U.S. Nitrocellulose Market to witness remarkable gains over 2016-2023, high demand for wood coatings from the furniture industry to drive the regional growth
Germany Nitrocellulose Market Size, by Application, (kilo tons), 2012-2023
This compound is used in the antigen-antibody binding process for diagnostic tests such as CRP, pregnancy, radon tests, and U-albumin tests and as a carrier of medications (when dissolved in organic solvents), subject to which it finds extensive usage in the medical sector. This will rapidly propel the global nitrocellulose industry. The product, being an integral constituent of nail varnish and wood coatings, is extensively used for manufacturing furniture. The growing e-commerce sector and the subsequently increasing online sales of furniture will fuel nitrocellulose market over the years to come.
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In 2015, U.S. nitrocellulose industry share from wood coatings was more than six kilo tons and is slated to grow at a CAGR of more than 5.2% over 2016-2023. This growth can be attributed to the heavy demand from the furniture sector in the U.S. These coatings can be combined with toners and glazers to be used in a wider spectrum of applications, which will propel U.S. nitrocellulose market from wood coatings applications, set to hit a revenue of USD 28 million by 2013. They also enable easy finesse of the finished furniture, in terms of polishing and rubbing the coated material, thereby expanding their end-use domain utilization and fueling the market size.
U.S. nitrocellulose industry is also anticipated to be driven by the heavy demand for the product for printing inks. Printing inks dominated the application landscape of nitrocellulose market by contributing to more than 25% of the overall revenue in 2015, with a volume of 50 kilo tons. This growth can be attributed to the heavy industrialization and urbanization across the globe. These inks possess strong adhesive characteristics, limited additive reactions, and can dry faster, subject to which they are widely used in the packaging and e-commerce sectors. This in turn, will propel U.S. nitrocellulose industry from printing inks, given that the country is experiencing a rapid surge in its e-commerce and packaging industries.
Primarily led by the U.S., North America nitrocellulose market is expected to grow at a rate of 5% over 2016-2023. The rising e-commerce industry and the changing trends of the consumers toward online furniture shopping will fuel the regional nitrocellulose industry.
Owing to its numerous benefits, nitrocellulose finds applications in leather finishes, and is used extensively in global leather industry to protect leather products from heat and moisture. Subject to the properties of high adhesion and flexibility, nitrocellulose based leather finishes are massively used to coat numerous leather materials such as belts and shoes, thereby propelling nitrocellulose market from leather finishes, set to record a volume of more than 35 kilo tons by 2023. The rapid growth of leather manufacturing firms in Thailand, Vietnam, and other APAC countries will further drive the regional product demand.
Nitrocellulose protects nails and allows them to breathe, subject to which nitrocellulose induced nail paints and polishes are in heavy demand. Pertaining to government regulations regarding safety issues, nitrocellulose market from nail varnishes will experience a moderate growth over 2016-2023.
The automotive industry is experiencing a gradual shift from regular paints to nitrocellulose based paints, owing to the fact that they are convenient to apply and are available in a wide range of choices. Automotive paints accounted for over 20% of the overall nitrocellulose market share in 2015, and are anticipated to grow at a rate of 5% over 2016-2023. Driven by the rapidly developing automobile sector in countries such as India, China, Indonesia, and Thailand, nitrocellulose industry share from automotive paints applications will exceed USD 170 million by 2023.
Subject to the growing automotive, printing, and leather industries in India and China, Asia Pacific nitrocellulose market will observe gains of more than 8% over 2016-2023, with India being one of the major contributors. Subject to the expanding automotive sector and the extensive usage of leather accessories such as belts, seta covers, and footwear, India nitrocellulose industry is expected to register an annual growth rate of 6.5% over 2016-2023. In addition, the governments of most of the APAC nations offer financial incentives and subsidies, which will spur the regional nitrocellulose market.
Brazil has been witnessing heavy gains in the manufacturing and automobile sectors over the last few years – it is expected that the country will expand rapidly in terms of the production and sale of trailers and commercial motor vehicles. Pertaining to this factor, Brazil nitrocellulose industry is set to witness a fairly moderate CAGR of over 2016-2023, as the product will be heavily utilized for automotive paints and leather varnishes. Brazil is expected to dominate Central & South America nitrocellulose market, which is slated to witness a CAGR of 6% over 2016-2023.
Speaking of the surging growth of the automotive sector, the pioneer of myriad automobiles, and one of the leading regions of global automobile production, Germany, cannot be left behind. Germany nitrocellulose industry from automotive paints will record a CAGR of 3% over 2016-2023, and is anticipated to contribute to more than 4% to the overall revenue by 2023, with a target volume of 3 kilo tons.
Europe nitrocellulose market, mainly led by Germany, UK, and France, is expected to record a CAGR of 4.5% over 2016-2023. Nitrocellulose market revenue from Germany and France together is anticipated to be more than USD 85 million by 2023.
Global nitrocellulose market will witness the participation of numerous small and big players. Prominent companies include ones being Baoding Baofeng, Nitro Quimica, The Dow Chemicals, Hebei Beixin, Eurenco, SNPE, Sichuan Nitro Cell Co. Ltd., Nitro Chemicals Industries, and TNC Industrial Co. A majority of the key participants have their presence centered in China, which will lead to the subsequent growth of APAC nitrocellulose industry. In addition, the small and medium-sized manufacturers are also striving to consolidate their position in the highly-fragmented nitrocellulose market by making use of innovative technologies to enhance the features of the product and expand its application domain.
Author Name :Saipriya Iyer
U.S. precision gearbox market to accrue heavy gains via food, beverage, & tobacco applications over 2016-2024, government regulations regarding product usage to drive the regional demand
Germany Precision Gearbox Market size, by application, 2012-2024 (USD Million)
The era of automation is here to stay, as is evident from the many instances of daily life. Companies are striving to automate most of their processes to save on time and increase efficiency. For instance, ServiceNow, a massive Santa Clara-based cloud computing firm, recently launched an AI product named Intelligent Automation Engine, that is designed to be tailored exclusively to every customer’s account. The rising trend of automation in manufacturing and material handling is slated to bring about heavy growth in precision gearbox market.
The developing Material Handling Equipment Industry has been deploying automation on a large scale, subject to which precision gearbox industry is set to gain heavy traction over the coming years. This growth can be attributed to the increasing number of developments designed in new equipment. In addition, plant expansion, rising number of warehouses, and a substantial number of production facilities will fuel precision gearbox market in material handling applications.
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Planetary, parallel, and right angle precision gearboxes, each designed with a specialized mechanism and end-use requirement, constitute the product landscape of precision gearbox industry. The material handling sector, in particular, makes use of special parallel gearboxes that use gear units. These units are mounted on shafts on parallel axes and are very convenient for usage in material handling and for conveyor belts. Parallel precision gearbox market, having been valued at USD 200 million in 2015, will witness a remarkable CAGR over 2016-2024.
The surging demand for automation will also lead to the growth of precision gearbox industry from food, beverage, & tobacco applications. With a valuation of USD 170 million in 2015, precision gearbox market from food, beverages, & tobacco applications is anticipated to grow significantly over 2016-2024, subject to the growing consumption of packaged food and the huge requirement for operational efficient machinery in the sector.
U.S. precision gearbox industry from food, beverages, & tobacco applications is expected to chart out a profitable growth graph, as this regional market will concentrate on providing sustainable and cost-effective transportation, packaging, and production solutions. Manufacturers will achieve the highest rate of productivity at reasonable costs, by implementing automation to enable operational efficiency, thereby spurring U.S. precision gearbox market from food, beverage, and tobacco applications.
U.S. contributed to more than 80% of North America precision gearbox industry in 2015. The huge requirement for automation across the extensive manufacturing, F&B, packaging, and industrial sectors will lead U.S. precision gearbox market to earn a massive revenue over the next seven years. In addition, the U.S. government has mandated norms regarding precision gearbox utilization in ANSI standard for robotic applications. Thus, the rapidly evolving robotic sector in the region coupled with the growing manufacturing sector that concentrates on high precision, accuracy, and low operational costs will stimulate U.S. precision gearbox industry.
Global precision gearbox market from robotic applications will observe a CAGR of 6.5% over the years of 2016-2024. This growth can be primarily credited to the global surge in robotics, coupled with the rising demand for prosthetic joints to achieve precise mobility across the service robotics and manufacturing sectors.
Apart from the United States, several other countries have introduced legislations pertaining to the usage of precision gearboxes in the robotics, manufacturing, and the F&B sectors. Europe precision gearbox market, which accounted for more than 30% of the overall revenue in 2015, is slated to register high gains over 2016-2024, subject to the growing applications of the product across the F&B, packaging, and manufacturing sector.
The extensive growth of the manufacturing and robotics sector in China will also contribute to China precision gearbox industry earning a significant revenue. China’s contribution toward global manufacturing industry was around 25% in 2016. This is a marked improvement from the 7% contribution that the country made in the year 2000. With a valuation of USD 270 million in 2015, China precision gearbox market is slated to observe a high growth rate over 2016-2024. The Chinese government is also introducing initiatives to help companies automate most of their processes, which will spur the regional precision gearbox industry.
Planetary products are basically niche-oriented and provide great volatility. Having accounted for a share of more than 70% of the total precision gearbox market in 2015, this product segment is set to grow at a remarkable pace over 2016-2024. On the contrary, right angle products offer great flexibility in a limited space, and will help upgrade existing production facilities or set up new manufacturing units, thereby contributing to a substantial share of the overall industry.
Global precision gearbox market is quite fragmented, however the top players have already established a strong brand identity, posing a challenge to fresh players. Companies such as SEW Eurodrive, Siemens, and Brevini are strong participants in this market and they often engage in R&D activities to manufacture products with supremely high precision and accuracy.
Of late, companies have been focusing on manufacturing compact, lightweight, small-sized, and precise aluminum housing gears that find usage in low backlash and high transmission accuracy requirements. Increasing product demand for processes such as precise turning, bottling, food packaging, good transportation on conveyor belts, and fluid injection will heavily drive the growth of global precision gearbox market.
Author Name :Saipriya Iyer
North America insulated concrete form industry to experience high growth prospects over 2016-2024, surging requirement from residential applications to spur the regional demand
Insulated Concrete Form Market size is expected to rise prominently, driven by escalating demand for green construction across the residential and commercial sectors. The ability of the product to provide material strength, sound absorption, high indoor air quality, fire protection, energy efficiency, and ecological sensitivity to the buildings will generate profitable avenues for the business. Manufacturers have recognized the importance of minimizing operating costs, which will play a crucial role in shaping the industry trends in the next few years. The Federal and State governments are also contributing toward the business expansion. For instance, the European Union has introduced new building codes to be agreed upon by the construction sector. Even the U.S. government has implemented energy conservation programs. These initiatives are sure to leverage the business expansion. As per Global Market Insights, Inc., “Insulated concrete form industry, which collected the revenue of USD 470 million in 2015, is set to surpass USD 970 million by 2024.”
U.S. Insulated Concrete Form Market size, by application, 2013-2024 (USD Million)
The worldwide construction sector is expected to hit USD 15 trillion by 2030, with the U.S., India, and China contributing nearly 57% towards the overall construction spending. APAC is predicted to make notable contributions toward the global construction sector, which in turn will stimulate the development of insulated concrete form market. Asia Pacific insulated concrete form market is likely to make notable gains of over 10% during the period from 2016 to 2024. The growth can also be attributed to high consumer inclination towards the usage of PU foam based insulated concrete form across the construction sector. PU foam based insulated concrete form market contributed over USD 15 million to the APAC industry revenue in 2015. India, China, Japan, and Australia were the major regional revenue pockets.
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North America insulated concrete form industry is anticipated to expand remarkably over the years ahead, subject to growing consumer preference toward green buildings. U.S. insulated concrete form industry from the residential sector was worth USD 100 million in 2015, is likely to drive the regional growth over the coming years. Insulated concrete form market in Europe is expected to witness a high surge in the future, having attained a revenue of more than USD 120 million in 2015.
Insulated concrete forms also find extensive applications across the infrastructure and industrial sectors. Industrial applications are expected to grow at a CAGR of more than 10% over 2016-2024, driven by strict government rules favoring infrastructural development along with increased funding for commercial construction projects. Residential applications, which accounted for more than 55% of insulated concrete form market share, are forecast to gain a sizable revenue over the coming seven years. Nearly 80% of insulated concrete forms find applications across residential sectors – ICF market from residential applications are slated to reach a targeted revenue margin of USD 500 million by 2024.
Cellular concrete, polyester foams, cement bonded polystyrene beads, polyurethane foams, and cement bonded wood fibers are some of the major products of insulated concrete form market.
Polystyrene foams, which accumulated USD 300 million in 2015, are expected to make significant contributions toward insulated concrete form market revenue over the span of few years. Favorable product characteristics such as longevity and fire & heat resistance are expected to drive the business landscape.
Polyurethane foam industry, which accrued a revenue of more than USD 100 million in 2015, is expected to contribute remarkably toward insulated concrete form industry share in future. Growing product popularity across ICF constructions is expected to drive the revenue.
Manufacturers will try to acquire maximum share in this highly competitive insulated concrete form market through product differentiation, mergers & acquisitions, and new product launches. Quad-Lock Building Systems Limited, Airlite, Logix Insulated Concrete Forms Limited, IntegraSpec ICF, Nudura Corporation, Superform Products Limited, Plasti-Fab Incorporation, and BuildBlock Building Systems are the major players of insulated concrete form industry.
Author Name :Dhananjay Punekar
Global smart sensor market to register a stupendous CAGR of 17% over 2016-2024, North America to be the leading revenue source
The Internet of Things revolution worldwide is providing a remarkable impetus to the smart sensor market, the testimony of which is the huge share of USD 20 billion recorded by this industry in 2015. Over the past few years, smart and sustainable technologies have generated a significant momentum in the global business space and the growth chart depicts a linear adoption curve for these devices in the years ahead. In this regard, the government support indeed holds a significant credit in nurturing the expansion of smart sensor industry.
U.S. Smart Sensor Market Share, By Application, 2016
Smart home and smart city development are the prominent initiatives of the government bodies, exponentially increasing the deployment of smart sensors globally. These projects are substantially contributing toward the smart sensor industry share by incorporating this technology in a series of applications such as energy management and climate control, home security, windows and appliance control, lighting, assisted living, and audio-visual entertainment. Among these applications, home security and energy management applications are anticipated to exhibit massive contribution toward smart sensor market share in the coming years. The security needs of the houses can be met by the installation of image sensors at the doors to keep a check on visitors entering the house or alerting the residents in case of emergencies such as fire, thefts, etc. Moreover, the growing inclination toward sustainable energy is also fueling the smart sensor industry size from residential applications, where these sensors can enable optimal usage of the energy.
The industry players are also taking immense interests to gain significant profits from the smart technology investments. One such move in this respect was from General Electric. Earlier this year, the giant announced its plan for smart city development in San Diego. The company would provide sensors to be incorporated on 3200 street lights in the city with an aim to monitor traffic and detect the crime. Some other participants sharing the smart sensor market space are ABB Group Ltd., Atmel Corporation, Analog Devices, Inc., Eaton Corporation PLC, Honeywell International, Inc., NXP Semiconductors, Robert Bosch AG, and Smart Sensors, Inc.
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Looking at the commercial aspect, automotive industry is one of the major sectors propelling smart sensor market share. The sensors are installed in automobiles to regulate the temperature inside the vehicles and optimize the energy consumption by the vehicles. Moreover, the driverless cars which are the next big thing in the automotive business space will further augment the smart sensors industry size, attributed to the technology’s pivotal role in making these cars truly intelligent. Auto industry giants such as Mercedes-Benz, Toyota, Volvo, etc. have a strong pipeline for the launch of these smart cars in the coming years.
The exponentially increasing driverless cars industry is itself a testimony to the remarkable growth of the smart sensors market. These smart sensors comprise self-diagnostics and data gathering features that enhance the control, reliability, and interoperability features of the vehicle. Audi, the renowned automotive giant has embedded 16 smart sensors in its Smart Car A7 model, making it one of the chief driverless cars in the luxury car segment. These sensors assist the car in analyzing the surrounding environment with impending dangers, communicating with other vehicles, and navigating the travel route.
Speaking of the smart sensor technologies prominent in the automobiles, LiDARs are the most robustly deployed sensors in the vehicles. Other major technologies include ultrasonic, radars, and vision-based sensors. The LiDAR sensor has been tested by Ford in its Ford Fusion Hybrid autonomous vehicles and has been acclaimed for providing the cars with precise navigation even in complete darkness.
Consumer electronics is another major sector influencing the growth dynamics of smart sensor industry. The increasing share of smartphones, tablets, wearable devices, smart watches, etc. is directly impacting the smart sensor market size. In response to the aforementioned fact, smart touch sensors are accumulating a major share of the smart sensor industry.
The expanding wearable devices market has built a huge scope for the smart sensors industry. The growing trend of device miniaturization has provided a remarkable push to the deployment of these sensors. Micro-electro-mechanical- systems or MEMS is the major technology incorporated in these wearable devices, prominently in the smart watches. Estimates suggest that the MEMS technology adoption in the smart sensor market is likely to grow at an annual rate of 15% over the period of 2016-2024.
The cost-curtailment in the infrastructure is becoming the priority of almost every industry today. Pertaining to this fact, wireless networks are gaining a competitive edge over their wired counterparts. The wireless network based smart sensor market is anticipated to accumulate a major chunk of the overall industry share, owing to their ease of installation, increased productivity, and cost-effectiveness.
Talking about the geographical aspect, Asia Pacific is projected to have a strong foothold in smart sensors market over the coming years. The appreciable economic development of APAC countries such as China, India, and Japan, expanding consumer electronics industry, and efforts toward sustainable energy are the factors driving APAC smart sensor market growth over the years to come.
On grounds of technological advancements, North America is leading the race. This factor is also making the region a leading participant in smart sensor industry. Robust development of smart homes, especially across U.S. and increasing adoption of IOT devices are the chief driving forces behind North America smart sensor market.
With the growing energy sustainability trends and escalating efforts toward development of smart homes and smart cities, the global smart sensor market is poised to witness a strong trajectory roadmap ahead. A report by Global Market Insights, Inc. states that the smart sensor market will cross a revenue of USD 80 billion by 2024, with a CAGR of 17% over the period of 2016-2024.
Author Name :Shikha Sinha
Oil And Gas Analytics Market to exceed the 20 billion-dollar mark by 2024, heavy demand from upstream applications to stimulate industry growth
The exponentially increasing demand from refineries for petroleum products will lead oil and gas analytics market to exhibit a flourishing growth rate in the years ahead. To fulfill the surging need for fossil fuels, O&G companies are adopting digital technologies to enhance their productivity and reduce costs. The adoption of analytic tools is likely to increase production efficiency by 6% to 8%. This, in turn, will stimulate oil and gas analytics industry size considerably. The implementation of strict operational safety norms by the government will also stimulate the product demand. As per the report by Global Market Insights, Inc., “Oil and Gas Analytics market collected a revenue of USD 4 billion in 2015 and will grow at an annual growth rate of 20% over the period of 2016 to 2024.”
U.S. Oil And Gas Analytics Market size, by services 2013-2024 (USD Million)
Upstream application in oil and gas analytics industry was worth USD 2 billion in 2015 and will register a noticeable growth rate of more than 20% over the coming seven years, owing to the growing prevalence of unconventional and offshore drilling activities. Of late, companies have been implementing analytics tools to find out real-time data at minimized cost. TIBCO company has adopted this technology to optimize their production and exploration costs. Other key players sharing the oil and gas analytics market space are Cognizant, Accenture, Oracle, Teradata, Capgemini, Drilling Info Inc., Hitachi, Ltd., Tableau Software, Microsoft, Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, SAP SE, and IBM.
Hosted deployment mode will record a significant annual growth rate of more than 20% over the coming years of 2016 to 2024. This deployment mode exhibits superior productivity, improved capability, and is highly cost effective compared to its counterpart, the on-premise deployment mode, which generated a revenue of USD 1,787 in 2015.
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Oil and gas analytics market players implement professional, cloud-based, and integration analytics services to obtain real time information. Oil and gas analytics market from cloud-based services will record an annual growth rate of more than 21% over the coming seven years. This growth can be attributed to increasing demand for cloud infrastructure.
Oil and gas analytics industry from midstream applications, having accounted for more than 21% of the overall share, will generate a considerable revenue by 2024, primarily driven by surging product demand from midstream applications. Pipeline SCADA, one of the sub-segments categorized under midstream applications, is predicted to surpass a revenue collection of USD 2 billion by 2024. The surging need to extract accurate and real-time information will propel oil and gas analytics market growth from pipeline SCADA applications.
Considering the regional trends, India oil and gas analytics market will record substantial growth rate over the year ahead. The growth can be attributed to the growing number of refineries. In addition to this, most of the industry giants across this region are expanding their production capacity, which will influence oil and gas analytics industry growth. For instance, the Indian Oil Corporation is planning to invest USD 2.3 billion to expand refinery capacities to 25 million metric tons per year.
U.S. oil and gas analytics industry size generated a revenue of USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 19% over the period of 2016 to 2024. Escalating shale gas exploration activities in the region along with surging efforts to increase the overall production capacity will augment the product demand.
In Europe, Norway oil and gas analytics market, having had a revenue of USD 286 million in 2015 will exhibit a CAGR of more than 19% over the coming years of 2016 to 2024, owing to the growing adoption of digital technology across this region. The usage of digital technology will positively impact the oil and gas analytics market, subject to the reduced production and operational costs.
Oil and gas analytics is basically a tool that is used to analyze big data and provide actionable insights for the upstream, midstream, and downstream applications. Huge corporations are striving to introduce technological advancements in this tool to improve its efficiency and performance. For instance, Deloitte has developed novel oil & gas analytics solutions that work much faster than the conventional solutions and can even support data flow architectures using emerging data types.
Author Name :Sunil Hebbalkar
Portable oil-free air compressor market to experience massive growth over 2016- 2023, APAC to register highest gains
Oil-free air compressor market is generating a remarkable momentum in the global industry landscape with the escalating demand for energy efficient devices. High performance, ease of handling, and low cost of maintenance are few of the beneficial features creating a commendable demand for these compressors worldwide. Both the private and the government bodies are effectively taking measures to curtail the operation cost. In response to this fact, the oil-free air compressor industry is certain to witness an appreciable growth in the years ahead on account of its cost-effective operational procedure. Global Market Insights, Inc. estimates oil-free air compressor industry to reach USD 13.9 billion by 2023, having had a worth of USD 10 billion in 2015.
Germany oil-free air compressor market size, by technology, 2012-2023 (USD Million)
Rising preference for exceptional air quality and reliability is projected to further boost oil-free air compressor industry potential over the next few years. Growing focus of established players to manufacture eco-friendly products to augment their consumer base will create lucrative prospects for the business expansion.
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Oil-free air compressors find wide applications across manufacturing, semiconductor & electronics, food & beverages, healthcare, home appliances, and oil & gas sectors. Manufacturing application is anticipated to be evaluated at USD 4.6 billion by 2023. Oil & gas sector, which shared over 20% of oil-free air compressor market demand in 2015, is slated to register a CAGR of 3.9% over the period of 2016-2023. High product preference to encourage efficient functioning of older equipment along with greater need for avoiding oil contamination will drive the business expansion.
Healthcare sector, worth USD 910 million in 2015, is set to grow at a rate of 5.1% during the period from 2016 to 2023. It is expected to contribute significantly towards oil-free air compressor industry share, owing to the equipment ability to successfully handle issues related to tablet safety and aseptic applications. High device application in food cooling & packaging is forecast to considerably boost oil-free air compressor market size in food & beverage sector.
Portable and Stationary are the main types of oil-free air compressors. Portable oil-free air compressor market is set to hit USD 5.5 billion by 2023, registering substantial gains of 4.5% over the period of 2016-2023. The development can be attributed to strict norms towards reducing energy usage along with leap in consumer awareness about energy preservation.
Oil-free air compressors makes use of centrifugal, rotary, and reciprocating technologies. Rotary oil-free air compressor industry is forecast to record a cumulative growth of 4% annually over the coming six years. Burgeoning use of the technology across various sectors can be credited to its beneficial features such as compact size, low mass, less initial cost, and user convenience.
Reciprocating oil-free air compressor market size, worth USD 2.22 billion in 2015, is foreseen to hit USD 2.9 billion by 2023. It is anticipated to grow at a rate of 3.8% over the coming timeframe.
Considering the geographical trends, North America oil-free air compressor industry, which accrued a revenue of USD 2.1 billion in 2015, is predicted to expand notably in future. Increasing credibility of environment-friendly portable equipment will augment the regional development. The U.S., whose revenue was assessed at USD 1.68 billion in 2015, is likely to be a major regional revenue contributor.
Europe oil-free air compressor market is predicted to grow at a CAGR of 3.1% over the span of next few years, owing to its heavy use in offshore, production, processing, and refining activities. Oil-free air compressor industry in Asia Pacific is projected to display a sharp growth over the years ahead, driven by large-scale presence of petrochemical firms and oil refineries across the region. China and India are predicted to be the key regional revenue drivers.
Market players are emphasizing more on product development and product differentiation to acquire competitive advantage. Atlas Copco, Bauer Group, General Electric Corporation, Ingersoll Rand Plc, Elgi Equipments Limited, BelAire Compressors, Chicago Pneumatic, and Kaishan Group are the major participants of oil-free compressor industry.
Author Name :Dhananjay Punekar
U.S. orthopedic devices market to witness a massive growth over 2017-2024, Advanced regional healthcare infrastructure to drive the demand
Breakthroughs in osteology which has resulted in development of cost-effective equipment coupled with rise in sports injuries will impel orthopedic devices market growth. The new inventions in 3D printing technology and robot assisted surgeries will also generate lucrative avenues for the orthopedic devices industry in the years to come. The geriatric population base which is highly susceptible to bone diseases such as arthritis, osteoporosis, etc. will substantially drive the demand for these devices. As per the WHO, the worldwide population above 60 years of age will reach 2 billion by 2050. With this escalating trend, the orthopedic devices market is certain to witness a strong growth chart ahead. Global Market Insights, Inc. projects the orthopedic devices industry to surpass USD 53 billion by 2024.
Europe Orthopedic Devices Market Size, By Product, 2013-2024 (USD Million)
Rising preference for minimally invasive surgical procedures and massive usage of novel biodegradable implants for medical treatment will contribute substantially towards orthopedic devices market share in future. Obesity, sedentary lifestyle, irregular diet, and high consumption of alcohol will further add to the growing popularity of the orthopedic devices. The orthopedic devices industry is foreseen to witness remarkable growth in developing nations as compared to developed nations, owing to large-scale acceptance of the devices in the emerging economies plus market saturation in developed economies.
Taking into consideration the regional trends, UK orthopedic devices industry, which contributed more than 15% of Europe industry revenue in 2016, will exhibit an appreciable surge over the next few years. Rising frequency of bone disorders among the increasing elderly population is predicted to spur the revenue.
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U.S. Orthopedic devices market, which was estimated at USD 20 billion in 2016, is forecast to exceed USD 25 billion by 2024. Enhanced healthcare amenities along with burgeoning demand for orthopedic services due to high incidence of ailments such as osteoporosis, musculoskeletal disorders, and osteoarthritis will accelerate the business growth.
Mexico orthopedic devices industry, worth USD 300 million in 2016, is projected to expand remarkably over the next few years subject to escalating rate of road accidents and increase in the number of the bone disorders. High research in the field of arthroscopic equipment and orthobiologics is expected to drive Germany orthopedic devices industry development which contributed over 20% to the Europe industry share in 2016.
Brazil orthopedic devices market, which accumulated a revenue of USD 750 million in 2016, is anticipated to experience a bulging growth over the coming years. Rise in the disposable income and high investments in orthopedic care activities will make the environment of the region more business & entrepreneur friendly, thereby fostering the industry expansion.
Orthopedic devices industry in China is forecast to grow significantly at a CAGR of 12% over 2017-2024, driven by swift economic development and high patient consciousness about novel orthopedic services. Japan orthopedic devices industry, which accounted for more than 40% of the APAC industry revenue in 2016, is projected to hit USD 2 billion by 2024. Acceptance of modern technologies coupled with rise in the occurrence of spinal cord disorders are few of the factors predicted to contribute prominently towards the regional revenue.
Arthroscopic devices, Joint Reconstruction, Orthobiologics, Trauma Fixation Devices, and Spinal Devices are few of the major orthopedic devices. Joint reconstruction devices, which accounted for more than 40% of orthopedic devices industry revenue in 2016, is set to grow at a rate of 3% over the coming seven years. Increase in the number of road and sports injuries will boost the product demand.
Orthopedic devices market revenue from orthobiologics is predicted to surpass USD 4 billion by 2024, driven by its immense usage as substitutes and bone grafts. Spinal devices are projected to observe a notable gains of 3.5% during the period from 2017 to 2024, owing to high occurrence of degenerative disc disorders among the aging people plus product innovation for treating disorders of spine.
Trauma fixation devices are likely to collect a revenue of USD 7 billion by 2024, subject to its high need in developing regions and product differentiation in the comparatively matured markets of developed regions.
Market players are trying to implement major business growth strategies such as product development, joint ventures, and strategic alliances to retain their position in the industry. Stryker Corporation, Medtronic, Zimmer Biomet, Smith & Nephew Plc, MicroPort Scientific Corporation, NuVasive Incorporation, DJO Global, ConforMIS, The DePuy Synthes Companies, Globus Medical, and The Medacta Group are the major participants of orthopedic devices industry.
Author Name :Dhananjay Punekar