Mining equipment market poised to surpass USD 99 billion by 2024, Surface mining equipment to witness massive demand
Global Mining Equipment Market is witnessing many twists and turns since the past decade with the constant involvement of modern technology to enhance the quality of operation. Machine failure detectors, real-time monitoring, and open pit mining are the some of the hi-tech integrations fueling the smart mining solutions. The growing trend of using multifunction machinery instead of single function counter parts is also expected to positively influence the overall market expansion. As per a report by Global Market Insights, Inc., “Mining equipment market in 2015 generated a revenue of more than USD 69 billion, and is poised to grow lucratively at a CAGR of 4.7% over 2016-2024.”
China Mining Equipment Market size, by application, 2013-2024 (USD Billion)
Another vital factor which is pushing mining equipment industry worldwide is the surging need to extract mines from lower grade ores and to cope with the remote locations. The constant effort by the key market players to address these major issues for enhancing the productivity and overall efficiency has resulted in automation and product innovation.
Metal mining applications to bring lucrative business opportunities for the global industry
Mining equipment industry has observed significant growth in two application sectors-metal mining and coal mining. In 2015, metal mining equipment market surpassed a revenue of USD 29 billion and is anticipated to grow exponentially in the upcoming period with an annual growth rate of 5% over the timespan 2016-2024.The heightening global demand for precious metals especially gold, as it supports the financial, emotional, as well as cultural values of the consumers, is augmenting the industry in metal mining.
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Mining equipment industry from coal mining has also developed over the recent years, in the transition from manually extracting the coal on carts to economical open cut long wall mines. The massive progression can be credited to the rising electricity requirement to feed the growing population.
Surface mining and underground mining are two basic techniques adopted for extraction. Today, surface mining being more predominant, surface mining equipment market has evolved robustly. It had a revenue share of more than 35% of the total volume in 2015 and is slated to show heavy growth at a CAGR of 3.4% over 2016-2024. Rising trend of exploration of untapped resources specially across developing nations is expected to offer ample opportunities to the market over the years ahead.
Mining drills and breakers market will also benefit from the increase in demand for sub surface mining of metals, minerals, and coals with the incorporation of effective hi-tech solutions.
Asia Pacific, driven by China, to witness heavy gains over 2016-2024
Asia Pacific is one of the prominent regions propelling the overall market with a collected revenue of more than USD 40 billion in 2015. Increasing concerns toward worker’s safety, strong demand for energy efficient technologies, and environmental considerations are the key factors driving the China mining equipment industry over the 2016-2024.
Furthermore, the recent market trend of using lease-based equipment is also encouraging industries to use more of advanced machinery. For instance, barcode technology helps in tool tracking, therefore various manufacturers are now incorporating digital barcode in hand tools as well as power tools to favor effective monitoring.
Another niche region driving the market is U.S. Key players in this region are investing continuously on energy efficient techniques, to reduce pollution. U.S. mining equipment industry is set to cross over USD 11.5 billion by 2024, with a projected CAGR of 3.2% over the period 2016-2024.
Product diversification without increasing the overall cost is the prime focus of the industry participants. Prominent players of mining equipment market include Sandvik, Caterpillar, Atlas Copco, and Joy Global.
Author Name :Satarupa De
Escalating Vitamin E consumption to push Cresols Market growth, chemical intermediates to witness highest product demand
Escalating requirement of vitamin E as an animal feed additive due to high meat consumption will push Cresols Market value over the years to come. Booming animal feed additives sector, which is expected to cross the revenue of USD 22 billion by 2022, will further benefit the industry. As per Global Market Insights, Inc., “Cresols Industry size is anticipated to hit USD 474 million by 2024.” Besides, its extensive applications across dyes, plastics, cosmetics, pesticides, rubber, and pharmaceuticals will boost market trends over the forthcoming years. Elevated demand for the product in electrical & electronics and automotive applications will uplift industry revenue over the span of few years.
Synthetic vitamin E intake, estimated at over 100 kilo tons in 2015, is forecast to grow at a CAGR of 4% over the coming seven years, thereby propelling cresols market outlook. High popularity of nutraceuticals, driven by high consumer awareness pertaining to the benefits of nutritious diet intake will spur cresols market expansion over the coming timeframe.
U.S cresols market share, by application, 2015 – 2024 (USD Million)
Antioxidants, chemical intermediates, preservatives, and solvents are the key cresols applications. Cresols industry share in chemical intermediates is predicted to grow at a rate of 3.5% over 2016-2024, driven by its use as a chemical intermediate for producing vitamin-E. The thriving chemical sector will further contribute towards the industry expansion over the coming years. Solvents applications, worth USD 35 million in 2015, is forecast to witness a substantial surge, owing to enhanced product application in polymer sectors.
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Ortho-Cresols, Meta-Cresols, and Para-Cresols are the major cresols products. Meta-Cresols industry, which generated more than USD 160 million in 2015, is anticipated to observe an appreciable growth over the years ahead. High demand for vitamin-E, owing to growing acceptance of healthy food habits by consumers will promote the product demand. In addition to this, its growing application as a chemical intermediate for synthetic vitamin E will further boost the revenue.
Para-Cresols market is projected to register significant gains at 3% over the coming timeframe, driven by its enhanced use in transformer oil, pharmaceuticals, rubber, and cosmetics.
Taking into consideration the geographical trends, North America cresols industry revenue is projected to indicate a sharp growth over the coming timeline, having attained a targeted revenue margin of USD 45 million in 2015. Popular use of cresols as chemical intermediates in pharmaceuticals sector and high demand for preservatives across the food packaging sector will further stimulate the industry expansion. U.S is likely to drive the regional growth in terms of revenue.
Asia Pacific cresols market is expected to register a CAGR of 3.5% over 2016-2024, driven by drastically changing lifestyles and food habits of the consumers.
Market players will try to improve their ROI and extend their geographical presence through implementation of key business strategies such as product differentiation, mergers & acquisitions, and high R&D investments. Henan Hongye Technology Chemical Company Limited, Xiamen Hisunny Chemical Company Limited, Atul Limited, VDH Chemtech Private Limited, Lanxess Chemicals Company, Sasol Phenolics, Ardisons Oils & Electricals (P) Limited, Nanjing Datang Chemical Company Limited, SABIC, Rutgers Group, Mitsui Chemicals Incorporation, Asahi Kasei Corporation, and Dakota Gasification Company are the key participants of cresols industry.
Author Name :Dhananjay Punekar
Car sharing market to witness a massive CAGR of 34.8% over 2016-2024, China to emerge as a lucrative business ground
General Motors partnering with Uber in 2016, is an instance of industry giants collaborating to stimulate global car sharing market size. Shifting trends toward shared mobility coupled with heavy R&D investments by core companies across the globe is also likely to propel car sharing market value over the coming seven years. According to Global Market Insights, “Car sharing industry was worth USD 1.2 billion in 2015, and is anticipated to cross 16.5 USD billion by 2024, increasing at an annual growth rate of 34.8% over the period of 2016 to 2024.”
Germany Car Sharing Market Size, By Application, 2013-2024 (USD Million)
Rising adoption of smartphones and tablets helps consumers to book vehicles with the assistance of mobile based software in a very effective manner. This, in turn, will influence car sharing market share noticeably. Supportive initiatives from various worldwide organizations to promote mobility services is also predicted to drive car sharing industry size.
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The prominent applications of car sharing market are private and business. The private application segment will generate considerable revenue over the coming seven years. The attributing factor towards the industry growth is increasing demand for on-time availability and reliability. Business applications will also be another lucrative segment over the years to come, owing to the growing preference for transportation across the various corporate sectors.
The one way and round trip are the two main business models of car sharing industry. One way trip business model will record considerable growth rate over the period of 2016 to 2024, primarily driven by its increasing requirement, owing to the flexibility offered by the one-way trip to the customer. Round trip business model proves to be highly cost-effective for long journeys, as to-and-fro charges depend on the distance travelled. Driven by this factor as well as other economic benefits, this model has witnessed high adoption, which will fuel round trip business model market over 2016-2024.
China car sharing industry will exhibit lucrative annual growth rate of 40% over the coming seven years. The growth can be attributed to its surging requirement across the private and commercial application. The emergence of various automotive companies across this region will generate eye-catching revenue in car sharing market over the coming years of 2016 to 2024. In addition, many of the automotive giants and vendors are investing heavily in the Chinese industry, which will favorably influence the regional growth.
U.S. car sharing market contributed majorly toward North America car sharing industry in 2015 and is anticipated to record significant growth rate over the coming timeframe, owing to supportive initiatives from organizations such as the Department of Transportation.
Novel technological innovations and price reduction will be the growth tactics implemented by major market participants to achieve the top position in such a fragmented industry. The key participants operating in this market are Car2go, Autolib, Uber, DriveNow, Lyft, Hertz Corporation, Zipcar, RelayRides (Turo), Getaround, GoGet, WhipCar, Mobility Carsharing, and Zoomcar.
The increasing efforts taken by the various OEMs and car rental companies to expand their business space across the globe will also impact car sharing industry growth considerably over the coming seven years.
Author Name :Sunil Hebbalkar
APAC to majorly drive automotive collision repair market growth, Global revenue to surpass USD 200 billion by 2022
Global automotive collision repair market has become massive being directly influenced by the ever-expanding automotive industry and is slated to draw a trajectory growth curve over the years to come. Technology adoption in automobiles where on one hand has enhanced the value-add of the vehicles has also increased the complexities demanding for regular maintenance and repair. This trend is emerging as one of the prominent drivers of the automotive collision repair industry growth. Moreover, the economic stability of the consumers and the upliftment in the living standards is anticipated to push the automobile sales, and consequently the automotive collision repair market value. It is projected that global automotive collision repair market will surpass a revenue of USD 200 billion by 2022.
Germany automotive collision repair market size, by vehicle, 2012-2022 (USD Billion)
Over the past few years, the sale of heavy-duty vehicles has seen an upsurge in response to the depleting trend of personal vehicles. This has again created a lucrative roadmap for the automotive collision repair industry, owing to the high probability of wear & tear and increased level of complexities in this section of automobiles. In addition to this, light-duty vehicles will also contribute an appreciable share in the automotive collision repair market, with a revenue surpassing USD 150 billion by 2022.
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The increasing traffic, mainly in the urban regions, has increased the frequency of automotive collisions significantly. These collisions usually end up in causing minor dents and scratches on the vehicles, which hampers its aesthetic value. In response to this fact, paint & coatings have emerged as a vital product segment of the automotive collision repair industry, which nearly contributed 20% to the overall share in 2015. Consumables is another lucrative product segment accounting for a major share of the automotive collision repair market.
The automotive collision repair is mainly implemented via three channels- authorized channels, small workshops, and independent channels. Authorized channels gain a noticeable profit margin through the repair of technologically advanced vehicles including sensors, etc., as this category of vehicles needs expertise and the authenticity of the small and independent workshops becomes questionable in this scenario. However, the latter gains a major traction when it comes to vehicles aged more than 8 years, owing to the lesser availability of automobile parts and high expense incurred at the authorized channels.
Asia Pacific will be one of the prominent regions partaking in the automotive collision repair industry growth. High automobile sale in this region coupled with a slow-paced adoption of safety technologies, particularly in the developing countries, have supported the regional demand. India is estimated to be the major revenue pocket for APAC.
Despite having a strong profitable roadmap ahead, the automotive collision repair industry may suffer a setback due to the advent of new safety automotive technologies such as forward collision repair, automatic emergency braking (AEB), etc. However, the expanding automotive industry will likely draw a steady growth chart for the automotive collision repair market in the years ahead. Key industry participants include 3M, ABRA Auto Body & Glass, Continental AG, BASF, Service King, and Caliber Collision.
Author Name : Shikha Sinha
Concentrated solar power market: Rising concerns over fossil fuel depletion and awareness about global warming will spur the industry growth
Concentrated solar power market is gaining an edge successfully in improving profitability and developing new revenue streams. Growth of the concentrated solar power industry is increasingly being driven by government policies aimed at reducing GHG emissions and balancing the fossil fuel depletion. For instance, the U.S. treasury department and the state government have awarded tax credits to CPS projects which make use of clean energy. Another prominent example is the Office of Energy Efficiency and Renewable Energy, which provided funds of approximately USD 9 million to 6 CSP projects to achieve a substantial reduction in the prices and ensure technological advancements.
The mounting need for efficient renewable energy sources for large scale electricity generation, owing to rapid industrialization and urbanization is likely to propel the global concentrated solar power industry. As per a report by Global Market Insights Inc., Concentrated Solar Power Market is anticipated to exceed 24 GW by 2025.
Global Concentrated Solar Power (CSP) Market installed capacity, by technology 2016 & 2025 (GW)
Amongst the various types of solar power generators based on technological bifurcation, parabolic troughs accounted for over 70% of the global concentrated solar power industry in 2015. High efficiency and low cost of the parabolic troughs is gaining preference in the mass market. Linear Fresnel, power tower, and dish are the other technologies used in solar power generators witnessing noticeable growth. Linear Fresnel concentrated solar power industry is anticipated to surpass USD 9 billion by 2025. In addition, improved performance, low cost, high storage, high efficiency, and high capacity will set a promising growth for the power tower CSP market.
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Considering the deployment of concentrated solar power generators around the world Chile is leading the industry and is estimated to record a highest growth rate of more than 27% over the period of 2016-2025. The favorable climatic conditions and an adequate hub of current projects will pave the way for border deployment in the region. Chile holds around 400 MW of solar photovoltaic generation under construction. This number is more than any other nation in South America.
U.S. concentrated solar power market worth USD 12 billion in 2015, is projected to grow at a CAGR of 8% over the period of 2016-2025. Spain is estimated to exceed 3.5 GW by 2025, in which 3.1% of the total electricity demand is met by photovoltaics and 1.8% is met by concentrated solar power plants. Government regulations to curb carbon footprints and emphasis on adapting clean energy channels will complement the regional growth.
Morocco concentrated solar power industry is set to expand with target market size slated to reach USD 5 billion by 2025. India concentrated solar power market is booming with the rising electricity demand in this region. Promising government initiatives have played a vital role in industry growth.
Mergers and acquisitions is one of the main strategies adopted by leading companies to expand their regional presence. Notable concentrated solar power industry players include Siemens, TSK Flagsol, Solar Millennium, Acciona, NextEra Energy Resources, eSolar, Areva, Solar Reserve, BrightSource Energy, and Abengoa.
Author Name : Ojaswita Kutepatil
Power crises to propel Africa Off Grid Solar Lighting Market: Kenya to dominate the regional landscape over 2016-2024
High electricity deficit across rural areas of Africa plus escalating requirement for clean energy will stimulate Africa Off Grid Solar Lighting Market expansion. Nearly, 590 million of the African population, encompassing 130 million urban base, are facing power supply problems. As per Global Market Insights, Inc., “Africa Off Grid Solar Lighting Industry revenue is forecast to hit USD 1.4 billion by 2024.” Furthermore, plummeting prices of off grid renewable energy systems, owing to technological innovations and growing economies of scale are predicted to further drive the industry trends. Even today, a major chunk of the African population depends on non-renewable energy sources such as candles and kerosene, which are responsible for greenhouse effects. Thus, growing concerns over fossil fuel emissions causing climatic changes as well as fluctuations in seasonal cycles is forecast to benefit market over the years to come.
Ghana Off Grid Solar Lighting Market Size, by application, 2013-2024 (Million Units)
Large Solar Home Systems, Solar Lanterns, and Solar Home Systems are the major products of Africa Off Grid Solar Lighting Industry. Solar Lanterns, which dominated the product landscape in 2015, are predicted to favor Africa Off Grid Solar Lighting market development over the coming years. High urge for inexpensive products and clean energy sources will support the growth. Solar Home Systems are projected to push Africa Off Grid Solar Lighting Market value over the coming seven years, by recording a CAGR of 17% over 2016-2024. High demand for mobiles and smart phones is expected to enhance the popularity of solar home systems.
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Off Grid Solar Lighting Systems find major applications across Residential, Industrial, and Commercial sectors. Residential application, worth USD 240 million in 2015, is projected to elevate Africa off grid solar lighting market revenue over the coming timeframe. Growing awareness about the benefits of solar lights usage over kerosene lamps will fuel the growth. Africa Off grid solar lighting market share in the commercial sector is expected to grow at a rate of 16% over the coming seven years, driven by its rising application across retail outlets to promote their business. Industrial application will hit USD 130 million by 2024, driven by continuous power supply demand for small firms to perform everyday business activities/functions.
Below are the regional trends impacting Africa Off Grid Solar Lighting market over 2016-2024:
- Rwanda off grid solar lighting industry is projected to record a CAGR of 18% over the coming timeframe, driven by favorable government initiatives along with the presence of many retail stores.
- Kenya industry, which dominated Africa off grid solar lighting market in 2015, is projected to grow substantially over the next few years. Supportive government policies inclusive of incentives, tax benefits, and subsidies will push the regional share.
- South Africa off grid solar lighting industry will hit USD 65 million by 2024, owing to enhanced use of large solar home systems.
Market players will try to increase their ROI through product development, product benchmarking, introduction of new technologies, and heavy R&D investments. SunnyMoney, WakaWaka, Koninklijke Philips N.V., Suntech Power, BBOXX Limited, BareFoot Power, Nuru Light, ASE, and D. Light are the major players of Africa Off Grid Solar Lighting Industry.
Author Name : Dhananjay Punekar
Strict government measures for reducing carbon emissions along with promotion of renewable energy use is expected to push floating solar panel market size over the coming years. In addition to this, technological breakthroughs along with low solar component costs will further boost the industry trends significantly. As per Global Market Insights, Inc., “Floating Solar Panel Industry size, which was estimated at 60 MW in 2015, is projected to surpass 2.5 GW by 2024.” Low land availability for PV systems installations is anticipated to further stimulate the industry outlook over the coming timeframe. In this regards, the countries are focusing on maximum utilization of the waterbodies to address the rising energy needs. For instance, Singapore is collaborating actively with private firms to effectively utilize its waterbodies for development of new floating solar panel products, addressing the requirement of over 6 million population base. The country had launched the world’s largest floating solar PV cell test-bed on October 25th, 2016.
Global Floating Solar Panels Market, By Capacity, 2013 – 2024 (MW)
Stationary and Tracking are the major floating solar panel products. Stationary floating solar panels accounted for 90% of the overall floating solar panel market share in 2015, and is expected to witness lucrative gains over the coming years. The growth can be attributed to the high popularity of these products across emerging economies, owing to its cost-effectiveness. Tracking floating solar panel industry revenue is expected to hit USD 250 million by 2024, primarily driven by its durability and proficiency.
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Floating solar panels are connected via off grid and on grid systems. On grid floating solar panel market share, which accounted for 75% of the overall revenue in 2015, is expected to grow notably over the coming timeframe. Rapid expansion of the utility projects along with tax concessions offered by government will favorably impact the business growth.
Off grid floating solar panel industry is expected to witness a noteworthy expansion over the coming seven years. Implementation of distributed power generating systems across the emerging economies will influence the business.
Below are the geographical trends influencing global floating solar panel market over 2016-2024:
- U.S. floating solar panel industry value is projected to surpass USD 250 million by 2024, due to the beneficial government regulations promoting the use of renewable energy sources as well as clean energy technologies.
- Limited land availability along with scarcity of natural resources will boost the demand for PV systems deployment, thereby stimulating Japan floating solar panel market growth over the coming seven years, having attained a revenue of USD 14 million in 2015.
- Brazil floating solar panel market is anticipated to observe a substantial growth over the coming timeframe, driven by high investments in PV systems installations across the nation’s large water bodies.
- UK floating solar panel industry is slated to witness a high surge over the coming seven years, driven by implementation of strict legislations to restrict carbon emissions.
- Substantial reduction in solar panel costs will escalate China floating solar panel industry size over the period of 2016-2024.
Market players are heavily investing in product development and R&D to obtain a competitive edge in terms of cost and reliability. Key industry participants include Kyocera Corporation, Solaris Synergy Limited, Pristine Sun LLC, SPI Energy Company Limited, Yingli Solar, Sunengy Private Limited, Novaton AG, Vikram Solar Private Limited, and Ciel & Terre International.
Author Name : Dhananjay Punekar