Well intervention market to be driven by the increasing number of matured oil fields, global industry valuation to be recorded over USD 18 billion by 2024
As increasing well stock reaches maturity, well intervention market is expected to traverse along an exponential trajectory due to the rising demand for stimulating well production. At present the oil and gas industry is one of the most influential branches in the world economy with more than 4 billion metric tons of oil being produced globally each year. The United States along with Saudi Arabia are among the world’s leading oil producers followed by Russia. In spite of the general trend for the support of renewable energy resources and sustainable options that have been reflected in legislations across the globe in response to the Paris Agreement to rein in climate change, projections in the petroleum industry has showed other indications.
Norway Well Intervention Market Size, By Service, 2017 & 2024 (USD Billion)
According to projections presented by International Energy Agency, global oil demand is slated to increase almost by a million BPD each year despite such trends as electric vehicles and renewables. This may be attributed to the rising overall population and the subsequent demand for petroleum. Maximizing the production of each well is therefore becoming imperative and the well intervention industry is gaining a massive impetus from such trends.
The fact that well intervention market expansion is being considered crucial has been recently demonstrated in an incidence when energy giant Saudi Aramco invested £535,000 in the Aberdeen-based oil field technology company, Pragma Well Technology, through a three-year contract. Pragma is involved in using 3D metal printing in the development of a technological device that can be used in traditional well intervention to further extend the life of wells. Saudi Aramco’s investment in Pragma can be viewed as a venture to sponsor new methods to solve old problems but it clearly underlines the importance of bringing in new technology to the well intervention market so the productivity of wells that are almost at the end of their lives can be further extended, thus bringing in more profit for the oil and gas industry.
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Innovative solutions to well intervention have also added impetus to the well intervention industry. Recently C6 Technologies AS, a company that specializes in developing technologies related to well intervention and conveyance announced that it has used its ComTrac technology for the first time along with Archer, its parent company. The ComTrac is a notable technology as it facilitates intervention far beyond the capabilities of usual wireline technology in terms of length and load, particularly in the case of horizontal wells. ComTrac comprises a reel of semi-stiff carbon composite rod equipped with electrical conductors and is the only technology that can operate at lengths of up to 8 km. The carbon composite rod eliminates the problematic “stick and slip” experience faced with wireline cables and enables ComTrac to deliver exceptional data quality and repeatability. Other such innovations in well intervention market will also help augment the commercialization scope of oil and gas industry ahead.
The oil and gas industry, when considered in terms of dollar value, is one of the biggest industrial sectors in the world and a powerhouse that generates hundreds of billions of dollars globally each year. It not only generates employment for thousands of workers but also significantly contributes to national GDP which has been made abundantly evident by regions that house major national oil companies. Though the world is now veering towards the adoption of alternative and renewable energy resources and basically trying to cut down on fossil fuel consumption, the general prediction shows that the time for oil and gas industry to lose its place of honor is still quite far away.
With an estimation that 30 billion barrels of oil are consumed globally each year, oil accounts for a commendable portion of energy consumption, a factor that will continue to contribute the expansion of well intervention market. For the record, well intervention industry size is expected to record a CAGR of 6% over 2018-2024.
Author Name : Paroma Bhattacharya
Total knee replacement market to perceive commendable receipts via partial surgeries over 2018-2024, infusion of tech innovations in implants to drive industry progression
The commercialization scale of total knee replacement market seems to have gained an unprecedented momentum, of late, owing to the rising prevalence of chronic bone disorders such as rheumatoid arthritis and osteoporosis in geriatric population globally. As per the statistics released by International Osteoporosis Foundation, a Switzerland based global alliance of healthcare professionals, research organizations, patient societies, and international companies, osteoporosis causes more than 8.9 million fractures annually across the world with an osteoporotic fracture being recorded every 3 seconds. In addition to such an overwhelming number of patients suffering from bone degenerative disorders, the technological advancements in customized implant material has emerged as one of the major factors driving total knee replacement industry trends in the recent years.
U.S. Total Knee Replacement Market, By Product, 2013 – 2024 (USD Million)
Speaking along similar lines, there has been a considerable shift in patient preference from conventional surgical procedures toward technologically-advanced minimally invasive surgeries. Drastic improvements in the accuracy and precision of surgical procedures being carried out in the recent years have proved to be instrumental in propelling the growth prospects of total knee replacement market on a global scale. Moreover, numerous prominent medical device manufacturers have increasingly focused on launching an assortment of new applications that are augmenting the efficiency of existing surgical tools. Smith & Nephew for instance, announced the expansion of its NAVIO platform to total knees by unveiling NAVIO handheld robotics-assisted total knee arthroplasty (TKA) application last year. The latest application supports various knee replacement systems such as GENESIS II Total Knee Systems, LEGION Primary, and JOURNEY II.
Additionally, the TKA application lowers the cost of surgery and allows patients to receive the benefits of robotics-assistance without going through preoperative imaging procedures such as CT scan. Furthermore, the application has been garnering considerable attention across total knee replacement industry as it provides an efficient and streamlined workflow along with thorough manuals that guide handheld robotics-assisted surgeries. Apparently, the advent of such next-gen applications equipped with robotic-assisted systems is certain to assist total knee replacement market acquires a commendable presence in the healthcare and medical devices space in the ensuing years.
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Speaking in terms of the product landscape, the total knee replacement industry accrued an excellent revenue of close to USD 3.9 billion from the partial knee replacement surgeries in 2017, as per reliable estimates. This amounts to a humongous 49 percent of the total remuneration portfolio of the total knee replacement market during that year. Owing to its many advantages such as replacement of only the damaged portion of the knee along with a spurt in the development of customized implants that ensure minimal erosion of healthy tissues, partial knee replacement surgeries are being increasingly preferred by healthcare professionals and patients alike in the recent years.
In this regard, it would be prudent to cite the instance of the recently launched water-resistant X3® Advanced Bearing Technology by one of the foremost medical equipment manufacturers, Stryker Orthopaedics. Reportedly, the new premium bearing technology has achieved a significant 96 percent wear reduction than the current leading implants available on the total knee replacement market. For the record, the firm is one of the major providers of partial knee replacement implants across the globe. The technology would improve the longevity and efficiency of new implants that are anticipated to be developed by Stryker in the near future. Apparently, the incorporation such high-grade tech innovations in implants is certain to reinforce the position of partial knee replacement segment in the overall product landscape of total knee replacement industry.
Lately, the prevalence of chronic bone degenerative disorders such as osteoporosis and rheumatoid arthritis has been on the rise in the younger populace as well. As per reliable estimates, more than 600,000 residents of the United States have knee replacement surgeries annually and around half of these patients are currently less than the age of 65. It is being stated by trusted sources that the number of knee replacement surgeries is anticipated to surpass 3 million each year in the U.S. by 2030. These statistics aptly demonstrate the business opportunities for the total knee replacement market in the developed economies across the globe. In fact, as per a research report compiled by Global Market Insights, Inc., the overall revenue share of the total knee replacement industry is slated to exceed the USD 10 billion-dollar benchmark by 2024.
Author Name : Saif Ali Bepari
APAC Vacuum Pump Market to chart a profitable roadmap over 2018-2025, advanced product launches to characterize the competitive spectrum
In an era where harmful emission reduction is being continuously propagated, the vacuum pump market trend is set to undergo a consequential transformation in the years to come. The changed merchandizing spectrum of the business space is aptly validated through a recent instance, when Leybold GmbH, a part of the Swedish Industry Group, Atlas Copco, unveiled its latest VARODRY vacuum pump series. This newly launched dry vacuum pump range that has been brought forth by the giant at this year’s ACHEMA, is claimed to be incorporated with an emission free ventilation. Allegedly, since this vacuum pump is absolutely oil-free and dry, it avoids any type of oil adulteration and particle emission, making it an absolute choice for industrial applications. Leybold’s initiative sheds a positive light on the sustainability trend and the up-to-the-minute developments that vacuum pumps market is presently characterized by.
Germany Vacuum Pump Market size, by end-user, 2014 – 2025 (USD Million)
This new vacuum range has already garnered rave reviews in the business space on grounds of its compact design and highly reliable performance with low capital investment and operating cost. Given the fact that it neither requires compressed air nor cooling water for its operation, handling the pump is quite easy. The pump is claimed to ensure uninterrupted operations without system downtimes. Undoubtedly, the product launch has remarkably strengthened Leybold’s stance in the vacuum pump market.
Yet another instance depicting the efforts undertaken by major companies to increase the efficacy and performance level of vacuum pumps, Edwards Group Limited recently released its latest single stage rotary vane vacuum pumps, the nES EX series. According to the UK based firm, this enhanced version of rotary vane technology is specifically designed to operate in environments that are potentially explosive in nature. Apparently, this articulately designed nES EX 40-630 series is likely to amass a huge popularity in the market especially from chemical processing sector. The product which is claimed to offer safer and cleaner real-world operations is another breakthrough model underlining the innovation and development opportunities underlining the vacuum pumps market landscape.
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It is prudent to mention that the profitability quotient of vacuum pump industry is extensively influenced by the robust growth of chemical processing and manufacturing sectors. Estimates suggest, global chemical industry would nearly record a valuation of USD 5.5 trillion by 2025. Chemical processing verticals like oleochemical, petrochemicals demand highly advanced vacuum technology, as these sectors are mainly characterized by challenging operating environment. Mostly what has been observed from past five years trends, chemical companies mainly deploy dry vacuum pumps that can be utilized for a broad range of processes. Some of the chemical giants are also inclining toward vacuum pumps that not only ensure flexibility, reliability, and efficacy, but also feature minimum maintenance and set up. Ergo, it can be said that chemical processing sector would prove to be a viable growth avenue for vacuum pump industry in the years ahead, in terms of new opportunities and product innovations.
Geographically, Asia Pacific exhibits a strong contendership in the global landscape becoming one of the top-notch investment spots for industry players. The extensive proliferation of chemical processing sector in this belt can be a cited as a major factor propelling the regional demand. In fact, estimates suggest, APAC procured nearly 50% of the global vacuum pump industry share in 2017, with China and India at the helm. Reportedly, India is estimated to record a CAGR of 7% over 2018-2025, while China vacuum pump market is forecast to surpass USD 2 billion by 2025.
While a vast application spectrum and favorable geographical opportunities underline this business space, lack of proper technical knowhow about how to run the pumps which often leads to machine damage is one of the major challenges in the vacuum pump market growth. However, in a bid to combat these challenges, modern day manufacturers are organizing myriad training programs for the operators to ensure a longer product lifecycle. With increasing investments by manufacturers in these initiatives and approaches, vacuum pump industry undoubtedly would be one of the most opportunistic business spheres to watch unfold. Speaking of the commercialization potential of the entire business space, Global Market Insights, Inc., forecasts overall vacuum pump market to exceed a valuation of USD 6.5 billion by 2025.
Author Name : Satarupa De
APAC electric hoist market to witness remarkable proceed over 2018-2025, expanding automotive sector to proliferate the industry trends
Riding on the hallmark of durability and reliability, CM’s latest Lodestar chain hoist is claimed to be a breakthrough in electric hoist market. Recently launched, this iconic product by Columbus McKinnon Corporation reportedly integrated Lodestar’s flagship industry acing design with Magnetek’s enhanced featured premier VFDs. Endorsed with Magnetek’s advanced IMPULSE® G+ Mini drive, Lodestar VS electric chain hoist apparently harnesses the power of intelligent lifting with an absolute state-of-the-art Hoist Interface Technology, CM HI-Tech™.
U.S. Electric Hoist Market Size, By Type, 2014 – 2025 (USD Million)
If reports are to be relied on, this is one of the easiest computer interfaces ever utilized in electric hoist market and is certainly the fundamental factor driving CM’s pronounced stance in the competitive landscape. Allegedly, CM HI-Tech™ allows operators to quickly adjust the hoist performance and speed, in a bid to ensure a sync between the precision load control and application required. The product has already become a subject of focus among the investors, despite the fact that the business space is ablaze with numerous other innovations by eminent companies. Driven by such an innovative product landscape, electric hoist industry garnered a revenue of USD 1.9 billion in 2017.
The competitive spectrum of global electric hoist industry boasts of a portfolio of renowned biggies including the likes of Ingersoll-Rand plc, Beta Max Hoist, KITO Group, SWF Krantechnik GmbH, ABUS Kransysteme GmbH, Hitachi Industrial Equipment Systems Co., Ltd, and Konecranes Oyj. Having already substantiated their stance in the lucrative business sphere, it is expected that in the years to come, they would further brainstorm innovative solutions that would bring appreciable monetary returns in the marketplace. In this regard, it is prudent to mention that electric hoist market players pertaining to the rising demand for technological integration, have been bending over backwards on strategic alliances and subsequent product differentiation.
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A recent precedent underlining the aforementioned declaration is KITO Corporation’s acquisition of all shares of Erikkila, the Finnish lifting equipment manufacturer, under its fully owned subsidiary, Kito Europe. Reportedly, the Japan based electric hoist industry firm has procured Erikkila’s crane production business in a bid to consolidate its position in Europe market, via Erikkila’s extensive European sales network. Experts’ believe, Erikilla’s lightweight modular cranes in its extensive product range in all likeliness, would enhance Kito’s already established portfolio in electric hoist market.
Regionally, the Asia Pacific belt reigned as a supreme power in global electric hoist market in yesteryear, primarily on account of the robust automotive expansion in this region. While the marketplace is characterized by an extensive application array, automotive applications have emerged to be a profitable investment spot for companies, given the fact that these hoists have made cargo handling more efficient and reliable. Not to mention, the profitability quotient of electric hoist industry undeniably relies on the changing trends of automotive sector.
Statistics indicate that the Asia Pacific turf houses numerous light weight vehicle producers with Japan, China, and Korea at the helm covering almost 42% (37 million units) of the global auto production market. Thriving on yesteryear statistics, China alone produced nearly 4.2 million commercial vehicles and 24.8 million passenger cars – estimates depicting China’s pronounced growth prospects in APAC electric hoist market. For the record, APAC electric hoist industry is slated to enter the billion dollar frontier by 2025, with a projected CAGR of 7.5% over 2018-2025.
All in all, it would be apt to mention that electric hoist market growth is highly ancillary to product advancements. Not to mention, skilled operators and qualified maintenance staffs would further have a substantially impact on the profitability quotient. With changing technologies and newer breakthroughs in lifting ecosystem, electric hoist is slated to exceed a valuation of USD 3.4 billion by 2025.
Author Name : Satarupa De
Election Commission of India in partnership with Social Media company Facebook has set up an initiative to run a voter registration drive across five states- Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur with an aim to encourage the youth in these regions to participate in the coming elections.
As per the program, the users with age group 18 years and above will be notified with a reminder of ‘register your vote’. Once the registration button is clicked, the user will be redirected to the National Voters’ Services portal from where they can complete the registration process to participate in the upcoming poll.
Punjab, Manipur, Uttar Pradesh & Uttarakhand, and Goa users are scheduled to receive their voter registration notification on 6th, 7th, 8th, and 9th October respectively.
The recently launched Facebook page of the office of CEO Uttarakhand is also circulating election related information to the youngsters.
Approximately 155 million Indian population are Facebook users with a major portion shared by the youngsters. The idea of youth participation in democratic exercise like elections via Facebook as a medium is by all means an interesting development.
Author Name : Shikha Sinha