A Market Place Research – Page 1160

Interior Doors Market is Starting to Emerge; CAGR 4.9% Growth by 2030

The Interior Doors Market size was valued at $55.7 billion in 2020, and is estimated to reach $93.1 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.

Top Companies

Key companies profiled in the interior doors market forecast include Artisan Hardware, Bayer Built Woodworks Inc., Concept SGA Inc., Contractors Wardrobe, Inc., Hume Doors & Timber Pty Ltd, JB Kind, Ltd, Jeld-Wen Holdings Inc., Marvin Windows and Doors, Masonite International Corporation and Rustica Hardware.

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Commonly observed types of interior doors are panel door, bypass door, bifold door, pocket door, and others. Among these, the panel sub-segment accounted for the largest interior doors market share in 2020, owing to its space saving ability. Further, the swinging type doors under the mechanism segment noticed a higher demand, due to easy maintenance. Furthermore, under the material type, the wooden interior doors registered a higher number of sales as compared to doors made of other materials. In addition, the market is analyzed with respect to different applications in industrial verticals such as residential and non-residential. The market is mainly driven by rise in construction activities due to rapid urbanization. However, high installation cost of interior doors restraints the growth of the market.

In 2021, Asia-Pacific dominated the global interior doors market, in terms of revenue. Moreover, the market in Asia-Pacific has grown with high CAGR, owing to growth in use of interior doors, owing to increased investments on the residential housing by private as well as public sector.

The advancements in door design and manufacturing technologies have significantly increased the variety of interior doors available in the market. In addition, development of computer-based technology has enabled the homeowners to choose perfect interior doors from the comfort of their homes. Also, advancements in the fiber glass technology have made the doors lighter as well as more durable. These factors positively influence the interior doors market growth.

Furthermore, on the basis of end user, the residential segment is anticipated to witness growth rapidly during the forecast period, owing to launch of many affordable housing schemes across many countries worldwide.

For instance, in August 2019, Masonite International Corporation, a leading global designer, manufacturer, marketer and distributor of interior and exterior doors, announced the filing of patent of a technology that can integrate power and internet connectivity into residential doors. This is expected to enable the doors to have lifestyle and security functionality.

However, during the pandemic lockdown, various manufacturers in the interior doors market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of interior doors manufacturing companies. In addition, disruption in the supply chain of raw materials has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of interior doors companies.

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Variable Frequency Drive Market to Surge at a Robust Pace in Terms of Revenue Over 2031

Variable frequency drive (VFD) is an electrical equipment that is used with electric motors, which change the applied voltage supplied to the motor. It helps to control the operating speed to reduce energy consumption. Variable frequency drive market players have undergone digitization to monitor the functioning of speed and thus improve their overall efficiency.

Rapidly growing demand for various industrial products due to the surge in population and increase in income of middle-class people in developing countries have fueled the demand for variable frequency drive. The increase in demand for the construction sector due to the increase in the development of smart cities and smart residential & commercial buildings have a wide range of applications for variable frequency drive. Ongoing investments in developing countries related to automotive and other manufacturing plants will provide ample opportunities for the development of the global variable frequency drive market in the forecast period.

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Increase in penetration of connected devices in various sectors such as commercial, industrial, and residential sectors, coupled with a rise in demand for variable frequency drive (VFD) due to associated benefits such as adjustable speed, dynamic torque control, and energy-saving from sectors such as power generation, automotive, and oil & gas are crucial factors expected to drive the market growth. In addition, an increase in investment in infrastructure development results in high demand for HVAC systems which calls for solutions to improve building energy efficiency. This factor is expected to exhibit a positive impact on the variable frequency drive market growth.

Oil & gas is one of the leading end-user industries of variable frequency drives. The industry has been witnessing stagnant growth for the past few years owing to the decline in exploration and production activities. The demand for variable frequency drives in this industry is linked to the exploration, development, and production activities, as well as the capital spending by oil and natural gas companies.

The growth in energy demand has created the need for stable and reliable transmission and distribution (T&D) networks. According to the U.S. Department of Energy (DOE), uninterrupted power can only be ensured through a system capable of handling sudden power fluctuations. The major reasons behind the increase in the number of blackouts are aging infrastructure, limited investments, and a lack of clear policies to modernize the grid. The electricity demand has increased by 10% over the past decade, although there are more energy-efficient products and buildings than in previous years. The recent regulations to reduce/limit the number of power blackouts and upgrade the aging power networks across the globe, particularly in North America, Europe, and parts of Asia Pacific, enhance the entire value chain across the power sector equipment. Modernization of power infrastructure is thus expected to fuel the demand for variable frequency drives and create lucrative variable frequency drive market opportunities for the market players.

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The variable frequency drive market forecast is segmented on the basis of type, voltage type, power rating, application, end-user, and region. On the basis of type, it is divided into AC drive, DC drive, and servo drive. On the basis of voltage type, the market is bifurcated into low and medium. On the basis of power rating, the market is categorized into micro, low, medium, and high. On the basis of application, the market is segregated into pumps, conveyors, fans, compressors, and others. On the basis of end-user, the market is segmented into oil & gas, industrial, power, and infrastructure. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest variable frequency drive market share, followed by North America and Europe.

The major companies profiled in this report include ABB Ltd, Siemens, Danfoss, Schneider Electric, General Electric, Hitachi, Honeywell International, Nord Drive Systems, Techsuppen, CG Power, Saksun Industries, A.S. Automation, Parker Hannfin, Sew-Eurodrive, Rockwell Automation, Fuji Electric, and Delta Electronics. The rapid development of industrialization and urbanization has led to an increase in demand for electronic goods which further lead to a rise in demand for power. Variable frequency drives are utilized to improve the efficiency of various electronic consumer goods. Additional growth strategies such as the expansion of production capacities, acquisition, partnership, and research & innovation in the detection technologies have made way for key developments in the global variable frequency drive market trends.

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Key findings of the study

As per variable frequency drive market analysis, by type, the AC drive segment accounted for the largest share in 2021.
By voltage type, the low voltage type segment held the highest market share in 2021.
By power rating, the low segment is expected to dominate the market in 2031.
By application, the pumps segment held the largest market share in 2021 and is projected to grow at a CAGR of 4.7% from 2022 to 2031.
By end use, the oil & gas segment held the largest market share in 2021.
By region, Asia-Pacific is projected to exhibit a CAGR of 5.5% from 2022 to 2031.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Food Packaging Equipment Market Insights by Growth, Emerging Trends and Forecast by 2031

The increased demand for ready-to-eat natural and organic food products that are very perishable encourage the packaging sector to develop innovative packaging equipment and food safety &hygiene solutions. Thus, the food packaging equipment market is primarily driven by hygienic food packaging.

Food Packaging Equipment Market by Equipment Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022-2031,” The global food packaging equipment market size was valued at $16,901.0 million in 2020, and is projected to reach $33,148.2 million by 2031, registering a CAGR of 6.3% from 2022 to 2031. The shelf stable segment was the highest revenue contributor to the market, with $4,209.8 million in 2020, and is estimated to reach $7,106.9 million by 2031, with a CAGR of 4.8%.

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Food packaging equipment market includes machines used at each stage of the packaging process. Food packaging equipment that performs distinct packaging functions at different stages of processing includes bottling lines, cartoning, case handling, closure, filling & dosing, FFS (form, fill & seal) machinery, labeling, decorating, & coding, palletizing, wrapping & bundling, and others. The food and beverage industry is one of the major industries that drive demand for food packaging equipment market share. Purchasing power parity, industrial development, and the adoption of automated technology are all expected to boost growth during the forecast period.

The rise in food packaging equipment market demand for appealing and innovative packaging in the food industry for product differentiation; rise in consumption of processed meat, poultry, and seafood; surge in purchasing power, and preference for online grocery shopping all lead to increase in demand for packaged food, which is expected to drive the food packaging equipment market.

Demand for ready-to-eat, dairy and other perishable products, as well as convenience food items, is expected to drive the market growth. Increased health awareness and dietary changes are projected to boost development even further. Westernization of food preferences and lifestyle in Asia-Pacific and other developing regions is expected to augment demand for these food packaging equipment market.

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Rise in demand for equipment in developing countries is expected to drive the growth of the food packaging equipment market. Manufacturers’ increased efforts in R&D propel the food packaging equipment market in a positive direction. The surge in demand for ready-to-eat, dairy, and other perishable products, as well as convenience food items, is expected to boost the food packaging equipment market growth. Growth in health consciousness and change in eating patterns are projected to drive growth in the global food packaging equipment market during the forecast period. The increased consumption of packaged food products around the world has positively impacted the global food packaging equipment market growth.

Strict government requirements governing equipment quality are likely to motivate food packaging equipment producers to invest in and improve their R&D skills. The most recent trend in technical improvement in industries, particularly the manufacturing sector, has enabled manufacturers to produce high-quality products with minimal time, labor, and operational costs.

Key findings of the study

Asia-Pacific is expected to maintain its dominant position in the market in terms of value during the forecast period, followed by Europe.
Meat, poultry, and seafood are the fastest growing segment of the market in 2020, and shelf stable segment was the largest contributor in 2020.
The Asia-Pacific food packaging equipment market is anticipated to grow at the highest CAGR from 2022 to 2031.
North America accounted for approximately one-seventh share in the market, and is expected to grow at a CAGR of 5.4%during the forecast period.
The key players operating in the global food packaging equipment market are Arpac LLC, Bosch Packaging Technology, Coesia Group, GEA Group, IMA Group, Ishida, Multivac, Inc., Nichrome India Ltd., Omori Machinery Co. Ltd., and Oystar Holding GmbH.

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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Endpoint Detection and Response Market -Companies Have Room for Growth | 2021- 2031

The evolution of cyber threats is a major factor driving the growth of the global extended detection and response market as enterprises adopt solutions to counter technologically advanced threats. Based on region, North America held the largest market share in 2021, accounting for more than two-fifths of the global extended detection and response market, and is estimated to continue its highest contribution throughout the forecast period.

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According to the report published by Allied Market Research, the global extended detection and response market generated $980.3 million in 2021, and is expected to reach $6.7 billion by 2031, witnessing a CAGR of 21.5% from 2022 to 2031. The report offers an extensive analysis of changing market dynamics, top segments, value chain, competitive landscape, and the Covid-19 pandemic impact.

Based on component, the solution segment accounted for the largest market share in 2021, contributing to nearly three-fifths of the global extended detection and response market, and is projected to maintain its lead position during the forecast period.

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This is due to detection, automation, prevention, and shielding of the networks from cyber threats. However, the service segment is estimated to manifest the largest CAGR of 22.6% from 2022 to 2031, owing to the implementation of software programs, maximization of cost of an existing installation, and minimization of deployment cost & risks.

Based on the deployment model, the on-premise segment contributed to the largest market share in 2021, accounting for nearly three-fifths of the global extended detection and response market, and is expected to maintain its dominant share during the forecast period.

This is attributed to excessive security measures and a much less rate of data breaches as compared to cloud-based deployment models. However, the cloud segment is estimated to manifest the highest CAGR of 22.7% from 2022 to 2031, owing to flexibility and value advantages related to cloud services.

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Based on industry vertical, the BFSI segment accounted for the largest market share in 2021, holding around one-fifth of the global extended detection and response industry, and is estimated to continue its highest contribution throughout the forecast period.

This is attributed to reliability, relatively stable connectivity, and adoption of online banking and transactions by customers. However, the retail and e-commerce segment is projected to grow at the largest CAGR of 25.1% from 2022 to 2031. This is due to rise of smartphones, surge in real-time payments, and increase in online shopping activities.

Based on region, North America held the largest market share in 2021, accounting for more than two-fifths of the global extended detection and response market, and is estimated to continue its highest contribution throughout the forecast period.

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This is due to developments in technology and digitalization that led to adoption of extended detection and response solutions to protect critical data of organizations. However, Asia-Pacific is estimated to manifest the largest CAGR of 24.6% from 2022 to 2031. This is owing to increased cyber threats and rapid shift toward cloud-based platforms in this region.

Leading market players of the global extended detection and response market analyzed in the research include BitDefender, Broadcom Corp, Confluera, Cisco Systems Inc., Cynet, Crowstrike, McAfee, BlueShift Technologies, Sophos Group, IBM Corporation, Fortinet Inc., Elastic Inc., Microsoft Corporation, Trend Micro Inc., SentinelOne, and Palo Alto Networks Inc.

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Covid-19 Scenario:

The Covid-19 pandemic impacted the entire business ecosystem across the world owing to lockdown restrictions that led companies to adopt remote working or work from home culture. It positively impacted the adoption of extended detection and response solutions and services, owing to rise in cyber threats on devices. With increasing trend of remote working and work from home culture, the requirement for managed security and extended detection and response surged drastically.
Companies are focusing on adopting emerging technologies such as edge computing, automation, and cloud-based endpoint detection and response across various industries such as BFSI, healthcare, and government. The adoption is aimed to carry out contactless operations safely and securely.
Moreover, local enterprises have been implementing extended detection and response solutions and services for making their operations efficient, scalable, and secure. Moreover, many industries shifted toward digitalization, which, in turn, created the demand for robust and Al-integrated solutions to offer efficiency and real-time reporting features.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.

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U.S. Events Market (Industry) Worth $538.6 Million By 2030 | Hybrid Events Segment is Projected to Witness the Highest CAGR of 17.3%

According to the report published by Allied Market Research, the U.S. events market generated $94.8 billion in 2020, and is projected to reach $538.6 billion by 2030, witnessing a CAGR of 13.0% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Rise in sponsorship for events and surge in interest among youth in entrepreneurship& business seminars drive the growth of the U.S. events market. However, high operational costs and entry barriers due to presence of existing giant players hinder the market growth. On the other hand, technological advancements and rise in infrastructural investments create new opportunities in the coming years.

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According to the perspective of the top-level CXOs, the U.S. events industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It has been witnessed that events of the recent years are equally interesting than the past decade, driving shifts in choice and pressurizing event planners and owners. This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in the today’s consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance. Moreover, the hybrid events is likely to gain a major share in the coming years owing to enormously valuable for sponsors because of their increased reach. Also, sponsors may themselves have the opportunity to participate remotely by setting up virtual event booths and giving presentations via video conference.

Based on income group, the lower-middle-class segment held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position in terms of revenue by 2030. However, the upper-class segment is estimated to portray the largest CAGR of 13.7% during the forecast period.

Leading players of the U.S. events market analyzed in the research includeAccess Destination Services, LLC, BCD Meeting & Events, Anschutz Entertainment Group, Creative Group, Inc., BI Worldwide, ITA Group, Cvent, Inc., The ATPI Group, Maritz Holdings, Inc., and 360 Destination Group.

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Moreover, sponsoring an event increases reach among potential buyers and customers, thereby boosting the growth of the events industry. By age group, the 21–40 years segment contributed the maximum revenue in 2019, owing to growing interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings. However, entering into this industry may require high initial costs and can be risky due to the presence of existing giants. Thus, potential entry barrier is anticipated to hinder the growth of the industry during the events industry forecast period.

Key findings of the study

On the basis of type, the hybrid events segment is projected to witness the highest CAGR of 17.3%, in terms of revenue, during the forecast period.
On the basis of revenue source, the sponsorship segment is expected to dominate the market through 2021-2030.
On the basis of organizer, the entertainment segment occupied the largest U.S. events market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
On the basis of age group, the 21-40 years of age group held the major share in the U.S. events industry.

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Lithium Sulfur Battery Market is Set to Garner Staggering Revenues By 2030

There are increasing future applications of lithium sulfur battery in planetary landers, planetary rovers, planetary orbiters, and other satellite equipment. The rapid innovation and development of aerospace technologies led to an increase in space-based activities, which boosted the need for a highly efficient power source to drive the equipment. The presence of top aerospace manufacturing companies, such as SpaceX, Boeing, and Airbus, with rapid innovations in the aerospace sector, has increased the demand for high-energy-density storage batteries. In addition, the gradual depletion of resources on the planet and increasing population led to a search for suitable habitation places on other celestial bodies, which is also one of the driving factors for the growth of the lithium sulfur battery market. In 2021, Sion Power partnered with Airbus Defense and Space to test its lithium-sulfur battery technology. It also has applications in Bluetooth devices, such as headphones, and is also as a rechargeable battery for digital cameras, torches, shavers, and other devices. These above-mentioned electronic devices are used in the daily life of every individual, thereby increasing the demand for lithium sulfur battery. These are the major driving factors for the growth of the market.

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Rapidly growing automotive industry across the globe, increasing electric vehicle sales, and swiftly increasing demand for lithium sulfur battery in several application areas, such as aerospace, renewable energy resources, electronic devices, power & energy, and several end-use industries, are expected to create increased opportunities for the lithium sulfur battery market during the forecast period. In addition, advantageous properties possessed by lithium sulfur battery as compared with other battery types are expected to boost the growth of the lithium sulfur battery market during the forecast period.

The presence of a key issue in the production of lithium sulfur battery is the polysulfide shuttle effect, which is responsible for the leakage of active materials from the cathode resulting in the low life cycle of the battery. In addition, manufacturers are also addressing various issues regarding the large volume expansion of sulfur cathode from S to Li2S and the large amount of electrolyte needed for the conversion. The above-mentioned factors hamper the development of the lithium sulfur battery market.

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Government plans to phase out fuel-based vehicles by 2050 and “zero carbon” targets set by governing bodies are also fostering the growth of EVs, which led to increasing in demand for lithium sulfur battery. Rapid application of IoT in a residential, large-scale commercial buildings, and smart cities has increased the demand for various sensors and electronic gadgets with specific functions. An increase in demand for all the above-mentioned products will provide ample opportunities for the growth of the lithium sulfur battery market during the forecast period.

On the basis of type, the global lithium sulfur battery market is segmented into low energy density and high energy density. The power capacities introduced in the study include 0-500mAh, 501-1,000mAh, and more than 1,000mAh. In addition, end uses include aerospace, automotive, electronic device, power & energy, and others.

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.

The major companies profiled in this lithium sulfur battery industry report include Advanced Energy Materials, Ilika PLC, Johnson Matthey, LG Chem, Morrow Batteries, NOHMs Technologies, OXIS Energy, PolyPlus, Sion Power, and Williams Advanced. Due to the rapidly increasing demand for energy in recent years, governments across the world have set sights on the development of renewable energy sources, which require high energy density storage batteries. Key manufacturers are innovating and expanding their production capacities to meet market demand across the globe. Additional growth strategies, such as new product developments, acquisition, and business expansion strategies, are also adopted to attain key developments in the lithium sulfur battery market trends.

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Key findings of the study

Region-wise, North America is projected to witness growth at the highest CAGR in terms of revenue during the forecast period.
As per the lithium-sulfur battery market analysis, by type, the high energy density segment accounted for the largest share in 2020.
On the basis of battery capacity, the 0-500mAh segment was the major share contributor in 2020.
Depending on end use, the automotive segment accounted for the largest market share in 2020.

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Subscription-Based Gaming Market Rising with Immense Development Trends across the Globe by 2031

Technological advancements in gaming sectors such as inclusion of artificial intelligence (AI), augmented reality (AR) and the release of 5G along with emergence of unlimited data plans are some factors driving the growth of Subscription-Based Gaming Market. In addition, increase in smartphones and internet penetration globally drive the drives the subscription-based gaming as per our subscription-based gaming market analysis. For instance, according to Ericsson, the number of 5G mobile subscriptions in the Asia-Pacific region is anticipated to reach around 1,545 million by 2025.

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The subscription-based gaming market is segmented into Device Type and Game Type.On the basis of game type, the market is segmented into action, shooting, sports, adventure, fighting, role-playing, racing and others. According to the device type, it is fragmented into smartphone, gaming consoles, PC and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on device type, the smartphone segment accounted for of nearly two-fifths of the total market in 2021 and is likely to rule the roost throughout the forecast period, 2022-2031. The same segment would exhibit the fastest CAGR of 13.7% throughout the forecast period.

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By game type, the action segment dominated the subscription-based gaming market in 2021, and is expected to maintain its dominance during the forecast period. Action games improve the gamer’s perception, decision-making skills, and properly learn new tasks and information.

Moreover, action games speed up the players’ processing skills or response to certain situations. These benefits of action games are driving the growth of the subscription-based gaming market. Moreover, action games improve multi-tasking qualities, which is boosting the adoption of action games in the subscription-based gaming market.

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Based on geography, Asia-Pacific held the major share in 2021, capturing over two-fifths of the global subscription-based gaming industry, and is likely to show prominent growth during the forecast period. Nevertheless, the market across LAMEA would grow at the fastest CAGR of 14.5% throughout 2031. The other two regions discussed in the report include Europe and North America.

The key market players include Amazon Luna, Blacknut, Google LLC, Microsoft Corporation, NVIDIA Corporation, Shadow, Sony Group Corporation, Tencent, Ubitus K.K., and Vortex. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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Covid-19 Scenario –

The Covid-19 outbreak had a positive impact on the subscription-based gaming market as strict laws implemented by government authorities led people to stay at their homes, allowing them more time to spend on leisure activities such as gaming.
This availability of more leisure time gave way to wide adoption of subscription games.

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Traditional Casual Games Market

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Space-Based Solar Power Market Showing Impressive Growth during Forecast Period 2021 – 2030

Space-based solar power generation involves the use of a solar power generation system, which requires solar panels in space to produce solar power and transmit it to earth using microwave and laser transmitting satellite systems. Multiple benefits have been associated with space-based solar power such as it helps in the generation of clean baseload electricity, does not emit nuclear radiation, and does not have cooling systems.

The space-based solar power market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as a rise in demand for electricity from developing economies and better alternatives to power-generating sources. In addition, R&D towards space-based solar power technologies across the globe fuels the growth of the space-based solar power market. However, the High costs and disadvantages associated with space-based solar power are restraining the growth of the market globally during the forecast period. Conversely, technological advancements in space-based solar power systems and a rise in investment toward research work are anticipated to provide potential growth opportunities in the upcoming years.

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Significant development of the end-use industries such as chemical, mining, manufacturing, construction, and automotive propel the demand for electricity, which, in turn, is expected to drive the growth of the space-based solar power market, globally. In addition, the surge in demand for power from space applications such as satellites and space vehicles notably contribute toward the growth of the market. However, the high cost associated with launching, maintaining, and installation of space-based solar power systems is the key factor hampering the growth of the global space-based solar power market.

Depending on the solar satellite type, the laser-transmitting solar satellite segment garnered the largest share of about 53.97% in 2020 and is expected to maintain its dominance during the forecast period. This is attributed to the increase in demand for space-based solar power systems for providing power for satellites during the eclipse, for orbital transfer vehicles, for a solar array on the moon, and for electricity generation.

On the basis of application, the electricity generation segment holds the largest share, in terms of revenue, and is expected to continue this trend during the forecast period, owing to a rise in energy demand along with the cleaner generation of electricity across the globe.

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest share contributor in 2020 and is anticipated lead during the forecast period, due to an increase in investment & R&D toward space-based solar power and the presence of a large consumer base in the region.

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In addition, China and India have emerged as key hubs for space missions and solar power generation, thereby propelling the growth of the Asia-Pacific space-based solar power market from 2021 to 2030. Moreover, a rise in awareness toward solar energy and its benefits in extracting solar power from space rather than earth-based solar power is expected to drive the growth of the market in Asia-Pacific.

The global market analysis covers in-depth information on the major space-based solar power industry participants. The key players operating and profiled in the report include Airborne, Azur Space Solar Power GmbH, CESI SpA, Fralock Innovative Materials Manufacturing & Automation, Japan Aerospace Exploration Agency, Northrop Grumman Corporation, Solaero Technologies Corporation, Solaren Corporation, SpaceTech GmbH, and the Boeing Company. Other players in the value chain include Solar Space Technologies, Space Canada Corporation, DHV Technology, and others.

The key players are adopting numerous strategies such as product launches, agreements, and business expansion to stay competitive in the space-based solar power market.

For instance, in May 2021, Northrop Grumman Corporation signed an agreement with Airbus Defense and Space for the design, development, and produce 24 ship sets of solar arrays to support the OneSat satellite product line. The solar arrays will power the OneSat communication satellites in geosynchronous orbit.

In addition, in January 2021, Boeing signed an agreement with NASA to supply solar arrays for International Space Station (ISS). These new solar arrays will provide a power supply to orbiting laboratory. The installation of these solar arrays will begin in 2021.

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Key Findings Of The Study

In 2020, the microwave-transmitting solar satellite segment accounted for about 46.0% of the share in the global space-based solar power market and is expected to maintain its dominance during the forecast period.
In 2020, the laser-transmitting solar satellite segment acquired a share of 53.97% 2020 and is anticipated to register a CAGR of 8.3% during the global space-based solar power market forecast period.
The space applications segment is estimated to register the highest CAGR of 8.8% during 2021–2030.
North America is expected to grow at a CAGR of 9.1% throughout the forecast period.
In 2020, Asia-Pacific dominated the global space-based solar power market with more than 37.9% of the share, in terms of revenue.

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Cranes Market Development, Opportunities, Ongoing Trends and Forecast to 2027

According to a new report published by Allied Market Research, titled, Cranes Market by Type (Overhead Travelling Cranes; Transporter Cranes, Gantry Cranes, & Bridge Cranes; Tower Cranes; and Portal or Pedestal Jib Cranes), Mobility (Static and Mobile), and Business Type (Original Equipment Manufacturer (OEM) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020-2027

The global cranes market size is expected to reach $41.2 billion in 2027 from $33.6 billion in 2019, growing at a CAGR of 4.8% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 49.3% share of the global cranes market.

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Cranes are material handling equipment utilized in construction, manufacturing, marine, and other industries. Cranes are used for lifting and transporting heavy goods with the help of hoisting mechanism equipped with hoist ropes, wire ropes, chains, or sheeves. Furthermore, they are available in various types, including overhead travelling cranes, girder cranes, bridge cranes, crawler cranes, pedestal jib cranes, and others.

Leading Players:

The major players operating in the cranes industry include Cargotec Corporation, Kito Corporation, Konecranes Plc, Liebherr-International AG, Manitowoc Company, Inc., SANY Heavy Industry Co. Ltd., Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd., and Zoomlion Heavy Industry Science and Technology Co., Ltd.

The outbreak of COVID-19 pandemic has negatively affected the cranes market trends due to halt in international trade, prolonged lockdown, and ceased manufacturing processes. In addition, the major end-user companies in the U.S., China, Germany, and the UK are facing financial Impacts due to halted production, which is expected to hinder the growth of the cranes market during 2020.

The global cranes market industry is segmented on the basis of type, mobility, business type, and region. Depending on type, the cranes market is classified into overhead travelling cranes; transporter cranes, gantry cranes, & bridge cranes; and tower cranes & portal or pedestal jib cranes. According to business type, market is categorized into original equipment manufacturer (OEM) and aftersales. By mobility, it is classified into static and mobile.

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Regional Analysis:
The global cranes market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.

Key Findings Of The Study:

By type, the transporter cranes, gantry cranes, & bridge cranes segment dominated the cranes market share in 2019.
On the basis of business type, the original equipment manufacturers (OEM) segment led the cranes market in 2019.
Depending on mobility, the static crane segment garnered major share of the cranes market in 2019.
Region wise, Asia-Pacific dominated the market in 2019.
LAMEA is expected to witness a high growth rate during the forecast period.

Demolition Robots Market Size to Reach 15.7% of CAGR Forecast by 2031

The Demolition Robot Market size was valued at $286,633.40 thousand in 2021, and is estimated to reach $1,255,172.50 thousand by 2031, growing at a CAGR of 15.7% from 2022 to 2031. Demolition robot is a specially designed robot, which can be operated from a distance with the help of remote control. Use of demolition robot is a safer alternative for the manual demolition of the concrete structure. Demolition robots are available in various sizes, powers, and attachments. They can be fit in small space and can complete the demolition work smoothly. Safety is a major concern in the demolition operation at any construction sight.

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Top Companies

The major players profiled in the demolition robot market analysis include Brokk Global, Conjet AB, Epiroc AB, Giant Hydraulic Tech Co., Ltd., Hitachi, Ltd., Husqvarna Group, Komatsu Ltd., Sherpa Mini-loaders B.V., Tei Rock Drills, and TopTec Benelux BVBA. Major companies in the market have adopted product launch, partnership, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the market.

The demolition robot market is a specially designed robot which is a safer alternative for manual demolition. Demolition robots are complex assemblies of drills, breaker, loader buckets, and crusher. They are available in variety of sizes, capacity, attachments, and mode of operation of buildings and other structures. These robots are compact in size as compared to traditional demolition equipment and hence fit in small space. Demolition of old construction is a risky task and demolition robots minimize the probability of accidents to great extent

The demolition robot market is projected to grow at a significant pace in the coming years, due to integration of advanced technologies such as Internet of Things (IoT), telematics, and artificial intelligence (AI) for the development of efficient and cost-effective demolition robot and introduction of high-performance robots in the global construction machinery market. In addition, the demand for demolition robot industry is growing in the reconstruction and construction services industry, from emerging countries. This is majorly attributed to high demand for reconstructions from urban areas in developed and emerging countries.

Furthermore, increase in labor wages and modernization of construction industry notably contributes toward the market growth. In addition, due to advanced technology and the introduction of high-performance robots into the global construction machinery market, the demolition robot market share is expected to develop in the approaching years. In the restoration and building services industry, demand for demolition robots is increasing, particularly in emerging countries. Furthermore, the market is growing rapidly due to high demand for reconstructions from metropolitan regions in developed and emerging countries.

However, the market is likely to be hampered by lack of understanding about the benefits of demolition robots as well as shortage of experienced labor to operate demolition robots. Furthermore, high initial cost of demolition robots is projected to limit demolition robot market throughout the projection period.

In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the demolition robot market growth. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

The global demolition robot market is segmented into product type, application, sales, and region. Depending on product type, the market is fragmented into mini, medium, and large. On the basis of application, it is categorized into construction, mining, and tunneling. By sales, it is classified into new equipment sales and aftermarket sales.

Region wise, the global demolition robot market forecast is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2021 Asia-Pacific was the highest contributor to the global market share, however, LAMEA is anticipated to secure a leading position during the forecast period.

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