The B2B Segment Led Optical Character Recognition Market In 2021 With 75.0% Share Of The Global Revenue

Optical Character Recognition Industry Overview

The global optical character recognition market size was valued at USD 8.93 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.4% from 2022 to 2030.

The optical character recognition (OCR) technology converts printed and physical documents into machine-readable texts. It extracts scanned papers, image-only pdfs, and camera images and repurposes them. OCR software extracts letters from images and translates them into words and then sentences, allowing access to alter the original text. Moreover, widespread adoption of OCR technology has been observed in BFSI, healthcare, retail, tourism, logistics, transportation, government, manufacturing, and other sectors. The growth of the OCR market is primarily attributed to the improvement in productivity and a rise in the penetration of automatic recognition systems. For instance, in November 2021, HT. KZ, one of the leading travel industries in Kazakhstan, deployed Smart Engine OCR technology that provides document recognition solutions. This technology helps scan its client's passport securely in less than a second through the AI software, which reduces the workload of managers to enter the passport data manually. This solution Combines AI with OCR capabilities.

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Digitalization in business organizations has made all the processes faster and more accessible. As companies witness technological advancements, data is becoming a critical element for growth. When data is converted to digital form, it can be processed by computers and various devices with computing capacity, and this data is easy to share, access, and store. Companies established before digitalization became a norm in the enterprise sector have also started using tools, such as OCR, to convert their physical data into digital form. The technology also finds increasing application in BFSI and healthcare sectors for creating digital copies of checks, invoices, and other documents. For instance, banks in China utilize OCR software in conjunction with facial recognition software that can protect ATMs as some ATMs require the consumers to input their photo ID, which the program scans for the person’s name and face. They also use OCR software to review the paper applications and other papers that the customer may use to demonstrate responsibility or creditworthiness. Besides, in June 2021, Visionet Systems., a digital solutions provider to the BFSI, launched a new product named DocVu.AI, an AI-powered Intelligent Document Processing. It is a platform for handling a large amount of unstructured and structured data. Banks or financial institutions would easily search, analyze, extract, and manage data sets efficiently. With its AI and machine learning platform, DocVu.AI can meet the needs of the BFSI.

The OCR technology is also being widely used for converting information available in text form into speech with the help of text-to-speech technologies, thus making it accessible to blind and visually impaired individuals. Other applications of the technology include sorting out letters at post offices and documents in law firms and courts, preserving historical and cultural texts, personal identification, and processing invoices, orders, and other documents. For instance, in June 2021, IBM, a U.S.-based company, acquired Turbonomic, an AI-powered application. This acquisition is expected to use AI through machine learning, natural language processing, and optical character recognition.

Numerous benefits of optical character recognition technology have helped companies save time spent on entering data manually in computers, enhancing work management, reducing the cost of converting documents into digital form, and reducing manual errors, among others. It also offers other benefits such as improved customer service and increased documents security, significantly propelling demand across industries, including BFSI and retail. The increased focus of cognitive solution developers on integrating advanced technologies to improve accuracy is also expected to significantly drive the market in the near future. For instance, Envision, a smartphone app that helps blind and low vision users, introduced AI-powered smart glasses helping visually impaired and blind users to have hands-free access and make everyday life more accessible. These smart glasses will have optical character recognition capability.

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• Machine Learning Market - The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work.
• Augmented Reality Market - The global augmented reality market size was estimated at USD 25.33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 40.9% from 2022 to 2030.

Market Share Insights

December 2021: Adobe, a computer software company, partnered with Microsoft, a U.S.-based tech giant. This partnership will help enterprises enable their customer experience with Microsoft Azure, Adobe Experience Cloud, and Microsoft Dynamics.

April 2021: Microsoft acquired Nuance Communications, an AI and speech recognition-based company, and this acquisition would increase the presence of Microsoft cloud for healthcare.

Key Companies profiled:

Some prominent players in the global Optical Character Recognition market include

• ABBYY
• Adobe
• Anyline GmbH
• ATAPY Software
• Captricity Inc.
• Creaceed S.P.R.L.
• CVISION Technologies, Inc.
• Exper-OCR, Inc.
• Google LLC
• International Business Machines Corporation
• IntSig Information Co., Ltd. Corporation
• IRIS S.A.
• LEAD Technologies, Inc.
• Microsoft
• NAVER Corp.
• Nuance Communications, Inc.
• Open Text Corporation

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Material Handling Equipment Market Revenue To Surpass $44.5 Billion By 2028

Material Handling Equipment Industry Overview

The global material handling equipment market size was valued at USD 26.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028.

Over 50.0% of factory owners estimate that new projects will either be delayed or put on hold because of the coronavirus pandemic. In comparison, close to 30.0% of owners expect to adjust the sales revenue with the ongoing projects. The mentioned statistics do not bode well for the growth of the market unless OEMs aim to transform digitally. Investments in power and battery technology are expected to create avenues for market growth.

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Apart from the uncertainties created by the coronavirus pandemic, favorable government initiatives support new infrastructure development worldwide, creating growth opportunities in the market for material handling equipment over the forecast period. Economies such as India, China, and Southeast Asia are attracting foreign investments promoting infrastructure and industrial development, subsequently creating avenues for growth. The development of public infrastructure includes airports, rail networks, seaports and power plants, and others. All these activities may favor the adoption of material handling equipment over the forecast period.

Although the demand in industrial applications witnessed a minor setback in 2020, unprecedented growth in the e-commerce sector helped upkeep market growth through the pandemic. Healthy demand for delivery and distribution of grocery items amidst the lockdown came as a respite for market growth. In addition to the OEMs, the pandemic has driven several supply chain firms to explore tools that aid in making informed decisions with AI implementation to analyze large amounts of data they generate periodically. A combination of data-driven insights and hindsight will help build a resilient supply chain supported by advances in equipment technology.

The development of the One Belt One Route (OBOR) initiative by China, also known as the Belt and Road Initiative (BRI), is also expected to be lucrative for the materials handling equipment industry. The initiative to connect a network of rail and road routes from China to Europe via the Middle East will provide growth opportunities. Similar other initiatives will bode well for the material handling equipment industry over the next few years.

The 2021 Automation Solutions Survey Study stated that the COVID-19 pandemic triggered the demand for a fully automated solution in the manufacturing sector, with companies increasing investments in automated solutions over the next few years. Further, companies project to upgrade their conveyor and sortation system in the next two years. However, due to the pandemic, several medium-sized businesses have altered plans to purchase or modernize new equipment.

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• Automated Guided Vehicle Market - The global automated guided vehicle market size was valued at USD 3.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030. Automated guided vehicle (AGV) systems assist to move and transport items in manufacturing facilities, warehouses, and distribution centers without any permanent conveying system or manual intervention.
• Material Handling Equipment Telematics Market - The global material handling equipment telematics market size was valued at USD 3.18 billion in 2017. It is expected to expand at a CAGR of 11.7% during the forecast period. The industry has witnessed significant developments in the past few years.

Material Handling Equipment Market Segmentation

Grand View Research has segmented the global material handling equipment market based on product, end use, and region:

• Material Handling Equipment Product Outlook (Revenue, USD Billion, 2017 - 2028)
  • Storage and Handling Equipment
  • Automated Storage and Retrieval System
  • Industrial Trucks
  • Bulk Material Handling Equipment
  • Others
• Material Handling Equipment End use Outlook (Revenue, USD Billion, 2017 - 2028)
  • Automotive
  • Food & Beverages
  • Chemical
  • Semiconductor & Electronics
  • E-commerce
  • Aviation
  • Pharmaceutical
  • Others
• Material Handling Equipment Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

• April 2021: Toyota Material Handling, one of the subsidiaries of Toyota Industries Corporation, launched Mole and Mouse Automated Guided Carts (AGCs). The product is expected to allow customers to automate repetitive operational tasks suitable for assembly lines, distribution centers, warehouses, and manufacturing plants.
• July 2020: Vanderlande Industries B.V, one of the logistics process automation providers, introduced HOMEPICK, a goods-to-person (GtP) picking solution. The product complements its automated storage and retrieval system (AS/RS) and facilitates online grocery orders.

Key Companies profiled:

Some prominent players in the global Material Handling Equipment market include

• BEUMER Group
• Daifuku Co., Ltd.
• Honeywell International Inc.
• Kion Group AG
• Mecalux, S.A
• Murata Machinery Ltd.
• SSI Schaefer AG
• Swisslog Holding AG
• Toyota Material Handling Group
• Vanderlande Industries B.V

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Filters Market Growth Is Driven By The Rapidly Increasing Adoption Of Air Purifiers In Homes

Filters Industry Overview

The global filters market size was estimated at USD 72.33 billion in 2021 and is expected to grow at a compounded annual growth rate (CAGR) of 5.1% from 2022 to 2030.

Growing emphasis on the reduction of emissions from automotive and industrial applications is expected to drive market growth over the forecast period. An increase in product usage in several consumer goods, such as air and water purifiers, is expected to have a positive impact on the industry growth. The rapidly growing adoption of air purifiers in homes, hotels, restaurants, airplanes, and train compartments for killing harmful microbes, such as bacteria and viruses, is expected to open new opportunities for market growth.

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The market in the U.S. is expected to exhibit high growth on account of factors rising product demand from the automotive industries as per the environmental regulations laid down by the Environmental Protection Agency (EPA) for the installation of air emission control solutions in vehicles. In addition, economic revival and government initiatives to promote environmental protection are expected to drive market growth in the country. The global market growth is also credited to the increasing focus of the government on water treatment schemes for the construction of water treatment facilities due to factors, such as the scarcity of quality drinking water, growing population, and contamination of ground and surface water bodies.

The industry is significantly affected by the availability of raw materials, such as paper, cotton, synthetic textiles & fibers, metals like iron & steel, adhesives, rubber, chemicals, and plastics. Thus, the fluctuations in the raw material prices have a direct impact on the manufacturing costs that limits the industry growth to some extent. The market growth is also expected to be driven by the rise in the global automotive industry on account of the growing population and increasing disposable income levels, especially in the developing regions, such as Asia Pacific, Middle East & Africa, and Central & South America. Filters are used in several applications in the automotive industry, such as oil intake, cabin air filtration, and emission filtration.

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• Automotive Air Filters Market - The global automotive air filters market size was valued at USD 3.9 billion in 2018, exhibiting a CAGR of 4.8% over the forecast period. Rising product demand from the automotive industry owing to stringent government regulations for vehicle emission is estimated to fuel the market growth over the forecast period.
• Industrial Air Filtration Market - The global industrial air filtration market size was valued at USD 10.4 billion in 2019 and is expected to register a CAGR of 7.3% from 2020 to 2027. The need to control industrial air quality across a range of end use industries is a key factor anticipated to drive market growth over the forecast period.

Filters Market Segmentation

Grand View Research has segmented the global filters market on the basis of product, application, and region:

• Filters Product Outlook (Revenue, USD Million, 2017 - 2030)
  • Fluid Filters
  • ICE Filters
  • Air Filters
• Filters Application Outlook (Revenue, USD Million, 2017 - 2030)
  • Motor Vehicle
  • Consumers Goods
  • Utilities
  • Industrial & Manufacturing
  • Others
• Filters Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin & South America
  • Middle East & Africa

Market Share Insights

September 2020: PURAFIL, INC. installed portable filtration systems called “PuraShield Smart 1000” to improve indoor air quality for Northwestern University Athletics & Recreation.

April 2020: HEPA Filter produced by Ford is being shared by MANN+HUMMEL and its subsidiary Tri-Dim Filter Corporation. These Filters helps to remove germs and viruses from the supply air.

Key Companies profiled:

Some prominent players in the global Filters market include

• 3M
• Airex Filter Corporation
• Koch Filter
• Freudenberg Filtration Technologies SE & Co. KG
• Donaldson Company, Inc.
• Camfil AB
• Parker Hannifin Corp.
• DENSO Corp.
• Clark Air Systems
• Spectrum Filtration Pvt. Ltd.

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Which Segment Accounted For The Largest Petrochemicals Market Share?

Petrochemicals Industry Overview

The global petrochemicals market size was valued at USD 556.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.

The demand for petrochemicals is attributed to an increase in the demand for downstream products from various end-use industries such as construction, pharmaceuticals, and automotive, which is a major factor driving the market. Petrochemical is a vital component for many industrial processes, and hence forms the backbone of an industrial economy. Some of the products derived from petrochemicals include tires, industrial oil, detergents, and plastics. Basic plastic derived from the product act as a building block in the manufacturing of consumer goods.

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End-use industries evaluate the quality of products supplied from time to time and establish procurement agreements with suppliers to purchase petrochemicals derivatives in bulk and ensure their stable and seasonal supply. An increasing number of product suppliers in the market has resulted in the high bargaining power of the buyers.

The industry is significantly affected by the prices of crude oil as it is a basic raw material used for the manufacturing of the product. The volatility in the prices and supply of crude oil has affected the production cost of petrochemicals, which, in turn, makes their production process costly. Factors such as the growing inclination of consumers in the developed and developing regions toward environment-friendly products and the volatile prices of raw materials of petrochemicals are likely to hamper the market growth in the coming years.

The steam cracking process is one of the most commonly used processes for manufacturing petrochemicals from natural gas or crude oil. In this process, ethane, a derivative of natural gas or naphtha that is predominantly derived from crude oil, is used for the manufacturing of olefins. A steam cracker has equipment operating at pressure from near-vacuum to 100 atm and operating at temperatures from 100 K to 1400 K.

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• Methanol Market - The global methanol market size was estimated at USD 31.81 billion in 2018 and is projected to accelerate at a CAGR of 2.9% from 2019 to 2025. Increasing consumption of methanol for the production of dimethyl ether and Methyl tert-butyl ether (MTBE), utilized as the alternatives for gasoline, is expected to propel the growth.
• Acetic Acid Market - The global acetic acid market size was valued at USD 8.92 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. Rising demand for the product from Vinyl Acetate Monomer (VAM) producers worldwide is projected to remain a key driving factor for the market growth.

Petrochemicals Market Segmentation

Grand View Research has segmented the global petrochemicals market on the basis of product and region:

• Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)
  • Ethylene
  • Propylene
  • Butadiene
  • Benzene
  • Xylene
  • Toluene
  • Methanol
• Petrochemicals Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Market Share Insights

Jan 2021: LyondellBasell and Sinopec finalize joint venture to manufacture propylene oxide and styrene monomer in China.

August 2019: China National Petroleum Corporation signed an agreement with the Republic of Benin to construct a pipeline from Niger to the Atlantic coast in Benin to strengthen its crude oil business footprint in Africa.

Key Companies profiled:

Some prominent players in the global Petrochemicals market include

• BASF SE
• Chevron Corporation
• China National Petroleum Corporation (CNPC)
• China Petrochemical Corporation
• Exxon Group Ltd.
• INEOS Group Ltd.
• LyondellBasell Industries Holdings B.V.
• Royal Dutch Shell PLC

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The Increasing Demand For Semiconductor Production Equipment Will Drive The Computer Numerical Control Machines Market Growth

Computer Numerical Control Machines Industry Overview

The global computer numerical control machines market size was valued at USD 56.40 billion in 2021 and is expected to expand a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030.

The demand for computer numerical control (CNC) machines is estimated to reach over 2800 thousand units by 2030. The increasing demand for semiconductor production equipment, medical devices and Electric Vehicles (EV), and telecom communication devices is the primary factor expected to drive the market growth over the forecast period. Also, the growing demand for five-axis mill machines and ultra-precision machines required to address the needs for EV productions are anticipated to drive the growth.

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The CNC machine market recovered well in 2021 due to increased machine orders across the industries, notably from Europe, Asia Pacific, and North America. In 2021, the market recorded positive growth owing to the pent-up demand and backlog orders resulting from the pandemic. This trend will continue over the short term to meet backlogs from 2020. However, the worldwide shortage of semiconductors and rising steel prices & logistics costs are expected to hinder the sales revenues of OEMs, a trend that is expected to continue till 2023.

Automated CNC systems integrated with industrial robots featuring simulation software to increase production is expected to favor the growth of the Computer Numerical Control (CNC) machines market over the forecast period. One of the primary reasons for adopting automated CNC machines is to address the lack of skilled laborers challenges that most industries are currently facing. This enables manufacturing industries to increase their efficiency and maximize the production output. To address this demand, incumbents in this space, such as Fanuc Corporation and OKAMA America Corporation, emphasize integrating new technologies with the existing product portfolio.

For instance, in March 2021, Fanuc America Corporation, a subsidiary of Fanuc Corporation, upgraded its CNC product portfolio by integrating the Quick and Simple Startup of Robotization (QSSR) G-code feature with ss. The company provides enhanced CNC machines that machine operators and tool builders to program the robots more efficiently through this integration. Similarly, in August 2021, Made4CNC ApS, one of the CNC manufacturers based in Denmark, launched a new Safedoor SD100, an automated door opener for CNC machines. The product integrates easily with collaborative robots and offers greater convenience for tending machine operations.

Rising raw material prices and a looming shortage of semiconductors used in CNC machines are expected to pose challenges for the market. In such market conditions, the demand for used CNC machines is expected to increase, hampering the market growth of new CNC machines. The trend is likely to continue over the forecast period. In the long term, the average unit prices of CNC machines are expected to increase with fluctuations in raw material prices.

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• Milling Machine Market - The global milling machine market size was valued at USD 63,156.5 million in 2018 and is expected to register a CAGR of 7.0% from 2019 to 2025. Milling machines are some of the most important machines used in metal cutting applications across several industries.
• Welding Equipment Market - The global welding equipment market size was valued at USD 11.53 billion in 2018 and is expected to register a CAGR of 6.9% from 2019 to 2025. The market has witnessed considerable growth over the past years owing to the growing demand for welding equipment across applications such as shipbuilding, offshore exploration, oil & gas, aerospace, automotive, construction, and energy.

Computer Numerical Control Machines Market Segmentation

Grand View Research has segmented the global computer numerical control machines market based on type, end-use, and region:

• CNC Machines Type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)
  • Lathe Machines
  • Milling Machines
  • Laser Machines
  • Grinding Machines
  • Welding Machines
  • Winding Machines
  • Others
• CNC Machines End-use Outlook (Revenue, USD Billion, 2018 - 2030)
  • Automotive
  • Aerospace & Defense
  • Construction Equipment
  • Power & Energy
  • Industrial
  • Others
• CNC Machines Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

August 2021: Made4CNC ApS, one of the CNC manufacturers based in Denmark, launched a new Safedoor SD100, an automated door opener for CNC machines. The product integrates easily with collaborative robots and offers greater convenience for tending machine operations.

February 2021: Citizen Machinery Co., Ltd launched Cincom L32 XII, a Sliding Headstock Type Automatic CNC Lathe machine that features an automatic tool changer. The features enable to perform complex shapes machining such as implants used in medical treatment and perform multiple functions simultaneously.

Key Companies profiled:

Some prominent players in the global Computer Numerical Control Machines market include

• Amada Co., Ltd.
• Amera Seiki
• Fanuc Corporation
• Datron AG
• DMG Mori
• Dalian Machine Tool Group (DMTG) Corporation
• Haas Automation, Inc.
• Okuma Corporation
• Shenyang Machine Tool Co., Ltd. (SMTCL)
• Hurco Companies, Inc.
• Yamazaki Mazak Corporation

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What Are The Factors Driving The Revenue To Fire Alarm And Detection Market?

Fire Alarm And Detection Industry Overview

The global fire alarm and detection market size was valued at USD 29.75 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030.

The demand for advanced fire safety systems in fire-prone industrial settings, such as automotive, power & utility, mining, petrochemical, and oil & gas exploration, will drive the market growth over the next seven years. Fire safety amidst the newly minted work-from-home model in light of the COVID-19 pandemic has gained prominence. With businesses slowly reopening in some parts of the world, building managers or facility owners are securing and maintaining fire protection systems.

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The reassessment of fire safety requirements will create growth opportunities for market players over the coming years. The need for fire safety solutions surged marginally in 2021. However, due to supply chain disruptions, vendors in this space witnessed minor hiccups in receiving and fulfilling orders. Given the current scenario, the demand for cooking fire safety, electrical fire safety, and heater fire safety will gain traction over the next few years. The global market will most likely reach pre-COVID levels by the end of 2021. The market is already on its path to recovery with a minor setback caused by supply chain disruptions.

However, as businesses reopen, the importance of fire safety is likely to take center stage and will drive product sales over the next few years. In addition, the pandemic-induced work-from-home model will also contribute to industry recovery as fire safety gains prominence with individuals spending considerable time working from home. As the industry continues to witness a modest upsurge led by the pandemic, a recovery in construction-related projects, both new and redevelopment, will also generate lucrative market conditions for the fire safety OEMs.

Although a large number of projects have taken a backseat for the mid-term, opportunities still thrive in terms of anticipated new projects and ongoing projects that will resume in 2021. Fire detection & alarm is are integral elements of any building project enabling safety across several structures. Hence, a rise in the number of construction-related projects will come as a respite for the industry’s growth. In addition, advancements in technology enabling wireless products with improvements in response time will also pave the way for future growth.

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• Fire-resistant Glass Market - The global fire-resistant glass market size was valued at USD 4.25 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. The rising number of fire accidents coupled with expansion in the construction industry is anticipated to augment the market growth over the forecast period.
• Fire Protection System Market - The global fire protection system market size was valued at USD 72.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030. In 2020, the outbreak of the COVID-19 pandemic negatively impacted the market.

Fire Alarm And Detection Market Segmentation

Grand View Research has segmented the global fire alarm and detection market on the basis of product, fire detectors type, fire alarm type, application, and region:

• Fire Alarm & Detection Product Outlook (Revenue, USD Million, 2017 - 2030)
  • Fire Detectors
  • Fire Alarms
• Fire Alarm & Detection Fire Detector Type Outlook (Revenue, USD Million, 2017 - 2030)
  • Flame Detectors
  • Smoke Detectors
  • Heat Detectors
• Fire Alarm & Detection Fire Alarm Type Outlook (Revenue, USD Million, 2017 - 2030)
  • Audible
  • Visual
  • Manual Call-points
• Fire Alarm & Detection Application Outlook (Revenue, USD Million, 2017 - 2030)
  • Commercial
  • Industrial
  • Residential
• Fire Alarm And Detection Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

March 2020: Napco Security unveiled iSecure a Complete Cellular Alarm Systems. It is designed to help security professionals to be more competitive, adding more residential accounts and new RMR, while offering the professional-grade security systems, remote Smart App & notification alerts.

May 2019: Kiddelaunched the new Kidde smoke alarms. These alarms have been designed for reducing the common cooking nuisance alarms and responding faster to different types of fire.

Key Companies profiled:

Some prominent players in the global Fire Alarm And Detection market include

• Johnson Controls International plc
• Honeywell International, Inc.
• Napco Security Technologies, Inc.
• Nittan Co., Ltd.
• Siemens AG
• Halma plc
• United Technologies Corp.
• Robert Bosch GmbH
• Eaton Corp.

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How Big Is The Horizontal Directional Drilling Market?

Horizontal Directional Drilling Industry Overview

The global horizontal directional drilling market size was valued at USD 8.16 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028.

The Horizontal Directional Drilling (HDD) technique is used to accurately undertake drilling operations and back ream the required pipe, sidelining various obstacles on the bore path without causing significant collateral damage to the subsurface ecosystems. Rising concerns about the need to minimalize environmental damage caused by rapid infrastructure development across the globe worldwide are contributing significantly to the increased adoption of horizontal directional drilling. Growing utility installations, burgeoning investments in shale gas development projects, and rising expenditures aimed at various developments across the telecom sector to offer high-speed connectivity are some of the other factors contributing to market growth.

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Over the past few years, the horizontal directional drilling technique has emerged as one of the most popular trenchless drilling technologies. This horizontal boring method requires fewer boreholes to be drilled and maintained. Growth prospects of the industry are subject to heavy investments as the equipment needed for trenchless boring costs much higher than conventional open-cut methods. As the setups are costly, customers opt to rent out the entire setup from contractors. Furthermore, various mid-sized companies also hire service providers for end-to-end projects. As a result, both horizontal directional drilling machine manufacturers and service providers hold a strong position in the market.

Since its inception, the horizontal trenchless technique has gained significant traction owing to its deployment from a single location in extremely rough sub-surface and the ability to hit multiple target zones. The prevalence of disruptive digital technologies, including 3D visualization, 3D earth models, and automation, has led to faster implementation, reduced noise and waste, and enhanced underground accessibility. Additionally, these technologies have enabled engineers, geoscientists, and other related personnel to more accurately visualize and optimize the Rate of Penetration (ROP) of the bore path. Technological advancements have also played a major role in helping the horizontal trenchless technique achieve a prominent position in drilling applications across oilfields, renewable gas exploration, and long-distance optical fiber installations in offshore locations.

Horizontal directional drilling is primarily employed for applications such as the installation of electrical conductors, utility transmission and supply lines, and communication conduits and cables. The cross bore technique that enables the intersection of two or more pipelines underneath the surface poses a threat to these directional boring industry workers and the public. This may be attributed to the lack of visibility in determining the track of the drilling activities in sub-surface locations. The cross-bore intersection of various utilities can often result in explosions, resulting in injuries and death. To avoid this, Occupational Safety and Health Administration (OSHA) mandates directional boring operators to check for structures indicating subversive utility installations or any other obstructions along the drill path before physically drilling entry and exit holes in the required locations. Apart from this, the market is also subjected to various environmental norms that emphasize reducing the ecological impact during underground construction activities.

The COVID-19 pandemic resulted in a temporary shutdown of horizontal directional drilling activities at several sites in a range of industries owing to stringent government lockdown regulations to arrest the spread of the disease. The oilfield sector faced major operational concerns as companies temporarily halted upstream and downstream activities, resulting in the abrupt decline in oil and gas production. Furthermore, oil prices dropped owing to a significant reduction in the frequency of transportation worldwide on the heels of a price war among the U.S., Saudi Arabia, and Russia. As a result, incumbents of horizontal directional services and the machine industry faced a downturn in demand. However, continual measures taken by world governments for mitigating the impact of the pandemic on oil and gas exploration companies are expected to allow for recovery in the horizontal directional drilling market in the near future.

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• Drilling Fluids Market - The global drilling fluids market size was valued at USD 8.0 billion in 2019 and is projected to register a CAGR of 4.2% from 2020 to 2027. Growing demand for crude oil and natural gas in various energy-intensive industries such as power generation, manufacturing, and transportation has urged exploration and production companies to increase their investments in onshore and offshore drilling activities.
• Mining Drills & Breakers Market - The global mining drills & breakers market size was valued at USD 8.04 billion in 2016. The increasing mineral exploration activities are expected to drive market growth over the next nine years, owing to the presence of several mineral reserves, particularly in China, India, and Australia.

Market Share Insights

November 2019: The Charles Machine Works Inc. Company announced the launch of the ride-on trencher, RT80, with a tier-4, 74.5-horsepower diesel engine. The trencher is targeted toward urban utility job sites.

April 2018: UEA was appointed by Telstra Corporation Limited, an Australia-based Telecommunications Company, to install directional bore telecommunications works for the Indigo-West cable system between Singapore and Perth.

Key Companies profiled:

Some prominent players in the global Horizontal Directional Drilling market include

• Nabors Industries Ltd.
• The Toro Company
• The Charles Machine Works, Inc.
• Vermeer Corporation
• Herrenknecht AG
• XCMG

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Private 5G Network Market To Display Vast Revenue Driving Opportunities With CAGR of 47.5% By 2030

Private 5G Network Industry Overview

The global private 5G network market size was valued at USD 1.38 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 47.5% from 2022 to 2030.

A private or non-public 5G network is a dedicated Local Area Network (LAN) that delivers enhanced internet connectivity to industrial, enterprise, and other customers. The evolving next-generation network services are expected to address the need for critical wireless communication for industrial operations, public safety, and critical infrastructure connectivity. Moreover, the global market is primarily driven by the growing need for ultra-reliable low-latency connectivity for Industrial Internet of Things (IIoT) applications, including collaborative robots, industrial cameras, and industrial sensors.

With the evolution of industry 4.0, various key industrial incumbents such as ABB Ltd., Siemens AG, and Mercedes-Benz AG have substantially deployed sensor-based technologies and industrial robotics to achieve superior operational efficiency and productivity. The private 5G network plays a vital role in providing seamless and secure internet connectivity to the above-mentioned IIoT devices. Moreover, the demand for Time-Sensitive Networking (TSN) and real-time-based networking is rapidly increasing for several mission-critical applications across many industries, including manufacturing, oil and gas, aerospace, and transportation. Thus, to provide high-speed bandwidth connectivity during TSN and real-time networking across industries, the demand for a private 5G network is anticipated to witness significant growth over the forecast period.

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A private 5G network delivers complete end-to-end security across organizations to ensure their information and infrastructure are shielded from threats. Additionally, it is expected to emerge as a crucial element, where the confidentiality of information matters the most. Therefore, it is estimated to have a high demand in government and public safety along with enterprise data storage applications from 2022 to 2030. In addition, the rapid shift towards digitalization in the oil and gas industry processes has raised the need for extremely reliable and secure bandwidth capacity. As a result, it is anticipated to trigger the demand for high bandwidth private networks, especially across the Organization of the Petroleum Exporting Countries (OPEC).

The Covid-19 pandemic is expected to delay the implementation of enhanced private 5G infrastructure owing to the disruptions in further trials and testing required for verifying the stability and processing performance of 5G standalone networks. The ongoing pandemic has had an additional impact on telecom regulatory authorities across the globe, postponing their plans for the 5G spectrum auction, thereby adversely affecting the market growth. For instance, a few key countries’ governments including the U.S., France, Spain, and Australia have temporarily postponed the 5G spectrum auctions on several frequencies, such as Sub-6 GHz and mmWave. Moreover, due to the pandemic, countries such as China and the U.S. have seen a decline in the exports of telecom equipment for 5G radios and end-user devices. As a result, it is anticipated to hinder the market growth over the forecast period.

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• Industrial Internet Of Things Market - The global industrial internet of things market size was valued at USD 216.13 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028. The aggressive rate of IIoT adoption in line with the advances in technology and the easing availability of affordable sensors and processors, which can facilitate real-time access to information, is expected to drive the growth of the industrial internet of things (IIoT) market over the forecast period.
• 5G Services Market - The global 5G services market size was valued at USD 47.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 52.0% from 2022 to 2030. 5G wireless mobile services enable a fully mobile and connected environment by delivering a wide range of use cases and business models to consumers.

Private 5G Network Market Segmentation

Grand View Research has segmented the global private 5G network market based on component, frequency, spectrum, vertical, and region:

• Private 5G Network Component Outlook (Revenue, USD Million, 2020 - 2030)
  • Hardware
  • Software
  • Services
• Private 5G Network Frequency Outlook (Revenue, USD Million, 2020 - 2030)
  
  • Sub-6 GHz
  • mmWave
• Private 5G Network Spectrum Outlook (Revenue, USD Million, 2020 - 2030)
  • Licensed
  • Unlicensed/Shared
• Private 5G Network Vertical Outlook (Revenue, USD Million, 2020 - 2030)
  • Manufacturing/Factories
  • Energy & Utilities
  • Transportation & Logistics
  • Defense
  • Enterprises & Campus
  • Mining
  • Healthcare/Hospitals
  • Oil & Gas
  • Retail
  • Agriculture
  • Smart Cities
  • Others
• Private 5G Network Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Market Share Insights

February 2022: Qualcomm Technologies, Inc. collaborated with Microsoft Corporation to deliver the chip to cloud solutions for the effective implementation of a private 5G network globally. Moreover, this collaboration will help understand the actual industrial deployments on a next-generation private network.

Feb 2020: Vodafone Ltd. made a partnership with Lufthansa Technik to establish a private 5G network campus at Hamburg Airport, Germany. This strategic partnership will help Lufthansa Technik to customize the network configuration as per their needs.

Key Companies profiled:

Some prominent players in the global Private 5G Network market include

• Telefonaktiebolaget LM Ericsson
• Nokia Corp.
• Samsung
• ZTE Corp.
• Deutsche Telekom
• Juniper Networks
• AT&T Inc.
• Verizon Communications
• Altiostar
• Huawei Technologies Co., Ltd.
• Mavenir
• BT Group
• T-Systems International GmbH
• Cisco Systems, Inc.
• Vodafone Ltd.

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Industrial Vending Machine Industry To Gain Traction Due To Growing Adoption By Small And Medium Enterprises

Industrial Vending Machine Industry Overview

The global industrial vending machine market size was valued at USD 2.2 billion in 2019 and is expected to register a CAGR of 9.6% from 2020 to 2027.

Technological advancements in vending machines have enabled companies to improve the efficiency of inventory management and monitor inventory consumption. The adoption of industrial vending machines is expected to increase over the coming years due to cost efficiency, which would enable businesses to generate higher revenue. Moreover, a growing emphasis on employee safety drives the use of personal protective equipment (PPE), subsequently resulting in increased adoption of industrial vending machines for PPE.

The ongoing technological revolution in the vending industry is expected to have a positive impact on market growth. The implementation of RFID and cloud infrastructure in vending systems have enabled the tracking and monitoring of inventory for the prevention of fraudulent activities such as misuse and theft. Furthermore, these technologies provide electronic records of the inventory status and analysis tools to offer insights to the customer for effective inventory management. The technologies further offer real-time visibility of inventory to ensure that products such as manufacturing equipment and tools are not misplaced and are readily available.

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The industry is expected to gain traction owing to the growing adoption of these products by small and medium enterprises (SMEs). The availability of these products on a rental basis has enabled SMEs to purchase them at a minimal cost. In addition, the ability to accrue the cost of MRO and PPE on an as-needed basis is expected to help small units minimize costs. Thus, countries in emerging regions such as Asia Pacific are expected to drive market growth over the forecast period.

Industrial vending machines help maintain a record of inventory usage by tracking the time and identification details of the user. Moreover, they improve the company’s productivity by reducing the walk-around time of the employees, thereby increasing employee productivity. Industrial vending machines also enable the reduction of material usage, which, in turn, reduces the company’s expenses. Furthermore, industrial vending machines lower freight and stock outage costs, thereby enabling companies to prevent constant inventory replenishment and save expenses incurred on repeated inventory purchases.

Industrial vending machines can be optimized as per the production of the company to ensure the availability of the right tools and spare parts. Furthermore, increasing adoption of industrial vending machines by small and medium specialty manufacturing units is expected to drive the industrial vending machine market in the coming years. However, high cost of industrial vending machines poses a challenge for several companies, particularly small-scale companies. As the market matures over time, the high cost of industrial vending machines is anticipated to be absorbed by the rental revenue model.

Browse through Grand View Research's Advanced Interior Materials Industry Related Reports

• Vending Machine Market - The global vending machine market size was valued at USD 30.30 billion in 2018 and is expected to register a CAGR of 9.4% from 2019 to 2025. Growing demand for on-the-go snacks, drinks, etc. due to a hectic lifestyle is boosting product sales. The growth can also be attributed to the machine's ability to deliver goods quickly making it an extremely convenient option for consumers.
• Intelligent Vending Machines Market - The global intelligent vending machines market size was valued at USD 3.34 billion in 2015 and is presumed to gain traction over the forecast period. The increasing penetration of Internet of Things (IoT) and connected device technologies is anticipated to bolster the growth of intelligent vending machines.

Industrial Vending Machine Market Segmentation

Grand View Research has segmented the global industrial vending machine market on the basis of type, product, end use, and region:

• Industrial Vending Machine Type Outlook (Revenue, USD Million, 2016 - 2027)
  • Carousel Vending Machine
  • Coil Vending Machine
  • Others
• Industrial Vending Machine Product Outlook (Revenue, USD Million, 2016 - 2027)
  • Maintenance, Repair & Operations
  • Personal Protective Equipment
  • Others
• Industrial Vending Machine End-use Outlook (Revenue, USD Million, 2016 - 2027)
  • Manufacturing
  • Oil & Gas
  • Others
• Industrial Vending Machine Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

March 2020: To develop its business operations, Fastenal purchased an unrevealed amount of assets from Apex Industrial Technologies.

March 2019: AutoCrib introduced advanced technology software named Arcturus which helps to keep the track of inventories of the vending machines.

Key Companies profiled:

Some prominent players in the global Industrial Vending Machine market include

• Fastenal Company
• AutoCrib, Inc.
• Apex Industrial Technologies LLC
• Silkron
• SupplyPro, Inc.
• SupplyPoint
• CribMaster
• CMT Industrial Solutions
•  IVM Ltd.
• Brammer
• Grainger, Inc.

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Broadband Services Market CAGR To Touch 9.6% Due To Digital Transformation Of Several Industry Verticals

The global broadband services market size was valued at USD 385.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.6% from 2022 to 2030.

Digital transformation of several industry verticals requires broadband services, thereby promoting market growth. For instance, increasing online commerce for retail goods & services, digitalization of hospital records, e-government initiatives, and rapidly rising platforms for media and entertainment content are notably augmenting the market growth. Wireless technology holds immense potential in accelerating the global digital revolution across verticals through productivity enhancements and economic reductions.

According to the Organization for Economic Co-operation and Development (OECD), surge in the number of wireless subscribers has been a major growth driver for the market. Besides digital transformation in businesses, increased adoption of online learning has not only augmented the need for digital education, but also reflects a strong requirement for uninterrupted broadband connectivity. The market continues to expand at a steady pace, driven by increasing application of broadband in global communication. With the rising trend of global digitalization, governments, business, and individuals are increasingly depending on high-speed seamless internet connections for purposes of information, education, interaction, and entertainment.

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Continuously evolving research and development of broadband service to make it more industry-compliant and application-oriented is anticipated to drive the market over the forecast period. The COVID-19 pandemic has affected businesses all over the world by disrupting supply chains, thereby straining the global economy. The current situation-wherein industries are temporarily shut down and people are confined to their homes-has reflected the need for digitalization to stay connected, run businesses, and retain a certain degree of normalcy. Education and fitness business models have rapidly shifted towards online coaching.

Similarly, most offices have adopted a work-from-home strategy. The aforementioned factors, coupled with a sharp surge in internet usage for entertainment factors, have fueled up the growth rate for broadband services over the last few months. Furthermore, most businesses are likely to transform their strategies towards digital channels, thereby augmenting the market.

Browse through Grand View Research's Communication Services Industry Related Reports

• Fiber Optics Market - The global fiber optics market size was valued at USD 6.5 billion in 2018 and is projected to exhibit a CAGR of 4.6% from 2019 to 2025. The technology is one of the modern-day innovations, which has evolved with time, owing to rigorous studies carried out by researchers and scientists across the globe through extensive research and development.
• Wireless Infrastructure Market - The global wireless infrastructure market size was valued at USD 69.44 billion in 2016 and is expected to register a CAGR of 5.7% over the forecast period due to rising traction of 4G, LTE, and 5G high-speed data connectivity network infrastructure capabilities. The projected growth of wireless networking technology and associated devices is also owing to ongoing trends of BYOD, WYOD, cloud computing, and Artificial Intelligence (AI) in telecom applications.

Broadband Services Market Segmentation

Grand View Research has segmented the global broadband services market based on broadband connection, end user, and region:

• Broadband Service Broadband Connection Outlook (Revenue, USD Billion, 2017 - 2030)
  • Fiber Optic
  • Wireless
  • Satellite
  • Cable
  • Digital Subscriber Line (DSL)
• Broadband Service End-user Outlook (Revenue, USD Billion, 2017 - 2030)
  • Business
  • Household
  • Others
• Broadband Services Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Market Share Insights

May 2020: Sky and NBCUniversal launched a business offering that enables customers to purchase Sky's global international news through NBCUniversal's One Platform. The Comcast-NBCUniversal-Sky deal allows marketers to leverage unrivaled content and scale.

March 2019: UK-based satellite communications company Inmarsat acquired by association of Apax Partners, Warburg Pincus and two private equity Canadian pension funds firms for $3.4 billion. The main significance of this acquisition is to stay Inmarsat’s Headquarters in the UK and functions it in research and development.

Key Companies profiled:

Some prominent players in the global Broadband Services market include

• Comcast
• Time Warner Cable, Inc.
• Cox Communications, Inc.
• Singtel
• AT&T
• Verizon Communications, Inc.
• Qwest Communications International, Inc.
• Embarq
• Bell Canada Enterprises, Inc.
• Sprint Nextel

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Rapid Urbanization In Developing Countries Will Drive The Architectural Services Market By 2030

Architectural Services Industry Overview

The global architectural services market size was valued at USD 344.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030.

The demand for services can be attributed to the increasing construction activities across the globe. Rapid urbanization in developing countries, such as India and Brazil, is resulting in increasing residential and commercial construction activities. Moreover, governments are focused on introducing affordable home projects across various countries. This rise in construction activities is expected to support the demand for architectural services such as construction and project management services and urban planning, in turn, boosting the market growth.

The healthcare and hospitality sectors are witnessing rapid growth. In the healthcare sector, hospitals are focused on improving patient care through the establishment of new facilities and reorganizing existing spaces. This helps them improve patient outcomes, increase patient satisfaction, and optimize the building space to seamlessly treat patients. As a result, services such as construction and project management, and interior design are expected to witness significant demand. The hospitality sector is witnessing increasing tourism in developed and developing countries. Increased tourism has led to the development of new hotels, resorts, and restaurants at tourist locations.

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Businesses are opting for architectural services such as interior design, space planning, and schematic designs that help them attract more customers and enhance their stay experience. In addition, the focus of major players on enhancing their businesses and customer base through strategic partnerships is expected to augment market growth. For instance, in January 2021, Gensler, a global architectural service provider, announced its partnership with Forge Development Partners. As part of this partnership, Gensler was appointed as the chief of architectural and interior design for all Forge Development Partners projects. This partnership helped Gensler to enhance its business by catering to Forge projects.

Similarly, in September 2021, Colliers, professional services and investment management company, partnered with Bergmann, a design and architecture service provider. Through this partnership, Colliers aimed to enhance its geographic footprint. Architects often face challenges in communicating ideas and delivering complex designs. The deployment of VR technology in architectural designs enables architects to save time and money while delivering high precision in design. The rapid adoption of virtual reality in the architectural service space is expected to drive market growth.

Although the market is expected to witness high growth, the high costs associated with architectural services are expected to pose a challenge for the market. In addition, the looming lack of skilled labor and adequate knowledge for design is hampering the market growth. In 2020, the COVID-19 pandemic negatively impacted the global market. Strict lockdowns and temporary suspension of construction sites resulted in a decline in demand for architectural services. However, in the second quarter of 2021, construction activities witnessed growth with the introduction of new as well as redesigning projects, thus leading to the gradual recovery of the architectural services market.

Browse through Grand View Research's Next Generation Technologies Industry Related Reports

• Architectural Lighting Market - The global architectural lighting market size was valued at USD 7.8 million in 2019. It is projected to expand at a CAGR of 6.1% over the forecast period. The growing need to ensure a well-lit space, with appealing lighting for enhancing the interior artifacts and corners, is expected to drive the market.
• Exterior Architectural Coating Market - The global exterior architectural coating market size was USD 22.54 billion in 2015. The market is projected to grow at a significant rate owing to increasing number of construction projects in emerging economies including China, Singapore, India, and Brazil.

Architectural Services Market Segmentation

Grand View Research has segmented the architectural services market based on service type, end use, and region:

• Architectural Services Type Outlook (Revenue, USD Billion, 2018 - 2030)
  • Architectural Advisory Services
  • Construction and Project management Services
  • Engineering Services
  • Interior Design Services
  • Urban Planning Services
  • Building Code Counselling and Interpretation Consulting Services
  • Legal Technical Requirement Compliance Counselling Services
  • Others
• Architectural Services End Use Outlook (Revenue, USD Billion, 2018 - 2030)
  • Education
  • Government
  • Healthcare
  • Hospitality
  • Residential
  • Industrial
  • Retail
  • Others
• Architectural Services Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

December 2021: IBI Group, a global architectural service provider, announced the acquisition of Teranis Consulting Ltd., an environmental consulting firm. The acquisition is expected to support the company’s efforts in enhancing its sustainability and environmental management business.

September 2021: Colliers, professional services and investment management company, partnered with Bergmann, a design and architecture service provider. Through this partnership, Colliers aimed to enhance its geographic footprint.

Key Companies profiled:

Some prominent players in the global Architectural Services market include

• AECOM
• Foster + Partners
• Gensler
• HDR
• IBI Group
• Jacobs Engineering Group
• Nikken Sekkei Ltd.
• Perkins Eastman
• Perkins and Will
• Stantec 

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Growing Demand For Prototyping Applications From Various Industry Is Expected To Fuel The Growth Of 3D Printing market

3D Printing Industry Overview

The global 3D printing market size was valued at USD 13.84 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2022 to 2030.

Globally, 2.2 million units of 3D printers were shipped in 2021 and the shipments are expected to reach 21.5 million units by 2030. The aggressive research & development in three-dimensional printing and the growing demand for prototyping applications from various industry verticals, particularly healthcare, automotive, and aerospace and defense, are expected to fuel the growth of the market.

The use of 3D printing in industrial applications is usually referred to as additive manufacturing (AM). Additive manufacturing involves a layer-by-layer addition of material to form an object, referring to a three-dimensional file, with the help of software and a 3-dimensional printer. A relevant 3D printing technology is selected from the available set of technologies to implement the process. The last step involves the deployment of this process across different industry verticals based on the necessity.

Gather more insights about the market drivers, restrains and growth of the Global 3D Printing Market

The deployment includes providing installation services, offering consultation solutions, and customer support, as well as handling aspects related to copyrights, licensing and patenting. 3D printing is benefiting manufacturers in terms of prototyping, designing of the structure and end products, modeling, and time to market. As a result, the production expenses have reduced considerably, and the manufacturers are in a position to offer better products at reasonable prices. As a result of these benefits, the demand for 3D printers is expected to be triggered more in the coming years.

However, the prevailing misconceptions with respect to the prototyping processes held by the small and medium-scale manufacturers are hindering the adoption of additive manufacturing. Companies involved in designing, particularly small-scale and medium-scale enterprises, are deliberating before considering investments in prototyping as accountable investments rather than trying to understand the advantages and benefits of prototyping. The general notion prevailing among these enterprises is that prototyping is merely an expensive phase prior to manufacturing. Such perceptions regarding prototyping, coupled with the lack of technical knowledge and a looming lack of standard process controls, are expected to hinder the market growth.

The outbreak of the COVID-19 pandemic has significantly impacted the overall global economy and subsequently, the 3D printing industry. Initially, Europe and Asia Pacific were some of the worst affected regions in terms of the number of COVID-19 patients across the globe. Further, the situation worsened in the U.S. as well. Due to the rapid spread of the virus, the governments issued an order for the complete lockdown of some key cities. The complete lockdown affected the production of 3D printing manufacturers. This is attributed to the labor shortage and the complete disruption of logistics and supply chain in the nation. The halt in the production of 3D printing had an adverse impact on the overall market growth in the first and second quarters of 2020.

Browse through Grand View Research's Next Generation Technologies Industry Related Reports

• Additive Manufacturing Market - The global additive manufacturing market size was valued at USD 13.84 billion in 2021 and is expected to expand at a CAGR of 20.8% from 2022 to 2030. Factors such as the growing demand for prototyping applications from various industries and industry verticals, particularly healthcare, automotive, and aerospace & defense, and the aggressive research and development in 3D printing are expected to drive the growth of the market.
• Construction And Design Software Market - The global construction and design software market size was valued at USD 9.6 billion in 2021 and is expected to expand at a CAGR of 8.5% from 2022 to 2030. The current growth of the market can be attributed to the increasing requirement for large-scale project management, usage of smart devices, and growing adoption of cloud-based solutions.

Market Share Insights

February 2022: Imaginarium associated with Ultimaker to present desktop & industrial 3D printer in the India market. In India additive manufacturing is expected to develop rapidly in the coming years this will help Ultimaker to develop its business.

May 2021: GE Additive associated with Protolabs and fashion designer Zac Posen to design four gowns and a headdress for presenting at the Met Gala.

Key Companies profiled:

Some prominent players in the global 3D Printing market include

• Stratasys, Ltd.
• Materialise
• EnvisionTec, Inc.
• 3D Systems, Inc.
• GE Additive
• Autodesk Inc.
• Made In Space
• Canon Inc.
• Voxeljet AG

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Prestige Cosmetics Market Impact of COVID-19, Profit Margin Analysis and Challenges

The global prestige cosmetics market size is expected to reach USD 27.77 billion by 2028, registering a CAGR of 3.1% over the forecast period, according to a new report by Million Insights. Increasing consciousness about beauty and appearance has been the major factor responsible for the high demand for prestige cosmetics in the global market. Owing to the high product demand, various manufacturers are changing advertising strategies and product branding to accelerate their sales. Thus, the market is estimated to have a steady growth over the forecast period. Product innovations and technological advancements by key players will also contribute to market growth.

Prestige Cosmetics Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR of 3.8% from 2021 to 2028 owing to the rising product demand in this region
• The decorative cosmetics product segment accounted for the largest revenue share of more than 61% in 2020 owing to the high demand
• The offline distribution channel segment led the global market in 2020 due to more sustainability offered by these offline stores than any other channel
• The luxury cosmetics product segment will register the fastest CAGR from 2021 to 2028 due to the growing adoption of these products

Key players are focusing on providing the best-quality products; thus, the luxury segment is expected to witness significant growth during the forecast period. Due to the COVID-19 pandemic, product sales dropped drastically. For example, according to Jon R. Moeller, who is vice chairman of P&G, the Japanese brand of prestige cosmetics, the sales were declined drastically in the third quarter of the year 2020. Hence, the financial status of various cosmetics sectors had been jeopardized due to the outbreak of COVID-19. The decorative cosmetics segment accounted for the largest revenue share of over 61% in 2020 owing to the increased demand.

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Decorative cosmetics are used to enhance the appearance. These products include nail polishes, foundation creams, lipsticks, pressed powders, mascaras, etc. Also, a growing number of celebrity endorsements and advertisements on various social media platforms has increased the demand for decorative cosmetics. The offline distribution channel segment dominated the market with the highest revenue share of more than 70% in 2020. The demand for prestige cosmetics is rising among customers due to the sustainability offered by these stores than any other channels.

The ease of hard cash transaction services and trustworthy relationships with domestic consumers are the other key factors that propel the segment growth. North America dominated the global market and accounted for more than 43% of the overall revenue share in 2020 due to the high product demand in the U.S and Canada. Increasing purchasing power of consumers in this region is another major factor boosting the market growth. In addition, a rising number of working individuals is also boosting the product demand in the region.

Newspaper Advertising Market Vertical Analysis & COVID-19 Impact Insights

The global newspaper advertising market size is expected to reach USD 19.3 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of -3.6% from 2021 to 2028. The growing rapid digitalization in emerging economies has experienced significant shrinkage in recent years and is likely to decline over the forecast period. The increasing acceptance of print advertising among the various industries in recent years to offer information about their company and products is expected to accelerate the market growth. Moreover, the rising effectiveness of newspaper advertising in developing countries due to the huge number of subscribers around the globe is driving the market.

Moreover, newspaper advertising is rapidly gaining popularity owing to having more engagement of customers and building brand awareness which in turn is accelerating the market growth. Furthermore, a lockdown situation has been observed during the COVID 19 pandemic, and it showed a negative impact on the market due to many advertisers slashed marketing budgets or paused advertising spending during this period. Moreover, the increasing spending on print advertising after the ease of several restrictions is expected to boost market growth over the forecast period.

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The weekly newspaper segment is expected to register the highest CAGR of -2.8% from 2021 to 2028. The rising investment in digital newspaper advertising by the various advertisers due to the high engagement of customers in the online platforms may hinder the growth of this segment. Furthermore, the increasing adoption of newspaper advertising for brand awareness and promotion of the various products through the newspapers has significantly accelerated the growth of this segment.

The FMCG segment is expected to witness a higher CAGR of -2.2% over the forecast period. The rising acceptance of smartphones and growing internet penetration rate across the globe is propelling market growth. This, in turn, is restraining the growth of the market over the forecast period. Moreover, the increasing spending on print advertising by various FMCG companies in recent years to bring awareness about the product and to build trust and credibility with customers globally are expected to boost market growth over the forecast period.

Asia Pacific dominated the market with a revenue share of more than 35.0% in 2020. The intense competition among the vendors of the print newspaper industry is hindering market growth. However, strict government regulation regarding print advertising is restraining market growth over the last few years.  The growing technological advancement in augmented printing and paper manufacturing is expected to accelerate the market growth. Moreover, the growing number of subscribers of print newspapers across the region has projected market growth over the forecast period.

Fish And Seafood Market Price Overview, Top Companies & COVID-19 Impact Insights

The global fish and seafood market size is expected to reach USD 576.0 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.3% from 2021 to 2028. The growing awareness regarding the health benefits, such as reducing the risk of chronic diseases and balancing hormone levels, is expected to accelerate the market growth over the forecast period.

The growing contract farming and various government policies regarding the production of fish and seafood across the globe are boosting the market growth. Moreover, rising per capita consumption and the growing consumer expenditure on fish and seafood products are some of the key factors behind the growth of this industry. However, changing climatic conditions like the acidity of water of oceans, oxygen level, and temperature could affect the cultivation of fish and seafood products, which may hinder the market growth.

The pandemic-induced lockdown across various regions had disturbed transportation and suspended the supply of fish and seafood products for a short duration. The supply chain is susceptible to being disrupted or stopped by the restrictions imposed due to the COVID-19 pandemic. In aquaculture, the unsold production of fish and seafood has resulted in increasing levels of live fish stocks. Furthermore, it has created higher costs for feeding and risks of fish mortalities.

The processed fish and seafood product segment is expected to expand at the fastest CAGR of 4.1% from 2021 to 2028. The rising production of value-added processed food products is boosting the demand for this segment in developed economies. Moreover, the growing health consciousness among the consumers has increased the demand for nutritious processed fish and seafood products as the consumption of fish products will reduce the risk of chronic diseases, which, in turn, is accelerating the market growth.

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The cured form segment is anticipated to exhibit the fastest growth rate of 4.6% from 2021 to 2028. Continuously changing lifestyles, coupled with the busy life schedules of consumers, are expected to accelerate the demand for cured products. Moreover, increasing preservation of fish and seafood to prevent excessive dehydration during storage and contamination with harmful bacteria is propelling the growth of this segment.

The online distribution channel segment is expected to register the fastest CAGR of 4.3% from 2021 to 2028. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the segment growth over the forecast period. Moreover, the increasing usage of the internet and smartphones is accelerating the growth of this segment.

Asia Pacific captured the largest share of over 60.0% in 2020. The rising demand for protein-rich food products and growing awareness regarding the health benefits of consuming fish and seafood products are expected to accelerate the regional market growth. Moreover, the increasing consumption of fish and seafood products in developing countries like China, India, and Indonesia owing to consumers’ inclination towards a healthy lifestyle, changing dietary habits, and the rising disposable income will further boost the regional market growth.