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Friday, October 29, 2021

Field Service Management Market Growing at a CAGR 11.9% | Key Player Microsoft, Salesforce, Servicemax, Infor, Trimble

Oracle (US), Microsoft (US), Salesforce (US), IFS (Sweden), ServiceMax (US), SAP (Germany), Infor (US), Trimble (US), Comarch (Poland), ServicePower (US), OverIT (Italy), FieldAware (US), Geoconcept (France), Zinier (US), Accruent (US).

Field Service Management Market with COVID-19 Impact Analysis, by Component (Solution and Services), Organization Size (SMEs and Large Enterprises), Deployment Mode (On-premise and Cloud), Vertical, and Region - Global Forecast to 2026

The Field Service Management (FSM) Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, to reach USD 5.7 billion by 2026 from USD 3.2 billion in 2021. Increased adoption of automation and digitalization in the field services industry, increase in adoption of BYOD and mobile-based FSM solutions are expected to spur the demand for FSM offerings across the globe.

Adoption of work order management solutions is noticeably increasing in among large enterprises due to increased need to enhance efficiency and productivity of the workforce

Work order management software is a solution that allows facility managers to effectively track and manage all work order information through a single dashboard. With a centralized place to create service requests, monitor real-time status updates, track completion, and leave feedback on work performed, location managers can easily manage work orders across a multi-location enterprise. The work order management solution enables clients to automate the service workflow process and increase the efficiency and productivity of the workforce. This solution helps field service representatives, office staff, and call center executives to manage work orders, job assignments, customer details, and service histories. Customer information, along with analytics, helps field service organizations gain insights into a customer’s behavior and conduct marketing campaigns accordingly. The work order management solution empowers managers or dispatchers to schedule a job for a field service representative as per various criteria, including availability, proximity, urgency, and level of expertise. It also helps service organizations minimize revenue leakage, increase the cash flow, and provide faster service delivery with enhanced quality.

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Growing need to provide professional services in lesser time and cost is enhancing usage of the integration and implementation services by the organizations.

Professional services include the assistance provided to a company by external sources. These services include system integration and implementation, too. Companies that offer professional services encompass technical consultants, dedicated project management teams, and enterprise video experts that specialize in the design and delivery of critical decision support software, tools, services, and expertise. Integration and implementation services are likely to share large revenues in the estimated year, as they enable clients to appropriately deploy and integrate field service management solutions with their existing systems, such as ERP and CRM. These services are provided by trained and technically expert professionals who can ensure the accurate deployment of field service management solutions. The market for field service management solutions is expected to grow because these solutions deliver field services in lesser time and cost.

The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, Microsoft, Salesforce, IFS, ServiceMax, SAP, Infor, Trimble and Comarch have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the FSM Market.

Oracle is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. In terms of organic growth strategies, in March 2019, Oracle launched a single integrated cloud solution, Oracle Service Logistics Cloud, to help organizations improve their field service operations and deliver a seamless customer experience. In inorganic growth strategies, Oracle chose to adopt partnerships, collaborations, and acquisitions. Oracle partnered with City of Lubbock Utilities and Oracle Field Service Cloud delivers the benefits of advanced metering capabilities to customers, thereby reducing complexity and cost.

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Microsoft is consistently focusing on catering to its customers with highly competent technology-enabled and tailored solutions in the field service management market to hold one of the leading positions. The company is equally focused on organic and inorganic business growth strategies to strengthen its footprint in the field service management market. Microsoft has aggregated a variety of tools to improve service delivery in Dynamics 365 Field Service. As a stand-alone Dynamics 365 module, Dynamics 365 Field Service facilitates management (including calendars) and gives managers full access to check-in, check-out, and technical data a variety of tools to improve service delivery. The company offers a wide range of solutions and services to different verticals, including automotive, media and communications, government, healthcare, finance, manufacturing and energy, and retail. Countries in the Middle East and Africa (MEA) are working toward developing IT infrastructure, cloud computing, and professional services, and the integration of IoT in various manufacturing processes, which is a good opportunity for Microsoft to expand its business.

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Automotive Software Market Predicted to Reach 37.0 billion by 2025 at a CAGR of 16.9%.

Attractive Opportunites in Automotive Software Market

Automotive Software Market by Application (ADAS & Safety, Connected Services, Autonomous Driving, HMI, V2X, Infotainment), Software Layer (OS, Middleware, Application), EV Application (Charging, Battery, V2G), Vehicle and Region - Global Forecast to 2025

The global Automotive Software Market size is projected to reach USD 37.0 billion by 2025 from USD 16.9 billion in 2020, at a CAGR of 16.9%. The growth of the market is driven by upcoming safety regulations, increase in demand for vehicle management and fuel-efficient vehicles.

Increasing focus on active safety systems and car assessment programs would drive the demand for ECUs in modern vehicles. Increasing number of ECUs will drive the market for automotive software. The increasing number of accidents due to distraction and alcohol-impaired driving fatalities has become a major concern for lawmakers. In 2018, out of total 36,560 fatalities in the US, 10,511 were alcohol-impaired. Distraction affected fatalities reached 2,841 in the US in 2018, accounting for 7.8% of the total casualties for the year. Such instances have sparked the demand for advanced safety features such as driver monitoring systems, automatic emergency braking, lane departure warning, and many others. In addition, upcoming mandates and safety awareness have led to the adoption of software to support these advanced applications.

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Governments in European countries and the US have mandated the use of AEB in vehicles. For instance, Regulation No. 661/2009 of the European Parliament and Council mandates the introduction of advanced emergency braking systems. The systems were mandated in all new commercial vehicles above 3.5 tons and buses in November 2013 and in all vehicles sold in the European Union in November 2015. In addition, 40 European countries agreed to standardize and lay down technical specifications for advanced AEB systems at the United Nations Economic Commission for Europe (UNECE) in 2019. These specifications will lay down the foundation of vehicle-to-vehicle, and vehicle-to-pedestrian AEBS (Advanced Emergency Braking Systems) fitted on cars. Such developments would surge the demand of automotive software for advanced application during the forecast period.

Battery management software will be a key focus area of automotive software player for electric vehicle. It will cover the largest market share of the automotive software market for EV applications. The advent of electric vehicles has driven the growth of battery management software. Despite the slowdown in the automotive sector, electric vehicle sales have increased steadily in Europe. According to CleanTechnica, in June 2019, Tesla Model 3 and Renault Zoe sold 11,604 units and 4,881 units, respectively, in Europe. Major OEMs plan to introduce electric vehicles with a high voltage powertrain. For instance, in March 2020, General Motors unveiled its modular electric vehicle platform with an improved battery pack called Ultium. Ultium-powered vehicles will have a 400-volt battery pack and up to 200kW fast charging capability. In addition, truck platforms will have 800-volt battery packs with 350 kW fast charging capability. GM’s major brands, such as Chevy, Cadillac, GMC, and Buick, will launch new electric vehicles. In addition, the OEM announced a joint venture in December 2019 with LG Chem with an investment of USD 2.3 billion to mass-produce batteries for electric vehicles in Lordstown, Ohio. Such developments will escalate the demand for battery management software for charging management applications.

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Key Market Players

The automotive software market is dominated by a few global players and comprises several regional players. Some of the key players in the automotive software industry are Robert Bosch (Germany), NXP (Netherlands), Renesas Electronics (Japan), BlackBerry (Canada), NVIDIA (US), Airbiquity (US), Elektrobit (US), Green Hills Software (US), and Wind River Systems (US).

Critical Questions:

What would be the impact of COVID-19 on the automotive software market?
Where will the introduction of safety and emission standards take the automotive software industry in the long term?
How important is software for advanced electronics and safety systems in vehicles?
How 5G and wireless technology would enable the automotive software market?
What is the impact of developments in autonomous driving on the automotive software market?
What are the upcoming trends in the automotive software market? What impact would they make post-2022?
What are the key strategies adopted by top automotive software market players to increase their revenue?

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Bored Kids? Not Any More, as Kids Startup WhizkidMe Offers Unlimited Activity Classes for One Low Price

• Kids Startup WhizkidMe Aims to Become the Netflix of Activity Classes, will offer a monthly subscription service.

• Class options include Acting, Musical Theater, Magic, Hip Hop, Ballet, Yoga, Hula Hoop, Art, Crafts, Public Speaking and Chess.

• All classes included at one low monthly subscription price of $17.99 for new members.

New York - October 29, 2021 - Pandemic or not, keeping kids productively occupied after school is a challenge no parent is unfamiliar with. From the time a child comes home from school till she goes to bed is often a blank slate wasted on watching TV or playing video games. Parents are invariably out of options that can keep their kids busy. And for kids who do attend activity classes, parents spend the better part of their afternoon and evening shuttling from one activity to another just so that their kids can learn a skill that is not taught in school.

WhizkidMe, a new kids activities startup is trying to disrupt the afterschool enrichment experience by providing engaging learning opportunities that will keep kids coming back for more. The live streaming content will make it easy for kids to attend any number of classes from the comfort of home for one low monthly subscription fee, not unlike Netflix. Class options range from acting to dance to fitness and most activities in between aimed at the age group of four to fourteen.

Currently, as the only subscription-based online kids classes platform, WhizkidMe will offer members unlimited access for one low monthly fee of $39.99. For a limited time, founding members can sign up for membership at the discounted price of $17.99 per month using coupon code FOUNDER during checkout. To put that into perspective, just one class with at a local dance studio can set a parent back as much as $25. Other individually priced and offered classes don’t come cheap. A typical child enrichment class can cost anywhere from $15 for an online class to up to $30 for an in-person class. If a child attends just a few of every week, parents can expect to shell out upwards of $300 a month.

"Learning doesn’t have to end when the school bell rings. Kids need opportunities to soak in experiences outside of school as well. A skill they pick up could someday become a career. And to be in a position of having to choose, just because a class is too expensive or too far from home is just not what parents want,” said Ekta Ahuja, Co-founder, WhizkidMe. "We want to democratize access to afterschool enrichment, we want kids to have options to choose from, let them attend any class and when they have identified what they like, our on-staff instructors will hold their hand as they progress through the different stages of learning. WhizkidMe is fundamentally changing the way kids’ enrichment classes are delivered and consumed."

“Every other platform in this space is a marketplace. Anyone can become a teacher and offer a class and pay a commission to be on that platform. Each class is priced separately and is usually, limited to an eight-week session. The platform has no control on the quality. We came at it from a different perspective. We built a framework that ensures consistency, and we hired our own instructors so that we have a razor-sharp focus on quality in every class we offer,” added Ahuja.

The new live streaming service will offer eighty plus sessions every month to choose from. Kids can choose to attend any of the classes offered. Classes include Acting, Musical Theater, Magic, Hip Hop, Ballet, Yoga, Hula Hoop, Art, Crafts, Public Speaking and Chess. The company plans to add new topics every month.

All the classes run for 45 to 50 minutes and are offered on all weekday afternoons. Most classes offered at this time are drop-in’s and offered in a semester format that runs in the summer, fall, winter and spring months. Each session covers a different topic so that kids can continue to evolve their understanding of the content covered. The company plans to launch a progressive classes add-on for advanced levels in the future.

The plethora of options offered will surely be a boon for parents looking to keep their kids occupied not only after school but also during the summer months when kids are off from school and the winter months when outside activities are at a bare minimum.

Polytetramethylene Ether Glycol Market Size Forecast to Reach $1.5 Billion by 2026

Polytetramethylene Ether Glycol Market

Rising Healthcare Standards, Owing to Innovative Medical Applications for Spandex in Wound Treatment and Protective Gear Is Expected to Fuel Demand for Spandex, Which Would Further Drive the Polytetramethylene Ether Glycol Market

Polytetramethylene Ether Glycol Market size is forecast to reach $1.5 billion by 2026, after growing at a CAGR of 6.5% during 2021-2026. The growth of the market is driven by the rising demand for elastic fibers like spandex (elastane), which are used in stretchable fabrics, and polyurethane resins. Owing to the properties such as resistance to hydrolysis and microorganisms, great low-temperature performance, and high resistance to abrasion and physical wear, polytetramethylene ether glycol (PTMEG) or polytetrahydrofuran is used in the production of high-quality polyurethanes, co-polyether esters, and co-polyetheramides. Furthermore, the rising demand for polytetramethylene ether glycol with an increase in the number of sporting activities and increased awareness of fitness and healthy lifestyles are driving the growth of the polytetramethylene ether glycol industry.

Impact of Covid-19

The COVID-19 pandemic and subsequent halt in manufacturing activities had a severe impact on the supply availability of a variety of raw materials. Furthermore, the disruption in trade gravely impacted the availability of raw materials such as tetrahydrofuran for the production of polytetramethylene ether glycol in import-dependent countries. Thus, due to which the overall polytetramethylene ether glycol market was impacted in the year 2020. Currently, looking forward towards the normal condition in various regions it is estimated that the demand for polytetramethylene ether glycol will gradually rise in the upcoming years.

Polytetramethylene Ether Glycol Market Segment Analysis - By Application

Polyurethane Elastic Fibers (Spandex)held the largest share in the polytetramethylene ether glycol market with 24% in the year 2020. Polytetramethylene ether glycol (PTMEG) or polytetrahydrofuran is primarily used in the manufacture of spandex fibers. Spandex fibers are widely employed in a variety of products, including hosiery, bandages, infant diapers, modern sportswear, and home furnishings. Also, the common utilization of PTMEG in the manufacture of spandex fibres, which are widely employed in automotive interiors, is driving the market growth. Furthermore, the growing demand for lightweight, high-quality products in various automotive applications around the globe is expected to propel the demand for polyurethane elastic fibers (spandex)forward over the projected period. Thus, with the growing demand for spandex in various end-use industries, the market for PTMEG is anticipated to rise in the forecast period.

Polytetramethylene Ether Glycol Market Segment Analysis- By End Use Industry

Textile industry held the largest share in the polytetramethylene ether glycol market in 2020 and is projected to grow at a CAGR of 4.2% during the forecast period 2021-2026. The rising demand for higher-quality stretch fabrics in a variety of textile applications growth is expected to fuel market growth. Moreover, the growing textile sector coupled with the high demand for spandex from the hygiene and medical industries are estimated to drive the polytetrahydrofuran industry growth. The rising growth of the textile industry would further drive the polytetramethylene ether glycol market over the projected period. For instance, According to the Indonesian Textile Association (API), the apparel industry generated US$18,107 million in revenue in 2019 and is predicted to increase at a CAGR of 5.4% between 2019 and 2023. Therefore, the increasing growth of the textile industry is further expected to drive the growth of the polytetramethylene ether glycol market in the forecast period.

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Polytetramethylene Ether Glycol Market Segment Analysis- By Geography

The Asia Pacific region held the largest share with 35% in the polytetramethylene ether glycol market in 2020. Globally, the Asia Pacific region dominates the demand for polytetramethylene ether glycol due to the growing automotive and textile industries in different countries. Rising government initiatives in the APAC region to strengthen the textile industry growth is further estimated to drive the polytetramethylene ether glycol or polytetrahydrofuran industry. For instance, according to India Brand Equity Foundation, the government created numerous schemes, such as the Scheme for Integrated Textile Parks (SITP) and the Technology Upgradation Fund The scheme, to attract private equity (PE) and employ more people (TUFS). Moreover, in January 2020, 15 Industrial Entrepreneur Memorandums (IEMS) worth Rs. 1,241 crore (US$176.05 million) were submitted in the textiles business. Thus, the rising growth of the textile industry would further raise the demand for polytetramethylene ether glycol over the forecast period.

Polytetramethylene Ether Glycol Market Drivers

Rising Construction and Infrastructure Industries

Growth in construction industry and infrastructure development due to increasing population and urbanization will also lead to higher demand for polytetramethylene ether glycol(PTMEG). Also, the increasing usage of paints and coatings, adhesive and sealants, and industrial home furnishing coupled with rising construction and infrastructure activities is further estimated to drive the demand for the polytetrahydrofuran industry. For instance, The Australian government is investing US$ 110 billion in transport infrastructure across Australia over the next ten years, from 2021 as part of its rolling infrastructure pipeline, of which the Infrastructure Investment Program is a significant component. Also, the Thailand's construction industry is thriving, mainly driven by the government’s efforts to develop the country’s infrastructure and residential construction market. For instance, in 2019, the Thailand government allocated THB4 billion (US$125.6 million) to finance five low-cost housing projects in the country. Additionally, the increasing usage of polyurethanes in building and construction to create high-performance products that are strong but lightweight, perform well, and are durable and adaptable, is driving the demand for polytetramethylene ether glycol. Thus, with the increasing construction and infrastructure industries, the market for polytetramethylene ether glycol market is estimated to rise over the forecast period.

Polytetramethylene Ether Glycol Market Challenges

Increasing Health Effects Will Hamper the Growth of the Market

Raw material such as tetrahydrofuran is increasingly being used for the production of polytetramethylene ether glycol. Tetrahydrofuran is a flammable and cancer-causing substance. Both humans and animals can develop major health problems with exposure to tetrahydrofuran.Also, tetrahydrofuran is very combustible and produces hazardous gases such as carbon monoxide and carbon dioxide when it decomposes. It can break down into explosive peroxides under certain conditions, such as prolonged storage in contact with air. Overexposure can induce headaches, dizziness, and respiratory tract irritation as well. Owing to the highly volatile and combustible chemical, it must be stored and handled in an environment that is devoid or limited in atmospheric oxygen. Thus, due to the volatile nature of the substances, various cautions must be exercised during the production of polytetramethylene ether glycol. The rising health effects due to the exposure of raw materials such as tetrahydrofuran would further hinder the growth of the polytetrahydrofuran or polytetramethylene ether glycol industry.

Polytetramethylene Ether Glycol Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polytetramethylene ether glycol market. Major players in the polytetramethylene ether glycol market are Mitsui Chemicals, Inc., BASF SE, Ashland Inc., BioAmber Inc., Genomatica, Asahi Kasei Corp., DuPont, Toray Industries Inc., The Dow Chemical Company, and LyondellBasellamong others.

Key Takeaways

The Asia Pacific region dominated the polytetramethylene ether glycol or polytetrahydrofuran market due to the increasing production of automotive and textile in countries such as Japan, China, and South Korea.

Rising healthcare standards, owing to innovative medical applications for spandex in wound treatment and protective gear is expected to fuel demand for spandex, which would further drive the market over the projected period.

Fluctuating raw material prices and rising health effects is estimated to create hurdles for the growth of the polytetramethylene ether glycol market in the projected period.

Relevant Reports

A. E-series Glycol Ether Market

https://www.industryarc.com/Research/E-series-Glycol-Ether-Market-Research-500122

B. Glycol Ethers Market

https://www.industryarc.com/Report/11707/glycol-ethers-market.html

For more Chemicals and Materials related reports, please click here

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Fortified Dairy Products Market Size Estimated to Reach $1,520.3 Million by 2026

Fortified Dairy Products Market

Growing Demand of Consuming Healthy Products Among the Health Consciousness People and Rising Deficiency of Vitamin D Among People Is the Major Factor Driving the Growth of Fortified Dairy Products Market

Fortified Dairy Products Market size is estimated to reach $1,520.3 million by 2026, growing at a CAGR of 5.5% over 2021-2026. Fortified dairy products contains various nutrients that help to improve the health of bones owing to the presence of vitamins, minerals and other nutrients. In fortified dairy products, the quantity of vitamin A and vitamin D is more which helps to reduce various diseases and deficiency among people. Various dairy products such as cheese, butter, yogurt and many more are produced with the fortified method in order to enrich and improve the nutritional of dairy products. A variety of processing method such as ultra-heat treatment, pasteurization etc causes a loss of essential nutrients which are beneficial for health that rising the use of fortified method to reserve and increase the nutritional value of dairy products. Fortified products such as milk powder, flavored milk, cheese, dairy-based yogurt are considered as important process in those area where the problem of malnutrition is more. Growing demand of consuming healthy products among the health consciousness people and rising deficiency of vitamin D among people is the major factor driving the growth of Fortified Dairy Products Market. Furthermore, growing advancement in technology in dairy industry and rising research and development activities is set to further enhance the overall market demand for Fortified Dairy Products Market for the period 2021-2026.

Fortified Dairy Products Market Segment Analysis – By Product Type

The Fortified Dairy Products Market based on Product Type can be further distributed into Milk, Milk Powder and Formula, Flavored Milk, Cheese, Dairy Based Yogurt, and Others. The Milk segment is the major segment generating revenue in 2020. This is mainly owing to the fact that milk is considered as essential products among consumers as it contains variety of nutritional value and are consumed by a daily basis among consumers. Moreover, milks are fortified with vitamin D that rising the demand of among people who are suffering from vitamin D deficiency and thus propelling the market growth. The Flavored Milk segment is estimated to register the fastest CAGR of 6.1% for the period 2021-2026. This is mainly owing to rising trends of consuming flavored products as it provides delicious taste in products that rising the need of flavored milk. Moreover, owing to rising demand of flavored milk various manufacturers are producing variety of Fortified Dairy Products Market.

Fortified Dairy Products Market Segment Analysis – By Micronutrients

The Fortified Dairy Products Market based on Micronutrients can be further segmented into Vitamins, Minerals, and Others. The Vitamins segment registers for the highest Fortified Dairy Products Market share in 2020. Dairy product contains a large amount of vitamin that helps to increase the health of bones and improve the healing capability of wound. Moreover, vitamin is considered as the safest and effective nutrients that rising the use of vitamin in milk products and boosting the market growth. The Minerals segment is forecasted to register the fastest CAGR of 7.3% over 2021-2026. This is mainly owing to mineral helps to increase the growth in body and provides healthy living which rising the demand of mineral contained dairy products among consumers and are thus propelling the growth of Fortified Dairy Products Market.

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Fortified Dairy Products Market Segment Analysis – By Geography

North America dominated the Fortified Dairy Products Market with major share of 45% in 2020. This is owing to growing innovation in technology that boosts the production of dairy products which are beneficial for health. Moreover, growing busy schedule among people rising the need of fortified dairy products to fulfill the nutrients in body that further driving the Fortified Dairy Products Market.

However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to rising demand of consuming healthy food that growing the demand of fortified milk. In china and India, the production of fortified milk products increases owing to its presence of nutritional value that are further enhancing the market growth.

Fortified Dairy Products Market Drivers

Growing Demand of Consuming Healthy products

Rising trends of fitness among consumers are increasing the need of products that contains proper nutritional value which increases the need of fortified dairy products among health consciousness people. Moreover, owing to growing demand for fortified dairy products, manufacturers are also focusing on improving the nutritional value of products and increases the use of fortified process for manufacturing variety of dairy products such as cheese, yogurt etc. which increases the sales of fortified dairy products and therefore rising the growth of the Fortified Dairy Products Market over the period 2021-2026.

Rising Deficiency of Vitamin D

Rising deficiency of vitamin D increases the need of fortified dairy products which helps to provide exact vitamins and minerals in body and thus driving the market growth. Moreover, according to National Institute of Health, about 1 billion people are suffering from vitamin deficiency that rising the demand of fortified dairy products which further boosting the growth of Fortified Dairy Products Market over the period 2021-2026.

Covid-19 Impact:

COVID-19 pandemic had greatly impacted the growth of Fortified Dairy Products Market. During pandemic, there is a lockdown that created a disruption in the manufacturing industries. Owing to lockdown, the manufacturers are not able to produce products that created a huge loss. Moreover, production capacity also decreases among manufacturers and are negatively impacted the growth of Fortified Dairy Products Market.

Fortified Dairy Products Market Challenges

High Cost Associated with Fortified Dairy Products

The factors that is set to impede the growth of the Fortified Dairy Products Market are the rising cost of fortified technology which growing the cost of fortified dairy products that is set to restrain the growth of Fortified Dairy Products Market.

Fortified Dairy Products Landscape

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Fortified Dairy Products Market. Fortified Dairy Products top 10 companies are Danone, Modern Dairy Holdings Ltd., Grofers, BASF SE, Arla Foods UK Plc, China Mengniu Dairy Company Limited, Danone SA, Dean Foods Company, Fonterra Co-operative Group Limited, and GCMMF Ltd.

Development

In June 2019, Grofers launched its own milk brand which is fortified with vitamin A and vitamin D that increases the demand among consumers and thus rising the market growth.

Key Takeaways

In 2020, North America dominated the Fortified Dairy Products Market owing to rising development in technology that increases the production of dairy products that are beneficial for health. Moreover, growing busy schedule among people rising the need of fortified dairy products to fulfill the nutrients in body that further driving the Fortified Dairy Products Market.

Growing demand for consuming healthy products among the health consciousness people and rising deficiency of vitamin D are enhancing the growth of the Fortified Dairy Products Market.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Fortified Dairy Products Market report.

High cost associated with fortified dairy products is set to create hurdles for the Fortified Dairy Products Market.

Relevant Reports:

A. Milk Protein Market

https://www.industryarc.com/Report/19158/milk-protein-market

B. Dairy Ingredients Market

https://www.industryarc.com/Report/16639/dairy-ingredients-market.html

For more Food and Beverage Market reports, please click here

Cobalt Sulphate Market Size Forecast to Reach $1.2 Billion by 2026

Cobalt Sulphate Market

Rise in Demand for Storage Batteries in Electric Vehicles Is Driving Cobalt Sulphate Market

Cobalt Sulphate Market size is forecast to reach $1.2 billion by 2026, after growing at a CAGR of 2.4% during 2021-2026. Cobalt Sulphate is a red monoclinic crystals, toxic, monoclinic crystalline, odorless metallic salt. Cobalt Sulphate is soluble in water and liquify at 100 degree Celsius and become anhydrous at 250 degree Celsius. It is slightly soluble in ethanol and fully soluble in methanol. Cobalt Sulfate Heptahydrate also known as Cobalt sulfate heptahydrate is a sulfate-compatible Cobalt source that is somewhat water and acid soluble. Cobalt Sulphate is mostly used in the electrochemical industries in the storage batteries, drying paints, inks, in manufacturing of commercial and consumer products. It is also used in the manufacturing of other cobalt salts.

COVID -19 Impact:

Despite the obstacles posed by the COVID-19 epidemic, the cobalt market is strong. Despite the current economic difficulties, cobalt demand remained strong in 2020. While the market shrank year over year, it did so by less than 1%, thanks to rising demand for cobalt in lithium-ion batteries. COVID-19 has a number of effects on the availability of cobalt. Cobalt prices of metal, intermediates, and salts have fallen thus far due to fears of a global economic downturn induced by the virus. According to Cobalt Institute, despite COVID-19's effects, worldwide cobalt consumption declined just little (0.6 percent) between 2019 and 2020. Importantly, demand from the battery industry remained steady, rising 5% year over year.

Cobalt Sulphate Market Segment Analysis - By Grade

Reagent and Technical Grade held the largest share of 38% in the Cobalt Sulphate Market in 2020. The reagent and the technical grade is used in the commercial and the industrial purpose when the highest purity of grade is not specified. The different grades are used in chemicals to specify that the chemical has met all regulatory and compliance standards that are mandatory to follow. The reagent grade is acceptable for food, drugs, and medical usages.

Cobalt Sulphate Market Segment Analysis - By Application

Consumer Use segment held the largest share in the Cobalt Sulphate Market in 2020 with a CAGR of 4.2% during the forecast period of 2021-2026. The rise in consumer use segment is due to the increase in the usage of cobalt sulphate in storage batteries. Approximately 50% of the cobalt sulphate produces globally is found in the rechargeable batteries which have become a sustainable technology for future. The Storage batteries are used in mobile phones, laptops, tablets, electronic vehicle, electric bikes, home storage, power stations and others. With the most used type of battery in which cobalt is used is Lithium Ion battery. With the growing market for lithium ion batteries in the automotive sector will tend to increase the demand for cobalt sulphate. The industrial use of Cobalt Sulphate is also increasing due to the rise in demand in agricultural chemicals, corrosion inhibitors and anti-scaling agents, planting and surface treatments and others.

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Cobalt Sulphate Market Segment Analysis - Geography

Asia-Pacific (APAC) dominated the Cobalt Sulphate Market growing in the year 2020 with a market share of 40%, followed by North America and Europe. In APAC, China is driving much of the Cobalt Sulphate Market demand in Asia-Pacific region because of presence of major manufacturers in the region. The use of storage batteries in electric vehicle is driving the demand. Also, the demand for cobalt sulphate is rising in consumer use segment for use in agriculture and water treatment use. Currently, the electronic vehicle market and cobalt sulphate industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in the year 2021.

Cobalt Sulphate Market Drivers

Rise in Demand for storage batteries in electric Vehicles

Industrialization has led to the increase in demand for cobalt sulphate in various industries for different purposes. The use of cobalt sulphate in storage batteries is driving the demand. The changing trend of shifting towards renewable source of energy and implementing in different forms has led the way. The new electric vehicles and its growth are raising the demand for cobalt sulphate for making stationary batteries. Between 2013 and 2020, demand for cobalt in lithium-ion batteries, which are mostly used in portable gadgets and electric cars, surged at a 10% annual pace. As a result, last year's total cobalt usage was 57 percent due to batteries according to Cobalt Institute.

Cobalt Sulphate Market Challenges

Decline in the mining activities and rise in price

Mining is the biggest source of raw materials and compounds. Due to decline in the mining activities because of negative impact on the environment and government policies. The decline has led to a very tight supply chain and led to increase in the price of cobalt and related products. Mining and recycling are the two main sources of cobalt feedstock. Cobalt mine production declined 6% in 2020 compared to the previous year, owing to the closure of the world's largest cobalt mine (Glencore's Mutanda) in late 2019. In 2020, global mining production was estimated to be 145kt Co. Because of cobalt price levels and the concerns posed by COVID-19, cobalt supply from artisanal sources remained restrained in 2020.

Cobalt Sulphate Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cobalt Sulphate Market. Major players in the Cobalt Sulphate Market are Freeport Cobalt Oy, Ganzhou Tengyuan Cobalt Industrial Co., Ltd, Jiayuan Cobalt Holdings, Jilin Jien Nickel Industry Co., Ltd., Jinchuan Group Co., Ltd., Nantong Xinwei Nickel & Cobalt Hightech Development Co., Ltd., Nicomet Industries Limited, MMC Norilsk Nickel, Umicore, and Zhangjiagang Huayi Chemical Co. Ltd. and Others.

Acquisitions/Technology Launches/ Product Launches

In December 2019, Umicore completed the acquisition of cobalt refining and cathode precursor activities in Finland from Freeport Cobalt in $203 million on debt and cash free basis.

Key Takeaways

Asia Pacific dominates the Cobalt Sulphate Market owing to rapid increase in usage in the electrochemical industries for drying paints, in storage batteries, as pigments and others.

The market drivers and restraints have been assessed to understand their impact over the forecast period.

The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.

The other key areas of focus include the various applications and end use industry in Cobalt Sulphate Market and their specific segmented revenue.

Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Cobalt Sulphate Market related industries has been negatively affected, thus hampering the growth of the market.

Related Reports:

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https://www.industryarc.com/Research/Lithium-ion-Battery-Recycling-Market-Research-500417

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Console Vault® LLC Announces Partnership with Ford Motor Company

Console Vault, The Original In-Vehicle Safe® that is designed to protect valuables from auto theft, is an official Ford Motor Company licensed partner.

COLUMBUS, Ohio - Console Vault, The Original In-Vehicle Safe® that is designed to protect valuables from auto theft, is now an official Ford Motor Company licensed partner. Console Vault in-vehicle safes are available for a wide range of Ford’s best-selling vehicles including the F150, Bronco, Expedition, Explorer, and Lincoln.

“We are proud to announce that Console Vault is the only in-vehicle safe company to be designated as a Ford Worldwide Licensing Partner in recognition of our quality, design, and craftsmanship,” said Scott Bonvissuto, co-founder and President of Sales and Marketing of Console Vault.

“With a nationwide increase of in-vehicle theft, now more than ever, people are looking for ways to leave home without worrying about protecting their most important items. The Ford Licensing Agreement enables us to further communicate Console Vault’s commitment to quality, integrity, and expert craftsmanship with one of the world’s most recognized and respected brands,” continued Bonvissuto.

About Console Vault

Console Vault was founded in 2002 as a solution for smash and grab car thefts and has expanded exponentially under the direction of Bonvissuto. Bonvissuto set out to create safes that give people peace of mind, confident that what they secure in their vehicle will be there when they return.

Made from heavy-gauge steel with a choice of locking mechanisms, Console Vault safes are designed to be easily installed into the vehicle without any modifications. Secure and easy to install, they meet automotive manufacturers’ stringent quality standards. In addition to the Ford line of vehicles, Console Vault has over 100 different in-vehicle safes, specifically designed for an ever-growing range of light trucks, SUVs, and select sedans across many brands and model years. As the company’s mission statement explains, “Console Vault in-vehicle safes are designed to be the most innovative, highest quality products with guaranteed fit, styling, and durability.”

About Ford Motor Company

Ford Motor Company is an American multinational automobile manufacturer and the maker of the most popular and best-selling line of trucks and cars in the United States. After 117 years of being in business, Ford constantly adapts to and leads change for its customers. As the only in-vehicle safe “Built Ford Tough,” customers can be confident that Console Vault is the perfect place to store your most important valuables and firearms.

Learn more about Console Vault at www.ConsoleVault.com and on Facebook @consolevault.

Media Contact
Company Name: Otter PR
Contact Person: Mark Kaley
Email:Send Email
Phone: 407-394-5881
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City: Orlando
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Country: United States
Website: www.OtterPR.com

Industrial Insulation Market Size Forecast to Reach $5.9 Billion by 2026

Industrial Insulation Market

Strict Regulation Mandating the Use of Insulation Materials for Energy Conservation Is Driving Industrial Insulation Market

Industrial Insulation Market size is forecast to reach US$ 5.9 billion by 2026, after growing at a CAGR of 6.3% during 2021-2026, owing to the increasing usage of industrial insulation materials such as calcium silicate, foamed plastic, micro silica among others in various end-use industries such as petrochemicals, cement, power generation, mining, glass, and more. The industrial insulations are moisture-proof, which aids in protecting the equipment from extreme temperature changes, minimizing energy utilization, and reducing greenhouse gas (GHG) emissions into the environment, owing to which they are extensively employed in these end-use industries. The rapid growth of the power generation industry has increased the demand for acoustic insulation; thereby, fueling the market growth. Furthermore, the flourishing oil & gas, and mining industry are also expected to drive the industrial insulation industry substantially during the forecast period.

Industrial Insulation Market COVID-19 Impact

The global pandemic of Coronavirus 2019 (Covid-19) has wreaked havoc on the global economy. The mining sector is not resistant to these impacts, and the crisis may have serious short, medium, and long-term effects on the industry. According to the National Center for Biotechnology Knowledge, on January 22, 2020, the share prices of BHP Billiton and Rio Tinto, two of the world's largest mining companies, stood at US$56.3 and US$60.5, respectively (NCBI). As of March 18, 2020, before recovering marginally to a share price of US$36.5 on April 3, 2020, BHP had lost 45 percent of its value. Rio Tinto followed a similar path, bottoming out at US$36.4, a 40 percent decrease, before steadily recovering again to US$45.1 on April 3, 2020. In addition to the consequences of lower prices, Covid-19 was directly affected by mining activity itself. In Mongolia, because of government restrictions, Rio Tinto was forced to suspend non-essential operations. Mine employees have tested positive and had to shut down production for a variety of project operations, adding further potential capital costs from re-opening mine sites in the future. Thus, all these are affecting the industrial insulation market negatively.

Industrial Insulation Market Segment Analysis – By Material

The mineral wool segment held the largest share in the industrial insulation market in 2020 and is growing at a CAGR of 7.2% during 2021-2026, as it offers better characteristics when compared with other substitute materials such as calcium silicate, foamed plastic, micro silica among others. Mineral wool meets ever more testing demands in terms of thermal, fire, and acoustic requirements and environmental performance, both during use and when its whole-life impact on the environment is assessed. Mineral wool is naturally moisture proof and it retains its insulating qualities even when wet. Also, the sound is blocked much more by mineral wool, so the interior of a building suffers less acoustic invasion. Further, mineral wool will not burn until temperatures reach beyond 1,800°F (1,000°C). The insulation performs as a fire barrier, slowing down house fires and giving the fire services more time to get things under control, which is the major driving factor for the mineral wool-based industrial insulation.

Industrial Insulation Market Segment Analysis – By End-Use Industry

The power generation segment held the largest share in the industrial insulation market in 2020 and is growing at a CAGR of 9.8% during 2021-2026, owing to the increasing usage of industrial insulation in the power generation sector. Urbanization, industrialization, and strict energy conservation regulations in emerging economies are major factors driving the growth of the industrial insulation industry. Industrial insulation covers are an ideal option for conserving electricity, maintaining the temperature of the process, reducing heat loss, and enhancing safety in the workplace. In a variety of power generation applications, industrial insulations are used, such as gas and steam turbines, piping, exhaust stacks, diesel turbo covers, gate and flange valves, insulating sleeves, and heat exchangers, where heat conservation and temperature of the process are a concern. Also, the move from fossil fuel sources to non-carbon sources such as nuclear, concentrated solar, or biofuel sources for generating electricity in developed economies has led to a transition in environmental protection policies in developed economies, resulting in a stable increase in the use of industrial insulation in various countries during the forecast period.

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Industrial Insulation Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the industrial insulation market in 2020 up to 37%, owing to the increasing demand for industrial insulation from the power generation sector in the region. Industrial insulation acts as a containment solution for the high heat produced by power generation systems, enabling room temperatures to stay at comfortable levels so that workers can properly access the equipment, minimize the risk of fire and heat-related injury, and protect the components and controls of the system from the excessive heat that can cause harm. The progress of the National Strategic Project Development, namely the Cirebon Power Unit 2 with a capacity of 11000 MW, reached 39 percent in February 2019 and is expected to be operational in February 2022. Eni S.p.A plans to begin the production of natural gas from its Merakes offshore project in Indonesia in 2021. Initial natural gas production at Merakes will be 155 million cubic feet per day (mmcfd) and will hit a peak output estimate of 391 mmcfd. Thus, with the expanding power generation sector, the demand for industrial insulation will also subsequently increase, which is anticipated to drive the market growth in the APAC region during the forecast period.

Industrial Insulation Market Drivers

Strict Regulation Mandating the Use of Insulation Materials for Energy Conservation

In the end-use industries such as power, chemical & petrochemical, oil & gas, cement, and food & beverages, regulations mandating energy conservation and energy efficiency require the use of acoustic insulation materials. In all industries, requirements set by organizations such as the American Society for Testing and Materials (ASTM), the American Society of Mechanical Engineers (ASME), the American Boiler Manufacturers Association (ABMA), among others, define, update and enforce minimum energy efficiency standards for appliances. Isolation products such as mineral wool, calcium silicate, and others are used to cover tubing, appliances, ducts, and tanks to comply with these requirements and improve energy efficiency. The demand for industrial insulation materials is also boosted by similar energy-saving initiatives in other industries such as oil & gas, chemical & petrochemical, cement, and food & beverages.

Flourishing Mining Sector

Growth in population and increased industrial activities augment the demand for mining worldwide, which drives the industrial insulation market as these materials are used in the mining industry to reduce the risk presented by equipment oil and fluid leaks. Various mining projects are under a feasibility study and aims to start production shortly. For instance, Projects for the Norilsk Nickel cluster are expanding and rebuilding the Talnakh Concentrator at the Talnakh mine with an investment of about RUB40 billion (US$620 million). The Talnakh Phase 3 or TOF-3 project aims to ramp up the concentrator's throughput capacity from the current 10 million tonnes per annum capacity to 18 million tonnes per annum. In 2023, the enlarged facility is to be commissioned. Thus, the increasing mining projects act as a driver for the industrial insulation market.

Industrial Insulation Market Challenges

High Capital Cost and Lack of Skilled Labor for Installation

Due to the need for separate clearances, regulatory citations, and skilled labor, the capital cost for the installation of insulation materials is very high. To achieve proper insulation in pipes, tanks, machinery, and boilers, expertise and experience are both necessary. Inadequate insulation of fittings, tanks, boilers, and other equipment can lead to very high energy losses, and installation can cost hundreds of thousands of dollars each year. Any insulation's R-value or optimum thermal efficiency is based on proper installation. Various regulations and codes, such as the Building Code, the Standards of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) of the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), the Quality Standards for Mechanical Insulation, and others, instruct contractors on the proper installation of insulation materials that allow specific machinery and fittings to function efficiently and last longer. Thus, all these factors are anticipated to be a major restrain for the industrial insulation market growth during the forecast period.

Industrial Insulation Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the industrial insulation market. Major players in the industrial insulation market are Owens Corning, Saint Gobain, Johns Manville (JM), Kingspan Group PLC, Knauf Insulation, and Rockwool Group.

Acquisitions/Technology Launches

In July 2020, Johns Manville (JM) has introduced a full portfolio of industrial insulation products for water-repellent mineral wool, adding v-groove tubing, industrial sheet, blankets, and fittings.

In October 2019, Knauf Insulation opened a new EUR110 million (US$123.1 million) Rock Mineral Wool plant in Illange, France. The new site has given an approximate annual economic gain of EUR20 million (US$ 22.4 million) and manufactured 110,000 tonnes of Rock Mineral Wool per year, enough insulation to renovate 25,000 homes per year.

Key Takeaways

Asia-Pacific dominates the industrial insulation market, owing to the increasing government investments in the mining industry in the region. For instance, the Indian government introduced National Infrastructure Pipeline in 2019 with plans to invest Rs 102 lakh crore (US$1.4 trillion) over the next five years.

Acoustic insulation, such as industrial insulation material, provides industrial equipment with an energy-efficient and cost-effective design, eliminating the need for a heating system and lowering operating costs, which is the key driver of market development.

Industrial insulation eliminates the heat transfer out of the equipment system and improves machine performance by making manufacturing processes more efficient. It offers frost protection to pipelines at low temperatures which makes it suitable for transportation equipment, owing to which it is widely used in end-use industries such as petrochemical, cement, metal, and more.

Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as mining, power generation, and oil & gas are disruptively stopped, which is hampering the industrial insulation market growth.

Relevant Reports

A. High Temperature Insulation Materials Market

https://www.industryarc.com/Research/High-Temperature-Insulation-Materials-Market-Research-511391

B. Building Insulation Market

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Liquid Smoke Market Size Estimated to Reach $264.5 Million by 2026

Liquid Smoke Market

Growing Demand of New Flavors in Food and Beverage Industry and Rising Consumption of Meat Products Is the Major Factor Driving the Growth of Liquid Smoke Market

Liquid Smoke Market size is estimated to reach $264.5 million by 2026, growing at a CAGR of 8.7% over 2021-2026. Liquid smoke helps to enhance the flavor of food which are mostly used in barbeque sauces, and marinades. Liquid smoke is produced by hardwood like hickory and oak etc. that helps to add smoky taste in food. Liquid smoke contains acidic and phenolic agent provides smoky texture in food products. Recently, liquid smoke is considered as modern method of providing flavors in food which are used in food and beverages sector to improve the quality and taste of food. Liquid smoke are used in main dishes, side dishes, desserts, sauces, and many more which helps to attract in food owing to its smoky flavor. With the help of spraying, dipping and atomizing process, the smoky flavor is easily entered in food. The use of liquid smoke is becoming increasingly in meat dishes that increases the need of liquid smoky flavor in food. Growing demand of new flavors in food and beverage industry and rising consumption of meat products is the major factor driving the growth of Liquid Smoke Market. Furthermore, the rising demand of purchasing smoky food products among population and growing developments in food and beverage industry is set to further enhance the overall market demand for Liquid Smoke Market for the period 2021-2026.

Liquid Smoke Segment Analysis – By Product

The Liquid Smoke Market based on Product can be further segmented into Hickory, Mesquite, Applewood, and Others. The Hickory segment is the major segment generating revenue in 2020. Hickory is considered as famous wood for smoking barbequed meats and anything cooked on the grill. Moreover, it provides sweet smoky flavor that attracts the taste among consumers and are consumed in a large quantity and thus driving the growth of hickory segment. The Mesquite segment is estimated to register the fastest CAGR of 9.1% for the period 2021-2026. Mesquites smoke is strongest among all wood smokers which provides over power on foods. It is mostly used in snack crackers, nuts, trail mix, baked beans, salad dressings, marinades, barbecue sauces, or gravies that rising the use of mesquite which in turn boosting the growth of Liquid Smoke Market.

Liquid Smoke Segment Analysis – By Application

The Liquid Smoke Market based on Application can be further segmented into Seafood and Meat, Bakery and Confectionery, Sauces, Dairy, Pet Foods, Others. The Seafood and Meat segment registers for the highest Liquid Smoke Market share in 2020. This is mainly owing to rising consumption of protein among health consciousness people that rising the needs of flavors in food. Moreover, various manfacturers are also focusing on improving smoky flavors in meat products that further boosting the market growth. The Bakery and Confectionery segment is forecasted to register the fastest CAGR of 10.2% over 2021-2026. This is mainly owing to rising trends of adopting attractive appearance and taste in various desserts as mostly consumers demand new trends in food which rising the need of liquid smoke in various sector and are thus propelling the growth of Liquid Smoke Market.

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Liquid Smoke Segment Analysis – By Geography

North America dominated the Liquid Smoke Market with major share of 45% in 2020. This is owing to growing trends of smoked flavor meat and other products. Moreover, growing innovation in variety of flavors of food and beverage industry rising the growth of Liquid Smoke Market. Furthermore, manufacturers are also developing new kind of flavors that helps to increase the flavour of variety of dishes which in turn driving the market growth.

However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to rising use of liquid smoke in various recipes. In India, large number of people are consuming smoky flavored dish that is further enhancing the market growth.

Liquid Smoke Market Drivers

Growing Demand of New Flavors in Food and Beverage Industry

Rising awareness towards liquid smoking products among consumers increasing the development of new flavors in food and beverage industry. Moreover, growing preference of barbeque sauces among population increases the use of smoky flavor and large number of manufacturers are focusing on developing new type of flavors that helps to increase the sales of food as consumers are attracted quickly in new kinds of flavors and therefore rising the growth of the Liquid Smoke Market over the period 2021-2026.

Rising Consumption of Meat Products

Rising trends of consuming protein among health consciousness people increasing the sales of meat product and growing demand of smoky flavored meat further driving the market growth. Recently, the demand of processed meat products increases among consumers that also contains smoky taste to enhance the taste so that the consumers are focusing on more regarding smoky food products which further boosting the growth of Liquid Smoke Market over the period 2021-2026.

Covid-19 Impact:

COVID-19 pandemic had greatly impacted the growth of Liquid Smoke Market. During pandemic, there is a lockdown that created a disruption in the manufacturing industries. Owing to lockdown, the restaurants are also not able to open which created a huge loss. Moreover, production capacity also decreases among manufacturers and are negatively impacted the growth of Liquid Smoke Market.

Liquid Smoke Market Challenges

Rising Concerns Regarding Health

The factors that is set to impede the growth of the Liquid Smoke Market are rising health issue owing to consumption of excessive smoky flavoured food that is set to restrain the growth of Liquid Smoke Market.

Liquid Smoke Landscape

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Liquid Smoke Market. Liquid Smoketop 10 companies are Red Arrow International LLC; Glod Coast Ingredients; Azelis SA; B&G Foods Inc.; Ruteinberg Ingredients BV; Colgin; Kerry Groupe PLC; MSK Ingredients; Redbrook Ingredients Services Ltd.; and Besmoke Ltd.

Development

In May 2020, Gold Coast Ingredients launched a new Smoked Gouda Flavor that provides an alternative for standard cheese flavors, including cheddar, white cheddar and nacho cheese.

Key Takeaways

In 2020, North America dominated the Liquid Smoke Market owing to rising trends of consuming smoked flavor meat and other products. Moreover, growing innovation in variety of flavors of food and beverage industry rising the growth of Liquid Smoke Market.

Growing demand of new flavors in food and beverage industry and rising consumption of meat products are enhancing the growth of the Liquid Smoke Market.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Liquid Smoke Market report.

Rising health issue owing to consumption of excessive smoky flavoured food is set to create hurdles for the Liquid Smoke Market.

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U.S. Tachometer Market Size Projected to Grow at a CAGR of 4.2% During the Forecast Period 2021-2026

U.S Tachometer Market

Surging Demands for a Safe Speed Range of Rotation Indicator From Various End-user Industries Is the Major Driving Factor of the U.S. Tachometer Market.

The U.S. Tachometer Market size was valued at $531.2 Million in 2020, and projected to grow at a CAGR of 4.2%, during the forecast period 2021-2026. The tachometer is a small device used to measure and count the rotations on a mechanical device in a specific time period. The device has wide application in multiple end-user industries such as automobile, manufacturing, marine & aerospace, oil & gas, medical, and energy sector. The tachometer helps to understand the limit of rotation and revolutions per minute (RPM) in a mechanical device. Tachometer is not limited to conveyor, compressor, power generator, mixer, centrifuge, extruder, windmills, dryer, elevator, turbines, optical encoder, signal conditioning, magnetic sensor and motor control. Since the U.S. possesses a large portion of commercial complexes and related infrastructure, the demand for tachometer is high in the region. Additionally, the country has a huge automobile manufacturing infrastructure, which is an advantage for the regional analog tachometer market.

U.S. Tachometer Market Segment Analysis - By Application

The U.S. oil & gas industry is the largest oil production facility in the world and the country is the biggest natural gas and petroleum producer. The industry use many metering applications, and an efficient tachometer is required to streamline the metering applications in the oil and gas industry, to prevent corrosion, limit deposits, and improve the flow of fluid in transportation pipes with the help of motors. Monitoring the revolutions per minute in these motors is highly important as uncertainties in this can lead to calamities in the plant. Hence, the growth in the oil & gas sector will induce a considerate revenue in the U.S. tachometer market. Thus, all these factors are deliberately driving the growth of the U.S Tachometer market. Surging demands for a safe speed range of rotation indicator from various end-user industries is the major driving factor of the U.S. Tachometer market. This growth driver is supported by other important market forces such as fast time response, high-reliability, and compact design. These are driving the motor segment of the tachometer market at a CAGR of 4.7% through 2026.

U.S. Tachometer Market Segment Analysis - By End Users

The automobile industry is a key application in the U.S. tachometer market, and the segment is expected to grow at a CAGR of 6.5%, during the forecast period. Measuring the wheel-spin or revolution per minute of a motorized vehicle is imperative before its supply in the market. The tachometer is set on dashboard of car beside the speedometer. Either digital or analog, this meter displays the number of rotations of engine crankshaft in a specific time— generally in a minute. This meter has markings on it, driving beyond the recommended mark for too long can damage the vehicle in the form of overheating, excessive oil consumption, and inadequate lubrication. Thus, a limited wheel rotation is an important safety feature in any vehicle, therefore, a significant number of tachometers are used in the automotive factories. According to the International Trade Administration, the sales of lightweight vehicles surpassed 18 million units in 2019 and overall, the country is considered as the second-largest market for vehicle sales and production. The automotive industry is growing at a considerate pace, and with the emerging autonomous and electric vehicle market in the region, the demand of tachometers are also estimated to grow in the upcoming years that is further expected to support the U.S. tachometer market growth.

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U.S. Tachometer Market Drivers

Rising Demand for Alternative Energy Sector

Alternative energy sector is currently the fastest-growing energy sector in the world. The demand for renewable and alternative energy is surging in both developing and developed economies, owing to limited natural energy sources and increasing CO2 emission. According to the American Council on Renewable Energy, the cumulative private investment in renewable energy in the U.S. is expected to reach $500 billion during 2019-2030. Renewable energy sources such as wind energy and hydro energy use huge rotary blades mounted on a motors, and water turbines function with the help of motors, respectively. All these motors are equipped with tachometers that measure the rotation and revolutions in hardware. Hence, owing to wide application and positive business prospects in the energy sector, the U.S. market for tachometers will bolster in the near future.

Rising Safety Concerns

Escalating requirements for designating a safe limit of rotation pace is the principal driver for the tachometer market growth. Some of the key features like compressed design, unusual fidelity and quickest time to respond are a pivotal driver exacted to push the global tachometer market in terms of market adoption. Protection supervision from the administration team is also aiding in improving the level of knowledge amidst the end-users. These certain drivers can catapult the market growth potentially in the forecasted period as the need for improved safety for the rotational space results in changing demand scenario.

U.S. Tachometer Market Challenges

Potential Issues in Tachometer Functioning

Though, costly maintenance expenses such as electromagnets that can dilute in overhead conditions, or if heated, and prompt inaccurate figures accompanying the scarcity of protection and safety-related cases are a significant obstacle that is presumed to limit the swelling of the business. This is especially the case for analog tachometers where this limitation is showcased to a larger extent.

U.S. Tachometer Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the U.S Tachometer Market. The key players in the market include Continental AG, LOR Manufacturing Company Inc., S.R.I. Electronics, Waco Instruments, Lutron Electronics Inc., Kusam Electrical Industries Limited, Aetna Engineering, Omega Engineering, Design Technology Inc., PCE Instruments and many more.

Partnerships/Product Launches/Contracts

In April 2021 Industry-leading automation solutions provider Omron Automation Americas recently released the H7CC multi-function counter that improves upon the existing Omron H7CX which can also function as a tachometer.

Key Takeaways

The marine and aerospace industries are equipped with several mechanically rotating hardware setups such as motor of boats and ships and the propellers of the aircraft. There are various usage of tachometer in the aerospace and marine sector, such as in conveyor belts to transfer luggage and heavy loads.

Tachometer plays an important role in elevators, by measuring and controlling the speed of elevators. Therefore, the use of tachometer is inevitable in the marine & aerospace industry and the growth in the respective industry is burgeoning the U.S. tachometer market growth.

Relevant Reports

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https://www.industryarc.com/Report/15026/machine-condition-monitoring-market.html

B. Vehicle Speed Sensor Market

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