Worldwide Industrial machinery market: agriculture, food processing, & packaging applications to significantly influence the growth | Industry Outlook- 2016-2024
Escalating industrialization & growing trend of automation will stimulate industrial machinery market growth over the coming years. Agricultural sector is significantly sharing the industrial machinery business space, driven by the ease of crop harvesting and growing demand for agricultural automation. According to the report by Global Market Insights, Inc., “Global industrial machinery market share is estimated to surpass a revenue of USD 771 billion by 2024.” Incorporation of technological features such as GPS in agricultural equipment along with economic development will propel industrial machinery industry trends. Agricultural equipment includes farm tractors, planting & fertilizing, plowing & cultivating, haying, harvesting, liquid fertilizer sprayers, and livestock machinery.
Moreover, supporting regulatory norms regarding infrastructural tax will boost construction activities across the countries such as India, South Korea, and Japan. Growing need of excavators for heavy lifting, landscaping, brush cutting, river dredging, etc. will positively influence the industrial machinery market size. Furthermore, upgrowing R&D in various segments such as automation of operations, steering systems, and data management is likely to positively impact the market.
U.S. Industrial Machinery market size, by application, 2013-2024 (USD Billion)
Food processing, semiconductor manufacturing, mining, agriculture, construction, packaging are the key application areas of the global industrial machinery market. Packaging application will surpass a revenue USD 65 billion by 2024, primarily driven by increasing demand for packaged food and beverages across the burgeoning middle-class population. Additionally, rising demand for multi-functional systems and emerging technologies such as vision sensors, EOAT (end-of-arm-tooling) design will boost industrial machinery industry size. Moreover, growing industrialization will drive construction and mining applications, with a growth rate of 4.5% over the period of 2016 to 2024.
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Furthermore, rapid urbanization, changing consumer lifestyle, and increasing disposable income will notably impact revenue generation in food processing application, which will exhibit lucrative annual growth rate of 7% over the coming seven years. Moreover, the liberalization of trades in food & agriculture, growing awareness about food brands will further drive industrial machinery market size in food processing application.
Considering global industrial machinery market, APAC region contributed majorly towards worldwide revenue in 2015. China will lead the Asia Pacific industrial machinery industry growth. The attributing factors are increasing foreign investment for local production facilities and development across consumer durables & food processing sectors.
Europe industrial machinery industry size is predicted to register a growth rate of 4.7% over the above-mentioned time, owing to the strict government regulations pertaining to emissions, noise free operations, and safety. Expanding construction equipment rental market will also positively influence the industrial machinery business share.
Market players will enhance their sale by strategic partnerships with the key suppliers to attract more customers. Heavy investment in R&D to come up with better quality products will be a major growth strategy over the coming years. Komatsu Limited, Caterpillar Inc., Hitachi, Atlas Copco, Volvo, Terex, and Sandvik are some of the leading companies in the industrial machinery market.
Author Name : Sunil Hebbalkar
Compressed air treatment equipment market to surge via heavy industrial demand for optimal air quality
Compressed air treatment equipment market is expanding its business space globally owing to its ability to improve efficiency, minimize loss of production and improve manufacturing processes. A larger percentage of manufactures adopting equipment installation to meet air quality standards of their targeted applications will create huge scope for the global compressed air treatment equipment industry. According to Global Market Insights, Inc., “Compressed air treatment equipment market share is expected to register a CAGR of 6% over the period of 2015-2022”. Increasing demand for purified air will significantly boost the industry trends over the coming timeframe.
Rising implementation across various sectors will enhance the compressed air treatment equipment market outlook as this equipment protects the system from dirt, moisture, water, oil, etc. Therefore, growing requirement in industrial projects that requires optimum air quality will flourish the compressed air treatment equipment market. Moreover, absence of these air treatment equipment will result in inefficient production, higher manufacturing cost, and reduced efficiency.
Asia Pacific compressed air treatment equipment market size, by application, 2012-2022 (USD Million)
Compressed air treatment equipment industry is witnessing huge adoption due to its broad range of applications in food, pharmaceuticals, electronics & semiconductors, and healthcare industry. Usage of compressed air prevents the problems caused by impurities, ensuring contaminant free air flow to the equipment’s like valves, air tools, motors, cylinders, etc. This industry finds major applications in breathing air, process air, Instrument air and plant air. The breathing air application is anticipated to register a CAGR of 6.5% over the period of 2015-2022, owing to is usage in hospitals and diving sectors. The instrument air industry application is also a significant contributor in compressed air treatment equipment market. Driven by its fine quality to segregate solid particles from liquid, the instrument air application is projected to surpass USD 2 billion over the coming five years.
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Clean and dry air is highly essential for performance of machines which can be maintained through filters, after coolers and dryers. The filter market will expand vastly over the industry as air decontamination will improve efficiency of the machines, which in turn will drive the global compressed air treatment equipment market. The particulate filter is projected to grow a rate of 6.5% by 2022, owing to increasing installation in bulk liquid parting applications. After cooler market is estimated to reach USD 1.6 billion over several upcoming years.
Dryers market dominated the products landscape accounting for 40% of the compressed air treatment equipment market share in 2014 and is projected to witness considerable gains over the coming years, mainly driven by its increasing demand across chemical, pharmaceutical and food industries over the globe.
Asia Pacific compressed air treatment equipment market is expected to witness a significant surge over the coming years. Rising industrial development with growth impending from China and India will continue to propel the regional demand.
Expansion of the industrial and manufacturing services in North America will contribute towards favorable growth opportunities for the compressed air treatment equipment market. North America compressed air treatment equipment industry is projected to surpass USD 3 billion in the coming five years.
The market is consolidated with key players contributing towards over 60% of the overall industry share. Key industry participants include Kaeser Compressors, Gardner Denver, Ingersoll-Rand, Parker Hannifin Corporation and Atlas Copco.
Author Name : Ojaswita Kutepatil
Augmented Reality market to revolutionize the technology business space: Automotive & Retail to witness heavy adoption rate
Augmented reality (AR) market has witnessed a paradigm shift from being just a feature in the gaming space to transforming the automotive industry, healthcare, e-commerce, retail, aerospace & defense industries. This potential shift in AR technology and consumer demand is expected to rapidly fuel the augmented reality market size over the forecast period. Moreover, increasing usage of smartphones with AR apps which enables smooth work operations is favorably impacting the augmented reality industry trends. According to a study by Global Market Insights, Inc., “Augmented reality market is estimated to grow at a CAGR of 80.8% over the period of 2016-2024”.
The convergence of AR with IoT is likely to bridge the physical and digital worlds into a single new reality. This game-changing technology is being widely adopted across all the sectors globally, and is poised to revolutionize the future of industries worldwide.
Germany Augmented Reality Market size, by application, 2014-2024 (USD Million)
AR is witnessing extensive set of applications across all the sectors such as medical, industrial, automotive, gaming, aerospace & defense, and retail. However, when it comes to utilizing this technology the car industry is currently ahead of the others. Augmented reality industry share in the automotive space is expected to grow at a CAGR of over 80% from 2016-2024. Car companies are using augmented reality to create digital showrooms which will enable the customer to take a 3D walk around their selected model, bringing a new dimension to the consumer convenience.
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AR is also spreading its roots in the industrial application which was worth over 25% of global augmented reality industry share in 2015. Market giants such as Airbus, Boeing and Bosch are adopting AR technology to full potential in order to improvise their engineering techniques with respect to error prevention, inspection, work instruction, training, and maintenance.
Augmented reality product market comprises hardware and software components. Hardware components in the augmented reality market are estimated to witness a noticeable growth rate of 90% over the period of 2016-2024. The growth can be attributed to the rising adoption of smart glasses, HMDs, and HUDs globally. Moreover, evolving technological advancements in sensors, processors, and displays will further enhance the hardware devices share in the AR industry. Software components will also attain lucrative gains in the augmented reality market, being influenced by the rising number of mobile applications pertaining to the demands from various sectors such as healthcare, automotive, industrial, retail, e-commerce, etc.
Asia Pacific AR industry, with growth imminent from China, will witness a significant surge over the coming seven years. Massive investments in technology, expansion in smartphone & tablet industry, and strategic alliances will contribute towards the regional AR market growth. North America is poised for extensive deployment of the augmented reality technology, primarily in the automotive and industrial sectors. U.S, being the leading region of the North America augmented reality market, is projected to surpass USD 24 billion by 2024.
Industry players will heavily invest in R&D to offer advanced products & solutions, to meet the evolving consumer demands. Moreover, key growth strategies such as strategic alliances and mergers & acquisitions will be widely adopted to enhance branding and regional presence. Manufacturing and Healthcare will emerge as two of the key application areas, contributing heavily towards the AR market share over the coming years. Key industry participants include Google, Wikitude, Total Immersion, Blippar, Daqri, Microsoft, Apple, Sony, Magic Leap and ODG.
Author Name : Ojaswita Kutepatil
Rapid technological advancements along with supportive government regulations have significantly stimulated automotive filters market growth over the recent years. In addition to this, accumulation of dirt and debris in vehicles tend to consume more amount of fuel which will drive the necessity of filter installations, in turn favoring automotive filter industry trends. According to Global Market Insights, Inc., “Global automotive filters market share is expected to register a CAGR of 8.4% over the period of 2016-2023”. Rising concern over pollution control of vehicles will further drive the automotive filter market revenue over the coming timeframe.With the expansion of the automotive industry, there has been a rapid surge in the environmental pollution. Therefore, the government worldwide is actively encouraging the use of automotive filters to curb the environmental hazards from the vehicles. Moreover, these filters prevent the vehicles from drivability issues by ensuring proper air flow to the engine, maintaining the air-fuel mixture, and facilitating the emission control systems. Huge adoption of the filters by the automobile manufacturers to ensure prolonged engine life of the vehicles will further enhance automotive filters industry growth over the coming years.
China Automotive Filters Market size, by product, 2012-2023 (USD Million)
Automotive filters are being adopted heavily across the various automobile segments such as passenger cars, two-wheelers, and light and heavy commercial vehicles. In 2015, passenger cars dominated the automotive filters application landscape by accounting for over 50% of the overall market share. As per the study, automotive filters market size in passenger cars application is predicted to register a CAGR of 8.9% over the coming seven years. Expanding passenger cars industry due to high disposable income of the consumers along with rising health concerns due to automotive fuel emissions will boost the automotive filters industry size across passenger cars.
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Two-wheeler applications are another lucrative sector influencing the global automotive filters industry share. Heavy demand for two-wheelers, particularly from emerging countries such as India, China, etc. along with aftermarket for these vehicles in BRICS nations will augment the automotive filters market demand in two-wheelers. Automotive filters application in two-wheelers is anticipated to register a CAGR of 8.5% over 2016-2023.
Automotive filters product mainly comprises air, fuel, and oil filters. Automotive air filters market dominated the automotive filters product landscape and is forecast to exhibit an annual growth rate of 7.8% over the coming six years. Fuel filters market will witness a CAGR of 10.5% over 2016 to 2023, driven by its rising demand across two-wheeler and passenger cars applications. Oil filters market are poised to witness significant growth trends over the coming years, owing to its heavy adoption to ensure prolonged vehicle life.
Automotive filters market will also attain noticeable surge, driven by the revenue generated from end-use segments such as aftermarket and OEMs. Aftermarket automotive filters industry was worth USD 3.71 billion in 2015 and is predicted to contribute towards 70% of the global share by 2023. Growing trend of replacing the outdated filters will support the industry growth over the coming years.
Considering the global trends, Asia Pacific automotive filter market is projected to record a CAGR of 9% over the period of 2016-2023, having had 45% share in 2015. The growth can be credited to the rapid expansion of the automotive industry, mainly across India, China, and Japan.
Europe automotive filters industry share is predicted to surpass USD 2 billion by 2023, primarily driven by stringent government regulations and high demand for OEM products across the European region.
Over the coming years, key growth strategies adopted by the market participants will revolve around mergers & acquisitions and strategic alliances to strengthen their position in the automotive filters industry. Key industry players include Cummins, Mann+Hummel, Mahle GmbH, Denso, Lydall, Inc., and Ahlstrom. Few other prominent industry players include Parker Hannifin Corporation, Toyota Boshoku Corporation, and K&N Engineering.
Author Name : Sunil Hebbalkar
Increasing technology penetration in the automobile industry will dynamically impact Automotive Radar Market size over the coming years. Rising concerns over passenger and vehicle safety will build huge growth opportunities for the automotive radar industry. As per Association for Safety International Road Travel (ASIRT), on an annual basis approximately 1.3 million people die as a result of road accidents. To reduce these fatal accidents, cars are featured with collision prevention systems, which in turn will fuel global industry growth trends. According to Global Market Insights, Inc., “Automotive radar market size is anticipated to register an annual growth rate of 18.7% over the period of 2016-2024.” As per the Insurance Institute for Highway Safety, one of the three fatal accidents can be dodged if collision avoidance systems are incorporated into the vehicles. This will in turn generate heavy surge in the automotive radar business space over the coming years.
Favorable government norms towards preventing fatal accidents will play a vital role in influencing the automotive radar industry trends. For example, the U.S. National Highway Traffic Safety Administration announced the deployment of Automatic Emergency Braking Systems (AEBS) in cars with model year 2018, to prevent road crashes. Moreover, shifting consumer preferences towards safer and technically sound vehicles has led the manufacturers to launch automobiles featured with safety equipment. In addition to this, the growing trend of IOT, which is poised to revolutionize the automotive space will further fuel the technology deployment in vehicles. Automotive electronics market will be another business space gaining heavy momentum over the coming years.
Germany Automotive Radar Market size, by application, 2013-2024 (USD Million)
Automotive radar finds applications across a broad spectrum of automobile systems such as Adaptive Cruise Control (ACC), Lane Departure Warning System (LDWS), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Parking Assistance (PA) system. Automotive radar market size in adaptive cruise control (ACC) application is projected to grow at a CAGR of 17.7% over the forecast period, driven by its ability to monitor the specified gap between vehicles.
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Blind spot detection (BSD) is another lucrative application area of automotive radar market. Automotive radar industry share in BSD industry is anticipated to grow at a rate of 19.1% over the coming seven years, owing to the collision sensing capability of this system, in case some other vehicle enters the blind spot. Automotive radar market size is also witnessing a favorable growth in forward collision warning system (FCWS), owing to the rising norms pertaining to the vehicle safety.
Asia Pacific automotive radar industry will attain significant growth over the estimated period, driven by the rapid expansion of the automotive industry across this region. China is likely to be the major revenue pocket for APAC, having accounted for 45% of the overall revenue in 2015. Europe market share is anticipated to record a CAGR of 17.5% over the forecast timeframe.
The automotive radar industry will witness innovative technological developments and strategic collaborations & partnerships over the coming years. Market players will focus towards improving their product and solution portfolios with respect to the cost features, to sustain the competitive business scenario. Key automotive radar industry participants include Valeo, ZF TRW Automotive, Hella, Fujitsu, Delphi Automotive LLP, Texas Instruments, Robert Bosch GmbH.
Author Name : Ojaswita Kutepatil
Favorable government norms regarding vehicle safety along with the growing demand for smart electronic devices will stimulate automotive relay market size. According to Global Market Insights, Inc., “Global automotive relay market size is predicted to surpass USD 14 billion by 2023”. Increasing usage of electronic equipment per vehicle to enhance safety & security and driving experience will boost the automotive relay industry trends significantly over the forecast timeline. Automated power grid will also play a vital role in the growth of automotive relay market share, owing to the increasing demand for relays across smart grid technologies.
Automotive relay market is witnessing huge adoption owing to its usage in Driver Information, Powertrain, Body & Chassis, Safety & Security, and convenience systems pertaining to the vehicles. Driver information automotive relay application is anticipated to grow at a rate of 7.9% over the period of 2016-2023. The growth can be attributed to the growing demand to modernize the vehicles with emerging features such as GPS, weather & traffic information and location services, web access, emergency assist, etc.
U.S. Automotive Relay Market size, by application, 2012 – 2023 (USD Million)
Surging smartphone industry will positively impact driver information automotive relay market
Moreover, automotive relay market share in safety & security applications will grow considerably over the forecast years, owing to the growing trend to buy vehicles equipped with security features such as car alarm, antilock braking system, and theft protection system. Convenience application is estimated to register a CAGR of 6.5% over the coming six years, owing to the increasing focus of consumers on the vehicles featured with new technologies such as electronic power steering, seat control, interior lighting, mirror control, keyless entry system, and sunroof control.
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Growing trend of miniature electronic devices will fuel PCB industry size
The major automotive relay products include PCB and Plug-In Relay. Printed circuit board (PCB) relay dominated the product landscape accounting for 80% of the global automotive relay market share in 2015. Plug-in relay market size will also witness considerable gains over the coming years, mainly driven by its increasing demand across powertrain system which are characterized by high vibrations and frequent voltage fluctuations and thereby require high switching capacities.
Mandatory safety equipment installation in vehicles will boost global automotive relay industry share
Taking into account global automotive relay market trends, Asia Pacific automotive relay industry share worth USD 4 billion in 2015, is anticipated to surpass a revenue of USD 7.5 billion by 2023, mainly driven by convenience and powertrain applications. China is likely to be the major revenue pocket for APAC automotive relay market. Moreover, cheap labor, availability of raw material, and favorable government rules will also favor the regional demand.
Europe market share accounted for 24% of the global revenue in 2015 and will exhibit relatively slow growth trends over the coming timeframe. Growing automotive sector followed by stringent government norms about passengers and vehicle safety will majorly drive the regional growth.
Market players will enhance their industry presence by increasing the brand awareness via proper product distribution channels. Moreover, mergers & acquisitions, strategic partnerships, and product portfolio expansion will be the other prominent focus areas over the coming years. Moreover, Key market players include ABB Ltd., American Zettler Inc., Deltrol Controls, Denso Corporation, Eaton Corporation, Fujitsu Ltd., Salzer Electronics Ltd., NEC Corporation, Panasonic, TE Connectivity Ltd., Nippon Aleph corporation, and Omron.
Author Name : Sunil Hebbalkar