An overview of astaxanthin market in terms of latest developments on the product front, regulatory framework to sway the industry trends
Powered by a plethora of applications in the animal feed domain, astaxanthin market has indeed been one of the most lucrative business spheres under the canopy of specialty chemicals space. In fact, the animal feed application vertical procured almost 40% of the overall industry share in 2017. A large credit of this goes to the governmental backup with regards to aquaculture, which has extensively prompted astaxanthin’s utilization as pigment coloring agent.
North America Astaxanthin Market, By Source, 2017 & 2024, (Tons)
Elaborating further on the diverse application landscape of astaxanthin industry, dietary supplements have stood as another major growth avenue for this business space. Easy product availability coupled with a slew of associated health benefits will further generate a massive demand for astaxanthin in the ensuing years. As per estimates, the dietary supplements market is expected to register a CAGR of more than 4% over 2018-2024.
An insight into the latest developments underlining astaxanthin market
- Two of the leading behemoths in astaxanthin market, American firm Solix Algredients and Chinese company BGG have recently collaborated to form a new Colorado based ingredient supplier. BGG though boasts of a portfolio of a variety of botanical ingredients, has garnered maximum acclamation for its algae production facility in Yunnan Province. For the record, the astaxanthin market player has recently joined NAXA (Natural Algae Astaxanthin Association). The new unit which is a collaboration of BGG, Algae Health Sciences, and Solix Algredients is reported to build a production scale supercritical fluid CO2 extraction unit in Colorado to extract natural astaxanthin along with other products. The merger is deemed to strengthen the stance of both the players in the evolving astaxanthin industry, given the collaboration of their marketing as well as technical expertise.
- Another potential contender in astaxanthin market, Nutrex Hawaii, Inc. has recently made to the front page with the news of its breakthrough products, MD Formulas™ and BioAstin® Hawaiian Astaxanthin®, to have received IGEN (The International GMO Evaluation and Notification Program™) verification. Allegedly, BioAstin Hawaiian Astaxanthin is a significant anti-oxidant supplement that is basically derived from natural micro-algae, grown across the Big Island of Hawaii. BioAstin has also received a green signal from GIG (Gluten Intolerance Group) for its gluten free nature and has been also verified as natural astaxanthin by NAXA.
- In what may be touted as an attempt in sync with global sustainability march, Iceland based astaxanthin industry firm, Algalif recently made an official declaration of emphasizing more on sustainable growth and research-based algae cultivation. At 2017’s SupplySide West trade show, the company’s unwavering commitment toward high-quality astaxanthin production via environmentally viable practices was rather evident. The move comes on the heels of Iceland’s renowned portfolio in the sustainability matrix – the region being a rich natural resources spot along with having the largest supply of fresh water and clean air. This would lead to the astaxanthin produced remain free from heavy metals and other contaminants or bioburdens.
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Analyzing the above trends, it is undeniable that sustainability and environmental viability are two of the top-notch parameters underlining the strategic landscape of astaxanthin industry. Regional governments along with renowned regulatory authorities have enforced various directives, the compliance of which, is a major factor influencing the astaxanthin production.
In a recent turn of events, the Natural Algae Astaxanthin Association (NAXA) has recently filed a citizen’s petition, seeking regulatory action by FDA against a synthetic formulation of astaxanthin being marketed by Cardax. Reportedly, the petition that was filed with US FDA, has requested the agency to analyze the regulatory status of Cardax’s astaxanthin ingredient. NAXA’s allegation revolved around Cardax’s products not falling under the category of a legal dietary ingredient. For the record, FDA’s say on the matter is still not revealed.
Driven by a regulatory-influenced and somewhat driven approach of this industry, manufacturers are constantly integrating advanced cultivation, drying, and extraction technologies in natural variants production that ensure high quality yield, minimal wastage, and above all health and environmental viability. In this regard, an emerging trend regarding which astaxanthin market players are highly optimistic about is sealed microalgae cultivation. The approach ensures a considerable reduction of entrapment risk of microbial contaminations, foreign substances, and agricultural residues. With these product innovations in the pipeline, the commercialization matrix of astaxanthin industry is likely to expand robustly in the coming years. Global Market Insights, Inc. forecasts the worldwide astaxanthin market to surpass a revenue of USD 800 million by 2024.
Author Name : Satarupa De
U.S. mammography systems market to witness remarkable gains over 2018-2024, rising breast cancer incidences to drive industry growth
With the increased importance in deepening the sense of awareness and understanding related to breast cancer, mammography systems market has emerged as one of the most pivotal verticals of the healthcare industry. The rising prevalence of breast cancer in women, especially in between the age of 50 to 69 years, and changing lifestyles have been the significant factors propelling the growth of the mammography systems market in the recent years. Estimates claim that breast cancer constitutes for 11.9% of all the forms of cancer that accounted for 1.7 million cases worldwide. This data goes on to demonstrate that the vitality of breast cancer has grown severely in the recent years, owing to which tech behemoths are investing in R&D programs and product development to manufacture better diagnostic equipment.
India Mammography Systems Market, By Technology, 2013 – 2024
The rapid technological advances being made in the field of diagnostics and breast cancer screening tests have led to significant advancement in mammography systems that enable early cancer detection, exceptional care, and precise diagnosis. Thus, the availability of cutting edge technology along with increasing awareness among citizens regarding early cancer diagnosis have considerably impelled the growth prospects of mammography systems market. Amidst this scenario where a technology leap is being experienced across the breast cancer diagnostics industry, it is prudent to mention that there has been a visible decrease in the mortality rate of breast cancer due to advanced diagnosis technology. Statistics bearing testament to the aforementioned fact is of the U.S. that has recorded a significant 39% decrease in the mortality rate from breast cancer, owing to rising awareness levels, early diagnostics, and improved treatments.
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Speaking of the technological interventions in treatments and diagnostics of breast cancer, the Tillsonburg District Memorial Hospital has recently announced that it will be offering the patients an advanced option in mammograms with the Senographe Pristina developed by GE Healthcare. According to TDMH one in every eight Canadian women is expected to develop breast cancer in her lifetime and evidence shows that early detection of breast cancer reduces a women’s risk of dying from the disease by 25% to 30% or even more. Reportedly, one of the foremost reason that many women ‘don’t’ schedule a mammogram is because of the exam discomfort and fear or anxiety from the potential result, and Senographe Pristina in this regard is expected to reshape the mammography experience. Such a commitment from industry giants in ensuring state-of-art technology to provide a better patient experience like the Senographe Pristina is expected to further alleviate mammography systems industry share.
North America to emerge as a pivotal growth hub for mammography systems industry
One of the chief factors to have accelerated the growth prospects of mammography systems market in North America is the escalating rate of breast cancer cases in the continent, with U.S. at its foray. If statistics are to be believed, in 2018, about 266,120 fresh cases of invasive breast cancer are projected to be detected in U.S. women along with 63,960 new cases of in-situ (non-invasive) breast cancer. It has also been estimated that over 40,920 women in the U.S are likely to pass away in 2018 from breast cancer, although the demise rates have been decreasing rapidly since 1989 due to advances in treatments, increased awareness, and earlier detection through screening.
The data provides sufficient evidence to the fact that North America, with U.S. at its forefront, has been witnessing surging breast cancer rates that is driving the regional mammography systems industry share. Reports in fact claim North America mammography systems market to have dominated the regional landscape by accounting for an overall share of 33.4% in 2017. The commendable technology adoption rate in the U.S. and favorable governmental policies toward reimbursement & awareness campaigns have played a substantial role in increasing the number of breast cancer screening tests, that has in turn kept the region at the pole position.
With increasing governmental initiatives further leading to greater demand and adoption of mammography systems in emerging economies, Asia Pacific is expected to emerge as next-lucrative growth ground of industry stakeholders. The continent is in fact estimated to witness fastest growth rate of 9% over 2018-2024, which has further attracted investors and healthcare companies to exploit the untapped potential in its member countries, while seizing attractive proceeds.
On the whole, with prominent companies further aiming to develop advanced diagnostics systems and regional governments contributing their bit towards lowering product rates, the commercialization matrix of mammography systems industry is certain to proliferate extensively in the ensuing years. According to a report by Global Market Insights, Inc., the worldwide mammography systems market is expected to exceed USD 3.2 billion by 2024 with a projected CAGR of 7.5% over 2018-2024.
Author Name : Ojaswita Kutepatil
Feed phosphate market to register significant growth trends with increasing meat consumption, Asia Pacific to be a pivotal business ground over 2018-2024
A joint venture signed between Ecophos and Chanhen has sent a wave of anticipation through the feed phosphate market as the 5 billion RMB investment, when completed, will process 2.2 million tons of low grade phosphate rock annually into 400,000 tons of high-quality feed phosphate. The joint-venture will serve local and regional demand for specialty feed and fertilizer phosphates besides addressing other needs in the Chinese construction and ceramics industry. So far, experts seem to be keen on stating that this is one of the most lucrative JVs feed phosphate industry has witnessed of late.
U.S. Feed Phosphates Market Size, By Product, 2016 & 2024, (Kilo Tons)
In 2017, feed phosphate market size surpassed $3.5 billion and is forecast to surpass a consumption of 11 million tons by 2024, primarily driven by the rise in worldwide consumption of meat. As the demand for meat and meat products witnesses an incline, the necessity to improve meat quality surfaces as a vital challenge. Given that adding phosphate to livestock diet is one of the best ways of ensuring good meat quality, the rising demand for meat will undeniably propel feed phosphate industry trends.
Having registered considerable growth in feed phosphate industry, Ecophos Group, a company based in Belgium, recently invested in building a new plant for Aliphos, the feed ingredients business unit of Ecophos and also a significant contributor to the world inorganic feed phosphate industry. With the new plant in Dunkirk, France, Aliphos became the largest inorganic feed phosphate producer in Europe with approximately 50% feed phosphate market share in the region. Aliphos has recently set up a production line in Netherlands that manufactures 80,000 tons of granulated products and has a total capacity of producing 300,000 tons of products annually. Such initiatives on the part of feed phosphate producers clearly highlight the profitability landscape of the feed phosphate market over 2018-2024.
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Meat consumption in Europe and North America has always been remarkably higher but changing trends in meat consumption in Asia Pacific has made the region a competitive ground for the feed phosphate market. Over the past 20 years increased per capita income and global growth has significantly changed food production, trade and consumption in many countries. With urbanization, increase in disposable incomes and globalization, food consumption pattern has exhibited diversification. Today, cultures that hitherto had limited meat consumption either due to traditional beliefs or economical reason, have increased their meat consumption. Indeed, this consumption has been increased to such an extent that modern animal science-based feed industries, inclusive of feed phosphate market have witnessed a rapid evolution. Countries like China have registered such a revolutionary increase in beef and pork consumption that the government is planning to step in to limit the trend to some extent.
Even if the trends for healthier eating and limiting meat consumption as a part of sustainable living is embraced, China is still one of the largest meat consumers in the world. According to U.S. agriculture department estimates, people in China will consume around 74 million tons of beef, pork and poultry, an amount that is twice as much as that of the United States. Chinese hog farmers have therefore gone on a building spree with the construction of modernized farms and leading producers from overseas have altered their production standards to meet that of China. Such statistics have majorly affected the revenue graph of feed phosphate industry in the country and by extension, even the Asia Pacific region. Estimates claim the APAC will account for 59% of the global population by 2020, thereby laying the ground for an equally large share in the global meat consumption.
Experts have observed that 2017 had been an eventful for the feed phosphate industry with Aliphos completing the setup of a plant in the Netherlands and starting a new plant in Dunkirk while Phosphea, a subsidiary of Groupe Roullier buying the feed phosphate business from the Serbian Elixir Group. Elixir’s business spread across Central and Eastern Europe, includes a feed phosphate plant in Prahovo, Serbia that has a production capacity of 100,000 tons. Phosphea would be continuing its ambition of developing and integrating a platform based in dynamic markets.
According to experts, such consolidation moves would continue over the forecast period as forming joint ventures and partnerships will help companies in enhancing their regional presence. Aided by the appreciable efforts put in by prominent contenders, feed phosphate industry is likely to traverse alongside a highly remunerative growth path over 2018-2024.
Author Name : Paroma Bhattacharya
India organic spice market to gain commendable returns over 2018-2024, escalating consumer demand for healthy alternatives to fuel the regional share
Organic spice market has been registering an ever-expanding demand lately, as the world wakes up to the realization that organic farming can generate health, socioeconomic and environmental benefits that are largely missing in conventional farming. Overdependence on agrochemicals and intensive farming is expected to negatively impact the planet’s environment, especially as global population is anticipated to surpass 10 billion by 2050. Though the debate of whether organic farming will be enough to feed such an expanding population is still raging across the world, there is no doubt that it is one of the most economical means of creating a sustainable future for the planet.
Asia Pacific Organic Chilli Market, By Application, 2017 & 2024 (Kilo Tons)
Consequently, owing to the shift in consumer preference for naturally grown foods, organic spice industry has registered significant demand. As per Global market Insights, Inc., organic spice market size, which was valued at $20 billion in 2017, is anticipated to witness a 7.5% CAGR over 2018-2024.
Various oriental cultures like India, China and Vietnam had been using a range of spices in their cuisine for a long time. In the past these spices were valued as highly as precious metals and stones. In the present global scenario however, these countries are still the major exporters and providers of spices for a major portion of the planet. For instance, India is the largest producer, exporter and consumer in the organic spices industry with exports amounting to 263,000 tons during 2015-16 which was valued at $298 million. EU, USA, Canada, Australia, Germany, New Zealand, South Africa and the Netherlands are some of the most noted importers for organic spices from India.
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The Indian government and Spices Board has been encouraging cultivators and implementing programs to optimize the cultivation of organic spices like ginger, turmeric, seed and herbal spices. Northeast India has presented a highly commendable case here, as farming across this region is organic by default with effective maintenance of the natural biodiversity. Organic certified farmers are now being encouraged and helped to participate and showcase their products in Biofach Germany and America.
Rising awareness about the benefits of consuming organic foods is also adding a significant stimulus to the organic spices market. Organic foods need more time and labor-intensive procedures to be cultivated. Also, farmers have to pay more for government certification and adopting environmentally safe farming methods in contrast to conventional farming methods that come at deceptively low prices and are often supported by the government to produce environmentally unsustainable amount of foods. Naturally, organic food and spices cost more as consumers have to pay more to keep pesticides and other harmful chemicals out of foods. In spite of high prices, research has demonstrated that consumers are willing to pay more for organic foods owing to the health, sustainability, and moral satisfaction factors. Preference for organic food has also been linked to higher income. More disposable income has directly been associated with more willingness to invest in healthier diet options and consequently augmented organic spice industry trends.
But consumers are not only willing to pay more for healthier food options just because they can afford the same. Organic spices market is primarily gaining traction due to the health benefits spices like turmeric, cardamom and garlic provide. This trend is gaining popularity as healthcare is becoming extremely expensive and with the idea of using health food as medicine gathering dynamic acceptance, fresh, natural and organic products are being swept off the supermarket shelves. Consumers are becoming savvy enough to see through the marketing ploys as well and with the rise in nutritional value awareness, they know that a product high in sodium but being touted as rich in whole grains lacks credibility.
The demand for spices in world cuisine has sky rocketed with globalization, driving organic spice market. Consumer motivation to prefer organic spices involves psychological processes that determine how they recognize their needs and ways of solving these needs. As consumer behavior is one of the key factors that ultimately impact the environment and the future of the planet, organic products are gaining massive traction globally. Organic spices are being preferred for not only for their lower negative impact but because exotic spices are making a deeper infiltration in foods all over the world and their quality is becoming a rising concern. Aided by such concerns and a change in lifestyle and food habits, organic spice market revenue is anticipated to double by 2024.
Author Name : Paroma Bhattacharya
India dairy processing equipment market to witness remarkable proceeds, with regional valuation expected to surpass the billion-dollar benchmark by 2024
Corresponding to the growing inclination toward including milk products in daily diet, dairy processing equipment market has experienced a significant proliferation on a global scale. According to the Food and Agriculture Organization, a population growth rate of nearly 1.2 to 1.3% per year worldwide would lead to an increase in the average per capita milk consumption of almost 7 to 9 million tons annually. The commercialization potential of dairy processing equipment market is rather evident from past year statistic that claims the business space to have garnered nearly USD 10 billion revenue in 2017.
U.S. Dairy Processing Equipment Market Size, By Product, 2017 & 2024, (Units)
The renewed dynamism of the business space mainly grounds on two major rationales- increasing access to scientific production techniques and the rising emphasis on advanced dairy co-operation infrastructure development that has substantially boosted milk production. Companies partaking in dairy processing equipment industry have been making hefty technological investments to come up with newer innovations that could potentially disrupt the market dynamics. Quoting a recent instance, New KCC, the East African dairy processing equipment market giant, has made its way to the headlines with the announcement of investing around Sh 1 billion for equipment upgradation. Armed with an intent to regain its position in Kenya market, the firm is reportedly undertaking a modernization program at four of its major dairy processing facilities. If reports are to be relied on, this in consequence, would increase New KCC’s processing capacity and payout to farmers by almost Sh 1.5 billion.
In fact, according to reports, the firm’s Sotik factory at Bomet County, post these renovation activities, would be able to process almost 100,000 litres of raw milk per day from 60000 litres. Dairy processing equipment market over the recent years has been vividly affluent with numerous similar line of instances, which have substantially led to the generation of profitable growth avenue for the business space. A recent report put together by Global Market Insights, Inc. claims the overall industry to exceed a valuation of USD 13 billion by 2024, which is an appreciable rise from what it recorded in the year 2017.
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Considering the fact that dairy sector is highly consumer driven, food consumption pattern is impeccably impacting dairy processing equipment industry at almost every stage of value chain. In this regard, it is prudent to mention that a supportive regulatory frame of reference with regards to financial assistance for dairy and animal husbandry sectors speak volume and has much to contribute in dairy processing equipment industry outlook. Say for instance, removal of EU milk quotas in the year 2015 has led to a tremendous transition of sorts in European dairy sector. By virtue of this modification, milk production has not only increased across myriad smaller countries, but has also provided European dairy farmers new growth opportunities for expansion. Needless to mention, both the factors have acted in favor of the regional dairy processing equipment market share proliferation, which is forecast to register a CAGR of 3.5% over 2018-2024.
India has always been at the vanguard of dairy industry, which by extension, has made it stance stronger in the global dairy processing equipment industry. India dairy processing equipment market size is slated to exceed USD 1.96 billion by 2024. The massive scope of the regional market can be primarily credited to three major rationales- improving economic scenario, growing population, and the increasing heath awareness. India is deemed to be world’s largest dairy producing and consuming country. As per estimates by NDDB (National Dairy Development Board), the demand for milk in the country is likely to touch 180 million tons by 2022. According to experts, to materialize this humongous supply, an average incremental increase of nearly 5 million tons would be required for the next 15 years. This mammoth average increment would only be made possible through launch of advanced equipment, thereby catapulting India dairy processing equipment industry.
It is prudent to mention that despite the potential opportunities, huge capital investments remain one of the pivotal concerns restraining dairy processing equipment market trends. The cost associated with installation, maintenance, integrating automation technologies and infrastructure capabilities of these equipment is relatively higher. Nonetheless, the long-term outlook of the business space is deemed to be positive with rising population and growing consumption of nutrition rich diet. In terms of consumption, the overall industry is forecast to exceed a demand of 800 thousand units by 2024.
Author Name : Satarupa De
APAC Hydraulic Hoist Market to have a strong foothold in the global landscape, Robust growth of the construction sector to drive product demand over 2018-2025
Boasting a broad portfolio of innovative products and a rich application landscape, global hydraulic hoist market has established itself as one of the lucrative business spheres of HVAC & construction industry. Hydraulic hoist market, back in 2017, accumulated a significant remuneration of over USD 250 million, given the worldwide increase in crane activity. In fact, according to industry experts, the robust growth in the hoist market has heralded a period of strong economic growth after the global turmoil of 2008 in the wake of worldwide financial crisis that has in turn allowed these pieces of engineering reign supreme in the construction, automotive, shipping, metal processing, and mining industries.
U.S. Hydraulic Hoist Market Size, By Type, 2014 – 2025 (USD Million)
The most obvious industry to benefit from the advancements in hydraulic hoist equipment is the construction sector, thanks to their functions as components in forklifts and other transportation machinery. These lifting systems, for the most part, are fully capable of being integrated into devices and vehicles and this makes them one of the most valued tool in the construction space. The dominant presence of hydraulic lifts in the construction industry has stimulated the hydraulic hoist market share in the recent years. In fact, this trend is forecast to continue along a lucrative growth path over 2017-2024, given the commendable expansion of the construction sector. If reports are to be believed, the global construction industry is expected to attain a valuation of USD 10 trillion by 2020, accelerating with an annual average growth rate of 3.4% over 2016-2020. Given the anticipated expansion, the commercial graph of hydraulic hoist industry is expected to attain unprecedented growth in the following years.
Hydraulic hoists also have secured a top place in the material handling and metal processing sectors. The substantial surge observed in the logistics businesses due to positive growth in retail and e-commerce have guaranteed a profitable growth graph for the hydraulic hoist industry. Speaking of which, it is also important to take note that the manual chain hoists, though having a marginal share, are the most highly preferred types of hydraulic hoists by the consumers. Easiness in operation and less maintenance in comparison with the chain hoists have been the factors impelling manual hydraulic hoist market growth. Reports also claim that the manual hoist market is expected to secure attractive gains from the metal processing applications and is projected to surpass USD 83 million by 2025, with an estimated CAGR of 5.9% over 2018-2025. The chain hydraulic hoist market on other hand is expected to continue its strong growth trend in the ensuing years, having accounted for 90% of the revenue share in 2017.
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Considering the regional landscape, Asia Pacific is expected to emerge as a strong growth hub, with rapid industrialization and urbanization trends witnessed across the emerging economies. APAC hydraulic hoist market, in fact, held majority of the global share in the year 2017, and is forecast to lead the regional space over 2018-2025. Asia Pacific is also being touted to be the world’s largest construction market, with China reaching over 47% of the overall industry share in 2014. Besides construction, the significant ascend in mining and metal processing activities is also expected to act in favor of the industry growth in continent.
It is noteworthy to mention that the rapid expansion of the hydraulic hoist industry cannot be only credited to the fact that these products are used extensively in heavy weight lifting, but also because this industry is undergoing massive transformation in terms of technological advancements. The leading hydraulic hoist industry players in this regard are going the whole hog to suit the needs of the modern-day material handling requirements. JDN (J D Neuhaus) for instance, has lately launched a compact hoist control for use in hard-to-reach areas. According to industry experts, this innovation brought by JDN, a world leader in cranes, air hoists, monorail hoists, and trolleys, will bring exceptional convenience and ease-of-installation to myriad applications across all the industries.
With hydraulic hoist industry giants further betting big on technological upgradation, the trend of remote-control hoists and other such capabilities are poised to be commonplace in this industry. The shifting designing focus toward bringing intelligent systems will undeniably add new growth avenues to this business sphere. Thriving on the cusp of these innovative technological interventions and tremendous product demand, hydraulic hoist market, according to reliable reports, will surpass a valuation of USD 417 million by 2025.
Author Name : Ojaswita Kutepatil
Industrial robotics market to witness phenomenal growth in emerging economies, global share to surpass USD 80 billion by 2024
The potential for cyber-physical system to improve operational efficiency in manufacturing processes is humongous. Industrial robotics market proceeds, which has indeed been appreciable in recent years can be majorly credited to this fundamental aspect. It is further imperative to mention that as automation technologies such as robotics, machine learning occupy an increasingly demanding role in industries, their impact on the workplace in terms of safety security, asset tracking, and supply chain has become a point of focus for the research fraternity. In this regard, with the concept of Industry 4.0 (fourth Industrial Revolution) being already set in motion and the influx of technological advancements focusing on maximizing the operational throughput, industrial robotics market demand is bound to witness a marked rise over the ensuing years. According to a recent published report by International Federation Robotics(IFR), globally almost more than 1.4 million industrial robots would be deployed into factories by 2019. As claimed by experts, if the forecast figure of 1.4 million deployment is touched by next year, it would be around 1 million more than that of the record-breaking year of 2015. The aforementioned statistics is quite indicative of the exponential growth curve ahead for industrial robotics market.
China Industrial Robotics Market, By Product, 2016 & 2024 (USD Million)
Amidst the dynamically charged intense share battle, Europe currently witnesses a percentage of authority over the regional landscape. Statistics claim 65% of total number of countries deploying more than average number of industrial robots per 10,000 employees belongs to the European Union. The major factor that has augmented Europe industrial robotics market is the region’s persistent investment in robotics projects over the past few years. In the year 2016, the European Union made it to the front page with its co-funding on 17 new robotics projects under Horizon 2020 Framework in a bid to proliferate research and innovation. Reportedly, 16 of these projects stems from robotics work programme, which implement strategy brainstormed by SPARC, the Public-Private Partnership for Robotics in Europe. Considering these aforementioned axioms, Europe is claimed to procure a major stance in the global industrial robotics industry share landscape, with Germany at the forefront.
Another belt that is emerging to be the next investment hotbed for industrial robotics market is Asia Pacific. The rapid pace of advancements in the regional market can be majorly attributed to governments’ encouraging initiatives toward promoting the adoption of industrial robots. The South Korean Government, for instance, has recently declared its plan of making a significant investment in upgrading the existing robotics and automation systems, in a bid to help the regional automation market to record USD 6 billion by 2022. The Government of Japan has also funded and strategized several plans that prompts Japan based SMEs to incorporate advance manufacturing capabilities in their business model. Citing an example demonstrating the positive influence of these initiatives is Fanuc plant in Japan, which employs only four manual workers per shift to supervise the industrial robots for the entire operation of the plant. For the records, China and India, are also claimed to contribute significantly toward APAC industrial robotics industry share.
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Industrial robotics industry is indeed on its way to way to witness remarkable escalation over the coming years, given the ongoing efforts by the market giants as well as regulatory bodies to unlock the maximum potentialities of automation across manufacturing domain. Yet another factor that has played its cards in proliferating the business outlook is the increasing capital investment in employing manual labors and the related inconvenience associated with it. Average industrial robot price cost, on the other hand, has witnessed a downturn, with increasing production.
In this regard, one of the trends that remains to be seen in industrial robotics industry is the demand-price relationship for these robots, particularly in the emerging economies. All in all, the profitability scope seems humongous for the industrial robotics market in the coming years, with a target global share of USD 80 billion by 2024.
Author Name : Satarupa De