The demand for air compressors is expected to spur considerably over the coming years, partly due to its essential application across cold storage facilities. Technological advancements have led to the development of energy-efficient air compressors that offer reduced maintenance costs and have a lower impact on the environment.
Availability of compressors that come with multiple configurations and provide a varied range of supply pressures is aiding product demand. While the advent of high-capacity, portable air compressors that offer better performance and versatility could fuel new revenue proceeds in the industry.
According to a study led by Global Market Insights, Inc., the air compressor market is estimated to surpass US$107.56 billion by 2026.
The manufacturing sector is anticipated to amass a noteworthy share to this growth owing to rising demand for heavy-duty compressors that offer higher air pressure capacity for running diverse industrial applications. For the record, centrifugal air compressors are mostly used across such industrial operations. The product is renowned for its high air power output and pressure capacities. Notably, on the other hand, oil & gas, energy, construction and mining are some other areas where air compressors are gaining prominence.
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However, heavy duty models of air compressors are usually expensive owing to their bulky nature, manufacturing & operational complexities and higher efficiencies. Nevertheless, with increasing investments aimed at driving new construction and mining activities, the adoption rate of such air compressors could spur considerably over time.
The food and beverage sector is also garnering a major share in the air compressor market. Growing consumer inclination towards packaged and perishable food products has led to the demand for efficient refrigerant compressors.
These systems are mostly installed across cold storage facilities and warehouses for maintaining and preserving various food products. Development of new food processing plants and warehouses to increase storage capacity may augment product demand. While estimates suggest that the food & beverage segment make accrue maximum gains of over 6% CAGR over the projected period.
According to regional share, Latin America air compressor market is expected to register a 3.4% CAGR between 2020 to 2026. Factors like easy availability of low cost labor, raw materials, and abundance of land have motivated manufacturing industries to expand their business capacity.
For the record, air compressors are widely used in the region across manufacturing processes like industrial good & machinery manufacturing. Supportive government initiatives to augment expansion of industrial hubs and manufacturing plants are likely to favor product penetration across LATAM.
Meanwhile, on a global scale, the demand for air compressors is expected to proliferate on account of surging infrastructural development activities and growing construction of green buildings. According to reports, countries like China, Indonesia, Vietnam and Thailand are undertaking AC manufacturing line conversion projects for supporting the Montreal Protocol. Initiatives such as these may favor the growth of global air compressor market size over 2026.
Author Name : Mateen Dalal
APAC medical oxygen concentrators market to witness remarkable proceeds over 2018-2024, with Japan and China as major revenue pockets
One of the most swiftly expanding medical devices industry verticals, medical oxygen concentrators market, has been gaining a commendable traction, of late. In terms of commercialization, the fraternity enrolled its name in the billion-dollar businesses in 2017 with a registered market share of USD 1.3 billion. The growth has been primarily attributed to two major rationales – cumulative exposure to pollution and industry dust particles along with the increasing number of smoking individuals. The changing lifestyle pattern has led to a massive prevalence of chronic obstructive pulmonary diseases across the globe, driving the medical oxygen concentrators industry share.
U.S. Medical Oxygen Concentrators Market, By Product, 2013 – 2024 (USD Million)
With growing awareness of COPD and the reduction of life expectancy it leads to, oxygen concentrators will be preferred habitually and gradually replace the short life oxygen cylinders. Reportedly, oxygen concentrators use filters to generate medicated oxygen from normal breathing air providing it a greater value in comparison to oxygen cylinders which store limited amount of oxygen. As per a report by Global Market Insights, Inc. the U.S. medical oxygen concentrators market was dominant with 88.1% share in 2017. This high number can be primarily attributed to the continuously varying lifestyle and subsequent increase in COPD cases regionally. Augmented production of smoke from manufacturing plants, lack of healthy routines, and the favorable healthcare policies are some of the other factors pushing the U.S. medical oxygen concentrators industry trends.
The European countries are also witnessing an upsurge in unhealthy food consumption and cigarette smoking. In fact, the increasing prevalence of COPD has also substantially impacted Germany medical oxygen concentrators market trends. The regional share is anticipated to grow at 6.9% CAGR over 2018-2024. Add to it, the incessant efforts by the regional government to curb pollution levels and create health awareness will further boost the Germany market outlook. U.K. is another chief revenue pocket for Europe medical oxygen concentrators market with an anticipated CAGR of 7% over 2018-2024.
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The worldwide increase in the geriatric demography is yet another factor fueling the medical oxygen concentrators industry growth, given the high susceptibility of this population base to respiratory disorders. According to the World Health Organization, the global geriatric population (60 years or above) will nearly double from 900 million in 2015 to 2 billion in 2050. In this regard, the non-home care applications which include health rehabilitation centers and hospitals will witness substantial growth, driven by occupational lung diseases, harmful intake of substances and weak immunity among older patients. As per estimates, medical oxygen concentrators market share from non-home care applications will record a CAGR of 6.3% over the coming six years.
WHO statistics in addition to depicting the massive rise in geriatric population base also reveal that around 80% of the older population by 2050 would be living in low and middle-income economies. In fact, by 2050, around 120 million of this populace will be living in China alone. Another statistic by the United Nations states that nearly 2/3rd of the world’s older people live in developing regions with the numbers growing faster than the developed economies. In 2015, Asia alone was home to 508 million people aged 60 or above, which is almost 56% of the global geriatric population. This figure is projected to go up to 60% in 2030, according to the UN. Not to mention, the aforementioned data vividly outlines the strong contendership Asia Pacific holds in the global medical oxygen concentrators market. China and Japan are touted as the major growth avenues for the APAC belt. While China procured a revenue of USD 70 million in 2017, Japan medical oxygen concentrators market held more than 40% of the APAC share in the same year.
All in all, medical oxygen concentrators industry, subject to humongous investments in recent years, has become highly competitive with manufacturers developing and improving products in a bid to capture sizable market share. Companies are also inclining towards mergers & acquisitions and regional expansion strategies to gain a competitive edge. Spearheading the market share battle are corporations such as Chart Industries, DeVilbiss Healthcare, Inogen, Inova labs, Philips Healthcare, etc.
Author Name : Pankaj Singh
Growing concerns regarding energy conservation to enhance global fuel cell market outlook over 2017-2024
The global fuel cell market is expected to witness a significant growth trajectory attributed to the burgeoning need for space heating across commercial and residential sectors coupled with persistent efforts towards hydrogen fueling station development.
Many private and public establishments are stepping up their investment activities towards energy conservation. This proliferating financial support in tandem with advantageous government initiatives facilitating the advancements of sustainable energy technologies will be a tremendous driving factor in fuel cell market growth over the forecast period.
For example, in 2019, the Chinese government has proposed the construction of 20 hydrogen fueling stations and upwards of 3000 vehicles in the Hubei Province, expected to become functional by 2020.
A research report by Global Market Insights, Inc. estimates that the fuel cell market share is expected to exceed $7 billion over 2025.
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The recent paradigm shift towards increasing financial interest in R&D and innovations coupled with the high efficacy and dependability of fuel cells as a substitute for traditional automobiles are likely to bolster fuel cell industry demand from the transport sector. As a matter of fact, in 2018, the Department of Energy or DOE announced their intention to spend $39 million for fuel cell and hydrogen fueling infrastructure development in North America.
Escalating demand for fuel cells across myriad automotive applications like trams, light vehicles, goods carrier vehicles, forklift trucks, two & three wheelers as well as small boats and ferries will contribute heavily to industry expansion. As per DOE reports in February 2019, fuel cell vehicles on road in the United States grew from 4000 in 2015 to an appreciable 6500.
Accelerating demand for fuel cell EVs and the subsequent rise in the installation of portable charging systems considering the proliferating number of recreational activities are set to add significant impetus to the fuel cell market outlook.
On the other hand, the need for stationary power stations, particularly in remote and off-grid locations is reinforced by several government-supported expenditures pertaining to infrastructure developments.
With respect to the product spectrum, the SOFC product segment is expected to exceed 30,000 units over 2025. Mounting fuel cell adoption across numerous small and large-scale stationary power generators, used to provide electricity access to remote locations is likely to present several lucrative growth opportunities to the market.
SOFC cells display commendable potential in high temperature applications, in the range of 800 degree Celsius to 1,000 degree Celsius and demonstrate efficiency levels of over 60% during their transition from fuel to energy.
Cost-effectiveness, high efficiency, reduced emissions, fuel flexibility and high stability are the key drivers propelling fuel cell market penetration over the projected timeframe.
Intensifying concerns regarding the security of energy and higher adoption of renewable energy sources is expected to foster South Korea fuel cell industry trends. Strong government support for R&D efforts towards development of innovative products alongside the steady expansion of hydrogen infrastructure will also enhance the business landscape in the region.
In fact, in 2018, the South Korean government revealed their plan of investing $2.33 billion towards the development of efficient hydrogen infrastructure nationwide, over the next five years.
Author Name :Saloni Walimbe
The new market research report by Global Market Insights Inc. estimates global Blood Gas And Electrolyte Analyzers Market size to grow at 4.8% from 2016 to 2023.
Strong product availability has helped improve the care of critically ill patients. Growing demand for highly developed sleek handheld devices with short turnaround time has led to the development of sleek, handy and more compact point-of-care devices. The report encapsulates market trends & issues, market profiling, growth drivers and inhibitors, opportunities and challenges, current industry overview, product innovations.
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The report covers:
- Current market scenario
- Market Estimates and Forecasts for 2016-2023
- Segmentation on the basis of product, region and competitive landscape
- Product Segments Analyzed in Volume and Value Terms
Growing geriatric population, prevalence of chronic end-of-life diseases, leading to high number of hospital admissions and increasing demand for health parameter monitoring devices are key factors contributing to blood gas and electrolyte analyzers market growth. A consequent rise in demand for high throughput and integrated systems is also likely to drive the market growth. Growing aging population is another key factor to impel the growth.
North America led by the U.S. blood gas and electrolyte analyzers market share dominates the regional market globally. APAC region driven by India and China tops the fastest growing market both in terms of volume and value. The region is projected to exhibit growth over 6.6% during the forecast period. The increase is attributed to rapidly developing healthcare infrastructure and changing dynamics of healthcare consumption. Furthermore, growing awareness about health is likely to influence the market growth positively.
LATAM market size is projected to witness a surge in coming years.
High impact factors rendering growth are
- Advent of new technology
- Prevalence of chronic diseases
- Growing number of patients in critical care and emergency departments,
- Increasing demand for blood gas testing
- Rising healthcare expenditure levels
- Growing preference shift towards point-of-care testing
- Emergence of multi-parameter monitoring devices
Portable analyzers lead the product segment and are likely to continue dominance over the predicted time frame. Combined analyzers are expected to witness significant growth at 5.5% CAGR over the next few years.
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Major participants in global blood gas and electrolyte analyzers market include:
- Cerner Corporation
- Roche Diagnostics
- Alera Medical
- Siemens Healthcare
- Instrumentation Laboratories, Inc.
Merger and acquisition and strategic collaboration are the key strategy to focus on to achieve product portfolio expansion and maintain leading position.
Author Name : Dhananjay Punekar