Artificial Discs market to witness a major push via increasing demand for minimally invasive surgeries: A CAGR of 21% to be recorded during 2016-2024

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Technological breakthroughs coupled with rise in research activities for treating degenerative disc ailments will push artificial discs market size. In addition to this, reduction in re-operation costs related to artificial discs will further push the industry trends. As per Global Market Insights, Inc., “Artificial Discs Industry value is projected to hit USD 4.5 billion by 2024.” High occurrence of disc degenerative ailments along with the rise in disc surgeries is anticipated to influence business expansion. Furthermore, the growing demand for minimally invasive surgeries is another strong factor expected to fuel the product demand over the years to come.

Germany Artificial Disc Market Size, By Type (USD million)
Germany Artificial Disc Market Size, By Type (USD million) 

Cervical artificial discs and Lumbar artificial discs are the two major types of artificial discs. Cervical artificial discs, which accounted for 65% of artificial discs industry share in 2015, will witness a high surge over the years to come. Increase in disc operations along with easy availability of cervical artificial discs will favorably impact the business. Lumbar disc replacement is highly popular treatment alternative among the patients suffering from severe back pain problems. Lumbar artificial discs market, having collected USD 240 million in 2015, is expected to witness high surge over the coming seven years, driven by its extensive demand across developed countries such as the U.S.

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Below are the geographical trends influencing global artificial discs market over 2016-2024:

  • U.S. artificial discs market, estimated at USD 360 million in 2015, is expected to exceed USD 2 billion by 2024. Beneficial compensation policies, high investments in the healthcare sector, and rise in per capita income are few of the key factors projected to drive the revenue.
  • Improved healthcare facilities and rising demand for advanced products is expected to propel Japan artificial discs industry size over the coming timeframe, having contributed over 25% of the overall revenue in 2015.
  • Low cost of disc replacement along with high investments across the healthcare sector is anticipated to drive Germany market revenue over the next few years.
  • China artificial discs industry is projected to grow at a rate of 24% over the coming period of 2016-2024, driven by economic development, inexpensive surgeries, and rapidly expanding medical tourism sector.
  • UK, which accounted for 22% of Europe industry share in terms of revenue, is projected to register an annual growth rate of 19% over the coming seven years. Rise in purchasing capacity, increasing aging population base, and enhanced healthcare infrastructure facilities are expected to drive the regional growth.
  • India artificial discs market is also expected to grow considerably over the coming timeframe, owing to high occurrence of degenerative disc disorders in the region.

Market players will try to increase their revenue through product differentiation, technological innovation, product benchmarking, joint ventures, and strategic collaborations.  Key industry participants include Zimmer-Biomet Company, Depuy Synthes Spine Incorporation, Medtronic Company, Synthes Holding AG, Stryker Corporation, LDS Spine USA, Globus Medical Incorporation, Spinekinetics, NuVasive Incorporation, and Aesculap Implant Systems LLC.

Author Name : Dhananjay Punekar

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3D Printing Materials Market & 3D Printing Equipment Market: High product demand in consumer electronics sector to spur industry growth

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The fledging 3D printing technology is set to tread a positive path over the coming years. While 3D printing materials market is already witnessing a major upswing, 3D printing equipment market has also observed a colossal surge. The 3D printing technology is finding massive potential in various industries, including defense, automotive, architecture, medical, and aerospace. The shifting interests of the consumers toward products aesthetics and finish will trigger the manufacturers to adopt this technology, thereby, positively influencing the industry dynamics.

U.S. 3D Printing Materials Market Size, By End-User, 2013 – 2024 (USD Million)
U.S. 3D Printing Materials Market Size, By End-User, 2013 - 2024 (USD Million)

 

One of the most differentiating characters of 3D printing is its ability to tailor the objects as per a specific need.  This factor has made 3D printing technology quite popular across sectors such as electronics, automotive, education, aerospace, etc. Increase in desktop and professional 3D printer sales and its use in higher secondary education will be prominent growth indicators for 3D printing equipment market in educational applications. According to Global Market Insights, Inc., “3D printing materials industry will expand at a whopping CAGR of 20% over 2016-2024 and 3D printing equipment market is predicted to record an annual growth rate of 14% over the period of 2016-2024.

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What are the growth prospects of 3D printing materials industry based on products and applications?

Plastics, ceramics, and metals are the three-major product types gaining momentum. In 2015, ceramic 3D printing materials market accounted for over 20% and was worth more than USD 100 million in 2015. End-use applications such as cups, saucers, plates and statues will favor the segment growth. Metal 3D printing materials industry is experiencing greater demand from automotive, defense, aerospace industries due to considerable metal usage in these sectors. This market is anticipated to record a CAGR of 17% over the period of 2016-2024.

Considering the end-use trends of 3D printing materials industry, some key findings are mentioned below:

  • Electronics & consumers led the global 3D printing materials market in 2015. Surge in electronics gadgets, demand for supreme value product feature, and aesthetics will drive this industry in the years to come.
  • Automotive manufacturing application is expected to record a Y-O-Y growth of 4% over 2016-2024. The robust growth is subject to the changing lifestyle, rising disposable income, and growing demand for vehicles with an enhanced aesthetic appearance.

How is 3D printing equipment market emerging, considering product and application segment?

Polyjet, colorjet, selective laser sintering (SLS), stereolithography (SLA), and fuse deposition modeling (FDM) are the product segmentations of the 3D printing equipment industry. Polyjet accounted for a massive 35% of the global market share in 2015. SLS product use in automotive and aerospace industries will also upswing the SLS industry to grow at a rate of 15% over the period of 2016-2024.

3D printing equipment market is on a constant rise, owing to its vital application scope in pharmaceutical and medical industries. These printers are used in fabrication of human tissues and also in the manufacturing of living organs such as liver and heart.

Below mentioned are the regional trends influencing both 3D printing materials and equipment industry:

Asia Pacific 3D printing material & equipment market is predicted to witness heavy gains over the coming years, owing to robust growth of automobile manufacturing in China, Indonesia, India, and Japan. Moreover, rapid technological advancements will also benefit the regional growth.

North America emerged as a leading region for the overall 3D printing materials industry, having had more that 35% global share in 2015. Growth of aerospace industry and increase in sale of automobiles and electronic gadgets will stimulate the regional development. The growth is also favored by increased government funding.

3D printing materials & equipment market players are focused on developing high quality products at low costs. The key participants accumulating significant industry share include Arkema, Optomec Inc, , Solidscape, Stratasys, 3D Systems, EOS GmbH (Electro Optical Systems), Concept Laser, Voxeljet, SLM Solutions, Hoganas and LPW Technology.

Author Name : Ojaswita Kutepatil

North America airport security market to witness phenomenal gains over 2017-2024, technological advancements in the region to drive the growth

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Given the current threats associated with cyber-attacks and potential damages to the aviation industry, airport security market is gaining tremendous traction of late. Of late, the aviation industry has been highly prone to threats relating to terrorism, smuggling activities, and other crimes, a factor that has highly driven the demand for strict security measures in this space. In response to this fact, the airport security technologies that offer enhanced security to the existing surveillance systems and better situational awareness are witnessing increasing adoption in the aviation industry. Furthermore, with the digital and connected solutions transforming the security landscape, companies are launching enhanced security systems to provide advanced surveillance and safety to the airports. Demonstrating a recent instance, Bosch, a leading supplier of security systems launched a Video Management System 7.5 software which has now allowed the security operators to have much faster access to video footage along with seamless management of space. Such product advancement trends are considered one among many factors that is underscoring the extensive developments prevalent in airport security market, which as per analysts generated revenue close to USD 9 billion in 2016.

China airport security market size, by technology, 2016 & 2024 (USD Million)
China airport security market size, by technology, 2016 & 2024 (USD Million)

As per the recent research study, increase in the number of travelers and rising globalization trends have been the most pronounced factors contributing to rising growth of airport security industry. Development of new airports, owing to rising airline passenger, traffic has resulted in a tremendous demand for airport security systems. As per the estimates provided by the Centre of Aviation, currently more than 2,500 aviation projects are under operation, with Asia pacific solely spending USD 125 billion on airport construction. Developing economies in the region including India and China are experiencing rapid industrialization trends which have led to a massive increase in passenger traffic. The fad, in turn, has significantly led to rise in the demand for biometrics, full body x-ray scanners and other security technologies & processes at the airports which has fueled the airport security market size.

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Speaking of the advanced technologies and product developments pertaining to airport security market landscape, Smiths Detection, a leading airport security industry giant has recently launched the HI-SCAN 6040 CTiX checkpoint scanner. Reportedly, this scanner was developed to deliver higher levels of security, optimize checkpoint performance, and improve the operational efficiency. The new HI-SCAN 6040 CTiX is being incorporated at several airports across Europe, where it has allegedly enhanced security check to the airport baggage system. Other airport security industry giants are offering technologies such as thermal cameras, video analytics systems, motion sensors, and advanced surveillance that can help airport authorities to easily enforce security protocols. Axis Communications, RedXDefense LLC, IBM Corporation, Thales Group, and Siemens AG are some of the prominent names in airport security market that are bringing end-to-end product and solutions, enhancing the product spectrum of the airport security industry.

Considering the geographical aspects of airport security industry, although Asia Pacific is expected to be a major investment hub, experts claim North America to dominate the regional landscape in terms of revenue in the following seven years. Stringent regulatory compliances to reinforce airport security and mitigate terror attacks have been the key factors leading to robust adoption of airport security technologies.

Amidst the perpetually rising terror attacks pertaining to the aviation industry, it is rather overt for the global airport security industry to garner huge proceeds and developments in the coming years. Global Market Insights, Inc., projects the overall airport security market size to register a y-o-y growth rate of 7% over 2017-2024, crossing a valuation of USD 16 billion by 2024.

Author Name : Ojaswita Kutepatil

Solar Microinverter and Power Optimizer Market: High deployment across commercial infrastructure to stimulate industry growth over 2016-2024

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Rising adoption of photovoltaic systems in commercial and residential sectors will propel global solar microinverter and power optimizer market. In addition, high demand for upgraded power harvesting systems embedded with features such as panel monitoring for independent power generation will catalyze industry growth. Prominent companies, increasingly investing in R&D for unique product development will also catalyze the market share. According to Global Market Insights, Inc., “Solar Microinverter And Power Optimizer Industry is forecast to hit USD 1.4 billion by 2024, increasing at a CAGR of 10% over 2016-2024.”

Europe Solar Microinverter And Power Optimizer Market size, by application, 2013 – 2024 (MW)
Europe Solar Microinverter And Power Optimizer Market size, by application, 2013 – 2024 (MW)

Microinverters help convert DC to AC with the help of photovoltaic installations. Their functionality is based on MLPE (module level power electronics) technology, which improves the overall efficiency of the system, while simultaneously eliminating the adverse effects of module mismatch. With the benefits of enhanced design flexibility, convenient installation procedure, and module level monitoring, solar microinverter and power optimizer systems find widespread applications in the residential, utility, and commercial sectors, which will catapult solar microinverter and power optimizer market.

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Features such as upgraded safety and high energy yield will boost solar microinverter and power optimizer industry in commercial applications, which contributed to more than 15% of the overall share in 2015. Government initiatives such as tax rebate, investment tax credit, net metering and FIT to increase the number of PV system installations across commercial buildings, will also subsequently propel U.S. solar microinverter and power optimizer market, which is anticipated to grow at a CAGR of 15% over 2016-2024.

Increasing deployment of solar rooftop systems across malls, buildings, and other commercial complexes will further augment solar microinverter and power optimizer industry in commercial applications, projected to cross a target revenue USD 300 million by 2024.

Three phase solar microinverters and power optimizers help enhance the system downtime, in addition to possessing features such as upgraded conversion efficiency coupled with high circuit density in comparison with their counterparts. High demand for uninterrupted power supply will fuel solar microinverter and power optimizer market in the utility sector in the years to come.

Owing to the rising adoption of rooftop solar PV systems, solar microinverter and power optimizer industry in residential applications is slated to witness healthy gains over 2016-2024, having recorded a revenue of more than USD 440 million in 2015. Government encouragement toward the utilization of solar rooftop systems in residential applications will subsequently stimulate on-grid solar microinverter and power optimizer market, which was worth more than USD 120 million in 2015. Favorable initiatives such as tax rebate, low interest rate loans, feed in tariff, subsidies, and other financial benefits will also drive on-grid solar microinverter and power optimizer industry growth over 2016-2024.

Compact size and design flexibility are two major characteristics of standalone connectivity that help eliminate the requirement for an electrolyte capacitor, fan, and a large transformer. Driven by these convenient features, standalone solar microinverter and power optimizer market is slated to grow at a CAGR of more than 10% over 2016-2024.

China solar microinverter and power optimizer industry, having registered a revenue of more than USD 50 million in 2015, is expected to cross a target size 1.4 GW by 2024. This growth can primarily be attributed to the increased government programs for uninterrupted electricity supply across the region.

The Indian government is developing subsidy schemes, with a 40% subsidy on the initial capital investment toward the installation of PV systems in the urban and rural areas. Owing to such favorable government initiatives, India solar microinverter and power optimizer market will depict a steep CAGR of more than 20% over 2016-2024.

UK solar microinverter and power optimizer industry contributed to more than 10% of the regional share in 2015, and will witness substantial gains in the years to come, driven by high installation rate of solar rooftop systems. Government regulations pertaining to the increased adoption of renewable energy sources over fossil fuels will spur Germany solar microinverter and power optimizer market, which was valued at a revenue of more than USD 30 million in 2015.

Increased R&D investments and development of innovative products are key strategies adopted by major companies. Leading industry participants include Ampt, Enphase Energy, Petra Systems, SunPower Corporation, Sparq Systems, i-Energy, Delta Energy Systems, SolarEdge Technologies, Solantro, KACO New Energy, Tigo Energy, Array Power, Chilicon Power, Alencon Systems, and Altenergy Power Systems. Public awareness regarding the advantages of renewable energy sources over conventional energy sources will eventually lead to increased product demand, positively influencing solar microinverter and power optimizer industry.

Author Name :Saipriya Iyer

Power Transmission Components Market: Strong consumer demand for uninterrupted power supply will drive the industry over 2016-2024

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The transition from traditional power grids to smart grids has fueled Global Power Transmission Components Market drastically in recent years. With the introduction of novel approaches in electric power transfer, the consumer demand for uninterrupted power supply is surging. Electric utility companies across the globe are also investing heavily to address the growing electricity demand. According to Global Market Insights, Inc.,” Power transmission components market having accounted for a revenue over USD 20 billion in 2015, is forecast to grow lucratively at a CAGR of more than 6% over the period 2016-2024.”

Europe Power Transmission Components Market size, by voltage, 2013 – 2024 (USD Bn)
UK Power Transmission Components Market size, by voltage, 2013 - 2024 (USD Bn)

Considering the feasibility, economic factors, and redundancy, market players are focusing on bulk power transmission, which in turn is stimulating the power transmission components industry dynamics. Transmitting bulk power at high voltage level increases the efficiency, as the transmission line resistive losses decreases at high voltages. This has led to an increase in demand for 220 kV and 440 kV power transmission grid components, which cumulatively accounted for 45% of the total volume in 2015.Ultra-high voltage transmission lines, which include voltage level above 660 kV, is also projected to cross over USD 9 billion by 2024.

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Furthermore, major countries (China, UK, U.S, India) implementing microgrid infrastructure to ensure grid security will cater the overall power transmission components market growth.

Three phase high voltage alternating current systems are preferred across numerous sectors due to the abundance of conventional grid infrastructure adoptability and cost effectivity. HVAC power transmission components industry is expected to record a revenue of USD 30 billion over the coming seven years.

HVDC network is adopted for power transmission over very long distances, owing to its high efficiency. In 2017, the U.S. government granted USD 100 million contracts for the renewal of an existing Pacific Intertie HVDC link, which is active since 1970. It is anticipated that HVDC power transmission components industry will grow significantly at an annual rate of 8% over 2016-2024.

Transformer, transmission lines, isolators, relays, circuit breakers, arresters, and transmission towers are the basic components used for power transmission.

The continuous effort by leading companies toward expansion of existing operational power lines is complementing the power transmission components industry growth. For instance, Powergrid Corp. aims to increase inter-regional power transmission capacity up to 72 GW by 2017.

Power transmission components market share from transmission lines is projected to grow substantially at a CAGR of more than 6% over 2016-2024.

Transformers are an integral part of power transmission networks, as they step up the transmitting voltage to reduce the line loss. It is estimated that transformer market revenue contribution toward the overall power transmission components market will cross over USD 2 billion by 2024.

Growing approach towards pragmatic and reliable protection schemes to provide undisturbed power supply will drive the power transmission components market for relays, circuit breakers, lightening arresters, and isolators.

Based on global trends, U.S. power transmission components industry is slated to witness noticeable growth curve at a CAGR 4% over 2016-2024. Several initiatives by the U.S. government toward limiting the transmission losses will propel power transmission components market to prosper in this region.

Europe power transmission components industry is driven by a strong urge for integrated grid network by utilizing renewable energy. With UK being a key revenue contributor, Europe power transmission components market is expected to grow lucratively with an annual growth rate of more than 5% over 2016-2024.

Asia Pacific, with China and India as chief contributors, is also expected to be one of the major revenue generating regions. This robust growth can be attributed to the growing government inclination toward enhancing the existing power lines to meet the surging electricity demand. For instance, the Indian government has recently launched a program named “One Nation-One Grid-One Price” to interweave all the state and central power grid to achieve single tariff system. China power transmission components network will also record a revenue of USD 9 billion by 2024.
The market is fragmented with some of the prominent players being General Electric Company, ABB, Eaton, Siemens, and Emerson. The increasing preference for renewable energy sources over conventional sources fueled by the growing environment concerns is also expected to stimulate the power transmission components industry outlook.

Author Name :Satarupa De

Circuit Breakers market outlook: Uninterrupted power transmission and distribution demand to stimulate industry growth over 2016-2024

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Rising implementation of numerous medium and large capacity renewable energy projects will drive Circuit Breakers Market favorably over the period of 2016 to 2024. According to Global Market Insights, Inc., “Worldwide circuit breakers market having had a revenue of USD 6 billion in 2015, is predicted to grow at a CAGR of more than 7% over the coming years of 2016 to 2024.” The escalating replacement and development activities to enhance the electricity transmission capability across the globe will also generate eye-catching revenue over coming timeframe. Shifting trends toward smart transmissions and distribution network as well as high investment in the development of digital substation will boost circuit breakers industry share notably.

Global Circuit Breakers Market, By Technology, 2014 – 2024 (USD Billion)

Global Circuit Breakers Market, By Technology, 2014 – 2024 (USD Billion)

The prominent end users of circuit breakers market are power distribution and power transmission. The power transmission end-use segment will exhibit a CAGR of more than 5% over the period of 2016 to 2024. The growing concerns regarding power transmission safety will augment the industry growth considerably.

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Based on the voltage level, circuit breakers market is mainly divided into HV, MV, and LV. The HV circuit breakers market will record a CAGR of more than 6% over the coming seven years. The growth can be attributed to the growing investments for the development and improvement of transmission grid infrastructures such as extra high voltage (EHV) and ultra-high voltage (UHV). MV circuit breakers industry is projected to generate a revenue of over USD 4 billion by 2024, owing to its surging demand across industrial and commercial sectors to install compact sized substation.

Oil, air, SF6, and vacuum are few of the technologies based on which circuit breakers market is primarily segmented. SF6 circuit breaker technology market was worth USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 10% over the period of 2016 to 2024. The growth can be attributed to the rising product demand, owing to significant features such as high dielectric strength and sufficient arc quenching capability. Vacuum based technology will register a CAGR of more than 9% over the coming seven years, due to its surging requirement for the various high and medium voltage substation applications.

Considering the geographical landscape, China circuit breakers market will surpass a revenue of 2 billion by 2024, owing to the numerous on-going renovation and replacement activities of existing transmission and distribution activities. In addition, China Village Electrification Program and China Township Electrification Program will also contribute favorably toward the industry growth.

India circuit breakers industry size is predicted to record an annual growth rate of more than 8% over the coming years of 2016 to 2024. The futuristic electrification mission of the Government like One Nation, One Grid, and One Price will augment the regional share noticeably.

U.S. circuit breakers market was worth USD 1 billion in 2015 and will grow at a CAGR of more than 7% over the coming seven years, primarily driven by the favorable government support to improve the reliability and safety of the distribution and transmission network.

Russian circuit breakers industry share will exhibit an annual growth rate of more than 7% over the period of 2016 to 2024. The growing adoption of smart grid technology will boost the market size considerably.

Industry giants are adopting the growth strategies like mergers & acquisition to strengthen the business space across the globe over the coming timeframe. Key players in circuit breakers market are Siemens, ABB, Mitsubishi Electric Corporation, Eaton Corporation, GE Power, Mersen, Powell Industries, TE Connectivity, Toshiba, and Schneider Electric.

Author Name :Sunil Hebbalkar

Gas turbine market outlook: Power generation applications to augment the industry growth over 2016-2024

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Global Gas Turbine Market is expected to chart a stable growth graph over the coming seven years, owing to rapid industrialization and rising demand for power generation. Replacements of old coal fired plants with the recent gas-fired technology will be another factor driving the market size. Strict regulatory targets toward limiting greenhouse gas emissions will favor the demand for gas-fired power generation stations, in turn propelling the industry outlook. According to Global Market Insights, Inc., “Gas Turbine Market size is estimated to surpass USD 23 billion by 2024.”

Global gas turbine market size is poised to exceed 120 GW by 2024, as reported by Global Market Insights, Inc. The renewable energy sector, which is a full-fledged market in itself relies on specialized turbines to generate power. The end users of these gas turbines are the oil & gas, aviation, marine, and power generation industries. Power generation is the leading application of gas turbine industry, which is set to exceed 57 GW by 2024, having had over 40% of the total share in 2015.

Global Gas Turbine Market, By Application, 2013 – 2024 (MW)
Global Gas Turbine Market, By Application, 2013 - 2024 (MW)

Rising demand for low-cost, clean, and reliable technologies will boost the industrial applications in this industry. O&G turbine market is also witnessing a significant boost with an y-o-y growth of over 6% between 2016-2024.

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Gas turbine industry based on product type is bifurcated into heavy duty and aeroderivative. The rising demand of aeroderivative gas turbines for medium range capacity (70-300 MW) will showcase a significant boost in the industry trends. Aeroderivative gas turbine market size is estimated to witness a cumulative annual growth rate of over 9% over the period of 2016-2024. In addition, open cycle gas turbine market is expected to witness moderate growth over 2016-2024, owing to its rising preference for high energy and low fuel consumption output.

Increase in onshore and offshore oil & gas drilling activities in UAE will stimulate the gas turbine industry outlook. Saudi Arabia market accounted for revenue over USD 1 billion in 2015, and is estimated to foresee significant growth rate over the coming seven years.

U.K. gas turbine market is estimated to generate demand of over 1 Gigawatt by 2024, owing to increasing replacement in existing coal fired stations.

Initiatives on several electrification programs such as China Township Electrification Program will stimulate the China gas turbine industry share in the coming years. China market is projected to grow at an annual rate of more than 10% over the period of 2016-2024.

U.S. gas turbine market size was 8 GW in 2015 and is projected to register a CAGR above 8% over the period 2016-2024. The regional growth is influenced by the increasing exploration and petroleum extraction activities.

Rapid industrialization and urbanization in India have made it a land of immense potential and opportunities. India gas turbine market is anticipated to register an annual growth rate of 12% over 2016-2024, owing to the rise of numerous private sector investments to improve power generation competence.

Prominent leaders in this industry include Bharat Heavy Electricals, Mitsubishi Heavy Industries, Ltd., Solar Turbines, Harbin Electric, General Electric, Zorya-Mashproekt Corporation, Cryostar, Capstone Turbine Manufacturing company, MAN Diesel & Turbo, Kawasaki Heavy Industries, and Siemens.

Author Name :Ojaswita Kutepatil