Large Synchronous Motor Market Global Industry Overview and Competitive Landscape till 2031: Says FMI

The global market for Large synchronous motors is anticipated to be valued US$ 222 million in 2031. In its analysis, Future Market Insights (FMI) predicts a stable long-term growth outlook for the market. According to the study, the worldwide big synchronous motor market will grow at a moderate CAGR from 2021 to 2031. The report looks at 20+ high-growth sectors and gives specifics on how the growth of Large Synchronous Motors will vary over the next decade.

The COVID-19 outbreak and subsequent measures to contain the virus’s spread dampened demand for big synchronous motors in 2020. Nonetheless, when the industrial sector begins to revive, sales will increase up. According to the report, demand for large synchronous motors with capacities of 25 to 40 MW is expanding. Heavy-duty applications, on the other hand, found demand for the 40 to 80 MW capacity. Throughout the forecast period, the 25 to 40 MW category will continue to account for the majority of sales, according to the analysis.

Increasing in investment in various public infrastructure projects will create lucrative opportunities for growth. For instance, the expansion of water treatment plants, especially desalination plants, will fuel the demand for large synchronous motors.

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The overall market for large synchronous motors growing at a relatively slow pace post the pandemic, nonetheless, its trajectory will continue rising steadily through the course of the report’s forecast period. The three key markets for large synchronous motors are China, India, and Europe. Markets in ASEAN countries are expected to grow moderately.

Key Takeaways

  • Large synchronous motor market will exhibit 2.6% y-o-y growth in 2021, backed by increasing application across diverse sectors
  • The U.S. will emerge as a lucrative market, thanks to expansion of mining activities. It will account for nearly 75% of sales in North America market in 2021
  • Within the U.K. increasing focus on water treatment will continue driving growth
  • Expansion of infrastructural facilities will create growth opportunities in France and Germany
  • China will emerge as a highly lucrative market, thanks tocontinued investments in power generation and industrial infrastructure.

“Surge in demand for 25 to 40 MW synchronous motor in recent years is expected to provide an impetus to large synchronous motor sales. High efficiency, low fuel requirement, and high performance of large synchronous motors will continue creating growth opportunities,” says FMI analyst.

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Subdued Growth Likely following COVID-19 Outbreak

The COVID-19 pandemic is currently impacting the global economy at various levels and the impact is seen on large synchronous motor market as well.  The Large Synchronous Motor growth is currently subdued by the COVID-19 pandemic crisis and is expected to witness a significant drop in demand till 2021.

With a number of end use industries affected in several countries, the growth of the market is challenged as well. The decelerating demand is expected to result in a significant drop in Y-O-Y growth yet FMI expects large synchronous motor to grow at a moderate CAGR through 2031.

Competitive Landscape

The market is fairly consolidated, with key 7-8 players accounting for overall market share.Some of the key players in the market are

  • ABB,
  • General Electric,
  • WEG,
  • Siemens AG,
  • VEM Group, among others.

These players are likely to invest in new technologies, especially customized variants, to maintain their market share.

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Asia Pacific Tritium Light Source Market To Grow At 2.3% CAGR By 2031 End

The report estimates global tritium light source market to grow at nearly 2.3% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on tritium light sources market growth will evolve in the next decade. Global tritium light source sales are set to be valued at US$ 206.4 Mn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.

Demand for tritium light sources was moderate in 2020. The COVID-19 outbreak also slowed demand from key end-use sectors such as defence and aerospace, industrial infrastructure, and civil and commercial. However, given the possibility of stimulus in a number of countries, the market’s long-term outlook remains positive.

According to FMI, the market will remain stable, with demand from the defence and aerospace sectors supporting it. New technologies such as tritium sources are expected to be in high demand in the industry. Demand is expected to be especially strong in Asia Pacific emerging markets like China, India, and Indonesia. Rapid growth in the civil and commercial sectors in this region’s urban and semi-urban areas will also help drive market expansion.

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Key Takeaways

  • After negative growth in 2020, the market will register a positive 2% Y-o-Y growth in 2021
  • Backed by presence of a strong military & defense sector, the U.S. will account for nearly 70% of sales in North America in 2021
  • Despite being a leading market, the U.K. will register a moderate 2.5% Y-o-Y growth in 2021
  • Germany is forecast to register sluggish growth in demand, while growth in France will remain steady
  • Increasing defense budget will continue boosting sales in China, followed by Japan and South Korea

 “Rise in demand for self-illumination in recent years is expected to provide an impetus to tritium light sources sales. Besides this, the demand from the supplier side and from the end-use industries across the globe is propelling the tritium light sources market growth. The decrease in availability of tritium on a global scale might impact the pricing of the tritium light source. The U.S. NRC is implementing regulations for decreasing the production of tritium, which might affect growth in the coming years” says FMI analyst.

North America to Continue Exhibiting High Demand

Developments in commercial, civil and defense aviation across the globe has set the platform for growth in the market and are among the key factors shaping growth of the industry. North America, which approximately holds one third of the market is expected to continue to the trend in the forecast period. The tritium light source industry is expected to grow in U.S., post pandemic due to its usage in exit signs in various public spaces such as theatres, hallways and corridors. Along with the usage of tritium light sources in industrial applications, the tritium light sources market in China is expected to grow attributing towards its sales of GTLS in novelty items like key chains, and navigational items such as compasses.

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Competitive Landscape

The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Evenlite Inc, Cammenga, Beta Light, ITTSAN GTLS, MB Microtec AG, SRB Technologies, and Trijicon.

Tritium light source market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of defense and aerospace equipment that meet personalized requirements of consumers. Collaboration with regional defense and aerospace as well as civil and commercial companies as a prime strategy expected magnify in the forecast period.

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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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Philippines Culinary Tourism Market to Grow at 14.7% CAGR through 2032

The Philippines culinary tourism market size is anticiupated to reach US$ 5405 million in 2022 and to exceed US$ 21,302.47 million by 2032. According to the analysis, demand for culinary tourism in the Philippines is expected to grow at a CAGR of 14.7% between 2022 and 2032.

Philippines culinary tourism market share is predicted to increase significantly due to its unique location, hospitality, cultural heritage, and the presence of popular food destinations. Cooking, or the potential to deliver, taste, or eat delicious food, is one of several factors influencing the adoption of culinary tourism in Philippines.

People are opting for culinary tourism in Philippines as it is tranquil and fascinating region with a rich cuisine culture.  Increased exposure to various social media sites have boosted people’s knowledge of several trends driving the expansion of the Philippines culinary tourism market.

The growing demand for culinary tourism in Philippines may be attributed to the increase in the number of travelers selecting unique and exotic holiday spots to escape their busy daily lives and gain useful experiences.

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Tourists choose the Philippines as the best culinary tourism destination due to the variety of tasty foods and beverages available. As a result, the market value of Filipino cuisine has soared in recent years. In the realm of culinary, people can visit other locations and taste and enjoy various dishes and beverages from other locations. The demand for culinary tourism in the Philippines is predicted to rise as people from all over the world visit to learn about their cuisine culture.

According to the World Tourism Organization, border closures, airport closures, hotel closures, and restrictions on large gatherings, land travel, and related services endanger 100-120 million jobs worldwide.  In addition, the closure of public spaces and tourism activities, pandemic negatively impacted the Philippines culinary tourism market.

However, in the face of this situation, key players in Philippines culinary tourism market are currently focusing on revitalizing and revitalizing their businesses through a variety of strategies, including:  By developing an online platform and providing quality tourism services, we will be able to reach a larger consumer base at low cost.

“The Philippines has a wide range of first-class and world-class restaurants with gourmet delicacies and traditional Filipino cuisine. Every Filipino dish is built around fresh seafood and delectable fruits. With culinary influences from all around the world – including native Asian, Oriental, European, and American cuisines. As a result, Philippines culinary market is projected to grow significantly by 2032”-  FMI Analyst.

Key Takeaways:

  • Food festivals continue to dominate the market, based on the type of activity most tourists prefer. The food festival is estimated to contribute heavily to the culinary tourism market in Philippines.
  • The online booking segment is the leader in booking segments. It is estimated to contribute more to the culinary tourism market in Philippines.
  • The age group most interested in culinary tourism in Philippines is the age group 26-35, representing millennials who love to discover new places and new cuisines.
  • It is estimated that domestic tourists will increase in the projected year due to increased knowledge of how self-sufficient and how many different dishes are available in Philippines.

Competitive Landscape 

Major companies in the Philippines culinary tourism market are projected to account for approximately 2%-7% of the total market share by 2032. Furthermore, key players of Philippines culinary tourism are focusing on promotional strategies and advertising popular tourist destinations in Philippines to improve sales in the market.

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Major players present in the Philippines culinary tourism market are Rio Travel and Tour, Viator travelers, Tripadvisor travelers, Leisure Pro Journeys, Yolo Travel Philippines, Blue Horizons Travel and Tours, Inc, Rio Travel and Tour, CTPH TOUR, Saferide Car Rental, Traveling Spoon, Royal Island Resort and Watersports, Explore Manila Tours, Sebastien Chamaret and Michelle Africa, World Holiday Travel and Tours Palawan, Poochie’s Kitchen, Joner Germina among others.

Recent Developments in the Philippine Culinary Tourism Market

  • Tours & Travel in Asia has developed tailored programmes and “à la carte” itineraries for a variety of niche specialisations, including high-end luxury, honeymooners and families, special interest, group tourism, and meetings and incentive events.
  • Rajah Vacation Corporation and Club Med have joined forces to provide luxury travel experiences to the Philippine market. Club Med has been known as the pioneer of all-inclusive vacation packages with a French touch since the 1950s. It operates approximately 70 locations throughout the world, including 20 ski resorts.

The Philippines Culinary Tourism Market by Category

By Activity Type:

  • Culinary Trials
  • Cooking Classes,
  • Restaurants
  • Food Festivals
  • Others

By Booking Channel:

  • Phone Booking
  • Online Booking
  • In Person Booking

By Tourist Type:

  • Domestic
  • International

By Tour Type:

  • Independent Traveler
  • Package Traveler
  • Tour Group

By Consumer Orientation:

  • Men
  • Women

By Age Group:

  • 15-25 Years
  • 26-35 Years
  • 36-45 Years
  • 46-55 Years
  • 66-75 Years

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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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Automotive In-Wheel Motors Market to Grow at a CAGR of 38.0% through 2022-32 | FMI

Automotive in-wheel motors have recorded a remarkable surge in sales in recent years, influenced by multiple factors ranging from greater driving range per charge to elimination of components such as driving and differential shafts. According to a study of Future Market Insights (FMI), the automotive in-wheel motors sales will exceed 720 thousand units in 2019. Affordability of in-wheel motor in terms of power consumption relative to the traditionally employed central drive unit system will continue to uphold its preference by automakers in the near future.

Elimination of unnecessary components is one of the primary adoption determinants of automotive in-wheel motors, as they significantly reduce the weight of battery-electric vehicles (BEVs), while crawling up on vehicle electrification and lightweighting trends. BEV accounted for over 7 in 10 automotive in-wheel motors sold worldwide in 2017, according to the study. A key trend influencing BEV-specific in-wheel motor sales is miniaturization and integration of inverter, which features a compact design.

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Automotive in-wheel motors are likely to remain touted as a sustainable future alternative to propulsion systems used in powertrains. With promising future prospects of BEVs, and palpability of optimized hydrogen fuel cell technologies, certainty spotlights automotive in-wheel motors’ promising prospects in the upcoming years.

Passenger Cars Hold Supremacy in Adoption of Automotive In-Wheel Motors

The study opines that passenger cars will continue to retain their reign in the automotive in-wheel motors market, with approximately 637 thousand units expected to be sold in 2019. Key offerings with affordability, such as improved vehicle dynamics and lower design complexity in power transmission to wheel, continue to drive adoption of automotive in-wheel motors in passenger cars. Passenger cars integrated with in-wheel motors enable enhanced traction control, along with torque vectoring functions devoid of added bill-of-materials.

The automotive in-wheel motors market grows in tandem with penetration of electric vehicles is significantly backed by the regulations on vehicle emission, as nearly 20% of these emissions result directly from fuel evaporation. Contribution of these zero emission vehicles to environment pollution is insignificant, despite their indirect impacts during electricity generation and storage.

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Automotive In-Wheel Motors Market: Key Players Introducing Novel Solutions to Clasp Greater Share

Key players in the automotive in-wheel motors market have come up with novel solutions to offset latent challenges faced in terms of deployment, operation, and functionality. Companies such as Protean Electric have claimed to have overcome obstructions related to use of automotive in-wheel motors, such as road shocks and additional mass, along with complexity associated with motor control software.

Protean’s new automotive in-wheel motors make drivetrains highly energy-efficient, while increasing the fuel economy over 30%. On the other hand Nissan has developed automotive in-wheel motors for the working prototype of the company’s futuristic concept car. Companies such as Ziehl-Abegg have introduced automotive in-wheel motors that enable application in fuel-cell, battery-operated, and hybrid commercial electric vehicles.

Permeation of electrification trend in the automotive space shows no signs of abating, with prospects revolving around motor and charging technologies that are becoming more multipurpose and sophisticated. Robust uptake in electric vehicles worldwide has led automotive OEMs to catch up with efforts on the development of second-generation motors, wherein performance, noise, and efficiency are deemed key imperatives. Higher levels of auto parts integration, and sturdy, compact packaging of powertrain components are some of the imminent developments in the automotive in-wheel motors market.

As benefits of automotive in-wheel motors continue to outweigh challenges faced in their deployment and functionalities, along with efforts toward offsetting the latter, industry leaders have directed their focus on R&D activities. These researches are primary aimed at design developments to impart mechanical, electrical, and thermal stress resistance to the automotive in-wheel motors during their operation.

This FMI study also offers forecast on the automotive in-wheel motors market for the period between 2018 and 2027. The automotive in-wheel motors market will record a staggering CAGR of over 35% through 2027.

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Key Questions Answered in the Report

  • How has the automotive In-Wheel motors market evolved over the past four years?
  • What shape is the automotive In-Wheel motors market expected to take in terms of volume and value during the study period?
  • What are some of the prevailing market dynamics in the automotive In-Wheel motors market?
  • What are the competition developments and trends in the automotive In-Wheel motors market?
  • What are some of the underlying macro-economic and industry factors impacting the growth of the automotive In-Wheel motors market?
  • What are the important key challenges, opportunities and improvement factors for automotive In-Wheel motors market players?
  • What are the important market positioning and key strategies of key manufacturers as per the automotive In-Wheel motors market taxonomy?
  • How is the competition structured at present? How has it evolved in the automotive In-Wheel motors market over the past few years?

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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Bonded Magnets Market – Business Opportunities and Global Forecast to 2032: FMI

The global bonded magnets market is currently valued at around US$ 2.38 Bn, and is anticipated to progress at a healthy CAGR of 5% to reach US$ 3.52 Bn by 2030-end.

Rising competition in electronics industry worldwide is fostering innovations in material development – lightweight material housing – for e-drive systems. Bonded magnets market is growing in line with the trend as lightweight, yet cost-effective components remain the top priority of industry executives.

The consumer electronics appliances and electrical equipment segments are also contributing majorly to the bonded magnets market in East Asia. Various manufacturing giants have either establish or are in the process of setting up manufacturing plants in the region. This is likely to significantly propel the demand for industrial magnets in the region.

Future Market Insights, an ESOMAR-certified market research firm, in an updated edition of its report, revised the forecast to 4.8% CAGR. This revised forecast reflects the sluggishness induced by the COVID-19 pandemic shockwaves.

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Bonded Magnets Market Size Study

  • The global bonded magnets market is expected to register revenues worth around US$ 3.5 Bn in 2030
  • Neodymium (NdFeB) magnets would remain highly preferred under rare earth bonded magnets
  • Calendaring bonded magnets to account for over 60% of overall market value
  • Market players to tap growth potential in consumer electronic appliances and medical devices
  • Adoption of bonded magnets to remain prominent in sensors and motors

“Bonded magnets are highly beneficial in medical devices such as MRI machines, and other health monitoring devices as they provide better sterility to these equipment as well as are used to affix components for ingress protection. The adoption of bonded magnets in medical devices is expected to rise at nearly 6% CAGR through 2030,” says analysts at FMI.

COVID-19 Impact on Bonded Magnets Market

The COVID-19 has severely impacted the bonded magnets market, bringing extended global supply chain strategies under scrutiny. Sudden shutdowns of manufacturing units in China – largest producer of rare-earth minerals – and the subsequent ripple effect is triggering widespread chaos across the global market.

Studies reveal that the worldwide sales of light vehicles (LV) are expected to slump by 17.2% in 2020. Moreover, the global sales of electric vehicles (EV) are anticipated to drop by 18% in 2020. Moving forward, the global consumer electronics industry has witnessed a steep decline in sales tantamount to around 60% towards the end of Q2 of 2020.

Bonded magnet manufacturers are heavily dependent on automotive and consumer electronics industries for revenue generation – over 40% collectively. As such, sales dip in both the end-use industries is putting a dent on the demand growth of bonded magnets market. On the flip side, the overall situation of the market is likely to stabilize in H2 of 2020 and Q1 of 2021, as the COVID-19 pandemic subsides.

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Bonded Magnets Market: Competitive Intelligence

The global bonded magnets market is fairly consolidated with leading players capturing significant chunk of total market value. Hitachi Metals, Ltd., Shin-Etsu Chemical Co., Ltd., Ningbo Yunsheng Co. Ltd., TDK Corporation, and Advanced Technology Materials Co. Ltd. comprise of tier-I players in the market.

Leading market players are focusing on acquisitions as well as innovating their product offerings in order to expand their regional footprint and boost sales growth. Case in point,

  • In Jun 2019, TDK Corporation took over Showa Denko K. K.’s neodymium magnet alloy R&D center
  • Magnequench International LLC is developing bonded magnets with high-temperature aging attributes. The magnets are suitable for injection molded and compression molded automotive applications that require optimal aging properties

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UAE Faith Based Tourism Market to Reach at US$ 290 Mn Opportunity by 2022

The UAE faith based tourism market is projected to reach a valuation of US$ 290 Mn in 2022. Sales in the UAE faith based tourism market are projected to increase at 12.7% CAGR from 2022 to 2032.

The UAE has one of the most prosperous religious tourism industries in the Gulf. It is also considered to be the Arab world’s largest source of tourists. Emergence of Halal tourism, a subcategory of tourism meant for Muslim families who abide by the rules of Islam is anticipated to bode well for the UAE faith based tourism market in the next decade.

Various tour companies are gaining new opportunities owing to the advent of Halal tourism and are thus designing unique travel packages, following every guideline of Halal. They are also striving to attract more visitors by providing novel facilities in accordance with the religious beliefs of Muslim tourists.

Besides, the UAE government is investing huge sums in the development of new spiritual places for people of all religions. It is a significant factor that is boosting religious pilgrimage tourism in the UAE.

Also, government agencies in the country are taking various initiatives to promote and protect its legacy and culture. The Department of Culture and Tourist, Abu Dhabi, for instance, aims to regulate, promote, develop, and advertise Abu Dhabi’s tourism business.

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Key Takeaways: UAE Faith Based Tourism Market

  • By booking channel, the online booking segment is leading the market and is estimated to generate ~36% of the UAE faith based tourism market share.
  • By age group, the 46-55 years segment is anticipated to remain at the forefront in the UAE faith based tourism market through 2032.
  • Based on tourist type, the international segment is estimated to hold the lion’s share over the forecast period.
  • By tourism type, the religious and heritage tours segment is likely to generate ~9.0% of market share during the assessment period (2022-2032).
  • In terms of tour type, the package travelers segment is projected to account for the highest share in the UAE faith based tourism market by 2032.

“Ongoing development of online booking platforms by travel agents and companies to help tourists gain in-depth knowledge about a particular attraction before traveling is expected to boost the UAE faith based tourism market,” says a FMI analyst.

Competitive Landscape: UAE Faith Based Tourism Market

Leading faith based tourism service providers based in the UAE are focusing on adopting various organic and inorganic strategies, including customized tour packages, airfare discounts, and online booking platforms to attract more travelers.

Some of the key players in the UAE faith based tourism market are Saifco Travel & Tourism L.L.C, Trav Trips Travel and Tourism LLC, Arooha Tours & Travel Dubai, Sky King Travel and Tourism L.L.C, ATS Travel, Regal Dubai Travel Agency, Rayna Tours and Travel, Rayna Tours, Seaman Tours, Orient Travel & Tourism Agency LLC, Jashna Tourism L.L.C, Pinoy Tourism and Travel, Dubai Private Tours, Rezbook Travel Agency, and Al Shahad Travel among others.

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UAE Faith Based Tourism Market Outlook by Category

By Tourism Type:

  • Day Trips & Local Gateways
  • Museums
  • Pilgrimages
  • Religious and Heritage Tours
  • Others

By Booking Channel:

  • Phone Booking
  • Online Booking
  • In Person Booking

By Tourist Type:

  • Domestic
  • International

By Age Group:

  • 15-25 Years
  • 26-35 Years
  • 36-45 Years
  • 46-55 Years
  • 66-75 Years

By Consumer Orientation:

  • Men
  • Women
  • Children

By Tour Type:

  • Independent Travelers
  • Tour Groups
  • Package Travelers

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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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North America Inductor Market Is Predicted To Expand At 5.4% CAGR During The Forecast Period 2022-2032

The U.S. holds around 79.7% market share of the North America inductor market and it is predicted to expand at 5.4% CAGR during the forecast period. Robust expansion of automotive and consumer electronics industries, increasing adoption of advanced technologies, and strong presence of leading manufacturers are some of the key factors driving the U.S. inductor market.

Consumer electronics is a very dynamic industry in the United States, with rapidly changing technological developments and innovations in consumer products. Inductors are increasingly being used to provide low DCR characteristics and large currents. As a result, rising demand for wearable electronic devices and a growing preference for automation technology in various industries are expected to drive demand for inductors over the forecast period.

Rising production and usage of electronic products globally as a result of rapid digitalization is expected to drive the inductor market during the forecast period. Similarly, the inductor market is expected to grow tremendously during the next ten years as a result of rising automation in several end-use industries, including the automotive, consumer electronics, and power industries.

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Currently, the overall inductor market holds approximately 15% share of the global passive components market and this number is likely to further surge due to growing penetration of digitalization and increasing popularity of electrical vehicles.

Regional Analysis:

East Asia, led by China, is emerging as the most profitable inductor market due to the rapid growth of the consumer electronics and automotive industries, favourable government support, and easy availability of raw materials.

China’s economy has grown steadily in recent years, fueled primarily by an export boom. China is a major exporter of electronic components in the East Asian region. China’s global production share of electronic circuit components is approximately 32.9%, placing it far ahead of other electronics manufacturing hubs.

The U.S. holds around 79.7% market share of the North America inductor market and it is predicted to expand at 5.4% CAGR during the forecast period. Robust expansion of automotive and consumer electronics industries, increasing adoption of advanced technologies, and strong presence of leading manufacturers are some of the key factors driving the U.S. inductor market.

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Germany’s inductor market is anticipated to expand at a robust CAGR of 6.8% over the forecast period. Sales in the country are projected to increase by 2x times by the end of 2032, generating revenues worth US$ 932.1 million.

Between 2017 and 2021, the global inductor market grew at a CAGR of about 2.9%. FMI forecasts the overall inductor market to grow at a 6.1% CAGR through 2032, owing to the rapid growth of the consumer electronics and automotive industries.

The trend toward electrification has grown across industries such as automotive at a rapid pace during the last few years and it is likely to further escalate during the projection period due to rising fuel prices. This is providing a major impetus to the growth of inductor market.

Competitive Landscape

In recent years, there has been an increase in acquisition and growth operations to strengthen the inductor supply chain. Several major Inductor manufacturers are also studying, developing, and launching new products.

For instance,

  • In April 2022, Murata announced the availability of the DFE32CAH_R0 series of metal power inductors for high-temperature applications of up to 150 °C. These new products support large currents by optimizing the internal coil structure design and utilizing original metal materials.
  • In March 2022, TDK Corporation introduced a new series of shielded SMT power inductors, optimized for high saturation currents and low DC resistance.

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Global Inductor Market By Category

By Inductance Type:

    • Fixed Inductors
    • Variable Inductors

By Type:

    • Multi-Layered
    • Wire Wound
    • Molded

By Core Type:

    • Air Core
    • Ferrite Core
    • Iron Core

By Mounting Technique:

    • Surface Mount
    • Through Hole

By Application:

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

By Region:

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

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Automated Material Handling Systems Market expected to rise from US$ 28.8 Billion in 2022 to US$ 70 Billion by 2032 | FMI

The automated material handling equipment market is projected to grow at a 9.4% CAGR during the forecast period, reaching $70 billion by 2032

The global industry for these machines are growing rapidly due in part because they offer increased efficiency and lower labor costs when compared with traditional methods of transporting goods around warehouses or plant floors.

The material handling industry is expected to benefit from the growing trend toward smart factories. In order to evaluate ope.rating efficiency and decrease waste, the entire manufacturing floor now requires monitoring at every step of the process. In such cases, smart factories with handling equipment provide continuous monitoring of all processes. Furthermore, many intuitive technologies included in material handling systems, such as cloud connectivity and data analytics, improve asset performance and give real-time actionable data.

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Wireless remote-control systems that help give better diagnostics and save commissioning time are also provided by the incorporation of such automated material systems placed in facilities. The rise of industry 4.0 and smart factory development is creating a potential market for automated material handling systems as a result of the aforementioned considerations.

The failure or breakdown of AMH equipment can have a significant impact on a company’s overall earnings. Breakdowns cause the entire production process to be delayed, resulting in output losses and plant performance degradation. As a result, such automated material handling systems business’ must invest extensively in preventive maintenance of their AMH equipment in order to avoid downtime and assure proper operation.

The automated material handling systems market growth is predicted to rise as the e-commerce industry continues to develop. Today’s e-commerce industry is booming all over the world, creating a great need for process automation. Amazon, Walmart, and other major retailers are progressively incorporating automated technologies to carry out operations in a more efficient, precise, cost-effective, and secure manner.

Aside from that, the growth of the manufacturing industry is a big contributor to the material handling systems market expansion. Owners of facilities are concentrating on producing and delivering products to their clients at a faster, cheaper, and higher quality rate. As a result, integrating handling equipment allows for more efficient production cycles, which minimises operational costs and waste.

SMEs are unable to fully automate their supply chains due to the high upfront expenses of implementing AMH technology. Because small businesses cannot afford automated material handling systems, they must rely on traditional/manual material handling methods. Some major businesses reduce their upfront costs by renting industrial trucks, leasing equipment, or purchasing used equipment. This is expected to hinder the sales for new equipment.

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Key Takeaways

  • Due to factors such as rising need for industrial processes and warehousing units, Asia Pacific dominates the worldwide automated material handling systems market.
  • Due to increased penetration of online shopping trends, the presence of large online vendors, rising logistics infrastructure, and other factors, the e-commerce sub-segment is predicted to grow significantly throughout the projection period. This trend is driving warehouse operators to add automation technology into their warehouses in order to manage the supply chain ecosystem more efficiently.
  • The unit load sub-segment is predicted to grow at the fastest rate, propelling the automated material handling systems market forward in the near future. This can be attributed to the e-commerce industry’s expansion.
  • Due to rising consumption from the food and beverage, pharmaceutical, and e-commerce industries, the packaging sub-segment is predicted to rise gradually over the projected timeline.

Competitive Landscape

Due to the growing demand for increased efficiencies at distribution centres as a result of the expansion of ecommerce, prominent corporations are proactively working on supplying automated material handling systems for logistics solutions businesses. Furthermore, to supplement the market for the handling equipment, these main companies are focusing on sales efforts. According to secondary sources, European retailers ordered Vanderlande TMHE’s AGFs to establish a fully automated distribution centre in their new distribution facility.

Daifuku, KION, SSI Schaefer, Toyota Industries, and Honeywell International are among the key players.

Recent Developments

KION Group will open a new forklift truck manufacturing in China in December 2021 to provide supply chain solutions. For future manufacture of industrial trucks and supply chain solutions in Jinan, the plant has a total volume of roughly 140 million.

Toyota Material Handling Japan introduced the SenS+ operation system in August 2021, which detects and identifies pedestrians and objects behind the forklift and instantly controls and stops the truck’s backward motion.

Daifuku and AFT industries collaborated in February 2021 to combine their material handling capabilities in the automotive business. Daifuku and AFT will benefit from each other as a strategy to open global markets and secure increased demand and investments in material handling systems from car manufacturers.

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Key Segments

By Product:

  • Robots
  • ASRS
  • Conveyors & Sortation Systems
  • Cranes
  • WMS
  • AGV

By System Type:

  • Unit Load Material Handling
  • Bulk Load Material Handling

By Vertical:

  • Automotive
  • Metals & Heavy Machinery
  • Food & Beverages
  • Chemicals
  • Healthcare
  • 3PL
  • Semiconductors & Electronics
  • Aviation
  • E-Commerce
  • Others

By Region:

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

About Future Market Insights (FMI) 

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

Contact:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Indonesia Sustainable Tourism Market is Estimated to Total US$ 10.2 Mn in 2022

The Indonesia sustainable tourism market is estimated to total US$ 10.2 Mn in 2022. Demand is slated to surge at a a 27.3% CAGR over the assessment period, in comparison to the CAGR of 21.4% registered between 2017 to 2021.

The Indonesia sustainable tourism industry is following various promotional activities such as direct marketing, discounts, offering free giveaways, and hosting events activities to promote their services. As the majority of potential customers are millennials who prefer social media to search and discover travel packages, companies are investing in advertisement on social media channels to improve sales.

Aside from that, the country’s service sector is gradually aiming for the contactless/online payment trend. When contactless transactions are allowed, customers save time by not trying to sort through cash or enter their PIN. The introduction of mobile payments has also made carrying a wallet out-of-date. Travel agencies and cash counters at tourist locations are offering cashless payment methods to offer convenience to tourists.

“Rising focus on sustainable development across remote locations in Indonesia, along with government-backed initiatives to support eco-friendly practices in the tourism sector will continue fueling the growth in the market,” says an FMI analyst.

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Key takeaways

  • 26-35 age group segment will continue to hold the highest share in market.
  • The domestic tourist segment will remain highly lucrative in the tourist type category
  • In terms of tour type, the package tours segment is estimated to account for a dominant share in the market.
  • Based on booking type, demand in the online segment will remain high through 2032.

Competition Landscape

Leading companies operating in the Indonesia sustainable tourism market are focusing on maintaining sustainable tours and eco-friendly practices during the trip, advertising popular tourist destinations in Indonesia, and new offers to improve sales.

Leading companies providing sustainable tourism in Indonesia are Altai Travel, Travelxism Sustainable Tour, Sumatra Eco Travel Bukit Lawang- Tours & Trek, Javaindo Ecotourism Tour & Service, Exo Travel Indonesia, Happy Trails! Asia-Indonesi, Azimuth Adventure Travel Lt, Satguru Indonesia-Travel Management Compan, K.B.A Tur (PT. Karang Bali Asli Tur, Delokal- Travel Like loca, Authentic Indonesi, Trijaya Travel: Sumatra Tour & Travel Agent Meda, Destinazones, Wild Sumatra Tours and others.

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Indonesia Sustainable Tourism Market by Category

Tourism Type:

  • Eco-Tourism
  • Green Tourism
  • Soft Tourism
  • Community Tourism

Booking Channel:

  • Phone Booking
  • Online Booking
  • In-Person Booking

Tourism Type:

  • Domestic
  • International

By Tourist Type, Indonesia Sustainable Tourism Market is segmented as:

  • Independent Traveler
  • Tour Group
  • Package Traveler

Consumer Orientation, Indonesia Sustainable Tourism Market is segmented as:

  • Men
  • Women

By Age Group, Indonesia Sustainable Tourism Market is segmented as:

  • 15-25 Years
  • 26-35 Years
  • 36-45 Years
  • 46-55 Years
  • 66-75 Years

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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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U.S. Automotive and Aircraft Interior Genuine Leather Aftermarket to be US$ 11.1 Bn by 2031

The U.S. automotive and aircraft leather aftermarket is projected to reach a valuation of US$ 7.8 Bn in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at 3.6% CAGR, with the market valuation reaching US$ 11.1 Bn in 2031.

Automotive and aircraft interior genuine leather is designed to provide comfort and to improve the visual appeal of the interiors. It also leaves the vehicle with a remarkable appearance and feel. It is used widely in midrange and premium passenger vehicles and in business class aircraft.

The interior of a vehicle and aircraft that adds to the aesthetic appeal, is also a major factor that influences consumer buying decision. Longer operational life and extended warranties are some factors aiding the growth of the market.

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Leather manufacturers are providing customization to meet the changing consumer requirements. This provides the end-user with a large selection of leather types to pick from, ranging from basic to advance.

As per FMI’s analysis, the automotive in end-use segment is anticipated to dominate the U.S. automotive and aircraft interior genuine leather aftermarket. Growth can be attributed to strong presence of key automotive and aviation players in the U.S., along with rapid adoption of new technologies to manufacture more efficient and durable leather. These trends will continue augmenting growth of the market over the assessment period.

Key Takeaways:

  • By end-use, the automotive segment is expected to account for more than half of total market share in 2021.
  • In terms of applications, sales in the passenger cars segment are projected grow at a 3.6% CAGR through 2031.

“The introduction of latest technologies in automotive seating such as climate-controlled seats in electric and hybrid vehicles is expected to boost demand. In addition to this, growing preference for lightweight vehicles is expected to bode well for the market in the forthcoming years,” says an FMI analyst.

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U.S. Automotive and Aircraft Interior Genuine Leather Aftermarket by Category

By End-Use:

  • Automotive
    • Passenger Cars
      • Compact
      • Subcompact
      • Mid-Size
      • Sedan
      • Luxury
      • Van
    • LCV
    • HCV
  • Aviation (Aircraft)
    • Narrow Body Aircrafts
    • Wide Body Aircrafts
    • Regional Jets
    • Business Jets
    • Helicopter

By Application:

  • Automotive
    • Upholstery
    • Dashboard
    • Seat belts
    • Airbags
    • Floor & trunk carpets
    • Headliners
    • Others
  • Aviation (Aircrafts)
    • Bottom Covers
    • Backrests
    • Seat Rear Pockets
    • Headrests
    • Armrests

By Country:

  • The U.S.

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Competitive Landscape

Leading players operating in the U.S. automotive and aircraft interior genuine leather aftermarket include Lear Corporation., WOLLSDORF LEDER SCHMIDT & Co. Ges.m.b.H, Bader GmbH & Co. KG., Leather Resource Of America Inc., Katzkin Leather, Inc., Hydes Leather, Carroll Leather., Alea Leather Specialist Inc, Danfield Inc, Townsend Leather Company, Inc, Perrone Aerospace, Moore and Giles, Spectra Interior Products and 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.

Contact:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
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