The global industrial furnaces market is anticipated to reach a value of US$ 17,112 Mn by 2032, with sales growing at a moderate CAGR of 4.3% from 2022 to 2032. Propelled by a quickly shifting preference for automation technologies and electrical industrial equipment, the market for industrial furnaces will reach an estimated US$ 11,230 Mn in 2022.

Thermal enclosures which process both liquid and solid raw materials at high temperatures are categorized as industrial furnaces. These furnaces can attain higher temperatures in comparison to open-air systems.

Available in various forms, the industrial furnaces are applied in different industries like food processing, glass, metal, refractories, cement, plastic, fiber, ceramic, and many others. The enduring usage of industrial furnaces in these industries will continue to bolster the demand for industrial furnaces in the upcoming years.

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The major driver for the target market is the constant demand for steel, iron, and other essential metals and materials. Industries like automobiles, buildings & construction, metallurgy, and others contribute to the escalating demand for these metals. This growing demand results in the establishment and expansion of enterprises that supply industrial furnaces. Again, the introduction of IIoT and industry 4.0 has enabled industrial furnaces to optimize efficiency and automation. All of this culminates in the steady growth if the industrial furnaces market over the forecast period.

Furthermore, since industrial furnaces are a vital part of major industries for the processing of various materials like oil, gases and food products, many newer and different version of the furnaces are being introduced in the market. In addition to this, expansion strategies of older market players as well as entry of new market players are stimulating the competitive environment which in turn boosts the scope of the industrial furnaces market over the projected period.

“Advancing manufacturing industry is expected to facilitate growth opportunities for the global industrial furnaces market over the forecast period,” says an FMI analyst.

Key Takeaways:

Rising building and construction activities promote market prospects over the assessment period.

High maintenance costs act as hindrances to the overall market growth.

North America holds about 21% of the overall market share.

Europe accounts for about 24% of the global market share.

Industrialization projects drive the market growth in the Asia Pacific region.

Competitive Landscape

Epcon Industrial Systems, LP, International Thermal Systems, Industrial Furnace Company, Nutec Bickley, L&L Special Furnace Co., Inc., Thermcraft, Inc., SCHMIDT + CLEMENS GMBH + CO. KG, ANDRITZ, and LÖCHER among others are some of the major players in the industrial furnaces market profiled in the full version of the report.

In a highly competitive market, key market players are focusing on facility and operations expansion. These businesses are keen on operating across various regional areas.

More Insights into Industrial Furnaces Market Report

In its latest report, FMI offers an unbiased analysis of the global industrial furnaces market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of arrangement (tube or clamshell type industrial furnace, box type industrial furnace, car bottom type industrial furnace), operation (gas/ burner operated industrial furnace, electrically operated industrial furnace), application (atmosphere industrial furnace, vacuum industrial furnace), structure (batch industrial furnace, continuous industrial furnace), end user (automotive manufacturing, oil & gas, metallurgy, steel & iron production, food processing), and region.

According to the latest FMI reports, based on region, the industrial furnaces market in Europe is anticipated to thrive over the forecast period. The market in this region accounts for about 24% of the global market share. Rising usage of metals like iron, steel, copper, and others in a variety of industries like power distribution, machinery manufacturing, construction, etc., drives the market growth in this region. Many major market players are increasing their investments and expanding their production facilities in Europe which further boosts the regional market growth.

North America industrial furnaces market holds around 21% of the overall market share and is predicted to substantially grow over the forecast period. A remarkable rise in the production and sale of automotive vehicles coupled with a heightened demand for electric heating industrial furnace fuels the target market growth in this region

Global sales of automatic weigh price labelling machine are set to be valued at over US$ 293.3 Mn in 2022, according to Future Market Insights (FMI). Demand in the market is projected to expand at over 6.3% CAGR from 2022 to 2032.

According to Future Market Insights, increasing brand consciousness among consumers is increasing the demand for dairy products, flesh food products, and others. This is projected to spur the sales in the market.

Flourishing metropolitan areas have significantly increased the dependence on food products, pharmaceutical products, and personal care products. In addition, the logistics and packaging market will also gain traction due to shifting preference for e-commerce platforms.

Further, growing awareness of counterfeit products companies is taking initiative towards new technology such as QR codes and bar codes for dealing with counterfeit products. As per the study, the “Above 150ppm” will witness highest growth due to usage in heavy industries.

Above 150ppm automatic weigh price labeling are gaining immense traction amongst the heavy production industries due to surging production and growing customer reach. Hence, to capitalize on this trend, key players are integrating new technological advancements along with various attachments for easier and faster weighing and pricing of the product.

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Key Takeaways from Automatic Weigh Price Labelling Machine Market Study

In terms of end-use, food & beverage segment is expected to account for significant share in the global automatic weigh price labelling machine market.

By throughput rate, 50 to 150ppm will account for around half of the market volume-wise.

The U.S. is expected to spearhead the growth in North America automatic weigh price labelling machine market

Sales of automatic weigh price labelling machines in Japan are expected to increase at a robust pace over the forecast period

India and China are expected to lead the growth in South and East Aisa market through 2022 & beyond

“Integration of new technologies for handling the products and work-efficiency in the industries is increasing the adoption of automatic weigh price labeling machine.” says a Future Market Insights analyst.

Who is winning?

The automatic weigh price labelling machine market is consolidated with having few global players, accounting for around 50% — 60% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.

Some of the key players in this industry include but are Thermofisher Scientific Inc, Mettler Toledo, Anritsu, Teraoka Seiko Co. Ltd, Bizerba, Soc. Coop. Bilanciai Campogalliano, and others.

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The research report analyzes the demand for Automatic Weigh Price Labelling Machine. The global Automatic Weigh Price Labelling Machine market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Future Market Insights, the market has been analyzed based on throughput rate, capacity, end-use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors

The global Fuel Cell for Stationary Electricity Market is expected to develop at a 12.8% CAGR during the forecast period, reaching roughly US$ 6 billion by 2032, up from US$ 1.6 billion in 2021.

The cost of technology is falling rapidly due to the rapid expansion of stationary hydrogen fuel cells, which has boosted the fuel cell for stationary power industry in recent years.

The combustion-free creation of power by the chemical combination of hydrogen gas results in a system that emits relatively few pollutants and is more efficient than standard power generation methods.

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These benefits of fuel cell stationary power generation make it a viable option for the future world, which is increasingly concerned about environmental deterioration and the depletion of fossil fuel resources. Market participants providing any service or product related to hydrogen fuel cells are expected to increase rapidly in the next years.

The growing market for clean energy generation in developed regions, greater use of fuel cell-based vehicles, a burgeoning power sector, and increased power generation capacity globally are all contributing to the fuel cell technology expansion.

The expanding market for small and large capacity fuel cell devices, as well as increasing commercial and public sector investments focusing on creating hydrogen infrastructure, is likely to provide enough opportunity to fuel the demand for fuel cell for stationary power. Product rollout will also be aided by favorable legislation and norms, as well as increased investments in electrification in distant locations.

Furthermore, increasing customer awareness of the need to cut GHG emissions and improve air quality will boost the development of fuel cell power plants. The bulk R&D efforts are concentrated on the development and advancement of fuel cell-powered cars, which is likely to open up new market prospects.

The lack of hydrogen fueling infrastructure may have an impact on the future need for hydrogen generation by fuel cell vehicles. The development of hydrogen fueling stations will necessitate significant investment and extensive assistance from both public and commercial groups. As a result, the market for hydrogen-based fuel cells is now stifled due to a lack of supporting infrastructure.

Until 2030, the industrial/utility fuel cell for stationary power market is expected to grow by more than 12%. The market of fuel cells for power generation will be stimulated by the implementation of attractive government policies, greater financing for technology development, and a shift in consumer awareness toward clean and sustainable energy.

Product penetration will be bolstered by rising off-grid electricity use and increased compliance with regulatory norms and regulations. Additionally, the implementation of large-scale stationary systems, particularly in the utility sector, is expected to be influenced by the introduction of hydrogen roadmaps and standards.

Key Takeaways

Owing to the increased installation of large-scale CHP systems in countries such as the United States and South Korea, the 50-kW capacity category is expected to develop at a pace of roughly 13% through 2030.

Japan and South Korea combined are anticipated to contribute more than US$ 17 Bn by 2030.

In 2021, the China fuel cell for stationary power market was expected to be worth roughly USD 21 million. Shifting the government’s focus to scientific breakthroughs for hydrogen fuel cell applications will help the product reach its full potential.

The fastest-growing end-user segment is expected to be fuel cell vehicles. Fuel cell-powered vehicles have a lot of promise because of the growing demand to minimize carbon emissions, which is predicted to enhance the market for fuel cell technology.

“The fuel cell for stationary power market is expected to develop as consumer awareness of clean energy technology, and solutions grows, as does demand for electricity and the application of regulatory standards and requirements.”

Competitive Landscape

Cummins Inc., Ballard Power Systems, Plug Power Inc., Nuvera Fuel Cells, LLC., Bloom Energy, Doosan Fuel Cell Co. Ltd., Siemens Energy, Fuji Electric Co. Ltd., Fuel Cell Energy, Inc., Toshiba Corporation, SFC Energy AG, Aris Renewable Energy LLC., Altergy, AFC Energy PLC, General Ltd., Poscoenergy

Continuous investments in technological breakthroughs, as well as increased research and development operations for new product creation, would help them expand their fuel cell for stationary power market share. Inorganic strategy actions such as joint ventures, mergers and acquisitions, and others, on the other hand, will promote product deployment across geographies.

For example, Ballard Power Systems announced a strategic relationship with the road equipment manufacturer in 2022 for 31 hydrogen fuel cell modules that can offer 3 MW of power

Future Market Insights (FMI) has forecasted the global Oil and Gas Fittings Market to register year-on-year growth of 3.2% in 2022 reaching a value of about US$ 1,326.8M by 2022 end.

A new market research report by Future Market Insights on the Oil and Gas Fittings Market includes global industry analysis 2014–2021 and opportunity assessment 2022–2029. The report investigates the oil and gas fittings market and provides critical insights for the forecast period of 2022–2029. As per the findings of the report, the global oil and gas fittings market is expected to experience moderate growth during the forecast period due to multiple factors such as new oil and gas drilling projects and new pipeline contracts across the globe.

The global oil and gas fittings market is estimated to reach ~US$ 1.2B in 2019, and increase at a CAGR of ~3% in the forecast period 2022–2029. This growth is majorly driven by the increasing consumption of oil and gas fittings in upstream and downstream operations.

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East Asia Region Projected to Witness Bolstering Growth

North America is projected to hold significant market share in the global oil and gas fittings market value owing to new and replacement projects for the installation of oil and gas fittings that are targeted in this market study. However, the East Asia market is anticipated to project rewarding growth in the global oil and gas fittings market over the forecast period 2019–2029, with China being a leading country.

This is driven by the rapid growth of onshore drilling projects coupled with the rising number of oil and gas pipeline projects in China. Apart from that, Africa will pose a strong opportunity for the manufacturers of oil and gas fittings to acquire new contracts and ventures during the forecast period.

Additionally, macroeconomic factors such as crude oil and natural gas production and consumption, oil and gas production data by key countries, and increasing number of new oil and gas pipeline projects, and pipes, valves, and fittings (PVC) contracts are some of the other factors that are boosting the growth of oil and gas fittings market.

Oil and Gas Fittings Market: Vendor Insights

The report indicates some of the prominent market players, who are recognized as leaders in the global oil and gas fittings market. Some of the key players in the global oil and gas fittings market are Anvil International, AVK UK Ltd, JVS Engineers, The Weir Group PLC, Hy-Lok CO., LTD, B.O.P Products LLC., FitTech Industries Pvt. Ltd., Gelbach UK Ltd, Grupo Cuñado, KINGSA Industries, Probe Oil Tools, PSL Pipe & Fittings Co., Yingkon Haitai Metal and Pipe Fittings Co., Ltd., and Woodco USA, among others.

The global oil and gas fittings market is considerably consolidated with very few players holding prominent shares of the market as this market is highly fragmented and competitive. These players are offering oil and gas fittings to distributors and suppliers in various regions. Currently, online sales platform has emerged to be a supportive factor for the growing number of sales of oil and gas fittings

The global sales of laser safety glass are projected to reach 6.3 Mn units by the end of 2028, which translates into a robust 10% volume CAGR during the forecast period (2022–2028). A new Future Market Insights (FMI) report says that sales of laser safety glass are primarily driven by the growing usage of laser machines across end-use sectors.

Laser safety glass is widely used in the healthcare industry, particularly dentistry and dermatology. Strict government regulations about the usage of personal protection equipment will remain crucial in fostering the demand for laser safety glass.

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Key Takeaways — Laser Safety Glass Market Study

Stringent regulations related to laser safety glass will drive the demand for laser safety glass in the global market. For instance, European standard (EN) 207:20091 outlines the requirement of laser safety glass to ensure workers’ safety and protection. This standard dictates that laser safety glass should be able to withstand 100 pulses from a pulsed laser or a continuous beam for at least 10 seconds, without any damage.

With the initiation of shorter pulsed and femtosecond lasers, eyewear protection has become increasingly more important because of the broadband nature of these sources. This factor is expected to significantly drive the demand for laser safety glass.

Laser safety glass are required in the military for self-protective purposes against enemy laser attacks and for defense from internal factors as well. Internal usage includes non-combat applications such as industrial, medical, logistics, weapons training, and research and development.

Furthermore, laser safety glass is also used for metal fabricating processes such as cutting, engraving, welding, 3D printing, and additive manufacturing.

The rapidly growing automotive industry in emerging economies such as China, India, and Brazil is further fueling the demand for laser safety glass.

The market for laser safety glass is currently growing at a moderate pace as is a mature market in EU countries. However, it is showcasing healthy growth in Asian region. The market growth will be aided by enforcement of OSHA regulations in industrial engineering and workplace processes and other sites where the personnel are subjected to high intensity laser emissions and interferences. In terms of new end use verticals, defense will be a lucrative sector, encouraging new entrants in the market.

How is Market Structure Defined?

Dominated by established international players, the laser safety glass market is a consolidated one. Some of the key players in the laser safety glass market such as 3M, Honeywell International Inc., and Philips Safety Products Inc. hold a major share of market pie in terms of revenue, backed by long-term partnerships with consumers and well-established sales network across the continent.

Know More About What the Report Covers

Future Market Insights (FMI), in its new global laser safety glass report, brings to fore an even-handed analysis of the global laser safety glass market, offering comprehensive information with historical demand data for 2013–2021, and forecast statistics for 2022–2028.

The research study offers insightful aspects of the global laser safety glass market based on various categories such as technology (glass laser eyewear safety, polycarbonate safety glass, thin film glass, laser protective face shields, intense pulse light glass), application (automotive, medical, chemicals, military & defence, others), and region (North America, Latin America, Eastern Europe, Western Europe, Middle East and Africa, Asia Pacific Excl. Japan, and Japan).

The global market for industrial motors is expected to grow at a 3.5% CAGR from 2022 to 2032, reaching a value of more than US$ 917.3 million in 2032. Several government agencies such as the European Water Association (Europe), the Environmental Protection Agency (the United States), and the India Water Works Association (India) are actively engaged in developing laws and regulations linked to water projects for disposal or reuse.

For example, In the Unites States, the Environmental Protection Agency (EPA) has made it essential for industries to treat water before it is disposed of. In this context, specifications for maximum allowable contamination levels have been developed. Also, stringent government regulations have been put in place for the development of water projects to generate power, treat water waste, and stop exploitation of deposits, treatment of dischargeable water and others. These industrial water and wastewater projects are anticipated to directly influence the expansion of the industrial motors market from 2022 to 2032.

Companies are forming strategic alliances to expand their reach into emerging and untapped markets. In the coming years, Future Market Insights (FMI) expects the United States, India, and China to emerge as the most dominant markets for industrial motors.

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Key Takeaways from Market Study

By product type, AC motors are projected to hold a market share of 71% in 2032.

By end use, the energy segment is anticipated to boost the demand for industrial motors globally and demand from it is expected to grow at 4.1% from 2022 to 2032.

By power output, the 15 to 20 MW segment is expected to accelerate and create and incremental opportunity of US$ 70.5 million in between 2022 to 2032.

By 2032, Europe is expected to have the largest share of the global market, accounting for around 28.7%.

“The market for industrial motors is predicted to expand rapidly due to increasing demand for innovative and energy efficient products across industries. Rising automation and digitalization in a variety of end use sectors are driving demand. Industry participants are investing in strategic alliances, expansions, and cost effective solutions to obtain a competitive advantage.” Says an FMI analyst.

Who is Winning?

Among the industry’s key players are ABB Group, Siemens AG, Hyundai Electric Co. Ltd., Toshiba Corporation, Nidec Corporation, Hitachi, Ltd., WEG S.A., General Electric Co. , Bonfiglioli Riduttori S.p.A., Hyosung Corporation, Menzel Elektromotoren GmbH, Kirloskar Electric Company Ltd., and Regal Beloit Corporation.

Globally, the key market players are focus on developing and extending production technologies and expansion capacities to meet the industry demands.

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Future Market Insights, in its new offering, provides an unbiased analysis of the global industrial motors market, presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the industrial motors market based on product type (AC Motors, DC Motors), power output (1 to 5 MW, 5 to 10 MW, 10 to 15 MW, 15 to 20 MW, 20 to 25 MW), and end use (oil & gas, energy, mining, cement, metal and steel, pulp and paper, chemical, water and wastewater, marine) across seven key regions.

About Future Market Insights — Industrial Automation

The industrial automation division of Future Market Insights offers a novel approach and innovative perspective in analysing industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects

The global vacuum cleaner filter market was valued at US$ 1924.1 million in 2022. The report estimates the market to expand at a positive CAGR of 9.3% from 2022 to 2032. During this period, it is projected that the rising awareness among end users, growing demand for vacuum cleaners from the healthcare sectors, and changing lifestyles will drive the market for vacuum cleaner filters.

The expansion of the global economy is speeding up urbanization across developing countries. This is resulting in increasing disposable incomes, giving consumers the required purchasing power to invest in vacuum cleaners equipped with the latest filtration technologies.

Vacuum cleaner filters allow vacuum cleaners to do their jobs properly. They can keep contaminants and airborne particles intact and filter air to ensure thorough cleaning. As adoption of vacuum cleaners is set to increase across commercial, industrial, and residential sectors, the global market for vacuum cleaner filters is set to register substantial acceleration.

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Key Takeaways from Market Study

By filter type, the cartridge filters segment is anticipated to witness prominent demand expansion at 8.9% CAGR by value from 2022 to 2032.

By sales channel, the OEM sales segment is projected to expand at a CAGR of 9.1% by value between 2022 and 2032.

By vacuum cleaner type, the upright vacuum cleaner segment is projected to expand at a CAGR of 7.8% by value.

By region, North America is anticipated to witness substantial growth in the vacuum cleaner filter market.

By end use industry, the residential sector is estimated to hold a prominent volume share of 64.4% in 2022.

“The market for vacuum cleaner filters is being fueled by rising demand from the healthcare and commercial sector and increasing dependency on convenient household appliances. Shifting preferences toward technologically advanced goods and appliances are fueling demand. Prominent manufacturers involved in the market are introducing new and trending technologies like highly efficient filters and advanced filters for custom applications” Says an FMI analyst.

Who is Winning?

A few of the key players in vacuum cleaner filter market include American Air Filter Company Inc Rotronic AG, APC Filtration Inc, Bissell Inc, Dyson, Electrolux AB, Freudenberg Filtration Technologies GmbH & Co, GVS S, Hengst SE, M-Filter Group, Midea Group, Nilfisk, Robert Bosch GmbH, and TTI, Inc.

Key players are also keen on developing innovative vacuum cleaner filter products, which are aimed at being cost-effective without compromising on vacuum cleaner performance. Market participants are also making hefty investments in mergers, acquisitions, strategic collaborations, and expansion to strengthen their respective footholds in the global market.

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Future Market Insights, in its new offering, provides an unbiased analysis of the global vacuum cleaner filter market, presenting historical demand data (2017 to 2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the vacuum cleaner filter market based on filter type (bag filters, foam filters, cyclone filters, cartridge filters, cloth filters), vacuum cleaner type (upright, canister, central, wet/dry, robotics), sales channel (OEM, aftermarket), and end use industry (industrial, commercial, residential) across seven regions.

About Industrial Automation Division at Future Market Insights

The industrial automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects

The global crane aftermarket is predicted to register a CAGR of 6% over the forecast period, as per FMI’s analysis. The industry’s market size is anticipated to rise from US$ 7.42 billion in 2023 to US$ 13.29 billion by 2033 end.

The crane aftermarket is projected to be driven by the increasing demand for energy the world over, which is pushing the demand for robust power grids. In recent years, many countries have vowed to offer substantial monetary and non-monetary resources for the modernization and expansion of power grids and for invigorating the distribution infrastructure. In addition to this, the significant investments to promote the construction of solid energy transmission and distribution (T&D) networks, while upgrading the existing networks, are projected to push the aftermarket for cranes.

The market is further projected to witness steady growth on account of surging adoption of cranes in the manufacturing and industrial sectors. The escalating deployment of monorail cranes and gantry cranes in factory set-up applications and heavy material handling is expected to push the market expansion. Further, the increasing demand for crawler cranes to steer rough and inaccessible surfaces and lift tremendously heavy loads is projected to enhance market scope over the forecast period.

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Key Highlights of the Crane Aftermarket:

North America market is projected to be augmented by the presence of strict safety laws in the region, which ensure routine maintenance and fuel the demand for aftermarket replacements and spare parts like shafts and gearboxes. For instance, the Occupational Safety & Health Administration (OSHA) has mandated routine inspections of OSGA-permitted cranes.

Europe market is being pulled forward by the increasing demand for crane aftermarket services and products. This has been prompted by the surging construction activities for residential buildings in countries, such as the Netherlands and Germany.

The market is set to observe a growing preference for mobile crane aftermarkets. Mobile cranes offer a plethora of advantages, including a high level of mobility and great strength. These functionalities enable the uplifting of heavy material in small working spaces. These cranes are also anticipated to witness an increase in demand for forestry, shipbuilding, and mining applications.

A Glimpse of the Current Market Competition Scenario

The key participants in the market are emphasizing collaboration with distributors and suppliers to attain high visibility in the market. Some of the dominant key players in the global market are Columbus Mckinnon Corporation, Altec Industries, Hiab, Bonfiglioli, Kato Works Co. Ltd., Manitex International, Kobelco Construction Machinery, Manitowoc, Konecranes, Terex Corporation, Palfinger AG, Tadano Ltd., Terex Corporation, Sany Group, XCM, and Zoomlion.

New Market Updates:

In November 2019, Elliott Equipment Company revealed that it has partnered with Beacon Funding Corporation, which is a construction equipment financing firm. With the help of this partnership, Elliott’s customers were able to leverage the advantages of financial services offered by Beacon Funding Corporation.

In April 2018, Scanreco introduced the SCAN500 Mini Transmitter remote control, equipment that satisfies the requirements of OEM and aftermarket systems for heavy-duty cranes. The controller contains an ergonomically crafted touchscreen display for better equipment performance with the least operator fatigue

From 2023 to 2033, the fire pits market is projected to record a CAGR of 6.5%, reaching a value of US$ 7.24 billion in 2023. In 2033, it is predicted that the fire pits market would be worth US$13.59 billion.

The fire pits market is being driven by homeowners’ rising demand to evoke an inside ambiance in outdoor locations. One of the favored trends among homeowners looking to improve their outdoor living spaces by the installation of fire pits.

Global expansion of outdoor recreational activities is propelling market expansion. Camping, hiking, adventure racing, mountaineering, cycling, and other outdoor pursuits are examples of leisure activities. Customers are utilizing fire pits for both indoor and outdoor pleasure. These elements are projected to fuel market expansion.

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Emerging Technologies by Manufacturers to Speed Up Market Expansion

It is anticipated that technological advancements made by various producers may quicken market expansion. For example, EcoSmart Fire provides fire pits that are plumped with natural gas, propane, or environmentally friendly bioethanol fuel system. These initiatives should accelerate market expansion.

To capture a significant proportion of the market, manufacturers are increasing their geographic reach. Over the next few years, it is anticipated that developing strategic ties with customers and introducing ground-breaking products may continue to be crucial success factors.

Regional Outlook

The fire pits market is predicted to be dominated by North America, followed by Europe and the Asia Pacific region. Due to the western way of life and rising personal incomes, North America and Europe are predicted to see a large increase in the market share of fire pits.

The Asia Pacific region’s demand for fire pits is increasing as a result of the construction industry’s rapid development and expansion in developing nations like China and India. In the upcoming years, living space is anticipated to gain importance in urban living environments.

Key Takeaways

With an expected fire pits market share of roughly 48.8% throughout the anticipated period, the wood-burning section of the product type category is expected to rule.

The product type category’s propane segment is anticipated to record a CAGR of 9.4% between 2023 and 2033.

With a market share of roughly 40.0% throughout the anticipated period, the traditional fire pit sector of the type category prevailed.

Over the projected period, it is anticipated that the tabletop fire pit section of the type category may see a CAGR of 10.2%.

The end-user category’s outdoor section had a strong presence over the projection period, at 66.6%.

Over the projection period, it is anticipated that the indoor segment of the end-user category may see a CAGR of 7.1%.

During the anticipated period, the B2C segment of the sales channel category held a commanding fire pits market share of almost 65.0%.

From 2023 to 2033, the CAGR for the B2B section of the sales channel category is anticipated to be 7.1%.

With a 39.8% fire pits market share over the anticipated period, North America dominated the industry.

From 2023 to 2033, the Asia Pacific market is anticipated to register a CAGR of 7.6%.

Competitive Landscape

Numerous small and sizable businesses have left the market fragmented. The market leaders concentrate on product development and introduce fresh innovation into the goods. To remain competitive in the market and to satisfy client demand, players employ a range of strategies while also growing their businesses in various geographical areas.

Heininger Holdings LLC, Galaxy Outdoor, Frepits UK, Buck Stove, The Outdoor Greatroom Company, Az Patio Heaters, Uniflame, Best Choice Products, Serenity Health & Home Decor, and a host of other leading companies are just a few of the leading participants in the world fire pits market.

Recent Developments

Introduction of Interactive Software for Installation and On-site Troubleshooting

In September 2021, HPC, a Warming Trends trademark, debuted interactive software for fire pit installation and on-site troubleshooting. The app provides step-by-step visual instructions for every installation and maintenance procedure for any HPC gas fire pit for the installer or field technician.

The industrial gearbox market is predicted to be worth US$ 30.08 billion in 2023, and rise to US$ 47.16 billion by 2033. Demand is expected to increase at a CAGR of 4.6% during the projected period.

Given that industrial gearboxes are used to control the speed and torque of production-related machinery and components, demand for these gearboxes is expected to rise as smart manufacturing becomes more common.

The adoption of smart manufacturing is anticipated to raise the sales of industrial gearboxes, which are a crucial component of the industrial automation process. As the robotics industry develops and new technologies become available, manufacturers are likely to expect higher profit margins. Due to this technology, industrial gearbox makers now have greater opportunities.

With the ability to precisely control the movements of industrial robots, gearboxes can be made to provide more precise motion control for industrial processes. Governments of different nations have taken a number of steps to support the growth of the industrial gearbox sector. In order to do this, financial incentives must be provided for the use of energy-efficient technology, such as industrial gearboxes, as well as sector-specific research and development programs.

Manufacturers are focusing on designing robust and effective gearboxes for power applications. The market participants also stand to gain financially from the increase in demand for energy-efficient equipment. Producers of industrial gearboxes are focusing on developing technologically advanced gearboxes since they hasten market expansion.

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Key Takeaways

By 2033, the United States is likely to rule the industrial gearbox market, with a CAGR of 5.1%.

The industrial gearbox market increased at a 4.3% CAGR between 2016 and 2022, citing FMI’s study.

The industrial gearbox market was expanding, with a value of US$ 28.75 billion in 2022.

The expansion in China is anticipated to expand at an adequate CAGR of 9.5% by 2033.

Japan’s industrial gearbox market is expected to expand significantly, with a CAGR of 4.5% by 2033.

In 2023, the industrial gearbox sector is likely to increase in India with a size of US$ 15.56 billion.

The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 5.1% by 2033.

Based on type, the helical industrial gearbox led the market share in 2022, and continues to dominate the sector during the forecast period.

Based on design, the parallel axis segment is projected to lead the market by 2033.

Based on end user, the power generation sector led the market share in 2022, and continues to dominate the sector during the forecast period.

Key Strategies in the Industry

In order to remain competitive, businesses constantly innovate to provide their customers with high-quality products and services. Fundamental market players frequently announce significant business decisions, which have a favorable or negative impact on the market.

The Nidec Corporation created an automated guided vehicle with a vision-based tracking system in August 2020. By concentrating on the device, among other things, the team at Nidec Committed Shimpo has contributed to improving productivity, automation, and development.

Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd received an order for 656 gearboxes in March 2021, specifically for the PDM460 dual stage gearboxes