U.S. And Latin America Chronic Wound Care Market To Reach $8.23 Billion By 2030

 

U.S. And Latin America Chronic Wound Care Market Growth & Trends

The U.S. And Latin America chronic wound care market size is anticipated to reach USD 8.23 billion by 2030 and is anticipated to expand at a CAGR of 4.11% during the forecast period, according to a new report by Grand View Research, Inc. Steep rise in the number of hospitals & urgent care centers and an increase in hospital admissions. Moreover, rapid advancements in chronic wound care and the increasing number of ambulatory surgical centers (ASCs) are key contributors to the U.S. & Latin America chronic wound care market growth.

The increasing number of ambulatory surgical centers (ASCs), is expected to boost the market growth over the forecast period. ASCs provide patients with precise guidance related to dressings and post-surgical home care. Alongside this, ASCs enjoy advantageous reimbursement coverage for their services, which increases their adoption, leading to a decreased risk of patients contracting post-surgical infections typically associated with hospital stays. Consequently, as the number of ASCs and the volume of surgeries conducted continue to rise, the demand for wound care products is expected to increase. For instance, as per the report of Blue House Sales Group, in August 2023, there were about 6,179 Medicare-certified ASCs present in the U.S. These factors are expected to boost the U.S. & Latin America chronic wound care market growth over the forecast period.

The increasing product launch and strategic collaboration by key market players in the chronic wound care market is one of the major drivers for the market. For instance, in January 2023, Convatec launched the ConvaFoam in the U.S. ConvaFoam is a family of advanced foam dressings designed to meet the demands of medical professionals and their patients. Moreover, in March 2022, Convatec Group completed the acquisition of Triad Life Sciences Inc. to enter the wound biologics segment. These factors, as mentioned above, are expected to propel market growth over the forecast period.

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U.S. And Latin America Chronic Wound Care Market Report

U.S. And Latin America Chronic Wound Care Market Report Highlights

• Based on the product, the advanced wound dressing segment dominated the market in 2023 with the largest share owing to the increasing cases of diabetes
• On the basis of application, the diabetic foot ulcers segment dominated the market in 2023. Increasing incidence of diabetes and diabetic foot ulcers is a major factor driving the segment growth
• The hospital’s segment held the largest share of the overall end-use market in 2023 owing to the growing incidence of chronic wounds, an increase in the number of surgeries, and a rise in the aging population
• U.S. dominated the overall market with the highest revenue share in 2023 owing to technological advancements and the growing incidence of chronic conditions in the region

U.S. Dental Clearing Houses Market To Reach $1.04 Billion By 2030

 

U.S. Dental Clearing Houses Market Growth & Trends

The U.S. dental clearing houses market size is anticipated to reach USD 1.04 billion by 2030 and is anticipated to expand at a CAGR of 10.49% from 2024 to 2030, according to a new report by Grand View Research, Inc. This can be attributed to the high dental claims denial rates and decreasing manual processes and transactions in the country. The dental clearing houses manage dental claims as simple, smooth, and seamless by offering innovative solutions designed specifically to lower costs and improve efficiency across the claim lifecycle.

As dental practices evolve, the time it takes to receive reimbursements for claims is increasing, and insurance plans are becoming more complex. Dental providers are shifting towards solutions that create a more efficient practice while reducing costs. All organizations, regardless of size, are adopting dental clearing houses with an electronic attachment solution that helps to speed up collection, reduce denial rates, and control expenses. Hence, companies operating in the market are partnering with technology companies to enhance their offerings and stay competitive in an immature market. For instance, in August 2023, Vyne Dental partnered with Pearl, a dental AI solutions provider. This partnership is expected to provide Vyne Trellis users with Pearl’s radiographic image retrieval capabilities, making AI-assisted claims submissions faster and more efficient.

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U.S. Dental Clearing Houses Market Report

U.S. Dental Clearing Houses Market Report Highlights

• The claim submission segment dominated the application segment with around 52.0% share in 2023 owing to increased efficiency and streamlined workflows, which enables ease of claim submissions
• Market players operating in the market include DentalXChange (EDI Health Group, dba), Dentrix (Henry Schein One), Change Healthcare, Vyne Dental (Napa EA/MEDX LLC), and Electronic Dental Services
• In August 2022, Smart Data Solutions (SDS) acquired ClaimLynx, a medical claim clearing house based in Minnesota. This acquisition expanded the features of Stream Clearinghouse, including dental, professional, or facility medical claim submissions.

U.S. Dental Clearing Houses Market Segmentation

For this study, Grand View Research has segmented the U.S. dental clearing houses market based on application:

U.S. Dental Clearing Houses Application Outlook (Revenue, USD Million, 2018–2030)

• Claim Submission
• Eligibility and Benefit Verification
• Claim Status Inquiry
• Claim Payment
• Remittance Advice
• Others

List of key players in the U.S. dental clearing houses market

• DentalXChange (EDI Health Group, dba)
• Dentrix (Henry Schein One)
• Change Healthcare
• Vyne Dental (Napa EA/MEDX LLC)
• Electronic Dental Services

U.S. Cancer Contrast Media Market To Reach $1.53 Billion By 2030

 

U.S. Cancer Contrast Media Market Growth & Trends

The U.S. cancer contrast media market is anticipated to reach USD 1.53 billion by 2030 and is anticipated to expand at a CAGR of 11.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing collaboration and partnerships among key market players, coupled with growing government and private sector R&D investments, alongside the integration of AI in diagnostic imaging enhance the capabilities of contrast media. Thus, these factors collectively propel the growth of U.S. cancer contrast media market.

Introducing new products can ignite positive competition among manufacturers, fostering innovation, lowering prices, and ultimately enhancing choices for both patients and healthcare providers. The potential for expanding the overall market depends upon the manufacturing of novel contrast agents that offer heightened safety, enhanced target specificity, or distinctive imaging properties. This opens up new pathways for both diagnosis and treatment. For instance, in April 2023 , GE Healthcare has broadened its range of contrast media by introducing two premier macrocyclic molecules, namely Clariscan (gadoteric acid) and Pixxoscan (gadobutrol), to its customer base for MRI agents. The industry key players are involved in enhancing R&D by introducing novel products to the market by expanding their product portfolio, which drives market growth.

Moreover, increased funding in healthcare budgets often facilitates public health initiatives promoting early cancer detection and enhanced accessibility to advanced diagnostic tools. These initiatives enhance awareness of the importance of contrast-enhanced imaging, consequently fueling demand for corresponding contrast media. The growth in healthcare budgets attracts new players and motivates existing stakeholders to compete in the market. This dynamic stimulates innovation, fosters price competitiveness, and ultimately leads to a broader range of options for both healthcare providers and patients. Such initiatives create a lucrative opportunity for market expansion.

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U.S. Cancer Contrast Media Market Report

U.S. Cancer Contrast Media Market Report Highlights

• Iodinated contrast media dominated the type segment with a share of 39.5% in 2023 owing to the increasing medical imaging procedures.
• The radioactive agents segment is expected to grow at the fastest CAGR over the forecast period.
• The nuclear imaging segment held the largest market share of 38.2% in 2023 and is anticipated to witness fastest growth over the forecast period owing to its ability to provide detailed and accurate images of internal structures and functions within the body which allows healthcare professionals for precise diagnosis.
• Sedentary lifestyle, increasing incidences of smoking and rising air pollution are contributing to the growing prevalence of cancer cases in U.S.

Recent Developments

• In May 2023 , Guerbet revealed that Elucirem (gadopiclenol) was categorized as a Group II agent by the ACR Committee on Drugs and Contrast Media, based on the most recent scientific and clinical findings. This cutting-edge GBCA by Guerbet belongs to the advanced generation, boasting a remarkably stable macrocyclic gadolinium-based contrast agent (GBCA) with the highest relaxivity in its class for magnetic resonance imaging (MRI). Its approval for usage extends to both adults and children aged 2 years and older. Notably, Elucirem necessitates only half the gadolinium dose compared to conventional non-specific GBCAs, effectively addressing practitioners’ concerns regarding gadolinium exposure.
• In December 2022 , On Target Laboratories, Inc. revealed that the U.S. FDA approved the extended usage of CYTALUX in the treatment of lung cancer. CYTALUX, recognized as the pioneering targeted molecular imaging agent, uniquely lights up both lung and ovarian cancer during surgery, facilitating the identification and removal of a greater extent of cancerous tissue. This expanded approval empowered surgeons to seamlessly incorporate CYTALUX into their treatment strategies for adult patients diagnosed with or suspected of having lung cancer, broadening its application from its previous approval solely for adults with ovarian cancer.

Current Development in U.S. Metal Stadium Seating Market To Reach $253.6 Million By 2030

 April 2024 | Report Format: Electronic (PDF)

U.S. Metal Stadium Seating Market Growth & Trends

The U.S. metal stadium seating market size is anticipated to reach USD 253.6 million by 2030, registering a CAGR of 3.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of sports culture across various regions is expected to result in the rising construction of new sports venues as well as the upgrading of sports infrastructure. In addition, increasing sports activities, coupled with the rising inclination of people toward enjoying the experience of watching live sports, are resulting in the establishment of new stadiums with large seating capacity. This in turn, is expected to fuel the growth of the market.

The growing trend to acquire sports experience, along with the increase in disposable income of the people, is likely to lead to an increase in the cost of stadium infrastructure, which, in turn, will fuel the growth of the market. In addition, increasing government support to the sports industry for conducting various events and the construction and improvement of new venues will boost market demand.

Advancements in materials, such as lightweight alloys and corrosion-resistant coatings, contribute to the longevity and performance of metal stadium seating. Integration of smart seating technologies for amenities like integrated cup holders, connectivity ports, and accessibility features further enhance the overall spectator experience. Continuous research and development efforts by the manufacturers are aimed at improving sustainability, cost-effectiveness, and safety standards within the metal stadium seating market.

Stadiums are often subjected to various weather conditions which makes plastic more suitable for seating solutions at outdoor venues. Plastics can withstand extreme temperatures with minimal maintenance needs as it does not rust or corrode like metals. Hence, plastic seats for stadiums are the perfect blend of clean, long-lasting, hardwearing seatings. Also, plastic chairs are relatively inexpensive and more affordable under stringent budget. This is expected to restrain the development of metal stadium seating in the market over the coming years.

The majority of the metal stadium seating manufacturers operating in the U.S. maintain their online presence in the form of their own websites/portals as well as offer their products through third-party distributors such as Amazon and SupplyApp.com. Their own websites help the manufacturers in catering to customers directly based on their requirements. This mode enables the end users to directly place queries and orders for standard products available with these vendors. Some manufacturers also list their products on third-party websites due to their larger customer bases. This helps in strengthening the online presence of the vendors and enhances their brand presence among the wider customer base.

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U.S. Metal Stadium Seating Market Report

U.S. Metal Stadium Seating Market Report Highlights

• Based on product, bleachers/grandstand dominated the market with a 48.8% share in 2023 owing to their ability to provide systematic seating and help in controlling the crowd
• Based on application, the outdoor stadium segment held the largest market share in 2023. The segment growth can be attributed to the presence of a large number of stadiums coupled with the rising construction of new stadiums with the growing interest of people in outdoor sports
• Texas dominated the market as Texas is home to various professional collegiate sports teams, which attract millions of fans each year. This constant demand for sports entertainment drives the need for new and upgraded stadiums, creating a demand for metal stadium seating solutions.
• In 2021, DANT CLAYTON announced a new Game Ready Grandstand Line of pre-engineered I-beam modules with standard quality components as their custom grandstands. This is expected to strengthen the company’s position in the U.S. metal stadium seating market

Recent Developments

• In 2021, DANT CLAYTON announced a new Game Ready Grandstand Line of pre-engineered I-beam modules with standard quality components as their custom grandstands. This is expected to strengthen the company’s position in the U.S. market.

U.S. Residential And Commercial Roofing Materials Market To Reach $21.69 Billion By 2030

 April 2024 | Report Format: Electronic (PDF)

U.S. Residential And Commercial Roofing Materials Market Growth & Trends

The U.S. residential and commercial roofing materials market size is anticipated to reach USD 21.69 billion by 2030 and is projected to grow at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the market may be attributed to a booming worldwide construction sector as a result of increased public and private investments in the creation of new residential spaces, and commercial spaces in the U.S. Roofing materials demand is increasing on account of stringent rules and regulations regarding the building codes and energy efficiency.

With a rise in severe weather conditions, there is a rise in demand for impact-resistant roofing materials, and this trend is expected to grow at a moderate pace during the forecast period. The surge in demand for single-family homes and commercial spaces is driving the need for roofing materials in the U.S. The growing emphasis on energy-efficient and sustainable building practices is further contributing to the growing demand for roofing materials. Additionally, factors such as a flourishing regional economy, population growth, higher investments in the renovation and redevelopment of both residential and commercial structures, and a strong recovery in the construction sector following the COVID-19 pandemic are fueling the demand for roofing materials throughout the forecast period.

Oxford Economics reported that the global construction industry’s overall output reached USD 10.7 trillion in 2020, and it’s anticipated to grow by approximately 42% in the coming years, reaching a projected size of USD 15.2 trillion by 2030. According to data from the U.S. Census Bureau, construction spending in the U.S. hit a seasonally adjusted annual rate (SAAR) of USD 1,844.1 billion in February 2023, growing at a 5.2% compared to the USD 1,753.1 billion SAAR recorded in February 2022. This growing trend is expected to continue in the coming years, contributing to the increased demand for U.S. residential and commercial roofing materials from 2024 to 2030.

In addition, the use of asphalt shingles in roofing materials is surging in the states across the U.S., owing to the prevailing trend of developing sustainable and green buildings for achieving energy efficiency through lower consumption for temperature control in the buildings. The utilization of asphalt shingles in roofing applications is cost-effective and results in low energy utilization. Lower installation cost and higher durability of the asphalt shingles tiles as compared to the other roofing materials makes it as an ideal choice for building roofing materials. The installation of asphalt shingles is easy, which further reduces the overall budget of construction projects across the U.S.

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U.S. Residential And Commercial Roofing Materials Market Report

U.S. Residential And Commercial Roofing Materials Market Report Highlights

• Asphalt shingles segment dominated the market and accounted for a share of 55.0% in terms of revenue in 2023. Asphalt shingles are extensively used in residential and commercial buildings to ensure increased energy efficiency. The lower installation and material cost of asphalt shingles as compared to the other roofing materials makes it an ideal choice for roofing materials in most of the states in the U.S.
• Metal roofs segment is witnessing surged demand for use in commercial spaces owing to the increased durability and easier lower slope roof installation. They are used at low slope roofs where the installation of HVAC in larger spaces could be done on the roof saving the internal space
• The residential end-use segment accounted for USD 15.72 billion in revenue share in 2023 and is anticipated to witness significant growth at a CAGR of 4.5% over the forecast period. The growth in the number of nuclear families in developing and developed states such as Texas, California, Florida, and Arizona is resulting in the growth of residential end-use
• The commercial end use is anticipated to grow at a CAGR of 4.4% over the forecast period. This growth can be attributed to the rising demand for commercial spaces such as offices, warehouses, hotels & restaurants, shopping malls, and supermarkets
• California dominates the market, accounting for USD 1.70 billion in 2023. The state’s flourishing economic growth, increased construction activities, and rising awareness regarding eco-friendly insulating roofing materials drive the growth.Moreover, the region is one of the largest consumers of U.S. residential & commercial roofing materials in the world. Factors such as increasing investment in affordable housing, smart city construction, and investment in the tourism sector are expected to boost the demand for U.S. residential & commercial roofing materials over the forecast period.

U.S. Residential Remodeling Market To Reach $716.18 Billion By 2030

 

U.S. Residential Remodeling Market Growth & Trends

The U.S. residential remodeling market size is anticipated to reach USD 716.18 billion by 2030, registering a CAGR of 4.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for products such as ceilings, outdoor decks, flooring, bathrooms, and kitchens that are aesthetically pleasing, cost-effective, and eco-friendly has increased in home renovation projects. Increasing disposable income of homeowners has also contributed to this trend in recent years and is expected to contribute to market growth in the coming years.

Manufacturers of remodeling products have incorporated their presence throughout the value chain to disassemble existing structures and install new products. These companies offer services that are based on analysis of an existing structure and search for a solution that will rebuild the structure according to the customer’s needs. For example, companies such as Jenks Restorations consider the damage to a building as a result of natural disasters, fire, or water and adapt repairs and rebuild work accordingly.

The threat of substitutes is low to medium in the U.S. residential market as most players have different ranges of specialized offerings. The nature of the industry forces consumers to choose from local players, which are considerably limited due to the high cost of establishing of network.

Cement, lumber, plastic, aluminum, copper, and steel are just a few of the raw materials used in the home remodeling industry. According to various studies, the prices of raw materials do not show a constant upward or downward trend, making it difficult for manufacturers and buyers to make long-term decisions regarding raw material procurement and product selection. Products such as steel and lumber have seen an increase in prices due to disruption in supply chain and transportation, leading to shortages. Socioeconomic problems such as the Russia-Ukraine war have also affected the availability and movement of raw materials.

Rising prices of housing and property have led to increased renovation works on existing houses as the spending levels of the population has grown in recent years. This has given a boost to the residential remodeling market. Shifting focus toward aesthetically pleasing interiors and exteriors of the house has led to remodeling projects in various households. The interest in incorporating smart equipment in homes has also helped in increasing the need for remodeling houses.

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U.S. Residential Remodeling Market Report

U.S. Residential Remodeling Market Report Highlights

• The residential remodeling market has experienced a surge in recent years as the energy efficiency of residential buildings has increased, resulting in lower energy bills. The increasing real estate rates have also caused consumers to remodel their homes instead of purchasing new ones. In addition, the growing emphasis on interior and exterior design has also contributed to the growth of the residential remodeling industry
• The specialized service provider segment dominated the market with a revenue share of 81.8% in 2023. Specialized service providers specialize in one or more of the following services, such as concrete and masonry, electrical & insulation, mechanical systems, plumbing systems, roofing, and siding. Specialized service providers ensure that high-quality and durable materials are used while remodeling any part of the building
• The remodeling of residential systems and equipment accounted for the largest market share of 26.5% in 2023. This growth is attributed to the growing number of people using consumer electronics in their homes in the U.S. This has resulted in the need for modernized systems in the United States that help to level out electrical connections in homes
• California residential remodeling segment accounted for a revenue share of 13.8% of the overall market in 2023. The market in California is expected to grow as it is among the largest states in the U.S. economy, in terms of GDP, construction activities, and per capita income of the population. Moreover, the increase in disposable income primarily drives the demand for residential remodeling in the U.S.
• Most of the market players focus on forward integration by offering maintenance services in addition to manufacturing services. They also focus on offering customization services through online portals and in-house staff as well as utilizing both online and offline distribution channels to interact with their customers
• In November 2023, a Groundworks Company acquired Texas-based Eco-Soil Stabilizers, which offers residential customers and homebuilders a proprietary soil stabilization injection technology. Thus, A Groundworks Company aims to leverage this technology to enhance foundation repairs of residential buildings across the U.S.

U.S. Luxury Travel Market Size To Reach $634.27 Billion By 2030

 

U.S. Luxury Travel Market Growth & Trends

The U.S. luxury travel market is anticipated to reach USD 634.27 billion by 2030 and it is projected to grow at a CAGR of 8.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. There is a growing and robust demand for customized luxury travel experiences. According to a survey conducted by Virtuoso in 2022, 68% of luxury travel advisors noted that their clients are going to great lengths to prioritize privacy, opting for extended vacations and allocating more resources. This includes arrangements such as booking private jets, islands, and villas, as well as engaging guides with specialized knowledge aligned with their specific interests.

An increasing number of travelers in U.S. are opting for tours of their preferred destinations due to the desire to learn more about the place that they are visiting. Luxury travelers often prefer customized and private tours to general tour packages for unique and highly personal experiences. The post-pandemic trends of private tours due to concerns for health and safety are driving the market growth.

Travelers are drawn to the diverse traditions and cultures of other countries. They are keen to explore the diverse performing arts, handicrafts, ceremonies, and cuisines. Such experiences inspire cultural interaction, encouraging conversation, understanding, and promoting harmony. Luxury travelers in the U.S. exhibit a trend of meticulous vacation planning, often arranging accommodations and dining experiences well in advance. The Travel Trends 2023 study found that 51% of U.S. travelers are now booking their vacations far in advance, a marked departure from previous years.

More than a third of this demographic cited fear of price inflation as a primary motivator for securing travel plans early. This shift suggests that consumers are becoming increasingly cautious as costs rise and are taking proactive steps to ensure an affordable travel experience.

Key players offer a range of curated experiences, from VIP events to adventurous excursions, enhancing a brand’s appeal and distinguish it within the competitive market. For instance, in December 2022, Kensington Tours Ltd introduced a collection of insider-style VIP experiences designed around high-profile events. This included the opportunity to attend a Hollywood VIP after-event called ‘The Party’ and experience the world’s biggest auto race in Las Vegas from the pit lane of the team paddock.

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U.S. Luxury Travel Market Report

U.S. Luxury Travel Market Report Highlights

• Based on tour, the culinary travel & shopping segment is expected to witness substantial CAGR during the forecast period. Travelers typically engage in activities like taking cooking classes, retracing historical culinary journeys, embarking on wine, beer, and spirits trails, participating in food fairs and festivals, and visiting food production facilities and processing centers for exploratory purposes
• Based on age group, the millennial segment is expected to witness substantial CAGR during the forecast period from 2024 to 2030. Millennials prioritize experiences over material possessions, valuing the memories and personal growth that luxury travel can provide. Millennials are, hence, shifting their focus from traditional offerings to a wider range of compelling traveling experiences
• Based on booking mode, the online travel agencies segment is expected to witness substantial CAGR during the forecast period from 2024 to 2030. Online platforms provide a comprehensive array of stay options for vacation rentals. These platforms serve as a hub for listing a diverse range of accommodations catering to different traveler preferences

U.S. Garden Planter Market Size To Reach $6.88 Billion By 2030

 

U.S. Garden Planter Market Growth & Trends

The U.S. garden planter market size is expected to reach USD 6.88 billion by 2030, registering a 6.7% CAGR from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing consumer interest in gardening plays a crucial role in driving the garden planter market in the U.S. Consumers are recognizing gardening as a recreational and therapeutic benefit, resulting in a surge in demand for gardening tools and accessories including garden planters, that facilitate health, favoring the growth of the market.

Government initiatives toward green building practices are influencing the garden planter market in the U.S. As there is an increased focus on sustainable and eco-friendly construction, incorporating green elements into building designs has become essential. Garden planters play a crucial role by offering a means to integrate greenery and contribute to the overall environmental performance of buildings. Many green building certifications and standards prioritize features such as green roofs, vertical gardens, and landscaping, driving the demand for planters as essential components of these eco-conscious designs.

The growing awareness about the benefits of incorporating planters in office spaces is likely driving the growth of the market. Plants enhance indoor air quality by filtering pollutants and releasing oxygen, creating a fresher and more oxygen-rich atmosphere. This can lead to improved employee well-being and cognitive performance. In addition, planters also serve as natural dividers in open office layouts, providing a sense of privacy and delineating workspaces.

There is a rise in focus on sustainability, durability, and aesthetic flexibility, leading to a rise in the utilization of recycled and upcycled materials in the construction of planters. Planters crafted from recycled plastics, reclaimed wood, or composite materials aligns with the eco-friendly inclinations resulting in growing preference among consumers. In addition, there is an increasing demand for materials that are durable and lightweight, such as resin and fiberglass, providing portability and resilience against varying weather conditions. These trends in the market drive the growth of the market.

The online retail platforms have become increasingly favored by consumers seeking the convenience of browsing and purchasing from the comfort of their homes. E-commerce platforms like Walmart and Amazon offer an extensive selection of garden planters, providing customers with the convenience of user reviews, wide range of options and doorstep delivery, unlike traditional brick-and-mortar stores. However, garden centers and nurseries are still preferred by consumers who value expert advice and a curated selection of planters. These specialized stores guide customers in selecting planters that suit their gardening needs, considering factors such as growth requirements, plant type, and design aesthetics.

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U.S. Garden Planter Market Report

U.S. Garden Planter Market Report Highlights

• Based on material, the fiberglass segment is expected to grow at the fastest CAGR in the forecast period. Fiberglass planters are lightweight, easy to handle, and resistant to various environmental conditions, resulting in growing preference among consumers
• Based on end-use, the residential segment is expected to witness the highest growth rate over the forecast period. Increase in number of home & garden improvement projects across the U.S. is driving the demand for garden planters in residential application
• Based on distribution channel, the online sales channel segment is expected to witness the fastest growth rate over the forecast period. The convenience and ease of online shopping have led to a significant increase in consumers buying garden planters through e-commerce platforms like Amazon, Walmart

Forecast Reveals: 3D Printing Market to Climb to $88.28 Billion Valuation by 2030

 

3D Printing Market Growth & Trends

The global 3D printing market size is expected to reach USD 88,281.2 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 23.5% from 2024 to 2030. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM) as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.

3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3D printing technology, eventually leading to the largest market share of 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve over the forecast period.

3D printing continues to gain popularity among hobbyists and innovators. While individuals are using 3D printing for domestic and personal purposes, universities and educational institutes are using 3D printing for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India, machining shops have managed to adopt alternative business models by installing 3D printers and offering related services, such as 3D printing materials, filaments, 3D modeling, and 3D printer software.

Apart from the industrial vertical, the automotive, healthcare, and aerospace & defense verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that additive manufacturing can offer all these benefits, the adoption of three-dimensional printers by the automotive, healthcare, and aerospace & defense verticals is expected to gain traction over the forecast period.

3D printing and related technologies are evolving continuously in line with the intensive R&D activities being undertaken, and the aggressive investments being made by the private and the public sectors. Government funding and encouraging initiatives being undertaken in developed economies are prompting manufacturers to pursue improvements in technology and the adoption of new technologies.

North America accounted for the largest revenue share of more than 34.0% in 2023, as a result of the extensive adoption of 3D printers for 3D designing, 3D modeling, and 3D manufacturing in several industries. The Asia Pacific region has emerged as a manufacturing hub owing to an expanding consumer base as well as the continued foreign investments happening in the region. The Asia Pacific market is expected to witness remarkable growth over the forecast period.

3D printing technology happens to be a capital-intensive technology. At the same time, manufacturers are holding on to their misconception about prototyping, rather than realizing the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing. These are some of the factors that are expected to restrain the market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting 3D printers are expected to help in countering the market restraints.

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3D Printing Market Report

3D Printing Market Report Highlights

• 3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototyping and optimize the time to market. Increasing adoption of 3D printers in the healthcare, automotive, and consumer electronics verticals is likely to drive the market significantly
• The prototyping segment led the market and accounted for more than 54% share of the global revenue in 2023 owing to extensive adoption of the prototyping process across several industry verticals
• The metal segment led the market for 3D printing and accounted for more than 54% share of the global revenue in 2023. This is attributed to the increasing demand for metal 3D printing from industrial verticals such as automotive and aerospace and defense
• The desktop 3D printer type segment, which has been segmented further into educational purpose, fashion and jewelry, objects, dental, food, and others, is expected to adopt the 3D printing technique aggressively over the forecast period
• Demand for desktop 3D printers is expected to increase over the forecast period as 3D printing is gaining popularity among hobbyists for domestic, household, and personal usage, as well as in the education sector for training purposes
• The Asia Pacific market, which is emerging as a manufacturing hub for several industry verticals, is expected to grow significantly as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt 3D printing, particularly in countries including China, Japan, and South Korea

Market Evolution: Witness the Rise of Managed Services to $731.08 Billion by 2030

 

Managed Services Market Growth & Trends

The global managed services market size is projected to reach USD 731.08 billion by 2030, according to a new study conducted by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 13.6% from 2023 to 2030. Strengthening profit margins, which cater efficiently to the needs of dynamic business environments, and improvements in operational efficiency are also expected to contribute to the growth of the market. Benefits associated with managed services implementation, such as a significant reduction in IT operational expenses and increased organizational efficiency, are also anticipated to drive market growth.

Managed services help reduce recurring in-house IT expenditures by ensuring the IT infrastructure is running at optimal efficiency at all times while also automating business operations. This subsequently allows organizations to effectively achieve their business objectives, especially pertaining to strengthening the bottom line and increasing profitability. These initiatives also help various end-users, such as expert-led architectural design reviews, public sector, and government organizations to address unique digital transformation and accelerate cloud adoption.

For instance, in July 2023, MongoDB, Inc., a developer of the data platform, announced MongoDB Atlas for the public sector, an initiative that enables government agencies and public sector organizations to develop modern, data-driven applications that better serve end-users at MongoDB.local for government solutions platform. As part of the new initiative, public sector organizations can access tailored technology partnerships, expert-led architectural design reviews, and specific data to provide tailored technology training.

Several businesses encountered challenges due to the COVID-19 pandemic, and managed services providers (MSPs) were no exception. Organizations globally opted for managed services to ensure operational efficiency amid lockdowns being implemented across various nations due to coronavirus. Organizational spending on new automation initiatives gradually slowed down during the pandemi c.

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Managed Services Market Report

Managed Services Market Report Highlights

• In terms of solution, the managed security segment is anticipated to register the fastest CAGR of 14.7% over the forecast period owing to the adoption of managed security services in end-use industries. This segment offers various benefits such as security monitoring & management, email threat management, restoral management & backups, and support & maintenance management, among others
• In terms of managed information services, the business support systems segment is anticipated to register the fastest CAGR of 14.2% from 2023 to 2030. The increasing adoption of business support system services such as business analysis, database integration, demand management service, and project management in end-use industries is anticipated to propel the growth of the segment over the forecast period
• In terms of deployment, the on-premise segment dominated the market in 2022 with a revenue share of 64.4%. Numerous organizations have adopted the on-premise mode of deployment as it does not require an internet connection and allows easy customization of software to suit the business process requirements of clients
• Based on enterprise size, the small & medium enterprises (SMEs) segment is anticipated to register the fastest CAGR of 14.3% from 2023 to 2030. Increasing government initiatives through various digital SME campaigns globally is expected to drive the growth of the SME segment over the forecast period
• In terms of end-use, the healthcare segment is anticipated to register the fastest CAGR of 14.7% over the forecast period. Several healthcare organizations are opting for managed services to protect patient data and secure monetary transactions, thereby contributing to the segment’s growth
• In terms of region, North America held the largest market share in 2022 with a revenue share of over 30%. The rising number of multinational companies (MNCs) in North America bodes well for the regional market growth

Essential Oils Market to Flourish, Expected to Reach a $40.12 Billion Valuation by 2030

 

Essential Oils Market Growth & Trends

The global essential oils market size is expected to reach USD 40.12 billion by 2030, and expanding at a CAGR of 7.9% from 2024 to 2030, as per the new report by Grand View Research, Inc Key factor contributing to the demand for essential oil is that aromatherapy is rapidly gaining momentum as a convenient method of healing lifestyle diseases. The sales volume of essential oils is rising on the account of the rising consumer awareness related to the wide utilization of the product across various applications.

They are primarily made of terpenes and their oxygenated derivatives which usually include monoterpenes, sesquiterpenes, etc. They are present in specialized cells/glands in various plants and the position of these glands varies depending on the morphology, and physiology of the plant. During the manufacturing process, these glands are ruptured by pressing or by application of heat, which emanates aroma.

The product is widely used for enhancement of air freshness at home with the help of aroma diffusers and addition of essential oils in aroma pots. It is added to the water or baths in order to relax muscles and improve the aroma of place. Young women use these products for making homemade cosmetics due to their natural content and medicinal benefits.

Increasing demand for organic products is influencing consumer trends across the globe. Further implementation of regulations favoring the use of environmentally friendly ingredients in cosmetics, and food & beverage industry. The increased the consumer’s interest for products produced from natural ingredients. A majority of the global population are shifting their preference to organic products which in turn is increasing the demand for plant based products, leading to a significant drop in the demand for synthetic fragrances.

Owing to the outbreak of coronavirus around the world, many countries experienced lockdown situations. This had led to major raw material shortages, disruption in the supply chain, and increased prices for highly demanded products for two to three quarters in 2020. Moreover, the restrictions on imports & exports of goods by any means from most of the South East Asian countries further worsened the situation. However, the temporary closure or slowing down of manufacturing plants of synthetic flavors & fragrances in China led to a rise in opportunity for essential oil distillers, as the manufacturers turned to smaller vendors to fulfill their raw material requirements.

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Essential Oils Market Report

Essential Oils Market Report Highlights

• Cleaning & home witnessed the fastest growth rate of 7.7%, due to the presence of antifungal and antibacterial properties of essential oils
• Black pepper witnessed one of the fastest growth rate of 8% on the account of its wide use in food & beverage, spa & relaxation, and medical sectors
• Direct selling channel witnessed the fastest growth rate of 8.4%, as consumers have the need to smell and feel the oils in person
• Europe witnessed the fastest growth rate of 8% as compared to other regions, due to strong presence of food & beverage industry in the region, coupled with high disposable income and high standards of living
• The global product market is highly competitive on the account of the presence of multiple manufacturing companies operating in the market

Air Purifier Market To Reach $26.07 Billion By 2030 | CAGR 7.4%

 

Air Purifier Market Growth & Trends | Recent update 

The global air purifier market size is expected to reach USD 26.07 billion by 2030, registering a CAGR of 7.4% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.3% from 2023 to 2030. The market is primarily driven by increasing air pollution levels, coupled with the outbreak of the COVID-19 pandemic and the rising awareness pertaining to the benefits of air purifiers. Air purifiers assist in eliminating various health hazards caused by poor air quality by removing contaminants, including dust, smoke, and pollen. In addition, these products aid people suffering from asthma, airborne allergies, and other respiratory conditions. Thus, increasing health awareness among consumers is expected to drive the product demand over the forecast period.

Lockdown measures to curb the spread of COVID-19 and the stay-at-home and work-from-home norms have boosted the demand for air purifiers in residential applications. Furthermore, the demand for air purifiers increased in healthcare and other commercial facilities amidst the pandemic owing to their ability to limit the spread of infectious diseases. New product developments and technological advancements amid the COVID-19 pandemic are anticipated to augment the market growth. For instance, in September 2020, Aurabeat Technology Limited, a Hong Kong-based company, introduced Aurabeat AG+ Silver Ion Plasma Sterilization Air Purifier, which can eliminate more than 99.9% of COVID-19 within 30 minutes.

Wildfires and stubble burning that are increasingly found in the U.S., Australia, and India are some of the key reasons for causing air pollution. The smoke has several health implications such as eye and respiratory tract infection, lung infection, bronchitis, and heart failure. This has prompted consumers to buy air purifiers and is likely to augment the market growth over the forecast period. The pandemic provided an opportunity for companies with higher cashflows to acquire air purifier companies resulting in increased activity in the market. For instance, in November 2021, iRobot Corporation acquired Aeris Cleantec AG in a USD 72 Million all-cash deal in a bid to strengthen its portfolio of intelligent home innovation solutions.

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Air Purifier Market Report

Air Purifier Market Report Highlights

• The HEPA technology segment held the largest revenue share of over 40.0% in 2023 owing to the high efficiency of HEPA filters in removing airborne particles as compared to other technologies, thereby augmenting its penetration in the market
• The commercial application segment is expected to witness significant growth from 2024 to 2030 on account of the growing demand for air purifiers in hospitals, universities, and government facilities amidst the COVID-19 pandemic
• In the APAC market, Malaysia is likely to expand at a significant CAGR over the forecast period on account of worsening air quality due to urbanization and seasonal haze, coupled with the increasing health awareness and a growing emphasis on good indoor air quality
• In September 2020, MANN+HUMMEL introduced two new high-performance room air purifiers, namely OurAir TK 850, which is suitable for filtering the air in indoor spaces of up to 70 m², and the OurAir SQ 2500, which is ideal for spaces up to 200 m²

Respiratory Protective Equipment Market To Reach $24.68 Billion By 2030

 

Respiratory Protective Equipment Market Growth & Trends

The global respiratory protective equipment market size is expected to reach USD 24.68 billion by 2030, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Stringent government regulations and the emergence of the COVID-19 pandemic leading to awareness among consumers is expected to boost the product demand over the forecast period. The emergence of new biological viruses, such as COVID-19, Middle East Respiratory Syndrome (MERS), and Severe Acute Respiratory Syndrome (SARS), along with a shift in a trend toward proactive measures in the healthcare sector is expected to propel the product demand over the forecast period.

The rising awareness, in the post-pandemic scenario, about infectious biological hazards is likely to influence the market growth. Moreover, the use of respiratory protection, such as Powered Air-purifying Respirator (PAPR) and Self-Contained Breathing Apparatus (SCBA), is expected to increase as end-user activities begin to normalize. Increasing concern regarding compensation costs on account of the rising number of injury cases in various industries, such as manufacturing, transportation, and chemicals, is anticipated to promote the adoption of workplace safety regulations. In addition, growing concerns regarding high-risk activities in the construction and manufacturing sectors are expected to drive RPE demand over the forecast period.

A majority of the market players are focusing on manufacturing APRs, such as disposable masks and N95 respirators, owing to their low costs and widescale application in the industrial sector. In addition, companies are partnering with raw material suppliers, automotive OEMs, etc. to manufacture APRs given their increasing demand across the globe. Major market players like 3M and Honeywell International Inc. are expected to further strengthen their forward and backward integration with more players following suit. This is likely to provide a competitive advantage and consolidate market shares, especially in the unpowered air-purifying respirator market segment.

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Respiratory Protective Equipment Market Report

Respiratory Protective Equipment Market Report Highlights

• The APRs segment is anticipated to grow at the fastest CAGR from 2024 to 2030, in terms of revenue, on account of stringent government regulations, especially in developing countries in Asia Pacific
• The healthcare end-use segment accounted for the largest revenue share in 2023 owing to the pandemic leading to a rise in demand for disposable filtering masks, such as N95 masks and surgical masks
• The market in Asia Pacific is projected to grow at the fastest CAGR over the forecast period on account of the growing usage of respiratory protection in construction, mining, and oil & gas industries
• Germany accounted for 22% of the Europe market revenue in 2021 on account of the growth of the construction industry due to the government’s push for developing green infrastructure,which boosted the product demand
• The industry participants focus on the research and development of new technologies for product manufacturing and integration across various stages of the value chain to gain a competitive edge in the market

In Vitro Fertilization Market Size To Reach $37.4 Billion By 2030

 

In Vitro Fertilization Market Growth & Trends

The global in vitro fertilization market size is expected to reach USD 37.4 billion by 2030, with a CAGR of 5.54% from 2024 to 2030, based on a new report by Grand View Research, Inc. The market's growth can be attributed to the continuous efforts of the market players, an increase in the incidence of infertility due to lifestyle changes, and government initiatives to improve reimbursement policies. Expansion of fertility procedures, such as Intracytoplasmic sperm injection (ICSI) for treating infertility, is expected to have a positive impact on market growth.

The availability of genomic testing facilities that enable the prevention of the transfer of genetic disorders during in vitro fertilization (IVF) is expected to drive the IVF market. The insurance providers are providing coverage for IVF procedures owing to an increase in the number of IVF treatments. For instance, in May 2023, Pacific Blue Cross introduced an enhanced Personal Health Insurance, a health & dental plan, which incorporates family planning benefits, including coverage for fertility drugs, fertility treatments, and adoption. With this enhancement, Pacific Blue Cross became the first and only provider in Canada to offer family planning benefits as part of an individual health & dental plan. This led to competitive pricing and moderated IVF treatment costs. This procedure has been a successfully practiced technology, driving the market with more treatment automation and standardization.

A decline in the Total Fertility Rate (TFR) results from factors, such as behavioral shifts in society. These factors include a shift from rural to urban societies, increased age of the first pregnancy, postponement of marriage, increased employment, and lower marriage rates. In March 2020, in-person fertility treatments in the U.S. and Canada were suspended due to COVID-19 by the American Society of Reproductive Medicine and Canadian Fertility and Andrology Society. However, treatment is resumed in many countries with the ease of COVID-19 restrictions. The research findings published by the Obstetrics & Gynecology journal in January 2022 reported that COVID-19 vaccines wouldn't harm IVF outcomes. This is expected to prove the uptake of IVF in eligible vaccinated individuals.

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In Vitro Fertilization Market Report Highlights

• Frozen non-donor segment dominated the market with largest revenue share in 2023 and is expected to witness fastest growth over the forecast period.

• Fertility clinics segment dominated the market with largest revenue share in 2023 and is expected to witness fastest growth over the forecast period.

• The culture media segment dominated the market with the largest revenue share of 40.9 % in 2023. This can be attributed to factors such as availability of funding and an increase in research activities to improve culture media.

• Europe dominated the market with largest revenue share of 36.7% in 2023. This can be attributed to factors, such as a noticeable surge in medical tourism, with an increasing number of Americans choosing to travel to Czech Republic for more cost-effective IVF treatments

• The demand for IVF treatments is expected to increase in Asia Pacific region owing to the growth in fertility tourism, increase in the number of international companies trying to penetrate economically developing countries, and change in the regulatory landscape in APAC.

• The developing countries in the Asia Pacific are undertaking legal reforms to promote treatment adoption in the region. For instance, in February 2020, the Government of India approved a bill to regulate clinics offering reproduction assistance services, including IVF, artificial insemination, and surrogacy

• In June 2021, the lower house of parliament in France officially passed a law granting single women and lesbian couples access to medically assisted reproduction. This groundbreaking law marks a significant milestone, allowing these individuals and couples to receive fertility treatments, including IVF, at no cost

• In June 2023, Nova IVF Fertility, India's second-largest infertility treatment chain, announced that they plan to reach 100 centers in the next four years through organic expansion and acquisitions 

Dashboard Camera Market Size To Reach $7.64 Billion By 2030

 

Dashboard Camera Market Growth & Trends

The global dashboard camera market size is expected to reach USD 7.64 billion by 2030, registering a CAGR of 9.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to an increasing adoption of dashboard cameras in automobiles worldwide. This technology is being incorporated in several commercial as well as personal vehicle dashboards, as it empowers the driver to take control of the vehicle’s security and enables them to record incidents such as collisions, theft, and vandalism. In September 2023, Cobra Electronics introduced the RAD 700i-connected radar detector, which offers advanced features at an affordable price point.

Rising awareness about in-car safety, along with favorable government initiatives, is expected to drive the global market over the forecast period. Law enforcement agencies traditionally used dashboard cameras and car DVRs across the world. Nevertheless, as per the recent trends, they are increasingly installed in both passenger and commercial vehicles. The surge number of fraudulent insurance claims and medical compensation by means of fake car accidents has been a crucial factor in boosting the adoption of dashcams in vehicles, prompted by insurance companies. Insurance companies have now started accepting camera footage to resolve disputes regarding insurance claims. Also, insurance companies in some countries, such as the U.K. and Japan, are offering discounts on insurance premiums for installing a camera in a vehicle.

Dashcams are switched on in the driving mode and parking autonomously and, therefore, can record the incidents automatically. However, recording any unauthorized movement in or near the parked vehicle tends to drain the vehicle’s external battery due to the continuous use of dashcams. This has prompted the development of energy-efficient dashcams that help in overcoming such challenges. Several energy-efficient dash cams offer enhanced features, such as timer and voltage cut-off functions, that enable automatic turning off the camera and voltage drop below the cut-off value. For instance, the Thinkware Dash Cam T700 is a great option for those looking for a reliable and advanced dash camera. It comes equipped with a built-in super night vision mode, which ensures high-quality footage even in low-light conditions. Additionally, the camera includes energy-saving parking recording features that help conserve power while still capturing important moments. The motion detection and impact detection features in its parking surveillance mode make it a great choice for those looking for added security and peace of mind.

Dashboard cameras, also known as dashcams, are gaining popularity in commercial fleets after being popularized in police vehicles. The businesses are promoting the installation of cameras and considering the many advantages they offer. By gathering important data in the event of hit-and-runs, accidents, traffic infractions, and insurance fraud, these cameras can aid in reducing rising insurance costs and aiding law enforcement agencies to resolve cases quickly by offering recordings as evidence.

The owners of commercial fleets can keep an eye on every driver and vehicle’s activities though dashcams. For instance, an AI dashcam developed by Verizon enables sending real-time alerts to vehicle fleet owners, which helps them to monitor the vehicle’s location. Also, owing to the installation of a dashcam in each vehicle, fleet owners can monitor driver behavior in real-time. This allows them to identify any risky driving habits and provide feedback to help improve their performance on the road. Additionally, dashcams can help protect drivers from false claims of misconduct or accidents, as they provide an objective record of what happened. Moreover, some cameras relate to other complementary technologies, such as telematics and recorders. These devices are gaining wide acceptance, as they are inexpensive, simple to operate, and easy to install.

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Dashboard Camera Market Report

Dashboard Camera Market Report Highlights

• The demand for 2-channel dash cams worldwide is expected to grow during the forecast period owing to their capability of recording from the front as well as the inside of the vehicle. Prominent players are now concentrating on enhancing the convenience and user-friendliness of car DVRs by incorporating additional features, such as the inclusion of night vision cameras, high-endurance battery life, and expandable storage capacity in their offerings
• Advanced dashboard cameras come with Wi-Fi connectivity, GPS support, and parking motion detection. These features are expected to drive the demand for advanced dashboard cameras over the forecast period
• The market has seen a significant increase in demand for high-quality video recording. Full HD and 4K video quality have become the new standard, as drivers and fleet owners seek to capture clear and detailed footage for safety, security, and legal purposes
• As the demand for high-quality video recording increases, more drivers are investing in cameras that can capture Full HD and 4K video for safety, security, and legal purposes. This has led to the growth of the market in the personal application sector
• The market is experiencing growth in the in-store distribution channel, as more retailers stock these devices due to increasing demand from consumers. This trend is expected to continue as dash cameras become more popular for their safety benefits and ability to capture evidence in the event of an accident
• Asia Pacific market has experienced exponential growth fueled by the demand for advanced driver assistance functionalities, such as seamless wireless connectivity, lane departure warning systems, blind-spot detection, and collision avoidance systems.

Machine Vision Market Size Worth $41.60 Billion By 2030

 

Machine Vision Market Growth & Trends

The global machine vision market size is expected to reach USD 41.60 billion by 2030, according to a new report by Grand View Research, Inc. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

The machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are also leading to the increasing adoption of the technology, thereby strengthening the overall market.

The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in industrial segments is facilitating the growth of the market at a considerable rate. The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and the increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying out various medical activities are the key roles of the technology in these sectors.

The automotive end-use industry held the largest revenue share in 2022. The inspection process which includes error-proofing and presence/absence checking, among others is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to witness the highest growth over the projected period owing to the use of machine vision systems in packaging and bottling operations.

The Asia Pacific region grabbed the largest revenue share in 2022, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, Australia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region’s significant industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.

In addition, factors such as increasing focus on developments, expenditures on vision-related research activities, and the growing manufacturing base in the region are expected to spur the market growth in Asia Pacific. The regional market is anticipated to exhibit the fastest growth rate over the forecast period. The industry is facing challenges due to the lack of awareness among users regarding the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is a major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.

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Machine Vision Market Report

Machine Vision Market Report Highlights

• The PC-based product segment accounted for the largest revenue share in 2022 and is estimated to dominate the market over the forecast period
• The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period followed by the positioning and guidance application segment
• By end-use industry, the food and beverage industry is expected to register the highest CAGR over the forecast period
• The industry is expected to witness substantial growth in the Asia Pacific region over the next decade. This growth is witnessed in the wake of ample opportunities offered due to the presence of large manufacturing hubs in prominent countries (across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors) such as China and Japan

Construction Equipment Market To Reach $363.23 Billion By 2030

 

Construction Equipment Market Growth & Trends

The global construction equipment market is expected to reach USD 363.23 billion by 2030 and is anticipated to grow at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. The increasing investments made by governments across the globe in the development of public infrastructure is one of the major factors expected to fuel the market growth. Additionally, the demand for construction equipment is predicted to rise owing to the increased residential and commercial construction activity caused by the growing population in emerging countries.

Due to stricter emissions rules and expensive fuel prices, the construction industry is rapidly shifting to electric solutions. International legislative challenges, the exponential growth of suppliers and services catering to the rising demand for electric construction equipment, and the emergence of new technologies such as advances in battery technology have reduced the price of manufacturing electric construction equipment, making it more affordable for OEMs of all sizes. For instance, the European (EU) Stage V Emission Regulations and the China VI Emission Standard serve as illustrations of the effort to reduce exhaust emissions from mobile equipment used off-road.

The introduction of advanced telematics systems represents a significant breakthrough for the construction industry. The latest telematics systems facilitate seamless remote monitoring and control of construction equipment. For instance, in April 2023, Bobcat Company announced the launch of its latest innovation, the Machine IQ telematics system, which allows users to access the information of their machines anytime, anywhere, and using any device. By leveraging Bobcat Company’s Machine IQ telematics system, users can remotely monitor the health of their machines; track vital data; and optimize maintenance, security, and performance to maximize productivity while safeguarding their valuable investment.

Manufacturers are focusing on enhancing operator comfort, productivity, safety, and visibility by integrating innovative technologies in wheel loaders. For instance, in June 2023, DEVELON, a brand of HD Hyundai Infracore, introduced 7 Series wheel loaders in North America at CONEXPO-CON/AGG 2023. The loader provide enhanced operator productivity, safety, and visibility. The loader is equipped with technologies such as object detection Around View Monitor (AVM) camera system and transparent bucket.

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Construction Equipment Market Report

Construction Equipment Market Report Highlights

• The material handling machinery segment dominated the market in 2023 and is expected to register a highest over the forecast period. The growth can be attributed to the rise of e-commerce which has led to surge in warehousing and logistics operations.
• Electric construction equipment is anticipated to register the highest growth rate from 2024–2030. Governments across the globe are implementing regulations and providing incentives to promote the widespread adoption of electric construction equipment.
• <100 HP led the market in 2023 owing to the rising use of compact construction equipment in emerging economies like Asia Pacific, Latin America, and Africa.
• Asia Pacific dominated the market in 2023. The governments in the region are concentrating on enhancing their transportation and construction infrastructures. To speed up their economic growth, these governments are significantly funding numerous infrastructural projects which is expected to drive the demand for construction equipment in Asia Pacific.
• In October 2023, Liebherr-International AG presented battery-electric wheel loader at trade fair — Ecomondo, held in Rimini, Italy. The L 507 E battery-electric wheel loader provides similar performance as a standard wheel loader. It is ideal for use in areas where exhaust and low noise values are particularly important, such as in the city, on roads, or in production facilities.