HVAC and Construction

Flourishing real estate sector to propel U.S. home remodeling market outlook through 2026

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U.S. home remodeling market has emerged as one of the most lucrative avenues of investment in recent years. The industry is now set to observe a remunerative growth trend in the coming years. This development can be accounted for growing customer expenditure on homes. In addition, a rapidly growing real estate sector would likely further outline the market expansion through 2026.

Apart from the growing real estate, surging inclination of homeowners towards luxurious and energy-efficient living spaces would majorly contribute to the development of overall market outlook. In fact, people with homes in major states of the U.S. like Florida, Texas and California spend heavily on home renovation.

Citing an instance, as per the NAHB (national association of home builders), in 2018, the expenditure per improvement within California was more than $9,565, which is almost 20% more when compared to that in 2017.

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In addition, growing customer awareness regarding environmental protection and energy conservation through the use of green materials would majorly drive the market share in the coming years.

According to a research report by Global Market Insights, Inc., U.S. home remodeling market is estimated to surpass $500 billion through 2026.

Speaking of the end-use segment, kitchen additions and improvements is set to observe substantial growth trend in the coming years. Growing customer preference towards streamlined designs, materials, and textures due to the mounting popularity of farmhouse and mid-century designs would majorly propel the segment growth.

Apart from kitchen improvements, steadily growing need for hardwood flooring would augment the segment growth and thereby drive the market size. In addition, mounting popularity of ceramic tiles would also outline the segment expansion in the coming years.

Meanwhile, growing prevalence of various bathroom fittings like wall-mounted toilets, floating vanities, rounded rectangle vanity mirrors, and console sink vanities would proliferate the market share through 2026.

Additionally, the roofing sector is also set to observe substantial growth outlook owing to rapid technological upgrades and advancements happening every year. Growing emergence of various innovations is also likely to add up to the industry share through 2026.

Apart from the end-use segment, increased growth in the sales of existing homes in the region would majorly drive the market share. Expenditure on home improvements is growing due to rising cost of material and labor, further adding up to the market expansion. Additionally, increased spending of homeowners will also possibly drive the growth of U.S. home remodeling market.

Moreover, growing house rentals is likely to accelerate U.S. home improvements. In fact, as per the Joint Center for Housing Studies of Harvard University, nuclear family homes attributed to 39% of the whole U.S. rental homes.

All in all, rising homeowners’ expenditure, mounting house rentals, the growing prominence of kitchen improvements are likely to facilitate a massive range of opportunities for U.S. home remodeling market players.

The industry is inclusive of players such as Watsco Inc., US LBM, HD supply, Beacon roofing supply, ABC Supply, Ferguson Enterprises, The Sherwin-Williams Company, Pella Corporation, Andersen Corporation, and Kohler Co. among others.

Author Name : Bhushan Tambe

Robust growth of mining sector to boost rubber conveyor belt market forecast

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Global rubber conveyor belt market will grow substantially in the years to come mainly due to widespread demand in the mining sector. Ease and convenience of these belts in transportation of bulk materials make them best-suited for a range of open pit and underground mining applications. These belts offer excellent power saving capabilities and can efficiently transfer materials over short, medium as well as long distances, even across topographically difficult terrains with steep angles.The anti-abrasive, heat-resistant, flame-resistant and oil-resistant characteristics of rubber conveyor belts make them suitable for long-distance coal conveying. A growing global population along with robust economic growth is leading to increased utilization of resources such as coal, iron ore and copper, in turn fostering the growth of the global mining sector.

The costs for setting up of rubber conveyor belts in a mine or a plant are a considerably high. Moreover, high maintenance and replacement costs associated with these belts may slightly impede the industry growth in the coming years. However, the fact that these belts substantially reduce labor and transportation costs will present favorable opportunities for conveyor belt manufacturers worldwide.

Global rubber conveyor belt industry share is segmented into textile reinforced belts, steel reinforced belts, and solid woven belts, among others based on materials. Textile reinforced rubber conveyor belts are further classified into performance textiles and commodity textiles. These belts offer excellent dimensional stability and have low moisture absorption.

Textile reinforced belt segment was valued at more than USD 3 billion in 2018. Nylon and polyester blends are generally used to manufacture textile reinforced belt carcasses. This helps them achieve exceptional abrasion and fatigue resistance and ensure high strength and durability.

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On the basis of application, rubber conveyor belt industry share is classified into light weight, medium weight, and heavy weight. Rubber conveyor belts used for light weight applications generally have lower tensile strengths. These belts facilitate transportation of lightweight materials within a plant, production or a mining facility. Light weight rubber conveyor belt market size is estimated to register a CAGR of more than 3% over 2019-2026.

Rubber conveyor belts are deployed across mining, metal processing, power generation, cement manufacturing, and recycling, among few other end-users. The mining sector is further segmented into coal, metals and others. Mining industry captured over 41% share of global rubber conveyor belt market during 2018 and will continue to be the largest end-user over the forecast timeline.

North America rubber conveyor belt industry will garner revenues in excess of USD 1.5 billion by 2026. The presence of several prominent mining companies in the region will open up promising opportunities for regional manufacturers. The U.S. is also one of the leading mining countries in the world with an extensive range of ferrous and non-ferrous metals which will complement the regional outlook.

Asia Pacific is anticipated to account for a major share of global rubber conveyor belt market forecast. This can be largely attributed to rapid growth of mining, manufacturing, power generation, and recycling industries in the region. Europe will likely record slightly slower growth rate compared to other regions mainly due to increased adoption of renewable energy sources for power generation.

Author Name : Hrishikesh Kadam

Soaring popularity in commercial spaces set to accentuate robust growth in range hood market

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Range hood market size is poised to increase in the wake of burgeoning millennial- and gen-Z population. The tendency to add charm and elegance, and urgency to ward off irritants, odors, and grease which are expelled into the air have signified the relevance of range hoods. One of the common trends in kitchen designing has been the inclination to remove walls in the kitchen to make a spacious environment.Along with reducing the amount of toxic air, range hood has become popular to help cut down development of germs, bacteria and mold in the kitchen. Commercial kitchen has been a major recipient of range hoods, with wall-mount gaining overarching traction. Consumers are vividly inclined towards wall mount commercial wood for it offers seamless ventilation power.

Grime and grease deposits tend to coagulate and turn into flammable glue-like substance inside the commercial kitchen hood system, thereby placing customers, employees and assets into potential danger of fire emergency. Range hood, thus, has gained traction in hotels and restaurants. The expansion of Quick Service Restaurants (QSRs) and food outlets has added further impetus to the commercial range hood systems. As such, commercial range hood system segment is anticipated to expand substantially during the forecast period.

Global Market Insights, Inc. projects range hood market size to exceed US$ 10 bn by 2026.

The residential sector has been one of the major revenue grounds for stakeholders as far as the adoption of range hood is concerned, as it tends to bring style and add aesthetic value to the home, along with enhancing air quality and home value. With the surge of sleek and stylish kitchen appliances, range hood has become the linchpin and decorative feature in the kitchen. To reiterate, range hood helps improve air quality by obliterating odors, grease, smoke that are released while cooking. Global Market Insights, Inc. predicts heightened investment in the installation of residential range hood.

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The emergence of smart range hood has augured well for the industry as end-users vie to offer seamless experience to customers. The inclusion of touch control and LED lighting has complemented smart range hood. Stakeholders are increasingly integrating LED lighting to conserve energy and play invaluable role in conserving environment.

North America and Europe are set to reign supreme in range hood market against the backdrop of soaring palpability of commercial range hood systems. Notable development of foodservice industry and increased demand for modular kitchen serve as a catalyst in the expansion of North America range hood market size. Presence of prominent manufacturing companies such as Elica, Broan-NuTone, Vent-A-Hood, Faber have further presented the possibility of a positive North America range hood market forecast

Meanwhile, APAC region is expected to offer lucrative opportunities to players vying to expand their footprints. The region is indicative of an expanding construction industry and end-users are increasingly inclined to add aesthetic value to their home, thereby boosting range hood market share. Not to mention, the continent is also indicative of a growing F&B sector and increasing restaurants and the like, further augmenting the demand for range hoods.

Author Name : Sunil Jha

Lawn and garden equipment market to amass huge profits from sports activities

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Rising number of residential and commercial construction projects and improving standard of living will enhance lawn & garden equipment market  growth. Lawn and garden equipment has found wide-ranging applications in parks, sports fields, etc. Also, lawn and garden equipment industry will witness growth due to  rising government initiatives in favor of green and sustainable environment.According to the latest research report published by Global Market Insights Inc., lawn & garden equipment industry share is likely to surpass 45 billion through 2025.

In 2018, lawn & garden equipment industry accumulated one-fourth of revenue share from application in golf courses, and the segment is likely to exhibit a similar growth pattern in the foreseeable future. The market derives substantial demand from multiple golf courses present worldwide. As per the National Golf Foundation, around 38,500 golf courses are present in the world. In addition, several attempts  made by  various countries towards the establishment of golfing facilities is likely to further inflate the demand for lawn & garden equipment. For example, in 2018, Turkmenistan had inaugurated Ashgabat Golf Club and listed itself among many golfing countries.

Industry players have been focusing on advancing technologies to improve cutting edge operations, which will stimulate lawn & garden equipment industry trends in the coming years. Major market participants are launching advanced products for building up their customer base. Also, they are trying to improve  their products with respect to key parameters such as battery efficiency and reduction of intermediate charging time.

For example, STIHL had rolled out a battery hedge trimmer in January 2017. The trimmer has a higher power-to-weight ratio, greater speed, and less operating cost. New product launches by companies with cutting edge technologies and better efficiency will spur lawn & garden equipment business growth. According to the lawn & garden equipment market forecast report, electric-powered equipment segment will grow with about 8% CAGR over 2019-2025.

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Among newly launched products, lawn & garden equipment with seating arrangements are gaining remarkable traction among end users.  Equipment with seat reduce fatigue of driver and improve  output. In 2018, Deere and Company had launched 100 Series lawn tractors to help customers with hassle-free and comfortable operation.

Lawn and garden equipment market forecast report projects that  Asia Pacific will emerge as a major contender in the business. The region is experiencing betterment in economic conditions that have accelerated urbanization and housing activities in the region. Also, scheduled upcoming sporting events, such as 2022 Winter Olympic Games in China and 2020 Olympics in Japan are likely to generate demand for lawn & garden equipment. Hosting stadiums need an aesthetic  appeal to attract more audiences for watching live games. Asia Pacific lawn and garden equipment industry size is likely to witness CAGR of more than 8% over 2019-2025.

Adoption of garden equipment is surging due to rising consumer spending and international trade agreements. Honda, Deere & Company, Husqvarna Group, MTD Holdings, Kubota, Robert Bosch GmbH, and TTI are the eminent players operating in the lawn & garden equipment industry. R&D investments, novel & advanced product launches, and product differentiations are some of the strategies incorporated by these industry participants to gain a competitive edge over the market.

Author Name : Anchal Solanki

Ice maker market size likely to gain huge proceeds from food service sector by 2025

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Amplifying focus on quality and presentation of beverages in high-end bars will improve the growth of ice maker market share. Boutique bars demand for various ice making machines for gourmet, square, and large ice cubes. Increasing disposable incomes have gushed the advent of modern kitchens and homes with built-in bars. People are opting to prepare cocktails and expensive drinks in their own built-in bars, which will boost demand for ice makers in residential applications. Also, companies are rolling out advanced machines, which will enhance competition in ice maker industry.According to the latest research report published by Global Market Insights Inc., worldwide ice maker market share is likely to reach $2.5 billion by 2025.

Ice maker industry is gaining profits from commercial segments, such as food service and healthcare. Demand for ice makers is surging in hotels, restaurants, hospitals, bars, pharma companies, etc. Growing demand for ice makers is pushing major ice machine manufacturers to develop energy-efficient and restaurant-specific machines. Rapid development and  adoption of ice machines will show a positive impact on ice maker market outlook.

Nugget ice maker industry  is likely to exhibit robust growth due to the rising popularity of expensive drinks, and cocktails served in high-end bars, and restaurants, which has increased the usage of nugget ice maker globally. Nugget ice finds application in various cooling purposes, majorly in beverage displaying in shopping malls, bars, grocery stores, and departmental stores.

Ice maker market is witnessing innovations of new products owing to the escalating demand for ice of different shapes and sizes in food service sector. Manufacturers are outlaying heavy investments in R&D activities to cater to the spiraling demand from food processing, service, and transportation sectors.

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Nugget ice makers have gained significant traction within the healthcare sector due to the easy consumption of nuggets by patients. The chewable property of nuggets has inflated its applications in healthcare centers, hospitals, etc. Also,  organ storage and rehabilitation procedures in the healthcare sector need ice, which will help to enhance ice maker industry trends.

Middle East ice maker market size is expanding with  development of regional infrastructures, such as restaurant chains, supermarkets, and hypermarkets. There is a huge demand for fast food and beverages in the region, which has amplified ice maker industry share. According to the International Trade Council, in Dubai, around 20 new community shopping malls are under construction and are likely to be operational by 2020.

Also, the UAE will host World Expo 2020 and Qatar will hold FIFA World Cup 2022, which will upsurge travel and tourism in the region. Organization of such events in the Middle East will offer lucrative growth prospects to ice marker industry players.

Market participants are focusing on the use of natural refrigerants, including carbon or propane to decrease harmful impact on the environment. Also, they are aiming to develop advanced hydrocarbon-based machines. Some of the key players present in ice maker market are Cornelius, Inc., Howe Corporation, Ali Group S.p.A., Manitowoc Ice, Hoshizaki Corporation, Middleby Corporation, Brema Group S.p.A., North Star Ice Equipment Corporation, and AB Electrolux.

Author Name : Anchal Solanki

Increasing construction activities and rising environmental concerns to foster air duct market growth over 2019-2025

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Air duct market is expected to exceed total market size of more than $5.5 billion by 2025. Growing awareness among the people about energy conservation and regulation of indoor temperatures in buildings is gradually making the deployment of more number of air ducts, having effective shapes, mandatory across the world. This trend is expected to propel the air duct market share over the forecast time span.

Additionally, with several nations across the globe increasingly turning towards implementation of green infrastructure to tackle growing environmental problems, this shift is expected to be one of the leading factors behind air duct market growth in the forthcoming years.

In fact, the ASEAN organization in collaboration with the Asian Development Bank (ADB) have unveiled a novel service through which approximately $1 billion would be invested in green infrastructure development. This is slated to provide a substantial boost the adoption of the product across various commercial spaces.

The office space application segment of the air duct market is expected to generate a revenue stream of more than $2 billion over the forecast timespan. This momentous growth is primarily being attributed to the growing investment activities across the service sectors, as with the improving educational facilities in several developing nations skilled workers are available at a comparatively lower cost.

Several conglomerates are investing as well as outsourcing their respective backend operations in these countries, which is further giving rise to office constructions. Air ducts are utilized in these premises to offer comfortable work environment to all the individuals working there. These factors are further likely to propel the air duct industry trends over the coming years.

In terms of material, galvanized steel ducts segment are slated to showcase a respectable rate of annual growth in the market; approximately about 3% from 2019 to 2025. Galvanized steel has special properties that allow the material to be easily converted into a varied array of shapes like rectangular, round and oval, a level of versatility that would further propel market demand in the future.

Products made out of galvanized steel material are highly durable as it does not corrode, tear or even puncture easily. This makes them ideal for environments that are incredibly taxing in nature.

Growing utilization of the galvanized ducts across various applications in the market as well as the additional benefits offered by it should further propel its demand, which would drive the air duct market share over the forecast time span.

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The Europe Air Duct Market is anticipated to witness an exponential amount of growth during the projected timeframe. In fact, Europe is expected to hold more than 22% of the total air duct market volume share over the forecast time span. The projected growth in the region is being attributed to the high level of demand for numerous ventilation, centralized cooling and heating systems.

Moreover, the high standard of living of people in Europe is another prominent factor that would further drive the growth of the air duct market. This is particularly because thermal comfort is a major priority for the European population, as some of the countries in the Europe experience extreme cold weather throughout the year while some of them experience hot weather conditions or summers.

Thus, utilization of the product across various sectors in the European market like airports/rapid transit infrastructures, multiplexes/auditoriums, and hospitals among others is necessary to maintain habitable temperatures, further augmenting the air duct market outlook.

Some of the prominent industry players making significant contributions to the air duct market share are Set Duct Manufacturing, Hennemuth Metal Fabricators, D&N Duct, Zinger Sheet Metal Co., Sisneros Bros. Mfg., Hamlin Companies, Linx Industries, Inc., M&M Manufacturing, Tin Man Sheet Metal, Masterduct, Inc., Pinnacle, VK Ducting, Turnkey Duct, ZECO Aircon Ltd., and Ducts, Inc., among others.

Author Name : Bhushan Tambe

4 major trends impacting bucket trucks market forecast over 2018-2024

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Bucket trucks market size is garnering increased momentum demand all over the world, from the rapid growth of the construction sector as a result of investments in infrastructure development projects. Considerable increase in the global population has resulted in large-scale urbanization over the past few decades, which is driving the demand for smart and sustainable infrastructure solutions.

These utility vehicles facilitate easy lifting of people in the air or at heights where ladders cannot be used, or the use of ladders is unsafe. However, the maintenance of these trucks is quite a complex task that involves a number of steps such as checking the working condition of battery, engine, power steering, transmission and wheels. Higher maintenance costs may impact bucket trucks industry trends in the coming years.

Regulatory authorities such as ANSI and OSHA are enforcing norms that require utility vehicles to undergo regular inspections. This helps ensure operator safety and optimizes performance. Following are some other prominent trends that are anticipated to propel bucket trucks industry outlook over 2018-2024.

  • Booming global utility sector

Fast-growing world population has gradually fueled the demand for high-quality reliable power. Governments in many regions around the world are making investments to upgrade their existing grid infrastructures. Increasing number of grid development projects will certainly accelerate the demand for insulated bucket trucks in the near future.

These trucks find widespread use in the utility sector. They facilitate safe conveyance of linemen to large heights where they perform tasks such as maintaining, improving and managing electric power distribution and telecommunication network.

Surging demand for these trucks from the utility & power sector will provide tremendous growth opportunities for bucket trucks market size.

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  • Growing deployment in telecommunications

Proliferation of smartphones worldwide is adding up to the demand for enhanced and seamless connectivity. Several regions are increasingly spending on telecommunication infrastructure development projects to address this burgeoning demand.

Presence of major telecom companies in developing economies and their efforts to upgrade existing network is assisting the business growth.

Global bucket trucks industry is gaining immense traction on account of extensive use in the telecommunication sector. These trucks are available in various designs and the sturdy built of these trucks makes them best-suited for a range of applications in the telecom sector.

  • Increasing construction activities worldwide

Several countries in Europe, Asia Pacific and the Middle East are focusing on refurbishing the existing infrastructure. These countries are undertaking large-scale residential as well as commercial construction and renovation projects to meet the ever-growing demand for commercial buildings and houses.

Ongoing refurbishment projects such as The Al Maktoum Airport project in Dubai and Beijing Airport project in China, as well as upcoming construction projects like Jubail II, the industrial city project in Saudi Arabia, are a few examples.

Asia Pacific countries including China and India are favoring reliable lifting equipment over conventional machines to ensure operator safety, which will complement bucket trucks market outlook over the projected timeline.

  • Economic growth in Europe

Presence of major rental companies such as Haulotte Group, Riwal and Kiloutou in the U.K. is anticipated to promote the regional growth. Utility & power and telecommunication sectors in the region are expanding at a rapid pace.

Flourishing construction sector in the region will present new opportunities for market players, from consistent need for hazardous development, repair and maintenance works. UK construction sector is increasingly focusing on replacing conventional construction equipment with advanced lifting equipment.

However, the impact of the country’s decision to leave the European Union (EU) may create market risks for certain companies. Further, continuous slowdown in the international trade along with geopolitical uncertainties may impede the regional demand up to some extent, impacting bucket trucks market size.

Author NameHrishikesh Kadam