Bitcoin Market Size Worth $132.91 Billion By 2030 | CAGR 26.2%

 

Bitcoin Market Growth & Trends

The global bitcoin market size is expected to reach USD 132.91 billion by 2030, growing at a CAGR of 26.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing acceptance of cryptocurrencies globally, owing to the numerous advantages associated with them, such as decentralization and ease of exchange, is expected to drive the bitcoin market over the forecast period. Additionally, the payment service providers’ significant emphasis on delivering better payment solutions promotes the industry’s expansion.

Market players are investing in new and innovative product development to establish the Bitcoin market. For instance, in June 2022, Proshares, an issuer of Exchange-Traded Funds (ETFs), introduced the first ever short Bitcoin-linked ETF. It is specifically designed to help investors profit from price dips in cryptocurrency.

Several crypto exchanges are expanding their operational reach to grab the opportunity to capture the growing market of Bitcoin and cryptocurrency. For instance, in March 2022, Coinbase planned to expand its footprint in European markets, which is in line with the two-pronged growth strategy.

In 2020, the COVID-19 pandemic led to the global economic crisis, which significantly contributed to the growth of the bitcoin market. The outbreak led to a financial crisis, which resulted in currency devaluation. On the other hand, a spike in Bitcoin trading volume was observed during the significant currency devaluation. In times of crisis, residents shift to safe assets, and the Bitcoin trade picks up.

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Bitcoin Market Report

Bitcoin Market Report Highlights

• The exchange segment is expected to dominate over the forecast period owing to the large volumes traded on the exchanges every day and the growing popularity of bitcoin as an alternative investment option
• The BFSI segment is anticipated to dominate the market over the forecast period. The rapid adoption of cryptocurrencies among financial institutions owing to the unique opportunities such as the revolution in payment services is expected to drive growth
• The Asia Pacific regional market is expected to witness the fastest CAGR over the forecast period. The growing prevalence of crypto-based startups and decentralized finance (Defi) projects in countries such as Singapore and the Philippines is expected to boost the regional growth

Magnetic Materials Market Size Worth $48.17 Billion By 2030

 

Magnetic Materials Market Growth & Trends

The global magnetic materials market size is expected to reach USD 48.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.7% from 2022 to 2030. The rising investments in magnet-producing facilities are anticipated to augment the demand for the product during the forecast period.

The companies in the market are exploring the possibilities to expand their production capacities in end-use segments. For instance, in June 2021, Jintian Copper announced its plans to build facilities for the production of rare-earth magnets i.e., permanent magnets. The company is likely to target downstream mid to high-end products and improve the core competitiveness of the company.

Energy is anticipated to remain the fastest-growing application segment in Europe during the forecast period. Highly legislated climate targets require a rapid increase in renewable energy by 2030. The region adopted the European climate law in 2021 to reduce greenhouse gas emissions from end-use industries. This is projected to fuel the demand for magnets in renewable energy applications such as turbines.

In the electronics industry, magnetic materials are used computer cables, mobile phones, hard disk drives, printer machine rollers, fax stepper motors, voice coil motors, microphones, loudspeakers, earbuds, watches, and air conditioning compressors among others. Growth in the aforementioned products is thus likely to provide a boost to the growth of the magnetic materials industry.

Electric motors are the critical components used in industrial drives, household appliances, and transportation applications. Electricity consumption in these motors is very high and a slight improvement in energy efficiency assists in huge energy savings and thus reduction of carbon dioxide at the global level. Both soft and permanent magnets can be used in electric motors owing to their lightweight and small size with no compromise on the required torque and energy needed for transportation and actuation applications.

Transformers are the key products; wherein soft magnetic materials find applications in cores. Growth & investments in transformer manufacturing are projected to remain a crucial factor in the demand for soft magnetic materials. For instance, in May 2022, Hitachi Energy announced an investment of USD 10 million transformer production facility in Missouri, the U.S. With this investment, the company plans to expand its manufacturing capabilities and improve production capacity.

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Magnetic Materials Market Report

Magnetic Materials Market Report Highlights

• Based on type, soft magnetic materials held the highest volume share of more than 53.0% in 2021, and this trend is expected to continue during the forecast period. Growing investments in the energy production and distribution sector are projected to remain a key driving factor for market growth
• Permanent magnets are anticipated to remain the fastest-growing segment from 2022 to 2030. The government’s focus on renewable energy sectors including wind and solar energy and subsidies for such projects is likely to play important role in the growth of this segment
• Based on application, automotive & transportation accounted for the largest volume share of more than 36.0% in 2021. The demand for magnetic materials in switches, actuators, sensors and motors is anticipated to keep the growth momentum for this segment
• Based on region, in 2021, Asia Pacific was the dominant region with a revenue share of 66.0% 2021. The demand is expected to grow on account of the expansion of the automotive & electronics industry in China and India

Solvent-based Plastic Recycling Market Size Worth $965.10 Million By 2030

 

Solvent-based Plastic Recycling Market Growth & Trends

The global solvent-based plastic recycling market size is expected to reach USD 965.10 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 5.9% from 2022 to 2030. Growing consumption of plastics has resulted in growing plastic waste which because of improper plastic waste management has become a global crisis. Solvent-based recycling of plastic waste is one of the innovative ways to solve this crisis. To remove impurities a selective solvent dissolution process is used to recover plastics of minimum standards suitable for reuse.

Solvent-based processes can be useful in recycling plastics that are currently non-recyclable. Multilayer plastic materials are being used in many applications like electrical and electronic industries, and food and medical packaging. Globally about 100 million tons of multilayer plastics containing as many as twelve layers of varying polymers are produced each year. As recycling multilayer plastics is difficult almost all of that plastic ends up in landfills or incinerators. Solvent-based recycling can help solve this crisis by recycling multilayer plastics.

Some of the major companies in the solved-based recycling industry include Proctor & Gamble, APK AG, and Fraunhofer. Companies are resorting to collaborations and establishing new recycling plants to capture the market. For example, In August 2021, PureCycle Technologies signed an agreement with SK Global Chemical to set up a polypropylene (PP) recycling plant in South Korea. Also, major universities are actively researching to find novel methods of solvent recycling.

For example, scientists at the University of Wisconsin–Madison (UW-Madison) have discovered a method called Solvent-Targeted Recovery and Precipitation (STRAP) processing for extracting the plastics in multilayer plastics using solvents. In this process, polymers in a commercial multilayer plastic such as polyethylene, polyethylene terephthalate (PET), and ethylene vinyl alcohol by using a sequence of solvent washes.

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Solvent-based Plastic Recycling Market Report

Solvent-based Plastic Recycling Market Report Highlights

• The polystyrene product segment led the market with a revenue share of more than 47.7% in 2021 and is expected to maintain a healthy growth rate over the forecast period
• Stringent regulations regarding single-use plastic ban across regions including Europe, North America, and Asia, are expected to fuel the growth of the industry
• The growing demand for packaging and electrical & electronic products along with rising environmental concerns is expected to drive the demand for solvent-based plastic recycling in the electrical & electronics application segment
• The packaging application led with the largest revenue share of more than 38.6% in 2021. Increasing applications of plastics in food, medical and protective packaging are expected to drive the segment during the forecast period

Telehealth Services Market Size Worth $291.4 Billion By 2030

 

Telehealth Services Market Growth & Trends

The global telehealth services market size is expected to reach USD 291.4 billion by 2030 and is expected to expand at a CAGR of 30.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing smartphone penetration across the globe, coupled with improving internet connectivity, is paving a path for accessible and affordable telehealth services. According to bankmycell estimates, the global smartphone penetration accounts for 83.4% of the total population with approximately 6.6 billion users and 10.8 billion IoT cellular connections. Growing healthcare digitalization and increasing number of technology-friendly users are boosting industry growth. Growing demand for simplified disease management coupled with overburdened healthcare facilities with depleting resources is boosting adoption rates. The ongoing COVID-19 pandemic is one of the key driving forces responsible for the significant surge in the implementation of telehealth services across various areas in the healthcare supply chain. Patients are using virtual care solutions to track and monitor their health, schedule appointments, and receive medical assistance conveniently. For example, some of the market participants offering different telehealth solutions are MDLive, Teladoc Health, Doctor on Demand, Lemonaid, American Well, and 10To8.

The COVID-19 pandemic overburdened the existing crippling healthcare industry and further exhausted medical care personnel, thereby driving the demand for teleconsultations and virtual care. For instance, the U.S. government reserved funding of USD 200 million for telehealth services under the Coronavirus Aid. Relief, and Economic Security (CARES) Act. This funding would be used to enhance the accessibility of virtual care technologies across remote locations. Telemedicine platform vendors witnessed a surge in the number of active members in 2020 and 2021 as compared to the pre-pandemic era. Prominent changes in patients’ and providers’ attitudes towards telehealth solutions positively impacted the growth of the market. Furthermore, government authorities and regulatory bodies introduced reforms in their reimbursement policies to offer insurance coverage for virtual care services. For instance, in 2021, the Centers for Medicare and Medicaid Services introduced its reimbursable telehealth codes for physicians. Similarly, Singapore-based Doctor Anywhere partnered with Cigna and AIG to offer free virtual consultations to members across Vietnam, Singapore, and Thailand. Lastly, increasing public-private partnerships and widespread adoption of digital health technologies are anticipated to support industry growth.

The real-time interactions segment dominated the market in 2021 owing to the growing demand for live monitoring and managing of chronic diseases coupled with instant access to care services. The web-based segment emerged as the leading segment in 2021 owing to the availability of several web-based solutions offering direct access to patients. Patients led the market in 2021 owing to the growing awareness pertaining to digital health technologies, increasing technology-friendliness, and rising prevalence of diseases. North America accounted for the largest revenue share in 2021 owing to the increasing digital literacy, growing healthcare IT expenditure, developing infrastructure, and presence of key companies.

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Telehealth Services Market Report

Telehealth Services Market Report Highlights

• The market is expected to grow due to increasing mobile internet users, advancements in healthcare IT infrastructure, growing demand for affordable and accessible care solutions, and increasing awareness among industry stakeholders
• In the service type segment, real-time interactions held the largest share in 2021 owing to increasing integrations of artificial intelligence algorithms in these solutions, which is enhancing the experience of synchronous virtual visits
• Web-based delivery mode captured a dominant share in 2021 owing to the presence of numerous web-based solutions in the market with intuitive user interfaces and cost-effective services
• By end-use, the patients segment led the market in 2021 owing to the growing awareness among patients regarding digital health technologies and increasing health consciousness
• By application, tele-radiology accounted for the largest revenue share in 2021 owing to the growing number of imaging practices across the globe. Radiology practices were among the first medical care domains to experiment with telehealth services
• In 2021, North America dominated the market owing to the presence of renowned participants, emergence of startups, improving digital health infrastructure, rising prevalence of chronic diseases, and availability of cloud-deployed solutions

Non Invasive Prenatal Testing Market Worth $7.71 Billion By 2030

 

Non Invasive Prenatal Testing Market Growth & Trends

The global non invasive prenatal testing market size is expected to reach USD 7.71 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.61% from 2022 to 2030. Increasing incidence of chromosomal abnormalities is expected to accelerate market growth. Of all the countries, there is a substantial opportunity in China for non invasive prenatal screening, with nearly 14.65 million annual births and increasing number of high-risk pregnancies.

In addition, India has a heavy burden of genetic diseases. Various studies suggested that chromosomal abnormalities are found with a frequency of 1 in 166 newborns in the country, while trisomy 21 (Down syndrome) has a high incidence rate of 1 in 800 births, resulting in the birth of 32,000 newborns with Down syndrome every year. Families can benefit from accurate and early screening using NIPT to know about their baby’s genetic issue. Thus, this high incidence rate is anticipated to boost the demand for prenatal tests.

With lockdowns due to COVID-19, NIPT gained attention because it delivers high accuracy screening with minimum risk of infection compared to invasive procedures like chorionic villus sampling and amniocentesis, both of which may necessitate hospitalization and put patients and medical professionals at risk of contracting COVID-19 infection. Moreover, there was increased demand for prescription of NIPTs; however, it was limited to a smaller number of eligible people due to the lack of infrastructure and adoption of telemedicine facilities in most countries.

The reimbursement scenario pertaining to non invasive prenatal testing is highly variable. However, the support from the government and favorable insurance policies boost market growth. For instance, in the Netherlands, prenatal testing expenses are fully reimbursed in the second trimester, leading to increased adoption of these tests. Increase in government initiatives to encourage the bio- and pharmaceutical industry in emerging economies such as India and China is anticipated to boost the demand for noninvasive prenatal testing solutions and services.

Key players in the market are focusing on new product development to strengthen their product portfolios and offer innovative products to customers. In March 2020, Agilent Technologies launched three new microarrays to support prenatal and postnatal research by cytogenetic laboratories. The probes on the cyto microarrays offer high-resolution detection of copy number variation and copy-neutral loss of heterozygosity related to neuropsychiatric disorders, developmental delay, intellectual disability, and congenital anomalies in constitutional DNA samples.

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Non Invasive Prenatal Testing Market Report

Non Invasive Prenatal Testing Market Report Highlights

• By gestation period, 13–24 weeks dominated the market in 2021 owing to the maximum number of non-invasive prenatal procedures carried out in the second trimester of the pregnancy
• The low-risk pregnancy risk segment is expected to witness significant growth over the forecast period. Support from the government such as budget assignment for average-risk pregnancies contributed to the segment growth
• Based on product, the cell-free DNA in maternal plasma tests segment accounted for the largest revenue share in 2021. Cell-free DNA is increasingly being utilized in predicting the risk of genetic disorders in prenatal care via various genetic analyses
• Asia Pacific is expected to exhibit the highest CAGR over the forecast period. Rising maternal age and improving healthcare infrastructure are likely to strengthen the market growth
• North America dominated the market in 2021 due to high R&D investments, the presence of advanced healthcare facilities, and the development of whole genome sequencing

Age-related Macular Degeneration Market Worth $17.99 Billion By 2030

 

Age-related Macular Degeneration Market Growth & Trends

The global age-related macular degeneration market size is expected to reach USD 17.99 billion by 2030, according to a new study by Grand View Research Inc. It is expected to expand at a CAGR of 6.9% from 2022 to 2030. The growth is due to high R&D investments for new product development, product launches, rising age-related macular degeneration (AMD) prevalence, and the rising geriatric population.

Among wet (exudative) and dry (atrophic) age-related macular degeneration, dry AMD is a more prevalent eye disease with 85–90% of cases causing vision damage due to excessive drusen development in the retina. National Eye Institute statistics suggest that the prevalence of advanced age-related macular degeneration in the U.S. was approximately 3 million in 2020.

There are no approved drugs available yet to treat dry age-related macular degeneration. This creates an opportunity for market players to address the unmet medical needs of dry AMD patients. However, for wet AMD, anti-VEGF drugs are used to treat and control the further deterioration of the condition.

Patients tend to discontinue their treatment without completion owing to frequent clinic visits and administration of drugs at shorter intervals. The key players are engaged in the research & development of longer acting anti-VEGF products to address the increased demand for such products. In February 2020, Novartis AG received approval for its product, Beovu, a macular degeneration drug from the European Commission for the treatment of patients with age-related macular generation. It is a long-acting drug to be administered at an interval of 12 weeks for the first year.

In addition, F. Hoffmann-La Roche Ltd.’s drug candidate, Vabysmo (faricimab), with an injection administration period of 4 weeks during loading dose; received U.S. FDA approval in January 2022 for the treatment of age-related macular degeneration. Furthermore, in October 2021, Roche’s Susvimo received FDA approval and is expected to enter the U.S. in 2022. It is a refillable implant specific for LUCENTIS administration, with a refillable duration of six months. All these factors are expected to propel the market growth over the forecast period.

The patent expiry year for EYLEA is 2023 in the U.S. and 2025 in Europe, depending upon several patent categories. Lucentis (F. Hoffmann La Roche Ltd.) lost its patent in June 2020 in the U.S. and will lose patent protection in 2022 in Europe. As a result, biosimilar manufacturing companies are leveraging the opportunity to penetrate the AMD market. For instance, in October 2021, Formycon AG and Bioeq AG received the U.S. FDA acceptance of BLA for the company’s biosimilar version of Lucentis. The PDUFA date for the review of the application is scheduled for August 2022. All these factors could hamper the market growth over the forecast period.

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Age-related Macular Degeneration Market Report

Age-related Macular Degeneration Market Report Highlights

• By product, eylea accounted for the largest revenue share in 2021 owing to the higher market penetration and patent protection. Beovu is anticipated to be the fastest-growing segment over the forecast period due to patent protection and superior drying efficacy
• By disease type, wet AMD held the largest share in 2021 owing to the availability of major anti-VEGF products including Eylea, Lucentis, and Beovu
• North America held the largest market share in 2021 and is expected to dominate over the forecast period due to better reimbursement facilities and the high adoption of novel age-related macular degeneration drugs for the treatment
• Based on distribution channel, specialty pharmacy is expected to be the fastest-growing segment during the forecast period owing to increasing collaboration of manufacturers with specialty pharmacies for distributing their products

U.S. Safety Helmet Market Size Worth $1.7 Billion By 2030

 

U.S. Safety Helmet Market Growth & Trends

The U.S. safety helmet market size is anticipated to reach USD 1.7 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.1% from 2022 to 2030. Increased adoption of workplace safety norms by employers coupled with rising investments in R&D with a keen focus on product development is expected to drive the industry growth. The pandemic has led safety helmet manufacturers to use technology as a potential driver for the industry. Companies have been able to use Industrial Internet-of-Things (IIoT) and Artificial Intelligence (AI) to develop additional support features for a helmet, including a multi-directional impact protection system and technology to reduce lead time during an emergency by MIPS and twICEme.

Occupational safety regulations play a major role in driving the industry. These regulations mention the type of safety helmet required for protection during different industrial or commercial processes. Mandates by the authorities to maintain worker safety across various industries are anticipated to drive the product demand further. The rising incidences of brain injuries across several industries, including construction, mining, and manufacturing, have boosted worker safety awareness, along with statutory restrictions. Safety has always been the top-most priority in all industrial operations in construction and manufacturing industries, which is anticipated to have a positive impact on industry growth.

The introduction of stringent industry policies and government regulations have resulted in manufacturers requiring more data and predictive models to assist in minimizing the risk of work-related mortality, injuries, and illnesses.With the IIoT, companies have developed smart helmets that use sensors to carry out several functions. The industry is distinguished by the existence of a sizable customer base across the globe with manufacturers making deals through specialized distribution networks. Although pricing pressure is anticipated to provide difficulties for manufacturers, strategic product differentiation is anticipated to help them achieve market dominance.

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U.S. Safety Helmet Market Report

U.S. Safety Helmet Market Report Highlights

• The PE material segment accounted for the maximum revenue share in 2021 owing to the low cost of PE. In addition, PE helmets are competitively priced as compared to helmets made of other materials
• The hard hats product segment accounted for the maximum share of the global revenue in 2021 owing to the increased demand for hard hats in the mining and construction industries coupled with the ability of these hats to provide protection against electrical shock
• The construction end-use segment accounted for the largest revenue share in 2021 owing to the increasing demand for better public infrastructure, such as harbors, roadways, rail transport systems, and airports
• The mining industry is projected to witness a considerable CAGR over the forecast period owing to the rising demand to ensure head protection for mineworkers that are exposed to several potential accidents
• In September 2020, Schuberth GmbH collaborated with Alpa Distribution for the distribution of helmet products in Italy. This partnership will allow the distribution of motorcycle helmets for the Italian market

U.S. Safety Helmet Market Segmentation

Grand View Research has segmented the U.S. safety helmet market based on material, product, end-use:

U.S. Safety Helmet Material Outlook (Revenue, USD Billion, 2017–2030)

• Polyethylene (PE)
• Acrylonitrile Butadiene Styrene (ABS)
• Polycarbonate (PC)
• Others

U.S. Safety Helmet Product Outlook (Revenue, USD Billion, 2017–2030)

• Hard Hats
• Bump Caps

U.S. Safety Helmet End-use Outlook (Revenue, USD Billion, 2017–2030)

• Construction
• Manufacturing
• Mining
• Others

List of Key Players of U.S. Safety Helmet Market

• 3M
• Delta Plus Group
• Bullard
• Honeywell International Inc.
• MSA
• JSP Ltd.
• Drägerwerk AG & Co. KGaA
• Schuberth GmbH
• OccuNomix International LLC
• Pyramex

Data Collection And Labeling Market Worth $12.75 Billion By 2030

 

Data Collection And Labeling Market Growth & Trends

The global data collection and labeling market size is expected to reach USD 12.75 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 25.1% from 2022 to 2030. Data collection and labeling refer to collecting datasets from online sources and other sources and labeling them based on their nature, data type, and feature. Data gathering and its annotation, combined with AI technology, have created valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in social networking, have benefited from image processing technology in audience engagement. Companies use data labeling platforms to identify raw data for the machine learning model. Text, movies, audio, and other items are the raw data. For instance, in May 2022, Heartex, Inc., an annotations tools and data labeling platform provider, announced a $25 million Series A fundraising round. The funds will go toward its AI-driven open-source data labeling platform. The platform aims to assist in labeling workflows for various AI use cases, and it includes capabilities for reporting, data quality control, and analytics.

The advent of digital capturing devices, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. Much visual and digital information is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this available online content to deliver smarter and better services to their customers using data annotation. For instance, Scale AI, Inc., the U.S.-based tech start-up, has provided valuable data labeling services to its autonomous driving customers, including Waymo LLC; Lyft, Inc.; Zoox; and Toyota Research Institute.

However, data cleaning remains a significant challenge involved in data labeling. Also, considering the time, complexity, and cost associated with the development of machine learning models, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business in artificial intelligence-based data gathering. For instance, in July 2020, Microsoft acquired Orions Digital Systems, Inc., a U.S.-based data management solutions provider, to boost its Dynamics 365 Connected Store capabilities. This acquisition is anticipated to increase the use of computer vision and IoT sensors to help retailers better understand customer behavior and manage their physical spaces.

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Data Collection And Labeling Market Report

Data Collection And Labeling Market Report Highlights

• Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of data gathering that has improved the users’ experience and drawn the customers’ attraction towards this technology
• Several benefits such as better security and automation of identification encourage the implementation of facial recognition at significant public spaces or events
• The advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants has led to the implementation of data annotation with multiple functions, such as facial recognition, object recognition, and landmark detection
• The growing integration of digital image processing and mobile computing platforms in various digital shopping and document verification applications is propelling the market growth

Data Collection And Labeling Market Segmentation

Grand View Research has segmented the global data collection and labeling market based on data type, vertical, and region:

Data Collection And Labeling Data Type Outlook (Revenue, USD Million, 2017–2030)

• Audio
• Image/ Video
• Text

Data Collection And Labeling Vertical Outlook (Revenue, USD Million, 2017–2030)

• IT
• Automotive
• Government
• Healthcare
• BFSI
• Retail & E-commerce
• Others

Data Collection And Labeling Regional Outlook (Revenue, USD Million, 2017–2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• India
• South America
• Brazil
• Middle East and Africa (MEA)

List of Key Players of Data Collection And Labeling Market

• Reality AI
• Globalme Localization Inc.
• Global Technology Solutions
• Alegion
• Labelbox, Inc.
• Dobility, Inc.
• Scale AI, Inc.
• Trilldata Technologies Pvt. Ltd.
• Appen Limited
• Playment Inc.

Cryptocurrency Exchange Platform Market Worth $264.32 Billion By 2030

 

Cryptocurrency Exchange Platform Market Growth & Trends

The global cryptocurrency exchange platform market size is expected to reach USD 264.32 billion by 2030, growing at a CAGR of 27.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising awareness about cryptocurrencies and their advantages, such as flexibility and security, is driving the industry’s growth. The strong emphasis on secure and decentralized networks owing to the emergence of blockchain technology also bodes well with the market growth. Several market players have invested in research and development activities to introduce advanced innovative exchange platforms. For instance, in July 2022, Billium, an exchange based in Dubai, announced the launch of a new-age platform to carry out decentralized transactions more effectively and efficiently. It is integrated with a copy trading function named ‘Billium Copy Trading’, which will allow novice users to follow the trades of the professionals.

The growing popularity of cryptocurrencies led several financial services companies to collaborate with cryptocurrency exchanges to enhance their service offerings. For instance, in March 2021, Visa, Inc. announced to settle transactions in U.S. Dollar Coin (USDC) on Ethereum with cryptocurrency partners. In March 2021, Visa, Inc. accepted its first settlement in USDC from its crypto wallet partner Crypto.com. Such developments are expected to propel industry growth over the forecast period. The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the industry over the forecast period. Investors worldwide have shifted their interest toward cryptocurrencies as the cryptocurrency segment is decentralized. In addition, as it is not governed by any central authority, it eliminates the political influence during troubled times, such as the pandemic.

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Cryptocurrency Exchange Platform Market Report

Cryptocurrency Exchange Platform Market Report Highlights

• The Ethereum segment is expected to witness a significant CAGR over the forecast period owing to its dominance in the Decentralized Finance (Defi) space
• Moreover, the growing number of Non-Fungible Token (NFT) projects is expected to increase the demand for Ethereum exchanges
• The personal end-use segment is expected to witness the fastest CAGR over the forecast period
• The growth is due to the rising awareness about cryptocurrencies in developing countries, such as Nigeria and the Philippines, and the growing emphasis on digital currencies in developed countries, such as the U.S., Canada, Japan, and others
• Asia Pacific is expected to witness the fastest CAGR over the forecast period due to technological advancements and rising awareness about blockchain technology
• People in the region are inclined toward cryptocurrency investment as an alternative to traditional investment options, thereby increasing the need for cryptocurrency exchange platforms

Cryptocurrency Exchange Platform Market Segmentation

Grand View Research has segmented the global cryptocurrency exchange platform market based on cryptocurrency type, end use, and region:

Cryptocurrency Exchange Platform Cryptocurrency Type Outlook (Revenue, USD Million, 2017–2030)

• Bitcoin
• Ethereum
• Cardano
• Solana
• Others

Cryptocurrency Exchange Platform End-use Outlook (Revenue, USD Million, 2017–2030)

• Commercial
• Banks
• Fintech Companies
• Credit Unions
• Others
• Personal

Cryptocurrency Exchange Platform Regional Outlook (Revenue, USD Million, 2017–2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• South Korea
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players of Cryptocurrency Exchange Platform Market

• BlockFi International Ltd.
• Coinmama
• eToro
• Coinbase
• Binance
• Kraken
• Bitstamp
• Coincheck, Inc.
• FTX Trading Ltd.
• AirSwap

Dashboard Camera Market Size Worth $7.64 Billion By 2030

 

Dashboard Camera Market Growth & Trends

The global dashboard camera market size is anticipated to reach USD 7.64 billion by 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. Dashboard cameras are hardware devices used to record the front- and rear-view of vehicles. The main use case of this hardware device is for insurance claims, safety against vehicular theft, unsafe road conditions, etc. The key global manufacturers are focusing their efforts on the development of innovative dash cams that can be connected with various complementary technologies, such as telematics and vehicle data monitoring. Commercial users, such as taxi operators, delivery companies, and trucking companies, purchase dashboard cameras with the 2-channel (dual channel) variant as they also capture footage inside the vehicle.

In March 2020, Waylens, Inc. entered into a partnership with Hygealeo, a provider of internet-of-things (IoT) solutions, to provide a security solution via the Secure360 dashboard camera for cold chain transportation, which includes vehicle location & data monitoring and the ability to record front, rear, and cabin footage. The industry is growing as vehicular traffic is increasing around the world, which has caused a rise in accidents, false insurance claims, scams, etc. Since these cameras are switched on in the driving mode, they also have a feature to record the cases that happen in the parking mode.The camera starts recording video after detecting movement in its vicinity to capture as much evidence as possible. Manufacturers offer multiple features in their products, such as GPS, night vision, real-time alert notifications, live streaming, and more, to increase product sales.

As high-quality video recording hardware becomes widely available and more affordable, technologically advanced dash cams with high-resolution video recording capabilities have become popular. The majority of devices are programmed to start recording as soon as the ignition is turned on. This technology makes it possible for dash cams to remain in continuous recording mode, which may be a requirement for insurance companies. These devices assist fleet owners in monitoring their drivers’ driving behavior. These cameras are also used by car rental companies to monitor customer driving habits. Furthermore, viewing one’s driving footage can aid in the improvement of driving skills, which is propelling the product demand in personal vehicle applications.

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Dashboard Camera Market Report

Dashboard Camera Market Report Highlights

• The basic technology segment accounted for the maximum revenue share in 2021 owing to the increased demand for dash cams with basic features for personal vehicles
• The personal vehicle segment is expected to witness the fastest growth rate in the forecast period as a direct result of low prices and ease of installation
• The 1-channel segment accounted for the largest revenue share in 2021 and is likely to continue dominating the industry over the forecast period
• The Asia Pacific region is projected to register the fastest CAGR from 2022 to 2030 due to the increase in vehicular traffic and complex insurance claim procedures

Dashboard Camera Market Segmentation

Grand View Research has segmented the global dashboard camera market based on technology, product, video quality, application, distribution channel, and region:

Dashboard Camera Technology Outlook (Volume, Thousand Units; Revenue, USD Million, 2018–2030)

• Basic
• Advanced
• Smart

Dashboard Camera Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2018–2030)

• 1-channel
• 2-channel
• Rear View

Dashboard Camera Video Quality Outlook (Volume, Thousand Units; Revenue, USD Million, 2018–2030)

• SD & HD
• Full HD & 4K

Dashboard Camera Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018–2030)

• Commercial Vehicle
• Personal Vehicle

Dashboard Camera Distribution Channel Outlook (Volume, Thousand Units; Revenue, USD Million, 2018–2030)

• Online
• In-store

Dashboard Camera Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018–2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• Italy
• U.K.
• France
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Malaysia
• Taiwan
• Singapore
• Rest of Asia
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

List of Key Players of Dashboard Camera Market

• Garmin, Ltd.
• DigiLife Technologies Co., Ltd. (Affirmed by HP, Inc.)
• Cobra Electronics Corporation
• Pittasoft Co., Ltd.
• Panasonic Corp.

Regulatory Information Management System Market Worth $4.12 Billion By 2030

 

Regulatory Information Management System Market Growth & Trends

The global regulatory information management system market size is expected to reach USD 4.12 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 11.0% from 2022 to 2030. As a result of the rapid adoption of the software by the pharmaceutical companies, competitors in the regulatory information management (RIM) system or software market are seeing enormous growth, and this growth is anticipated to continue.

Furthermore, the pharmaceutical industry nowadays also has a big job when it comes to keeping regulatory data for a product’s life cycle. The complexity is brought on by the enormous amount of fragmented data stored across several systems and supported by inefficient software applications. The complicated rules that are always expanding and changing, the higher standards for product quality, and the quickly changing digital technology environment all present opportunities and obstacles for innovation for medical device companies. For companies to succeed in this climate, they must also figure out how to maximize return on investment by producing goods as cheaply and efficiently as feasible.

Additionally, to compete for business internationally, providers such as medical device providers must supply items under many strict international standards and follow each nation’s unique submission method. Additionally, they must consider the evolving and more complex client expectations. These tasks also need to be completed more swiftly as time goes on. Therefore, if medical device businesses are to compete in this competitive climate, they need a more automated and comprehensive method to handle these processes. Systems for regulatory information management (RIM) accomplish precisely that, and as more people use them, thus the market is expected to expand throughout the forecast period.

Furthermore, especially in the food industry, rapid mistake detection is essential to prevent losing R&D time or, worse still, consumer difficulties and non-conformity problems. Managing non-conformity may quickly grow time-consuming and difficult. Furthermore, non-conformity may be costly and damaging to a brand’s image. As a result, software providers are steadily increasing their interest in the food industry. Unlike the pharmaceutical industry, one strategy that software providers are using in this expanding market is by providing comprehensive single software as one solution that does provide user management. All of the aforementioned requirements consult for in-hand regulatory information management systems, which is possible with the aid of digital components such as software.

RIM Impact on Companies

System updates on the market and regulatory developments are now being made available in real-time. Companies may quickly modify their submission data by quickly identifying and analyzing these adjustments. These new technologies outperform historic data system features by a wide margin, and they are built to be enhanced in the future as technology develops.

In addition, top-level managers at medical device businesses are far more concerned with regulatory issues now than they were in the past. The majority of these executives are keen to increase registration through the use of trimming technology, which will improve important business KPIs. As a result, these 3rd RIM systems are their best choice for accomplishing this.

In order to take advantage of diverse sorts of services and technological capabilities needed for future success, forward-thinking insurers are widening their options and going beyond conventional methods of marketing. To improve company position in the global market, these companies have used a variety of strategies, including partnerships, collaborations, product launches, and increasing their operational presence. For instance, companies include ClinChoice, which operates in the U.S. and has strengthened its position in China and Japan. This highlights both the company’s apparent indication of rising customer interest and the rising need for processing regulatory information.

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Regulatory Information Management System Market Report

Regulatory Information Management System Market Report Highlights

• The need for RIM systems with streamlined, encrypted, unified, and compatible platforms is increasing as a result of the pharmaceutical industry’s requirement to manage enormous quantities and diversity of data types. Additionally, as the consumer’s goals for development are realized and the RIM suppliers are able to ensure more advanced technologies, automated information merging, and data performance monitoring, thus the pharmaceutical sector is also anticipated to grow over the course of the forecast period
• With China, India, and Japan all expected to see rapid development throughout the forecast period, the Asia-Pacific region is expected to grow at the fastest rate. These include rising rates of pharmaceutical-based products and medical devices and rising regulatory-related concerns. Additionally, there has been an increase in the need for RIM-related software as a solution due to rising regulatory compliance and associated data maintenance requirements
• North America dominated the market and accounted for a revenue share of over 67% in 2021, owing to an increase in advancement in the field of pharmaceutical, medtech, and related sectors of end-of-life care, and growing awareness and rising demand for the RIM systems to bring in a better product for the end consumers/manufacturer’s
• Key players also contribute to the market growth by entering partnerships, mergers, and acquisitions, and launching new products. For instance, IQVIA unveiled IQVIA RIM Smart, the industry’s first fully integrated, comprehensive regulatory information management system which is cloud-based. Machine learning (ML) and artificial intelligence (AI) are being used more and more by businesses to enable intelligent management of a product portfolio’s whole regulatory lifecycle

Regulatory Information Management System Market Segmentation

Grand View Research has segmented the global regulatory information management system market based on end-use, and region:

Regulatory Information Management System End-Use Outlook (Revenue, Million, 2017–2030)

• Pharmaceutical Sector
• Medical Device Sector
• Other

Regulatory Information Management System Regional Outlook (Revenue, Million, 2017–2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Switzerland
• Asia Pacific
• Japan
• China
• India
• Latin America
• Brazil
• Middle East & Africa
• South Africa

List of Key Players in Regulatory Information Management (RIM) System Market

• Veeva system
• Kalypso
• DDI
• Korber AG
• ArisGlobal
• PhlexGlobal
• AmpleLogic
• Calyx
• Amplexore Life Sciences
• Ennov
• MastarControl
• Rimsys
• Ithos Global Inc.
• Lorenz

Optical Imaging Systems Market Worth $4.65 Billion By 2030

 

Optical Imaging Systems Market Growth & Trends

The global optical imaging systems market size is expected to reach USD 4.65 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.2% from 2022 to 2030. Technological advancements and a rise in the prevalence of ophthalmic disorders are anticipated to boost the growth of the market. Increasing adoption of optical imaging systems in preclinical and clinical studies in the biopharmaceutical and pharmaceutical sector for diagnostic and therapeutic purposes is further projected to drive the market in the years to come.

The market observed a subsequent fall in overall sales during the first half of the pandemic. Various restrictions and guidelines imposed by the government that limited the use of optical imaging systems for diagnosis and treatment purposes affected the market growth negatively. However, with the economies opening up, the introduction of vaccines, and the increasing usage of optical imaging systems across different applications, the market is expected to witness stable growth and earn substantial profits during the forecast period.

The market growth was negatively affected during the pandemic due to a change in healthcare priorities, wherein the healthcare workers focused on the treatment of Covid-19 infected patients. The imposition of restrictions and lockdowns across the globe led to a halt in research and development activities at the start of the pandemic to avoid the spread of the virus. However, with the introduction of vaccines and economies returning to normalcy, the market has begun to recover and is expected to grow at an exponential rate, leading to significant growth during the forecast period.

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Optical Imaging Systems Market Report

Optical Imaging Systems Market Report Highlights

• In terms of technology, the optical coherence tomography segment dominated the market in 2021 owing to the increasing adoption of the technology in the diagnostic field for intravascular imaging
• By product, the imaging systems segment dominated the market in 2021 owing to its wide application in ophthalmology. Moreover, the rising adoption of this system in clinical research and medical diagnostic has led to the growth of this segment
• On the basis of application, the pathological segment held the largest revenue share in 2021. This is due to the rise in the prevalence of chronic diseases owing to a surge in the adoption of a sedentary lifestyle
• Based on end use, the research labs segment dominated the market in 2021 owing to the increasing usage of optical imaging systems in the R&D sector
• On the basis of therapeutic area, the oncology segment dominated the market in 2021 owing to an increase in the adoption of optical imaging systems in cancer research and for early detection of the disease
• North America accounted for the largest revenue share in 2021 due to the availability of skilled professionals, increasing focus of the government on R&D activities, and faster adoption of technologically advanced products in this region

Optical Imaging Systems Market Segmentation

Grand View Research has segmented the global optical imaging systems market based on technology, product, application, end use, therapeutic area, and region:

Optical Imaging Systems Technology Outlook (Revenue in USD Million, 2017–2030)

• Photoacoustic Tomography
• Optical Coherence Tomography
• Hyperspectral Imaging
• Near-infrared Spectroscopy

Optical Imaging Systems Product Outlook (Revenue in USD Million, 2017–2030)

• Imaging Systems
• Optical
• Spectral
• Optical Imaging Software
• Illumination Systems
• Other

Optical Imaging Systems Application Outlook (Revenue in USD Million, 2017–2030)

• Pathological
• Intraoperative

Optical Imaging Systems End Use Outlook (Revenue in USD Million, 2017–2030)

• Research Labs
• Hospitals & Clinics
• Pharmaceutical and biotechnological companies

Optical Imaging Systems Therapeutic Area Outlook (Revenue in USD Million, 2017–2030)

• Ophthalmology
• Cardiology
• Oncology
• Dermatology
• Neurology

Optical Imaging Systems Regional Outlook (Revenue in USD Million, 2017–2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• Japan
• India
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• Saudi Arabia
• South Africa
• UAE

List of Key Players in Optical Imaging Systems Market

• St. Jude Medical Inc.
• PerkinElmer, Inc.
• Carl Zeiss Meditec AG
• Koninklijke Philips
• Topcon Corporation
• Bioptigen Inc.
• Canon, Inc.
• Heidelberg Engineering, Inc.
• Optovue Inc.
• Headwall Photonics, Inc.

Agritourism Market Size Worth $15.78 Billion By 2030

 

Agritourism Market Growth & Trends

The global agritourism market size is expected to reach USD 15.78 billion by 2030, registering a CAGR of 11.4% during the forecast period, according to a new report by Grand View Research, Inc. Rising spending on tourism, the increased number of travelers in recent years due to rising incomes that wish to know about village culture, and the increasing range of available tourist activities across the globe are the factors propelling the market growth.

Moreover, farm tourism creates a unique opportunity for the agriculture industries, and tourism offers several educational, financial, and social benefits to the producers, communities, and tourists. It is expected to accelerate the market growth throughout the forecast period.

A lockdown situation has been experienced during the COVID-19 pandemic, and it showed a negative impact on the agritourism market due to the border closures and travel restrictions in various countries. The rising spending on travel and tourism by people after the ease of several restrictions is projected to propel the market growth during the forecast period.

The educational tourism segment is foreseen to witness tremendous growth in the future. The increasing desire for cultural and outdoor activities, coupled with increased disposable income, is accelerating market growth. Moreover, families and educational institutes have wanted to know about the rural lifestyle and agricultural activity, which is propelling the market growth. The expansion of this market segment is attributed to rising promotional activity on digital media like social media channels, which is accelerating market growth.

The travel agents segment is expected to expand with the highest CAGR through the forecast period. Constantly changing consumer expenditure behavior, and the increasing number of visitors, as well as travelers, choosing to book their tours and packages through travel agents, is accelerating the segment growth. Moreover, important actions taken by the key market players, including social media advertising, and online campaigns, are expected to attract potential customers and encourage them to book their tour packages through agents, which is anticipated to boost the market growth during the forecast period.

North America accounted for a substantial revenue share owing to growing income levels regionally, the strengthening economic climate in the area, and government programs to promote travel and tourism. Moreover, increasing demand for health and wellness tourism and nature tourism is projected to propel the market growth, as agritourism is a combined experience of greenery, nature, calm & peace, fresh air, and a rural lifestyle. Furthermore, North American farmers are discovering a new source of income through agritourism. This is further accelerating the regional market growth.

Major players face intense competition from each other, and some of them operate their business at several locations and have large customer bases across the globe. The presence of many small-scale players is also leading to increased competition.

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Agritourism Market Report

Agritourism Market Report Highlights

• North America registered the largest market share of over 45.0% in 2021, owing to growing government initiatives to promote farm tourism
• The educational tourism segment is expected to foresee the fastest growth, with a CAGR of 13.2% from 2022 to 2030, due to the growing instances of educational tours around the globe
• The direct sales segment held the largest market share in 2021, contributing around 75.0% share of the total revenue, due to the various benefits offered by companies, such as offers on next bookings and effective tour experience
• Asia Pacific is expected to witness the fastest growth rate of 12.8% from 2022 to 2030, owing to the rising spending power of regional customers on travel

Air Ambulance Services Market Size Worth $32.94 Billion By 2030

 

Air Ambulance Services Market Growth & Trends

The global air ambulance services market size is expected to reach USD 32.94 billion by 2030, registering a CAGR of 10.6% according to a new report by Grand View Research, Inc. The increasing number of accidents, the impact of COVID-19, and technological advancements are the key driving factors for the market.

Air ambulance services are used generally in case of medical emergencies. Patients or their family members have to bear high costs in case the services are availed in dire situations. Thus, reimbursement plans help patients recover costs and reduce this burden. Many companies offer reimbursement for these services, such as Medicare and Medicaid. Moreover, the majority of the medical insurance guidelines and employee benefit plans offer some type of air ambulance coverage. The United States Department of Health and Human Services has included an air medical reimbursement plan in the Affordable Care Act. In February 2017, lawmakers in Montana supported two air ambulance regulation bills with an aim to reduce the economic burden on patients.

It was estimated that around 49.0% of the U.S. population will be affected by chronic diseases by 2025. Cardiac diseases and stroke account for 30.0% of the deaths in the U.S. Cardiovascular diseases are the leading cause of death globally. Stroke is the second most common cause of death worldwide. According to the WHO, it is estimated that by 2020, chronic diseases will account for 3/4th of the total deaths globally, out of which, 71% will be caused by ischemic heart diseases and 75% of deaths will be caused by stroke. India and China have a high prevalence of cardiac diseases. Chronic diseases, such as cardiac diseases and stroke, usually require an emergency medical response. The services provide rapid response in case of such emergency medical situations. Air ambulances are equipped with advanced and innovative medical care for cardiac, stroke, chronic obstructive pulmonary disorders, and trauma patients.

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Air Ambulance Services Market Report

Air Ambulance Services Market Report Highlights

• In terms of revenue, the rotary-wing segment held the largest share in 2020. The rising number of cardiovascular diseases across the globe is the major factor propelling segment growth
• The hospital-based segment held the largest market share in 2020 and is expected to witness considerable growth during the forecast period due to the increasing number of emergency cases
• In Asia Pacific, the market is expected to witness the fastest growth rate during the projected period owing to the rising prevalence of chronic diseases

Molded Pulp Packaging Market Size Worth $9.11 Billion By 2030

 

Molded Pulp Packaging Market Growth & Trends

The global molded pulp packaging market size is expected to reach USD 9.11 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% during the forecast period. The growing demand for environment-friendly sustainable packaging by end-users, rising awareness toward waste management, and environmental concern on single-use plastic are attributed to be the key drivers of the market for molded pulp packaging.

The escalated production and consumption of plastic has become a major global environmental problem due to inefficient waste management systems. According to a United Nations Principles for Responsible Investment (UNPRI) report, less than 20% of the world’s plastic gets recycled yearly. Plastic is a non-biodegradable substance, resulting in environmental pollution wherein the world’s 40% of plastic waste comes from packaging. Therefore, end-use industries are moving toward sustainable packaging approaches, considering this global issue.

Lately, molded pulp packaging was limited to egg trays, and some basic packaging; however, the demand has increased considerably due to its sustainable properties. Molded pulp packaging is completely renewable and biodegradable as it is made from various plant-based fibers.

The COVID-19 pandemic in 2020 created a positive impact on the molded pulp packaging sector, owing to the increased demand for eggs from the retail segment, followed by rising demand for home deliveries of fresh food, and fruits & vegetables. According to a report by the Council on Foreign Relations, Walmart’s online sales grew by 87 percent, while Amazon experienced a 200 percent increase in profits during the pandemic.

Also, the National Representative Survey stated that 34% of households conducted grocery shopping online more frequently since the beginning of the pandemic, and 60% of these households planned to continue shopping online after the pandemic ends. The rise in online shopping increased the demand for packaging material for safe delivery. However, shortages of raw materials owing to supply chain disruptions have increased the prices of the packaging products.

The industry players are adopting several strategies including mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in January 2020, Sonoco Products Company acquired Plastique Holdings, Ltd., and Thermoform Engineered Quality LLC, together known as TEQ, a manufacturer of thermoformed packaging products. It was acquired from ESCO Technologies, Inc. for USD 187 million. This acquisition has further widened the product offerings of Sonoco Products Company.

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Molded Pulp Packaging Market Report

Molded Pulp Packaging Market Report Highlights

• The wood pulp segment dominated the market with a revenue share of 86.2% in the source segment in 2021. The abundant availability of virgin wood and wastepaper at a lower cost is responsible for the highest share of the segment in 2021
• The transfer type segment accounted for the highest share of 57.3% in 2021 owing to the high penetration of transfer molded pulp products such as clamshells and trays for fruits and eggs packaging
• Trays emerged as the dominant product segment with a revenue share of 41.6%. Wide availability, low cost, and good shock absorption capabilities for transport of fragile products including glass beverage bottles, wine bottles, eggs, and other glass products have contributed to the highest share of the segment
• The electronics end-use segment is anticipated to advance at the highest CAGR of 8.8% during the forecast period. Several electronic products such as modems, set-up boxes, refrigerators, inverters, and printers are packaged using molded pulp packaging products such as end caps. End caps protect electronic products during storage and transportation
• New product developments coupled with mergers & acquisitions, and capacity expansions are some of the strategies adopted by industry players. For instance, in December 2019, Huhtamaki launched a packaging product line called Future Smart Duo Fiber Lid, suitable for cold and hot beverages. It is a sustainable packaging solution produced using a mixture of bagasse and wood fibers