrealistic ideal of zero, but to a low level that can be bearable or can be solved later.

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Key Segments in the Safety Instrumentation Systems Market

By Type:

Safety Switches
Safety Sensors
Emergency Stop Devices
Programmable Safety Devices

By Product Type:

Emergency Shutdown System (ESD)
Safety Interlock System
Safety Shutdown System (SSD)
Fire and Gas Monitoring and control
Burner Management System (BMS)
Turbo Machinery and Control (TMC)

By Application:

Chemical
Oil and Gas
Pharmaceutical
Paper and Pulp
Metal and Mining
Wastewater Treatment
Food and Beverages
Power Generation

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

About Us:
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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Asia Pacific Excluding Japan Is Projected To Dominate The Sorting Equipment Market Between 2022 And 2032: Says FMI

The global sorting equipment market size totaled US$ 3.7 Bn in 2021 and is projected to create an incremental opportunity of US$ 7.5 Bn by the end of 2032. The demand for sorting equipment in the global market is estimated to surpass US$ 3.9 Bn by 2021, expanding at a CAGR of 5% to 6% during the forecast period 2022-2032.

Asia Pacific excluding Japan is projected to dominate the sorting equipment market between 2022 and 2032, reveals FMI.

Constantly increasing costs of labor are compelling several sectors to adopt innovative systems to perform critical and time-consuming tasks. This, in addition to growing trend of industrial 4.0 and increasing number of government initiatives for industrial process automation is further creating huge growth prospects for the sorting equipments market across Asia Pacific excluding Japan.

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Material handling involves movement, storage, control and protection of materials during their manufacturing, distribution, consumption, and disposal. There are different material handling systems and equipment uses in industrial plants such as sorting equipment. The process of sorting helps in several purposes such as component segregation, assembling and packing identical items by a section.

Additionally, there are numerous uses for sorting, including the organisation of books, consumer goods, and other items. Sorting equipment are considered to make things easier and the sorting equipment techniques can be digital sorting, optical sorting, magnet sorting, sensor sorting to name a few more.

Market Participants

Examples of some of the market participants/vendors identified in the Sorting Equipment Market across the globe are: Sesotec, Tomra, Greefa, B uhler Sortex, BarcoVision, Satake USA, Key Technology, Meyer, Aweta, Daewon GSE, Raytec Vision, Concept Engineers, RTT Steinert, BT Wolfgang Bnder, TaiHo, MSS, Pellenc, CP Manufacturing, MSS, Inc.

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

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Sorting Equipment Market: Driver

Increase in demand for process automation in food industry is anticipated to fuel the demand for sorting equipment market. Moreover, in many industrial sectors (such as pharmaceutical and automotive) is of high importance. Sorting machine can be more cost efficient and operate quickly, while ensuring the quality of the product which is never compromised. Therefore, it will drive the demand for sorting equipment market.

Sorting Equipment Market: Restraint

The restraining factor of the sorting equipment market is the high cost of this equipment and their number of extra parts that increase the price of the equipment. Moreover the current installed base which has a reasonable shelf life will cause limited progress of the market where comparatively less number of new units is likely to be secured by end use customers. Also, slowdown of manufacturing industries in developed countries is another factor as a limits the demand for Sorting Equipment market

Sorting Equipment Market: Trend

Nowadays, optical sorting equipment are on high demand. These sorters are substituting manual sorting processes in the food industry owing to the shortage in the rising labor costs, and an enlarged demand from consumers who want high-quality systems. The rising labor costs are compelling several sectors to implement these systems to perform time-consuming and critical tasks.

The food industry is growing its focus on installing automation for increasing the productivity. From getting raw material to checking the finished products, these systems are being executed into the production lines to help in reviewing the production volumes. Moreover, these systems help in removing foreign defective & material products and help in achieving improved product quality and decreased operational costs, thereby driving the sorter equipment (optical) market demand.

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Key Segments Profiled in the Sorting Equipment Market Survey

By Product Type:

Freefall Sorter
Channel Sorter
Automated Defect Removal (ADR)
Belt Sorters
Optical Sorter

By End Use:

Chemical Industry
Food Industry
Pharmaceutical Industry
Plastic Industry
Wood Industry
Agriculture Industry
Packaging Industry
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa

Automated Sortation System Market Size Predictions : US$ 14.35 Bn by 2030

With sales of automated sortation systems enjoying Y-o-Y growth of 5.9% in 2022, the market is expected to be valued at US$ 8.09 Bn. The global automated sortation system market is anticipated to reach a valuation of US$ 14.35 Bn by 2030, expanding at a high CAGR of 7.4% (2022-2030).

Operators in the automated sortation system market are increasing their own reliability index through timely deliveries, giving them a competitive advantage in the overall market, with newer sortation systems having sortation rates close to 100%. Throughput improvements enable stakeholders to plan ahead of time for capacity forecasts.

Manufacturers are steadily expanding their logistics and warehousing operations to improve sorting and picking, with the accuracy and efficiency of automated sortation systems set to improve KPIs. Automated sortation increases profit margins by a respectable 1% while also assisting in order total cycle time reduction.

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Key Takeaways of Automated Sortation System Market

Modern drive systems in automated sortation systems to reduce CO2 emissions by 80%
Accuracy of automated sortation system set to boost perfect order percentage by 3%-4%
Medium throughput sorters will be most lucrative and are slated to capture 46% of the market share through 2030
33% is the overall revenue share of the top 3 countries in the automated sortation system market
Linear automated sorters will witness the most prolific growth through 2030

The COVID-19 Impact on Automated Sortation System Market

The prevailing pandemic has severely obstructed growth within the automotive and air cargo segments which have been majorly hit. However pharmaceutical and food and beverages are seen to benefit. With food and beverage production and supply being deemed as essential services and pharmaceutical sector seeing a burst of innovation the market will see new drug formulations rolling out.

As the social distancing protocols have caused a paradigm shift towards online based shopping and goods procurement, this is turn have boosted the growth opportunities for e-commerce industry. With 60% of countries in partial lockdown, e-commerce is gaining significant traction thus helping businesses using automated sortation systems to scale up. On an optimistic note Future Market Insights anticipates the market to recover over the next 4-6 quarters. Despite the economic slowdown, the market has openly embraced automation without the need for human labor. This move has also led to better optimization of resources and various capital investments to minimize production overheads.

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Automated Sortation System Market – Competitive Intelligence

Goods to person is one of the most upcoming and advanced automated solution driving order fulfillment. Today it has carved a niche for itself due to its importance in the supply chain. The leading stakeholders in the market easily occupy a wholesome 34% of the overall market share. Faster delivery times, lower cost positions and increased weight capacities are some of the main strategies of the leading players.

E-commerce giants such as Amazon, Walmart as well as CEP (Courier, Express and Parcel) companies are showing increased inclination towards sortation systems. These companies are exclusively partnering with sortation system manufacturers for optimized sorting solutions at their warehouses. In land constrained, emerging markets, many players are focusing on integration of industrial and residential land uses. Vertical and flexible warehousing solutions is another trend players are capitalizing on.

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Europe, The Middle East And Africa (EMEA) Industrial Robotic Motors Market Is Set To Account For Approximately 20.4% Of The Share In 2022

The presence of a large number of reputed robot wheel motor manufacturers and research institutes in the U.K. is estimated to drive the market during the assessment period. Europe, the Middle East and Africa (EMEA) industrial robotic motors market is set to account for approximately 20.4% of the share in 2022, estimates FMI.

In January 2022, for instance, researchers at the Birmingham University announced that they have started working on the development of autonomous, self-learning robots that can be put to work in disassembly and other similar tasks.

The global industrial robotic motors market is expected to grow significantly over the forecast period, owing to a number of driving factors such as high demand for robots across end-use industries, rapid growth of automation, and implementation of global energy-efficient norms, according to the report’s findings.

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The global industrial robotic motors market was valued at ~US$ 1.1 Bn in 2022, and is projected to increase at a CAGR of ~ 13.4% during the forecast period. This growth is significantly driven by the progressing automation in factories, installation of robots in a wide spectrum of service applications including healthcare, agriculture and defense, and implementation of modern robotic solutions.

The ongoing need for non-delay operations in a number of industries, in the view of rising product demand and shrinking workforce, has led to an incessant rise in the adoption of robotic technology, and the result is likely to lead to an increased demand for industrial robotic motors, according to the FMI analyst.

East Asia Continues to Offer Considerable Growth Opportunities

Growth prospects of the industrial robotic motors market are high in East Asia. The market in China has particularly been on a significant rise, owing to the fact that the robots are being incorporated in solutions as well as services. Substantial growth of the robot industry has been an eminent factor in the enhancement of industrial robotic motors in different sectors for South Korea. The rapid decrease in the workforce and the restricted influx of immigrants provide a strong incentive for robotics in Japan.

The inclination of these countries toward industrial robotic motors, fueled by major technology developments, is amplifying the market. In terms of growth, South Asia & Pacific region is estimated to project maximum growth rate in the coming years, owing to rapidly increasing automation in several manufacturing industries actively operating in the developing countries.

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Market Growth Underpinned by Rapid Adoption of Robotics Across Numerous Industrial Sectors

The global industrial robotic motors market has been segmented based on the different types of Motor, Robots, Fit type, and regions such as East Asia, South Asia Pacific, Europe and Middle East & Africa and the Americas.

Servo motor, under the motor category is expected to have the paramount share of market in the upcoming years. The segmental growth is followed by DC and stepper motors for handling certain procedures including pick and place where accuracy is not a prior parameter taken into consideration in the manufacturing operation.
Based on robot, articulated robot is expected to account for a prominent share of the global industrial robotic motors market. This line of growth is followed by SCARA, Cartesian/Gantry, Dual arm, Collaborative and Delta robots respectively which are expected to have a fair portion in the market development.
Based on fit type, first fit segment is expected to have a dominant share in the industrial robotic motors, owing to increasing rate of new installation of robots across the globe. The estimated life span of a motor used in industrial robots is around 5 years, therefore retro fit segment, is expected to account for a minimal in the market.

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Industrial Robotic Motors Market: Vendor Insights

The report highlights some of the prominent market players, who have established themselves as leaders in the global industrial robotic motors market. Few examples of key players in the market are Nidec Corporation, FAULHABER Group, PMDM Group, HDD, Aurotek Corporation, Kollmorgen, Fanuc Corporation, ABB Group and Kawasaki Heavy Industries among others.

The global industrial robotic motors market is considerably dominated by prominent market participants. These players are indulging into strategic collaborations, alliances, mergers and acquisitions. For instance, Nidec Corporation announced its establishment to form a joint venture to manufacture automotive traction motors with a subsidiary of China-based Guangzhou Automobile Group Company.

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Industrial Robotic Motors Market By Category

Motor Type:

Servo Motor
DC Motor
Stepper Motor

Robot Type:

SCARA Robot
Delta Robot
Cartesian/Gantry Robot
Articulated Robot
Collaborative Robot
Dual Arm Robot

Fit Type:

First Fit
Retro Fit

Region:

Americas
East Asia
South Asia & Pacific
EMEA

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Demand For Gaskets And Seals Is Expected To Rise At A Yearly Growth Rate Of 5.4%| FMI

During the forecast period 2016-2026, global demand for gaskets and seals is expected to rise steadily. According to the report, more than US$ 60 billion in gaskets and seals were sold globally in 2016. The report’s key projections predict that global gaskets and seals revenues will exceed US$ 100 billion by the end of 2026, with a value CAGR of 5.4%.

A comparative forecast on the global sales of gaskets and seals during the forecast period projects that global demand for seals will remain fairly higher than that of gaskets. By the end of 2026, solid and spiral wound gaskets will be observed as top-selling products in the market, procuring more than US$ 25 Bn in global revenues.

Multiple manufacturing processes used in various industrial verticals are all dependent on the efficiency of engineering equipment and systems. The use of gaskets and seals – devices that help connect multiple surfaces and systems to complete a mechanical workflow – can help meet the need to improve the operability of such systems.

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The report has also compiled key factors impacting the growth of global gaskets & seals market during the forecast period, which follow:

Rising instances of leakage in industrial units that cause considerable loss in terms of property damage & health risks can be averted by use of gaskets & seals
The demand for gaskets & seals is also expected to rise on the account of their compliance with several strict regulations, that prompt minimisation of leakage & fugitive emissions, observed across the globe
Advent of 3D printing is likely to lower costs of manufacturing gaskets & seals, and will also facilitate the urgency to deliver customised products
Key challenges inhibiting the market’s growth during the forecast period are complex manufacturing processes, altering designs and limited material applicability for production of gaskets & seals.

On the other hand, a majority of global sales of seals will dominated by dynamic seals. Static seals are projected to procure just over 42% share on global seals revenues through 2026-end.

The report further reveals that automotive industry will be one of the largest end-user of gaskets & seals in the world. However, the imprint of automotive end-use on the global gaskets & seals market will witness a downtrend, while revenues accounted by machinery and electronics & electrical industries during the forecast period will register 5.5% and 5.6% CAGRs respectively.

Key findings in the report also predict that more by the end of 2026, more than three-fourth of gaskets & seals revenues will be accounted by OEM sales channels. The report also expects Asia-Pacific excluding Japan region to dominate global gaskets & seals revenues by registering a value CAGR of 6.8% and brining in over US$ 43 Bn revenues by 2026-end.

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Other regions are expected to showcase a sluggish growth in terms of gaskets & seals sales, exhibiting CAGRs below 5%.

Nevertheless, the report expects that customisations made to existing gasket & seal products will hold lucrative opportunity for manufacturers in the years to come. Companies such as Freudenberg & Co. KG, Henniges Automotive Holdings Inc., SKF AB, Federal-Mogul Holdings Corporation, Smiths Group Inc. (John Crane), ElringKlinger AB, Trelleborg AB, Dana Incorporated, Banco Products (I) Ltd. and Parker Hannifin Corp. are observed as key manufacturers in global market for gaskets & seals.

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Gaskets and Seals Market Survey by Category

By Product Type:

Gaskets
- Jacketed Gaskets
- Solid Gaskets
- Spiral Wound Gaskets
- Kammprofile Gaskets
Seals
- Static Seals
- Dynamic Seals

By Sales Channel:

OEM
Aftermarket

By Material Type:

Metallic
Non-Metallic
- Elastomeric
- Others

By End Use Industry:

Automotive
Aerospace
Machinery
Electronics & Electrical
Marine & Rail
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
Middle East & Africa
Japan

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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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ASEAN Automotive Aftermarket is forecast to expand at 8.7% CAGR by 2031-end | Get Customized Reports

The automotive aftermarket in ASEAN is reeling from the COVID-19 impact, however, recovery is likely to be more immediate compared to European and American counterparts, according to a latest study.

Future Market Insights (FMI), an ESOMAR-certified market research firm, in an updated edition of its report, revised the forecast to 8.7% CAGR. This revised forecast takes into account sluggishness induced by the global pandemic.

Key Takeaways of ASEAN Automotive Aftermarket Market Study

The ASEAN automotive aftermarket market is expected to grow at 8.7% CAGR over the following decade
Demand for automotive aftermarket services to surge from low commercial vehicles (LCV) segment
Tires and batteries leading categories in terms of total sales

“Automotive manufacturers are increasingly relying on silicon anode batteries to power electric vehicles (EV), given their greater energy density and better battery life. As such, these batteries are gaining huge traction among OEMs,” says FMI analyst

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COVID-19 Impact on ASEAN Automotive Aftermarket Market

The growth of ASEAN automotive aftermarket market is linearly associated with the regional automotive industry. While the shockwaves of the COVID-19 pandemic are certainly felt across every sector, the automotive industry in ASEAN is potentially facing a significant grunt of it.

While the regional industry was already under pressure, especially in Indonesia and Thailand, acute supply chain disruptions due to COVID-19 outbreak in China is further worsening the situation.

Recent estimates reveal that the ASEAN automotive industry recorded a steep 42% decline in sales during January-May period in 2020. While Philippines topped the chart with 51.1% drop in sales, Malaysia and Indonesia registered 48.9% and 41.2% sales drop respectively. The ASEAN automotive aftermarket market, in turn, is stumbling from these reverberations.

Self-inflating Tires for Better Efficacy in Existing and Futuristic Cars

Over or under-inflated tires diminish fuel efficiency and range for conventional and electric vehicles (EV). As such, companies such as Continental AG have developed self-inflating tire concept that maintains pressure at preferred levels. The technology – C.A.R.E (Connected Autonomous Reliable Electrified) – is closely aligned with the requirements of e-mobility and autonomous driving.

The tires feature in-built pumps attached in the wheels that ensure the tire pressure remains in optimal range for efficiency. This technology is expected to help reduce CO2 emissions as well as slight improvement in average fuel economy. Majority of vehicle owners are focusing on leveraging self-inflating tires concept in a bid to avoid unnecessary maintenance expenses.

ASEAN Automotive Aftermarket Market – Competitive Intelligence

The ASEAN automotive aftermarket market is fairly competitive with, leading players capturing around 30% of the overall market value.

Most of the automotive aftermarket repair service providers in ASEAN countries fail to facilitate customers with a wide range of maintenance and repair services. Consequently, shop owners are focusing on offering specific services, or expanding their service radar. Moreover, small-scale players are forming partnerships with fleet operators and leasing firms to provide optimum maintenance and replacement services at cost-effective prices.

Find More Valuable Insights on ASEAN Automotive Aftermarket Market:

FMI, in its new market research study, delivers an unbiased analysis of the ASEAN automotive aftermarket market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report provides complete analysis on ASEAN automotive aftermarket market through three different categories – by category, by vehicle type, and region. The global ASEAN automotive aftermarket market study offers insights of pricing by different life cycle analysis, product life cycle, key market trends and technologies that are being implemented in the development of the ASEAN automotive aftermarket and product adoption in various end-use industries.

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ASEAN Automotive Aftermarket Segmentation

To understand and assess opportunities in the ASEAN automotive aftermarket, we have divided the report into three sections based on market segmentation as under:

By Category

Parts
- Tires
- Batteries
- Filters
- StartersandAlternators
- Lighting
- Exhaustcomponents
- Sparkplugs
- Lubricants
- Collisionbody
- Wear and Tear Parts
Accessories
- Interior
- Exterior
Services
- General automotive repair
- Automotive transmission and others

By Vehicle Type

Passenger cars
Commercial Vehicle

By Country

Malaysia
Indonesia
Philippines
Vietnam
Singapore
Thailand
Rest of ASEAN

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ASEAN Automotive Aftermarket Market Outlook & Key Findings

The ASEAN automotive aftermarket market is expected to click US$ 19.4 Bn in 2020
Manufacturers to reap substantial revenues from automotive aftermarket parts through 2030
Passenger cars continues to account for greater demand for automotive aftermarket services over the decade ahead
Malaysia, Indonesia, and Thailand to collectively capture over 80% of overall market value

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Golf Cart Market projected to reach US$ 2.12 billion in 2032, Says Future Market Insights

The golf cart market is anticipated to reach a valuation of US$ 1.34 billion in 2022, according to a recent market analysis by Future Market Insights (FMI). Through 2032, the market is predicted to expand at a CAGR of 3.9%.

The need for low-speed vehicles has increased for a number of functions, including short-distance commuting in parks, commercial districts, colleges, and other locations. As a result, the golf cart market is growing.

Moreover, future infrastructure and equipment developments are likely to help the industry as the leisure and tourist sector expands. Demand for golf cart is expected to rise as utility vehicles gain more and more use outside of golf courses.

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After the pandemic, it’s expected that restrictions are lifted and market demand can return to its pre-pandemic levels. Additionally, due to its modular architecture and variety of modification options, golf carts can be modified to match the needs of final consumers, enabling the owner to run a lucrative business.

The surge in sales of golf cart in the tourism, hospitality, academic, and other sectors is predicted to hasten the rise of golf cart market share.

A variety of federal and state laws that regulate the use of golf carts take into account a number of various factors, such as road access, passenger capacity, safety, headlights, brakes, and a valid driver’s license, which can impede the golf cart market growth.

In North America and Europe, the market is far more developed. Therefore, it is projected that future innovation and technology developments in the European and American golf cart industries, such as electrification, linked mobility, and autonomy, are fueling market expansion.

Key Takeaways

The golf cart market is likely to have a CAGR of 9% during the forecast period.
According to the product type, the electric golf cart holds 80.34% share in 2020 for the golf cart market.
North America holds a significant share in the global golf cart market.
Based on application, the golf course industry accounted for the largest market share by 2032.
The value of the golf cart market is expected to be US$ 2.12 billion by 2032.
Europe holds the second position in the golf cart market during the forecast period.

Competitive Landscape:

The golf cart market is projected to continue rapidly electrifying as manufacturers concentrate on creating and delivering new generation electric models with enhanced travel range and battery capacity during the projection period.

Major Market Players in the golf cart market are Club Car, LLC Yamaha Golf-Car Company, E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd, Xiamen Dalle Electric Car Co., Ltd. Company, Maini Material Movement Pvt. Ltd, Garia Luxury Golf Car, Cruise Car, Inc., Toyota Motor Corporation, Polaris Inc, Solorider, GDRIVE Golf Cart, Carrieall Car Pvt Ltd, and Volmac Engineering Pvt Ltd.

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Key Segment

By Product Type:

Push-Pull Golf Cart
Gasoline Golf Cart
Electric Golf Cart
Solar Powered Golf Cart

By Operation:

Manual
Powered

By Application:

Golf Courses
Personal Use
Industry Use
Others

By Ownership:

Rented
Fully Owned

By Region:

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

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Recent Developments

E-Z-GO debuted the E-Z-GO Liberty in June 2021, the company’s first golf car with four forward-facing seats in a small cart.
The Lamborghini family and Indian EV business Kinetic Green Energy & Power Solutions announced their collaboration to produce products for the international market in October 2021.
The Yamaha Golf-Car Company officially became the National Golf Course Owners Association’s (“Official Golf Car Partner”) “Official Golf Car Partner” in January 2021.

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